iHeartMedia Inc. reported second-quarter 2026 revenue of $977 million, a 4.7% increase from the prior year, driven by a 20.7% surge in podcast revenue and a 12.4% jump in Digital Audio Group revenue that offset weakness in traditional broadcast radio.
Adjusted EBITDA reached $152 million, exceeding the midpoint of the company’s guidance range of $140 million to $160 million, while free cash flow swung to a positive $46 million from a negative $13 million a year ago. The results, released Monday, underscore the rapid transformation of the largest audio company in the United States as digital and podcasting operations increasingly overshadow its legacy broadcast radio business.
For the sixth consecutive quarter, the Digital Audio Group generated higher adjusted EBITDA than the Multiplatform Group, which operates more than 860 live broadcast stations. The digital unit posted revenue of $364 million with adjusted EBITDA of $123 million and a margin of 33.8%, while podcast revenue alone climbed $162 million on a 20.7% year-over-year basis. Digital revenue excluding podcasts rose 6.6% to $202 million.
“Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the number one podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace,” Chairman and CEO Bob Pittman said in the earnings statement released Monday. Pittman noted on the earnings call that video podcasting represents an additive, premium-priced marketplace with relatively low production costs compared to traditional television, and the company is in active discussions with additional platforms beyond Netflix and Hulu.
iHeartMedia announced expanded partnerships with Netflix and Disney’s Hulu for video podcast content, including a live daily version of “The Breakfast Club” on Netflix. The company has made its broadcast inventory available through programmatic advertising platforms operated by Amazon, Google, and Yahoo, a shift designed to meet advertisers’ preference for digital buying methods. Programmatic revenue is forecast to grow roughly 50% in 2026 to approximately $200 million.
“The programmatic and audiograph efforts are not about specific categories but about meeting the advertising industry’s preferred way of transacting,” President and Chief Operating Officer Rich Bressler said. “The goal is to allow advertisers to plan, monitor, and measure broadcast inventory the same way they do digital.” The Multiplatform Group’s revenue declined 1.6% to $536 million, or 2.8% when excluding political advertising, while adjusted EBITDA fell sharply to $59 million from $96 million a year earlier, largely due to non-cash co-marketing expenses tied to programmatic rollout initiatives expected to moderate in the second half of 2026.
For podcast producers and audio professionals, the results signal accelerating investment in podcast infrastructure and video podcast development at one of the industry’s largest publishers. The 20.7% podcast revenue growth and expansion into video content creation with major streaming platforms demonstrate ongoing monetization opportunities in the podcasting space, though traditional radio’s challenges underscore the ongoing shift in advertiser spending toward digital channels.
The Audio and Media Services Group, which includes representation firm Katz Media and software provider RCS, delivered standout growth with revenue rising 18.8% to $80 million and adjusted EBITDA surging 54.6% to $37 million, yielding a margin of 45.6%. The segment benefited from strong digital demand and an uptick in political advertising tied to the midterm election cycle.
iHeartMedia maintained full-year guidance for adjusted EBITDA of approximately $800 million and free cash flow of about $200 million, supported by expected strong political advertising, cost savings programs targeting $125 million in year-round savings, and continued double-digit podcast growth. Net debt stood at approximately $4.7 billion as of June 30, though the company extended its asset-based revolving credit facility to January 2029 and expects to repay outstanding borrowings by year-end. For the third quarter, the company expects consolidated revenue to increase in the mid-single digits and adjusted EBITDA in the range of $180 million to $220 million.
Podcast revenue growth is expected to decelerate slightly to approximately 20% in the third quarter from the second quarter’s 20.7% pace. Bressler cautioned that achieving full-year targets requires a strong fourth quarter supported by political advertising comparable to 2024 levels and the release of advertiser budgets that may have been held back earlier due to macroeconomic uncertainty. The results demonstrate that while traditional radio faces structural headwinds, iHeartMedia’s diversified portfolio across podcasting, programmatic digital advertising, and video content positions it to capture larger shares of advertising budgets as the audio and media landscape continues shifting toward digital platforms and on-demand content.
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