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OUTFRONT Media Reports First Quarter 2026 ResultsMay 7, 2026 4:07 PM
PR Newswire (US) Revenues of $429.6 millionOperating income of $55.9 million Net income attributable to OUTFRONT Media Inc. of $19.1 millionAdjusted OIBDA of $100.4 millionAFFO attributable to OUTFRONT Media Inc. of $61.0 millionQuarterly dividend of $0.30 per share, payable June 30, 2026NEW YORK, May 7, 2026 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2026. "Our first quarter results demonstrate our continued strong performance, with revenue, OIBDA, and AFFO all exceeding our guidance," said Nick Brien, Chief Executive Officer of OUTFRONT Media. "Importantly, this exceptional performance was driven by strong results across our entire business, with billboard and transit both contributing to this success."
Three Months Ended
March 31,$ in Millions, except per share amounts
2026
2025Revenues
$429.6
$390.7Operating income
55.9
13.9Adjusted OIBDA
100.4
64.2Net income (loss) before allocation to redeemable and non-redeemable
noncontrolling interests
19.3
(20.7)Net income (loss)1
19.1
(20.6)Net income (loss) per share1,2,3
$0.11
($0.14)Funds From Operations (FFO)1
63.5
26.5Adjusted FFO (AFFO)1
61.0
27.1Shares outstanding3
177.1
166.4Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to "Net income (loss)", "FFO" and "AFFO" mean "Net income (loss) attributable to OUTFRONT Media Inc.", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 2) References to "per share" mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding. First Quarter 2026 ResultsConsolidated Results
Reported revenues of $429.6 million increased $38.9 million, or 10.0%, for the first quarter of 2026 as compared to the same prior-year period.Total operating expenses of $227.5 million increased $6.2 million, or 2.8%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA") due to inflation, higher production expenses, and higher maintenance and utilities costs, partially offset by the impact of lost billboards in the period.Selling, General and Administrative expenses ("SG&A") of $107.3 million decreased $7.4 million, or 6.5%, compared to the same prior-year period, due primarily to lower compensation-related expenses, including severance and salaries, and lower credit card usage by customers, partially offset by higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher client entertainment expenses.Adjusted OIBDA of $100.4 million increased $36.2 million, or 56.4%, compared to the same prior-year period.Segment ResultsBillboard
Reported billboard segment revenues of $332.9 million increased $22.2 million, or 7.1%, compared to the same prior-year period, due primarily to higher proceeds from condemnations and an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues, partially offset by lost billboards in the period.Operating expenses increased $3.5 million, or 2.4%, due primarily to higher variable billboard property lease costs, higher maintenance and utilities, higher site-related costs, and higher compensation-related expenses, partially offset by the impact of lost billboards in the period.SG&A expenses increased $1.3 million, or 1.9%, due primarily to higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses.Adjusted OIBDA of $116.4 million increased $17.4 million, or 17.6%, compared to the same prior-year period.Transit
Reported transit segment revenues of $95.0 million increased $17.3 million, or 22.3%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts.Operating expenses increased $3.0 million, or 4.0%, due primarily to higher guaranteed minimum annual payments to the MTA due to inflation, higher display production costs, and higher posting and rotation costs.SG&A expenses increased $1.5 million, or 8.7%, due primarily to higher compensation-related expenses, including severance and commissions, higher professional fees, including higher software and technology expenses, partially offset by lower credit card usage by customers.Adjusted OIBDA loss decreased $12.8 million, or 90.1%, compared to the same prior-year period.Other
Reported revenues decreased $0.6 million, or 26.1%, operating expenses decreased $0.3 million, or 16.7%, and Adjusted OIBDA decreased $0.3 million, or 60.0%, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.Corporate
Corporate expenses, excluding stock-based compensation, decreased $6.3 million, or 29.9%, compared to the same prior-year period to $14.8 million, due primarily to lower compensation-related expenses, including severance, and lower professional fees, including fees related to a management consulting project.Interest Expense
Net interest expense in the first quarter of 2026 was $36.0 million, including amortization of deferred financing costs of $1.4 million, as compared to $36.0 million, including amortization of deferred financing costs of $1.5 million, in the same prior-year period. The weighted average cost of debt was 5.3% as of March 31, 2026 and 5.4% as of March 31, 2025.Income Taxes
The provision for income taxes decreased $0.1 million, or 20.0%, in the first quarter of 2026 compared to the same prior-year period. Cash paid for income taxes in the three months ended March 31, 2026 was $0.4 million.Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. was $19.1 million in the first quarter of 2026 compared to a Net loss attributable to OUTFRONT Media Inc. of $20.6 million in the same prior-year period. Diluted weighted average shares outstanding were 177.1 million for the first quarter of 2026 compared to 166.4 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.11 in the first quarter of 2026 compared to a Net loss per common share for diluted earnings per weighted average share of $0.14 in the same prior-year period.FFO
FFO attributable to OUTFRONT Media Inc. was $63.5 million in the first quarter of 2026, an increase of $37.0 million, or 139.6%, from the same prior-year period, driven primarily by higher Adjusted OIBDA.AFFO
Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.AFFO attributable to OUTFRONT Media Inc. was $61.0 million in the first quarter of 2026, an increase of $33.9 million, or 125.1%, from the same prior-year period, due primarily to higher Adjusted OIBDA and a higher non-cash effect of straight-line rent, partially offset by lower equity earnings.Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $75.3 million for the three months ended March 31, 2026, increased $41.7 million, or 124.1%, compared to $33.6 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, the timing of accounts receivables and a decrease in accounts payable and accrued expenses, partially offset by a decrease in deferred revenues. Total capital expenditures increased $6.9 million, or 40.1%, to $24.1 million for the three months ended March 31, 2026, compared to the same prior-year period, due primarily to increased growth in digital displays, increased maintenance spending for billboard display upgrades and increased spending for safety-related projects.Dividends
In the three months ended March 31, 2026, we paid cash dividends of $53.4 million on our common stock and vested restricted share units granted to employees. We announced on May 7, 2026, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on June 30, 2026, to stockholders of record at the close of business on June 5, 2026.Balance Sheet and Liquidity
