OUTFRONT Media Reports First Quarter 2026 Results

Rhea-AI Summary

OUTFRONT Media (NYSE: OUT) reported Q1 2026 results: revenues $429.6M, operating income $55.9M, net income $19.1M, Adjusted OIBDA $100.4M, and AFFO $61.0M. The board approved a $0.30 quarterly dividend payable June 30, 2026. Liquidity included $67.2M cash and $494.9M revolver availability; total indebtedness was $2.6B.

Positive

• Revenue +10.0% YoY to $429.6 million
• Adjusted OIBDA +56.4% YoY to $100.4 million
• AFFO +125.1% YoY to $61.0 million

Negative

• Total indebtedness of $2.6 billion
• Diluted shares increased to 177.1 million (+6.4% YoY)

Key Figures

Q1 2026 revenue: $429.6M Q1 2026 operating income: $55.9M Q1 2026 net income: $19.1M +5 more

8 metrics

Q1 2026 revenue $429.6M Three months ended March 31, 2026 vs $390.7M in 2025

Q1 2026 operating income $55.9M Three months ended March 31, 2026 vs $13.9M in 2025

Q1 2026 net income $19.1M Attributable to OUTFRONT vs $20.6M net loss in Q1 2025

Q1 2026 Adjusted OIBDA $100.4M Three months ended March 31, 2026 vs $64.2M in 2025

Q1 2026 AFFO $61.0M AFFO attributable to OUTFRONT vs $27.1M in Q1 2025

Dividend per share $0.30 Quarterly dividend payable June 30, 2026

Net cash from operations $75.3M Three months ended March 31, 2026 vs $33.6M in 2025

Total indebtedness $2.6B Debt as of March 31, 2026, excluding $14.8M deferred costs

Market Reality Check

Price: $31.75 Vol: Volume 1,245,740 is 1.13x...

normal vol

$31.75 Last Close

Volume Volume 1,245,740 is 1.13x the 20-day average of 1,104,491, indicating moderately elevated trading ahead of/into the print. normal

Technical Shares at $31.75 trade above the 200-day MA of $22.90, sit 1.47% below the 52-week high of $32.225 and 119.72% above the 52-week low of $14.45.

Peers on Argus

OUT gained 2.12% with modestly elevated volume, while several REIT peers also ro...

OUT gained 2.12% with modestly elevated volume, while several REIT peers also rose: PCH +1.29%, EPR +0.66%, RYN +1.44%, LAMR +1.63%, and UNIT -1.99%. With no peers in the momentum scanner and mixed moves, trading appears more stock-specific than a broad sector rotation.

Common Catalyst LAMR, a close out-of-home peer, also reported earnings today, suggesting an earnings-driven theme within the niche rather than a full REIT-wide move.

Previous Earnings Reports

5 past events · Latest: Feb 25 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Q4/FY 2025 earnings	Positive	+6.2%	Q4 2025 revenue, earnings and cash flow strength with maintained dividend.
Nov 06	Q3 2025 earnings	Positive	+14.4%	Q3 2025 revenue growth, positive net income and solid Adjusted OIBDA.
Aug 05	Q2 2025 earnings	Negative	-3.4%	Q2 2025 revenue decline and sharply lower net income versus prior year.
May 08	Q1 2025 earnings	Negative	-2.5%	Q1 2025 revenue decline and net loss despite maintained dividend.
Feb 25	Q4 2024 earnings	Positive	+0.6%	Q4 2024 net income, strong Adjusted OIBDA and AFFO with dividend.

Pattern Detected

Earnings releases have consistently moved in the same direction as the fundamental tone, with all recent earnings events showing price moves aligned to the news and an average move of 3.06%.

Recent Company History

Over the last five earnings cycles, OUTFRONT has repeatedly highlighted billboard and transit performance, steady dividends of $0.30 per share, and stable total indebtedness around $2.6B. Quarterly revenues have ranged from $390.7M to $513.3M, with Adjusted OIBDA between $124.1M and $173.8M. Historically, the stock’s reaction has aligned with these updates, including a 6.18% move on Q4 2025 results and a 14.42% move on Q3 2025 results, framing today’s Q1 2026 beat within a pattern of earnings-sensitive trading.

