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- **Digital Audio Dominance**: Q3 podcast revenue up 22.5% to $140M, 50% from local sales, with programmatic seen as 'new podcast business'. 
- **Broadcast Renaissance**: Radio listenership at 10-year high, with Amazon DSP integration and 83% ad response uplift cited. 
- **Cost Efficiency**: $150M+ annual savings achieved, +$50M 2026 cuts targeting Multiplatform Group. 
- **Partnership Payoff**: TikTok deal to drive cross-platform monetization, with 2025 Jingle Ball expansion. 
- **Political Outlook**: 2026 cycle expected to generate $83M+ in political revenue, up from $83M in 2024.

**【CEO Summary Section】**
- Q3 adjusted EBITDA of $205 million, flat year-over-year, with consolidated revenue down 1.1% to $933 million (up 2.8% excluding political). 
- Digital Audio Group revenue grew 13.5% to $342 million, driven by podcast revenue up 22.5% to $140 million (50% from local sales). 
- Announced TikTok partnership for podcast slate, dedicated radio station, and cross-platform monetization. 
- Broadcast radio listenership at 10-year high, with focus on programmatic monetization via Amazon DSP. 
- $50 million incremental cost savings announced for 2026, targeting Multiplatform Group efficiency.

**【CFO Financial Commentary】**
- Q3 GAAP operating loss of $116 million (vs. $77 million prior year), with $209 million FCC license impairment. 
- Free cash flow negative $33 million (vs. $73 million prior year), due to timing of political revenue, noncash marketing, and working capital. 
- 2025 cost savings of $150 million achieved, with $40 million benefit in Q3. 
- Q4 guidance: EBITDA $200-240 million (vs. $246 million prior year), revenue down low single digits (mid-single digits ex-political). 
- Podcasting expected to grow low 20s for full year, programmatic seen as new growth driver.

**【Q&A Highlights】**
- **Podcast Growth**: 23% YTD growth, $30 million+ Q4 podcast revenue increase. Local sales driving 50% of podcast ad revenue. 
- **Programmatic**: Broadcast inventory to be added to Amazon DSP in 2026, with programmatic viewed as 'new podcast business'. 
- **Ad Market**: Strong momentum from top advertisers, broadcast radio's renaissance driven by WPP study showing 83% uplift with radio in campaigns. 
- **Cost Management**: $50 million 2026 savings to benefit Multiplatform Group, with focus on AI and tech modernization. 
- **Political 2026**: Expected strong cycle, leveraging audio tech stack for incremental share.

iHeartMedia, Inc. (IHRT) Q3 2025 Earnings Call Transcript

Revenue

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IHRT

IHRT fundamentals

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