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Outfront Media Inc.

OUT

Outfront Media Inc. • NYSE
$23.53 ▲ 1.77% (+0.41)
Market Cap $3.94 B
52w High $23.57
52w Low $12.95
Dividend Yield 0.90%
P/E 32.23
Volume 769.26K
Outstanding Shares 167.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $467.5M ▲ $146.9M ▼ $51.3M ▲ 10.973% ▲ $0.3 ▲ $118.5M ▲
Q2-2025 $460.2M ▲ $172.5M ▲ $19.5M ▲ 4.237% ▲ $0.1 ▲ $97.2M ▲
Q1-2025 $390.7M ▼ $155.5M ▲ $-20.6M ▼ -5.273% ▼ $-0.14 ▼ $54.6M ▼
Q4-2024 $493.2M ▲ $144.7M ▼ $74M ▲ 15.004% ▲ $0.45 ▲ $158.1M ▲
Q3-2024 $451.9M $147.5M $34.6M 7.657% $0.2 $107M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $63M ▲ $5.21B ▲ $4.527B ▲ $662.4M ▲
Q2-2025 $28.5M ▼ $5.149B ▲ $4.469B ▲ $658.9M ▼
Q1-2025 $30.5M ▼ $5.132B ▼ $4.427B ▼ $686.7M ▼
Q4-2024 $46.9M ▲ $5.215B ▲ $4.431B ▼ $768.8M ▲
Q3-2024 $28M $5.204B $4.45B $738M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $51.3M ▲ $88.8M ▲ $-25.8M ▲ $-28.5M ▲ $34.5M ▲ $64.7M ▲
Q2-2025 $19.5M ▲ $67.1M ▲ $-36.8M ▼ $-32.3M ▼ $-2M ▲ $32.9M ▲
Q1-2025 $-20.6M ▼ $33.6M ▼ $-24.7M ▼ $-25.3M ▲ $-16.4M ▼ $16.4M ▼
Q4-2024 $74M ▲ $124.5M ▲ $-23.2M ▲ $-82.4M ▼ $18.9M ▲ $101.3M ▲
Q3-2024 $34.6M $73.1M $-28.8M $-65.9M $-21.6M $48.5M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Digital Displays
Digital Displays
 $110.00M ▲$130.00M ▲$90.00M ▼$110.00M ▲
Other
Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Other Revenues
Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Static Displays
Static Displays
 $240.00M ▲$230.00M ▼$210.00M ▼$230.00M ▲
Transit Franchise Contract
Transit Franchise Contract
 $90.00M ▲$120.00M ▲$80.00M ▼$110.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Outfront’s revenue has been fairly steady and slowly rising over the past five years, showing a solid base of demand for its advertising space. Profitability has been more volatile: the company swung to a loss in 2023 but recovered strongly in 2024, with healthier operating and net profits than in most prior years. This pattern suggests a business that can earn decent margins in normal conditions but is sensitive to swings in advertising demand and cost pressures. Overall, recent trends point to improving earnings momentum, but with a history that reminds you results can be lumpy year to year.

Balance Sheet

Balance Sheet The balance sheet is asset-heavy, as you would expect for an outdoor advertising REIT, but it is also quite leveraged. Debt is high relative to the size of the business and has not come down meaningfully, while equity has trended lower over time. Cash on hand is now quite thin compared with earlier years, leaving less of a buffer for shocks. The core asset base looks stable, but the capital structure leans heavily on borrowing, which makes the company more exposed to interest rates and refinancing conditions.

Cash Flow

Cash Flow Cash generation from operations has been steadily improving and comfortably covers the company’s ongoing investment in its assets. Free cash flow has been consistently positive, though not abundant, which supports gradual reinvestment and obligations but leaves limited room for large new initiatives without additional funding. Capital spending is steady rather than aggressive, suggesting a disciplined but measured pace of investment in the network and digital upgrades. Overall, cash flow quality looks decent, but the margin for error is not wide given the leverage.

Competitive Edge

Competitive Edge Outfront holds a strong position in out-of-home advertising, especially in major transit systems and high-traffic urban locations where access is tightly controlled. Long-term transit contracts and “grandfathered” billboards that would be hard to replicate today provide real barriers to entry. Its scale, long-standing relationships with advertisers, and recognizable brand add further strength. The flip side is exposure to economic cycles in ad spending, contract renewal risk with transit authorities, and competition from both traditional OOH players and digital platforms like online and mobile ads. Still, its physical footprint and transit dominance form a meaningful moat in a niche that is not easy for newcomers to penetrate.

Innovation and R&D

Innovation and R&D Outfront is clearly leaning into digital and data to modernize a very traditional medium. The shift toward digital billboards, programmatic buying, and richer audience measurement tools should make its inventory more flexible, better targeted, and more valuable to advertisers over time. Its in-house innovation hub and creative studio, along with tools for interactive, 3D, and mobile-augmented campaigns, help differentiate its offering beyond simple billboard space. Partnerships with large tech players for AI and cloud infrastructure underline an ambition to stay at the forefront of digital out-of-home. The key execution risks are the pace and cost of digital conversion, the need to prove measurement and ROI versus online ads, and ensuring that transit partners and regulators are aligned with more advanced digital deployments.

Summary

Outfront looks like a maturing outdoor advertising REIT with a stable revenue base, a recent rebound in profitability, and improving cash generation, but balanced by a highly leveraged balance sheet and a slim cash cushion. Its competitive strengths come from hard-to-replicate locations and deep transit relationships, while its strategy centers on turning those physical assets into a modern, digital, data-driven ad network. If it continues to execute on digital transformation and measurement, it could enhance pricing power and smooth out some earnings volatility. At the same time, high debt, interest-rate sensitivity, and dependence on broader advertising and economic cycles remain important ongoing risks to monitor.

NEWS

November 25, 2025 · 2:15 PM UTC

OUTFRONT Media Chief Financial Officer Matthew Siegel to Participate in the Bank of America Leveraged Finance 2025 Conference

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November 21, 2025 · 9:04 AM UTC

OUTFRONT Expands Experiential Marketing Focus Ahead of Major 2025-26 Sports Events and Other Cultural Tentpoles

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November 14, 2025 · 11:00 AM UTC

OUTFRONT Media Chief Executive Officer Nick Brien to Participate in Wells Fargo's 9th Annual TMT Summit

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November 14, 2025 · 6:00 AM UTC

OUTFRONT XLabs Teams with Google DeepMind for First-of-its-Kind GenAI + Human-Led Campaign

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November 6, 2025 · 4:07 PM UTC

OUTFRONT Media Reports Third Quarter 2025 Results

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