v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2026 and 2025:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2026
Revenue from contracts with customers:
  Broadcast Radio(1)
$361,435 $— $— $— $361,435 
  Networks(2)
97,245 — — — 97,245 
  Sponsorship and Events(3)
27,988 — — — 27,988 
  Digital, excluding Podcast(4)
— 179,948 — (1,211)178,737 
  Podcast(5)
— 147,194 — — 147,194 
  Audio & Media Services(6)
— — 66,581 (1,775)64,806 
  Other(7)
6,716 — — — 6,716 
     Total493,384 327,142 66,581 (2,986)884,121 
Revenue from leases(8)
79 — — 79 
Revenue, total$493,463 $327,142 $66,581 $(2,986)$884,200 
Three Months Ended March 31, 2025
Revenue from contracts with customers:
  Broadcast Radio(1)
$340,736 $— $— $— $340,736 
  Networks(2)
99,463 — — — 99,463 
  Sponsorship and Events(3)
28,621 — — — 28,621 
  Digital, excluding Podcast(4)
— 161,251 — (1,131)160,120 
  Podcast(5)
— 116,036 — — 116,036 
  Audio & Media Services(6)
— — 59,323 (1,356)57,967 
  Other(7)
4,067 — — — 4,067 
Total472,887 277,287 59,323 (2,487)807,010 
Revenue from leases(8)
91 — — — 91 
Revenue, total$472,978 $277,287 $59,323 $(2,487)$807,101 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic 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 generated through the sale of advertising on the Company's podcast network.
(6)Audio & 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 contract inception 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:
Three Months Ended
March 31,
(In thousands)20262025
Consolidated:
Trade and barter revenues$118,737 $49,365 
Trade and barter expenses(90,244)(33,794)
Barter revenues for investments(1)
11,596 10,283 
Total trade and barter income$40,089 $25,854 
(1) Revenue in connection with investments made in companies in exchange for advertising services.
The increase in trade and barter revenues and expenses in 2026 is the result of strategic marketing initiatives as discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of this Quarterly Report on Form 10-Q.

Deferred Revenue

The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20262025
Deferred revenue from contracts with customers:
  Beginning balance(1)
$204,738 $173,766 
    Revenue recognized, included in beginning balance(68,978)(66,932)
    Additions, net of revenue recognized during period, and other69,362 76,850 
  Ending balance$205,122 $183,684 
(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 terms of one year or less. However, as of March 31, 2026, the Company expects to recognize $259.1 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Expected commissions related to the Company’s media representation business are not included in this amount as they are contingent upon future sales.