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Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Based in New York, Outfront Media (OUT - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 20.17%. The billboard, transit and digital display advertising company is currently shelling out a dividend of $0.33 per share, with a dividend yield of 4.56%. This compares to the REIT and Equity Trust - Other industry's yield of 4.06% and the S&P 500's yield of 1.35%.

Looking at dividend growth, the company's current annualized dividend of $1.32 is up 10% from last year. Over the last 5 years, Outfront Media has increased its dividend 1 times on a year-over-year basis for an average annual increase of 19.37%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Outfront Media's current payout ratio is 52%, meaning it paid out 52% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for OUT for this fiscal year. The Zacks Consensus Estimate for 2026 is $2.32 per share, which represents a year-over-year growth rate of 16.58%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. It's important to keep in mind that not all companies provide a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that OUT is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).

NEW YORK, Aug. 31, 2026 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that its Chief Executive Officer, Nick Brien, is scheduled to present at Citi's 2026 Global TMT Conference on Tuesday, September 8, 2026, at 8:50 a.m. Eastern Time.

Empowered Funds LLC trimmed its holdings in shares of OUTFRONT Media Inc. (NYSE:OUT – Free Report) by 91.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,888 shares of the financial services provider’s stock after selling 95,316 shares during the period. Empowered Funds LLC’s holdings in OUTFRONT Media were worth $236,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in shares of OUTFRONT Media by 9.3% during the first quarter. AQR Capital Management LLC now owns 130,411 shares of the financial services provider’s stock valued at $2,105,000 after purchasing an additional 11,073 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in OUTFRONT Media by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 85,971 shares of the financial services provider’s stock worth $1,388,000 after purchasing an additional 1,739 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in OUTFRONT Media by 9.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,980,994 shares of the financial services provider’s stock worth $80,393,000 after purchasing an additional 448,993 shares in the last quarter. Woodline Partners LP raised its holdings in OUTFRONT Media by 45.6% during the 1st quarter. Woodline Partners LP now owns 36,888 shares of the financial services provider’s stock worth $595,000 after buying an additional 11,559 shares during the period. Finally, Intech Investment Management LLC raised its holdings in OUTFRONT Media by 18.1% during the 1st quarter. Intech Investment Management LLC now owns 98,774 shares of the financial services provider’s stock worth $1,594,000 after buying an additional 15,145 shares during the period.

Insider Buying and Selling at OUTFRONT Media In other news, EVP Richard H. Sauer sold 5,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $32.08, for a total value of $160,400.00. Following the completion of the transaction, the executive vice president owned 56,947 shares in the company, valued at approximately $1,826,859.76. This represents a 8.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP James Michael Norton purchased 4,130 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $30.81 per share, with a total value of $127,245.30. Following the transaction, the executive vice president directly owned 4,130 shares of the company’s stock, valued at approximately $127,245.30. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 20,000 shares of company stock worth $629,600. 0.45% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets OUT has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of OUTFRONT Media from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Morgan Stanley set a $37.00 price target on shares of OUTFRONT Media in a research report on Friday, May 8th. Wall Street Zen lowered shares of OUTFRONT Media from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $38.00 price objective on shares of OUTFRONT Media in a research report on Wednesday, July 22nd. Finally, Barrington Research set a $38.00 target price on shares of OUTFRONT Media in a research note on Tuesday, May 12th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, OUTFRONT Media currently has an average rating of “Moderate Buy” and an average target price of $34.00. View Our Latest Stock Report on OUT

OUTFRONT Media Trading Up 1.1% Shares of NYSE:OUT opened at $30.30 on Thursday. The firm has a fifty day moving average of $31.88 and a two-hundred day moving average of $29.94. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 3.50. OUTFRONT Media Inc. has a 12-month low of $16.97 and a 12-month high of $34.96. The firm has a market capitalization of $5.34 billion, a P/E ratio of 21.80 and a beta of 1.49.

OUTFRONT Media (NYSE:OUT – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.30. OUTFRONT Media had a return on equity of 37.44% and a net margin of 12.66%.The company had revenue of $522.50 million during the quarter, compared to the consensus estimate of $509.61 million. During the same period last year, the business earned $0.51 EPS. The business’s quarterly revenue was up 13.5% on a year-over-year basis. On average, equities analysts expect that OUTFRONT Media Inc. will post 2.15 EPS for the current fiscal year.

OUTFRONT Media Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, September 4th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, September 4th. This is a positive change from OUTFRONT Media’s previous quarterly dividend of $0.30. OUTFRONT Media’s dividend payout ratio is currently 86.33%.

About OUTFRONT Media (Free Report)

OUTFRONT Media Inc is a leading out-of-home (OOH) advertising company offering a broad range of billboard, transit and digital display solutions across major urban markets in the United States and Canada. Its portfolio encompasses traditional static billboards, high-resolution digital signage, transit media on buses, trains and taxis, as well as street furniture placements such as bus shelters, kiosks and urban panels. The company partners with brand marketers to deliver high-impact campaigns that engage consumers outside the home environment.

Through an extensive network of assets in key metropolitan areas, OUTFRONT provides advertisers with premium visibility along highways, city streets and transit corridors.

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Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends Outfront Media (OUT - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this billboard, transit and digital display advertising company a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Outfront Media is 7.7%, investors should actually focus on the projected growth. The company's EPS is expected to grow 15.2% this year, crushing the industry average, which calls for EPS growth of 4.1%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, Outfront Media has an S/TA ratio of 0.37, which means that the company gets $0.37 in sales for each dollar in assets. Comparing this to the industry average of 0.13, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Outfront Media is well positioned from a sales growth perspective too. The company's sales are expected to grow 8.8% this year versus the industry average of 2.6%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Outfront Media have been revising upward. The Zacks Consensus Estimate for the current year has surged 1.7% over the past month.

Bottom LineOutfront Media has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Outfront Media is a potential outperformer and a solid choice for growth investors.

OUTFRONT Media NYSE: OUT reported stronger-than-expected second-quarter results, citing continued advertising demand, growth in transit and billboard revenue, and a contribution from FIFA World Cup-related campaigns.

Chief Executive Officer Nick Brien said consolidated revenue increased 14% year over year in the second quarter, driven by 32% transit revenue growth and 8% billboard revenue growth. Adjusted OIBDA rose 29% to $160 million, while adjusted funds from operations, or AFFO, increased 45% to $121 million.

The company generated more than $35 million in World Cup-related revenue during the quarter and more than $50 million overall, Brien said. OUTFRONT estimated that about half of the World Cup revenue was incremental to its typical business.

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Transit growth led by New York MTA Transit revenue increased 32%, led by a 48% gain at the New York Metropolitan Transportation Authority. The strongest transit advertising categories were technology, entertainment and financial services, according to Brien.

Digital transit revenue rose nearly 36% to approximately $68 million, while static transit revenue increased more than 29%. OUTFRONT estimated FIFA contributed about $17 million in transit revenue during the second quarter.

Billboard revenue grew 8%, or 9.4% excluding the effect of a previously announced exit from a large, marginally profitable billboard contract in Los Angeles. Technology, including artificial intelligence-related advertisers, along with legal and medical categories, were the strongest billboard categories.

Digital billboard revenue increased 17.6% on a reported basis, while static and other billboard revenue rose 3.8%. Excluding the exited Los Angeles contract, digital billboard revenue would have risen more than 21% and static and other billboard revenue would have increased 4.3%, the company said. FIFA contributed an estimated $19 million to billboard revenue in the quarter.

Combined digital revenue increased more than 23% and represented about 37% of total revenue, compared with 34% in the prior-year period. Excluding the Los Angeles contract, digital revenue would have increased 26%. Programmatic and digital direct automated sales climbed nearly 50% and accounted for 20% of digital revenue, up from about 17% a year earlier.

Brien said the company sees “tremendous runway” for programmatic sales, noting that OUTFRONT remains below broader digital-media programmatic adoption levels. The company has added sales and strategy resources focused on its advertising technology relationships and programmatic business, he said.

Margins improve despite higher costs Billboard expenses increased nearly $15 million, or about 7%, year over year. Lease costs rose $6 million, reflecting higher variable lease expenses and contractual escalators, partly offset by $4 million in savings related to the Los Angeles contract exit.

Billboard adjusted OIBDA rose more than $13 million, or 10%, as revenue growth exceeded expense growth. Billboard yield increased 12% to $3,344 per month, driven principally by efforts to establish higher rates and by FIFA-related activity.

