iHeartMedia, Inc. 10-Q

ITEM 1. FINANCIAL STATEMENTS IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) June 30, 2026 December 31, 2025 (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 174,442 $ 270,921 Accounts receivable, net of allowance of $ 28,738 in 2026 and $ 30,467 in 2025 820,253 959,446 Prepaid expenses 254,376 190,383 Other current assets 41,284 38,577 Total Current Assets 1,290,355 1,459,327 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net 378,824 398,240 INTANGIBLE ASSETS AND GOODWILL Indefinite-lived intangibles - licenses 601,440 601,440 Other intangibles, net 613,374 713,777 Goodwill 1,105,418 1,105,496 OTHER ASSETS Operating lease right-of-use assets 613,816 625,788 Other assets 250,900 221,935 Total Assets $ 4,854,127 $ 5,126,003 CURRENT LIABILITIES Accounts payable $ 296,015 $ 271,429 Current operating lease liabilities 57,392 60,968 Accrued expenses 213,380 297,296 Accrued interest 72,911 74,111 Deferred revenue 177,739 190,186 Current portion of long-term debt 95,825 73,429 Total Current Liabilities 913,262 967,419 Long-term debt 4,947,194 4,979,662 Noncurrent operating lease liabilities 664,127 674,192 Deferred income taxes 90,927 86,685 Other long-term liabilities 246,913 245,056 Commitments and contingent liabilities (Note 6) STOCKHOLDERS' DEFICIT Noncontrolling interest 2,365 4,629 Preferred stock, par value $ 0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding — — Class A Common Stock, par value $ 0.001 per share, 1,000,000,000 shares authorized, 138,140,252 and 131,438,774 shares issued, and 133,661,388 and 129,074,507 shares outstanding in 2026 and 2025, respectively 138 132 Class B Common Stock, par value $ 0.001 per share, 1,000,000,000 shares authorized, 21,090,041 and 21,090,196 shares issued and outstanding in 2026 and 2025, respectively 21 21 Special Warrants, 3,710,549 and 5,038,369 issued and outstanding in each of 2026 and 2025, respectively — — Additional paid-in capital 3,004,169 2,995,250 Accumulated deficit ( 4,990,561 ) ( 4,812,949 ) Accumulated other comprehensive loss ( 2,256 ) ( 1,878 ) Cost of shares ( 4,478,864 in 2026 and 2,364,267 in 2025) held in treasury ( 22,172 ) ( 12,216 ) Total Stockholders' Deficit ( 2,008,296 ) ( 1,827,011 ) Total Liabilities and Stockholders' Deficit $ 4,854,127 $ 5,126,003 See Notes to Consolidated Financial Statements 1 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 977,239 $ 933,653 $ 1,861,439 $ 1,740,754 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 400,557 391,194 775,624 747,520 Selling, general and administrative expenses (excludes depreciation and amortization) 461,624 413,082 887,816 793,876 Depreciation and amortization 78,321 90,369 159,698 182,270 Impairment charges — 2,552 — 5,407 Other operating expense 1,233 1,086 1,311 1,745 Operating income 35,504 35,370 36,990 9,936 Interest expense, net 96,057 100,894 191,955 201,280 Loss on investments, net ( 1,550 ) ( 901 ) ( 2,095 ) ( 19,495 ) Equity in loss of nonconsolidated affiliates ( 178 ) ( 51 ) ( 230 ) ( 1 ) Other income (expense), net ( 276 ) 741 ( 596 ) ( 419 ) Loss before income taxes ( 62,557 ) ( 65,735 ) ( 157,886 ) ( 211,259 ) Income tax expense ( 19,979 ) ( 18,253 ) ( 20,268 ) ( 153,612 ) Net loss ( 82,536 ) ( 83,988 ) ( 178,154 ) ( 364,871 ) Less amount attributable to noncontrolling interest ( 147 ) ( 508 ) ( 542 ) ( 167 ) Net loss attributable to the Company $ ( 82,389 ) $ ( 83,480 ) $ ( 177,612 ) $ ( 364,704 ) Other comprehensive income (loss), net of tax Foreign currency translation adjustments ( 86 ) 279 ( 378 ) 381 Other comprehensive income (loss), net of tax ( 86 ) 279 ( 378 ) 381 Comprehensive loss ( 82,475 ) ( 83,201 ) ( 177,990 ) ( 364,323 ) Less amount attributable to noncontrolling interest — — — — Comprehensive loss attributable to the Company $ ( 82,475 ) $ ( 83,201 ) $ ( 177,990 ) $ ( 364,323 ) Net loss attributable to the Company per common share: Basic $ ( 0.52 ) $ ( 0.54 ) $ ( 1.13 ) $ ( 2.38 ) Weighted average common shares outstanding - Basic 157,707 154,275 156,753 153,382 Diluted $ ( 0.52 ) $ ( 0.54 ) $ ( 1.13 ) $ ( 2.38 ) Weighted average common shares outstanding - Diluted 157,707 154,275 156,753 153,382 See Notes to Consolidated Financial Statements 2 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at March 31, 2026 132,898,567 21,090,196 5,030,019 $ 3,359 $ 154 $ 2,998,874 $ ( 4,908,172 ) $ ( 2,170 ) $ ( 14,070 ) $ ( 1,922,025 ) Net loss ( 147 ) — — ( 82,389 ) — — ( 82,536 ) Vesting of restricted stock