ebitda
180–220 $million
Q3 2026
official guidance
IHEARTMEDIA, INC.
Last · —$1.73-0.13 (-6.99%)live · yahoo · 1s ago
Market cap$267.79M—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $4.0B |
|---|---|
| Operating income | $37.0M |
| Net income | $-177.6M |
| Free cash flow | $-68.5M |
| Operating margin | 0.9% |
| Net margin | -4.5% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Cautiously constructive, but not a clear buy:
revenue rose 4.7% to $977.2 million and digital audio revenue grew 12.4%, led by podcast growth of 20.7%, yet adjusted EBITDA fell 2.9% to $151.5 million as Multiplatform EBITDA dropped 39.2% to $58.6 million. The $800 million FY adjusted EBITDA and $200 million FCF targets rely heavily on a strong political-driven second half, cost savings, easing macro uncertainty and a demanding Q4, while $4.7 billion of net debt and roughly $440 million of annual interest expense leave little room for execution misses.
Themes
- Digital Audio Growth
- Podcast Advertising
- Broadcast Monetization
- Programmatic Revenue
- Political Advertising
- Video Podcasting
Near term
Q3 adjusted EBITDA guidance of $180 million-$220 million and mid-single-digit revenue growth place significant emphasis on political advertising, with July revenue only up low single digits.
Political revenue increased to $17.7 million from $6.2 million and is expected to be concentrated in Q3-Q4, but management did not quantify the political revenue embedded in the FY target.
Multiplatform monetization is the key near-term test: broadcast inventory is being added to Amazon, Google and Yahoo DSPs, while non-cash co-marketing expenses are expected to decline in the second half.
Podcasting and video distribution should support digital momentum, with podcast revenue up 20.7% and new Hulu distribution announced alongside the expanding Netflix relationship.
Longer term
Digital Audio EBITDA has exceeded Multiplatform EBITDA for six consecutive quarters; this supports a structurally better profit mix if podcast and digital ex-podcast growth persists.
The core strategic opportunity is monetizing broadcast radio's large reach through digital buying, measurement and programmatic tools rather than relying solely on traditional direct sales.
Video podcast distribution could expand audience and improve pricing because management cited a CPM premium, but it remains an incremental opportunity rather than a proven material earnings driver.
Debt reduction remains central to the equity thesis: management targets net leverage in the mid-5s by year-end 2026, but leverage would remain high even after the planned improvement.
Red flags
The analyst explicitly challenged the implied strength of Q4 needed to reach $800 million of FY EBITDA. Management cited political demand, cost savings, easing uncertainty, programmatic, video and possible December budget releases, but did not provide a quantified bridge.
FY guidance is predicated on improvement in the macroeconomic and advertising environments, while Q2 softness was linked to advertiser uncertainty, fuel costs and Middle East-related economic impacts.
Multiplatform EBITDA declined sharply despite only a 1.6% revenue decline, highlighting weak operating leverage and the risk that broadcast monetization initiatives take longer than expected.
The $200 million FCF outlook is exposed to political timing and upfront payments, approximately $440 million of annual interest expense and tax savings that management says depend on current tax laws remaining in effect.
Liquidity was only $457.2 million, including $174.4 million of cash and $125 million drawn on the ABL, making execution and refinancing conditions important despite the ABL maturity extension to January 2029.
Forward outlook
ebitda
800 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-02
- Net Margin Sharply Negative
Red flags
- Net Margin Sharply Negative — Net margin -12.2%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.03
Est. revenue
1.1B
Earnings transcripts
Documents
FormReporting forFiledFlags