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Dec 31, 2025
Outfront Media Q4 2025 Earnings Report
Outfront Media reported fourth quarter 2025 results with significant momentum in revenue growth and a substantial increase in transit segment profitability.
Key Takeaways
Outfront Media delivered a strong Q4 2025, with revenues growing 4.1% to $513.3 million and Adjusted OIBDA increasing 12.0%. The company saw particularly strong performance in its Transit segment, where Adjusted OIBDA grew over 56%. Net income attributable to the company rose 30.8% year-over-year, and the company successfully converted all remaining Series A Preferred Stock into common shares during the quarter.
Consolidated revenues increased 4.1% to $513.3 million, driven by yield improvements in both Billboard and Transit segments.
Transit segment Adjusted OIBDA surged 56.4% to $34.4 million, reflecting a significant margin expansion to 25.5%.
Net income per diluted share increased to $0.55 compared to $0.43 in the prior-year quarter.
The company modified its AFFO calculation to include amortization of direct lease acquisition costs, reporting Q4 AFFO of $129.5 million.
Revenue by Segment
Forward Guidance
Management expressed confidence in carrying the 2025 momentum into 2026, specifically noting the acceleration of revenue growth throughout the year.
Positive Outlook
- Revenue growth accelerated throughout 2025.
- Full-year AFFO growth exceeded previous guidance.
- Significant momentum heading into 2026.
- Strong yield improvements in programmatic and direct digital billboard sales.
- Successful conversion of all Series A Preferred Stock into common shares.
Challenges Ahead
- Higher transit franchise costs, specifically MTA guaranteed minimum payments.
- Impact of lost billboards on segment revenues.
- Higher professional fees and SG&A expenses.
- Increased maintenance capital expenditures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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