OUTFRONT Media Reports Third Quarter 2026 Results

Transit revenue grew 20.4%, while higher expenses and limited expected recovery of MTA deployment costs tempered the results.

Rhea-AI Summary

OUTFRONT Media (NYSE: OUT) reported third-quarter 2026 revenue of $511.1 million, up from the same period a year earlier. Revenue rose 9.3%, while operating income increased to $102.8 million from $89.9 million. Net income attributable to OUTFRONT reached $64.8 million, or $0.36 per diluted share, versus $51.3 million, or $0.29. Adjusted OIBDA, an adjusted operating earnings measure, rose 5.9% to $145.3 million.

Billboard revenue increased 5.9%, and transit revenue grew 20.4%. OUTFRONT expects double-digit revenue growth for 2026. Nine-month operating cash flow increased 64.4% to $311.6 million. Quarterly operating expenses rose 5.3%, and selling, general and administrative expenses increased 23.1%. Debt totaled $2.5 billion at September 30. The company expects to recover only some MTA equipment deployment costs incurred before December 31, 2025, and none of its current-period or future deployment costs.

17 points · 0 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 9.3% to $511.1 million; nine-month revenue reached $1,463.2 million versus $1,318.4 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 revenue growth is expected to be double-digit, according to OUTFRONT.
• Moderate pointThird-quarter operating income reached $102.8 million versus $89.9 million; nine-month income reached $274.8 million versus $160.0 million.
• Moderate pointThird-quarter attributable net income rose 26.3% to $64.8 million; nine-month income reached $161.4 million versus $50.2 million.
• Moderate pointThird-quarter adjusted OIBDA rose 5.9% to $145.3 million; nine-month adjusted OIBDA reached $406.0 million versus $325.5 million.
• Moderate pointThird-quarter funds from operations rose 5.9% to $105.6 million; nine-month funds reached $292.6 million versus $196.6 million.
• Moderate pointThird-quarter adjusted funds from operations rose 5.0% to $102.9 million; nine-month funds reached $284.7 million versus $208.2 million.
• Moderate pointNine-month operating cash flow rose 64.4% to $311.6 million, compared with $189.5 million a year earlier.

9 minor points

• Minor pointDiluted earnings per share reached $0.36 versus $0.29; nine-month earnings reached $0.91 versus $0.26.
• Minor pointBillboard revenue rose 5.9% to $373.7 million, reflecting higher revenue per display and FIFA World Cup advertising.
• Minor pointTransit revenue rose 20.4% to $135.3 million, primarily from higher revenue per display and FIFA World Cup advertising.
• Minor pointTransit adjusted OIBDA rose 84.1% to $28.9 million from the same prior-year quarter.
• Minor pointBillboard adjusted OIBDA increased 0.1% to $139.5 million from the same prior-year quarter.
• Minor pointNine-month capital expenditures decreased 5.2% to $60.7 million, including reduced spending on office remodels and displays.
• Minor pointSeptember 30 liquidity included $74.1 million unrestricted cash, $494.9 million revolving-credit availability and $50.0 million additional securitization availability.
• Minor pointNet interest expense decreased to $36.9 million from $37.0 million in the prior-year quarter.
• Minor pointOther-segment operating expenses decreased 10.5%, or $0.2 million, primarily reflecting lower third-party digital equipment sales.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.MTA deployment-cost recovery remains limited: OUTFRONT expects partial recovery of pre-December 31, 2025 costs, but none of current-period or future costs.
• Moderate pointTotal indebtedness was $2.5 billion at September 30, 2026, excluding $18.9 million of deferred financing costs.
• Moderate pointThird-quarter operating expenses rose 5.3% to $242.9 million, including higher lease costs and MTA minimum payments.
• Moderate pointThird-quarter selling, general and administrative expenses rose 23.1% to $129.5 million, including higher compensation, professional fees and bad-debt allowances.
• Minor pointQuarterly corporate expenses rose 29.1% to $23.5 million, excluding restructuring, non-real-estate disposition losses and stock-based compensation.

4 minor points

• Minor pointWeighted average debt cost increased to 5.5% at September 30, 2026, from 5.4% a year earlier.
• Minor pointOther-segment revenue decreased 8.7%, or $0.2 million, primarily reflecting lower third-party digital equipment sales.
• Minor pointDiluted weighted average shares increased to 177.6 million from 176.3 million in the prior-year quarter.
• Minor pointThird-quarter income-tax provision increased $0.1 million from the same prior-year period.