Transit expenses increased $8 million, or just over 8%, while transit adjusted OIBDA improved by about $26 million to $33 million. Chief Financial Officer Matthew Siegel said the company will continue recording New York MTA transit franchise expense at the minimum annual guarantee of $161 million for 2026, recognized evenly each quarter.

Siegel said the accounting approach reflects the company’s assessment that it does not expect to recover the full cost of digital investments made under the MTA contract during the life of the agreement. The company had previously recognized a transit impairment in 2023.

Investment plans and updated AFFO outlook OUTFRONT said it is accelerating investments in digital growth, programmatic sales, data analytics, training and sales technology. The company hired Chief Data Officer Huw Griffiths late in the second quarter to advance audience intelligence and measurement capabilities.

Siegel said the company expects SG&A expense growth to outpace revenue growth for the remainder of 2026 as it invests to support revenue performance in 2027 and beyond.

Second-quarter capital expenditures totaled about $17 million, including roughly $6 million of maintenance spending. The company added 51 digital boards in the quarter and expects to add approximately 125 for the full year. It maintained its full-year capital expenditure forecast of about $90 million, including $30 million to $35 million of maintenance capital expenditures.

Based on year-to-date results and its outlook, OUTFRONT now expects reported 2026 AFFO to grow in the low-20% range from reported 2025 AFFO of $338 million. The outlook includes expected maintenance capital expenditures, approximately $145 million of interest expense and a small amount of cash taxes.

Balance sheet, dividend and second-half outlook As of June 20, OUTFRONT had nearly $600 million of committed liquidity, including about $30 million of cash, roughly $500 million available under its revolving credit facility and $50 million available through an accounts receivable securitization facility. Net total leverage was around 4 times, at the lower end of the company’s stated 4-times to 5-times target range.

During June, the company refinanced $650 million of 5% notes due in 2027 with $500 million of senior unsecured notes due in 2034 carrying a 6% coupon. The remaining balance was funded with a draw on its accounts receivable facility and cash on hand.

The board increased the quarterly cash dividend 10% to $0.33 per share, payable Sept. 30 to shareholders of record as of Sept. 4. OUTFRONT also spent just over $11 million on acquisitions during the quarter.

For the third quarter, Brien said the company expects revenue growth in the high-single-digit percentage range, including approximately 20% transit growth and mid-single-digit billboard growth. The outlook includes a $16 million World Cup benefit, with about $9 million expected in billboard revenue and $7 million in transit revenue.

About OUTFRONT Media (NYSE:OUT)OUTFRONT Media Inc is a leading out-of-home (OOH) advertising company offering a broad range of billboard, transit and digital display solutions across major urban markets in the United States and Canada. Its portfolio encompasses traditional static billboards, high-resolution digital signage, transit media on buses, trains and taxis, as well as street furniture placements such as bus shelters, kiosks and urban panels. The company partners with brand marketers to deliver high-impact campaigns that engage consumers outside the home environment.

Through an extensive network of assets in key metropolitan areas, OUTFRONT provides advertisers with premium visibility along highways, city streets and transit corridors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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OUTFRONT Media Inc. (OUT) Q2 2026 Earnings Call August 5, 2026 4:30 PM EDT

Company Participants

Stephan Bisson - Vice President of Investor Relations
Nicolas Brien - CEO & Director
Matthew Siegel - Executive VP & CFO

Conference Call Participants

Cameron McVeigh - Morgan Stanley, Research Division
Alexey Philippov - JPMorgan Chase & Co, Research Division
Jonnathan Navarrete - TD Cowen, Research Division
Patrick Sholl - Barrington Research Associates, Inc., Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to OUTFRONT Media's Second Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Stephan Bisson, SVP, Investor Relations. Stephan, please go ahead.

Stephan Bisson
Vice President of Investor Relations

Good afternoon, and thank you for joining our 2026 second quarter earnings call. With me on the call today are CEO, Nick Brien; and CFO, Matthew Siegel. After a discussion of our financial results, we'll open the lines for a question-and-answer session. Our comments today will refer to the earnings release and slide presentation that you can find on the Investor Relations section of our website, outfront.com. After today's call has concluded, an audio archived replay will be available there as well.

This conference call may include forward-looking statements. Relevant factors that could cause actual results to differ materially from these forward-looking statements are listed in our earnings materials and in our SEC filings, including our 2025 Form 10-K as well as our Q2 2026 Form 10-Q, which we expect to file tomorrow. We will refer to certain non-GAAP financial measures on this call. Any references to OIBDA made today will be on an adjusted basis. Reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation, the earnings release and on our website, which also includes presentations with prior period reconciliations.

Outfront Media (OUT - Free Report) came out with quarterly funds from operations (FFO) of $0.68 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to FFO of $0.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +15.25%. A quarter ago, it was expected that this billboard, transit and digital display advertising company would post FFO of $0.28 per share when it actually produced FFO of $0.34, delivering a surprise of +21.43%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Outfront Media, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $522.5 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.69%. This compares to year-ago revenues of $460.2 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Outfront Media shares have added about 32.7% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Outfront Media?While Outfront Media has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Outfront Media was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.63 on $506.3 million in revenues for the coming quarter and $2.24 on $1.98 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Park Hotels & Resorts (PK - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of -3.1%. The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level.

Park Hotels & Resorts' revenues are expected to be $663.52 million, down 1.3% from the year-ago quarter.

Revenues of $522.5 million

Operating income of $116.1 million

 Net income attributable to OUTFRONT Media Inc. of $77.5 million

Adjusted OIBDA of $160.3 million

AFFO attributable to OUTFRONT Media Inc. of $120.8 million

Quarterly dividend increased 10% to $0.33 per share, payable September 30, 2026

, /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended June 30, 2026.

"We just completed a great second quarter which far exceeded our expectations across the board, with revenue, OIBDA, and AFFO all growing nicely," said Nick Brien, Chief Executive Officer of OUTFRONT Media. "Our successful second quarter was a result of strong organic gains across all aspects of our business, which were also enhanced by the FIFA World Cup."

Three Months Ended
June 30,

Six Months Ended
June 30,

$ in Millions, except per share amounts

2026

2025

2026

2025

Revenues

$522.5

$460.2

$952.1

$850.9

Operating income

116.1

56.2

172.0

70.1

Adjusted OIBDA

160.3

124.1

260.7

188.3

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests

77.7

19.5

97.0

(1.2)

Net income (loss)1

77.5

19.5

96.6

(1.1)

Net income (loss) per share1,2,3

$0.44

$0.10

$0.54

($0.03)

Funds From Operations (FFO)1

123.5

70.4

187.0

96.9

Adjusted FFO (AFFO)1

120.8

83.1

181.8

110.2

Shares outstanding3

177.5

168.0

177.3

166.8

Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to "Net income (loss)", "FFO" and "AFFO" mean "Net income (loss) attributable to OUTFRONT Media Inc.", "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively; 2) References to "per share" mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding. 

Second Quarter 2026 Results

Consolidated Results
Reported revenues of $522.5 million increased $62.3 million, or 13.5%, for the second quarter of 2026 as compared to the same prior-year period.

Total operating expenses of $246.1 million increased $14.6 million, or 6.3%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher variable transit franchise expenses driven by higher Transit revenues and higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the "MTA") due to inflation, higher production expenses, and higher maintenance and utilities costs, partially offset by the impact of lost billboards in the period and lower site-related costs.

Selling, General and Administrative expenses ("SG&A") of $123.0 million increased $12.4 million, or 11.2%, compared to the same prior-year period, due primarily to higher professional fees, including software and technology expenses, higher compensation-related expenses, a higher allowance for bad debt and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees, partially offset by lower credit card usage by customers.

Adjusted OIBDA of $160.3 million increased $36.2 million, or 29.2%, compared to the same prior-year period.

Segment Results

Billboard
Reported billboard segment revenues of $379.4 million increased $28.1 million, or 8.0%, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, and revenues related to the 2026 Federation Internationale de Football Association ("FIFA") World Cup, partially offset by the impact of lost billboards in the period.

Operating expenses increased $8.9 million, or 6.0%, due primarily to higher variable billboard property lease expenses, higher maintenance and utilities costs, higher production expenses, and higher compensation-related expenses, partially offset by the impact of lost billboards in the period and lower site-related costs.

SG&A expenses increased $5.7 million, or 8.3%, primarily driven by higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses.

Adjusted OIBDA of $147.9 million increased $13.5 million, or 10.0%, compared to the same prior-year period.

Transit
Reported transit segment revenues of $140.6 million increased $34.3 million, or 32.3%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts.

