Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team ...

Core Insights - iHeartMedia reported revenue of $1.13 billion for the quarter ended December 2025, reflecting a 0.8% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.1 billion by 2.52% [1] - The company's EPS was $0.04, a significant decline from $0.76 in the same quarter last year, resulting in an EPS surprise of -60% against the consensus estimate of $0.10 [1] Revenue Breakdown - Digital Audio Group revenue reached $386.59 million, exceeding the average estimate of $369.3 million from two analysts [4] - Audio and Media Services generated $78.88 million, surpassing the average estimate of $70.3 million from two analysts [4] - Multiplatform Group revenue totaled $664.77 million, slightly above the average estimate of $662.33 million from two analysts [4] - Multiplatform Group-Other revenue was $5.29 million, below the average estimate of $6.25 million from two analysts [4] - Multiplatform Group-Networks revenue was $118.22 million, exceeding the average estimate of $117.22 million from two analysts [4] - Multiplatform Group-Sponsorship and Events revenue was $71.41 million, slightly below the average estimate of $72.89 million from two analysts [4] - Broadcast Radio revenue amounted to $469.85 million, surpassing the average estimate of $465.99 million from two analysts [4] Stock Performance - iHeartMedia shares have returned +0.9% over the past month, contrasting with a -1.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - iHeartMedia reported solid fourth-quarter results, with consolidated revenue of $1.1 billion, up 0.8% year-over-year, exceeding previous expectations of a low-single-digit decline [2][4] - The Digital Audio Group was a significant growth driver, achieving revenue of $387 million, a 14.1% increase from the prior year, and an adjusted EBITDA margin of 34.1% [1][6] - Adjusted EBITDA for the fourth quarter was $220 million, aligning with management's guidance, but down from $246 million in the prior-year quarter due to the absence of political advertising revenue [3][4] Digital Audio Group Performance - The Digital Audio Group's revenue growth was primarily fueled by podcasting, which saw a 24.5% increase to $174 million, with nearly half of this revenue generated by iHeart's local sales force [6][7] - Non-podcast digital revenue also grew by 6.8% in the quarter, indicating a broader digital growth trend [8] Multiplatform Group Insights - The Multiplatform Group reported revenue of $665 million, down 2.8% year-over-year, but up 2.3% when excluding political advertising [9] - Adjusted EBITDA for this segment was $129 million, down from $150 million in the prior-year quarter, reflecting the impact of political advertising comparisons [9][12] Financial Metrics and Outlook - Free cash flow turned positive at $138 million, with net debt at approximately $4.5 billion and a net leverage ratio of 6.6x [5][16] - Management provided guidance for 2026, projecting adjusted EBITDA of around $800 million and free cash flow of approximately $200 million, alongside targeted cost savings of $100 million [5][18][22] Cost Management and Efficiency - The company achieved $150 million in net cost savings in 2025 and is implementing an additional $100 million in cost savings for 2026 [17] - Consolidated direct operating expenses rose by 2.4% year-over-year, primarily due to higher variable content costs associated with digital growth [14] Advertising Trends - The advertising base remains diversified, with no single category exceeding 5% of total advertising revenue [13] - The largest dollar gains in advertising came from financial services, retail, entertainment, and beauty and fitness, while political advertising saw a decline [13] Future Growth Drivers - iHeartMedia expects continued growth in podcasting and a robust midterm election year for political revenue, with total programmatic revenue projected to reach about $200 million in 2026, a 50% increase from 2025 [21]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted EBITDA of $220 million, down from $246 million in the prior year, which benefited from approximately $80 million of political revenue [4][17] - Consolidated revenue for the quarter was $1.1 billion, up 0.8% compared to the prior year quarter, exceeding guidance of a low single-digit decline; excluding political impact, revenue was up 7.7% [4][15] - The company reported a GAAP operating income of $86 million compared to $105 million in the prior year quarter [17] Business Line Data and Key Metrics Changes - The Digital Audio Group generated Q4 revenue of $387 million, up 14.1% year-over-year, with adjusted EBITDA of $132 million, up 10.7% [5][19] - The Multiplatform Group's revenue was $665 million, down 2.8% year-over-year, with adjusted EBITDA of $129 million, down 14.2% [9][20] - The Audio and Media Services Group reported revenue of $79 million, down 19.3% year-over-year, but up 21.8% when excluding political revenue [21] Market Data and Key Metrics Changes - The largest advertising categories in Q4 included healthcare, home building and improvement, financial services, retail, and entertainment, while political, government, restaurants, and