As of March 31, 2026, our liquidity position included unrestricted cash of $67.2 million and $494.9 million of availability under our $500.0 million revolving credit facility, net of $5.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $150.0 million of additional availability under our accounts receivable securitization facility. During the three months ended March 31, 2026, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. Total indebtedness as of March 31, 2026 was $2.6 billion, excluding $14.8 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes and $1.7 billion of senior unsecured notes.Conference Call
We will host a conference call to discuss the results on May 7, 2026, at 4:30 p.m. Eastern Time. The conference call numbers are 833-461-5787 (U.S. callers) and 585-542-9983 (International callers) and the passcode for both is 404991578. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.Contacts:
Investors
MediaStephan Bisson
Courtney RichardsInvestor Relations
Events & Communications(212) 297-6573
(646) 876-9404stephan.bisson@outfront.com
courtney.richards@outfront.comNon-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions and stock-based compensation. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to "FFO" and "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.Please see Exhibits 4-5 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.EXHIBITSExhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,(in millions, except per share amounts)
2026
2025Revenues
$ 429.6
$ 390.7Expenses:
Operating
227.5
221.3Selling, general and administrative
107.3
114.7Net loss on dispositions
1.0
0.1Depreciation
20.7
23.6Amortization
17.2
17.1Total expenses
373.7
376.8Operating income
55.9
13.9Interest expense, net
(36.0)
(36.0)Income (loss) before provision for income taxes and equity in earnings of investee
companies
19.9
(22.1)Provision for income taxes
(0.4)
(0.5)Equity in earnings of investee companies, net of tax
(0.2)
1.9Net income (loss) before allocation to redeemable and non-redeemable noncontrolling
interests
19.3
(20.7)Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests
0.2
(0.1)Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)
Net income (loss) per common share:
Basic
$ 0.11
$ (0.14)Diluted
$ 0.11
$ (0.14)
Weighted average shares outstanding:
Basic
175.5
166.4Diluted
177.1
166.4 Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 14
As of(in millions)
March 31,
2026
December 31,
2025Assets:
Current assets:
Cash and cash equivalents
$ 67.2
$ 99.9Receivables, less allowance ($25.0 in 2026 and $23.2 in 2025)
294.3
365.7Prepaid lease and franchise costs
2.6
5.1Prepaid MTA equipment deployment costs
0.2
—Other prepaid expenses
25.6
21.9Other current assets
11.6
11.1Total current assets
401.5
503.7Property and equipment, net
644.3
643.8Goodwill
2,006.4
2,006.4Intangible assets
603.6
612.0Operating lease assets
1,553.8
1,521.5Other assets
28.5
24.2Total assets
$ 5,238.1
$ 5,311.6
Liabilities:
Current liabilities:
Accounts payable
$ 33.3
$ 50.2Accrued compensation
42.4
72.3Accrued interest
23.4
35.1Accrued lease and franchise costs
62.7
72.2Other accrued expenses
63.2
55.5Deferred revenues
60.1
57.7Short-term operating lease liabilities
179.5
172.9Other current liabilities
27.6
29.4Total current liabilities
492.2
545.3Long-term debt, net
2,584.5
2,583.4Asset retirement obligation
34.1
34.0Operating lease liabilities
1,398.9
1,374.7Other liabilities
39.2
40.3Total liabilities
4,548.9
4,577.7
Commitments and contingencies
Redeemable noncontrolling interests
25.8
22.0Stockholders' equity:
Common stock (2026 - 450.0 shares authorized, and 176.1 shares issued and
outstanding; 2025 - 450.0 shares authorized, and 175.2 issued and outstanding)
1.8
1.8Additional paid-in capital
2,604.6
2,619.3Distribution in excess of earnings
(1,944.6)
(1,910.8)Accumulated other comprehensive loss
0.1
0.1Total stockholders' equity
661.9
710.4Noncontrolling interests
1.5
1.5Total liabilities and equity
$ 5,238.1
$ 5,311.6 Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,(in millions)
2026
2025Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests
0.2
(0.1)Depreciation and amortization
37.9
40.7Stock-based compensation
5.6
9.5Provision for doubtful accounts
2.2
1.5Accretion expense
0.7
0.7Net loss on dispositions
1.0
0.1Equity in earnings of investee companies, net of tax
0.2
(1.9)Distributions from investee companies
0.3
0.3Amortization of deferred financing costs and debt discount and premium
1.4
1.5Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables
69.2
45.3Increase in prepaid MTA equipment deployment costs
(0.2)
—(Increase) decrease in prepaid expenses and other current assets
(3.5)
0.8Decrease in accounts payable and accrued expenses
(57.1)
(67.8)Increase in operating lease assets and liabilities
0.5
2.1Increase in deferred revenues
2.4
16.7Increase (decrease) in income taxes
—
0.5Other, net
(4.6)
4.3Net cash flow provided by operating activities
75.3
33.6
Investing activities:
Capital expenditures
(24.1)
(17.2)Acquisitions
(8.1)
(5.7)MTA franchise rights
(1.8)
(4.0)Net proceeds from dispositions
—
0.7Investment in investee companies
(4.0)
—Return of investments in investee companies
—
1.5Net cash flow used for investing activities
(38.0)
(24.7)
Financing activities:
Proceeds from borrowings under short-term debt facilities
—
50.0Repayments of borrowings under short-term debt facilities
—
(10.0)Taxes withheld for stock-based compensation
(16.6)
(12.3)Dividends
(53.4)
(53.0)Net cash flow used for financing activities
(70.0)
(25.3) Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,(in millions)
2026
2025Net decrease in cash and cash equivalents
(32.7)
(16.4)Cash and cash equivalents at beginning of period
99.9
46.9Cash and cash equivalents at end of period
$ 67.2
$ 30.5
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$ 0.4
$ —Cash paid for interest
47.1
46.2
Non-cash investing and financing activities:
Accrued purchases of property and equipment
3.3
13.4Accrued MTA franchise rights
1.9
1.6Taxes withheld for stock-based compensation
2.8
2.6 Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited) See Notes on Page 14
Three Months Ended March 31, 2026(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 332.9
$ 95.0
$ 1.7
$ —
$ 429.6
Operating income (loss)
$ 82.5
$ (6.4)
$ 0.2
$ (20.4)
$ 55.9Net loss on dispositions
0.9
0.1
—
—
1.0Depreciation
18.1
2.6
—
—
20.7Amortization
14.9
2.3
—
—
17.2Stock-based compensation
—
—
—
5.6
5.6Adjusted OIBDA
$ 116.4
$ (1.4)
$ 0.2
$ (14.8)
$ 100.4
Adjusted OIBDA margin
35.0 %
(1.5) %
11.8 %
*
23.4 %
Three Months Ended March 31, 2025(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 310.7
$ 77.7
$ 2.3
$ —
$ 390.7
Operating income (loss)
$ 61.0
$ (17.0)
$ 0.5
$ (30.6)
$ 13.9Net (gain) loss on dispositions
0.7
(0.6)
—
—
0.1Depreciation
21.6
2.0
—
—
23.6Amortization
15.7
1.4
—
—
17.1Stock-based compensation
—
—
—
9.5
9.5Adjusted OIBDA
$ 99.0
$ (14.2)
$ 0.5
$ (21.1)
$ 64.2
Adjusted OIBDA margin
31.9 %
(18.3) %
21.7 %
*
16.4 % Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,(in millions)
2026
2025Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)Depreciation of billboard advertising structures
16.2
18.8Amortization of real estate-related intangible assets
14.3
15.1Amortization of direct lease acquisition costs
13.0
13.2Net loss on disposition of real estate assets
1.0
0.1Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.1)
(0.1)FFO attributable to OUTFRONT Media Inc.
