iHeartMedia Q3 revenue misses as advertiser uncertainty weighs on broadcast business
IHRT•iHeartMedia’s third-quarter revenue rose 3.3% to $1.03 billion but missed analysts’ $1.05 billion estimate, while adjusted EBITDA fell to $170 million, below the $201.12 million estimate. The company expects fourth-quarter revenue to rise by mid-single digits and sees 2026 adjusted EBITDA of $550 million to $600 million.
1. Quarterly results
iHeartMedia reported third-quarter revenue of $1.03 billion, up 3.3% but below analysts’ $1.05 billion estimate. Adjusted EBITDA was $170 million, missing the $201.12 million estimate, and operating income was $73 million.
2. Digital growth, broadcast decline
Digital audio revenue rose 14% and podcast revenue increased 24%, which the company attributed to higher advertiser demand. Multiplatform group revenue fell 5% as broadcast spot and network revenue declined; iHeartMedia cited advertiser uncertainty about consumer spending. Operating expenses rose on higher variable content costs and non-cash trade and barter expense from marketing initiatives.
3. Company outlook
iHeartMedia expects fourth-quarter consolidated revenue to increase by mid-single digits and adjusted EBITDA of $135 million to $185 million. For 2026, it expects full-year adjusted EBITDA of $550 million to $600 million.
