Revenue growth remains inconsistent, with the most recent 9.6% quarterly increase failing to prevent a net loss of $95.2 million and a thin operating margin of 1.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 3.94B | 3.86B | 3.85B | 3.75B | 3.91B | 3.56B | 2.95B | 3.68B | 6.33B | 6.17B | 6.27B | 6.24B | 6.32B | 6.24B | 6.25B | 6.16B | 5.87B | 5.55B | 6.69B | 6.82B | 6.46B | 6.58B | 6.63B |
| Revenue Growth % | 2.06% | 0.27% | 2.76% | -4.12% | 9.95% | 20.69% | -19.96% | -41.77% | 2.51% | -1.64% | 0.51% | -1.22% | 1.21% | -0.06% | 1.39% | 5.04% | 5.65% | -17% | -1.88% | 5.57% | -1.84% | -0.85% | - |
| Cost of Goods Sold | 1.71B | 1.61B | 1.59B | 1.49B | 1.48B | 1.32B | 1.14B | 1.47B | 2.53B | 2.46B | 2.41B | 2.47B | 2.53B | 2.54B | 2.5B | 2.5B | 2.73B | 2.84B | 3.13B | 3.27B | 3.1B | 3.09B | 2.96B |
| COGS % of Revenue | - | 41.74% | 41.22% | 39.84% | 37.84% | 37.23% | 38.59% | 39.9% | 40.04% | 39.89% | 38.45% | 39.63% | 40.11% | 40.74% | 39.96% | 40.64% | 46.48% | 51.1% | 46.83% | 48% | 48.01% | 46.89% | 44.57% |
| Gross Profit | 2.23B | 2.25B | 2.27B | 2.26B | 2.43B | 2.23B | 1.81B | 2.21B | 3.79B | 3.71B | 3.86B | 3.77B | 3.78B | 3.7B | 3.75B | 3.66B | 3.14B | 2.71B | 3.56B | 3.54B | 3.36B | 3.49B | 3.68B |
| Gross Margin % | 56.53% | 58.26% | 58.78% | 60.16% | 62.16% | 62.77% | 61.41% | 60.1% | 59.96% | 60.11% | 61.55% | 60.37% | 59.89% | 59.26% | 60.04% | 59.36% | 53.52% | 48.9% | 53.17% | 52% | 51.99% | 53.11% | 55.43% |
| Gross Profit Growth % | - | -0.62% | 0.39% | -7.2% | 8.88% | 23.38% | -18.23% | -41.63% | 2.25% | -3.94% | 2.47% | -0.42% | 2.29% | -1.35% | 2.54% | 16.49% | 15.65% | -23.67% | 0.33% | 5.59% | -3.92% | -5% | - |
| Operating Expenses | 2.21B | 2.06B | 3.03B | 3.05B | 2.38B | 2.08B | 3.55B | 1.61B | 1.79B | 1.83B | 2.35B | 2.6B | 2.68B | 2.68B | 2.5B | 2.62B | 2.26B | 2.18B | 2.55B | 1.9B | 1.87B | 2.07B | 2.08B |
| OpEx % of Revenue | - | 53.25% | 78.58% | 81.42% | 60.71% | 58.42% | 120.35% | 43.65% | 28.28% | 29.6% | 37.44% | 41.61% | 42.39% | 42.96% | 39.96% | 42.53% | 38.52% | 39.29% | 38.19% | 27.87% | 28.92% | 31.52% | 31.31% |
| Selling, General & Admin | 896.17M | 1.69B | 0 | 0 | 1.59B | 1.52B | 1.4B | 1.61B | 1.53B | 1.85B | 1.73B | 1.7B | 1.69B | 1.65B | 1.67B | 1.84B | 1.51B | 1.47B | 1.83B | 1.73B | 1.67B | 1.9B | 1.91B |
| SG&A % of Revenue | - | 43.66% | - | - | 40.72% | 42.7% | 47.32% | 43.65% | 24.26% | 30.01% | 27.51% | 27.26% | 26.7% | 26.43% | 26.79% | 29.93% | 25.74% | 26.42% | 27.35% | 25.39% | 25.88% | 28.92% | 28.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 370.68M | 3.03B | 3.05B | 782.15M | 559.47M | 2.15B | 0 | 254.37M | 0 | 630.74M | 916.76M | 1.02B | 1.04B | 1.01B | 775.99M | 749.58M | 714.64M | 724.86M | 169.31M | 196.32M | 171.08M | 165.32M |
| Operating Income | 15.69M | 193.27M | -763.11M | -797.31M | 56.86M | 154.86M | -1.74B | 606.21M | 690.14M | 700.78M | 1.5B | 1.15B | 1.08B | 1B | 1.07B | 1.05B | 864.84M | -3.69B | -4.37B | 1.64B | 1.49B | 1.42B | 1.6B |
| Operating Margin % | 0.4% | 5% | -19.8% | -21.26% | 1.45% | 4.35% | -58.94% | 16.46% | 10.91% | 11.36% | 23.98% | 18.42% | 17.12% | 16.03% | 17.13% | 17.12% | 14.74% | -66.41% | -65.28% | 24.13% | 23.07% | 21.58% | 24.12% |