Historical Comparison

+3.1% avg move · Across the last five earnings releases, OUT moved an average of 3.06% on results. Today’s Q1 2026 be...

earnings

+3.1%

Average Historical Move earnings

Across the last five earnings releases, OUT moved an average of 3.06% on results. Today’s Q1 2026 beat and 2.12% pre-news gain sit within this historically earnings-sensitive, but not extreme, reaction range.

Recent earnings show a progression from softer 2025 quarters, such as Q1 and Q2 with revenue declines and lower net income, to stronger late-2025 and early-2026 results. Q4 2025 delivered higher revenues and Adjusted OIBDA, and Q1 2026 now reports revenue growth versus Q1 2025, improved operating income, and a swing from net loss to net income, suggesting improving profitability across consecutive reporting periods.

Market Pulse Summary

This announcement delivers Q1 2026 revenue of $429.6M, a swing to net income of $19.1M, Adjusted OIB...

Analysis

This announcement delivers Q1 2026 revenue of $429.6M, a swing to net income of $19.1M, Adjusted OIBDA of $100.4M, and AFFO of $61.0M, alongside a maintained $0.30 dividend. Cash from operations rose to $75.3M, while total indebtedness remained at $2.6B. Historically, earnings releases with similar improvements moved the stock by an average of 3.06%. Key metrics to watch include segment revenue trends, cash generation, and leverage levels.

Key Terms

adjusted oibda, affo, funds from operations (ffo), at-the-market equity offering program, +4 more

8 terms

adjusted oibda financial

"Adjusted OIBDA of $100.4 millionAFFO attributable to OUTFRONT Media..."

Adjusted OIBDA is a company’s core operating profit before subtracting depreciation and amortization, further cleaned up by removing one-time or unusual items so it shows recurring cash-earning power. Think of it like measuring a car’s steady fuel efficiency after ignoring a flat tire or a rare detour—investors use it to compare underlying operational performance across periods and companies without distortion from non-recurring events or accounting timing.

affo financial

"AFFO attributable to OUTFRONT Media Inc. of $61.0 millionQuarterly..."

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

funds from operations (ffo) financial

"Funds From Operations (FFO) 1 | | 63.5 | | 26.5"

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

at-the-market equity offering program financial

"no shares of our common stock were sold under our at-the-market equity offering program..."

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

rule 10b5-1 trading plan regulatory

"The transaction was executed under a pre-arranged Rule 10b5-1 trading plan."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

schedule 13g regulatory

"[SCHEDULE 13G] OUTFRONT Media Inc. Passive Investment Disclosure (>5%)"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

schedule 13g/a regulatory

"The Vanguard Group filed Amendment No. 12 to a Schedule 13G/A reporting 0 shares..."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

form 144 regulatory

"OUT submitted a Form 144 reporting intended resale of Common Stock acquired as compensation..."

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

AI-generated analysis. Not financial advice.

Revenues of $429.6 million

Operating income of $55.9 million

 Net income attributable to OUTFRONT Media Inc. of $19.1 million

Adjusted OIBDA of $100.4 million

AFFO attributable to OUTFRONT Media Inc. of $61.0 million

Quarterly dividend of $0.30 per share, payable June 30, 2026

NEW 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		2025
Revenues		$429.6		$390.7
Operating income		55.9		13.9
Adjusted OIBDA		100.4		64.2
Net 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		26.5
Adjusted FFO (AFFO)1		61.0		27.1
Shares outstanding3		177.1		166.4

Notes: 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 Results

Consolidated 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 Results

Billboard
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		Media
Stephan Bisson		Courtney Richards
Investor Relations		Events & Communications
(212) 297-6573		(646) 876-9404
stephan.bisson@outfront.com		courtney.richards@outfront.com

Non-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.

