v3.26.1
REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three and six months ended June 30, 2026 and 2025:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended June 30, 2026
Revenue from contracts with customers:
  Broadcast Radio(1)
$397,588 $— $— $— $397,588 
  Networks(2)
103,689 — — — 103,689 
  Sponsorship and Events(3)
30,532 — — — 30,532 
  Digital, excluding Podcast(4)
— 202,013 — (1,205)200,808 
  Podcast(5)
— 162,067 — — 162,067 
  Audio & Media Services(6)
— — 80,465 (1,768)78,697 
  Other(7)
3,790 — — — 3,790 
     Total535,599 364,080 80,465 (2,973)977,171 
Revenue from leases(8)
68 — — — 68 
Revenue, total$535,667 $364,080 $80,465 $(2,973)$977,239 
Three Months Ended June 30, 2025
Revenue from contracts with customers:
  Broadcast Radio(1)
$395,789 $— $— $— $395,789 
  Networks(2)
107,813 — — — 107,813 
  Sponsorship and Events(3)
36,485 — — — 36,485 
  Digital, excluding Podcast(4)
— 189,560 — (1,153)188,407 
  Podcast(5)
— 134,296 — — 134,296 
  Audio & Media Services(6)
— — 67,736 (1,384)66,352 
  Other(7)
4,420 — — — 4,420 
Total544,507 323,856 67,736 (2,537)933,562 
Revenue from leases(8)
91 — — — 91 
Revenue, total$544,598 $323,856 $67,736 $(2,537)$933,653 
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Six Months Ended June 30, 2026
Revenue from contracts with customers:
  Broadcast Radio(1)
$759,023 $— $— $— $759,023 
  Networks(2)
200,934 — — — 200,934 
  Sponsorship and Events(3)
58,520 — — — 58,520 
  Digital, excluding Podcast(4)
— 381,961 — (2,416)379,545 
  Podcast(5)
— 309,261 — — 309,261 
  Audio & Media Services(6)
— — 147,046 (3,543)143,503 
  Other(7)
10,506 — — — 10,506 
     Total1,028,983 691,222 147,046 (5,959)1,861,292 
Revenue from leases(8)
147 — — — 147 
Revenue, total$1,029,130 $691,222 $147,046 $(5,959)$1,861,439 
Six Months Ended June 30, 2025
Revenue from contracts with customers:
  Broadcast Radio(1)
$736,525 $— $— $— $736,525 
  Networks(2)
207,276 — — — 207,276 
  Sponsorship and Events(3)
65,106 — — — 65,106 
  Digital, excluding Podcast(4)
— 350,811 — (2,284)348,527 
  Podcast(5)
— 250,332 — — 250,332 
  Audio & Media Services(6)
— — 127,059 (2,740)124,319 
  Other(7)
8,487 — — — 8,487 
Total1,017,394 601,143 127,059 (5,024)1,740,572 
Revenue from leases(8)
182 — — — 182 
Revenue, total$1,017,576 $601,143 $127,059 $(5,024)$1,740,754 
(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
June 30,		Six Months Ended
June 30,
(In thousands)2026202520262025
Consolidated:
Trade and barter revenues$110,063 $75,995 $228,800 $125,360 
Trade and barter expenses(103,382)(64,769)(193,626)(98,563)
Net trade and barter6,681 11,226 35,174 26,797 
Barter revenues for investments(1)
18,058 7,555 29,654 17,838 
Total trade and barter income$24,739 $18,781 $64,828 $44,635 
(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
June 30,		Six Months Ended
June 30,
(In thousands)2026202520262025
Deferred revenue from contracts with customers:
  Beginning balance(1)
$205,122 $183,684 $204,738 $173,766 
    Revenue recognized, included in beginning balance(80,112)(68,626)(143,673)(94,430)
    Additions, net of revenue recognized during period, and other64,843 80,705 128,788 116,427 
  Ending balance$189,853 $195,763 $189,853 $195,763 
(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 June 30, 2026, the Company expects to recognize $256.7 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.