iHeartMedia, Inc.

Q2 consolidated revenue was $977 million, up 4.7% year over year; excluding political, revenue rose 3.5%. Q2 adjusted EBITDA was $152 million versus guidance of $140 million to $160 million. Q2 free cash flow was $46 million versus negative $13 million in the prior-year quarter. Digital Audio Group revenue was $364 million, up 12.4%, with adjusted EBITDA of $123 million and a 33.8% margin; podcast revenue was $162 million, up 20.7%. Multiplatform Group revenue was $536 million, down 1.6%, and adjusted EBITDA was $59 million versus $96 million last year. Audio and Media Services revenue was $80 million, up 18.8%, and adjusted EBITDA was $37 million, up 54.6%. For Q3, management expects adjusted EBITDA of $180 million to $220 million and consolidated revenue up mid-single digits year over year, with July revenue expected up low-single digits. For full year 2026, management reaffirmed adjusted EBITDA guidance of $800 million and free cash flow guidance of $200 million. Embedded in guidance: about $200 million of programmatic revenue in 2026, up approximately 50% from $135 million in 2025; interest expense of about $440 million; capex of about $90 million; cash restructuring expense of about $50 million; and net leverage ending 2026 in the mid-5s. Net debt at quarter-end was approximately $4.7 billion, total liquidity was $457 million, and cash was $174 million.

Bob Pittman emphasized that podcasting and digital audio continue to validate the company’s long-term strategy, noting this was the sixth straight quarter in which Digital Audio Group adjusted EBITDA exceeded Multiplatform Group adjusted EBITDA. He framed video podcasting as a new growth opportunity, citing the Netflix relationship and the newly announced Hulu partnership, and said the company is expanding distribution across major streaming platforms. On the traditional radio side, he stressed that the issue is monetization, not audience, and said adding inventory to DSPs and programmatic channels should improve outcomes.

Michael McGuinness focused on margin structure, cash flow, and balance sheet actions. He noted Q2 direct operating expenses rose 2.4% mainly from higher variable content and third-party digital costs, while SG&A rose 11.8% due largely to noncash co-marketing partnerships; he said those partnerships will start to decrease in the second half and have zero impact on adjusted EBITDA over time. He also highlighted stronger liquidity management, including repayment of $51.2 million of notes and term loans, amendment and extension of the ABL facility to January 30, 2029, and quarter-end liquidity of $457 million with cash of $174 million. He said the company expects to pay down the $125 million drawn on the ABL by the end of 2026 using free cash flow.

Analysts pressed on political advertising, asking how the midterm cycle is shaping up versus prior years; management said early indications suggest it could be as strong as a presidential-year cycle, with radio benefiting if TV inventory tightens. Questions also focused on the Hulu video podcast deal and how it differs from Netflix; Pittman said the company is tailoring each relationship to the platform’s needs and expects the arrangements to evolve as performance becomes clear. On the ad market, management acknowledged macro uncertainty but said demand has been resilient, and on the 2026 guide bridge they pointed to political, cost savings, easing noncash marketing expense, improving ad stability, and programmatic rollout as the main supports.