iHeartMedia reported a first-quarter revenue of $884 million, up 9.6% from a year prior, as gains in digital audio and podcasting continued to fuel the company’s performance.
In the first quarter, measured from Jan. 1 to March 31, the company said revenue increased by $77.1 million in those three months compared with the same period in 2025. Adjusted EBITDA—earnings before interest, taxes, depreciation, and amortization—totaled $93 million.
Chairman and CEO Bob Pittman said the company expects 2026 to be a stronger year overall, helped in part by revenue from political advertising tied to the midterm election cycle.
Within the company’s business segments, digital audio remained the main growth driver. Revenue in the Digital Audio Group rose 18%, driven largely by podcasting, which grew by 26.9% to $147.2 million. Revenue from digital audio excluding podcasts grew 11.6% to $179.9 million. The company said the gains were largely driven by continued demand from advertisers, along with revenue from marketing partnerships.
The Multiplatform Group, which includes broadcast radio and related businesses, posted a 4.3% revenue increase, up $20.5 million. Growth was supported by marketing-related revenue, though partly offset by a decline in traditional broadcast advertising amid ongoing market uncertainty.
Audio & Media Services revenue rose 12.2%, or $7.3 million, also driven by stronger demand for digital advertising.
Operating costs increased during the quarter. Direct operating expenses rose 5.3%, primarily due to higher content costs tied to digital growth, including payments to third-party platforms. Selling, general and administrative expenses increased 11.9%, largely due to costs associated with marketing partnerships, though some of that was offset by lower stock-based compensation.
Despite higher costs, the company reported operating income of $1.5 million, compared to a loss of $25.4 million a year earlier.
Adjusted EBITDA declined to $92.6 million from $104.6 million in the prior-year quarter.
The company reported a free cash flow loss of $114.5 million, compared to a loss of $80.7 million a year earlier. Cash used for operating activities totaled $92.5 million, which the company attributed largely to the timing of payments and collections, including interest payments tied to prior debt restructuring.
Looking ahead, iHeartMedia said it is launching a new cost-saving initiative expected to generate an additional $50 million in annual savings. This builds upon a previously announced $100 million in savings planned for 2026.
The company also said it expects to pay minimal cash taxes this year, which it estimates will have a $150 million to $200 million impact over the next three years.
iHeartMedia reaffirmed its full-year outlook, including approximately $800 million in adjusted EBITDA and about $200 million in free cash flow.
As of March 31, the company reported $135.1 million in cash and total debt of about $5.04 billion.
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