Q1 2026 iHeartMedia Inc Earnings Call Transcript
Key Points
- iHeartMedia Inc (IHRT) reported a consolidated revenue of $884 million for Q1 2026, up 9.6% compared to the prior year, aligning with their guidance.
- The Digital Audio Group's revenue increased by 18% year-over-year, with podcast revenue growing by 26.9%, surpassing guidance expectations.
- A new cost reduction initiative is expected to generate an additional $50 million in annualized savings, adding to the previously announced $100 million savings for 2026.
- The company expects minimal cash taxes for 2026 and the next few years due to changes in the tax code, which will enhance free cash flow.
- iHeartMedia Inc (IHRT) is the number one podcast publisher in the U.S., with strong podcasting EBITDA margins contributing positively to overall company margins.
- Adjusted EBITDA for Q1 2026 was $93 million, slightly below the guidance of approximately $100 million, due to timing of non-cash marketing expenses and lower-than-expected March advertising revenues.
- The Multiplatform Group's adjusted EBITDA decreased to $47 million from $70 million in the prior year, despite a 4.3% increase in revenue.
- Free cash flow was negative $114 million for the quarter, compared to negative $81 million in the prior year, driven by increased interest expenses.
- The company experienced softness in March advertising revenues, attributed to macroeconomic uncertainties and the conflict in the Middle East.
- Net debt remains high at approximately $4.7 billion, with a net debt to Adjusted EBITDA ratio of 6.9 times at the end of the quarter.
Good afternoon and welcome to iHeartMedia's first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Audrey Hart, Senior Vice President of Investor relations. Thank you. Please go ahead.
Good afternoon, everyone, and thank you for taking the time to join our first quarter 2026 earnings call. Joining me for todayâs discussion are Bob Pittman, our Chairman and CEO; Rich Bressler, our President and COO; and Mike McGuinness, our CFO.
At the conclusion of our prepared remarks, management will take your questions. In addition to our press release, we have an earnings presentation available on our website that you can use to follow along with our remarks. Please note that this call may include forward-looking statements regarding our financial performance and operating results.
These statements are based on managementâs current expectations, and actual results could differ from what is stated as a result
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