Audio giant iHeartMedia released its Q1 earnings this week, in which podcast revenue stands out.
As always, iHeart separates its Digital Audio Group from overall earnings. That separation carves out the so-called Multiplatform Group with its own quarterly metrics. And naturally, the entire company results are presented as Consolidated Results.
Our main focus is the Digital Audio Group, from which we can extract three key first-quarter results
- Total digital audio revenue for Q1 was $277M.
- Podcast revenue was $116M — 42% of Digital Audio Group results.
- Digital revenue not including podcasting was +9% to $161M
The Bigger Picture
Looking at the Q1 2025 total revenue picture, we see the following:
- Q1 Revenue of $807 million, up 1.0% (Excluding Q1 Political Revenue, Q1 Revenue up 1.8%)
- Consolidated Adjusted EBITDA of $105 million, flat compared to Q1 2024
- Cash used for operating activities of $61 million
- Free Cash Flow of $(81) million
- Cash balance and total available liquidity of $168 million and $559 million, respectively, as of March 31, 2025
Q1 in a chart is below. The public investor deck is HERE.
