Highlights

  • Second quarter 2026 revenues were $522.5 million, compared with $460.2 million; Billboard revenues were $379.4 million and Transit revenues $140.6 million.
  • Net income attributable to OUTFRONT Media Inc. was $77.5 million, compared with $19.5 million in the second quarter of 2025.
  • Adjusted OIBDA, a non-GAAP measure, was $160.3 million and AFFO attributable to the company, a non-GAAP measure, was $120.8 million.
  • Management said on the call it expects 2026 AFFO to grow in the low-20% range from $338 million in 2025.

OUTFRONT Media Inc. (NYSE: OUT) shares were trading at USD 31.43 on October 27, 2026, down 0.85%, with a relative volume at time of 4.30. The out-of-home advertising company reported second quarter 2026 results in August 2026, approved a quarterly cash dividend of $0.33 per share on August 5, 2026, and gave an outlook for third quarter revenue and full-year AFFO.

OUTFRONT Media is a Maryland corporation with principal executive offices at 90 Park Avenue in New York. It is a real estate investment trust that provides advertising space on out-of-home advertising structures and sites in the United States, and its inventory includes billboard displays and transit advertising displays. The company manages its operations through two reportable segments, Billboard and Transit, and reports third-party digital equipment sales as Other. All revenues were generated in the U.S. Its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, total revenues were $522.5 million, compared with $460.2 million a year earlier, an increase of $62.3 million, or 14%. Billboard revenues were $379.4 million, compared with $351.3 million, and Transit revenues were $140.6 million, compared with $106.3 million. Operating income was $116.1 million, compared with $56.2 million.

Net income attributable to OUTFRONT Media Inc. was $77.5 million, compared with $19.5 million. For the six months, net income attributable to the company was $96.6 million, compared with a net loss of $1.1 million in the prior-year period. Total expenses were $406.4 million, compared with $404.0 million. Selling, general and administrative expenses were $123.0 million, up $12.4 million, or 11%, which the company attributed to higher professional fees, compensation-related expenses and a higher allowance for bad debt. The prior-year quarter included restructuring charges of $19.8 million.

The company recorded a loss on extinguishment of debt of $1.4 million in June 2026 related to the redemption of its 5.000% Senior Unsecured Notes due 2027. Interest expense, net, was $36.2 million.

Non-GAAP Measures and Segments

Adjusted OIBDA was $160.3 million, compared with $124.1 million, and Adjusted OIBDA margin was 30.7%, compared with 27.0%. Funds from operations attributable to the company, a non-GAAP measure, were $123.5 million, compared with $70.4 million. AFFO attributable to the company was $120.8 million, compared with $83.1 million.

Billboard Adjusted OIBDA was $147.9 million, compared with $134.4 million. Transit Adjusted OIBDA was $33.2 million, compared with $7.2 million. During the six months, the company built or converted 49 new digital billboard displays and built, converted or replaced 48 digital transit and other displays.

Balance Sheet and Dividend

Cash and cash equivalents were $31.2 million at June 30, 2026, compared with $99.9 million at December 31, 2025. Total debt, net, was $2,529.4 million, compared with $2,583.4 million, and the weighted average cost of debt was 5.5%, compared with 5.3%. The company's senior unsecured notes included $500.0 million of 6.000% notes due 2034 at June 30, 2026, and total senior unsecured notes of $1,500.0 million, compared with $1,650.0 million at year-end.

On August 5, 2026, the company announced that its board approved a quarterly cash dividend of $0.33 per share, payable on September 30, 2026, to stockholders holding shares at the close of business on September 4, 2026.

Outlook

On the earnings call, management said it expects third quarter revenue to grow in the high single digits year over year, with about 20% growth in transit and mid single digit growth in billboard, including a $16 million benefit related to the World Cup. Management said it expects 2026 AFFO to grow in the low-20% range from the 2025 reported AFFO of $338 million, with maintenance capital expenditures of $30 million to $35 million and interest expense of approximately $145 million. It also said it expects SG&A expense growth to outpace revenue growth for the remainder of 2026, and that it does not currently expect to recoup current period or future MTA equipment deployment costs.