iHeartMedia Stock Plunges After Missing Q3 Estimates and Slashing Full-Year Profit Guidance

iHeartMedia shares fell as much as 60% on November 10, 2026, after the company reported third-quarter results that missed both its own guidance and Wall Street expectations, then sharply reduced its full-year profit outlook. Revenue rose 3.3% year over year to $1.03 billion, falling short of analyst consensus of $1.05 billion, while adjusted EBITDA of $170 million came in well below the company's own forecast range of $180 million to $220 million and analyst expectations of around $201 million. GAAP EPS was negative $0.06 against a consensus estimate of negative $0.03.

The Multiplatform Group, which includes broadcast radio, networks and events, was the primary drag, with revenue down 4.9% to $562 million and segment adjusted EBITDA collapsing 43% to $68 million. Excluding political advertising, the segment fell 6.6%. CEO Bob Pittman attributed the shortfall to major advertisers delaying spending in response to inflation, economic uncertainty and weaker consumer confidence. Softer-than-expected political advertising also hurt results.

Podcasting was the lone bright spot, with podcast revenue climbing 24.6% and total Digital Audio Group revenue rising 13.8% to $389 million. iHeartMedia said it expects to establish podcasting as a separate reporting segment in 2027 and to generate approximately $400 million in total programmatic revenue that year, including roughly $100 million of incremental broadcast radio programmatic revenue.

For the full year, the company guided adjusted EBITDA to $575 million at the midpoint, far below analyst consensus of $776.8 million. For Q4 2026, consolidated revenue is expected to grow at a mid-single-digit rate, with adjusted EBITDA of $135 million to $185 million, a range that includes approximately $100 million of net negative impact from non-cash marketing.