| Operating Income Growth % | - | 125.33% | 4.29% | -1502.24% | -63.28% | 108.91% | -386.64% | -12.16% | -1.52% | -53.43% | 30.91% | 6.27% | 8.07% | -6.47% | 1.45% | 21.96% | 123.46% | 15.56% | -365.44% | 10.44% | 4.9% | -11.29% | - |
| EBITDA | 365.21M | 553.32M | -353.53M | -368.83M | 502.52M | 624.27M | -1.33B | 908.67M | 902.1M | 1.3B | 2.14B | 1.82B | 1.79B | 1.73B | 1.8B | 1.82B | 1.6B | -2.92B | -3.67B | 2.21B | 2.08B | 2.05B | 2.23B |
| EBITDA Margin % | 9.26% | 14.32% | -9.17% | -9.83% | 12.84% | 17.54% | -45.27% | 24.67% | 14.26% | 21.1% | 34.11% | 29.21% | 28.37% | 27.74% | 28.8% | 29.51% | 27.24% | -52.62% | -54.86% | 32.42% | 32.26% | 31.13% | 33.63% |
| EBITDA Growth % | 202.15% | 256.51% | 4.15% | -173.4% | -19.5% | 146.77% | -246.88% | 0.73% | -30.72% | -39.15% | 17.36% | 1.73% | 3.52% | -3.76% | -1.03% | 13.79% | 154.68% | 20.38% | -266.05% | 6.08% | 1.73% | -8.21% | - |
| D&A (Non-Cash Add-back) | 349.52M | 360.05M | 409.58M | 428.48M | 445.66M | 469.42M | 402.93M | 302.46M | 211.95M | 601.29M | 635.23M | 673.99M | 710.9M | 730.83M | 729.28M | 763.31M | 732.87M | 765.47M | 696.83M | 564.92M | 593.77M | 628.01M | 630.52M |
| EBIT | 318.87M | -71.15M | 159.57M | 170.98M | 83.72M | 212.59M | 1.13M | 602.45M | 746.39M | 948.02M | 1.55B | 1.15B | 1.12B | 1.05B | 829.55M | 1.07B | 910.51M | -3.04B | -4.22B | 1.7B | 1.71B | 1.5B | 1.68B |
| Net Interest Income | -398.05M | -402.54M | -379.43M | -389.77M | -341.67M | -332.38M | -343.75M | 0 | -334.8M | -1.48B | -1.85B | -1.81B | -1.74B | -1.65B | -1.55B | -1.47B | -1.53B | -1.5B | -928.98M | -451.87M | -484.06M | -443.25M | -367.5M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 266.27M | 0 | 381.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 398.05M | 402.54M | 379.43M | 389.77M | 341.67M | 332.38M | 343.75M | 266.27M | 334.8M | 1.87B | 1.85B | 1.81B | 1.74B | 1.65B | 1.55B | 1.47B | 1.53B | 1.5B | 928.98M | 451.87M | 484.06M | 443.25M | 367.5M |
| Other Income/Expense | -107.96M | -666.95M | -404.79M | -365.37M | -314.81M | -304.86M | -361.22M | 9.05B | -714.28M | -1.53B | -1.8B | -1.8B | -1.79B | -1.71B | -1.79B | -1.45B | -1.49B | -855.21M | -784.86M | -397M | -267.95M | -340.51M | -296.79M |
| Pretax Income | -92.27M | -473.68M | -1.17B | -1.16B | -257.95M | -150M | -2.1B | 9.65B | -24.14M | -917.42M | -290.48M | -650.53M | -703.67M | -705.33M | -719.47M | -394.01M | -622.83M | -4.54B | -5.74B | 1.25B | 1.22B | 1.08B | 1.3B |
| Pretax Margin % | -2.34% | -12.26% | -30.3% | -31% | -6.59% | -4.22% | -71.19% | 262.04% | -0.38% | -14.87% | -4.63% | -10.42% | -11.14% | -11.3% | -11.52% | -6.39% | -10.62% | -81.82% | -85.78% | 18.31% | 18.92% | 16.41% | 19.65% |
| Income Tax | 194.35M | -1.79M | -158.4M | -62.34M | 4.72M | 8.39M | -183.62M | 59.19M | 13.84M | -457.41M | -50.47M | 86.96M | 58.49M | -121.82M | -308.28M | -125.98M | -159.98M | -493.32M | -524.04M | 428.75M | 458.9M | 425.36M | 499.36M |
| Effective Tax Rate % | -210.64% | 0.38% | 13.56% | 5.36% | -1.83% | -5.59% | 8.75% | 0.61% | -57.33% | 49.86% | 17.38% | -13.37% | -8.31% | 17.27% | 42.85% | 31.97% | 25.69% | 10.86% | 9.13% | 34.36% | 37.57% | 39.41% | 38.3% |
