iHeartMedia Q2 Earnings: Flat Revenue, Strong Podcasting Growth, and Cost Controls

iHeartMedia reported Q2 revenue of $933.7 million, beating estimates and flat YoY. The company expects Q3 revenue of $982.9 million, close to analyst estimates. GAAP loss per share was $0.54, 98.1% below estimates. Digital audio and podcasting growth, cost controls, and organizational modernization were key factors in the performance. Management emphasized the need for a positive advertising market to achieve full-year targets.

iHeartMedia, Inc. (Nasdaq: IHRT) reported its financial results for the second quarter of 2025, showcasing a robust performance that exceeded analyst expectations. The company's consolidated revenue reached $933.7 million, a flat year-over-year (YoY) growth compared to the same period in 2024. This figure reflects a 0.5% increase, excluding political revenue, which saw a 1.5% increase [1].

The company's GAAP operating income for Q2 2025 was $35.4 million, a significant turnaround from the $909.7 million loss recorded in the same period of 2024. Adjusted EBITDA increased to $156.1 million from $150.2 million in the prior year's second quarter, representing a 3.9% growth [1].

Key drivers of this performance included the strong growth in the Digital Audio Group, which saw a 13.4% increase in revenue to $323.9 million, driven primarily by a 28.5% increase in podcast revenue to $134.3 million. The Multiplatform Group, however, experienced a 5.4% decrease in revenue to $544.6 million due to a decline in broadcast advertising [1].

The company's free cash flow was negative at ($13.2) million, compared to $5.6 million in the prior year period, primarily due to the timing of receivable collections and interest payments [1]. Despite this, the company maintained a strong cash balance and total available liquidity of $236 million and $527 million, respectively, as of June 30, 2025 [1].

Looking ahead, iHeartMedia expects its consolidated revenue for the third quarter of 2025 to decline by a low-single digit, excluding the impact of political revenue, which is expected to increase in the low-single digits. The company also expects its consolidated Adjusted EBITDA to be approximately $180 million to $220 million for the third quarter [1].

Management emphasized the need for a positive advertising market to achieve the company's full-year targets. The appointment of Lisa Coffey as Chief Business Officer underscores iHeartMedia's commitment to driving growth through its ad tech platform and digital advertising capabilities [1].

References:
[1] https://investors.iheartmedia.com/news/news-details/2025/iHeartMedia-Inc--Reports-Results-for-2025-Second-Quarter/default.aspx