Operating expenses increased $5.8 million, or 7.2%, due primarily to higher variable transit franchise expenses driven by higher Transit revenues, higher guaranteed minimum annual payments to the MTA due to inflation, higher display production costs and higher posting and rotation costs, partially offset by lower site-related costs.

SG&A expenses increased $2.5 million, or 13.8%, due primarily to higher professional fees, including software and technology expenses, higher compensation-related expenses, and commissions and a higher allowance for bad debt, partially offset by lower credit card usage by customers.

Adjusted OIBDA of $33.2 million increased $26.0 million compared to the same prior-year period.

Other
Reported revenues decreased $0.1 million, or 3.8%, operating expenses decreased $0.1 million, or 5.0%, and Adjusted OIBDA was flat, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.

Corporate
Corporate expenses, excluding restructuring charges and stock-based compensation, increased $3.3 million, or 18.3%, compared to the same prior-year period to $21.3 million, due primarily to higher compensation-related expenses, including severance, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

Interest Expense
Net interest expense in the second quarter of 2026 was $36.2 million, including amortization of deferred financing costs of $1.3 million, as compared to $36.5 million, including amortization of deferred financing costs of $1.5 million, in the same prior-year period. The weighted average cost of debt was 5.5% as of June 30, 2026 and 5.4% as of June 30, 2025.

Income Taxes
The provision for income taxes increased $0.7 million in the second quarter of 2026 compared to the same prior-year period. Cash paid for income taxes in the six months ended June 30, 2026 was $2.2 million.

Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. increased $58.0 million in the second quarter of 2026 compared to the same prior-year period. Diluted weighted average shares outstanding were 177.5 million for the second quarter of 2026 compared to 168.0 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.44 in the second quarter of 2026 compared to $0.10 in the same prior-year period.

FFO
FFO attributable to OUTFRONT Media Inc. was $123.5 million in the second quarter of 2026, an increase of $53.1 million, or 75.4%, from the same prior-year period, driven primarily by higher Adjusted OIBDA and restructuring charges in 2025.

AFFO
Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.

AFFO attributable to OUTFRONT Media Inc. was $120.8 million in the second quarter of 2026, an increase of $37.7 million, or 45.4%, from the same prior-year period, due primarily to higher Adjusted OIBDA.

Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $183.7 million for the six months ended June 30, 2026, increased $83.0 million, or 82.4%, compared to $100.7 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, and the timing of accounts receivables and a decrease in accounts payable and accrued expenses, partially offset by a decrease in deferred revenues. Total capital expenditures decreased $1.6 million, or 3.7%, to $41.3 million for the six months ended June 30, 2026, compared to the same prior-year period, due primarily to decreased spending on digital displays, office remodels and billboard display upgrades, partially offset by the timing of payments.

Dividends
In the six months ended June 30, 2026, we paid cash dividends of $106.3 million on our common stock and vested restricted share units granted to employees. We announced on August 5, 2026, that our board of directors has approved a quarterly cash dividend on our common stock of $0.33 per share payable on September 30, 2026, to stockholders of record at the close of business on September 4, 2026.

Balance Sheet and Liquidity
As of June 30, 2026, our liquidity position included unrestricted cash of $31.2 million and $494.9 million of availability under our $500.0 million revolving credit facility, net of $5.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $50.0 million of additional availability under our accounts receivable securitization facility. During the three months ended June 30, 2026, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. Total indebtedness as of June 30, 2026 was $2.5 billion, excluding $19.9 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes and $1.5 billion of senior unsecured notes, and $100 million borrowings under our accounts receivable securitization facility.

MTA Agreement
Based on the recent performance of our MTA assets, the Company currently expects to recoup some, but not all, MTA equipment deployment costs incurred prior to December 31, 2025, and does not currently expect to recoup current period or future MTA equipment deployment costs, even in periods when revenues under the MTA Agreement exceed the minimum annual guarantee threshold. Under the Company's current accounting treatment, revenues above the minimum annual guarantee threshold are deemed to first recoup the earliest unrecovered equipment deployment costs under a first-dollar convention. Because the Company does not currently expect to recoup all deployment costs incurred over the life of the MTA Agreement, expected recoupment is attributed to the earliest unrecovered investments first. As a result, current period and future MTA equipment deployment costs will continue to be recorded as intangible assets rather than prepaid MTA equipment deployment costs, consistent with the Company's treatment of such costs since 2023. For additional information, please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which the Company expects to file tomorrow.

Conference Call
We will host a conference call to discuss the results on August 5, 2026, at 4:30 p.m. Eastern Time. The conference call numbers are 833-461-5787 (U.S. callers) and 585-542-9983 (International callers) and the passcode for both is 274204534.  Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.

Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.

About OUTFRONT Media Inc. 
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:

Investors

Media

Stephan Bisson

Courtney Richards

Investor Relations

Events & Communications

(212) 297-6573

(646) 876-9404

[email protected]

[email protected]

Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, restructuring charges and stock-based compensation. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlights operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.  It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to "FFO" and "AFFO" mean "FFO attributable to OUTFRONT Media Inc." and "AFFO attributable to OUTFRONT Media Inc.," respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts ("REITs"). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management's opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

Please see Exhibits 4-5 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.

Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "could," "would," "may," "might," "will," "should," "seeks," "likely," "intends," "plans," "projects," "predicts," "estimates," "forecast" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

EXHIBITS

Exhibit 1:  CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 14

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except per share amounts)

2026

2025

2026

2025

Revenues

$         522.5

$         460.2

$         952.1

$         850.9

Expenses:

Operating

246.1

231.5

473.6

452.8

Selling, general and administrative

123.0

110.6

230.3

225.3

Restructuring charges

—

19.8

—

19.8

Net loss on dispositions

0.3

1.1

1.3

1.2

Depreciation

20.0

23.6

40.7

47.2

Amortization

17.0

17.4

34.2

34.5

Total expenses

406.4

404.0

780.1

780.8

Operating income

116.1

56.2

172.0

70.1

Interest expense, net

(36.2)

(36.5)

(72.2)

(72.5)

Loss on extinguishment of debt

(1.4)

—

(1.4)

—

Income (loss) before provision for income taxes and equity in earnings of investee companies

78.5

19.7

98.4

(2.4)

Provision for income taxes

(0.9)

(0.2)

(1.3)

(0.7)

Equity in earnings of investee companies, net of tax

0.1

—

(0.1)

1.9

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests

77.7

19.5

97.0

(1.2)

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests

0.2

—

0.4

(0.1)

Net income (loss) attributable to OUTFRONT Media Inc.

$          77.5

$          19.5

$          96.6

$           (1.1)

Net income (loss) per common share:

Basic

$          0.44

$          0.10

$          0.55

$         (0.03)

Diluted

$          0.44

$          0.10

$          0.54

$         (0.03)

Weighted average shares outstanding:

Basic

176.1

167.1

175.8

166.8

Diluted

177.5

168.0

177.3

166.8

Exhibit 2:  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 14

As of

(in millions)

June 30,
2026

December 31,
2025

Assets:

Current assets:

Cash and cash equivalents

$           31.2

$           99.9

Receivables, less allowance ($26.2 in 2026 and $23.2 in 2025)

352.3

365.7

Prepaid lease and franchise costs

2.5

5.1

Other prepaid expenses

20.1

21.9

Other current assets

9.2

11.1

Total current assets

415.3

503.7

Property and equipment, net

644.3

643.8

Goodwill

2,006.4

2,006.4

Intangible assets

598.5

612.0

Operating lease assets

1,573.5

1,521.5

Other assets

32.3

24.2

Total assets

$       5,270.3

$       5,311.6

Liabilities:

Current liabilities:

Accounts payable

$           36.0

$           50.2

Accrued compensation

51.6

78.3

Accrued interest

23.6

35.1

Accrued lease and franchise costs

72.7

72.2

Other accrued expenses

75.9

57.0

Deferred revenues

54.7

57.7

Short-term debt

100.0

—

Short-term operating lease liabilities

178.7

172.9

Other current liabilities

26.6

21.9

Total current liabilities

619.8

545.3

Long-term debt, net

2,429.4

2,583.4

Asset retirement obligation

33.8

34.0

Operating lease liabilities

1,424.4

1,374.7

Other liabilities

42.5

40.3

Total liabilities

4,549.9

4,577.7

Commitments and contingencies

Redeemable noncontrolling interests

25.7

22.0

Stockholders' equity:

Common stock (2026 - 450.0 shares authorized, and 176.1 shares issued and
outstanding; 2025 - 450.0 shares authorized, and 175.2 issued and outstanding)

1.8

1.8

Additional paid-in capital

2,611.5

2,619.3

Distribution in excess of earnings

(1,920.1)

(1,910.8)

Accumulated other comprehensive loss

0.1

0.1

Total stockholders' equity

693.3

710.4

Noncontrolling interests

1.4

1.5

Total liabilities and equity

$       5,270.3

$       5,311.6

Exhibit 3:  CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 14

Six Months Ended

June 30,

(in millions)

2026

2025

Operating activities:

Net income (loss) attributable to OUTFRONT Media Inc.