and other 3,922,060 — 5 ( 5 ) — — ( 8,102 ) ( 8,102 ) Share-based compensation — — 5,300 — — — 5,300 Dividend declared and paid to noncontrolling interests ( 847 ) — — — — — ( 847 ) Conversion of Special Warrants to Class A or Class B Shares 1,319,470 ( 1,319,470 ) — — — — — — — Conversion of Class B Shares to Class A Shares 155 ( 155 ) — — — — — — — Other comprehensive loss — — — — ( 86 ) — ( 86 ) Balances at June 30, 2026 138,140,252 21,090,041 3,710,549 $ 2,365 $ 159 $ 3,004,169 $ ( 4,990,561 ) $ ( 2,256 ) $ ( 22,172 ) $ ( 2,008,296 ) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at March 31, 2025 128,285,283 21,187,567 5,039,323 $ 5,245 $ 149 $ 2,983,169 $ ( 4,621,307 ) $ ( 1,783 ) $ ( 11,596 ) $ ( 1,646,123 ) Net loss ( 508 ) — — ( 83,480 ) — — ( 83,988 ) Vesting of restricted stock and other 3,022,309 — 3 ( 3 ) — — ( 593 ) ( 593 ) Share-based compensation — — 4,659 — — — 4,659 Dividend declared and paid to noncontrolling interests ( 483 ) — — — — — ( 483 ) Other comprehensive income — — — — 279 — 279 Balances at June 30, 2025 131,307,592 21,187,567 5,039,323 $ 4,254 $ 152 $ 2,987,825 $ ( 4,704,787 ) $ ( 1,504 ) $ ( 12,189 ) $ ( 1,726,249 ) (1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2026, or 2025. See Notes to Consolidated Financial Statements 3 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at December 31, 2025 131,438,774 21,090,196 5,038,369 $ 4,629 $ 153 $ 2,995,250 $ ( 4,812,949 ) $ ( 1,878 ) $ ( 12,216 ) $ ( 1,827,011 ) Net loss ( 542 ) — — ( 177,612 ) — — ( 178,154 ) Vesting of restricted stock and other 5,373,503 — 6 ( 6 ) — — ( 9,956 ) ( 9,956 ) Share-based compensation — — 8,925 — — — 8,925 Dividends declared and paid to noncontrolling interests ( 1,722 ) — — — — — ( 1,722 ) Conversion of Special Warrants to Class A and Class B Shares 1,327,820 ( 1,327,820 ) — — — — — — — Conversion of Class B Shares to Class A Shares 155 ( 155 ) — — — — — — — Other comprehensive loss — — — — ( 378 ) — ( 378 ) Balances at June 30, 2026 138,140,252 21,090,041 3,710,549 $ 2,365 $ 159 $ 3,004,169 $ ( 4,990,561 ) $ ( 2,256 ) $ ( 22,172 ) $ ( 2,008,296 ) (In thousands, except share data) Controlling Interest Common Shares (1) Non- controlling Interest Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Treasury Stock Class A Shares Class B Shares Special Warrants Total Balances at December 31, 2024 127,474,033 21,285,914 5,039,323 $ 5,289 $ 149 $ 2,975,703 $ ( 4,340,083 ) $ ( 1,885 ) $ ( 10,953 ) $ ( 1,371,780 ) Net loss ( 167 ) — — ( 364,704 ) — — ( 364,871 ) Vesting of restricted stock and other 3,735,212 — 3 ( 3 ) — — ( 1,236 ) ( 1,236 ) Share-based compensation — — 12,125 — — — 12,125 Dividends declared and paid to noncontrolling interests ( 868 ) — — — — — ( 868 ) Conversion of Class B Shares to Class A Shares 98,347 ( 98,347 ) — — — — — — — Other comprehensive income — — — — 381 — 381 Balances at June 30, 2025 131,307,592 21,187,567 5,039,323 $ 4,254 $ 152 $ 2,987,825 $ ( 4,704,787 ) $ ( 1,504 ) $ ( 12,189 ) $ ( 1,726,249 ) (1) The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2026, 2025, or 2024. See Notes to Consolidated Financial Statements 4 IHEARTMEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net loss $ ( 178,154 ) $ ( 364,871 ) Reconciling items: Impairment charges — 5,407 Depreciation and amortization 159,698 182,270 Deferred taxes 4,246 142,599 Provision for doubtful accounts 11,402 8,589 Amortization of deferred financing charges and note discounts, net 1,536 1,489 Share-based compensation 8,925 12,125 Loss on disposal of operating and other assets 30 1,254 Loss on investments 2,095 19,495 Equity in loss of nonconsolidated subsidiaries 230 1 Barter and trade income ( 64,828 ) ( 44,635 ) Other reconciling items, net 549 ( 920 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable 126,227 105,058 Increase in prepaid & other current assets ( 27,765 ) ( 39,342 ) (Increase) Decrease in other long-term assets 2,790 ( 1,412 ) Increase (Decrease) in accounts payable 26,349 ( 31,973 ) Decrease in accrued expenses ( 69,176 ) ( 109,688 ) Increase (Decrease) in accrued interest ( 1,463 ) 44,121 Increase (Decrease) in deferred revenue ( 21,651 ) 19,058 Decrease in other long-term liabilities ( 8,697 ) ( 2,748 ) Cash used for operating activities ( 27,657 ) ( 54,123 ) Cash flows from investing activities: Purchases of property, plant and equipment ( 40,842 ) ( 39,727 ) Change in other, net ( 3,741 ) ( 921 ) Cash used for investing activities ( 44,583 ) ( 40,648 ) Cash flows from