iHeartMedia’s Q4 Podcast Revenue Up 24.5% to $174M as EBITDA Hits $220M
iHeartMedia’s Q4 podcast revenue increased 24.5% to $174M, with 47% generated by its local sales force versus 13% in Q4 2020, while Digital Audio Group revenue rose 14.1% to $387M and delivered a 34.1% EBITDA margin. Consolidated revenue grew 0.8% to $1.1B (7.7% excl. political) and adjusted EBITDA was $220M.
1. Q4 Podcast and Digital Audio Performance
In the fourth quarter, podcast revenue increased 24.5% to $174 million, with 47% generated by the local sales force versus 13% in Q4 2020. The Digital Audio Group posted revenue of $387 million, up 14.1%, and delivered a 34.1% adjusted EBITDA margin, up from 32.5% a year earlier.
2. Consolidated Revenue and EBITDA
Consolidated revenue reached $1.1 billion, up 0.8% year-over-year and 7.7% excluding roughly $80 million of political ad revenue. The company generated $220 million of adjusted EBITDA, landing at the midpoint of its prior guidance range of $200 million to $240 million.
3. Cash Flow, Leverage, and Cost Savings
Free cash flow turned positive at $138 million, or $158 million including certain real estate proceeds, compared with negative $24 million a year earlier. Year-end net debt was approximately $4.5 billion (6.6x net leverage), and management expects roughly $800 million of adjusted EBITDA and $200 million of free cash flow in 2026, supported by $100 million of in-year cost savings.