food and beverage saw declines [15] - The company outperformed the radio industry revenue performance by 500 basis points according to Miller Kaplan [11] Company Strategy and Development Direction - The company aims to return the Multiplatform Group to EBITDA growth by focusing on programmatic advertising, integrated sales, and leveraging its large local sales force [9][10] - The company is investing in broadcast programmatic efforts and expects to generate approximately $200 million in programmatic revenue in 2026, up 50% from 2025 [24][39] Management's Comments on Operating Environment and Future Outlook - Management views the advertising marketplace as reasonably healthy despite some macro uncertainties and expects meaningful EBITDA and free cash flow growth in 2026 [13][26] - The company anticipates a strong non-presidential political cycle in 2026, which is expected to contribute positively to revenue [35][60] Other Important Information - The company is implementing $100 million in cost savings initiatives for 2026, in addition to $150 million achieved in 2025 [18][25] - Free cash flow for Q4 was $138 million, demonstrating high free cash flow conversion characteristics [22] Q&A Session Summary Question: Growth in core MPG revenues and digital side - Management noted that Q1 revenue growth is expected to be high single digits, but EBITDA may decline due to various factors, including the small size of Q1 numbers compared to the rest of the year [28][30] Question: Cost savings cadence - Management provided a breakdown of the $100 million cost savings, estimating $12.5 million for Q1 and $28 million for Q2 [33] Question: Political revenue assumptions for EBITDA guidance - Management expects 2026 to be a strong political year, contributing positively to EBITDA guidance [34] Question: Drivers of growth in podcasting business - Management highlighted multiple growth vectors in podcasting, including increased usage and inventory opportunities, and emphasized the importance of financial discipline in podcast selection [42][44] Question: Video podcasting opportunities - Management sees potential in video podcasting driven by partnerships with platforms like Netflix and YouTube, which could expand revenue opportunities [48][49] Question: Programmatic revenue growth rate - Management indicated that programmatic revenue growth in 2024 to 2025 would be substantially less than in 2025, but specific figures were not provided [56][57]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted EBITDA of $220 million, down from $246 million in the prior year, which benefited from approximately $80 million of political revenue [4][17] - Consolidated revenue for the quarter was $1.1 billion, up 0.8% compared to the prior year quarter, and above guidance of down low single digits; excluding political impact, revenue was up 7.7% [4][14] - The company reported a GAAP operating income of $86 million compared to $105 million in the prior year quarter [17] Business Line Data and Key Metrics Changes - The Digital Audio Group generated Q4 revenue of $387 million, up 14.1% year-over-year, with adjusted EBITDA of $132 million, up 10.7% [5][19] - Podcast revenue within the Digital Audio Group grew to $174 million, up 24.5% year-over-year, exceeding guidance of mid-teens growth [5][19] - The Multiplatform Group's revenue was $665 million, down 2.8% year-over-year, but up 2.3% excluding political revenue; adjusted EBITDA was $129 million, down 14.2% [9][20] Market Data and Key Metrics Changes - The largest advertising categories in Q4 included healthcare, home building and improvement, financial services, retail, and entertainment, while political, government, restaurants, and food and beverage saw declines [15] - The company outperformed the radio industry revenue performance by 500 basis points according to Miller Kaplan [11] Company Strategy and Development Direction - The company aims to return the Multiplatform Group to EBITDA growth by focusing on programmatic advertising, integrated sales, and leveraging its large local sales force [9][11] - Continued investment in broadcast programmatic efforts is expected to drive revenue growth, with a target of approximately $200 million in programmatic revenue for 2026, up 50% from 2025 [25][39] Management's Comments on Operating Environment and Future Outlook - Management views the advertising marketplace as reasonably healthy despite macro uncertainties and expects meaningful EBITDA and free cash flow growth in 2026 [13][27] - The company anticipates a strong non-presidential political cycle in 2026, which is expected to contribute positively to revenue [34][61] Other Important Information - The company is implementing $100 million in new cost savings initiatives, which will begin to benefit in Q2 2026 [18][27] - Free cash flow for Q4 was $138 million, with a conversion rate of approximately 70% from EBITDA [22][23] Q&A Session Summary Question: Growth in core MPG revenues and digital side - Management noted that Q1 revenue growth is expected to be high single digits, but EBITDA may decline due to the small size of Q1 numbers compared to the rest of the year [29][30] Question: Cost savings cadence - Management