Metric | Q4'25 | Year-over-Year |
Consolidated Revenue | $513 | 4.1% |
Billboard Revenue | $377 | 0.5% |
Transit Revenue | $135 | 15.7% |
Consolidated Operating Income | $134 | 20.2% |
Consolidated Adjusted OIBDA | $174 | 12.0% |
Billboard Adjusted OIBDA | $156 | 3.4% |
Transit Adjusted OIBDA | $34 | 56.4% |
Consolidated Net Income | $97 | 30.8% |
Consolidated AFFO(1) | $130 | 8.3% |
Notes: $ Millions unless otherwise stated. See Appendix for Non-GAAP reconciliations. (1) 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.
Items Affecting Comparability NY MTA1 Billboard Contract
Billboard Revenue
Q4'25: $0.0 million
Q4'24: $2.8 million
LA Billboard Contract
Billboard Revenue
Q4'25: $0.0 million
Q4'24: $8.5 million
Note (1) New York Metropolitan Transportation Authority (the "MTA").
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations. N/M: Not meaningful Items Affecting Comparability
NY MTA Billboard Contract
Static/Digital Billboard Revenue Q4'25: $0.0/$0.0 millionQ4'24: $1.4/$1.4 million
LA Billboard Contract
Static/Digital Billboard Revenue Q4'25: $0.0/$0.0 millionQ4'24: $1.3/$7.2 million
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
10.6%
11.3%
Items Affecting Comparability NY MTA Billboard ContractDigital Revenue
Q4'25: $0.0 million
Q4'24: $1.4 million
10.5%
LA Billboard ContractDigital Revenue
Q4'25: $0.0 million
Q4'24: $7.2 million
% Chg.
Yr/Yr
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: Prior period presentation conforms to current reporting classifications. Commercial includes $3.2 million of billboard condemnations in the three months ended December 31, 2025, and $1.0 of billboard condemnations million in the three months ended December 31, 2024. $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Notes: Yield defined as reported revenue per average display per month for the quarter. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Yr/Yr
% Chg (3.8%)
Yr/Yr
% Chg
3.4%
Yr/Yr
% Chg (2.6%)
Yr/Yr
% Chg 3.5%
Yr/Yr
% Chg (1.4%)
Items Affecting Comparability NY MTA Billboard ContractBillboard Property Lease
Q4'25: $0.0 million
Q4'24: $1.7 million
LA Billboard Contract
Billboard Property Lease
Q4'25: $0.0 million
Q4'24: $7.3 million
Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Billboard Adjusted OIBDA divided by Billboard revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Yr/Yr
% Chg 4.7%
Yr/Yr
% Chg
56.4%
Yr/Yr
% Chg 2.8%
Yr/Yr
% Chg 15.3%
Yr/Yr
% Chg 6.2%
Notes: $ Millions unless otherwise stated. Percentages atop Adjusted OIBDA columns represent Transit Adjusted OIBDA divided by Transit Revenues. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations.
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding.
Billboard & Transit OIBDA Corporate Adjusted OIBDA Interest Expense Cash Taxes Maintenance Capex Other
8.3% yr/yr
Notes: $ Millions unless otherwise stated. Numbers may not sum due to rounding. See Appendix for Non-GAAP reconciliations. (1) 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.
4Q25
Weighted Average Cost of Debt 5.3%
Net Leverage Ratio1 4.7x
Notes: $ Millions unless otherwise stated. Reflects face value of debt. 1) Calculated as Total Debt less Cash divided by LTM "Consolidated EBITDA" (as defined in, and calculated in accordance with, the Credit Agreement governing the Company's senior credit facilities). Maturity Schedule above presents borrowed amounts and maximum borrowing capacities, which are subject to the terms of the respective debt agreements. Numbers may not sum due to rounding.
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 organic revenues as reported revenues excluding revenues associated with the impact of the Transaction (as defined below) ("non-organic revenues"). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. We calculate Billboard Yield as reported Billboard revenues divided by our average billboard displays per month for the applicable quarterly period. We use Billboard Yield for managing our business, and for planning and forecasting future periods, and Billboard Yield 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. It is management's opinion that this supplemental measure provides users of our financial data with an important perspective on our operating performance and also makes it easier to compare our results to other companies in our industry. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates.
When used herein, references to "Funds From Operations," or "FFO" and "Adjusted FFO," or "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to
OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since organic revenues, Billboard Yield, Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues, operating income (loss), and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.