News Explained

No shares were sold through the ATM in the third quarter, but $232.5 million remains available for possible future issuance.

In its third-quarter results release, OUTFRONT Media declared a quarterly cash dividend of $0.33 per common share, payable December 31, 2026 to holders of record on December 4, 2026; the declaration sets a cash payment for eligible holders, though it has not yet been paid.

An at-the-market program lets an issuer sell new shares gradually at prevailing prices; OUTFRONT reported no sales through its program during the third quarter, with $232.5 million still available. If used for new-share sales, that availability could increase the share count and reduce existing holders’ percentage ownership, absent offsetting changes.

At September 30, 2026, reported liquidity included $74.1 million of unrestricted cash, $494.9 million available under the revolving credit facility, and an additional $50.0 million available under the accounts receivable securitization facility.

Key Figures

Revenue: $511.1 million Adjusted OIBDA: $145.3 million Net income attributable to OUTFRONT Media Inc.: $64.8 million +4 more

Revenue

$511.1 million

Q3 2026; up 9.3% year over year

Adjusted OIBDA

$145.3 million

Q3 2026; up 5.9% year over year

Net income attributable to OUTFRONT Media Inc.

$64.8 million

Q3 2026; up 26.3% year over year

Diluted earnings per share

$0.36

Q3 2026; compared with $0.29 in Q3 2025

AFFO attributable to OUTFRONT Media Inc.

$102.9 million

Q3 2026; up 5.0% year over year

Quarterly dividend

$0.33 per share

Payable December 31, 2026

2026 revenue outlook

Double-digit revenue growth

Company expectation for full-year 2026

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Quarterly earnings

   24h Move

   -2.7%

   Reported Q2 revenue and Adjusted OIBDA growth, with AFFO also higher year over year.

2. May 07

   Quarterly earnings

   24h Move

   +3.3%

   Reported Q1 revenue, operating income, net income, Adjusted OIBDA, and AFFO results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market equity offering program, ffo, gaap, non-gaap financial measures, +1 more

5 terms

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.

ffo financial

"We calculate FFO in accordance with the definition established by the National Association"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

gaap financial

"results prepared in accordance with generally accepted accounting principles in the United States"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial measures financial

"include non-GAAP financial measures as described below"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

revolving credit facility financial

"$494.9 million of availability under our $500.0 million revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

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Revenues of $511.1 million

Operating income of $102.8 million

 Net income attributable to OUTFRONT Media Inc. of $64.8 million

Adjusted OIBDA of $145.3 million

AFFO attributable to OUTFRONT Media Inc. of $102.9 million

Quarterly dividend of $0.33 per share, payable December 31, 2026

NEW YORK, Nov. 5, 2026 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended September 30, 2026.

"Our third quarter revenues grew over 9% given broad strength across all aspects of our business, and resulted in healthy Adjusted OIBDA and AFFO growth," said Nick Brien, Chief Executive Officer of OUTFRONT Media. "We currently expect 2026 will be a double-digit revenue growth year, reflecting our focused execution and IRL's re-emergence as an integral part of advertisers' marketing campaigns."

		Three Months Ended September 30,				Nine Months Ended September 30,
$ in Millions, except per share amounts		2026		2025		2026		2025
Revenues		$511.1		$467.5		$1,463.2		$1,318.4
Operating income		102.8		89.9		274.8		160.0
Adjusted OIBDA		145.3		137.2		406.0		325.5
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests		65.1		51.4		162.1		50.2
Net income (loss)1		64.8		51.3		161.4		50.2
Net income (loss) per share1,2,3		$0.36		$0.29		$0.91		$0.26
Funds From Operations (FFO)1		105.6		99.7		292.6		196.6
Adjusted FFO (AFFO)1		102.9		98.0		284.7		208.2
Shares outstanding3		177.6		176.3		177.4		168.1

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.

Third Quarter 2026 Results

Consolidated Results
Reported revenues of $511.1 million increased $43.6 million, or 9.3%, for the third quarter of 2026 as compared to the same prior-year period.

Total operating expenses of $242.9 million increased $12.2 million, or 5.3%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher variable transit franchise expenses driven by higher Transit revenues outside of New York and higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA") due to inflation and higher site-related costs, partially offset by lower production expenses.