financing activities: Proceeds from credit facilities 75,000 100,000 Payments on long-term debt ( 87,349 ) ( 27,172 ) Payments for repurchase of iHRT stock ( 9,956 ) ( 1,236 ) Dividends and other payments to noncontrolling interests ( 1,722 ) ( 868 ) Change in other, net — ( 43 ) Cash provided by (used for) financing activities ( 24,027 ) 70,681 Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 212 ) 442 Net decrease in cash, cash equivalents, and restricted cash ( 96,479 ) ( 23,648 ) Cash, cash equivalents and restricted cash at beginning of period 270,921 259,580 Cash, cash equivalents and restricted cash at end of period $ 174,442 $ 235,932 SUPPLEMENTAL DISCLOSURES: Cash paid for interest $ 194,211 $ 158,174 Cash paid for income taxes 720 33,193 See Notes to Consolidated Financial Statements 5 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – BASIS OF PRESENTATION Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company reports based on three reportable segments: ▪ the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses; ▪ the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and ▪ the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services. The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All intercompany transactions are eliminated in the consolidation process. Economic Conditions The Company's advertising revenue, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have continued to contribute to a challenging macroeconomic environment. This environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows. The Company is monitoring ongoing developments surrounding international trade and other geopolitical events that may pressure the advertising budgets of its customers and could impact our financial results in future periods. The current market uncertainty and macroeconomic conditions, a recession, a downturn in the U.S. economy, or uncertainty resulting from geopolitical events could have a significant impact on the Company's ability to generate revenue and cash flows. During the six months ended June 30, 2026, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of the Company, borrowed $ 75.0 million under the $ 450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022, as amended on November 6, 2024 (the "ABL Facility"). This borrowing was executed as a short-term liquidity management strategy to provide financial flexibility in response to recent market uncertainty. The funds are available to support working capital requirements and general corporate purposes. As of June 30, 2026, the ABL Facility had a borrowing base of $ 432.9 million, $ 125.0 million of outstanding borrowings and $ 25.2 million of outstanding letters of credit, resulting in $ 282.7 million of borrowing base availability. As of June 30, 2026, the Company had approximately $ 174.4 million in cash and cash equivalents, and total available liquidity was $ 457.2 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year. Reclassifications Certain prior period amounts within the Consolidated Statements of Cash Flows and the segment disclosures have been reclassified to conform to the 2026 presentation . These reclassifications had no material impact on the Consolidated Statement of Cash Flows or the segment disclosures. 6 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Restricted Cash As of June 30, 2026 and December 31, 2025, the Company did no t have any restricted cash balances on the Consolidated Balance Sheets. Certain Relationships and Related Party Transactions From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None of these ordinary course transactions have had a material impact on the Company. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Update 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This update focuses on the disaggregation of income statement expenses, requiring entities to provide more detailed disclosures about certain expenses in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its disclosures, including timing and method of adoption. In September 2025, the FASB issued Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which modernizes the accounting guidance for internal-use software costs. The amendments of ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption. In December 2025, the FASB issued Update 2025-12 — Codification Improvements, which provides for several updates to the codification. The amendments of ASU 2025-12 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption. 