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Jun 30, 2025
Clear Channel Q2 2025 Earnings Report
Clear Channel Outdoor Holdings, Inc. reported solid financial results for the second quarter of 2025, with consolidated revenue increasing by 7.0% driven by growth in America and Airports segments, and significant progress made on debt refinancing.
Key Takeaways
Clear Channel Outdoor Holdings, Inc. delivered strong financial results in Q2 2025, with consolidated revenue up 7.0% to $402.8 million, primarily due to growth in its America and Airports segments. The company also made significant strides in strengthening its balance sheet by refinancing approximately 40% of its debt maturities, extending them to 2031 and 2033, with the nearest maturity now in 2028. Adjusted EBITDA increased by 7.7% to $128.6 million, and AFFO saw a substantial 75.9% increase to $27.8 million.
Consolidated revenue increased by 7.0% to $402.8 million in Q2 2025, driven by growth in both America and Airports segments.
Adjusted EBITDA grew by 7.7% to $128.6 million, and AFFO surged by 75.9% to $27.8 million, indicating strong operational performance and cash generation.
The company successfully refinanced and extended approximately 40% of its debt maturities to 2031 and 2033, pushing the nearest maturity to 2028, significantly improving its debt maturity profile.
Digital revenue showed robust growth, with America digital revenue up 11.1% to $113.8 million and Airports digital revenue up 31.5% to $63.5 million, highlighting the success of digital transformation efforts.
Revenue by Segment
Forward Guidance
Clear Channel Outdoor Holdings, Inc. provided a positive outlook for the third quarter and full-year 2025, expecting continued revenue growth and significant increases in AFFO, while also projecting a decrease in capital expenditures.
Positive Outlook
- Consolidated revenue for Q3 2025 is projected to grow between 5% and 9% year-over-year, with a range of $395 million to $410 million.
- America segment revenue for Q3 2025 is expected to increase by 3% to 7%, reaching $303 million to $313 million.
- Airports segment revenue for Q3 2025 is anticipated to show strong growth of 12% to 18%, with a range of $92 million to $97 million.
- Full-year 2025 consolidated revenue is guided to be between $1.57 billion and $1.60 billion, representing a 4% to 6% increase from the prior year.
- Full-year 2025 AFFO is projected to significantly increase by 28% to 45%, ranging from $75 million to $85 million.
Challenges Ahead
- Full-year 2025 Adjusted EBITDA guidance remains unchanged from previous estimates, indicating no upward revision despite strong Q2 performance.
- Capital expenditures for full-year 2025 are expected to decrease by 13% to 26%, ranging from $60 million to $70 million, which could imply a slowdown in growth-related investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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