Revenue growth is strong (+9.6%) and digital momentum continues, but the cash burn rate is concerning — cash dropped from $271M to $135M in one quarter while FCF was -$114M. The company is guiding to $200M FCF for the full year, implying a massive back-half ramp that depends on mid-term election advertising and cost savings. Watch Q2 results closely for signs of that inflection; if cash continues to decline, the high debt load ($5B) becomes a risk.
Price Chart
Executive Summary
iHeartMedia reported Q1 2026 revenue of $884M, up 9.6% YoY, driven by 18% Digital Audio Group growth (podcast revenue up 27%). However, consolidated Adjusted EBITDA declined 11.4% to $93M, and Free Cash Flow was negative $114M. The company reaffirmed full-year 2026 Adjusted EBITDA guidance of $800M and FCF of $200M, but Q2 guidance for Adjusted EBITDA of $140-160M implies a sequential improvement that may be challenged given the Q1 cash burn and declining cash balance from $271M to $135M.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $884M, up 9.6% YoY ($807M)
- Digital Audio Group revenue $327M, up 18% YoY; Podcast revenue $147M, up 27%
- Multiplatform Group revenue $493M, up 4.3% YoY, but Segment Adjusted EBITDA down 33% to $47M
- Consolidated Adjusted EBITDA $93M, down 11.4% YoY ($105M)
- GAAP Operating income $1.5M vs GAAP Operating loss of $25.4M in Q1 2025
- Free Cash Flow negative $114M vs negative $81M in Q1 2025
- Cash balance fell to $135M from $271M at Dec 31, 2025; Net Debt $4.67B
- Full-year 2026 guidance reaffirmed: Adjusted EBITDA ~$800M, FCF ~$200M
- Q2 2026 guidance: revenue up low-single digits, Adjusted EBITDA $140-160M
- New $50M annualized cost savings program announced, in addition to $100M previously announced
Financial Impact
Revenue grew 9.6% YoY to $884M, but Adjusted EBITDA declined 11.4% to $93M; FCF worsened to -$114M from -$81M. Cash balance halved to $135M.
Risk Factors
- Cash burn accelerating — cash halved to $135M in Q1; FCF -$114M vs guided $200M for full year
- Multiplatform Group EBITDA down 33% YoY, margin compressed to 9.5% from 14.8%
- Net Debt $4.67B vs $135M cash — leverage remains very high
- Q2 guidance implies significant sequential improvement that may not materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033471 |
| Document: ihm-20260511.htm | 0001628280-26-033471 |
| Document: 0001628280-26-033471-index-headers.html | 0001628280-26-033471 |
| Document: 0001628280-26-033471-index.html | 0001628280-26-033471 |
| Document: 0001628280-26-033471.txt | 0001628280-26-033471 |
| 8-K Data (Synthetic) | 0001628280-26-033471 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 21w ago | DEFA14A | — | awaiting T+20 | — | — |
May 11, 2026 24w ago | 8-K | — | awaiting T+20 | — | — |
Apr 17, 2026 27w ago | DEFA14A | — | awaiting T+20 | — | — |
US Market Status
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