Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 2Q 2026 report which caught our eye.
The weighted average cost of debt was stable for the public out of home companies during the second quarter of 2026. Clear Channel has a higher cost of debt because it’s leverage is almost twice as high as OUTFRONT or Lamar.
Leverage declined at the public out of home companies during the second quarter of 2026. Clear Channel Outdoor’s Debt/Cashflow declined to 9.1 times due to improved performance of airport and west coast out of home assets. Clear Channel Outdoor’s debt is expected to drop to 6.5:1. after the Mubadala buyout closes because the new owners will infuse new equity and preferred stock. OUTFRONT’s leverage declined due to improved performance by the company’s transit plant.
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