$ 63.5
$ 26.5Non-cash portion of income taxes
—
0.5Cash paid for direct lease acquisition costs
(13.0)
(13.2)Maintenance capital expenditures
(7.0)
(6.3)Other depreciation
4.5
4.8Other amortization
2.9
2.0Stock-based compensation
5.6
9.5Non-cash effect of straight-line rent
2.4
1.1Accretion expense
0.7
0.7Amortization of deferred financing costs
1.4
1.5AFFO attributable to OUTFRONT Media Inc.(a)
$ 61.0
$ 27.1 Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,(in millions)
2026
2025Adjusted OIBDA
$ 100.4
$ 64.2Interest expense, net, less amortization of deferred financing costs
(34.6)
(34.5)Cash paid for income taxes
(0.4)
—Maintenance capital expenditures
(7.0)
(6.3)Equity in earnings of investee companies, net of tax
(0.2)
1.9Non-cash effect of straight-line rent
2.4
1.1Accretion expense
0.7
0.7Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.3)
—AFFO attributable to OUTFRONT Media Inc.(a)
$ 61.0
$ 27.1 Exhibit 7: OPERATING EXPENSES(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
%(in millions, except percentages)
2026
2025
ChangeOperating expenses:
Billboard property lease
$ 111.3
$ 109.2
1.9 %Transit franchise
59.7
58.0
2.9Posting, maintenance and other
56.5
54.1
4.4Total operating expenses
$ 227.5
$ 221.3
2.8 Exhibit 8: EXPENSES BY SEGMENT(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
%(in millions, except percentages)
2026
2025
ChangeBillboard:
Billboard property lease
$ 111.3
$ 109.2
1.9 %Billboard posting, maintenance and other
37.1
35.7
3.9Billboard operating expenses
$ 148.4
$ 144.9
2.4Billboard SG&A expenses
$ 68.1
$ 66.8
1.9
Transit:
Transit franchise
$ 59.7
$ 58.0
2.9Transit posting, maintenance and other
17.9
16.6
7.8Transit operating expenses
$ 77.6
$ 74.6
4.0Transit SG&A expenses
$ 18.8
$ 17.3
8.7NOTES TO EXHIBITSPRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.(a)Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of the cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.
* Calculation not meaningful. View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-reports-first-quarter-2026-results-302766116.htmlSOURCE OUTFRONT Media Inc. Original: OUTFRONT Media Reports First Quarter 2026 Results
US Market News
4 months ago
OUTFRONT Media Reports Fourth Quarter And Full Year 2025 ResultsFebruary 25, 2026 4:07 PM
PR Newswire (US)
Fourth Quarter Revenues of $513.3 millionOperating income of $133.5 millionNet income attributable to OUTFRONT Media Inc. of $96.8 million, $0.55 earnings per diluted shareAdjusted OIBDA of $173.8 millionAFFO attributable to OUTFRONT Media Inc. of $129.5 millionQuarterly dividend of $0.30 per share, payable March 31, 2026NEW YORK, Feb. 25, 2026 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter and full year ended December 31, 2025.
"We finished the year with significant momentum, with revenue growth accelerating throughout 2025," said Nick Brien, Chief Executive Officer of OUTFRONT Media. "Additionally, we are quite pleased to have delivered full-year AFFO growth above our guidance and look forward to carrying this momentum into 2026."