Selling, General and Administrative expenses ("SG&A") of $129.5 million increased $24.3 million, or 23.1%, compared to the same prior-year period, due primarily to higher compensation-related expenses, higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher client entertainment expenses, partially offset by the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

Adjusted OIBDA of $145.3 million increased $8.1 million, or 5.9%, compared to the same prior-year period.

Segment Results

Billboard
Reported billboard segment revenues of $373.7 million increased $20.9 million, or 5.9%, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, and revenues related to the 2026 Federation Internationale de Football Association ("FIFA") World Cup.

Operating expenses increased $7.3 million, or 4.9%, due primarily to higher variable billboard property lease expenses, higher site-related costs and higher compensation-related expenses, partially offset by lower production expenses.

SG&A expenses increased $13.4 million, or 21.0%, primarily driven by higher professional fees, including software and technology expenses, higher compensation-related expenses, and a higher allowance for bad debt.

Adjusted OIBDA of $139.5 million increased $0.2 million, or 0.1%, compared to the same prior-year period.

Transit
Reported transit segment revenues of $135.3 million increased $22.9 million, or 20.4%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts.

Operating expenses increased $5.1 million, or 6.5%, due primarily to higher variable transit franchise expenses driven by higher Transit revenues outside of New York, higher guaranteed minimum annual payments to the MTA due to inflation and higher display production costs.

SG&A expenses increased $4.6 million, or 26.0%, due primarily to higher professional fees, including software and technology expenses, higher compensation-related expenses, including commissions, a higher allowance for bad debt, and higher credit card usage by customers.

Adjusted OIBDA of $28.9 million increased $13.2 million, or 84.1%, compared to the same prior-year period.

Other
Reported revenues decreased $0.2 million, or 8.7%, operating expenses decreased $0.2 million, or 10.5%, and Adjusted OIBDA was flat, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.

Corporate
Corporate expenses, excluding restructuring charges, a net loss on disposition of non-real estate assets and stock-based compensation, increased $5.3 million, or 29.1%, compared to the same prior-year period to $23.5 million, due primarily to higher compensation-related expenses and professional fees, partially offset by 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 third quarter of 2026 was $36.9 million, including amortization of deferred financing costs of $1.3 million, as compared to $37.0 million, including amortization of deferred financing costs of $1.4 million, in the same prior-year period. The weighted average cost of debt was 5.5% as of September 30, 2026 and 5.4% as of September 30, 2025.

Income Taxes
The provision for income taxes increased $0.1 million in the third quarter of 2026 compared to the same prior-year period. Cash paid for income taxes in the nine months ended September 30, 2026 was $3.7 million.

Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. increased $13.5 million, or 26.3%, in the third quarter of 2026 compared to the same prior-year period. Diluted weighted average shares outstanding were 177.6 million for the third quarter of 2026 compared to 176.3 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.36 in the third quarter of 2026 compared to $0.29 in the same prior-year period.

FFO
FFO attributable to OUTFRONT Media Inc. was $105.6 million in the third quarter of 2026, an increase of $5.9 million, or 5.9%, 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 $102.9 million in the third quarter of 2026, an increase of $4.9 million, or 5.0%, from the same prior-year period, due primarily to higher Adjusted OIBDA.

Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $311.6 million for the nine months ended September 30, 2026, increased $122.1 million, or 64.4%, compared to $189.5 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, and 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 decreased $3.3 million, or 5.2%, to $60.7 million for the nine months ended September 30, 2026, compared to the same prior-year period, due primarily to decreased spending on office remodels, digital displays and billboard display upgrades, partially offset by the timing of payments.

Dividends
In the nine months ended September 30, 2026, we paid cash dividends of $164.4 million on our common stock and vested restricted share units granted to employees. We announced on November 5, 2026, that our board of directors has declared a quarterly cash dividend on our common stock of $0.33 per share payable on December 31, 2026, to stockholders of record at the close of business on December 4, 2026.

Balance Sheet and Liquidity
As of September 30, 2026, our liquidity position included unrestricted cash of $74.1 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 $50.0 million of additional availability under our accounts receivable securitization facility. During the three months ended September 30, 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 September 30, 2026 was $2.5 billion, excluding $18.9 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes, $1.5 billion of senior unsecured notes and $100.0 million of borrowings under our accounts receivable securitization facility.

