The revenue beat and reaffirmed full-year guidance provide a floor, but the significant EPS miss and 39% collapse in Multiplatform EBITDA signal structural headwinds in broadcast advertising. Monitor Q3 guidance midpoint ($200M) vs Q2 actual ($152M) for seasonal ramp confirmation; the ABL extension removes near-term liquidity risk but leverage remains high at mid-5x net debt/EBITDA.
Price Chart
Executive Summary
iHeartMedia reported Q2 2026 revenue of $977M (+4.7% YoY), slightly above consensus, but GAAP EPS of -$0.41 missed the -$0.33 consensus by 25.3%. Adjusted EBITDA declined 2.9% YoY to $151.5M, and the core Multiplatform Group revenue fell 1.6% with segment EBITDA down 39%. The company reaffirmed full-year Adjusted EBITDA guidance of ~$800M and FCF of ~$200M, and extended its ABL facility maturity to 2029, providing liquidity support. The mixed picture of a slight revenue beat against a significant EPS miss and declining core broadcast EBITDA keeps the stock range-bound near-term.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $977M, up 4.7% YoY (above guidance), but GAAP EPS of -$0.41 missed consensus of -$0.33 by 25.3%
- Consolidated Adjusted EBITDA fell 2.9% YoY to $151.5M; Multiplatform Group segment EBITDA plunged 39% to $58.6M
- Digital Audio Group revenue grew 12.4% to $364M, with Podcast revenue up 20.7% to $162M; segment EBITDA rose 14.5% to $123M
- Full-year 2026 guidance reaffirmed: Adjusted EBITDA ~$800M, FCF ~$200M; Q3 2026 Adjusted EBITDA guided to $180M-$220M
- Extended $450M ABL facility maturity from May 2027 to January 2029, maintaining size and interest rates
- Net debt of $4.65B as of June 30, 2026; cash balance $174M with $457M total available liquidity
Financial Impact
Revenue beat of ~$7M vs $970M consensus but EPS miss of -$0.08 per share; Adjusted EBITDA decline of ~$4.6M YoY
Risk Factors
- Continued advertiser uncertainty pressuring Multiplatform Group broadcast, networks, and sponsorship revenue
- High net leverage of ~$4.65B with negative stockholders' equity of -$2.0B limits financial flexibility
- Non-cash trade and barter revenue inflating reported growth; cash conversion remains weak with negative free cash flow in Q1
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055243 |
| Document: ihm-20260810.htm | 0001628280-26-055243 |
| Document: 0001628280-26-055243-index-headers.html | 0001628280-26-055243 |
| Document: 0001628280-26-055243-index.html | 0001628280-26-055243 |
| Document: 0001628280-26-055243.txt | 0001628280-26-055243 |
| 8-K Data (Synthetic) | 0001628280-26-055243 |
US Market Status
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