iHeartMedia Inc

Latest Results (06.11.2025):

In Q3 2024, iHeartMedia Inc reported a solid quarter with consolidated revenue of $1,008 million, up 5.8% year-over-year. The company enhanced its operating performance with GAAP operating income rising to $77 million, consolidated Adjusted EBITDA of $205 million, and strong cash flow with operating cash of $103 million and free cash flow of $73 million. Additionally, iHeartMedia advanced significant balance sheet and cost initiatives, including a $4.1 billion debt exchange agreement and cost savings measures expected to deliver a net benefit of $150 million in 2025.

Debt Transaction & Cost Efficiency

iHeartMedia Inc entered into a transaction support agreement with debt holders representing around 80% of its term loan and notes to exchange $4.1 billion of debt, extend maturities by three years, and maintain stable cash interest payments. Alongside, the company announced cost programs expected to generate approximately $200 million in annual savings in 2025, with a net benefit of $150 million after additional cost increases.

Q3 Consolidated Performance

The quarter showed a healthy 5.8% revenue increase, GAAP operating income improved from $69 million to $77 million, and Adjusted EBITDA reached $205 million—within guidance. Operating cash flow and free cash flow were robust at $103 million and $73 million respectively, supported by higher digital and political revenues.

Digital Audio Group Performance

Digital Audio Group revenue surged to $301 million—up 13%—with podcast revenue growing 11% to $114 million and digital non-podcast revenue rising 14% to $187 million. This segment’s Adjusted EBITDA reached $100 million with a solid margin of 33.2%, highlighting strong demand for digital advertising and podcast content.

Multiplatform Group Performance

Conversely, the Multiplatform Group saw a slight decline with revenue of $620 million, down 1% overall (3% when excluding political revenue), and its Adjusted EBITDA fell 20% to $130 million, with the margin contracting to 21.0% due to ongoing uncertainties in broadcast advertising and other market conditions.

Forward Guidance

Looking ahead, iHeartMedia Inc expects Q4 consolidated revenue to rise in the high-single digits, with full-year 2024 revenue growing in the mid-single digits. Q4 Adjusted EBITDA is anticipated to reach around $290 million (up ~39%), while full-year Adjusted EBITDA should be approximately $750 million (up ~8%). For 2025, consolidated revenue is projected to be flat in a non-political year, with Adjusted EBITDA expected to be around $770 million (up ~3%).