| Net Income | -286.86M | -472.87M | -1.01B | -1.1B | -264.66M | -159.2M | -1.91B | 9.47B | -201.91M | -393.89M | -296.32M | -754.62M | -793.76M | -606.88M | -424.48M | -302.09M | -479.09M | -4.03B | -4.01B | 772.15M | 620M | 935.66M | 845.8M |
| Net Margin % | -7.28% | -12.23% | -26.2% | -29.4% | -6.76% | -4.47% | -64.94% | 257.12% | -3.19% | -6.38% | -4.72% | -12.09% | -12.56% | -9.72% | -6.8% | -4.9% | -8.17% | -72.66% | -59.88% | 11.33% | 9.6% | 14.22% | 12.75% |
| Net Income Growth % | 77.46% | 53.18% | 8.41% | -316.63% | -66.25% | 91.69% | -120.22% | 4790.78% | 48.74% | -32.93% | 60.73% | 4.93% | -30.79% | -42.97% | -40.51% | 36.94% | 88.12% | -0.71% | -618.75% | 24.54% | -33.74% | 10.62% | - |
| Net Income (Continuing) | -286.62M | -471.89M | -1.01B | -1.1B | -262.67M | -158.39M | -1.92B | 9.59B | -37.97M | -656.01M | -240.05M | -737.49M | -762.16M | -583.52M | -411.19M | -268.03M | -462.85M | -4.05B | -4.63B | 819.18M | 762.61M | 653.97M | 804.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -121.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -643.43M | 0 | 2.75M | 302.01M | 49.01M |
| Minority Interest | 3.36M | 4.63M | 5.29M | 9.4M | 9.61M | 8.41M | 8.35M | 9.12M | 30.87M | 42.76M | 135.18M | 177.62M | 224.14M | 245.53M | 304M | 521.79M | 490.92M | 455.65M | 426.22M | 436.36M | 349.39M | 290.36M | 63.3M |
| EPS (Diluted) | -1.84 | -3.05 | -6.68 | -7.39 | -1.85 | -1.08 | -13.12 | 146.72 | -2.36 | -4.64 | -3.50 | -8.95 | -9.46 | -7.28 | -5.13 | -3.66 | -5.87 | -49.62 | -12.38 | 1.56 | 1.24 | 1.71 | 1.55 |
| EPS Growth % | 78% | 54.34% | 9.61% | -299.46% | -71.3% | 91.77% | -108.94% | 6316.95% | 49.14% | -32.57% | 60.89% | 5.39% | -29.95% | -41.91% | -40.16% | 37.65% | 88.17% | -300.81% | -893.59% | 25.81% | -27.49% | 10.32% | - |
| EPS (Basic) | - | -3.05 | -6.68 | -7.39 | -1.85 | -1.08 | -13.12 | 146.72 | -2.36 | -4.64 | -3.50 | -8.95 | -9.46 | -7.28 | -5.13 | -3.66 | -5.87 | -49.62 | -12.42 | 1.56 | 1.24 | 1.71 | 1.55 |
| Diluted Shares Outstanding | 155.79M | 155.19M | 151.27M | 149.25M | 143.25M | 146.73M | 145.98M | 64.55M | 85.41M | 84.97M | 84.57M | 84.28M | 83.94M | 83.36M | 82.75M | 82.49M | 81.65M | 81.3M | 323.49M | 495.78M | 501.64M | 547.15M | 547.15M |
| Basic Shares Outstanding | 155.79M | 155.19M | 151.27M | 149.25M | 143.25M | 146.73M | 145.98M | 64.55M | 85.41M | 84.97M | 84.57M | 84.28M | 83.94M | 83.36M | 82.75M | 82.49M | 81.65M | 81.3M | 322.63M | 494.35M | 500.79M | 545.85M | 545.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 48.23% | 61.74% | 36.69% | 30.26% |
High Debt Interest Burden
According to recent financial filings, iHeartMedia's revenue growth remains inconsistent, with the most recent quarter showing a 9.6% increase, yet the broader trend suggests that digital gains are barely offsetting the structural decline in legacy broadcast advertising, leaving overall top-line expansion highly sensitive to cyclical ad spending.
The company's revenue trajectory appears to be caught between the secular decline of terrestrial radio and the competitive, high-cost environment of digital audio. Investors should monitor whether the recent growth spike is sustainable or merely a reflection of seasonal volatility in the advertising market.