7 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 – 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 Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated 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 Total 535,599 364,080 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 Total 544,507 323,856 67,736 ( 2,537 ) 933,562 Revenue from leases (8) 91 — — — 91 Revenue, total $ 544,598 $ 323,856 $ 67,736 $ ( 2,537 ) $ 933,653 8 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated 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 Total 1,028,983 691,222 147,046 ( 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 Total 1,017,394 601,143 127,059 ( 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. 9 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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) 2026 2025 2026 2025 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 barter 6,681 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) 2026 2025 2026 2025 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 other 64,843 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. 10 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 3 – LEASES The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively. The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired. During the three and six months ended June 30, 2026, the Company recognized no non-cash impairment charges. During the three and six months ended June 30, 2025, the Company recognized non-cash impairment charges of $ 2.6 million and $ 5.4 million due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint. The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment." The following table provides supplemental cash flow information related to leases for the periods presented: Six Months Ended June 30, (In thousands) 2026 2025 Cash paid for amounts included in measurement of operating lease liabilities $ 68,147 $ 72,805 Lease liabilities arising from obtaining right-of-use assets (1) 19,375 12,241 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the six months ended June 30, 2026 and 2025, respectively. The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $ 14.5 million and $ 17.2 million for the three months ended June 30, 2026 and 2025, respectively. The non-cash operating lease expense was $ 28.6 million and $ 32.9 million for the six months ended June 30, 2026 and 2025, respectively. 11 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets: (In thousands) June 30, 2026 December 31, 2025 Land, buildings and improvements $ 304,406 $ 304,437 Towers, transmitters and studio equipment 216,043 215,697 Computer equipment and software 759,025 749,083 Furniture and other equipment 54,127 54,129 Construction in progress 43,683 11,895 1,377,284 1,335,241 Less: accumulated depreciation 998,460 937,001 Property, plant and equipment, net $ 378,824 $ 398,240 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. Other Intangible Assets Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) June 30, 2026 December 31, 2025 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,388 $ ( 1,170,033 ) $ 1,652,388 $ ( 1,103,895 ) Talent and other contracts 338,900 ( 304,617 ) 338,900 ( 287,167 ) Trademarks and tradenames 335,936 ( 240,305 ) 335,936 ( 224,426 ) Other 18,003 ( 16,898 ) 18,003 ( 15,962 ) Total $ 2,345,227 $ ( 1,731,853 ) $ 2,345,227 $ ( 1,631,450 ) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended June 30, 2026 and 2025 was $ 49.9 million and $ 53.7 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the six months ended June 30, 2026 and 2025 was $ 100.5 million and $ 107.4 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands) 2027 $ 174,373 2028 157,673 2029 130,718 2030 16,273 2031 14,616 12 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of December 31, 2025 (1) $ 731,501 $ 311,353 $ 62,642 $ 1,105,496 Foreign currency — — ( 78 ) ( 78 ) Balance as of June 30, 2026 $ 731,501 $ 311,353 $ 62,564 $ 1,105,418 (1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $ 2.0 billion related to its Multiplatform Group, $ 439.4 million related to its Digital Audio Group and $ 41.6 million related to its Audio & Media Services Group. NOTE 5 – LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following: (In thousands) June 30, 2026 December 31, 2025 Asset-based Revolving Credit Facility due 2027 (1) $ 125,000 $ 50,000 Term Loan Facility due 2026 (2) — 5,095 Incremental Term Loan