Here are 4 things about OUTFRONT that SignValue learned by reading OUTFRONT’s 2025 10k.

Fewer boards

OUTFRONT’S total displays declined by 1% from 558,569 on 2024 to 552,877 in 2025 due to the loss of the company’s MTA and LA billboard contracts.

Fewer People

OUTFRONT’S headcount declined by 8% from 2,149 employees in 2024 to 1,986 employees in 2025.

Here’s what the OUTFRONT writes about the labor force reduction: “We continually monitor our employee turnover rates. In 2025, we experienced higher total employee turnover of 19%, compared to 12% in 2024 and 13% in 2023. The increase in employee turnover rates in 2025 was primarily due to a restructuring and reduction enforce plan, completed in June 2025…”

Higher margins

OUTFRONT has increased cashflow by 6% during 2026 by shedding employees and low margin billboard contracts.  The cashflow margin (EBITDA/Revenue) from 24% in 2024 to 25% in 2025.  We have calculated cashflow as EBITDA in order to capture all corporate expenses and overhead.

Bright lights and big cities

OUTFRONT’S billboards are mostly in urban areas.  75% of OUTFRONT billboard structures are non-conforming which is no surprise as most urban cities have a restrictive zoning code.  OUTFRONT’S monthly revenue per billboard structure is 3 times higher than Lamar but OUTFRONT’S lease costs per structure are 5 times higher than Lamar.   OUTFRONT’S plant is in big cities with higher traffic counts and more sophisticated landlords.

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.

To receive a free morning newsletter with each day’s Billboard insider articles email info@billboardinsider.com with the word “Subscribe” in the title.  Our newsletter is free and we don’t sell our subscriber list.

Paid Advertisement