iHeartMedia, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data iHeartMedia, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,242	6,251	3,587	3,611	2,948	3,558	3,912	3,751	3,855	3,865
Selling, general and administrative	1,704	1,726	1,346	1,350	1,395	1,519	1,593	1,656	1,694	1,688
Operating expenses					2,410	2,747	2,962	3,054
Operating income	1,149	1,499	701	690	-1,738	155	56.9	-797	-763	-20.6
Interest expense	1,805	1,850	1,864	723
Other non-operating income	13.1	-86	-43.9	-23	-7.75	-3.38	-2.3	-0.66	-0.93	1.09
Pre-tax income	-651	-296	-833	-24.1	-2,099	-150		-1,163	-1,168	-474
Income tax	87	-49.6	-177	13.8	-184	8.39	4.72	-62.3	-158	-1.8
Income from continuing operations	-755
Net income to minority interests	17.1	55.5	-60.7	-0.73	-0.52	0.81	1.99	2.32	0.45	0.98
Net income	-755	-302	-398	-202	-1,915	-159	-265	-1,103	-1,010	-473
EBITDA	1,823	2,134	976	902	-1,335	624	503	-369	-354	339
EPS, basic	-8.96	-3.57	-4.68	-2.36	-13.12	-1.09	-1.79	-7.39	-6.68	-3.06
EPS, diluted	-8.96	-3.57	-4.68	-2.36	-13.12	-1.09	-1.79	-7.39	-6.68	-3.06
Shares, basic (weighted)	84.3	84.6	85	85.4	146	147	148	149	151	154
Shares, diluted (weighted)	84.3	84.6	85	85.4	146	147	148	149	151	154

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	773	845	267	224	721	352	336	346	260	271
Receivables	1,442	1,364	1,508	869	801	1,030	1,038	1,041	993	959
Inventory	24.8	22.1	22.5	0.36	1.15	3.15
Other current assets	79.3	55.1	82.5	26.8	17.4	24.4	19.6	26.2	11.6	38.6
Total current assets	2,778	2,505	2,067	2,235	1,619	1,473	1,473	1,507	1,362	1,459
Property, plant and equipment	2,213	1,948	1,885	502	812	782	695	559	490	398
Lease right-of-use assets				0	826	741	788	705	668	626
Goodwill	4,129	4,067	3,337	3,413	2,146	2,314	2,313	1,721	1,105	1,105
Intangible assets	954	741	550	200	1,924	1,667	1,420	1,173	928	714
Long-term investments					31.5	33.9
Other non-current assets	215	227	278	150	106	127	171	173	209	222
Total assets	13,673	12,852	12,260	7,902	9,203	8,881	8,336	6,953	5,572	5,126
Accounts payable	153	143	163	49.4	149	206	240	236	253	271
Accrued liabilities	834	725	769	298	266	353	325	318	348	297
Deferred revenue	211	200	182	208
Short-term debt	182	343	14,972	46.1	34.8	0.67	0.66	0.34	22.5	73.4
Total current liabilities	1,659	1,675	16,355	1,248	718	849	832	848	870	967
Long-term debt	20,539	20,022	5,677	0	5,982	5,738	5,414	5,215	5,049	4,980
Lease liabilities				0	764	739	849	763	717	674
Other non-current liabilities	527	594	611	230	71.2	80.9	73.3	172	205	245
Total liabilities	24,291	23,764	23,605	23,830	8,152	7,966	7,651	7,337	6,943	6,953
Total debt	20,721	20,365	20,649	15,196	6,017	5,739	5,414	5,215	5,071	5,053
Paid-in capital	2,069	2,071	2,073	2,075	2,849	2,877	2,913	2,947	2,976	2,995
Retained earnings	-12,437	-12,734	-13,142	-13,345	-1,804	-1,963	-2,227	-3,330	-4,340	-4,813
Treasury stock	-1.92	-2.12	-2.47	-2.56	-3.2	-6.28	-8.93	-10.1	-11	-12.2
Other comprehensive income	-414	-356	-314	-318	0.19	-0.26	-1.33	-1.13	-1.89	-1.88
Shareholders' equity	-10,607
Minority interests	178	136	41.2	30.9	8.35	8.41	9.61	9.4	5.29	4.63
Total equity	-10,617	-10,902	-11,344	-11,560	1,051	916	685	-385	-1,372	-1,827
Total liabilities and equity	13,673	12,862	12,260	12,270	9,203	8,881	8,336	6,953	5,572	5,126
Shares outstanding					146	148	149	151