Facility due 2026 (2) — 1,500 Term Loan Facility due 2029 (3) 2,113,538 2,124,267 6.375 % Senior Notes due 2026 (2) — 44,644 5.25 % Senior Notes due 2027 6,983 6,983 8.375 % Senior Unsecured Notes due 2027 72,388 72,388 4.75 % Senior Secured Notes due 2028 276,868 276,868 9.125 % First Lien Notes due 2029 717,588 717,588 7.75 % First Lien Notes due 2030 661,285 661,285 7.00 % First Lien Notes due 2031 178,443 178,443 10.875 % Second Lien Notes due 2030 675,165 675,165 Other secured subsidiary debt 4,810 3,934 Long-term debt fees ( 6,306 ) ( 7,220 ) Debt Premium (4) 217,257 242,151 Total Debt 5,043,019 5,053,091 Less: Current portion 95,825 73,429 Total long-term debt $ 4,947,194 $ 4,979,662 (1) During the six months ended June 30, 2026, iHeartCommunications borrowed $ 75.0 million under the ABL Facility. As of June 30, 2026, the ABL Facility had a borrowing base of $ 432.9 million, $ 125.0 million outstanding borrowings and $ 25.2 million of outstanding letters of credit, resulting in $ 282.7 million of borrowing base availability. (2) On May 1, 2026, we repaid $ 51.2 million of outstanding debt, including repayments of the Term Loan Facility due 2026 for $ 5.1 million, the Incremental Term Loan Facility due 2026 for $ 1.5 million and the 6.375 % Senior Notes due 2026 for $ 44.6 million. (3) Quarterly amortization payments of $ 5.4 million (equal to 0.25 % of the original principal amount) are required per the terms of the Term Loan Facility due 2029. (4) The difference between the carrying value of the exchanged 5.25 % Senior Notes, 4.75 % Senior Secured Notes, and 8.375 % Senior Unsecured Notes and the principal amount of the 7.75 % First Lien Notes due 2030, 7.00 % First Lien Notes due 2031 and 10.875 % Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made. The Company’s weighted average interest rate was 8.9 % and 9.0 % as of June 30, 2026 and December 31, 2025, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $ 4.5 billion and $ 4.4 billion as of June 30, 2026 and December 31, 2025, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of June 30, 2026, the Company was in compliance with all covenants related to its debt agreements. 13 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Surety Bonds and Letters of Credit As of June 30, 2026, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $ 10.3 million and $ 25.2 million , respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items. NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes. Alien Ownership Restrictions and FCC Declaratory Ruling The Communications Act of 1934, as amended (the "Communications Act") and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling"). NOTE 7 – INCOME TAXES The Company’s income tax expense consisted of the following components: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Current tax expense $ ( 9,609 ) $ ( 11,873 ) $ ( 16,022 ) $ ( 11,013 ) Deferred tax expense ( 10,370 ) ( 6,380 ) ( 4,246 ) ( 142,599 ) Income tax expense $ ( 19,979 ) $ ( 18,253 ) $ ( 20,268 ) $ ( 153,612 ) The effective tax rates for the three months ended June 30, 2026 and 2025 were ( 31.9 )% and ( 27.8 )%, respectively. The effective tax rates for the six months ended June 30, 2026 and 2025 were ( 12.8 )% and ( 72.7 )%, respectively. The effective tax rates for these periods were primarily impacted by increases in valuation allowances recorded against certain deferred assets, related primarily to disallowed interest expense carryforwards due to uncertainty regarding the Company's ability to utilize those assets in future periods. NOTE 8 – STOCKHOLDERS' DEFICIT Pursuant to the Company's 2019 Eq uity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. In April 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. In February 2023 and April 2026, the Board adopted amendments to the 2021 Plan, each of which provided for an increase to the shares authorized for issuance under the 2021 Plan and were approved by the Company's stockholders at the annual meetings of 14 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) stockholders held in 2023 and 2026, respectively. Pursuant to the 2021 Plan, as amended, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals. Share-based Compensation Share-based compensation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Loss. