iHeartMedia, Inc.IHRT
iHeartMedia, Inc. Segments Disclosure
SEGMENT DATA
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses.
Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company's CODM is our Chief Executive Officer.
The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management.
The following tables present the Company's segment results:
| Segments | |||||||||||||||||||||||||||||||||||
| (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Corporate and other reconciling items | Eliminations | Consolidated | |||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 2,273,549 | $ | 1,329,422 | $ | 272,545 | $ | — | $ | (10,525) | $ | 3,864,991 | |||||||||||||||||||||||
Direct operating expenses(1) | 914,503 | 655,035 | 29,523 | — | (4,328) | 1,594,733 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses(2) | 944,826 | 217,696 | 149,594 | 278,572 | (6,197) | 1,584,491 | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA(3) | $ | 414,220 | $ | 456,691 | $ | 93,428 | $ | (278,572) | $ | — | $ | 685,767 | |||||||||||||||||||||||
| Depreciation and amortization | (360,047) | ||||||||||||||||||||||||||||||||||
| Impairment charges | (213,908) | ||||||||||||||||||||||||||||||||||
| Other operating expense, net | (10,634) | ||||||||||||||||||||||||||||||||||
| (77,714) | |||||||||||||||||||||||||||||||||||
| Share-based compensation expense | (44,104) | ||||||||||||||||||||||||||||||||||
| Operating loss | $ | (20,640) | |||||||||||||||||||||||||||||||||
| Segment assets | $ | 3,727,931 | $ | 667,751 | $ | 263,440 | $ | 472,268 | $ | (5,387) | $ | 5,126,003 | |||||||||||||||||||||||
| Intersegment revenues | — | 4,827 | 5,698 | — | — | 10,525 | |||||||||||||||||||||||||||||
| Capital expenditures | 39,120 | 19,852 | 14,553 | 8,147 | — | 81,672 | |||||||||||||||||||||||||||||
| Segments | |||||||||||||||||||||||||||||||||||
| (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Corporate and other reconciling items | Eliminations | Consolidated | |||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 2,372,909 | $ | 1,164,515 | $ | 327,055 | $ | — | $ | (9,947) | $ | 3,854,532 | |||||||||||||||||||||||
Direct operating expenses(1) | 939,893 | 600,914 | 28,848 | — | (3,683) | 1,565,972 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses(2) | 971,750 | 184,661 | 157,533 | 275,263 | (6,264) | 1,582,943 | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA(3) | $ | 461,266 | $ | 378,940 | $ | 140,674 | $ | (275,263) | $ | — | $ | 705,617 | |||||||||||||||||||||||
| Depreciation and amortization | (409,582) | ||||||||||||||||||||||||||||||||||
| Impairment charges | (922,681) | ||||||||||||||||||||||||||||||||||
| Other operating expense, net | (2,767) | ||||||||||||||||||||||||||||||||||
| (101,384) | |||||||||||||||||||||||||||||||||||
| Share-based compensation expense | (32,311) | ||||||||||||||||||||||||||||||||||
| Operating loss | $ | (763,108) | |||||||||||||||||||||||||||||||||
| Segment assets | $ | 4,222,728 | $ | 586,977 | $ | 295,594 | $ | 470,247 | $ | (3,850) | $ | 5,571,696 | |||||||||||||||||||||||
| Intersegment revenues | — | 4,626 | 5,321 | — | — | 9,947 | |||||||||||||||||||||||||||||
| Capital expenditures | 52,235 | 22,481 | 10,389 | 12,489 | — | 97,594 | |||||||||||||||||||||||||||||
| Segments | |||||||||||||||||||||||||||||||||||
| (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Corporate and other reconciling items | Eliminations | Consolidated | |||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 2,435,368 | $ | 1,069,167 | $ | 256,702 | $ | — | $ | (10,212) | $ | 3,751,025 | |||||||||||||||||||||||
Direct operating expenses(1) | 919,506 | 532,218 | 30,396 | — | (3,737) | 1,478,383 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses(2) | 962,428 | 188,080 | 154,845 | 277,166 | (6,475) | 1,576,044 | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA(3) | $ | 553,434 | $ | 348,869 | $ | 71,461 | $ | (277,166) | $ | — | $ | 696,598 | |||||||||||||||||||||||
| Depreciation and amortization | (428,483) | ||||||||||||||||||||||||||||||||||
| Impairment charges | (965,087) | ||||||||||||||||||||||||||||||||||
| Other operating expense, net | (4,361) | ||||||||||||||||||||||||||||||||||
| (60,353) | |||||||||||||||||||||||||||||||||||
| Share-based compensation expense | (35,625) | ||||||||||||||||||||||||||||||||||
| Operating loss | $ | (797,311) | |||||||||||||||||||||||||||||||||
| Segment assets | $ | 5,443,207 | $ | 626,004 | $ | 310,909 | $ | 576,426 | $ | (3,935) | $ | 6,952,611 | |||||||||||||||||||||||
| Intersegment revenues | — | 4,800 | 5,412 | — | — | 10,212 | |||||||||||||||||||||||||||||
| Capital expenditures | 58,033 | 23,179 | 7,348 | 14,110 | — | 102,670 | |||||||||||||||||||||||||||||
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses.
(2)Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses.
(3)For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Loss to Adjusted EBITDA" and "Reconciliation of Net Loss to EBITDA and Adjusted EBITDA" in Item 7 of this Annual Report on Form 10-K. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 5, 2019 | |
| 2017 | May 3, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.