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-738	-247	-459	-203	-1,915	-158	-263	-1,100	-1,009	-472
Depreciation and amortization	674	635	275	212	403	469	446	428	410	360
Stock-based compensation	11.1	13.1	2.49	2.07	22.5	23.5	35.5	34.6	28.6	19.6
Deferred income tax	27.8	-97.4	-177	3.64	-184	-10.9	-74.4	-145	-237	-16.2
Change in receivables	-122	-14.5	-110	-35.5	77.3	-205	-20.9	-31.1	28.4	16.8
Change in payables							34.4	-3.1	18.6	18.6
Cash from operations	-77.3	-15.8	-491	967	216	331	420	213	71.4	92.6
Capital expenditures	-296	-315	-67.7	-85.2	-85.2	-183	-161	-103	-97.6	-81.7
Acquisitions	-27.6	-0.5	0	-74.3	-62.1	-245	0	-4.94
Purchases of investments					-18.7	-23.3	-41.4	-42.8	-63.4	-70.7
Sales and maturities of investments		5.37	0.63	19
Cash from investing	30.2	533	-215	-345	-148	-347	-129	-51.3	0.51	-66.2
Debt issued	1,173	6.86	100	143	780	0	0
Debt repaid	-931	-421	-9.95	-365			-300	-148	-151	-62.4
Cash from financing	377	-418	151	-492	241	-352	-306	-152	-158	-15.3
Exchange rate effect	-14.7	-5.64	10.1	-10.4	0.26	-0.29	-0.63	0.15	-0.39	0.31
Net change in cash	316	93.9	-544	119	310	-369	-15.9	9.72	-86.8	11.3
Free cash flow	-374	-330	-559	881	131	147	259	110	-26.2	10.9
Interest paid	1,687	1,765	1,772	398	357	328	342	393	427	361
Income taxes paid	52.2	44.8	35.5	34.2	5.84	11.1	35.4	-14	-13.4	-16.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.22 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.2%	Operating income / revenue.
EBITDA margin	8.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-7.2%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.0%	Cash from operations / revenue.
Return on assets (ROA)	-5.9%	Net income / average total assets.
SG&A / revenue	44.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	8.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-12.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-39.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-15.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-65.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-39.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-11.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.41x	Current assets / current liabilities.
Quick ratio	1.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / assets	103.9%	Total debt / total assets.
Liabilities / assets	141.4%	Total liabilities / total assets.
Net debt	$4.87B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	14.2x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$377.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	10.5x	Revenue / average property, plant and equipment.
Receivables turnover	4.86x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.
Capex / operating cash flow	69.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.27	Revenue / diluted weighted shares.
FCF per share	$0.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.75	Cash from operations / diluted weighted shares.
Cash per share	$1.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$296.8M	Share price x shares outstanding.
Enterprise value	$5.17B	Market cap + total debt - cash - short-term investments.
P/S	0.07x	Market cap / revenue.
P/FCF	8.19x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.49x	Market cap / cash from operations, when positive.
EV/Sales	1.30x	Enterprise value / revenue.
EV/EBIT	805x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	142x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.2%	Free cash flow / market cap.
Earnings yield	-96.3%	Net income / market cap (the inverse of P/E).

What was iHeartMedia, Inc.'s revenue in fiscal 2025?

iHeartMedia, Inc. reported revenue of $3.86B for fiscal 2025, 0.3% higher than the year before.

Was iHeartMedia, Inc. profitable in fiscal 2025?

No. It reported a net loss of $472.9M.

How much free cash flow did iHeartMedia, Inc. generate in fiscal 2025?

Cash from operations of $92.6M minus capital expenditures of $81.7M left free cash flow of $10.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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