EXHIBITS

Exhibit 1:  CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) See Notes on Page 14
		Three Months Ended
		March 31,
(in millions, except per share amounts)		2026		2025
Revenues		$         429.6		$         390.7
Expenses:
Operating		227.5		221.3
Selling, general and administrative		107.3		114.7
Net loss on dispositions		1.0		0.1
Depreciation		20.7		23.6
Amortization		17.2		17.1
Total expenses		373.7		376.8
Operating income		55.9		13.9
Interest 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)		1.9
Net 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		166.4
Diluted		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, 2025
Assets:
Current assets:
Cash and cash equivalents		$           67.2		$           99.9
Receivables, less allowance ($25.0 in 2026 and $23.2 in 2025)		294.3		365.7
Prepaid lease and franchise costs		2.6		5.1
Prepaid MTA equipment deployment costs		0.2		—
Other prepaid expenses		25.6		21.9
Other current assets		11.6		11.1
Total current assets		401.5		503.7
Property and equipment, net		644.3		643.8
Goodwill		2,006.4		2,006.4
Intangible assets		603.6		612.0
Operating lease assets		1,553.8		1,521.5
Other assets		28.5		24.2
Total assets		$        5,238.1		$        5,311.6
Liabilities:
Current liabilities:
Accounts payable		$           33.3		$           50.2
Accrued compensation		42.4		72.3
Accrued interest		23.4		35.1
Accrued lease and franchise costs		62.7		72.2
Other accrued expenses		63.2		55.5
Deferred revenues		60.1		57.7
Short-term operating lease liabilities		179.5		172.9
Other current liabilities		27.6		29.4
Total current liabilities		492.2		545.3
Long-term debt, net		2,584.5		2,583.4
Asset retirement obligation		34.1		34.0
Operating lease liabilities		1,398.9		1,374.7
Other liabilities		39.2		40.3
Total liabilities		4,548.9		4,577.7
Commitments and contingencies
Redeemable noncontrolling interests		25.8		22.0
Stockholders' 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		1.8
Additional paid-in capital		2,604.6		2,619.3
Distribution in excess of earnings		(1,944.6)		(1,910.8)
Accumulated other comprehensive loss		0.1		0.1
Total stockholders' equity		661.9		710.4
Noncontrolling interests		1.5		1.5
Total 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		2025
Operating 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		40.7
Stock-based compensation		5.6		9.5
Provision for doubtful accounts		2.2		1.5
Accretion expense		0.7		0.7
Net loss on dispositions		1.0		0.1
Equity in earnings of investee companies, net of tax		0.2		(1.9)
Distributions from investee companies		0.3		0.3
Amortization of deferred financing costs and debt discount and premium		1.4		1.5
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables		69.2		45.3
Increase in prepaid MTA equipment deployment costs		(0.2)		—
(Increase) decrease in prepaid expenses and other current assets		(3.5)		0.8
Decrease in accounts payable and accrued expenses		(57.1)		(67.8)
Increase in operating lease assets and liabilities		0.5		2.1
Increase in deferred revenues		2.4		16.7
Increase (decrease) in income taxes		—		0.5
Other, net		(4.6)		4.3
Net 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		—		0.7
Investment in investee companies		(4.0)		—
Return of investments in investee companies		—		1.5
Net cash flow used for investing activities		(38.0)		(24.7)
Financing activities:
Proceeds from borrowings under short-term debt facilities		—		50.0
Repayments 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		2025
Net decrease in cash and cash equivalents		(32.7)		(16.4)
Cash and cash equivalents at beginning of period		99.9		46.9
Cash 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		13.4
Accrued MTA franchise rights		1.9		1.6
Taxes 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		Consolidated
Revenues		$        332.9		$        95.0		$          1.7		$             —		$       429.6
Operating income (loss)		$         82.5		$         (6.4)		$          0.2		$          (20.4)		$         55.9
Net loss on dispositions		0.9		0.1		—		—		1.0
Depreciation		18.1		2.6		—		—		20.7
Amortization		14.9		2.3		—		—		17.2
Stock-based compensation		—		—		—		5.6		5.6
Adjusted 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		Consolidated
Revenues		$        310.7		$        77.7		$          2.3		$             —		$       390.7
Operating income (loss)		$         61.0		$       (17.0)		$          0.5		$          (30.6)		$         13.9
Net (gain) loss on dispositions		0.7		(0.6)		—		—		0.1
Depreciation		21.6		2.0		—		—		23.6
Amortization		15.7		1.4		—		—		17.1
Stock-based compensation		—		—		—		9.5		9.5
Adjusted 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		2025
Net income (loss) attributable to OUTFRONT Media Inc.		$           19.1		$         (20.6)
Depreciation of billboard advertising structures		16.2		18.8
Amortization of real estate-related intangible assets		14.3		15.1
Amortization of direct lease acquisition costs		13.0		13.2
Net loss on disposition of real estate assets		1.0		0.1
Adjustment related to redeemable and non-redeemable noncontrolling interests		(0.1)		(0.1)
FFO attributable to OUTFRONT Media Inc.		$           63.5		$           26.5
Non-cash portion of income taxes		—		0.5
Cash paid for direct lease acquisition costs		(13.0)		(13.2)
Maintenance capital expenditures		(7.0)		(6.3)
Other depreciation		4.5		4.8
Other amortization		2.9		2.0
Stock-based compensation		5.6		9.5
Non-cash effect of straight-line rent		2.4		1.1
Accretion expense		0.7		0.7
Amortization of deferred financing costs		1.4		1.5
AFFO 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		2025
Adjusted OIBDA		$         100.4		$           64.2
Interest 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)		1.9
Non-cash effect of straight-line rent		2.4		1.1
Accretion expense		0.7		0.7
Adjustment 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		Change
Operating expenses:
Billboard property lease		$         111.3		$         109.2		1.9 %
Transit franchise		59.7		58.0		2.9
Posting, maintenance and other		56.5		54.1		4.4
Total 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		Change
Billboard:
Billboard property lease		$         111.3		$         109.2		1.9 %
Billboard posting, maintenance and other		37.1		35.7		3.9
Billboard operating expenses		$         148.4		$         144.9		2.4
Billboard SG&A expenses		$           68.1		$           66.8		1.9
Transit:
Transit franchise		$           59.7		$           58.0		2.9
Transit posting, maintenance and other		17.9		16.6		7.8
Transit operating expenses		$           77.6		$           74.6		4.0
Transit SG&A expenses		$           18.8		$           17.3		8.7

