iHeartMedia’s digital business continued to overtake its traditional radio operations in profitability during the second quarter of 2026, with Digital Audio Group adjusted EBITDA exceeding Multiplatform Group adjusted EBITDA for the sixth consecutive quarter.
Digital Audio Group revenue increased 12.4% to $364.1 million, while segment adjusted EBITDA rose 14.5% to $123.2 million. The segment delivered a 33.8% adjusted EBITDA margin. By comparison, the Multiplatform Group generated $58.6 million of adjusted EBITDA, down 39.2%, on revenue of $535.7 million.
Podcast revenue was a major driver, increasing 20.7% to $162.1 million. Digital revenue excluding podcasts increased 6.6% to $202 million.
iHeartMedia is also extending its podcast strategy beyond audio. Management said its broadcast assets have helped it build a video podcast marketplace that represents an incremental growth opportunity, including distribution through streaming platforms such as Netflix, Disney+ and Hulu.
For full-year 2026, iHeartMedia expects approximately $800 million of consolidated adjusted EBITDA and about $200 million in free cash flow. Programmatic revenue is expected to reach approximately $200 million, representing growth of roughly 50%. The company also expects $125 million of in-year cost savings.
KEY QUOTES:
“Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace, an incremental growth opportunity for us, including on streaming video services including Netflix and Disney+ and Hulu.”
“This is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.”
Bob Pittman, Chairman and CEO of iHeartMedia
