OUTFRONT's Third-Quarter Revenue Growth Cools From 13.5%

The Tip Desk · November 7, 2026 · 3 min read

The out-of-home media company posted $511.1 million of third-quarter revenue, up 9.3% from a year earlier, and said it still expects a double-digit growth year for 2026.

OUTFRONT Media Inc. (OUT) reported third-quarter revenue of $511.1 million, up 9.3% from a year earlier, a slower year-over-year pace than the 13.5% increase recorded in the second quarter.

Chief Executive Officer Nick Brien said third-quarter revenues grew over 9% given broad strength across the business and produced growth in Adjusted OIBDA and AFFO. The company said it currently expects 2026 to be a double-digit revenue growth year, citing focused execution and in-real-life’s re-emergence as an integral part of advertisers’ marketing campaigns.

Operating income was $102.8 million. Net income attributable to OUTFRONT Media Inc. was $64.8 million, or $0.36 a share, compared with $51.3 million, or $0.29 a share, a year earlier. Adjusted OIBDA was $145.3 million. AFFO attributable to the company was $102.9 million.

Billboard remained the larger of the two reportable media segments. Billboard revenue was $373.7 million, up 5.9%, which the company attributed to higher average revenue per display, including programmatic and direct-sale platforms on digital billboards, and to 2026 FIFA World Cup advertising. Billboard Adjusted OIBDA was $139.5 million, up 0.1%.

Transit revenue was $135.3 million, up 20.4%, which the company said was due primarily to higher yield and FIFA World Cup revenues, partially offset by new and lost transit franchise contracts. Transit Adjusted OIBDA was $28.9 million, up 84.1%. Other revenues were $2.1 million, down 8.7%, on lower third-party digital equipment sales.

Total operating expenses were $242.9 million, up 5.3%, which the company said was due primarily to higher variable billboard property lease expenses, higher variable transit franchise expenses on transit revenues outside New York, higher inflation-linked guaranteed minimum annual payments to the New York Metropolitan Transportation Authority, and higher site-related costs, partially offset by lower production expenses. SG&A was $129.5 million, up 23.1%, on higher compensation, professional fees including software and technology, a higher bad-debt allowance, and higher client entertainment, partially offset by market movements on an unfunded equity-linked retirement plan.

Billboard operating expenses rose 4.9% and billboard SG&A rose 21.0%. Transit operating expenses rose 6.5% and transit SG&A rose 26.0%. Corporate expenses excluding restructuring, a net loss on disposition of non-real estate assets, and stock-based compensation were $23.5 million.

Net interest expense was $36.9 million, including $1.3 million of amortization of deferred financing costs. The weighted average cost of debt was 5.5% as of September 30, 2026.

The board declared a quarterly cash dividend of $0.33 a share, payable December 31, 2026, to stockholders of record at the close of business on December 4, 2026. Unrestricted cash was $74.1 million as of September 30, 2026, with $494.9 million of availability under a $500.0 million revolving credit facility and $50.0 million of additional availability under an accounts receivable securitization facility. Total indebtedness was $2.5 billion, excluding $18.9 million of deferred financing costs.

Based on recent performance of MTA assets, the company said it 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 current MTA agreement exceed the minimum annual guarantee. Current-period and future MTA equipment deployment costs will continue to be recorded as intangible assets rather than prepaid MTA equipment deployment costs, the company said.