Research Reports

Prepared Highlights

Consolidated revenue Q1 2026: $884M, up 9.6% YoY, in line with guidance of up high single digits; ex-political, up 9.3% (CEO, prepared).
Digital Audio Group revenue: $327M, up 18% YoY, slightly ahead of guidance of up mid-teens; podcast revenue $147M, up 26.9% YoY (above guidance of up low 20s); digital ex-podcast revenue $180M, up 11.6% YoY (CEO, prepared).
Multiplatform Group revenue: $493M, up 4.3% YoY, slightly below midpoint of guidance of up mid-single digits; ex-political, up 3.9% (CEO, prepared).
Audio Media Services Group revenue: $67M, up 12.2% YoY; ex-political, up 13% (Rich Bressler, prepared).
Adjusted EBITDA: Q1 2026 consolidated $93M (vs. guidance ~$100M, prior year $105M); Digital Audio Group $87M (flat YoY, margin 26.5%); Multiplatform Group $47M (vs. $70M prior year); Audio Media Services Group $24M, up 54.7% YoY (CEO, Rich Bressler, prepared).
Free cash flow: Q1 2026 negative $114M (vs. negative $81M prior year); full-year 2026 guidance reaffirmed at $200M (Rich Bressler, prepared).
CapEx: Full-year 2026 expected ~$90M (Rich Bressler, prepared).
Net debt: Q1 end ~$4.7B; net leverage ratio 6.9x; full-year 2026 expected net leverage in mid-5s (Rich Bressler, prepared).
Cost savings: New $50M annualized savings initiative (begins H2 2026), in addition to previously announced $100M in-year 2026 savings (CEO, prepared).
Cash taxes: Expected effectively eliminated for 2026 and next few years due to tax code changes; preserves ~$150M–$200M cash from 2026–2028 (CEO, Rich Bressler, prepared).
Programmatic revenue: Full-year 2026 expected ~$200M, up ~50% from $135M in 2025 (Rich Bressler, prepared).
Official guidance (Q2 2026): Adjusted EBITDA $140M–$160M; consolidated revenue up low single digits YoY; Digital Audio Group revenue up ~10% YoY (podcast low 20s, digital ex-podcast low single digits); Multiplatform Group revenue approximately flat YoY; Audio Media Services Group revenue up low teens YoY (Rich Bressler, prepared).
Official guidance (full-year 2026): Adjusted EBITDA $800M; free cash flow $200M; interest expense ~$440M; cash restructuring ~$50M (Rich Bressler, prepared).

Mgmt Quotes

"We generated adjusted EBITDA of $93 million in the first quarter, slightly below our previously provided guidance of approximately $100 million." (CEO)
"We believe we have the most profitable podcasting business in the United States." (CEO)
"We expect our net leverage ratio at the end of 2026 to be in the mid-5s, which would be more than a full turn improvement year-over-year." (Rich Bressler)
"We are reaffirming our full year adjusted EBITDA guidance of $800 million and our free cash flow guide of $200 million." (Rich Bressler)
"We expect to generate approximately $200 million of overall programmatic revenue in 2026, up approximately 50% from $135 million in 2025." (Rich Bressler)