NOTES TO EXHIBITS

PRIOR 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.

 

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SOURCE OUTFRONT Media Inc.

FAQ

What were OUTFRONT Media (OUT) Q1 2026 revenues and net income?

OUTFRONT reported $429.6 million in revenue and $19.1 million net income. According to the company, revenue rose 10.0% year-over-year driven by billboard and transit performance.

How did OUTFRONT's Adjusted OIBDA and AFFO perform in Q1 2026 for OUT?

Adjusted OIBDA was $100.4 million and AFFO was $61.0 million. According to the company, Adjusted OIBDA rose 56.4% and AFFO rose 125.1% year-over-year.

What dividend did OUTFRONT (OUT) declare for Q2 2026 and when is it payable?

The board approved a $0.30 per share quarterly dividend payable June 30, 2026. According to the company, the record date is June 5, 2026.

What is OUTFRONT Media's (OUT) liquidity and debt position as of March 31, 2026?

OUTFRONT had $67.2 million unrestricted cash and $494.9 million revolver availability; total indebtedness was $2.6 billion. According to the company, $150.0 million additional AR securitization availability existed.

How did OUTFRONT's billboard and transit segments contribute to Q1 2026 results (OUT)?

Billboard revenue was $332.9 million and transit revenue was $95.0 million. According to the company, both segments contributed to higher yield and overall revenue growth.