OUTFRONT Media Reports Accelerating Momentum in 2025 as Transit Growth Lifts Earnings

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OUTFRONT Media Inc. (NYSE: OUT) reported stronger fourth-quarter results for 2025, closing the year with accelerating revenue growth and improved profitability, driven largely by gains in its transit advertising business.

Chief Executive Officer Nick Brien said the company exited 2025 with “significant momentum,” highlighting full-year AFFO growth above guidance and expressing confidence heading into 2026.



Three Months Ended
December 31,


Twelve Months Ended
December 31,

$ in Millions, except per share amounts


2025


2024


2025


2024

Revenues


$513.3


$493.2


$1,831.7


$1,830.9

Organic revenues


513.3


493.2


1,831.7


1,796.0

Operating income


133.5


111.1


293.5


425.5

Adjusted OIBDA


173.8


155.2


499.3


464.8

Net income before allocation to redeemable and
   non-redeemable noncontrolling interests


96.8


74.0


147.0


258.7

Net income1


96.8


74.0


147.0


258.2

Net income per share1,2,3


$0.55


$0.43


$0.82


$1.51

Funds From Operations (FFO)1


136.9


114.8


333.5


303.6

Adjusted FFO (AFFO)1


129.5


119.6


337.7


306.0

Shares outstanding3


177.0


171.8


169.2


170.8

Notes: 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.

For the fourth quarter ended December 31, 2025, consolidated revenue rose 4.1 percent to $513.3 million. Total operating expenses declined 1.0 percent to $235.0 million, reflecting lower variable property lease and production costs, partly offset by higher transit franchise payments, including increased guaranteed minimum payments to the New York Metropolitan Transportation Authority (MTA). Adjusted OIBDA climbed 12.0 percent to $173.8 million.

The billboard segment generated revenue of $376.6 million, up 0.5 percent year on year. Growth was supported by higher average revenue per display, particularly from digital billboards benefiting from programmatic and direct sales platforms. However, lost billboards weighed on performance. Adjusted OIBDA in the segment rose 3.4 percent to $156.2 million.

Transit was the standout performer. Revenue increased 15.7 percent to $134.8 million in the quarter, driven by improved yield. Adjusted OIBDA surged 56.4 percent to $34.4 million, underscoring a rebound in transit advertising demand despite higher franchise costs.

For the full year, consolidated revenue reached $1.83 billion, essentially flat year on year. Adjusted OIBDA increased 7.4 percent to $499.3 million. Billboard revenue declined 1.3 percent to $1.39 billion, reflecting the impact of lost inventory, while transit revenue rose 12.4 percent to $431.2 million.

Net income attributable to OUTFRONT in the fourth quarter rose 30.8 percent to $96.8 million, with diluted earnings per share improving to $0.55 from $0.43 a year earlier. AFFO for the quarter increased 8.3 percent to $129.5 million, following a modification to its calculation method to include amortization of direct lease acquisition costs.

The company reported $307.6 million in operating cash flow for 2025 and increased capital expenditures by 13.7 percent to $88.8 million, primarily to expand digital displays and upgrade billboard infrastructure. Total debt stood at $2.6 billion at year-end, with a weighted average cost of debt of 5.3 percent.

OUTFRONT paid $210.3 million in dividends during 2025 and declared a quarterly dividend of $0.30 per share payable in March 2026, signaling continued confidence in cash flow stability as it enters the new fiscal year.