MTA Agreement
Based on the recent performance of our MTA assets, the Company currently expects to recoup some, but not all, MTA equipment deployment costs incurred prior to December 31, 2025, and does not currently expect to recoup current period or future MTA equipment deployment costs, even in periods when revenues under our current agreement with the MTA (as amended, the "MTA Agreement") exceed the minimum annual guarantee threshold. Under the Company's current accounting treatment, revenues above the minimum annual guarantee threshold are deemed to first recoup the earliest unrecovered equipment deployment costs under a first-dollar convention. Because the Company does not currently expect to recoup all deployment costs incurred over the life of the MTA Agreement, expected recoupment is attributed to the earliest unrecovered investments first. As a result, current period and future MTA equipment deployment costs will continue to be recorded as intangible assets rather than prepaid MTA equipment deployment costs, consistent with the Company's treatment of such costs since 2023. For additional information, please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which the Company expects to file tomorrow.

Conference Call
We will host a conference call to discuss the results on November 5, 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 917722986.  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 award-winning in-house creative agency, OUTFRONT STUDIOS, delivers standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:
Investors		Media
Stephan Bisson		Caitlin Kelly
Investor Relations		Vice President, Communications
(212) 297-6573		(843) 817-0330
stephan.bisson@outfront.com		press@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, restructuring charges 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 highlights 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 restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, a net loss on disposition of 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 highlights 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 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				Nine Months Ended
		September 30,				September 30,
(in millions, except per share amounts)		2026		2025		2026		2025
Revenues		$         511.1		$         467.5		$       1,463.2		$       1,318.4
Expenses:
Operating		242.9		230.7		716.5		683.5
Selling, general and administrative		129.5		105.2		359.8		330.5
Restructuring charges		—		0.3		—		20.1
Net (gain) loss on dispositions		(1.9)		1.4		(0.6)		2.6
Depreciation		20.0		22.4		60.7		69.6
Amortization		17.8		17.6		52.0		52.1
Total expenses		408.3		377.6		1,188.4		1,158.4
Operating income		102.8		89.9		274.8		160.0
Interest expense, net		(36.9)		(37.0)		(109.1)		(109.5)
Loss on extinguishment of debt		—		(0.6)		(1.4)		(0.6)
Income before provision for income taxes and equity in earnings of investee companies		65.9		52.3		164.3		49.9
Provision for income taxes		(1.3)		(1.2)		(2.6)		(1.9)
Equity in earnings of investee companies, net of tax		0.5		0.3		0.4		2.2
Net income before allocation to redeemable and non- redeemable noncontrolling interests		65.1		51.4		162.1		50.2
Net income attributable to redeemable and non- redeemable noncontrolling interests		0.3		0.1		0.7		—
Net income attributable to OUTFRONT Media Inc.		$          64.8		$          51.3		$         161.4		$          50.2
Net income per common share:
Basic		$          0.37		$          0.29		$          0.92		$          0.26
Diluted		$          0.36		$          0.29		$          0.91		$          0.26
Weighted average shares outstanding:
Basic		176.1		167.2		175.9		166.9
Diluted		177.6		176.3		177.4		168.1

 

Exhibit 2:  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) See Notes on Page 14
		As of
(in millions)		September 30, 2026		December 31, 2025
Assets:
Current assets:
Cash and cash equivalents		$           74.1		$           99.9
Receivables, less allowance ($28.6 in 2026 and $23.2 in 2025)		346.0		365.7
Prepaid lease and franchise costs		2.4		5.1
Other prepaid expenses		24.7		21.9
Other current assets		8.9		11.1
Total current assets		456.1		503.7
Property and equipment, net		639.5		643.8
Goodwill		2,006.4		2,006.4
Intangible assets		591.2		612.0
Operating lease assets		1,584.0		1,521.5
Other assets		32.5		24.2
Total assets		$       5,309.7		$       5,311.6
Liabilities:
Current liabilities:
Accounts payable		$           38.3		$           50.2
Accrued compensation		62.6		78.3
Accrued interest		28.4		35.1
Accrued lease and franchise costs		78.0		72.2
Other accrued expenses		75.1		57.0
Deferred revenues		47.3		57.7
Short-term debt		100.0		—
Short-term operating lease liabilities		179.2		172.9
Other current liabilities		22.9		21.9
Total current liabilities		631.8		545.3
Long-term debt, net		2,430.4		2,583.4
Asset retirement obligation		33.1		34.0
Operating lease liabilities		1,439.1		1,374.7
Other liabilities		41.5		40.3
Total liabilities		4,575.9		4,577.7
Commitments and contingencies
Redeemable noncontrolling interests		26.8		22.0
Stockholders' equity:
Common stock (2026 - 450.0 shares authorized, and 176.2 shares issued and outstanding; 2025 - 450.0 shares authorized, and 175.2 issued and outstanding)		1.8		1.8
Additional paid-in capital		2,617.3		2,619.3
Distribution in excess of earnings		(1,913.6)		(1,910.8)
Accumulated other comprehensive loss		0.1		0.1
Total stockholders' equity		705.6		710.4
Noncontrolling interests		1.4		1.5
Total liabilities and equity		$       5,309.7		$       5,311.6