Three Months Ended
December 31,
Twelve Months Ended
December 31,$ in Millions, except per share amounts
2025
2024
2025
2024Revenues
$513.3
$493.2
$1,831.7
$1,830.9Organic revenues
513.3
493.2
1,831.7
1,796.0Operating income
133.5
111.1
293.5
425.5Adjusted OIBDA
173.8
155.2
499.3
464.8Net income before allocation to redeemable and
non-redeemable noncontrolling interests
96.8
74.0
147.0
258.7Net income1
96.8
74.0
147.0
258.2Net income per share1,2,3
$0.55
$0.43
$0.82
$1.51Funds From Operations (FFO)1
136.9
114.8
333.5
303.6Adjusted FFO (AFFO)1
129.5
119.6
337.7
306.0Shares outstanding3
177.0
171.8
169.2
170.8Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to "Net income", "Net income per share", "FFO" and "AFFO" mean "Net income attributable to OUTFRONT Media Inc.", "Net income attributable to OUTFRONT Media Inc. per common share", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 2) References to "per share" mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding.Fourth Quarter 2025 ResultsWe currently manage our operations through two reportable operating segments — (1) Billboard and (2) Transit. On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the "Transaction"), which held all of the assets of our outdoor advertising business in Canada (the "Canadian Business"). Prior to its sale, the Canadian Business comprised our International operating segment, which did not meet the criteria to be a reportable segment, and accordingly, was included in Other.The following reported results include the historical results of the Canadian Business through the date of sale.Consolidated
Reported revenues of $513.3 million increased $20.1 million, or 4.1%, for the fourth quarter of 2025 as compared to the same prior-year period.Total operating expenses of $235.0 million decreased $2.4 million, or 1.0%, due to lost billboards, lower variable property lease expenses and production expenses, partially offset by higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA").Selling, General and Administrative expenses ("SG&A") of $111.2 million increased $1.6 million, or 1.5%, due primarily to higher professional fees, a higher provision for doubtful accounts, and travel and entertainment expenses, partially offset by lower credit card fees and lower compensation-related expenses, including severance and salaries.Adjusted OIBDA of $173.8 million increased $18.6 million, or 12.0%, compared to the same prior-year period. Segment ResultsBillboard
Reported billboard segment revenues of $376.6 million increased $2.0 million, or 0.5%, due primarily to higher average revenue per display (yield) compared to the same prior-year period, driven by the impact of programmatic and direct sale advertising platforms on digital billboard revenues and higher proceeds from condemnations, partially offset by lost billboards in the period.Operating expenses decreased $5.5 million, or 3.5%, due primarily to lost billboards, lower variable billboard property lease expenses and lower production expense.SG&A expenses increased $2.3 million, or 3.5%, due primarily to a higher provision for doubtful accounts, higher professional fees and higher travel and entertainment expense.Adjusted OIBDA of $156.2 million increased $5.2 million, or 3.4%, compared to the same prior-year period.Transit
Reported transit segment revenues of $134.8 million increased $18.3 million, or 15.7%, due primarily to higher average revenue per display (yield) compared to the same prior-year period.Operating expenses increased $3.3 million, or 4.3%, due primarily to higher transit franchise expenses and higher production expenses.SG&A expenses increased $2.6 million, or 15.3%, due primarily to higher professional fees.Adjusted OIBDA of $34.4 million increased $12.4 million, or 56.4%, compared to the same prior-year period.Other
Reported revenues of $1.9 million decreased $0.2 million, or 9.5%, primarily driven by a decrease in third-party digital equipment sales.Operating expenses decreased $0.2 million, or 11.8%, due primarily to a decrease in third-party digital equipment sales.Adjusted OIBDA was $0.4 million, comparable to $0.4 million in the same prior-year period.Corporate
Corporate costs, excluding stock-based compensation, decreased $1.0 million, or 5.5%, to $17.2 million, due primarily to lower compensation-related expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.Full Year 2025 ResultsConsolidated
Reported revenues of $1,831.7 million increased $0.8 million for the year December 31, 2025, as compared to the same prior-year period. Total operating expenses of $918.5 million decreased $30.5 million, or 3.2%, due primarily to lost billboards, the impact of the Transaction, and lower variable billboard property leases, partially offset by higher guaranteed minimum annual payments to the MTA.SG&A expenses of $441.7 million decreased $6.2 million, or 1.4%, due primarily to the impact of the Transaction, lower credit card usage by customers, lower rent related to new offices in the first half of 2024 and lower compensation-related expenses, including severance and salaries, partially offset by higher professional fees, as a result of a management consulting project, and higher travel and entertainment expenses.Adjusted OIBDA of $499.3 million increased $34.5 million, or 7.4%, compared to the same prior-year period.Segment ResultsBillboard
Reported billboard segment revenues of $1,391.4 million decreased $17.9 million, or 1.3%, reflecting the impact of lost billboards in the period, partially offset by an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues and higher proceeds from condemnations.Operating expenses decreased $24.8 million, or 4.0%, due primarily to the impact of lost billboards and lower variable billboard property lease expenses, partially offset by higher maintenance and utilities, and higher site related costs.SG&A expenses decreased $1.5 million, or 0.6%, primarily driven by lower credit card usage by customers and lower compensation-related expenses, partially offset by higher professional fees and higher travel and entertainment expenses.Adjusted OIBDA of $528.9 million increased $8.4 million, or 1.6%, compared to the same prior-year period.Transit
Reported transit segment revenues of $431.2 million increased $47.4 million, or 12.4%, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts.Operating expenses increased $10.9 million, or 3.6%, due primarily to higher guaranteed minimum annual payments to the MTA due to inflation, as well as higher maintenance and utility costs, higher production costs, and higher site-related costs.SG&A expenses increased $1.7 million, or 2.4%, due primarily to higher travel and entertainment expenses and higher compensation-related expenses, partially offset by lower credit card usage by customers.Adjusted OIBDA was $43.1 million in 2025, an increase of $34.8 million, compared to the same prior-year period.Other
