iHeartMedia: Stronger H2 Expected

iHeartMedia is rated BUY, driven by strong 2H26 catalysts and secular podcast growth. Podcasting and programmatic advertising are key earnings drivers, with digital audio margins set to improve in 2H26. Management guides for $800m EBITDA (+17% yoy) and $200m FCF in 2026, despite a highly leveraged balance sheet. Valuation remains below recent peaks, offering favorable risk/reward as political ad spending and cost savings accelerate EBITDA.

iHeartMedia, Inc.'s ( IHRT ) stock is +105% on a 1-year basis but is still trading below its recent historical peak on a forward EV/EBITDA basis. Near-term growth drivers are strong seasonality for margins in 2H26 coupled with