“Our third quarter results came in ahead of what we anticipated,” was how OUTFRONT CEO Nick Brien introduced last week’s third quarter 2025 conference call.  Here are the results from OUTFRONT’s 3Q 2025 earnings release, earnings presentation and conference call, sponsored and analyzed by SignValue.

• OUTFRONT revenue grew 3.5% to $468 million in the third quarter of 2025.  Billboard revenues declined by 2% due to the loss of the MTA and LA billboard contracts.  Transit revenue increased 24% to $112 million.
• OUTFRONT’s billboard yield (revenue per average display per month for the quarter) increased from $2,994 in the third quarter of 2024 to $3,036 in the third quarter of 2025.

• Operating expenses declined by 1% to $231 million due to lower billboard property expenses from the termination of the MTA and LA billboard contracts.
• SG&A expense declined 3.2% to $105 million due to lower compensation expenses from a recent round of layoffs.
• Cashflow (adjusted OIBDA) increased 17% to $137 million due to reduced expenses and increased revenue.
• Capital expenditures were $21 million in the third quarter of 2025 with about $15 million devoted to growth.  OUTFRONT converted 29 billboards to digital during the quarter and spent $2 million on acquistions.
• Long Term Debt totaled $2.6 billion at September 30, 2025 with a weighted average cost of debt of 5.4% and a Debt/Cashflow ratio of a moderate 4.7 times.

CFO Matt Siegel says OUTFRONT acquisitions will remain muted.

We spent just $2,000,000 on acquisitions during the quarter and looking at our current acquisition pipeline we continue to expect our 2025 deal activity to be similar to levels reached in recent years.

CEO Nic Brien on why OUTFRONT has separate sales forces for large (e.g. enterprise) and small (e.g. commercial) businesses.

We needed to have a a more specific a custom and qualified sales conversation…with the enterprise accounts…In commercial we have regional and we have the small and medium businesses and we recognize that we need to create that focus…because the way you engage with the Coca-Cola McDonald’s or Procter and Gamble is very different to dealing with a Tier 4 auto dealer or a regional bank that wants to extend through acquisition

SignValue’s take: A great quarter.  Transit is coming back and expenses have been pruned.  OUTFRONT is up 17% since earnings were announced last week.  Clear Channel is up 5%, Lamar up 6% and the S&P 500 is up 0.13% in the same time period

If you have questions, contact one of SignValue’s experienced analysts for a free and confidential consultation at info@signvalue.com or call 480-657-8400

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