Reported revenues of $9.1 million decreased $28.7 million, or 75.9%, primarily driven by the impact of the Transaction, partially offset by an increase in third-party digital equipment sales. Organic revenues increased $6.2 million, primarily driven by an increase in third-party digital equipment sales.Operating expenses decreased $16.6 million, or 69.7%, primarily driven by the impact of the Transaction, partially offset by higher costs related to third-party digital equipment sales.SG&A expenses decreased $11.1 million, or 99.1%, primarily driven by the impact of the Transaction.Adjusted OIBDA of $1.8 million decreased $1.0 million, or 35.7%, compared to the same prior-year period.Corporate
Corporate costs, excluding restructuring charges and stock-based compensation, increased $7.7 million, or 11.5%, due primarily to higher professional fees, including fees related to a management consulting project, higher compensation-related expenses, including severance, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.Interest Expense
Net interest expense in the fourth quarter of 2025 was $36.9 million, including amortization of deferred financing costs of $1.4 million, as compared to $36.6 million in the same prior-year period, including amortization of deferred financing costs of $1.5 million. The increase was due primarily to higher interest rates. The weighted average cost of debt as of December 31, 2025, was 5.3% as compared to 5.4% in the same prior-year period.Income Taxes
The income tax provision decreased $0.5 million, or 83.3%, in the fourth quarter of 2025 as compared to the same prior-year period. Cash paid for income taxes in the year ended December 31, 2025, was $2.2 million.Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. was $96.8 million in the fourth quarter of 2025, which increased $22.8 million, or 30.8%, compared to the same prior-year period. Diluted weighted average shares outstanding were 177.0 million for the fourth quarter of 2025 compared to 171.8 million for the same prior-year period. Net income attributable to OUTFRONT Media Inc. per common share for diluted earnings per weighted average share was $0.55 in the fourth quarter of 2025 as compared to $0.43 in the same prior-year period.FFO
FFO attributable to OUTFRONT Media Inc. was $136.9 million in the fourth quarter of 2025, an increase of $22.1 million, or 19.3%, from the same prior-year period, driven primarily by higher net income.AFFO
Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.AFFO attributable to OUTFRONT Media Inc. was $129.5 million in the fourth quarter of 2025, an increase of $9.9 million, or 8.3%, from the same prior-year period, due primarily to higher Adjusted OIBDA, partially offset by higher maintenance capital expenditures.Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $307.6 million for the year ended December 31, 2025, increased $8.4 million, or 2.8%, compared to $299.2 million during the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, partially offset by the timing of receivables. Total capital expenditures increased $10.7 million, or 13.7%, to $88.8 million for the year ended December 31, 2025, compared to the same prior-year period, due primarily to increased growth in digital displays, increased maintenance spending for billboard display upgrades, and the renovation of certain office facilities, partially offset by the impact of the Transaction.Dividends
In the year ended December 31, 2025, we paid cash dividends of $210.3 million, including $203.7 million on our common stock and vested restricted share units granted to employees and $6.6 million on our Series A Convertible Perpetual Preferred Stock (the "Series A Preferred Stock"). We announced on February 25, 2025, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on March 31, 2026, to stockholders of record at the close of business on March 6, 2026.Balance Sheet and Liquidity
As of December 31, 2025, our liquidity position included unrestricted cash of $99.9 million and $494.9 million of availability under our $500.0 million revolving credit facility, net of $5.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $150.0 million of additional availability under our accounts receivable securitization facility. During the three months ended December 31, 2025, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. Total indebtedness as of December 31, 2025 was $2.6 billion, excluding $15.9 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes, and $1.7 billion of senior unsecured notes.On November 26, 2025, the remaining 125,000 shares of the Series A Preferred Stock were converted to 7,903,431 shares of our common stock. As of this conversion, there were no remaining shares of Series A Preferred Stock outstanding.Conference Call
We will host a conference call to discuss the results on February 25, 2026 at 4:30 p.m. Eastern Time. The conference call numbers are 833-470-1428 (U.S. callers) and 646-844-6383 (International callers) and the passcode for both is 904133. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.Contacts:
Investors
MediaStephan Bisson
Courtney RichardsInvestor Relations
Events & Communications(212) 297-6573
(646) 876-9404stephan.bisson@outfront.com
courtney.richards@outfront.comNon-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate organic revenues as reported revenues excluding revenues associated with the impact of the Transaction ("non-organic revenues"). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges, and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to "FFO" and "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.Please see Exhibits 4-5 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.EXHIBITSExhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 16
Three Months Ended
Year Ended
December 31,
December 31,(in millions, except per share amounts)
2025
2024
2025
2024Revenues
$ 513.3
$ 493.2
$ 1,831.7
$ 1,830.9Expenses:
Operating
235.0
237.4
918.5
949.0Selling, general and administrative
111.2
109.6
441.7
447.9Restructuring charges
—
—
20.1
—Net gain on dispositions
(4.9)
(7.3)
(2.3)
(160.9)Impairment charges
—
—
—
17.9Depreciation
21.0
24.0
90.6
79.5Amortization
17.5
18.4
69.6
72.0Total expenses
379.8
382.1
1,538.2
1,405.4Operating income
133.5
111.1
293.5
425.5Interest expense, net
(36.9)
(36.6)
(146.4)
(156.2)Loss on extinguishment of debt
—
—
(0.6)
(1.2)Other income, net
—
—
—
1.0Income before provision for income taxes and equity in
earnings of investee companies
96.6
74.5
146.5
269.1Provision for income taxes
(0.1)
(0.6)
(2.0)
(11.0)Equity in earnings of investee companies, net of tax
0.3
0.1
2.5
0.6Net income before allocation to redeemable and non-
redeemable noncontrolling interests
96.8
74.0
147.0
258.7Net income attributable to redeemable and non-
redeemable noncontrolling interests
—
—
—
0.5Net income attributable to OUTFRONT Media Inc.
