iHeartMedia’s second quarter results modestly surpassed Wall Street’s revenue expectations, continuing the company’s multi-quarter trend of growth led by its digital audio and podcasting segments. Management emphasized that digital audio group revenues climbed by double digits, with podcasting up over 20% year-on-year, reflecting ongoing advertiser interest in both audio and new video podcast formats. CEO Bob Pittman credited the company’s “unparalleled audience reach in broadcast radio” as a key factor in building podcast audiences and highlighted the expansion of video podcast partnerships, such as the recent Hulu deal.
Is now the time to buy IHRT? Find out in our full research report (it’s free for active Edge members).
iHeartMedia (IHRT) Q2 CY2026 Highlights:
- Revenue: $977.2 million vs analyst estimates of $968.9 million (4.7% year-on-year growth, 0.9% beat)
- EPS (GAAP): -$0.52 vs analyst expectations of -$0.33 (59.6% miss)
- Adjusted EBITDA: $151.5 million vs analyst estimates of $151.2 million (15.5% margin, in line)
- EBITDA guidance for the full year is $800 million at the midpoint, in line with analyst expectations
- Operating Margin: 3.6%, in line with the same quarter last year
- Market Capitalization: $489.7 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From iHeartMedia’s Q2 Earnings Call
- Steven Lasek (Goldman Sachs) asked about the outlook for political ad revenue versus previous cycles. CFO Richard Bressler said early activity suggests this midterm could rival a presidential year, with radio likely benefiting as TV inventory sells out.
- Steven Lasek (Goldman Sachs) questioned the video podcasting strategy and new partnerships. CEO Bob Pittman explained that iHeartMedia is customizing deals for each platform, seeing the Hulu and Netflix relationships as distinct but both additive for audience and revenue.
- Aaron Watts (Deutsche Bank) pressed for details on the health of the core advertising market excluding barter. Pittman responded that despite macro uncertainty, the ad market has remained resilient, and advertisers are focusing on measurable ROI.
- Aaron Watts (Deutsche Bank) asked how the company would bridge the gap to its full-year $800 million adjusted EBITDA target. Bressler cited political ad timing, cost savings, and the ramp of programmatic revenue as critical drivers.
- Patrick Sholl (Barrington Research) inquired about the impact of video podcast distribution on audio advertising and listenership. Pittman said video podcasting is “additive” and helps attract premium ad pricing without cannibalizing audio audiences.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will watch (1) the scale and timing of political ad spending as the election cycle accelerates, (2) adoption and monetization rates for programmatic radio buying across major DSP platforms, and (3) the performance of new video podcasting partnerships with Netflix and Hulu. Execution on cost control programs and continued digital audio growth will also be key markers of iHeartMedia’s operational progress.
iHeartMedia currently trades at $2.95, down from $3.71 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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