$          96.6

$          (1.1)

Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests

0.4

(0.1)

Depreciation and amortization

74.9

81.7

Stock-based compensation

12.5

17.7

Provision for doubtful accounts

5.3

2.9

Accretion expense

1.5

1.4

Net loss on dispositions

1.3

1.2

Loss on extinguishment of debt

1.4

—

Equity in earnings of investee companies, net of tax

0.1

(1.9)

Distributions from investee companies

0.4

0.3

Amortization of deferred financing costs and debt discount and premium

2.7

3.0

Change in assets and liabilities, net of investing and financing activities:

Decrease in receivables

8.1

2.8

Decrease in prepaid expenses and other current assets

5.0

5.9

Decrease in accounts payable and accrued expenses

(33.4)

(17.5)

Increase in operating lease assets and liabilities

6.3

7.7

Increase (decrease) in deferred revenues

(3.0)

1.7

Decrease in income taxes

(0.9)

(0.7)

Other, net

4.5

(4.3)

Net cash flow provided by operating activities

183.7

100.7

Investing activities:

Capital expenditures

(41.3)

(42.9)

Acquisitions

(19.2)

(8.5)

MTA franchise rights

(4.9)

(12.5)

Net proceeds from dispositions

0.6

0.9

Investment in investee companies

(8.0)

—

Return of investments in investee companies

—

1.5

Net cash flow used for investing activities

(72.8)

(61.5)

Financing activities:

Proceeds from long-term debt borrowings

500.0

—

Repayments of long-term debt borrowings

(650.0)

—

Proceeds from borrowings under short-term debt facilities

100.0

90.0

Repayments of borrowings under short-term debt facilities

—

(30.0)

Payments of deferred financing costs

(6.7)

(0.1)

Taxes withheld for stock-based compensation

(16.6)

(12.2)

Dividends

(106.3)

(105.3)

Net cash flow used for financing activities

(179.6)

(57.6)

Exhibit 3:  CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 14

Six Months Ended

June 30,

(in millions)

2026

2025

Net decrease in cash and cash equivalents

(68.7)

(18.4)

Cash and cash equivalents at beginning of period

99.9

46.9

Cash and cash equivalents at end of period

$          31.2

$          28.5

Supplemental disclosure of cash flow information:

Cash paid for income taxes

$           2.2

$           1.4

Cash paid for interest

82.4

70.1

Non-cash investing and financing activities:

Accrued purchases of property and equipment

4.8

10.0

Accrued MTA franchise rights

1.8

1.7

Taxes withheld for stock-based compensation

3.2

3.6

Exhibit 4:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION 
(Unaudited) See Notes on Page 14

Three Months Ended June 30, 2026

(in millions, except percentages)

Billboard

Transit

Other

Corporate

Consolidated

Revenues

$       379.4

$       140.6

$         2.5

$             —

$       522.5

Operating income (loss)

$       115.2

$        28.6

$         0.5

$          (28.2)

$       116.1

Net loss on dispositions

0.4

(0.1)

—

—

0.3

Depreciation

17.6

2.4

—

—

20.0

Amortization

14.7

2.3

—

—

17.0

Stock-based compensation

—

—

—

6.9

6.9

Adjusted OIBDA

$       147.9

$        33.2

$         0.5

$          (21.3)

$       160.3

Adjusted OIBDA margin

39.0 %

23.6 %

20.0 %

*

30.7 %

Three Months Ended June 30, 2025

(in millions, except percentages)

Billboard

Transit

Other

Corporate

Consolidated

Revenues

$       351.3

$       106.3

$         2.6

$             —

$       460.2

Operating income (loss)

$        88.6

$        (0.9)

$         0.5

$          (32.0)

$        56.2

Net loss on dispositions

1.2

(0.1)

—

—

1.1

Restructuring charges

8.2

3.6

—

5.8

17.6

Depreciation

20.7

2.9

``

—

—

23.6

Amortization

15.7

1.7

—

—

17.4

Stock-based compensation

—

—

—

8.2

8.2

Adjusted OIBDA

$       134.4

$         7.2

$         0.5

$          (18.0)

$       124.1

Adjusted OIBDA margin

38.3 %

6.8 %

19.2 %

*

27.0 %

Six Months Ended June 30, 2026

(in millions, except percentages)

Billboard

Transit

Other

Corporate

Consolidated

Revenues

$       712.3

$       235.6

$         4.2

$             —

$       952.1

Operating income (loss)

$       197.7

$        22.2

$         0.7

$          (48.6)

$       172.0

Net loss on dispositions

1.3

—

—

—

1.3

Depreciation

35.7

5.0

—

—

40.7

Amortization

29.6

4.6

—

—

34.2

Stock-based compensation

—

—

—

12.5

12.5

Adjusted OIBDA

$       264.3

$        31.8

$         0.7

$          (36.1)

$       260.7

Adjusted OIBDA margin

37.1 %

13.5 %

16.7 %

*

27.4 %

Six Months Ended June 30, 2025

(in millions, except percentages)

Billboard

Transit

Other

Corporate

Consolidated

Revenues

$       662.0

$       184.0

$         4.9

$             —

$       850.9

Operating income (loss)

$       149.6

$       (17.9)

$         1.0

$          (62.6)

$        70.1

Net (gain) loss on dispositions

1.9

(0.7)

—

—

1.2

Restructuring charges

8.2

3.6

—

5.8

17.6

Depreciation

42.3

4.9

—

—

47.2

Amortization

31.4

3.1

—

—

34.5

Stock-based compensation

—

—

—

17.7

17.7

Adjusted OIBDA

$       233.4

$        (7.0)

$         1.0

$          (39.1)

$       188.3

Adjusted OIBDA margin

35.3 %

(3.8) %

20.4 %

*

22.1 %

Exhibit 5:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES  
(Unaudited) See Notes on Page 14

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

2026

2025

Net income (loss) attributable to OUTFRONT Media Inc.

$          77.5

$          19.5

$          96.6

$           (1.1)

Depreciation of billboard advertising structures

15.7

19.2

31.9

38.0

Amortization of real estate-related intangible assets

14.1

15.0

28.4

30.1

Amortization of direct lease acquisition costs

16.0

15.6

29.0

28.8

Net loss on disposition of real estate assets

0.3

1.1

1.3

1.2

Adjustment related to redeemable and non-redeemable noncontrolling interests

(0.1)

—

(0.2)

(0.1)

FFO attributable to OUTFRONT Media Inc.

$         123.5

$          70.4

$         187.0

$          96.9

Non-cash portion of income taxes

(0.9)

(1.2)

(0.9)

(0.7)

Amortization of direct lease acquisition costs

(16.0)

(15.6)

(29.0)

(28.8)

Maintenance capital expenditures

(5.6)

(7.0)

(12.6)

(13.3)

Restructuring charges(b)

—

19.8

—

19.8

Other depreciation

4.3

4.4

8.8

9.2

Other amortization

2.9

2.4

5.8

4.4

Stock-based compensation

6.9

6.0

12.5

15.5

Non-cash effect of straight-line rent

2.2

2.4

4.6

3.5

Accretion expense

0.8

0.7

1.5

1.4

Amortization of deferred financing costs

1.3

1.5

2.7

3.0

Loss on extinguishment of debt

1.4

—

1.4

—

Income tax effect of adjustments(c)

—

(0.7)

—

(0.7)

AFFO attributable to OUTFRONT Media Inc.(a)

$         120.8

$          83.1

$         181.8

$         110.2

Exhibit 6:  SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES  
(Unaudited) See Notes on Page 14

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

2026

2025

Adjusted OIBDA

$         160.3

$         124.1

$         260.7

$         188.3

Interest expense, net, less amortization of deferred financing costs

(34.9)

(35.0)

(69.5)

(69.5)

Cash paid for income taxes

(1.8)

(1.4)

(2.2)

(1.4)

Maintenance capital expenditures

(5.6)

(7.0)