$ 96.8
$ 74.0
$ 147.0
$ 258.2
Net income attributable to OUTFRONT Media Inc. per
common share:
Basic
$ 0.56
$ 0.44
$ 0.83
$ 1.54Diluted
$ 0.55
$ 0.43
$ 0.82
$ 1.51
Weighted average shares outstanding:
Basic
170.3
162.1
167.8
161.9Diluted
177.0
171.8
169.2
170.8 Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 16
As of(in millions)
December 31,
2025
December 31,
2024Assets:
Current assets:
Cash and cash equivalents
$ 99.9
$ 46.9Receivables, less allowances of $23.2 in 2025 and $20.6 in 2024
365.7
305.3Prepaid lease and transit franchise costs
5.1
4.0Other prepaid expenses
21.9
17.8Other current assets
11.1
11.8Total current assets
503.7
385.8Property and equipment, net
643.8
648.9Goodwill
2,006.4
2,006.4Intangible assets
612.0
652.0Operating lease assets
1,521.5
1,503.8Other assets
24.2
18.3Total assets
$ 5,311.6
$ 5,215.2
Liabilities:
Current liabilities:
Accounts payable
$ 50.2
$ 51.4Accrued compensation
72.3
56.7Accrued interest
35.1
34.5Accrued lease and franchise costs
72.2
82.8Other accrued expenses
55.5
54.3Deferred revenues
57.7
42.8Short-term debt
—
10.0Short-term operating lease liabilities
172.9
168.7Other current liabilities
29.4
19.6Total current liabilities
545.3
520.8Long-term debt, net
2,583.4
2,482.5Asset retirement obligation
34.0
33.9Operating lease liabilities
1,374.7
1,351.8Other liabilities
40.3
42.2Total liabilities
4,577.7
4,431.2
Redeemable noncontrolling interests
22.0
13.6Preferred stock (2025 - 50.0 shares authorized, and no shares of Series A Preferred Stock
issued and outstanding; 2024 - 50.0 shares authorized, and 0.1 shares of Series A
Preferred Stock issued and outstanding) (Note 11)
—
119.8
Commitments and contingencies
Stockholders' equity:
Common stock (2025 - 450.0 shares authorized, and 175.2 shares issued and
outstanding; 2024 - 450.0 shares authorized, and 166.0 shares issued or
outstanding)
1.8
1.7Additional paid-in capital
2,619.3
2,493.6Distribution in excess of earnings
(1,910.8)
(1,846.2)Accumulated other comprehensive loss
0.1
(0.1)Total stockholders' equity
710.4
649.0Noncontrolling interests
1.5
1.6Total liabilities and equity
$ 5,311.6
$ 5,215.2 Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 16
Year Ended
December 31,(in millions)
2025
2024Operating activities:
Net income attributable to OUTFRONT Media Inc.
$ 147.0
$ 258.2Adjustments to reconcile net income to net cash flow provided by operating activities:
Net income attributable to redeemable and non-redeemable noncontrolling interests
—
0.5Depreciation and amortization
160.2
151.5Deferred tax benefit
—
(1.2)Stock-based compensation
30.0
30.8Provision for doubtful accounts
6.6
5.7Accretion expense
2.8
2.9Net gain on dispositions
(2.3)
(160.9)Loss on extinguishment of debt
0.6
1.2Equity in earnings of investee companies, net of tax
(2.5)
(0.6)Distributions from investee companies
0.6
1.1Amortization of deferred financing costs and debt discount
5.8
6.1Change in assets and liabilities, net of investing and financing activities:
Increase in receivables
(67.0)
(23.3)(Increase) decrease in prepaid expenses and other current assets
(3.1)
0.1Increase in accounts payable and accrued expenses
4.3
13.7Increase in operating lease assets and liabilities
8.3
10.2Increase in deferred revenues
14.9
5.1Increase (decrease) in income taxes
(0.2)
0.7Decrease in assets and liabilities held for sale, net
—
(2.1)Other, net
1.6
(0.5)Net cash flow provided by operating activities
307.6
299.2
Investing activities:
Capital expenditures
(88.8)
(78.1)Acquisitions
(13.1)
(19.5)MTA franchise rights
(19.6)
(12.0)Proceeds from dispositions
6.3
317.6Investment in investee companies
—
(1.2)Return of investment in investee companies
1.5
0.7Net cash flow provided by (used for) investing activities
(113.7)
207.5
Financing activities:
Proceeds from long-term debt borrowings
499.4
—Repayments of long-term debt borrowings
(400.0)
(200.0)Proceeds from borrowings under short-term debt facilities
90.0
145.0Repayments of borrowings under short-term debt facilities
(100.0)
(200.0)Payments of deferred financing costs
(5.5)
(0.3)Taxes withheld for stock-based compensation
(14.5)
(7.8)Purchase of redeemable noncontrolling interest
—
(23.9)Dividends
(210.3)
(208.4)Net cash flow used for financing activities
(140.9)
(495.4) Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 16
Year Ended
December 31,(in millions)
2025
2024Effect of exchange rate changes on cash and cash equivalents
—
(0.4)Net increase in cash and cash equivalents
53.0
10.9Cash and cash equivalents at beginning of year
46.9
36.0Cash and cash equivalents at end of year
$ 99.9
$ 46.9
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$ 2.2
$ 11.5Cash paid for interest
140.9
151.6
Non-cash investing and financing activities:
Accrued purchases of property and equipment
$ 5.4
$ 7.0Accrued MTA franchise rights
2.5
1.9Taxes withheld for stock-based compensation
2.6
— Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited) See Notes on Page 16
Three Months Ended December 31, 2025(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 376.6
$ 134.8
$ 1.9
$ —
$ 513.3
Organic revenues(a)
$ 376.6
$ 134.8
$ 1.9
$ —
$ 513.3Non-organic revenues(b)
$ —
$ —
$ —
$ —
$ —
Operating income (loss)
$ 122.0
$ 35.0
$ 0.4
$ (23.9)
$ 133.5Restructuring charges
—
—
—
2.2
2.2Net gain on dispositions
(0.1)
(4.8)
—
—
(4.9)Depreciation
18.6
2.4
—
—
21.0Amortization
15.7
1.8
—
—
17.5Stock-based compensation
—
—
—
4.5
4.5Adjusted OIBDA
$ 156.2
$ 34.4
$ 0.4
$ (17.2)
$ 173.8
Adjusted OIBDA margin
41.5 %
25.5 %
21.1 %
*
33.9 %
Three Months Ended December 31, 2024(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 374.6
$ 116.5
$ 2.1
$ —
$ 493.2
Organic revenues(a)
$ 374.6
$ 116.5
$ 2.1
$ —
$ 493.2Non-organic revenues(b)
$ —
$ —
$ —
$ —
$ —
Operating income (loss)
$ 119.0
$ 18.9
$ 0.4
$ (27.2)
$ 111.1Net gain on dispositions
(7.3)
—
—
—
(7.3)Impairment charges
—
—
—
—
—Depreciation
22.1
1.9
—
—
24.0Amortization
17.2
1.2
—
—
18.4Stock-based compensation
—
—
—
9.0
9.0Adjusted OIBDA
$ 151.0
$ 22.0