As reported in quarterly statements, iHeartMedia's gross margins have fluctuated between 48.4% and 61.1%, indicating that the company's high fixed-cost base for talent and infrastructure creates significant operating leverage risks when advertising demand softens or when content acquisition costs escalate unexpectedly.
The variability in gross margins suggests that the company lacks the pricing power necessary to fully insulate itself from cyclical downturns. This volatility complicates the path to consistent profitability, as the cost of maintaining a massive terrestrial footprint remains a heavy anchor on the income statement.
Based on the provided income statement data, iHeartMedia's operating margins have frequently dipped into negative territory, with a recent 1.2% operating margin highlighting the difficulty of scaling revenue faster than the substantial SG&A and corporate overhead required to manage its complex, multi-platform business model.
The inability to consistently expand operating income relative to gross profit suggests that the company's cost structure is not yet optimized for a digital-first transition. The high level of SG&A expenses appears to be a structural impediment that prevents the company from converting its top-line revenue into meaningful operating profit.
Financial disclosures reveal that iHeartMedia has struggled with consistent net losses, including a significant -12.23% net margin in recent periods, which suggests that non-operating items and interest expenses are disproportionately impacting the bottom line and masking the underlying operational performance of the core audio segments.
The recurring net losses warrant further investigation into the company's capital structure and the impact of debt-related interest expenses on shareholder value. Investors should be cautious, as the reported net income figures appear to be heavily influenced by factors outside of core operational efficiency.
Analysis of the income statement suggests that the company's high debt load creates a precarious financial position, as interest obligations continue to consume a significant portion of operating cash flow, potentially limiting the firm's ability to invest in necessary digital infrastructure and competitive content acquisitions.
Short-sellers would likely focus on the company's inability to generate consistent net income, which may indicate that the current business model is unsustainable under the weight of its historical leverage. The reliance on debt to fund operations in a high-rate environment remains a critical risk factor for long-term equity holders.
Quick answers to the most common questions about buying IHRT stock.
For fiscal year 2025, iHeartMedia, Inc. (IHRT) reported total revenue of $3.86B. This represents a 41.7% decline compared to $6.63B in 2004.
iHeartMedia, Inc. (IHRT) reported a net loss of $472.9M for the fiscal year ending 2025.
iHeartMedia, Inc. (IHRT) reported an operating income of $193.3M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
iHeartMedia, Inc. (IHRT) generated $2.25B in gross profit for the year, representing a gross profit margin of 58.3%. This demonstrates the company's core pricing power and production efficiency.