Key Highlights

  • iHeartMedia (NASDAQ:IHRT) was indicated at USD 1.28 pre-market on Tuesday, November 10, 2026, down 27.68% from a calculated prior close of USD 1.77 after results released on November 9.
  • Third-quarter Revenue rose 3.3% to USD 1,029.8 million, but adjusted EBITDA fell 16.7% to USD 170.5 million from USD 204.8 million, and the net loss was USD 8.2 million against USD 65.8 million.
  • Digital Audio revenue rose 13.8% to USD 388.7 million, podcast revenue rose 24.4% to USD 173.7 million, and Multiplatform revenue fell 4.9% to USD 562.4 million with adjusted EBITDA down 42.9%.
  • Cash was USD 139.7 million against USD 270.9 million at December 31, 2025, and total Debt was USD 5,024.3 million against a calculated Market Value near USD 198.2 million.

What Moved iHeartMedia Pre-Market (-27.68%)

The iHeartMedia (NASDAQ:IHRT) quote of USD 1.28 compares with a calculated prior close of USD 1.77, a gap of about USD 0.49 per share. On 154.8 million Class A and Class B shares outstanding as of November 4, 2026, calculated market value falls from about USD 274.0 million to about USD 198.2 million. The company released third-quarter results on November 9, 2026 and held its call at 4:30 p.m. ET. Revenue was USD 1,029.8 million against USD 997.0 million, and excluding political it was USD 1,000.1 million, up 0.9%. Political revenue was USD 29.7 million against USD 5.5 million. GAAP Operating Income was USD 73.0 million against an operating loss of USD 116.3 million. Cash from operations was USD 13.7 million, and free Cash Flow was negative USD 10.4 million against negative USD 32.8 million.

Why iHeartMedia Fell: Guidance, Mix and General Context

The catalyst identified is the third-quarter release and its outlook. Fourth-quarter adjusted EBITDA is guided to about USD 135 million to USD 185 million, including roughly USD 100 million of net negative non-cash Marketing impact, and fourth-quarter revenue is expected to rise by mid-single digits. Full-year adjusted EBITDA is guided to about USD 550 million to USD 600 million, with free cash flow of about USD 50 million. Management also cited programmatic revenue of about USD 200 million in 2026, up roughly 50%, and about USD 400 million in 2027. The release does not tie the drop to one item. As general context, falling profit margins in broadcast radio, here Multiplatform Margin of 12.1% against 20.2%, weigh heavily on highly leveraged media companies because interest costs absorb cash flow.

Valuation, Liquidity and Risks for iHeartMedia

Total debt was USD 5,024.3 million and net debt was USD 4,680.1 million, about 23.6 times the calculated pre-market value. The stockholders' Deficit was USD 2,015.4 million. Total available liquidity was USD 415.8 million, including USD 125.0 million of asset-based Facility borrowings. A 52-week range, average Volume and pre-market volume could not be confirmed in published coverage, so none is given. The main risks are thin pre-market volume, wide spreads, the Leverage of a small Equity base, Advertising cycles and Reversal after the 9:30 a.m. ET open. A small equity slice means a modest change in Enterprise value can cause a large move in the share price.

Where Things Stand

iHeartMedia (NASDAQ:IHRT) is down 27.68% pre-market on Tuesday, November 10, 2026 after a third-quarter report in which revenue rose 3.3% but adjusted EBITDA fell 16.7% and fourth-quarter guidance included a USD 135 million to USD 185 million range. The USD 1.28 quote is a thin pre-market print and may change at the open. Debt of USD 5,024.3 million dwarfs the equity value, so small shifts in expectations can move the stock sharply.