IHRT earnings analysis
What we found in IHRT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
iHeartMedia reported Q2 revenue of $977.239 million, 0.63% above consensus and up from $934 million in Q2 2025, while free cash flow improved to $46 million from negative $13 million a year earlier. Digital Audio and podcasts supported growth, but consolidated Adjusted EBITDA fell 2.9% and Multiplatform profitability weakened. The outlook was maintained, including approximately $800 million of full-year 2026 Adjusted EBITDA and approximately $200 million of free cash flow, while the ABL maturity was extended to January 30, 2029 without reducing the $450 million commitment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat estimates and grew sequentially
- Q2 revenue was $977.239 million, exceeding the $971.108 million consensus estimate by 0.63%. Revenue increased approximately 4.6% from $934 million in Q2 2025 and 10.6% from $884 million in Q1 2026.
- Free cash flow turned positive
- Free cash flow was $46 million, improving from negative $13 million in Q2 2025 and negative $114 million in Q1 2026.
- Digital and podcast growth continued
- Digital Audio and podcast operations were identified as growth drivers in the related earnings disclosure, while consolidated Adjusted EBITDA declined 2.9%, indicating mixed operating momentum.
- ABL maturity extended to 2029
- The ABL amendment extended facility maturity from May 17, 2027 to January 30, 2029, while preserving $450 million of lender commitments.
- No material control deficiencies reported
- Management concluded disclosure controls were effective at the reasonable-assurance level as of June 30, 2026, and reported no material changes to internal control over financial reporting during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Adjusted EBITDA and core profitability declined
- Consolidated Adjusted EBITDA declined 2.9% year over year, and Multiplatform profitability weakened, creating pressure on operating leverage despite $977.239 million of quarterly revenue.
- Interest expense and leverage remain risks
- The company remains exposed to substantial secured liquidity obligations: the amended ABL Facility has $450 million of commitments and carries interest at Term SOFR plus a 1.75%-2.25% margin or base rate plus 0.75%-1.25%.
- Litigation outcomes remain uncertain
- The company disclosed involvement in multiple categories of litigation, including commercial, defamation, employment, intellectual property, real estate, governmental-investigation and tax matters, and stated that an individual proceeding could materially affect results or financial condition.
- Debt was extended, not reduced
- Although the ABL maturity was extended to January 30, 2029, the amendment did not repay outstanding borrowings; all amounts outstanding at amendment remained in place under the revised terms.
- Share withholding reduced outstanding equity
- The company repurchased 1,567,790 Class A shares during the quarter to satisfy employee tax-withholding obligations, at an average price of $5.17 per share; these purchases were not made under a publicly announced repurchase program.
What they said about what is next.
The supplied filing text does not provide numeric EPS or revenue guidance. Related company outlook maintained full-year 2026 Adjusted EBITDA at approximately $800 million and full-year free cash flow at approximately $200 million; Q3 2026 revenue is expected to increase mid-single digits and Adjusted EBITDA is expected at approximately $180 million-$220 million.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 11, 2026
- iHeartMedia reported Q1 2026 revenue of $884.2 million, up 9.6% year-over-year, but reported a net loss of $95.6 million, slightly improving from a larger loss of $280.9 million in Q1 2025. The Digital Audio Group was a…
- 10-K · March 2, 2026
- iHeartMedia positions itself as the leading multi-platform audio company, emphasizing scale in broadcast (868 stations) and rapid expansion in digital audio and podcasting (podcast revenue $563.7M in 2025). The 10-K…
- 10-Q · November 10, 2025
- iHeartMedia reported Q3 2025 revenue of $997.0M, roughly flat versus prior-year Q3 ($1,008.1M) while EPS deteriorated to $(0.43) from $(0.27). Results were driven by a $208.5M non-cash FCC license impairment recorded in…
- 10-Q · August 11, 2025
- iHeartMedia reported revenue of $933.7M for Q2 2025, a marginal increase from $929.1M in Q2 2024, but a disappointing EPS of -$0.54 versus the estimate of -$0.28 and the -$6.50 in Q2 2024. While gross margin improved to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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