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain total relative stockholder return goals, Adjusted EBITDA goals, cost savings and other strategic goals (including debt refinancing and advertising sales reorganization initiatives) and continued service. The majority of these awards are measured over an approximately 1-year to 3-year period from the date of issuance. The following table presents the Company's total share-based compensation expense by award type: (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 RSUs $ 5,408 $ 4,017 $ 8,530 $ 9,345 Performance RSUs 13,530 3,217 10,767 6,746 Options — 26 — 198 Total Share-Based Compensation Expense (1) $ 18,938 $ 7,260 $ 19,297 $ 16,289 (1) Total share-based compensation expense includes $ 13.7 million and $ 10.4 million of expense from cash-settled awards for the three and six months ended June 30, 2026, respectively. Total share-based compensation expense includes $ 2.6 million and $ 4.2 million of expense from cash-settled awards for the three and six months ended June 30, 2025, respectively. The increase in share-based compensation recognized in 2026 is due to changes in the Company’s stock price, resulting in higher expense associated with cash-settled awards. As of June 30, 2026, there was $ 25.5 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 2.3 years and assumes Performance RSUs that have not reached their measurement dates will be fully earned at target. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Reorganization may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $ 0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 % of the Company's outstanding Class A common stock, (b) more than 22.5 % of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Although the agreement governing the Special Warrants provides that the Company may decline to permit the exercise of Special Warrants if such exercise would result in more than 22.5 % of its capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, the Company received a ruling from the FCC permitting it to have up to 100 % foreign ownership in the aggregate. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. 15 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Computation of Loss per Share (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 NUMERATOR: Net loss attributable to the Company – common shares $ ( 82,389 ) $ ( 83,480 ) $ ( 177,612 ) $ ( 364,704 ) DENOMINATOR (1) : Weighted average common shares outstanding - basic 157,707 154,275 156,753 153,382 Stock options and restricted stock (2) : — — — — Weighted average common shares outstanding - diluted 157,707 154,275 156,753 153,382 Net loss attributable to the Company per common share: Basic $ ( 0.52 ) $ ( 0.54 ) $ ( 1.13 ) $ ( 2.38 ) Diluted ( 0.52 ) ( 0.54 ) ( 1.13 ) ( 2.38 ) (1) All of the outstanding Class B common stock and Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three and six months ended June 30, 2026 and 2025. (2) Outstanding equity service awards representing 12.2 million and 12.6 million shares of Class A common stock of the Company for the three months ended June 30, 2026 and 2025, respectively, and 12.6 million and 14.6 million shares of Class A common stock for the six months ended June 30, 2026 and 2025, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive. NOTE 9 – SEGMENT DATA The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance, and administrative functions for the Company’s businesses. Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. It is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring expenses, and share-based compensation expense. Restructuring expenses primarily include expenses incurred in connection with cost-saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. The Company's CODM is its Chief Executive Officer. The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management. 16 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following tables present the Company's segment results: Revenues (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Multiplatform Group $ 535,667 $ 544,598 $ 1,029,130 $ 1,017,576 Digital Audio Group 364,080 323,856 691,222 601,143 Audio & Media Services Group 80,465 67,736 147,046 127,059 Inter-segment elimination ( 2,973 ) ( 2,537 ) ( 5,959 ) ( 5,024 ) Total revenue $ 977,239 $ 933,653 $ 1,861,439 $ 1,740,754 Reconciliation of Revenues to Segment Adjusted EBITDA (In thousands) Three Months Ended June 30, 2026 Multiplatform Group Digital Audio Group Audio & Media Services Group Revenue $ 535,667 $ 364,080 $ 80,465 Direct operating expenses (1) 204,422 183,280 8,060 Selling, general and