 

Exhibit 3:  CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) See Notes on Page 14
		Nine Months Ended
		September 30,
(in millions)		2026		2025
Operating activities:
Net income attributable to OUTFRONT Media Inc.		$        161.4		$          50.2
Adjustments to reconcile net income to net cash flow provided by operating activities:
Net income attributable to redeemable and non-redeemable noncontrolling interests		0.7		—
Depreciation and amortization		112.7		121.7
Stock-based compensation		19.1		23.3
Provision for doubtful accounts		8.7		4.0
Accretion expense		2.2		2.1
Net (gain) loss on dispositions		(0.6)		2.6
Loss on extinguishment of debt		1.4		0.6
Equity in earnings of investee companies, net of tax		(0.4)		(2.2)
Distributions from investee companies		0.5		0.4
Amortization of deferred financing costs and debt discount and premium		4.0		4.4
Change in assets and liabilities, net of investing and financing activities:
(Increase) decrease in receivables		11.0		(5.0)
Increase in prepaid expenses and other current assets		(1.3)		(3.4)
Decrease in accounts payable and accrued expenses		(5.5)		(10.1)
Increase in operating lease assets and liabilities		10.7		11.7
Decrease in deferred revenues		(10.4)		(0.4)
Decrease in income taxes		(1.1)		(0.1)
Other, net		(1.5)		(10.3)
Net cash flow provided by operating activities		311.6		189.5
Investing activities:
Capital expenditures		(60.7)		(64.0)
Acquisitions		(21.8)		(10.4)
MTA franchise rights		(13.3)		(15.5)
Net proceeds from dispositions		7.4		1.1
Investment in investee companies		(8.0)		—
Return of investments in investee companies		—		1.5
Net cash flow used for investing activities		(96.4)		(87.3)
Financing activities:
Proceeds from long-term debt borrowings		500.0		499.4
Repayments of long-term debt borrowings		(650.0)		(400.0)
Proceeds from borrowings under short-term debt facilities		100.0		90.0
Repayments of borrowings under short-term debt facilities		—		(100.0)
Payments of deferred financing costs		(7.4)		(4.6)
Taxes withheld for stock-based compensation		(19.2)		(13.2)
Dividends		(164.4)		(157.7)
Net cash flow used for financing activities		(241.0)		(86.1)

 

Exhibit 3:  CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited) See Notes on Page 14
		Nine Months Ended
		September 30,
(in millions)		2026		2025
Net increase (decrease) in cash and cash equivalents		(25.8)		16.1
Cash and cash equivalents at beginning of period		99.9		46.9
Cash and cash equivalents at end of period		$          74.1		$          63.0
Supplemental disclosure of cash flow information:
Cash paid for income taxes		$           3.7		$           2.0
Cash paid for interest		113.6		115.9
Non-cash investing and financing activities:
Accrued purchases of property and equipment		2.9		7.7
Accrued MTA franchise rights		2.0		1.8
Taxes withheld for stock-based compensation		0.5		3.3

 

