The nation’s leading audio content creator and distributor released its third quarter earnings report immediately after the closing of U.S. financial markets on Monday, and as Bob Pittman and the executive leadership team at iHeartMedia see it, they’re pleased with the Q3 2025 performance.
Podcasts, in particular, are on fire. But, that was hardly enough to cushion a nearly 5% decline in Broadcast Radio dollars.
For the three-month period ending September 30, iHeartMedia saw its consolidated revenue decline to $997.01 million from $1.008 billion. The dip was expected, due to tough comps in Q3 2024, and that revenue easily surpassed the $980.05 million consensus estimate of 4 analysts polled by Yahoo! Finance.
Furthermore, on an ex-political basis, revenue climbed by 2.8% year over year — an admirable feat, given the core advertising challenges seen by iHeartMedia’s peers in the third quarter.
Adjusted EBITDA was statistically flat, moving to $204.75 million from $204.59 million, as a whopping $208.5 million non-cash impairment charge was taken by iHeartMedia in the most recent quarter. That played a key role in the overall numbers — even as expense controls led direct operating expenses down by 2.6% to $399.14 million, from $409.75 million.
Total it up, and an operating loss of $116.28 million was experienced by iHeartMedia in Q3 2025, compared to operating income of $76.72 million in Q3 ’24.
A net loss of $66.26 million was seen, shifting from net income of $41.27 million in the third quarter of 2024.
Negative EBITDA of -$39.53 million was logged by iHeartMedia in the quarter, compared to positive EBITDA of $176.56 million in Q3 2024.
Free Cash Flow came in at -$32.82 million, shifting from $73.35 million in the year-ago period.
With net debt of $4.67 billion at the end of Q3, how iHeartMedia addresses its revenue weak spots could be key for investors and lienholders. Breaking out the third quarter results, Digital is stellar. Audio & Media Group Services revenue, the smallest dollar generator, is a weak spot.
Further breaking down the revenue streams, Broadcast Radio revenue in Q3 fell to $427.02 million, from $448.8 million. These dollars are within the Multiplatform Group for iHeartMedia. The Digital Audio Group is fueled by podcasts, and Podcast revenue surged to $139.67 million, from $114.05 million — a 22.5% gain.
With adjusted EBITDA slightly above the midpoint of iHeartMedia’s guidance range, and a 1.1% dip in consolidated revenue at the high end of the company’s guidance, Chairman/CEO Pittman said, “We are committed to exploring new ways to unlock the value of our unparalleled assets, maximizing the unique position we occupy in the evolving media landscape, and creating innovative cross-platform opportunities to bring new products and services to our consumers and our advertising partners.”
On the Q3 2025 earnings call, low-single-digit consolidated revenue is expected during the fourth quarter, with October down by mid-teens based on pacings, COO and CFO Rich Bressler noted.
In immediate after-hours trading on Monday, “IHRT” was down by 6.4%, to $4.28.