administrative expenses (2) 272,636 57,624 35,742 Segment Adjusted EBITDA $ 58,609 $ 123,176 $ 36,663 (In thousands) Three Months Ended June 30, 2025 Multiplatform Group Digital Audio Group Audio & Media Services Group Revenue $ 544,598 $ 323,856 $ 67,736 Direct operating expenses (1) 218,052 161,811 7,474 Selling, general and administrative expenses (2) 230,182 54,435 36,541 Segment Adjusted EBITDA $ 96,364 $ 107,610 $ 23,721 (In thousands) Six Months Ended June 30, 2026 Multiplatform Group Digital Audio Group Audio & Media Services Group Revenue $ 1,029,130 $ 691,222 $ 147,046 Direct operating expenses (1) 403,948 353,380 14,260 Selling, general and administrative expenses (2) 519,609 127,851 71,676 Segment Adjusted EBITDA $ 105,573 $ 209,991 $ 61,110 (In thousands) Six Months Ended June 30, 2025 Multiplatform Group Digital Audio Group Audio & Media Services Group Revenue $ 1,017,576 $ 601,143 $ 127,059 Direct operating expenses (1) 417,721 307,732 14,558 Selling, general and administrative expenses (2) 433,484 98,718 72,982 Segment Adjusted EBITDA $ 166,371 $ 194,693 $ 39,519 17 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (1) Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses. (2) Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses. Reconciliation of Segment Adjusted EBITDA to Loss before income taxes (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Segment Adjusted EBITDA: Multiplatform Group $ 58,609 $ 96,364 $ 105,573 $ 166,371 Digital Audio Group 123,176 107,610 209,991 194,693 Audio & Media Services Group 36,663 23,721 61,110 39,519 Total Segment Adjusted EBITDA $ 218,448 $ 227,695 $ 376,674 $ 400,583 Corporate expenses ( 66,925 ) ( 71,568 ) ( 132,518 ) ( 139,868 ) Depreciation and amortization ( 78,321 ) ( 90,369 ) ( 159,698 ) ( 182,270 ) Impairment charges — ( 2,552 ) — ( 5,407 ) Other operating expense, net ( 1,233 ) ( 1,086 ) ( 1,311 ) ( 1,745 ) Restructuring expenses ( 17,527 ) ( 19,490 ) ( 26,860 ) ( 45,068 ) Share-based compensation expense ( 18,938 ) ( 7,260 ) ( 19,297 ) ( 16,289 ) Interest expense, net ( 96,057 ) ( 100,894 ) ( 191,955 ) ( 201,280 ) Loss on investments, net ( 1,550 ) ( 901 ) ( 2,095 ) ( 19,495 ) Equity in loss of nonconsolidated affiliates ( 178 ) ( 51 ) ( 230 ) ( 1 ) Other income (expense), net ( 276 ) 741 ( 596 ) ( 419 ) Loss before income taxes $ ( 62,557 ) $ ( 65,735 ) $ ( 157,886 ) $ ( 211,259 ) Capital Expenditures (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Multiplatform Group $ 10,079 $ 10,698 $ 20,439 $ 16,627 Digital Audio Group 4,053 4,406 9,556 10,262 Audio & Media Services Group 1,876 2,752 3,840 8,379 Corporate 2,921 2,141 7,007 4,459 Total capital expenditures $ 18,929 $ 19,997 $ 40,842 $ 39,727 18 IHEARTMEDIA, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Segment Assets (In thousands) June 30, 2026 June 30, 2025 Multiplatform Group $ 3,626,455 $ 4,066,415 Digital Audio Group 605,290 606,412 Audio & Media Services Group 261,241 269,612 Corporate 364,652 439,578 Inter-segment elimination ( 3,511 ) ( 2,700 ) Total segment assets $ 4,854,127 $ 5,379,317 NOTE 10 – SUBSEQUENT EVENTS Amendment to ABL Credit Agreement On August 7, 2026, iHeartCommunications (the "Borrower") entered into Amendment No. 2 to the ABL Credit Agreement (the "Second Amendment"), the loan parties thereto, Bank of America, N.A. as administrative agent, and the lenders party thereto, which amended the ABL Credit Agreement dated as of May 17, 2022 and as amended, supplemented or modified from time to time, by and among the Borrower, the guarantors parties thereto, BofA, as administrative agent and collateral agent, and the lenders from time to time party thereto. The Second Amendment, among other things, extends the maturity date of the ABL Facility from May 17, 2027 to January 30, 2029. The aggregate lender commitments under the ABL Facility after giving effect to the Second Amendment remain at $ 450 million. Borrowings under the ABL Facility continue to bear interest at a rate per annum equal to, at the Borrower's option, either (a) Term SOFR plus an applicable margin ranging from 1.75 % to 2.25 % or (b) a base rate plus an applicable margin ranging from 0.75 % to 1.25 %, in each case depending on average excess availability as a percentage of the line cap. The Second Amendment did not result in the repayment of any outstanding borrowings, and all amounts outstanding under the ABL Facility at the time of the Second Amendment continued in place under the amended terms. 19