$ 0.4
$ (18.2)
$ 155.2
Adjusted OIBDA margin
40.3 %
18.9 %
19.0 %
*
31.5 %
Year Ended December 31, 2025(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 1,391.4
$ 431.2
$ 9.1
$ —
$ 1,831.7
Organic revenues(a)
$ 1,391.4
$ 431.2
$ 9.1
$ —
$ 1,831.7Non-organic revenues(b)
$ —
$ —
$ —
$ —
$ —
Operating income (loss)
$ 374.6
$ 27.4
$ 1.8
$ (110.3)
$ 293.5Restructuring charges
8.4
3.7
—
8.0
20.1Net (gain) loss on dispositions
1.8
(4.1)
—
—
(2.3)Depreciation
81.4
9.2
—
—
90.6Amortization
62.7
6.9
—
—
69.6Stock-based compensation
—
—
—
27.8
27.8Adjusted OIBDA
$ 528.9
$ 43.1
$ 1.8
$ (74.5)
$ 499.3
Adjusted OIBDA margin
38.0 %
10.0 %
19.8 %
*
27.3 %
Year Ended December 31, 2024(in millions, except percentages)
Billboard
Transit
Other
Corporate
ConsolidatedRevenues
$ 1,409.3
$ 383.8
$ 37.8
$ —
$ 1,830.9
Organic revenues(a)
$ 1,409.3
$ 383.8
$ 2.9
$ —
$ 1,796.0Non-organic revenues(b)
$ —
$ —
$ 34.9
$ —
$ 34.9
Operating income (loss)
$ 385.9
$ (20.7)
$ 157.9
$ (97.6)
$ 425.5Net gain on dispositions
(5.9)
0.1
(155.1)
—
(160.9)Impairment charges
—
17.9
—
—
17.9Depreciation
72.5
7.0
—
—
79.5Amortization
68.0
4.0
—
—
72.0Stock-based compensation
—
—
—
30.8
30.8Adjusted OIBDA
$ 520.5
$ 8.3
$ 2.8
$ (66.8)
$ 464.8
Adjusted OIBDA margin
36.9 %
2.2 %
7.4 %
*
25.4 %
Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 16
Three Months Ended
Year Ended
December 31,
December 31,(in millions)
2025
2024
2025
2024Net income (loss) attributable to OUTFRONT Media
Inc.
$ 96.8
$ 74.0
$ 147.0
$ 258.2Depreciation of billboard advertising structures
16.6
18.4
72.8
59.5Amortization of real estate-related intangible assets
15.0
16.5
60.2
65.5Amortization of direct lease acquisition costs
13.5
13.3
56.1
58.4Net gain on disposition of real estate assets
(4.9)
(7.3)
(2.3)
(160.9)Impairment charges(c)
—
—
—
13.1Adjustment related to redeemable and non-
redeemable noncontrolling interests
(0.1)
(0.1)
(0.3)
(0.3)Income tax effect of adjustments(d)
—
—
—
10.1FFO attributable to OUTFRONT Media Inc.
$ 136.9
$ 114.8
$ 333.5
$ 303.6Non-cash portion of income taxes
(0.1)
0.5
(0.2)
(0.5)Cash paid for direct lease acquisition costs
(13.5)
(13.3)
(56.1)
(58.4)Maintenance capital expenditures
(11.2)
(3.8)
(30.6)
(21.7)Restructuring charges(e)
—
—
20.1
—Other depreciation
4.4
5.6
17.8
20.0Other amortization
2.5
1.9
9.4
6.5Impairment charges on non-real estate assets(c)
—
—
—
4.8Stock-based compensation
6.7
9.0
27.8
30.8Non-cash effect of straight-line rent
1.7
2.7
7.7
10.7Accretion expense
0.7
0.7
2.8
2.9Amortization of deferred financing costs
1.4
1.5
5.8
6.1Loss on extinguishment of debt
—
—
0.6
1.2Adjustment related to non-controlling interests
—
—
(0.1)
—Income tax effect of adjustments(d)
—
—
(0.8)
—AFFO attributable to OUTFRONT Media Inc.(g)
$ 129.5
$ 119.6
$ 337.7
$ 306.0 Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 16
Three Months Ended
Year Ended
December 31,
December 31,(in millions)
2025
2024
2025
2024Adjusted OIBDA
$ 173.8
$ 155.2
$ 499.3
$ 464.8Interest expense, net, less amortization of deferred
financing costs
(35.5)
(35.1)
(140.6)
(150.1)Cash paid for income taxes(f)
(0.2)
(0.1)
(2.2)
(1.4)Maintenance capital expenditures
(11.2)
(3.8)
(30.6)
(21.7)Equity in earnings of investee companies, net of tax
0.3
0.1
2.5
0.6Non-cash effect of straight-line rent
1.7
2.7
7.7
10.7Accretion expense
0.7
0.7
2.8
2.9Other income, net
—
—
—
1.0Adjustment related to redeemable and non-redeemable
noncontrolling interests
(0.1)
(0.1)
(0.4)
(0.8)Income tax effect of adjustments(d)
—
—
(0.8)
—AFFO attributable to OUTFRONT Media Inc.(g)
$ 129.5
$ 119.6
$ 337.7
$ 306.0 Exhibit 7: OPERATING EXPENSES(Unaudited) See Notes on Page 16
Three Months Ended
Year Ended
(in millions, except
December 31,
%
December 31,
%percentages)
2025
2024
Change
2025
2024
ChangeOperating expenses:
Billboard property lease
$ 115.1
$ 119.6
(3.8) %
$ 446.6
$ 482.8
(7.5) %Transit franchise
62.3
59.5
4.7
243.2
238.1
2.1Posting, maintenance and other
57.6
58.3
(1.2)
228.7
228.1
0.3Total operating expenses
$ 235.0
$ 237.4
(1.0)
$ 918.5
$ 949.0
(3.2) Exhibit 8: EXPENSES BY SEGMENT(Unaudited) See Notes on Page 16
Three Months Ended
Year Ended
(in millions, except
December 31,
%
December 31,
%percentages)
2025
2024
Change
2025
2024
ChangeBillboard:
Billboard property lease
$ 115.1
$ 119.6
(3.8) %
$ 446.6
$ 472.3
(5.4) %Billboard posting, maintenance and other
37.6
38.6
(2.6)
149.3
148.4
0.6Billboard operating expenses
$ 152.7
$ 158.2
(3.5)
$ 595.9
$ 620.7
(4.0)Billboard SG&A expenses
$ 67.7
$ 65.4
3.5
$ 266.6
$ 268.1
(0.6)
Transit:
Transit franchise
$ 62.3
$ 59.5
4.7
$ 243.2
$ 236.3
2.9Transit posting, maintenance and other
18.5
18.0
2.8
72.2
68.2
5.9Transit operating expenses
$ 80.8
$ 77.5
4.3
$ 315.4
$ 304.5
3.6Transit SG&A expenses
$ 19.6
$ 17.0
15.3
$ 72.7
$ 71.0
2.4 NOTES TO EXHIBITSPRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS(a) Organic revenues in 2024 exclude revenues associated with the impact of the sale of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the "Transaction"), which held all of the assets of our outdoor advertising business in Canada ("non-organic revenues").(b) In the twelve months ended December 31, 2024, non-organic revenues reflect the impact of the Transaction.(c) Impairment charges related to our Transit reporting unit and MTA asset group.(d) Income tax effect related to Restructuring charges in 2025 and net gain on disposition of real estate assets in 2024.(e) Restructuring charges associated with a restructuring and reduction in force plan, consists of severance payments, employee benefits and related costs, and professional fees, and includes approximately $2.2 million in non-cash charges for stock-based compensation.(f) Cash paid for income taxes in 2024 is presented in this table net of cash paid for income taxes related to a net gain on disposition of real estate assets associated with the Transaction.(g) Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of the cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.
