iHeartMedia reports Q2 revenue growth driven by political ads

iHeartMedia reported second-quarter revenue of $977 million, a 4.7% increase that exceeded guidance. This growth was driven largely by rising political advertising for primary and midterm elections. While revenue rose, adjusted EBITDA fell 2.9% to $152 million.

The company’s digital audio segment showed strength, with revenue increasing by approximately 12% and podcast revenue growing by over 20% to roughly $164 million. Management identified video podcast distribution through platforms like Netflix and Hulu as potential growth opportunities.

Conversely, the multiplatform group, which includes broadcast radio stations, faced pressure with revenue declines. Despite these challenges, iHeartMedia reaffirmed its full-year guidance, targeting $800 million in adjusted EBITDA and $200 million in free cash flow, supported by expected robust political spending in the second half of the year.