provided a breakdown of the $100 million cost savings, estimating $12.5 million for Q1 and $28 million for Q2 [33] Question: Political revenue assumptions for EBITDA guidance - Management expects 2026 to be a strong political year, which is factored into the $800 million EBITDA guidance [34] Question: Drivers of growth in podcasting business - Management highlighted multiple growth vectors in podcasting, including increased usage and inventory opportunities, and emphasized the importance of financial discipline in podcast selection [42][43] Question: Video podcasting opportunities - Management sees potential in video podcasting driven by partnerships with platforms like Netflix and YouTube, which could expand revenue opportunities [47][48] Question: Programmatic revenue growth rate - Management indicated that programmatic revenue growth in 2024 would be substantially less than in 2025, but specific figures were not provided [51][58]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted EBITDA of $220 million, down from $246 million in the prior year, which benefited from approximately $80 million of political revenue [4][17] - Consolidated revenue for the quarter was $1.1 billion, up 0.8% compared to the prior year quarter, exceeding guidance of low single-digit decline; excluding political impact, revenue increased by 7.7% [4][14] - The company reported a GAAP operating income of $86 million compared to $105 million in the prior year quarter [17] Business Line Data and Key Metrics Changes - The Digital Audio Group's revenue was $387 million, up 14.1% year-over-year, with adjusted EBITDA of $132 million, up 10.7% [5][19] - Podcast revenue within the Digital Audio Group grew to $174 million, up 24.5% year-over-year, exceeding guidance [5][19] - The Multiplatform Group's revenue was $665 million, down 2.8% year-over-year, with adjusted EBITDA of $129 million, down 14.2% [9][20] - The Audio and Media Services Group's revenue was $79 million, down 19.3% year-over-year, but up 21.8% when excluding political revenue [21] Market Data and Key Metrics Changes - The largest advertising categories in Q4 included healthcare, home building and improvement, financial services, retail, and entertainment, while political, government, restaurants, and food and beverage saw declines [14] - The company outperformed the radio industry revenue performance by 500 basis points according to Miller Kaplan [11] Company Strategy and Development Direction - The company aims to return the Multiplatform Group to EBITDA growth by focusing on programmatic advertising, integrated sales, and leveraging its large local sales force [9][11] - Continued investment in broadcast programmatic efforts is expected to drive future growth, with a target of $200 million in programmatic revenue for 2026, up 50% from 2025 [25][39] - The company anticipates a strong political revenue year in 2026, benefiting from a non-presidential election cycle [26][62] Management's Comments on Operating Environment and Future Outlook - Management views the advertising marketplace as reasonably healthy despite some macro uncertainties and expects meaningful EBITDA and free cash flow growth in 2026 [13][27] - The company is implementing $100 million in cost savings initiatives for 2026, which will help offset investments in technological capabilities [18][26] Other Important Information - The company reported a free cash flow of $138 million in Q4 2025, with a net debt of approximately $4.5 billion and total liquidity of $640 million [22] - The year-end net debt to adjusted EBITDA ratio was 6.6x [22] Q&A Session Summary Question: Growth in core MPG revenues and digital side performance - Management noted that Q1 revenue growth is expected to be high single digits, but EBITDA may decline due to various factors, emphasizing the small size of Q1 numbers compared to the rest of the year [29][30] Question: Cost savings cadence throughout the year - Management provided a breakdown of the $100 million cost savings, estimating $12.5 million for Q1 and $28 million for Q2 [33] Question: Political revenue assumptions for EBITDA guidance - Management expects 2026 to be a strong political year, with robust political spending anticipated [34] Question: Benchmarks for programmatic efforts and partnerships - Management highlighted the importance of programmatic capabilities for podcast and broadcast radio, noting partnerships with major DSPs like Amazon and Yahoo [35][36] Question: Drivers of growth in the podcasting business - Management discussed multiple growth vectors in podcasting, including increased usage and inventory opportunities, and emphasized the company's unique position as a major podcast publisher [44][45]

Fourth Quarter 2025 Investor Presentation March 2, 2026 NASDAQ: IHRT Safe Harbor Statement Forward Looking Language Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries (the "Company"), to be materially dif ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025, or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________. Commission File Number 001-38987 IHEARTMEDIA, INC. (Exact name of registrant as specified in its charter) Delaware 26-0241222 (State or other jurisdic ...