(12.6)

(13.3)

Equity in earnings of investee companies, net of tax

0.1

—

(0.1)

1.9

Non-cash effect of straight-line rent

2.2

2.4

4.6

3.5

Accretion expense

0.8

0.7

1.5

1.4

Adjustment related to redeemable and non-redeemable noncontrolling interests

(0.3)

—

(0.6)

—

Income tax effect of adjustments(c)

—

(0.7)

—

(0.7)

AFFO attributable to OUTFRONT Media Inc.(a)

$         120.8

$          83.1

$         181.8

$         110.2

Exhibit 7:  OPERATING EXPENSES

(Unaudited) See Notes on Page 14

Three Months Ended

Six Months Ended

June 30,

%

June 30,

%

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Operating expenses:

Billboard property lease

$         117.8

$         111.8

5.4 %

$         229.1

$         221.0

3.7 %

Transit franchise

66.4

62.8

5.7

126.1

120.8

4.4

Posting, maintenance and other

61.9

56.9

8.8

118.4

111.0

6.7

Total operating expenses

$         246.1

$         231.5

6.3

$         473.6

$         452.8

4.6

Exhibit 8:  EXPENSES BY SEGMENT

(Unaudited) See Notes on Page 14

Three Months Ended

Six Months Ended

June 30,

%

June 30,

%

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Billboard:

Billboard property lease

$         117.8

$         111.8

5.4 %

$         229.1

$         221.0

3.7 %

Billboard posting, maintenance and other

39.6

36.7

7.9

76.7

72.4

5.9

Billboard operating expenses

157.4

148.5

6.0

$         305.8

$         293.4

4.2

Billboard SG&A expenses

74.1

68.4

8.3

$         142.2

$         135.2

5.2

Transit:

Transit franchise

66.4

62.8

5.7

$         126.1

$         120.8

4.4

Transit posting, maintenance and other

20.4

18.2

12.1

38.3

34.8

10.1

Transit operating expenses

86.8

81.0

7.2

$         164.4

$         155.6

5.7

Transit SG&A expenses

20.6

18.1

13.8

$          39.4

$          35.4

11.3

NOTES TO EXHIBITS

PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.

(a)

Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of the cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.

(b)

In the three and six months ended June 30, 2025, Restructuring charges associated with a restructuring and reduction in force plan consisted of severance payments, employee benefits and related costs, and professional fees, and includes approximately $2.2 million in non-cash charges for stock-based compensation.

(c)

Income tax effect related to Restructuring charges in 2025.

*

Calculation not meaningful.

SOURCE OUTFRONT Media Inc.

Lamar Advertising (LAMR +0.00%) and Outfront Media (OUT +0.00%) are the two largest publicly traded billboard real estate investment trusts (REITs). Lamar operates more than 359,000 advertising displays in 45 U.S. states and Canada. Outfront operates a total of 552,877 advertising displays in the United States and Canada, with most of them being transit displays on subways, buses, and commuter rail stations, though it also has 38,240 billboards.

Both companies are seeing increased revenue from digital billboard advertising. So far this year, Lamar's shares are up more than 24%, while Outfront's stock has jumped more than 37%. The use of digital billboards has transformed the business. Lamar and Outfront are fundamentally real estate companies operating in vertical land. When they convert a traditional static vinyl billboard into a digital billboard, the economics change dramatically.

Instead of renting a billboard or sign to one advertiser for a month, a digital board can rotate eight to 10 distinct advertisers every few seconds. Because companies don't have to pay a crew to physically drive out and paste new vinyl sheets, the incremental cost of adding a new digital ad is virtually zero.

Here are three reasons to buy each stock right now.

Image source: Getty Images.

Steady, high-yielding dividends Since raising its quarterly dividend from $0.10 to $0.30 per share in 2022, Outfront Media has kept its dividend the same, and it is now yielding around 3.6% at its current share price. The company's adjusted funds from operations (AFFO) payout ratio is 88%, well within the safety guidelines for a REIT.

Lamar Advertising pays a quarterly dividend of $1.60 per share, yielding around 4.03% at its current share price. Its AFFO payout ratio of 93% is high, but since the company is estimating yearly AFFO per share between $8.50 and $8.70, that payout ratio will drop to 74.4% at the midpoint.

Today's Change

(

0.00

%) $

0.00

Current Price

$

157.23

A resilient local customer base Both companies are somewhat insulated from the volatile swings of national advertising budgets because most of their tenants are local businesses. Outfront Media's clients are about 60% local businesses, while Lamar Advertising said that roughly 80% of its tenants are local businesses, such as local personal injury lawyers, restaurants, realtors, and hospitals.

National advertisers enjoy a wide range of advertising options, but local businesses do not. Traditional local media such as radio, print, and linear TV are shrinking due to declining audiences. Meanwhile, changes at big tech companies have made it harder for digital advertisers to access mobile location data, limiting geotargeting capabilities.

These business owners view their neighborhood billboards as essential tollbooths on major commuter routes. This hyper-local demand provides an incredibly steady, sticky stream of cash flow that standard digital advertising companies can't copy.

With the highly contested 2026 U.S. midterm elections approaching, political ad spending is projected to exceed $11 billion, according to AdImpact.

Today's Change

(

0.00

%) $

0.00

Current Price

$

33.15

Dependable growth for both Lamar reported revenue of $528 million in the first quarter, up 4.5% year over year, while free cash flow rose 15.3% from the same quarter a year ago to $152.4 million. AFFO per share was $1.72, up 7.5% year over year.

Outfront reported revenue of $429.6 million in Q1, up 9.9% year over year, while free cash flow was $75.3 million, an increase of 124% over the same period a year ago. AFFO per share was $0.34, up 143% year over year.

The top stock isn't clear-cut Outfront has a greater debt load that eats into its free cash flow, and it is more exposed to the vagaries of national ad spending.

However, between the two stocks, Outfront shows greater revenue growth. It also shows triple-digit growth in free cash flow and adjusted funds from operations. After its share run-up this year, it trades at only a slightly higher trailing price-to-earnings ratio than Lamar, and it appears to be worth that valuation.

, /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that it will report results for the fiscal quarter ended June 30, 2026, after the market closes on Wednesday, August 5, 2026. The earnings announcement will be available in the Investor Relations section of the Company's website, www.outfront.com.

The Company will host a conference call to discuss the results on Wednesday, August 5, 2026 at 4:30 p.m. Eastern Time. The conference call numbers are 833-461-5787 (U.S. callers) and 585-542-9983 (International callers) and the passcode for both is 274204534.

Live and replay versions of the conference call will be webcast in the Investor Relations section of the Company's website, www.outfront.com.

About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:

Investors

Media

Stephan Bisson

Courtney Richards

Senior Vice President, Investor Relations

Senior Manager, Events & Communications

(212) 297-6573

(646) 876-9404

[email protected]

[email protected]

SOURCE OUTFRONT Media Inc.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

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You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Outfront Media (OUT - Free Report) Headquartered in New York, OUTFRONT Media Inc. is a leading provider of out-of-home (OOH) advertisement space in key U.S. markets. With billboard and transit displays, the company provides advertising structures and sites to diverse industries across the largest markets in the United States. Its inventory consists of billboard displays primarily located on heavily traveled highways and roadways in top Nielsen Designated Market Areas and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the United States. The company has displays in approximately 120 markets across the United States, including the 25 largest markets. As of Dec. 31, 2025, the company had approximately 19,100 lease agreements with approximately 17,500 different landlords.

OUT is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 14.57; value investors should take notice.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.04 to $2.26 per share. OUT also boasts an average earnings surprise of +12.1%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, OUT should be on investors' short list.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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It also includes access to the Zacks Style Scores.

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

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Stock to Watch: Outfront Media (OUT - Free Report) Headquartered in New York, OUTFRONT Media Inc. is a leading provider of out-of-home (OOH) advertisement space in key U.S. markets. With billboard and transit displays, the company provides advertising structures and sites to diverse industries across the largest markets in the United States. Its inventory consists of billboard displays primarily located on heavily traveled highways and roadways in top Nielsen Designated Market Areas and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the United States. The company has displays in approximately 120 markets across the United States, including the 25 largest markets. As of Dec. 31, 2025, the company had approximately 19,100 lease agreements with approximately 17,500 different landlords.

OUT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Finance stock. OUT has a Momentum Style Score of B, and shares are up 3.1% over the past four weeks.

Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.04 to $2.26 per share. OUT boasts an average earnings surprise of +12.1%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, OUT should be on investors' short list.

