iHeartMedia, Inc. (IHRT) SEC Filings & Earnings Calls

Multiplatform Group revenue decline of 2% and EBITDA decline of 39% reflects structural headwinds in broadcast radio

“Multiplatform Group Revenue of $536 million down 2%; Segment Adjusted EBITDA of $59 million down 39%”

SG&A expenses increased 11.8% driven by non-cash trade and barter and stock-based compensation

“Consolidated Selling, General & Administrative expenses increased $48.5 million, or 11.8%”

Advertiser uncertainty on consumer spending impacting broadcast revenues

“Multiplatform Group revenue decreased ... reflecting uncertainty on the part of advertisers regarding consumer spending” · word for word

Macroeconomic pressure on advertising

“Higher interest rates and inflation have continued to contribute to a challenging macroeconomic environment. This environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows.” · word for word

High debt and interest burden

“Interest expense, net $96,057 vs $100,894”

Trade and barter reliance

“Trade and barter revenues $110,063 vs $75,995”

Negative equity and accumulated deficit

“Total Stockholders' Deficit (2,008,296)” · word for word

Shareholder dilution risk from expanded equity plan.

“Amendment increases shares available for issuance by 13M.”

Macroeconomic uncertainty pressuring advertising budgets

“Higher interest rates and inflation have continued to contribute to a challenging macroeconomic environment. This environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows.” · word for word

Geopolitical and trade uncertainty

“The Company is monitoring ongoing developments surrounding international trade and other geopolitical events that may pressure the advertising budgets of its customers and could impact our financial results in future periods.” · word for word

Declining cash position

“Cash and cash equivalents decreased from $270.9 million at December 31, 2025 to $135.1 million at March 31, 2026.”

High leverage and debt service costs

“Total debt of $5.0 billion with interest expense of $95.9 million in Q1 2026, and accumulated deficit of $4.9 billion.”

Adjusted EBITDA declined 11.4% YoY despite revenue growth, driven by higher variable content costs and SG&A

“Consolidated Adjusted EBITDA of $93 million, compared to $105 million in Q1 2025, down 11.4%” · word for word

Multiplatform Group profitability declined sharply with Segment Adj. EBITDA down 33% YoY

“Segment Adjusted EBITDA of $47 million down 33%” · word for word

Negative free cash flow of $(114) million in Q1 due to timing of receivables and interest payments

“Free Cash Flow of $(114) million” · word for word

Broadcast advertising market remains uncertain, impacting Multiplatform Group revenue growth

“partially offset by a decrease in broadcast advertising in connection with continued uncertain market conditions” · word for word

Advertising Revenue Dependence

“risks associated to global economic or political uncertainty and our dependence on advertising revenues” · word for word

Competition from Digital Platforms

“competition, including increased competition from alternative media platforms and technologies” · word for word

High Indebtedness

“risks related to our indebtedness” · word for word

Declining Broadcast Revenue

“Multiplatform Group revenue decreased 4% as compared to the prior year.” · word for word

Multiplatform Group revenue decline (-3% YoY) and Adj EBITDA decline (-14%) signal ongoing structural headwinds in traditional broadcast.

“Multiplatform Group Revenue of $665 million down 3%; Segment Adjusted EBITDA of $129 million down 14%” · word for word

Consolidated Adj EBITDA declined 10.5% in Q4 despite revenue growth, indicating margin pressure from cost structure.

“Consolidated Adjusted EBITDA of $220 million, compared to $246 million in Q4 2024, down 10.5%” · word for word

Advertising Revenue Cyclicality

“Our results have been in the past, and could be in the future, adversely affected by economic or political uncertainty or deterioration in economic conditions and corresponding reduced spending by advertisers.” · word for word

Impairment Risk

“We have taken material impairment charges in recent periods and if future results are not consistent with our assumptions and estimates... we may be exposed to impairment charges in the future.” · word for word

Competition from Digital Platforms

“Our business competes for audiences and advertising revenues with other radio businesses, as well as with other media, entertainment and digital platforms, such as streaming audio services, satellite radio, podcasts, other Internet-based streaming music services, ad tech, television, live entertainment, large scale online advertising platforms, and social me” · word for word

Non-cash impairment charges of $209M related to FCC licenses in Q3 2025, indicating potential asset value decline.

“GAAP Operating loss of $116 million, compared to a GAAP Operating income of $77 million in Q3 2024, including non-cash impairment charges of $209 million related to our FCC licenses in Q3 2025” · word for word

Multiplatform Group revenue decline of 5% due to lower political and broadcast advertising, reflecting structural headwinds in traditional radio.

“Multiplatform Group Revenue of $591 million down 5%” · word for word

FCC License Impairment Risk

“the Company recognized a non-cash impairment charge of $208.5 million on its FCC licenses as of September 30, 2025. ... macroeconomic uncertainty, including persistent inflation and elevated interest rates, has contributed to slowing broadcast revenue growth and declines in margins.” · word for word

Macroeconomic and Advertising Cycle Risk

“Higher interest rates and inflation have continued to contribute to a challenging macroeconomic environment. This challenging environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows.” · word for word

Liquidity and Debt Risk

“Cash provided by (used for) operating activities: $(63,672) (9M 2025) vs $70,217 (9M 2024). Total debt $5.12B with weighted average interest rate 9.2%.” · word for word