iHeartMedia, Inc.

iheartmedia.com

What Do They Do?

Sells radio, podcast and digital-audio advertising to advertisers, and provides programming and related media services to broadcasters and other media businesses.

How Do They Make Money?

Advertisers buy radio, network and podcast ads, as well as digital ads; broadcast ads are tied to air dates, while digital ads are billed monthly as impressions are delivered or time passes. Event sponsorship revenue is earned over the event; the company also sells tickets and earns media-representation commissions.

revenue

Segment	Share	How money arrives
Broadcast Radio Sold outright	42% FY2022: 48%	Sold outright
Networks Sold outright	11% FY2022: 13%	Sold outright
Sponsorship and Events	4.7% FY2022: 4.8%
Digital, excluding Podcast	20% FY2022: 17%
Podcast Usage-based	15% FY2022: 9.2%	Usage-based
Audio & Media Services	6.9% FY2022: 7.6%
Other	0.5% FY2022: 0.5%

Who Are Their Customers?

Advertisers buy local and national radio and digital ads through iHeartMedia’s sales teams. Radio and television stations and other media businesses use Katz for ad representation and RCS for software, streaming and research services.

Do Revenues Turn Into Profits?

Not on paper. It lost $472.9M in FY2025, but brought in more cash than it spent: $10.9M of free cash flow.

Operating income, FY2025

−1% of revenue

▼ −97% (Loss) vs FY2024 (−$763.1M, −20%)

Net income, FY2025

−12% of revenue

▼ −53% (Loss) vs FY2024 (−$1B, −26%)

Free cash flow, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$26.2M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $933.7M in Q2 FY2025
Net income: ▼ −1% (Loss); vs −$83.5M in Q2 FY2025

Broadcast Radio share of trade and barter revenues vs 42.4% in Q2 FY2025

Aug 10, 2026 Sets quarterly and full-year financial guidance It expects third-quarter revenue to increase mid-single digits, full-year adjusted EBITDA of approximately $800 million and free cash flow of approximately $200 million.

Growing. Revenue grew 9% in 4 years, from $3.6B in FY2021 to $3.9B in FY2025, about 2% a year.

New podcast distribution The earlier report described broad app distribution; the latest adds a Netflix home for video versions of podcasts and TikTok co-branded radio programming and live-event integrations.

Revenue over time

Broadcast Radio Networks Sponsorship and Events Digital, excluding Podcast Podcast Audio & Media Services Other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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