Revenue Performance - Q4 2025 revenue was $1,127 million, up 0.8% year-over-year; excluding political revenue, it increased by 7.7%[4] - Full year 2025 revenue totaled $3,865 million, flat year-over-year, but up 3.6% excluding political revenue[5] - Revenue for Q4 2025 was $1,127,227,000, a 0.8% increase from $1,118,269,000 in Q4 2024[30] - Revenue for the year ended December 31, 2025, was $3,864,991, an increase from $3,854,532 in 2024, representing a growth of 0.3%[40] - Total revenue for the year ended December 31, 2025, was $3,864,991, an increase from $3,854,532 in 2024[63] Profitability Metrics - GAAP operating income for Q4 2025 was $86 million, down 18.0% from $105 million in Q4 2024[4] - Consolidated Adjusted EBITDA for Q4 2025 was $220 million, a decrease of 10.5% from $246 million in Q4 2024[4] - Adjusted EBITDA for Q4 2025 decreased by 10.5% to $220,298,000 compared to $246,208,000 in Q4 2024[39] - Adjusted EBITDA for the year ended December 31, 2025, was $685,767, slightly down from $705,617 in 2024[56] - Segment Adjusted EBITDA for 2025 was $685,767, with an Adjusted EBITDA margin of 17.7%[63] Debt and Cash Flow - Total debt as of December 31, 2025, was $5,053,100,000, with net debt at $4,540,000,000[29] - Free cash flow for Q4 2025 was $137,576,000, a significant recovery from a negative free cash flow of $24,208,000 in Q4 2024[27] - Cash provided by operating activities for the year ended December 31, 2025, was $92,583,000, compared to $71,429,000 in 2024[28] - Year-end 2026 net debt to Adjusted EBITDA ratio is expected to be in the mid-fives[4] - The company defines Free Cash Flow as cash provided by operating activities less capital expenditures, which is crucial for evaluating liquidity[46] Segment Performance - Digital Audio Group revenue reached $387 million, up 14% year-over-year, with podcast revenue increasing by 24% to $174 million[4] - Broadcast Radio revenue for Q4 2025 was $469,854,000, down 4.8% from $493,298,000 in Q4 2024[30] - Digital Audio Group revenue increased by 14.1% to $386,588,000 in Q4 2025, compared to $338,892,000 in Q4 2024[30] - The Multiplatform Group revenue was $665 million, down 3% year-over-year; excluding political revenue, it increased by 2%[4] - The Multiplatform Group generated revenue of $2,273,549 in 2025, with an Adjusted EBITDA margin of 18.2%[63] Future Projections - Projected consolidated Adjusted EBITDA for 2026 is approximately $800 million, with free cash flow expected to be around $200 million[4] - The company aims for high-single-digit revenue growth in 2026 and a return to Adjusted EBITDA growth in the Multiplatform Group[4] - Total programmatic revenue is projected to be approximately $200 million, reflecting a 50% increase[4] - The company plans to provide revenue and Adjusted EBITDA guidance for the quarter ending March 31, 2026, during the earnings call on March 2, 2026[55] Operational Changes - The company aims to streamline its real estate footprint, which has led to the sale of certain assets to fund capital expenditures[59] - Capital expenditures for the year ended December 31, 2025, were $81,700,000, down from $97,600,000 in 2024[28] - The company completed a Debt Exchange Transaction in Q4 2024, incurring $89.0 million in fees and $46.3 million in cash paid for accrued interest[59] Net Income and Loss - Net income for the year ended December 31, 2025, was a loss of $471,887,000, an improvement from a loss of $1,009,494,000 in 2024[27] - The company reported a net loss of $41,255,000 for the three months ended December 31, 2025, compared to a net income of $31,928,000 in the same period of 2024[58] - Net income attributable to the Company for the year ended December 31, 2025, was a loss of $472,866, compared to a profit of $31,490 in 2024[40] Asset and Liability Changes - Total assets decreased to $5,126.0 million as of December 31, 2025, from $5,571.7 million in 2024, a decline of 8.0%[41] - Cash balance increased to $270.9 million as of December 31, 2025, from $259.6 million in 2024, a growth of 5.0%[41] - Long-term debt remained relatively stable at $5,053.1 million in 2025, compared to $5,071.5 million in 2024[41] - Current liabilities increased to $894.0 million in 2025 from $847.8 million in 2024, an increase of 5.5%[41]