Key Takeaways OUTFRONT Media draws investor attention as digital and transit advertising trends improve in 2026.OUT's transit revenues rose 22.3% in Q1, with digital transit revenues up 25.6% to $44.7M.OUT expects about 125 digital billboard additions in 2026, as displays average 4-5x static revenue. OUTFRONT Media Inc. (OUT - Free Report) has drawn closer investor attention as digital and transit advertising trends improve in 2026.

The setup is not one-sided. A broad U.S. footprint, improving transit demand and digital conversions support growth, while advertising cyclicality and capital needs keep the outlook balanced.

OUTFRONT Media Has a Wide National Ad Footprint

OUTFRONT is one of the largest U.S. out-of-home advertising operators, with billboard and transit displays in approximately 120 markets, including the 25 largest markets. Its billboard assets are mainly located on heavily traveled highways and roadways, while its transit displays are operated through municipal contracts in large U.S. cities.

That mix gives brands national reach with local execution. It also diversifies OUT’s revenue base across advertiser categories, with entertainment, legal services/lawyers and retail representing 18%, 12% and 10%, respectively, of first-quarter 2026 Billboard and Transit segment revenues.

OUT Gains From Digital Billboard ExpansionDigital conversion remains one of OUT’s clearer growth levers. Total digital displays reached 31,565 as of March 31, 2026, including 1,932 digital billboard displays and 29,633 digital transit displays.

The company converted 14 new billboards to digital in the first quarter and expects to add about 125 for the full year. Digital billboard displays generate roughly four to five times more revenue per display on average than comparable static billboard displays, although they also carry higher costs.

OUTFRONT Media Sees Transit Demand ImproveTransit is a major part of the 2026 improvement story. First-quarter transit revenues rose 22.3% year over year to $95.0 million, while digital transit revenues increased 25.6% to $44.7 million.

Management expects second-quarter revenue growth to exceed 10%, supported by about 30% growth in transit and mid-single-digit growth in billboard. The launch of OUT’s advertising and experiential program at Los Angeles Union Station adds premium transit inventory, with the station’s World Cup 26 Fan Zone role adding potential brand appeal.

OUT Faces Cyclical Ad Demand and Higher SpendingAdvertising remains economically sensitive. OUT’s revenues and operating results are exposed to shifts in advertiser budgets, general economic conditions and competition from online, mobile, social media, television, radio, print and other out-of-home formats.

Capital spending is another constraint. Total capital expenditures rose 40.1% year over year to $24.1 million in the first quarter, and management still expects approximately $90 million of capital expenditures in 2026, including $30-$35 million of maintenance capital expenditures.

How OUT Signals Fit the Current SetupThe bottom line is that OUT’s operating signals look constructive, but not without offsets. Digital adoption, transit momentum and portfolio breadth support the growth case, while cyclical ad demand, competition and capital intensity argue for patience.

OUT currently carries a Zacks Rank #3 (Hold), with a Value Score of B, Growth Score of B, Momentum Score of B and VGM Score of A. That combination points to balanced style appeal, but the Hold rank keeps the near-term view measured rather than outright bullish. 

In the past three months, shares of this company have gained 15.1% compared with the industry's growth of 7.1%. 

Image Source: Zacks Investment Research

Within the broader REIT space, American Tower Corporation (AMT - Free Report) and Cousins Properties Incorporated (CUZ - Free Report) offer useful context for investors comparing real estate-backed income and growth profiles. AMT currently carries a Zacks Rank #2 (Buy), while CUZ also carries a Zacks Rank #2, giving investors other REIT names to monitor alongside OUT’s improving but still mixed setup. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Outfront Media (OUT - Free Report) came out with quarterly funds from operations (FFO) of $0.34 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to FFO of $0.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +20.35%. A quarter ago, it was expected that this billboard, transit and digital display advertising company would post FFO of $0.71 per share when it actually produced FFO of $0.73, delivering a surprise of +2.82%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Outfront Media, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $429.6 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.32%. This compares to year-ago revenues of $390.7 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Outfront Media shares have added about 31.7% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Outfront Media?While Outfront Media has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Outfront Media was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.55 on $480.65 million in revenues for the coming quarter and $2.23 on $1.92 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Sky Harbour Group Corporation (SKYH - Free Report) , another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -72.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sky Harbour Group Corporation's revenues are expected to be $10.17 million, up 81.9% from the year-ago quarter.

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Outfront Media (OUT - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this billboard, transit and digital display advertising company a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Outfront Media is 23.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 12.2% this year, crushing the industry average, which calls for EPS growth of 3.1%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, Outfront Media has an S/TA ratio of 0.36, which means that the company gets $0.36 in sales for each dollar in assets. Comparing this to the industry average of 0.13, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Outfront Media looks attractive from a sales growth perspective as well. The company's sales are expected to grow 5.6% this year versus the industry average of 2.1%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Outfront Media. The Zacks Consensus Estimate for the current year has surged 0.5% over the past month.

Bottom LineOutfront Media has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions Outfront Media well for outperformance, so growth investors may want to bet on it.

OUTFRONT Media Inc. (OUT) Q1 2026 Earnings Call Transcript

OUTFRONT Media NYSE: OUT reported first-quarter 2026 results that exceeded management’s prior expectations, with revenue gains in both its billboard and transit segments and a sharp increase in adjusted OIBDA and AFFO, executives said on the company’s earnings call.

Chief Executive Officer Nick Brien said consolidated revenue rose 10% in the quarter, supported by 22% growth in transit revenue and 7% growth in billboard revenue. Consolidated adjusted OIBDA increased 56% to about $100 million, while AFFO more than doubled to $61 million.

Brien said the quarter included $13.5 million of billboard condemnation revenue and related OIBDA that the company had previously highlighted when providing guidance in February. Excluding that item and the impact of the company’s exit from a large, marginally profitable billboard contract in Los Angeles, billboard revenue would have grown more than 4%, he said.

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Transit Growth Led by New York MTA Transit was the strongest area of growth in the quarter. Brien said transit revenue increased 22%, led by the New York MTA, which rose more than 26% in the period. The company’s strongest transit categories were technology and financial services, while its strongest billboard categories were legal and technology.

Chief Financial Officer Matthew Siegel said the MTA remains central to the company’s transit performance, noting that it accounts for more than half of OUTFRONT’s transit revenue and is “about seven or eight times” the size of the company’s next-largest transit franchise. He also said San Francisco’s BART franchise performed well, supported by technology advertising and repopulation trends in the city.

Transit adjusted OIBDA improved by about $13 million from the prior year, reaching a loss of slightly more than $1 million. Transit expenses increased just under 5%, including higher franchise expense, display production costs, posting and rotation costs, compensation-related expenses and professional fees.

Siegel said OUTFRONT now expects 2026 New York MTA revenue to exceed the defined baseline revenue level, commonly referred to as the minimum annual guarantee, or MAG. Because of that, the company expects to return to recouping digital investments made in the MTA contract since 2018. He said incremental expenses above the MAG will reduce OUTFRONT’s recoupable investment balance rather than be paid in cash, making incremental revenue “extremely accretive on a cash basis.”

Digital and Programmatic Revenue Continue to Expand Digital revenue grew more than 11% in the quarter and represented about one-third of total revenue, Brien said. Excluding the exited Los Angeles contract, digital revenue would have grown nearly 15%. Programmatic and digital direct automated sales increased nearly 40% and represented 20% of total digital revenue, up from 16% a year earlier.

Brien also highlighted the hiring of senior digital sales leader Jeff Hackett, saying the addition was intended to advance OUTFRONT’s evolution into a media company focused on digital expertise, audience intelligence and measurable outcomes. He said Hackett’s leadership would help the company maximize its ad technology stack, data management platform and trading partnerships.

On measurement, Siegel said in response to an analyst question that the out-of-home industry has been “behind” on measurement capabilities but that OUTFRONT and other industry leaders are working with the OAAA and Geopath to move the issue forward. He pointed to OUTFRONT’s partnerships with AWS and AdQuick, saying AdQuick has measurement capabilities that could demonstrate a viable currency and potentially serve as a proof of concept for broader industry adoption.

Billboard Segment Benefits from Condemnation Revenue Billboard revenue rose 7.1% on a reported basis. Static and other billboard revenue increased 7.6%, while digital billboard revenue rose 6.1%. Excluding the condemnation revenue and the exited Los Angeles contract, static and other billboard revenue would have been up nearly 2%, and digital billboard revenue would have been up more than 10%, Brien said.