Exhibit 4:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION  (Unaudited) See Notes on Page 14
		Three Months Ended September 30, 2026
(in millions, except percentages)		Billboard		Transit		Other		Corporate		Consolidated
Revenues		$       373.7		$       135.3		$         2.1		$             —		$       511.1
Operating income (loss)		$       110.9		$        23.6		$         0.4		$          (32.1)		$       102.8
Net (gain) loss on dispositions		(3.9)		—		—		2.0		(1.9)
Depreciation		17.6		2.4		—		—		20.0
Amortization		14.9		2.9		—		—		17.8
Stock-based compensation		—		—		—		6.6		6.6
Adjusted OIBDA		$       139.5		$        28.9		$         0.4		$          (23.5)		$       145.3
Adjusted OIBDA margin		37.3 %		21.4 %		19.0 %		*		28.4 %
		Three Months Ended September 30, 2025
(in millions, except percentages)		Billboard		Transit		Other		Corporate		Consolidated
Revenues		$       352.8		$       112.4		$         2.3		$             —		$       467.5
Operating income (loss)		$       103.0		$        10.3		$         0.4		$          (23.8)		$        89.9
Restructuring charges		0.2		0.1		—		—		0.3
Net loss on dispositions		—		1.4		—		—		1.4
Depreciation		20.5		1.9		—		—		22.4
Amortization		15.6		2.0		—		—		17.6
Stock-based compensation		—		—		—		5.6		5.6
Adjusted OIBDA		$       139.3		$        15.7		$         0.4		$          (18.2)		$       137.2
Adjusted OIBDA margin		39.5 %		14.0 %		17.4 %		*		29.3 %
		Nine Months Ended September 30, 2026
(in millions, except percentages)		Billboard		Transit		Other		Corporate		Consolidated
Revenues		$     1,086.0		$       370.9		$         6.3		$             —		$     1,463.2
Operating income (loss)		$       308.6		$        45.8		$         1.1		$          (80.7)		$       274.8
Net (gain) loss on dispositions		(2.6)		—		—		2.0		(0.6)
Depreciation		53.3		7.4		—		—		60.7
Amortization		44.5		7.5		—		—		52.0
Stock-based compensation		—		—		—		19.1		19.1
Adjusted OIBDA		$       403.8		$        60.7		$         1.1		$          (59.6)		$       406.0
Adjusted OIBDA margin		37.2 %		16.4 %		17.5 %		*		27.7 %
		Nine Months Ended September 30, 2025
(in millions, except percentages)		Billboard		Transit		Other		Corporate		Consolidated
Revenues		$     1,014.8		$       296.4		$         7.2		$             —		$     1,318.4
Operating income (loss)		$       252.6		$        (7.6)		$         1.4		$          (86.4)		$       160.0
Restructuring charges		8.4		3.7		—		5.8		17.9
Net (gain) loss on dispositions		1.9		0.7		—		—		2.6
Depreciation		62.8		6.8		—		—		69.6
Amortization		47.0		5.1		—		—		52.1
Stock-based compensation		—		—		—		23.3		23.3
Adjusted OIBDA		$       372.7		$         8.7		$         1.4		$          (57.3)		$       325.5
Adjusted OIBDA margin		36.7 %		2.9 %		19.4 %		*		24.7 %

 

Exhibit 5:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES   (Unaudited) See Notes on Page 14
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in millions)		2026		2025		2026		2025
Net income attributable to OUTFRONT Media Inc.		$          64.8		$          51.3		$         161.4		$          50.2
Depreciation of billboard advertising structures		15.6		18.2		47.5		56.2
Amortization of real estate-related intangible assets		14.2		15.1		42.6		45.2
Amortization of direct lease acquisition costs		15.0		13.8		44.0		42.6
Net (gain) loss on disposition of real estate assets		(3.9)		1.4		(2.6)		2.6
Adjustment related to redeemable and non- redeemable noncontrolling interests		(0.1)		(0.1)		(0.3)		(0.2)
FFO attributable to OUTFRONT Media Inc.		$         105.6		$          99.7		$         292.6		$         196.6
Non-cash portion of income taxes		(0.2)		0.6		(1.1)		(0.1)
Amortization of direct lease acquisition costs		(15.0)		(13.8)		(44.0)		(42.6)
Maintenance capital expenditures		(7.3)		(6.1)		(19.9)		(19.4)
Restructuring charges(b)		—		0.3		—		20.1
Net loss on disposition of non-real estate assets		2.0		—		2.0		—
Other depreciation		4.4		4.2		13.2		13.4
Other amortization		3.6		2.5		9.4		6.9
Stock-based compensation		6.6		5.6		19.1		21.1
Non-cash effect of straight-line rent		1.3		2.5		5.9		6.0
Accretion expense		0.7		0.7		2.2		2.1
Amortization of deferred financing costs		1.3		1.4		4.0		4.4
Loss on extinguishment of debt		—		0.6		1.4		0.6
Adjustment related to redeemable and non- redeemable noncontrolling interests		(0.1)		(0.1)		(0.1)		(0.1)
Income tax effect of adjustments(c)		—		(0.1)		—		(0.8)
AFFO attributable to OUTFRONT Media Inc.(a)		$         102.9		$          98.0		$         284.7		$         208.2

