Outfront Media (OUT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 14% year-over-year to $523 million, driven by strong transit and billboard performance, including significant contributions from the FIFA World Cup.

• Net income attributable to shareholders rose to $77.5 million, up from $19.5 million in Q2 2025, and operating income more than doubled to $116 million.

• Adjusted OIBDA increased 29% to $160.3 million, with margin expanding to 30.7%.

• AFFO rose 45% to $121 million, supporting a 10% dividend increase to $0.33 per share.

• Digital revenue performance was robust, growing over 19% and representing over 33% of total revenues.

Financial highlights

• Billboard revenues grew 8% year-over-year to $379 million; transit revenues surged 32% to $141 million.

• Billboard yield increased to $3,344 per display per month, up 11.8% year-over-year.

• FFO increased 75% to $123.5 million; AFFO up 45% to $120.8 million for Q2 2026.

• Cash flow from operations rose 82% to $183.7 million for the first half of 2026.

• Adjusted OIBDA margin improved to 39.0% for billboard and 23.6% for transit.

Outlook and guidance

• High single-digit revenue growth expected in Q3, with about 20% growth in transit and mid-single digit in billboard.

• 2026 AFFO projected to grow in the low 20s percent range over 2025 AFFO of $338 million.

• SG&A expense growth rate will outpace revenue growth for the rest of 2026 due to strategic investments in digital and technology.

• Capital expenditures for 2026 expected to be approximately $90 million, focused on digital displays, technology, and maintenance.

• MTA equipment deployment costs projected at $30–40 million annually for the remainder of the contract term.