* Calculation not meaningful
View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-reports-fourth-quarter-and-full-year-2025-results-302697468.htmlSOURCE OUTFRONT Media Inc.
Original: OUTFRONT Media Reports Fourth Quarter And Full Year 2025 Results
US Market News
4 months ago
OUTFRONT Media and AdQuick Form Exclusive Commercial Partnership and Strategic Equity Investment to Accelerate How IRL Media Campaigns are Built, Measured, and ExecutedFebruary 25, 2026 3:06 PM
PR Newswire (US)
NEW YORK, Feb. 25, 2026 /PRNewswire/ -- OUTFRONT Media (NYSE: OUT), one of the largest and most-trusted IRL media companies in the U.S., today announced an exclusive multi-year partnership with AdQuick, Inc., a leading platform for out-of-home (OOH) advertising planning, buying, and measurement. The partnership provides that AdQuick will license its OOH sales cloud product to OUTFRONT for an initial three-year period, including an exclusivity period, and OUTFRONT will invest up to $20.0 million in AdQuick, at agreed milestones. The collaboration brings together OUTFRONT's premium national footprint and AdQuick's technology platform to accelerate innovation and performance across IRL media.
The partnership will deliver a more streamlined, end-to-end workflow for planning, executing, and measuring campaigns. The integration will unify data-driven planning and inventory workflows across roadside, transit, and digital out-of-home, helping advertisers and agencies move from plan to launch faster while improving transparency and reporting.What this partnership will enable:Smarter planning: standardized audience and market insights to build and compare plans across formats
Faster execution: simplified packaging and workflow handoffs from planning into activation
Better measurement: unified reporting that connects plan inputs to delivery and measurement outputs, including support for OOH measurement alongside other channels"We're excited to deepen our collaboration with one of the industry's most innovative and respected media companies," said Chris Gadek, CEO of AdQuick. "This partnership amplifies what AdQuick does best: giving advertisers a unified way to plan, buy, and measure OOH media across channels, while unlocking speed, precision, and performance."AdQuick's platform will help OUTFRONT streamline sales operations, accelerate go-to-market efforts, and deliver integrated reporting that closes the loop from planning to execution to measurement. Importantly, the partnership will not alter AdQuick's core marketplace dynamics: AdQuick will continue to operate its marketplace on an open basis, maintaining consistent access and standard commercial terms for all participating media owners. "By partnering with AdQuick, we can simplify how advertisers and agencies build plans around OUTFRONT's premium assets and get to measurable outcomes faster, with clearer reporting from planning through post-campaign analysis," said Premesh Purayil, Chief Technology Officer of OUTFRONT Media. "This partnership reflects our commitment to investing in innovation that helps advertisers drive stronger business outcomes and build lasting brand value."Together, AdQuick and OUTFRONT are helping shape the future of OOH and IRL Media by unifying the tools needed for smarter planning, streamlined execution, and measurable results.About AdQuick
AdQuick is the all–in–one AI-powered technology platform that makes out–of–home advertising easy to plan, purchase, and measure. By connecting advertisers to an unrivaled marketplace of media owners and layering proprietary data and automation, AdQuick enables marketers to launch targeted, measurable OOH campaigns in minutes—not months. Headquartered in New York, AdQuick supports out-of-home advertisers, agencies, and publishers in more than 40 countries.About OUTFRONT Media
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "will," or "can" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; our substantial indebtedness; restrictions in the agreements governing our indebtedness; our failure to remain qualified to be taxed as a real estate investment trust; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.CONTACTSOUTFRONT
Public Relations:
Courtney Richards
OUTFRONT Media
646-876-9404
courtney.richards@outfront.comMatt Biscuiti
The Lippin Group for OUTFRONT Media
212-986-7080
outfront@lippingroup.comInvestor Relations:
Stephan Bisson
OUTFRONT Media
212-297-6573
stephan.bisson@outfront.comAdQuick
Public Relations:
5WPR
adquick@5wpr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-and-adquick-form-exclusive-commercial-partnership-and-strategic-equity-investment-to-accelerate-how-irl-media-campaigns-are-built-measured-and-executed-302697491.htmlSOURCE OUTFRONT Media Inc.
Original: OUTFRONT Media and AdQuick Form Exclusive Commercial Partnership and Strategic Equity Investment to Accelerate How IRL Media Campaigns are Built, Measured, and Executed
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