 

Exhibit 6:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES   (Unaudited) See Notes on Page 14
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in millions)		2026		2025		2026		2025
Adjusted OIBDA		$         145.3		$         137.2		$         406.0		$         325.5
Interest expense, net, less amortization of deferred financing costs		(35.6)		(35.6)		(105.1)		(105.1)
Cash paid for income taxes		(1.5)		(0.6)		(3.7)		(2.0)
Maintenance capital expenditures		(7.3)		(6.1)		(19.9)		(19.4)
Equity in earnings of investee companies, net of tax		0.5		0.3		0.4		2.2
Non-cash effect of straight-line rent		1.3		2.5		5.9		6.0
Accretion expense		0.7		0.7		2.2		2.1
Adjustment related to redeemable and non- redeemable noncontrolling interests		(0.5)		(0.3)		(1.1)		(0.3)
Income tax effect of adjustments(c)		—		(0.1)		—		(0.8)
AFFO attributable to OUTFRONT Media Inc.(a)		$         102.9		$          98.0		$         284.7		$         208.2

 

Exhibit 7:  OPERATING EXPENSES (Unaudited) See Notes on Page 14
		Three Months Ended						Nine Months Ended
		September 30,				%		September 30,				%
(in millions, except percentages)		2026		2025		Change		2026		2025		Change
Operating expenses:
Billboard property lease		$         117.9		$         110.5		6.7 %		$         347.0		$         331.5		4.7 %
Transit franchise		64.8		60.1		7.8		190.9		180.9		5.5
Posting, maintenance and other		60.2		60.1		0.2		178.6		171.1		4.4
Total operating expenses		$         242.9		$         230.7		5.3		$         716.5		$         683.5		4.8

 

Exhibit 8:  EXPENSES BY SEGMENT (Unaudited) See Notes on Page 14
		Three Months Ended						Nine Months Ended
		September 30,				%		September 30,				%
(in millions, except percentages)		2026		2025		Change		2026		2025		Change
Billboard:
Billboard property lease		$         117.9		$         110.5		6.7 %		$         347.0		$         331.5		4.7 %
Billboard posting, maintenance and other		39.2		39.3		(0.3)		115.9		111.7		3.8
Billboard operating expenses		157.1		149.8		4.9		$         462.9		$         443.2		4.4
Billboard SG&A expenses		77.1		63.7		21.0		$         219.3		$         198.9		10.3
Transit:
Transit franchise		64.8		60.1		7.8		$         190.9		$         180.9		5.5
Transit posting, maintenance and other		19.3		18.9		2.1		57.6		53.7		7.3
Transit operating expenses		84.1		79.0		6.5		$         248.5		$         234.6		5.9
Transit SG&A expenses		22.3		17.7		26.0		$          61.7		$          53.1		16.2

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.
(b)	In the three months ended September 30, 2025, Restructuring charges associated with a restructuring and reduction in force plan (the "Plan") consisted of severance payments, employee benefits and related costs. In the nine months ended September 30, 2025, Restructuring charges associated with the Plan consisted 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.
(c)	Income tax effect related to Restructuring charges in 2025.
*     Calculation not meaningful.

 

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SOURCE OUTFRONT Media Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were OUTFRONT Media's third-quarter 2026 revenue and earnings?

OUTFRONT reported $511.1 million in revenue and $64.8 million in attributable net income, or $0.36 per diluted share. Revenue increased 9.3% and attributable net income increased 26.3% from the same prior-year quarter.

What revenue growth does OUTFRONT Media expect for 2026?

OUTFRONT expects double-digit revenue growth for 2026. Third-quarter revenue increased 9.3%, with billboard revenue rising 5.9% and transit revenue increasing 20.4% from the same prior-year period.

When will OUTFRONT Media pay its declared quarterly dividend?

OUTFRONT will pay its $0.33-per-share quarterly cash dividend on December 31, 2026, to common stockholders of record at the close of business on December 4, 2026.

How is OUTFRONT Media accounting for MTA equipment deployment costs?

Current-period and future MTA equipment deployment costs will continue to be recorded as intangible assets rather than prepaid deployment costs, consistent with treatment since 2023. Revenue above the minimum annual guarantee threshold is deemed to recover the earliest unrecovered deployment costs first.