iHeartMedia (NASDAQ:IHRT)’s second-quarter results are expected to come in largely in line with company guidance, Bank of America said in a note that highlighted an expanding partnership with Netflix as a bright spot for the audio company.
BofA maintained its second-quarter revenue estimate of $965 million, up 3% year-over-year, and kept its adjusted EBITDA forecast at $150 million, roughly matching company guidance.
Podcasting remains a key growth driver, having grown 27% in the first quarter, with BofA anticipating that momentum will largely continue at around 21% growth in the second quarter.
By segment, BofA’s estimates include broadcast revenue of $392 million (down 1% year-over-year), digital revenue of $355 million (up 10% year-over-year), networks revenue of $104 million (down 3% year-over-year), sponsorship and events revenue of $36 million, and audio and media services revenue of $76 million.
Looking to the second half of the year, iHeartMedia’s roughly $800 million full-year 2026 EBITDA guidance implies a ramp driven by the political advertising cycle, growing programmatic revenue and further cost cutting, according to the note. While the advertising outlook is somewhat more cautious for the back half given geopolitical uncertainty, BofA said underlying trends remain broadly consistent with prior expectations, with any current softness largely at the margin.
The bank pointed to iHeartMedia’s partnership with Netflix as off to an encouraging start, noting it has expanded beyond its initial launch to include new shows added to the streaming platform. BofA said the expanding relationship underscores the growing value of iHeartMedia’s content, while remaining non-exclusive and potentially creating additional opportunities over time.
BofA maintained its full-year 2026 revenue forecast of $4.15 billion and adjusted EBITDA of $800 million for the company.
Read More: iHeartMedia sees growing Netflix ties ahead of Q2 earnings