Billboard yield increased 11% year over year to more than $2,900 per month, driven by higher rates and billboard condemnations. Excluding condemnation revenue from both periods, billboard yield would have increased about 6.5%.

Siegel said billboard expenses rose about $5 million, or roughly 2%, from the prior year. Lease costs increased about 2%, driven by higher variable lease costs and fixed lease escalators, partly offset by $4 million of savings from the Los Angeles contract exit. Total billboard adjusted OIBDA increased about $17 million, or 18%. Excluding the impact of condemnation revenue, billboard OIBDA would have been up around 4%.

Guidance Improves as Spring and Summer Demand Holds Stephan Bisson, senior vice president of investor relations, said the company expects second-quarter revenue growth to accelerate to more than 10% year over year, driven by about 30% growth in transit and mid-single-digit growth in billboard. He said those expectations include a benefit related to the United States’ role as a World Cup host in June and July, as well as a headwind from the exited Los Angeles billboard contract, which generated about $4.4 million of revenue in the second quarter of 2025.

During the question-and-answer session, Siegel said OUTFRONT was not prepared to quantify the World Cup impact, but said the company had about 70 customers tied to the event and still expected to book additional business in the second and third quarters. Brien added that OUTFRONT has more than 40% of FIFA sponsors as customers and views the tournament as an opportunity to demonstrate how major brands can use its media in real-world environments.

Based on first-quarter results, expected revenue growth and business investments, Siegel said OUTFRONT now expects reported 2026 consolidated AFFO to grow in the mid-teens compared with reported 2025 AFFO of $338 million. The outlook includes maintenance capital expenditures, approximately $145 million of interest expense and a small amount of cash taxes.

Balance Sheet, Dividend and Investment Plans OUTFRONT ended the quarter with more than $700 million of committed liquidity, including $70 million of cash, around $500 million available through its revolver and $150 million available through its accounts receivable securitization facility. Net leverage was 4.3 times as of March 31, within the company’s 4 times to 5 times target range.

The company’s board maintained a quarterly cash dividend of $0.30 per share, payable June 30 to shareholders of record as of June 5. Siegel said OUTFRONT spent just over $8 million on acquisitions during the quarter and continues to expect full-year acquisition activity to be similar to recent years.

Capital expenditures totaled about $24 million in the first quarter, including about $7 million of maintenance spending. OUTFRONT converted 14 billboards to digital during the quarter and expects to add about 125 digital billboard conversions for the full year. The company continues to expect approximately $90 million of capital expenditures in 2026, including $30 million to $35 million for maintenance.

Brien closed the call by pointing to OUTFRONT’s strategic repositioning around what the company calls “IRL Media,” emphasizing the value of physical media in a changing advertising environment. He said the organization has begun to see the benefits of initiatives launched in 2025 and said management expects to provide more detail when it reports second-quarter results in August.

About OUTFRONT Media NYSE: OUTOUTFRONT Media Inc is a leading out-of-home (OOH) advertising company offering a broad range of billboard, transit and digital display solutions across major urban markets in the United States and Canada. Its portfolio encompasses traditional static billboards, high-resolution digital signage, transit media on buses, trains and taxis, as well as street furniture placements such as bus shelters, kiosks and urban panels. The company partners with brand marketers to deliver high-impact campaigns that engage consumers outside the home environment.

Through an extensive network of assets in key metropolitan areas, OUTFRONT provides advertisers with premium visibility along highways, city streets and transit corridors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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OUTFRONT Media Inc. (OUT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

Landmark Transportation Icon Becomes Newest Crown Jewel In OUTFRONT's IRL Media Portfolio

First Campaign with LASEC Celebrates FIFA World Cup 2026™

, /PRNewswire/ -- OUTFRONT Media (NYSE: OUT), one of the largest and most-trusted IRL media companies in the U.S., today announced the launch of its inaugural advertising and experiential program at Los Angeles Union Station, one of the city's most recognizable destinations. This milestone marks the first time the landmark transportation hub has introduced a formal advertising program, with OUTFRONT selected to bring the vision to life - transforming the space into an immersive IRL media environment where extended dwell time and constant movement provide a rare combination of presence, context, and attention, delivering meaningful brand connections.

Los Angeles Union Station has 14.8 million annual passenger activity/movements across Metrolink, Metro Rail, Amtrak, buses, and regional transit services, making it a premier addition to OUTFRONT's national transit portfolio. The new offering introduces high-impact interior, exterior, and full-station domination opportunities, enabling brands to engage audiences at scale. As part of this, large format digital networks will roll out throughout the traveler journey, offering flexibility and dynamic storytelling across key touchpoints within the station.

Union Station has also been designated an official Los Angeles World Cup 26 Fan Zone during FIFA World Cup 2026™ and will stream matches live across its digital displays, creating a high-energy environment where brands can show up alongside one of the world's most anticipated global events.

"Union Station is a cultural and architectural centerpiece of Los Angeles," said Michael Wells, SVP, Asset Development & Brand Integration, OUTFRONT. "We're honored to launch its first IRL advertising and experiential program- creating a space where brands can build trust, capture attention, and connect with millions in authentic, real-world moments that resonate far beyond the station."

"The FIFA World Cup 2026 represents a once-in-a-generation opportunity for Los Angeles to welcome the world, and Union Station will serve as one of the region's most visible and important gateways for fans traveling throughout the region," said Kathryn Schloessman, President & CEO of the Los Angeles Sports & Entertainment Commission and CEO, Los Angeles World Cup 2026 Host Committee. "From Union Station to neighborhoods across the region, the welcome decor and branding will help create an exciting atmosphere that reflects the energy, diversity, and global spirit of Los Angeles."

"We are thrilled to introduce OUTFRONT's out-of-home media and sponsorship opportunities to this historic Los Angeles landmark for the first time in its 87-year history," said Jefferson Brown, Vice President & General Manager of Los Angeles Union Station. "We believe media and advertising help iconic destinations stay relevant, strengthen consumer connectivity, and engage new generations of passengers, making FIFA World Cup 2026 the perfect moment to launch this new chapter for Union Station."

The Los Angeles Sports & Entertainment Commission (LASEC), who serves as the lead for the Los Angeles World Cup 2026 Host Committee, is the first advertiser to debut at the station, bringing a bold and colorful campaign celebrating FIFA World Cup 2026™, which will take place in Los Angeles from June 11 through July 19, 2026. The campaign has now begun to roll out, transforming high–impact placements throughout Union Station into a vibrant welcome for residents and visitors alike as the region prepares to host the wildly popular sporting event.

CLICK FOR IMAGES

(Source: Union Station transit agency ridership data, FY25 passenger activity totals).

Website references and third-party hyperlinks included in this press release have been provided as a convenience, and the information contained on such websites and hyperlinks is not incorporated by reference into this press release.

About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

About Los Angeles Union Station Since its opening in 1939, Los Angeles Union Station has long been considered one of LA's architectural gems and a vital portal to the promise of the California Dream. The station was designed with an innovative blend of Spanish Colonial, Mission Revival and Art Deco architecture now commonly referred to as Mission Moderne. The bustling 52-acre transportation hub sits in the heart of Downtown Los Angeles offering essential connections to destinations throughout Southern California. An iconic landmark, the station serves as a vibrant symbol of Downtown connecting the historic fabric of the past to the present through arts, culture, transit and community. Conceived on a grand scale, Los Angeles Union Station is the largest railroad passenger terminal in the Western United States and is often regarded as "the last of the great train stations." For more information, visit unionstationla.com or follow @unionstationla on social media.

OUTFRONT Media Contacts:

Matt Biscuiti
The Lippin Group
212-986-7080
[email protected]

Courtney Richards
OUTFRONT Media
646-876-9404
[email protected]

Stephan Bisson
OUTFRONT Media
212-297-6573
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-launches-inaugural-advertising--experiential-program-at-historic-los-angeles-union-station-302779224.html

SOURCE OUTFRONT Media Inc.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Outfront Media (OUT - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this billboard, transit and digital display advertising company a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Outfront Media is 12%, investors should actually focus on the projected growth. The company's EPS is expected to grow 12.3% this year, crushing the industry average, which calls for EPS growth of 3.1%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, Outfront Media has an S/TA ratio of 0.36, which means that the company gets $0.36 in sales for each dollar in assets. Comparing this to the industry average of 0.13, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And Outfront Media looks attractive from a sales growth perspective as well. The company's sales are expected to grow 7.4% this year versus the industry average of 2.1%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Outfront Media have been revising upward. The Zacks Consensus Estimate for the current year has surged 1.6% over the past month.

