Here are the results of the OUTFRONT 4Q 2025 earnings release, earnings deck and conference call, sponsored and analyzed by SignValue.

• Consolidated revenue increased 4.1% to 513 million during Q4 2025. Billboard revenue increased 0.5% to $377 million.  The small increase was due to the loss of the low margin LA and New York billboard contracts. Transit revenue increased 15.7% to 135 million.  Outfront CEO Nic Brien expects high single-digit revenue growth in the first quarter of 2026.
• Consolidated cash flow (OIBDAN) increased 12% to $174 million.  The cash flow increase was due to higher revenues, and the cancellation of low margin billboard contracts.
• OUTFRONT’s billboard yield increased 4.2% to $3,270 in the fourth quarter of 2025

• Outfront ended 2025 with $2.6 billion of debt with a weighted average cost of 5.3% and a net leverage ratio (total debt less cash divided by consolidated EBIDTA) of 4.7 times

OUTFRONT CEO Nic Brien says the company is more focused and efficient

We have made significant progress on the four strategic imperatives I laid out last may… We’ve made great strides on optimizing our sales strategies primarily through our broad reorganization of our sales force…we’ve created distinct enterprise and commercial go to market teams and ensure there’s experienced leadership throughout your entire organization… we have made important progress in modernizing our workflow and processes we’ve centralized many of our back office functions as well as investing in better sales tools such as Salesforce and AWS…

Brien expects a good first quarter of 2026

We expect first quarter revenue growth to accelerate from quarter four’s result the consolidated reported revenues up in the high single digits driven by high teens growth in transit and mid single digit growth in billboard

OUTFRONT CFO Matt Siegel says the company likes to spend 5% of revenue on capital expendtures

 CapEx spending was about $25,000,000 including about $11 million of maintenance…we converted 26 new boards to digital in Q42025 bringing our total for the year to 103.  For 2026 we expect to spend approximately $90 million of CapEx in line with our growing revenues and with much of this spend earmarked for digital developments we still expect 30 to $35 million of this total to be for maintenance…

Siegel says M&A activity is mostly tuckin

We spent approximately $3 million on acquisitions during the quarter bringing our total for 2025 to just over $13 million.  We remain interested in pursuing attractive technical questions within our footprints and based on our current acquisition pipeline we expect our 2026 billboard acquisition activity to remain at a similar level to those in the last couple of years

SignValue’s Take:  OUTFRONT’S transit business is rebounding nicely, and the company is benefiting from shedding, low march and billboard contracts in Los Angeles and New York.  OUTFRONT finished the day up 2.0%. Clear Channel Outdoor was up 1.3%. The S&P 500 up 0.8%. Lamar up 0.7%.