IHRTB · iHeartMedia, Inc.

iHeartMedia's first quarter 2026 results reflect continued strength in digital audio, with total revenue rising 9.6% year-over-year to $884 million. The Digital Audio Group was the standout, posting 18% revenue growth to $327 million, driven by a 27% surge in podcast revenue to $147 million and 12% growth in digital ex-podcast. However, segment Adjusted EBITDA margin contracted from 31.4% to 26.5% due to higher variable content and trade costs. The Multiplatform Group grew revenue 4.3% to $493 million, but Segment Adjusted EBITDA fell 33% to $47 million, with margin dropping from 14.8% to 9.5%, as broadcast advertising remained soft and trade expenses rose. The Audio & Media Services Group improved, with revenue up 12.2% and Segment Adjusted EBITDA margin expanding to 36.7%. On a consolidated basis, GAAP operating income turned positive at $1.5 million versus a loss of $25.4 million a year ago, while Adjusted EBITDA declined 11.4% to $92.6 million. Cash used in operations was $92.5 million, and free cash flow was negative $114.5 million, impacted by timing of receivables and interest payments. Management highlighted a new $50 million annualized cost savings program, adding to $100 million in-year savings, and reaffirmed full-year 2026 Adjusted EBITDA guidance of $800 million and free cash flow of $200 million. The company also noted minimal cash taxes in 2026, expected to provide $150-$200 million benefit over three years. The earnings release was furnished under Item 2.02 and is not deemed filed for SEC purposes.