iHeartMedia, Inc.IHRT
iHeartMedia, Inc. Revenue Disclosure
REVENUE
The Company generates revenue from several sources:
•The primary source of revenue in the Multiplatform Group segment is the sale of advertising on the Company’s radio stations. This segment also generates revenues from programming talent, network syndication, traffic and weather data, live and virtual events and other miscellaneous transactions.
•The primary source of revenue in the Digital Audio Group segment is the sale of advertising on the Company’s podcast network, iHeartRadio mobile application and website, and station websites.
•The primary source of revenue in the Audio and Media Services Group segment is the generation of revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media. The Company also generates revenue through the sale of broadcast software and media streaming and research services as part of RCS.
Disaggregation of Revenue
The following table shows revenue streams for the Company:
| (In thousands) | Multiplatform Group | Digital Audio Group | Audio and Media Services Group | Eliminations | Consolidated | ||||||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Revenue from contracts with customers: | |||||||||||||||||||||||||||||
Broadcast Radio(1) | $ | 1,633,403 | $ | — | $ | — | $ | — | $ | 1,633,403 | |||||||||||||||||||
Networks(2) | 439,770 | — | — | — | 439,770 | ||||||||||||||||||||||||
Sponsorship and Events(3) | 182,015 | — | — | — | 182,015 | ||||||||||||||||||||||||
Digital, excluding Podcast(4) | — | 765,698 | — | (4,827) | 760,871 | ||||||||||||||||||||||||
Podcast(5) | — | 563,724 | — | — | 563,724 | ||||||||||||||||||||||||
Audio & Media Services(6) | — | — | 272,545 | (5,698) | 266,847 | ||||||||||||||||||||||||
Other(7) | 17,799 | — | — | — | 17,799 | ||||||||||||||||||||||||
| Total | 2,272,987 | 1,329,422 | 272,545 | (10,525) | 3,864,429 | ||||||||||||||||||||||||
Revenue from leases(8) | 562 | — | — | — | 562 | ||||||||||||||||||||||||
| Revenue, total | $ | 2,273,549 | $ | 1,329,422 | $ | 272,545 | $ | (10,525) | $ | 3,864,991 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Revenue from contracts with customers: | |||||||||||||||||||||||||||||
Broadcast Radio(1) | $ | 1,726,934 | $ | — | $ | — | $ | — | $ | 1,726,934 | |||||||||||||||||||
Networks(2) | 437,212 | — | — | — | 437,212 | ||||||||||||||||||||||||
Sponsorship and Events(3) | 187,344 | — | — | — | 187,344 | ||||||||||||||||||||||||
Digital, excluding Podcast(4) | — | 715,736 | — | (4,626) | 711,110 | ||||||||||||||||||||||||
Podcast(5) | — | 448,779 | — | — | 448,779 | ||||||||||||||||||||||||
Audio & Media Services(6) | — | — | 327,055 | (5,321) | 321,734 | ||||||||||||||||||||||||
Other(7) | 20,632 | — | — | — | 20,632 | ||||||||||||||||||||||||
| Total | 2,372,122 | 1,164,515 | 327,055 | (9,947) | 3,853,745 | ||||||||||||||||||||||||
Revenue from leases(8) | 787 | — | — | — | 787 | ||||||||||||||||||||||||
| Revenue, total | $ | 2,372,909 | $ | 1,164,515 | $ | 327,055 | $ | (9,947) | $ | 3,854,532 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Revenue from contracts with customers: | |||||||||||||||||||||||||||||
Broadcast Radio(1) | $ | 1,752,166 | $ | — | $ | — | $ | — | $ | 1,752,166 | |||||||||||||||||||
Networks(2) | 466,404 | — | — | — | 466,404 | ||||||||||||||||||||||||
Sponsorship and Events(3) | 191,434 | — | — | — | 191,434 | ||||||||||||||||||||||||
Digital, excluding Podcast(4) | — | 661,319 | — | (4,800) | 656,519 | ||||||||||||||||||||||||
Podcast(5) | — | 407,848 | — | — | 407,848 | ||||||||||||||||||||||||
Audio & Media Services(6) | — | — | 256,702 | (5,412) | 251,290 | ||||||||||||||||||||||||
Other(7) | 23,351 | — | — | — | 23,351 | ||||||||||||||||||||||||
| Total | 2,433,355 | 1,069,167 | 256,702 | (10,212) | 3,749,012 | ||||||||||||||||||||||||
Revenue from leases(8) | 2,013 | — | — | — | 2,013 | ||||||||||||||||||||||||
| Revenue, total | $ | 2,435,368 | $ | 1,069,167 | $ | 256,702 | $ | (10,212) | $ | 3,751,025 | |||||||||||||||||||
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is primarily generated through the sale of advertising on the Company's podcast network.
(6)Audio and media services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Trade and Barter
Trade and barter transactions represent the exchange of advertising spots for merchandise, services, other advertising or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised or delivered to the customer. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
| Year Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Consolidated: | |||||||||||||||||
| Trade and barter revenues | $ | 381,258 | $ | 261,760 | $ | 255,721 | |||||||||||
| Trade and barter expenses | (295,436) | (260,464) | (234,984) | ||||||||||||||
Barter revenues for investments(1) | 55,309 | 51,874 | 33,315 | ||||||||||||||
| Total trade and barter income | $ | 141,131 | $ | 53,170 | $ | 54,052 | |||||||||||
(1) Revenue in connection with investments made in companies in exchange for advertising services.
The increase in trade and barter revenues and expenses in 2025 is the result of strategic marketing initiatives as discussed in Part II, Item 7 of this Annual Report on Form 10-K.
Deferred Revenue
The following tables show the Company’s deferred revenue balance from contracts with customers:
| Year Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Deferred revenue from contracts with customers: | |||||||||||||||||
Beginning balance(1) | $ | 173,766 | $ | 181,899 | $ | 157,910 | |||||||||||
| Revenue recognized, included in beginning balance | (136,208) | (135,442) | (112,224) | ||||||||||||||
| Additions, net of revenue recognized during period, and other | 167,180 | 127,309 | 136,213 | ||||||||||||||
| Ending balance | $ | 204,738 | $ | 173,766 | $ | 181,899 | |||||||||||
(1)Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.
The Company’s contracts with customers generally have a term of one year or less. However, as of December 31, 2025, the Company expects to recognize $274.0 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of greater than one year, with substantially all of this amount
to be recognized over the next five years. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales.
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 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.