Notes: See Notes on Page 23
Notes: See Notes on Page 23
ThreeMonths Ended Twelve Months Ended
Mar 31, | Jun 30, | Sep 30, | Dec 31, Mar 31, | Jun 30, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | |||||||||||
(in millions) 2024 | 2024 | 2024 | 2024 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | |||||||||||
Net income (loss) attributable to OUTFRONT Media Inc. | (27.2) | 176.8 | 34.6 | 74.0 | (20.6) | 19.5 | 51.3 | 96.8 | 258.2 | 147.0 | |||||||||
Depreciation of billboard advertising structures | 13.6 | 13.5 | 14.0 | 18.4 | 18.8 | 19.2 | 18.2 | 16.6 | 59.5 | 72.8 | |||||||||
Amortization of real estate-related intangible assets | 16.1 | 15.9 | 17.0 | 16.5 | 15.1 | 15.0 | 15.1 | 15.0 | 65.5 | 60.2 | |||||||||
Amortization of direct lease acquisition costs | 13.1 | 16.0 | 16.0 | 13.3 | 13.2 | 15.6 | 13.8 | 13.5 | 58.4 | 56.1 | |||||||||
Net (gain) loss on disposition of real estate assets | 0.1 | (155.2) | 1.5 | (7.3) | 0.1 | 1.1 | 1.4 | (4.9) | (160.9) | (2.3) | |||||||||
Impairment charges(c) | 6.7 | 6.4 | - | - | - | - | - | - | 13.1 | - | |||||||||
Adjustment related to non-controlling interests | (0.1) | (0.1) | - | (0.1) | (0.1) | - | (0.1) | (0.1) | (0.3) | (0.3) | |||||||||
Income tax effect of adjustments(d) | - | 10.5 | (0.4) | - | - | - | - | - | 10.1 | - | |||||||||
FFO attributable to OUTFRONT Media Inc. | 22.3 | 83.8 | 82.7 | 114.8 | 26.5 | 70.4 | 99.7 | 136.9 | 303.6 | 333.5 | |||||||||
Non-cash portion of income taxes | (0.6) | (0.5) | 0.1 | 0.5 | 0.5 | (1.2) | 0.6 | (0.1) | (0.5) | (0.2) | |||||||||
Amortization of direct lease acquisition costs | (13.1) | (16.0) | (16.0) | (13.3) | (13.2) | (15.6) | (13.8) | (13.5) | (58.4) | (56.1) | |||||||||
Maintenance capital expenditures | (4.7) | (7.7) | (5.5) | (3.8) | (6.3) | (7.0) | (6.1) | (11.2) | (21.7) | (30.6) | |||||||||
Restructuring charges(e) | - | - | - | - | 19.8 | 0.3 | - | - | 20.1 | ||||||||||
Other depreciation | 4.9 | 4.9 | 4.6 | 5.6 | 4.8 | 4.4 | 4.2 | 4.4 | 20.0 | 17.8 | |||||||||
Other amortization | 1.5 | 1.4 | 1.7 | 1.9 | 2.0 | 2.4 | 2.5 | 2.5 | 6.5 | 9.4 | |||||||||
Impairment charges on non-real estate assets | 2.4 | 2.4 | - | - | - | - | - | - | 4.8 | - | |||||||||
Stock-based compensation | 7.2 | 7.6 | 7.0 | 9.0 | 9.5 | 6.0 | 5.6 | 6.7 | 30.8 | 27.8 | |||||||||
Non-cash effect of straight-line rent | 3.1 | 2.9 | 2.0 | 2.7 | 1.1 | 2.4 | 2.5 | 1.7 | 10.7 | 7.7 | |||||||||
Accretion expense | 0.8 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 2.9 | 2.8 | |||||||||
Amortization of deferred financing costs | 1.6 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.4 | 1.4 | 6.1 | 5.8 | |||||||||
Loss on extinguishment of debt | - | 1.2 | - | - | - | - | 0.6 | - | 1.2 | 0.6 | |||||||||
Adjustment related to non-controlling interests | - | - | - | - | - | - | (0.1) | - | - | (0.1) | |||||||||
Income tax effect of adjustments(d) | - | - | - | - - | (0.7) | (0.1) | - | - | (0.8) | ||||||||||
AFFO attributable to OUTFRONT Media Inc(g) . | 25.4 | 82.2 | 78.8 | 119.6 27.1 | 83.1 | 98.0 | 129.5 | 306.0 | 337.7 | ||||||||||
ThreeMonths Ended | Twelve Mon ths Ended | |||||||||
Mar 31, | Jun 30, Sep 30, Dec 31, Mar 31, | Jun 30, Sep 30, | Dec 31, | Dec 31, Dec 31, | ||||||
(in millions) 2024 | 2024 2024 2024 2025 | 2025 2025 | 2025 | 2024 2025 | ||||||
Adjusted OIBDA | 66.5 | 126.0 | 117.1 | 155.2 | 64.2 | 124.1 | 137.2 | 173.8 | 464.8 | 499.3 |
Interest expense, net, less amortization of deferred financing costs | (39.8) | (39.6) | (35.6) | (35.1) | (34.5) | (35.0) | (35.6) | (35.5) | (150.1) | (140.6) |
Cash paid for income taxes | (0.1) | (1.1) | (0.1) | (0.1) | - | (1.4) | (0.6) | (0.2) | (1.4) | (2.2) |
Maintenance capital expenditures | (4.7) | (7.7) | (5.5) | (3.8) | (6.3) | (7.0) | (6.1) | (11.2) | (21.7) | (30.6) |
Equity earnings of investee companies, net of tax | (0.2) | 0.2 | 0.5 | 0.1 | 1.9 | - | 0.3 | 0.3 | 0.6 | 2.5 |
Non-cash effect of straight-line rent | 3.1 | 2.9 | 2.0 | 2.7 | 1.1 | 2.4 | 2.5 | 1.7 | 10.7 | 7.7 |
Accretion expense | 0.8 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 2.9 | 2.8 |
Other income (expense) | - | 1.1 | (0.1) | - | - | - | - | - | 1.0 | - |
Adjustment related to non-controlling interests | (0.2) | (0.3) | (0.2) | (0.1) | - | - | (0.3) | (0.1) | (0.8) | (0.4) |
Income tax effect of adjustments | - | - | - | - | - | (0.7) | (0.1) | - | - | (0.8) |
(g) | ||||||||||
AFFO attributable to OUTFRONT Media Inc. | 25.4 | 82.2 78.8 119.6 27.1 83.1 98.0 129.5 | 306.0 337.7 | |||||||
Notes: See Notes on Page 23
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