Outfront Media Q4 AFFO Rises to $0.73, Guides Double-Digit Growth
Outfront Media reported Q4 AFFO of $0.73 per share, beating estimates and rising from $0.69 year-ago, on revenues of $513.3 million (+4.1%) despite missing consensus by $1.1 million. Transit revenue jumped 15.7% to $134.8 million and adjusted OIBDA rose 12% to $173.8 million; management forecasts double-digit AFFO growth in 2026.
1. Q4 Financial Results
Outfront Media recorded adjusted funds from operations per share of $0.73 in Q4 2025, up from $0.69 a year earlier and topping the $0.71 estimate. Total revenue reached $513.3 million, marking a 4.1% increase but falling just short of the $514.4 million consensus.
2. Segment Performance Breakdown
Billboard revenue grew 0.5% to $376.6 million, driven by higher digital yields and programmatic sales, offsetting lost displays and contract exits. The transit segment led growth with a 15.7% gain to $134.8 million, fueled by improved yield per display and strong advertiser demand in major markets.
3. Profitability and 2026 Outlook
Adjusted OIBDA climbed 12% year-over-year to $173.8 million with margin expansion to 33.9%, and operating income rose 20.2% to $133.5 million. Management projects comfortably double-digit AFFO growth in 2026, supported by digital conversions, programmatic channels and event-driven upside.
4. Balance Sheet and Liquidity
As of December 31, 2025, the company held $2.6 billion in total debt with net leverage near 4.7x and access to $750 million of committed liquidity. No equity was issued under its ATM program, preserving $232.5 million of capacity for future needs.