Bottom LineOutfront Media has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Outfront Media is a potential outperformer and a solid choice for growth investors.

, /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) today announced that two of its wholly-owned subsidiaries priced a private offering of $500.0 million in aggregate principal amount of 6.000% Senior Notes due 2034 (the "notes"). The notes will be sold at an issue price of 100.0% of the principal amount. The offering is expected to close on June 12, 2026, subject to customary closing conditions.

OUTFRONT Media intends to use the net proceeds from the notes offering, along with borrowings under its accounts receivable securitization facility and cash on hand, to redeem all of its outstanding 5.000% Senior Notes due 2027 (the "2027 notes") and to pay accrued and unpaid interest on the 2027 notes, if any, to, but excluding, the redemption date, and to pay fees and expenses in connection with the notes offering and the 2027 notes redemption.

The notes will be guaranteed on a senior unsecured basis by OUTFRONT Media Inc. and each of its direct and indirect subsidiaries that guarantees its senior credit facilities.

The notes were offered and will be sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. This press release does not constitute a notice of redemption with respect to the 2027 notes.

Cautionary Statement Regarding Forward-Looking Statements
OUTFRONT Media Inc. ("we" or "our") has made statements in this press release that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as "will," "intends," or "expects," or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: our ability to consummate the notes offering and the 2027 notes redemption; declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a real estate investment trust ("REIT"); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary ("TRS"); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. All forward-looking statements in this press release apply as of the date of this press release or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events, or other changes.

About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:

Investors:                                                       

Media:

 Stephan Bisson                                               

Courtney Richards

(212) 297-6573                                             

(646) 876-9404

[email protected]                       

[email protected] 

SOURCE OUTFRONT Media Inc.

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Stock to Watch: Outfront Media (OUT - Free Report) Headquartered in New York, OUTFRONT Media Inc. is a leading provider of OOH advertisement space in key markets throughout the United States. With billboard and transit displays, the company provides advertising structures and sites to diverse industries across the largest markets in the United States. As of Dec. 31, 2025, the company had approximately 19,100 lease agreements with approximately 17,500 different landlords.

OUT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 13.56; value investors should take notice.

Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.04 to $2.26 per share. OUT boasts an average earnings surprise of +12.1%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, OUT should be on investors' short list.

Key Takeaways Lamar posted Q1 2026 net revenues 4.5% to $528M, with growth across OOH formats.OUT saw Q1 revenues 10% and adjusted OIBDA 56%, fueled by a 22% jump in transit revenue.Lamar carries 3x net debt/EBITDA, $700M liquidity and 2026 programmatic revenues up nearly 25%. Out-of-home advertising is having a useful moment for investors to revisit. Brands are still fighting for attention in crowded digital channels, while billboards, transit displays and airport media keep showing up in the real world where people cannot scroll past them.

Lamar Advertising (LAMR - Free Report) and OUTFRONT Media (OUT - Free Report) both sit in this market, but they bring different strengths to the table. Lamar is the steadier operator, with a larger revenue base, strong billboard exposure and a long record of local advertiser demand.

OUTFRONT is more of a recovery story, helped by faster recent growth in transit, digital and large urban markets. The latest quarterly results show both companies moving in the right direction, though in different ways. For investors, the choice comes down to whether they prefer Lamar’s consistency and financial flexibility or OUTFRONT’s sharper rebound and improving transit platform.

The Case for LAMRLamar’s first appeal is its dependable top-line engine. First-quarter 2026 net revenues rose 4.5% to $528 million, with growth across billboards, airports, transit and logo signs. It came from a larger base and showed healthy demand from both local and national advertisers. Management also noted that local and regional billboard sales have now grown for 20 straight quarters, a useful sign of repeat demand.

The company also has a strong profitability profile. Adjusted EBITDA increased 7.7% to $226.3 million, and the margin expanded to 42.9%. OUTFRONT’s rebound was sharper in the quarter, but Lamar still operates with a much higher earnings margin, helped by its heavy billboard mix and disciplined expense control. That efficiency makes each dollar of revenues more valuable.

Lamar’s balance sheet gives it another edge. Management reported net debt-to-EBITDA of about 3X, total liquidity of more than $700 million and no senior notes maturity until 2028. OUTFRONT’s net leverage is higher at 4.3X, so Lamar has more room to invest, pursue deals and support shareholder returns through different market conditions.

Growth is not missing either. Programmatic revenues grew nearly 25% in the quarter, same-board digital revenues increased 5%, and digital represented almost 31% of billboard billings. Lamar also completed 19 acquisitions for about $80 million so far in 2026 and continues to target accretive billboard deals and easements under its best locations. That mix of organic growth, digital expansion and bolt-on acquisitions keeps the story simple and attractive to investors today.

The Case for OUTOUTFRONT’s case begins with momentum. First-quarter 2026 revenues rose 10% to $429.6 million, while adjusted OIBDA climbed 56.4% to $100.4 million. AFFO more than doubled to $61 million. Those numbers show a business moving past a weaker period and getting better operating lift from its assets. Compared with Lamar’s steadier pace, OUTFRONT offers a more visible recovery story.

Transit is the clearest improvement. Revenues in that segment rose 22.3%, led by strength in the New York Metropolitan Transportation Authority (“MTA”) contract, which management said grew more than 26%. Digital transit revenues also rose strongly. If the MTA business stays above its baseline revenue level, OUTFRONT can begin recouping prior screen investments, improving cash dynamics over time. This could make the platform more productive.

OUTFRONT also has a good digital growth story. Total digital revenues grew more than 11% and made up about one-third of total revenues. Programmatic and automated digital sales rose nearly 40%, showing better traction with buyers who want data, flexibility and measurable campaigns. Its big-city footprint could also benefit from events, tourism and tech advertiser demand, which gives OUTFRONT real upside if demand keeps building.

The downside is that OUTFRONT still carries more execution risk than Lamar. Transit improved sharply, but it still posted a small adjusted OIBDA loss in the quarter. Leverage was 4.3X, above Lamar’s level, and some of its first-quarter strength included billboard condemnation revenues. Its exit from a large Los Angeles billboard contract also creates some moving parts in year-over-year comparisons. Investors still need proof that progress can last longer. The turnaround is promising, but it is not yet as clean or as steady as Lamar’s model.

How Do Estimates Compare for LAMR & OUT?The Zacks Consensus Estimate for Lamar’s 2026 and 2027 sales implies year-over-year growth of 5.02% and 4.22%, respectively. The consensus mark for 2026 and 2027 funds from operations (FFO) per share has been revised meaningfully higher to $8.81 and $9.40, respectively, over the past two months, suggesting year-over-year growth of 6.66% and 6.75%, respectively.

Estimates for Lamar Advertising:

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OUTFRONT Media’s 2026 and 2027 sales indicates year-over-year growth of 8.09% and 1.49%, respectively. The consensus mark for 2026 and 2027 FFO per share has been revised upward over the past two months to $2.26 and $2.30, respectively. The figure suggests year-over-year increases of 13.57% and 1.99%, respectively.

Estimates for OUTFRONT Media:

Image Source: Zacks Investment Research

Price Performance & Valuation of LAMR & OUTSo far in the quarter, Lamar shares have rallied 19%, and OUTFRONT Media stock has gained 14.5%. In comparison, the Zacks REIT and Equity Trust – Other industry has risen 11.4%, whereas the S&P 500 composite has returned 12% in the same time frame.  

Image Source: Zacks Investment Research

LAMR is trading at a forward 12-month price-to-FFO, which is a commonly used multiple for valuing REITs, of 16.62X, which is above its one-year median of 15.40X.

OUT is presently trading at a forward 12-month price-to-FFO of 13.34X, which is also above its one-year median of 12.08X. While OUT has a Value Score of B, LAMR has a Value Score of C.

Image Source: Zacks Investment Research

Conclusion: LAMR Has the EdgeOUTFRONT deserves credit for a much better quarter. Its transit recovery, digital push and stronger urban demand give investors a real reason to keep watching the name. Still, Lamar looks like the better stock to consider. It has a larger and steadier revenue base, stronger margins, lower leverage and more room to keep acquiring assets while supporting its dividend policy.

Lamar’s growth may look less dramatic than OUTFRONT’s rebound, but it comes with fewer moving parts and a more proven model. For investors seeking exposure to OOH advertising REITs, Lamar offers the cleaner and more dependable choice in this matchup. Estimate revisions also point in the same direction.

LAMR carries a Zacks Rank #2 (Buy), whereas OUT has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.