Prepared Metrics

Metric	Value	Speaker/Context
Consolidated Revenue (Q1 2026)	$884M, +9.6% YoY	CEO, prepared
Digital Audio Group Revenue (Q1 2026)	$327M, +18% YoY	CEO, prepared
Podcast Revenue (Q1 2026)	$147M, +26.9% YoY	CEO, prepared
Multiplatform Group Revenue (Q1 2026)	$493M, +4.3% YoY	CEO, prepared
Audio Media Services Revenue (Q1 2026)	$67M, +12.2% YoY	Rich Bressler, prepared
Adjusted EBITDA (Q1 2026)	$93M	CEO, prepared
Digital Audio Group Adj. EBITDA (Q1 2026)	$87M, margin 26.5%	CEO, prepared
Multiplatform Group Adj. EBITDA (Q1 2026)	$47M	CEO, prepared
Audio Media Services Adj. EBITDA (Q1 2026)	$24M, +54.7% YoY	Rich Bressler, prepared
Free Cash Flow (Q1 2026)	-$114M	Rich Bressler, prepared
Net Debt (Q1 end)	~$4.7B	Rich Bressler, prepared
Net Leverage Ratio (Q1 end)	6.9x	Rich Bressler, prepared
Total Liquidity (Q1 end)	$495M	Rich Bressler, prepared
Cash Balance (Q1 end)	$135M (incl. $50M ABL draw)	Rich Bressler, prepared
Full-Year 2026 Adj. EBITDA Guidance	$800M	Rich Bressler, prepared
Full-Year 2026 FCF Guidance	$200M	Rich Bressler, prepared
Full-Year 2026 Interest Expense Guidance	~$440M	Rich Bressler, prepared
Full-Year 2026 CapEx Guidance	~$90M	Rich Bressler, prepared
Full-Year 2026 Cash Restructuring Guidance	~$50M	Rich Bressler, prepared
Full-Year 2026 Programmatic Revenue Guidance	~$200M (+50% YoY)	Rich Bressler, prepared
Q2 2026 Adj. EBITDA Guidance	$140M–$160M	Rich Bressler, prepared
Q2 2026 Consolidated Revenue Guidance	Up low single digits YoY	Rich Bressler, prepared
Q2 2026 Digital Audio Group Revenue Guidance	Up ~10% YoY	Rich Bressler, prepared
Q2 2026 Multiplatform Group Revenue Guidance	Approximately flat YoY	Rich Bressler, prepared
Q2 2026 Audio Media Services Revenue Guidance	Up low teens YoY	Rich Bressler, prepared

Q&A Batch (1-3 of 3)

Q1 — Aaron Watts

Topic: Full-year guidance, political revenue, noncash marketing, debt maturities
Key points:
- 2026 EBITDA guidance reaffirmed at $800 million; Q1 is smallest quarter, Q4 is largest.
- Political revenue expected to be strong, mostly in Q3 and Q4.
- Noncash marketing expense was heavier in Q1 but will taper in back half of year; programmatic revenue expected up 50% YoY.
- Free cash flow guidance reiterated at $200 million for 2026; tax synergies of $150–$200 million over next ~3 years.
Mgmt stance: Neutral – guidance affirmed with caveats (macro headwinds, timing shifts); confident in free cash flow to address stub maturities within debt documents.

Q2 — Stephen Laszczyk

Topic: Ad market conditions, programmatic drivers
Key points:
- Ad market described as “reasonably healthy” but with moderating effects from high gas prices and inflation, especially on lower-income groups.
- Political inventory will eat up meaningful inventory, positively affecting the marketplace.
- Programmatic target of $200 million (50% growth) driven by digital/podcasting and broadcast radio coming online; broadcast radio expected to follow podcasting revenue trajectory (podcasting grew from ~$50M to ~$550M over 5 years).
Mgmt stance: Bullish – optimistic on programmatic growth, citing DSP integrations (Amazon DSP in H2 2026) and agentic AI as future drivers.

Q3 — Sebastiano Petti

Topic: Business portfolio structure, Netflix deal, programmatic margins
Key points:
- Broadcast radio and podcasting are seen as complementary; 75%–80% of incremental broadcast revenue drops to bottom line.
- Netflix deal is part of a new video podcast revenue stream; iHeartRadio app rolling out video versions of audio podcasts.
- Programmatic margins are “relatively the same” as traditional ad sales.
- 1,000+ ad salespeople sell all assets; ~50% of podcasting revenue is originated locally.
Mgmt stance: Bullish – assets work together synergistically; open to maximizing value but no separation contemplated; video podcasting seen as incremental market.