OUTFRONT had an outstanding second quarter of 2026.  Here are the results of the OUTFRONT 2Q 2026 earnings release, earnings presentation and conference call, sponsored and analyzed by SignValue.

• Revenue increased by 14% to $523 million.  Billboard revenue grew 8%.  Transit revenue was up 32%. CEO Nick Brien said that the FIFA world cup accounted for $35 million in revenue in 2Q 2026.  That’s equal to a little more than half of the total $62 million increase in OUTFRONT consolidated revenue.   
• OUTFRONT’s billboard yield (average revenue per display per month) increased 12% to $3,344 per face during the second quarter of 2026.

• Consolidated cashflow (OIBDA) increased by 29% to $160 million. 
• Capital expenditures totaled $17 million during the second quarter of 2026.  OUTFRONT added 51 new digital boards in the second quarter.  Capexp is forecasted at $90 million or about 5% of consolidated revenues for the full year.
• OUTFRONT spent $11 million on acquisitions in the second quarter.
• OUTFRONT finished the quarter with $2.5 billion in debt with a weighted average cost of 5.5% and a total net leverage ratio (Debt less cash divided by trailing 12 mo EBITDA) of 4 times.
• OUTFRONT raised the dividend from $0.30/share to $0.33/share.   This is a 4.1% dividend yield based on the company’s current $32.01 stock price.

CEO Nick Brien projects high single digit growth in the third quarter of 2026

We are seeing strong top-line growth in the third quarter. From where we sit today, we expect Q3 revenue growth to be up in the high-single digits, driven by about 20% growth in transit and mid-single-digit growth in billboard. These figures include a $16 million benefit related to the World Cup, with approximately $9 million booked in billboard and $7 million in transit.

Matt Siegal says OUTFRONT will be more aggressive with M&A

For the last few years, we’ve been really focusing on tuck-in acquisitions as we improved our balance sheet and brought leverage down. We’ve consistently looked at high-quality, premium billboard inventory, mostly in our existing markets, so we can tuck in and find both revenue synergies and some cost synergies. We’re going to continue to do that. We’ll probably widen our aperture and look at more things — we don’t think we’ve missed anything over the last few years, we’ll just go shopping a little more aggressively. In addition, if there are attractive DMAs that we don’t currently have that are available, we would certainly consider those.

SignValue’s Take: A great quarter for OUTFRONT although $35 million in world cup revenue will create a headwind for the second quarter of next year. If you have questions, contact one of SignValue’s experienced analyst for a free and confidential consultation at info@signvalue.com or call 480–657–8400.

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