Outfront Media (OUT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9.3% YoY to $511.1M; Adjusted OIBDA increased 5.9% to $145.3M and AFFO rose 5.0% to $102.9M.

• Net income attributable to shareholders increased 26% to $64.8M; operating income rose 14% to $102.8M.

• Strong results and bookings supported expectations for double-digit FY 2026 revenue growth.

Financial highlights

• Q3 revenue was $511.1M, up 9.3% YoY; operating income was $102.8M versus $89.9M and diluted EPS was $0.36 versus $0.29.

• Adjusted OIBDA was $145.3M, up 5.9%; AFFO was $102.9M, up 5.0%.

• Nine-month revenue was $1,463.2M, Adjusted OIBDA was $406.0M and AFFO was $284.7M.

• Nine-month operating cash flow increased 64% to $311.6M; investing and financing cash outflows were $96.4M and $241.0M, respectively.

Outlook and guidance

• FY 2026 revenue growth is expected to be double-digit; reported AFFO growth is now expected to be ~25% YoY from 2025 reported AFFO of $338M.

• Q4 revenue growth is expected to reach double digits, led by transit growth above 20% and mid-single-digit billboard growth.

• 2026 CapEx is expected at ~$85M, excluding MTA equipment deployment costs; maintenance spend is expected at $30M-$35M.

• MTA equipment deployment costs are expected at ~$25M in 2026 and $30M-$40M annually through the remaining amended contract term.

• Q4 SG&A and corporate expenses are expected to grow in the high teens YoY, with over half of the increase tied to success-based expenses; 2027 guidance was deferred until February.