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Sep 30, 2025
Clear Channel Q3 2025 Earnings Report
Clear Channel Outdoor Holdings, Inc. reported strong financial results for the third quarter of 2025, with consolidated revenue growth and improved profitability across its segments.
Key Takeaways
Clear Channel Outdoor Holdings, Inc. delivered robust third-quarter results, with consolidated revenue increasing by 8.1% to $405.6 million, driven by strong performance in both the America and Airports segments. The company also saw a significant improvement in Adjusted EBITDA, up 9.5% to $132.5 million, and AFFO, which surged by 62.5% to $30.5 million. The company is progressing with its strategy to focus on its U.S. pure-play business by divesting international operations and has extended its debt maturity profile through a recent refinancing.
Consolidated revenue grew 8.1% to $405.6 million, with America segment revenue up 5.9% and Airports segment revenue up 16.1%.
Adjusted EBITDA increased by 9.5% to $132.5 million, and Adjusted Funds From Operations (AFFO) rose by 62.5% to $30.5 million.
The company is actively divesting international businesses, including the pending sale of its Spanish business for €115 million and the completed sale of its Brazilian business for $15 million.
A $2.05 billion private offering of senior secured notes was closed, extending the debt maturity profile by redeeming $2.0 billion of existing senior secured notes.
Revenue by Segment
Forward Guidance
Clear Channel Outdoor Holdings, Inc. expects continued growth in the fourth quarter and full year 2025, with consolidated revenue projected to increase by 3% to 7% in Q4 and 5% to 6% for the full year. The company anticipates strong Adjusted EBITDA and AFFO growth, alongside a reduction in capital expenditures.
Positive Outlook
- Fourth-quarter consolidated revenue is expected to grow between 3% and 7%, reaching $441 million to $456 million.
- Full-year 2025 consolidated revenue guidance is updated to a narrower range of $1.584 billion to $1.599 billion, representing 5% to 6% growth.
- Full-year Adjusted EBITDA is projected to be between $490 million and $505 million, indicating 3% to 6% growth.
- Full-year AFFO guidance is updated to $85 million to $95 million, a significant increase of 45% to 62%.
- Capital expenditures for the full year are expected to be $60 million to $70 million, a decrease of 13% to 26%.
Challenges Ahead
- Full-year loss from continuing operations is projected to be between -$100 million and -$90 million.
- Guidance excludes the impact of any potential future debt repurchases or repayments, which could affect financial results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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