Key Highlights

  • Consolidated Revenue was USD 1.03 billion, up 3.3%.
  • Adjusted EBITDA was USD 170 million, below guidance of USD 180 million to 220 million.
  • Digital Audio Group revenue was USD 389 million, up 13.8%.
  • Podcasting revenue was USD 174 million, up 24.6%.

iHeartMedia, Inc. (NASDAQ:IHRT) reported third quarter 2026 consolidated revenue of USD 1.03 billion, up 3.3% from the prior year quarter and below its guidance range of up mid single digits. Excluding political, consolidated revenue was up 0.9%. Reported revenue was USD 1.03 billion, compared with estimates of EPS of negative USD 0.03 and revenue of USD 1.05 billion.

Adjusted EBITDA was USD 170 million, below the previously provided guidance range of USD 180 million to USD 220 million. GAAP Operating Income was USD 73 million, compared with a GAAP operating loss of USD 116 million in the prior year quarter. Consolidated direct operating expenses increased 4.8%, and SG&A expenses increased 7.6%.

Digital Audio Group

The Digital Audio Group generated revenue of USD 389 million, up 13.8% and within the previously provided guidance of up low teens. Adjusted EBITDA was USD 127 million, down 2.3%, burdened by higher noncash Marketing expenses, with an adjusted EBITDA Margin of 32.8%.

Podcasting revenue was USD 174 million, up 24.6% from USD 140 million and above guidance of up approximately 20%. Management said the company remains the number one podcast publisher in American audience as reported by Podtrac and Triton. Digital excluding podcast revenue grew 6.3%, within guidance of up mid single digits.

Multiplatform Group and Audio and Media Services

Multiplatform Group revenue was USD 562 million, down 4.9% and below guidance of approximately flat. Excluding political advertising, revenue was down 6.6%. Adjusted EBITDA was USD 68 million, compared with USD 119 million in the prior year.

Management cited four drivers of the shortfall. Political Advertising came in below the 2022 non-presidential election year level on Multiplatform Group revenue, which management tied to about 50% of political spending this cycle going to broadcast television. Some larger brands delayed deploying budgets until after the election. A third driver was the shift in agency buying toward programmatic audio, which management said grew from 41% in 2022 to 82% this year. The fourth was a more challenging macroeconomic environment, including fuel Volatility and Inflation pressuring consumer facing advertisers.

The Audio and Media Services Group reported revenue of USD 82 million, up 22.6% on television political and growth in digital audio and video. Excluding political revenue, it was up 2.9%. Adjusted EBITDA was USD 37 million, up 65.9%.

Programmatic and Segment Plans

Management cited the USD 200 million programmatic revenue guidance for the year and approximately USD 400 million of total programmatic revenue in 2027, with approximately USD 100 million of that being incremental broadcast programmatic revenue.

In 2027, the company plans to report podcasting as a separate segment, which management said provides more granularity across four segments. It also cited plans for incremental cost efficiencies in 2027, including the deployment of AI and other technology solutions.

Segments and Advertising Mix

iHeartMedia's adjusted EBITDA of USD 170 million compared with guidance of USD 180 million to USD 220 million, while Digital Audio Group revenue reached USD 389 million. The company cited podcasting revenue of USD 174 million, the political advertising effect on revenue and a planned segment change for 2027.