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v3.25.3

REVENUE | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Disaggregation of Revenue The following tables show revenue streams for the three and nine months ended September 30, 2025 and 2024:
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2025
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 427,024 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 427,024 |
Networks(2) | 114,273 |  |  | — |  |  | — |  |  | — |  |  | 114,273 |
Sponsorship and Events(3) | 45,504 |  |  | — |  |  | — |  |  | — |  |  | 45,504 |
Digital, excluding Podcast(4) | — |  |  | 202,018 |  |  | — |  |  | (1,128) |  |  | 200,890 |
Podcast(5) | — |  |  | 139,673 |  |  | — |  |  | — |  |  | 139,673 |
Audio & Media Services(6) | — |  |  | — |  |  | 66,605 |  |  | (1,365) |  |  | 65,240 |
Other(7) | 4,140 |  |  | — |  |  | — |  |  | — |  |  | 4,140 |
Total | 590,941 |  |  | 341,691 |  |  | 66,605 |  |  | (2,493) |  |  | 996,744 |
Revenue from leases(8) | 266 |  |  | — |  |  | — |  |  | — |  |  | 266 |
Revenue, total | $ | 591,207 |  |  | $ | 341,691 |  |  | $ | 66,605 |  |  | $ | (2,493) |  |  | $ | 997,010 |
Three Months Ended September 30, 2024
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 448,808 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 448,808 |
Networks(2) | 115,310 |  |  | — |  |  | — |  |  | — |  |  | 115,310 |
Sponsorship and Events(3) | 50,329 |  |  | — |  |  | — |  |  | — |  |  | 50,329 |
Digital, excluding Podcast(4) | — |  |  | 186,996 |  |  | — |  |  | (1,189) |  |  | 185,807 |
Podcast(5) | — |  |  | 114,045 |  |  | — |  |  | — |  |  | 114,045 |
Audio & Media Services(6) | — |  |  | — |  |  | 90,050 |  |  | (1,313) |  |  | 88,737 |
Other(7) | 4,978 |  |  | — |  |  | — |  |  | — |  |  | 4,978 |
Total | 619,425 |  |  | 301,041 |  |  | 90,050 |  |  | (2,502) |  |  | 1,008,014 |
Revenue from leases(8) | 119 |  |  | — |  |  | — |  |  | — |  |  | 119 |
Revenue, total | $ | 619,544 |  |  | $ | 301,041 |  |  | $ | 90,050 |  |  | $ | (2,502) |  |  | $ | 1,008,133 |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2025
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 1,163,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,163,549 |
Networks(2) | 321,549 |  |  | — |  |  | — |  |  | — |  |  | 321,549 |
Sponsorship and Events(3) | 110,610 |  |  | — |  |  | — |  |  | — |  |  | 110,610 |
Digital, excluding Podcast(4) | — |  |  | 552,829 |  |  | — |  |  | (3,412) |  |  | 549,417 |
Podcast(5) | — |  |  | 390,005 |  |  | — |  |  | — |  |  | 390,005 |
Audio & Media Services(6) | — |  |  | — |  |  | 193,664 |  |  | (4,105) |  |  | 189,559 |
Other(7) | 12,627 |  |  | — |  |  | — |  |  | — |  |  | 12,627 |
Total | 1,608,335 |  |  | 942,834 |  |  | 193,664 |  |  | (7,517) |  |  | 2,737,316 |
Revenue from leases(8) | 448 |  |  | — |  |  | — |  |  | — |  |  | 448 |
Revenue, total | $ | 1,608,783 |  |  | $ | 942,834 |  |  | $ | 193,664 |  |  | $ | (7,517) |  |  | $ | 2,737,764 |
Nine Months Ended September 30, 2024
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 1,233,636 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,233,636 |
Networks(2) | 323,952 |  |  | — |  |  | — |  |  | — |  |  | 323,952 |
Sponsorship and Events(3) | 117,279 |  |  | — |  |  | — |  |  | — |  |  | 117,279 |
Digital, excluding Podcast(4) | — |  |  | 516,433 |  |  | — |  |  | (3,549) |  |  | 512,884 |
Podcast(5) | — |  |  | 309,190 |  |  | — |  |  | — |  |  | 309,190 |
Audio & Media Services(6) | — |  |  | — |  |  | 229,300 |  |  | (4,025) |  |  | 225,275 |
Other(7) | 13,503 |  |  | — |  |  | — |  |  | — |  |  | 13,503 |
Total | 1,688,370 |  |  | 825,623 |  |  | 229,300 |  |  | (7,574) |  |  | 2,735,719 |
Revenue from leases(8) | 544 |  |  | — |  |  | — |  |  | — |  |  | 544 |
Revenue, total | $ | 1,688,914 |  |  | $ | 825,623 |  |  | $ | 229,300 |  |  | $ | (7,574) |  |  | $ | 2,736,263 |
(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, advertising and promotion 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 at contract inception unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised to the customer. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. 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 September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Trade and barter revenues | $ | 131,528 |  |  | $ | 87,768 |  |  | $ | 256,888 |  |  | $ | 198,350 |
Trade and barter expenses | 68,215 |  |  | 67,243 |  |  | 166,778 |  |  | 159,210 |
In addition to the trade and barter revenue in the table above, the Company recognized $13.7 million and $13.3 million during the three months ended September 30, 2025 and 2024, respectively, and $31.5 million and $28.8 million during the nine months ended September 30, 2025, and 2024, respectively, in connection with investments made in companies in exchange for advertising services. The following tables show the Company’s deferred revenue balance from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Deferred revenue from contracts with customers: |  |  |  |  |  |  |
Beginning balance(1) | $ | 195,763 |  |  | $ | 181,883 |  |  | $ | 173,766 |  |  | $ | 181,899 |
Revenue recognized, included in beginning balance | (70,328) |  |  | (63,013) |  |  | (117,940) |  |  | (115,463) |
Additions, net of revenue recognized during period, and other | 44,172 |  |  | 64,627 |  |  | 113,781 |  |  | 117,061 |
Ending balance | $ | 169,607 |  |  | $ | 183,497 |  |  | $ | 169,607 |  |  | $ | 183,497 |
(1)Deferred revenue from 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 September 30, 2025, the Company expects to recognize $219.2 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. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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