| Segment Information We have identified our Chief Executive Officer as the chief operating decision maker for purposes of determining segments. We currently manage our operations through two reportable operating segments—(1) Billboard, which provides advertising space on billboard advertising structures and sites in the U.S., and (2) Transit, which provides advertising space on transit advertising displays operating under exclusive multi-year contracts with municipalities in large cities across the U.S. Included in Other are operating results for third-party digital equipment sales, which does not meet the criteria to be a reportable segment.
The following tables set forth our financial performance by segment. We present Operating income (loss) before Depreciation, Amortization, Net loss on dispositions, Restructuring charges and Stock-based compensation (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Adjusted OIBDA margin is a secondary measure utilized to measure performance of our operating segments.
Our chief operating decision maker utilizes Adjusted OIBDA and Adjusted OIBDA margin in evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. We believe these measures highlight operational trends and provide an important perspective on operational performance across periods. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | (in millions, except percentages) | | 2026 | | 2025 | | 2026 | | 2025 | Billboard: | | | | | | | | | Billboard revenues | | $ | 379.4 | | | $ | 351.3 | | | $ | 712.3 | | | $ | 662.0 | | Billboard property lease(a) | | (117.8) | | | (111.8) | | | (229.1) | | | (221.0) | | Posting, maintenance and other(a) | | (39.6) | | | (36.7) | | | (76.7) | | | (72.4) | | Significant Billboard segment operating expenses(a) | | (157.4) | | | (148.5) | | | (305.8) | | | (293.4) | | Significant Billboard segment selling, general and administrative(b) | | (74.1) | | | (68.4) | | | (142.2) | | | (135.2) | | Billboard Adjusted OIBDA | | $ | 147.9 | | | $ | 134.4 | | | $ | 264.3 | | | $ | 233.4 | | Billboard Adjusted OIBDA margin | | 39.0 | % | | 38.3 | % | | 37.1 | % | | 35.3 | % | | | | | | | | | | Transit: | | | | | | | | | Transit revenues | | $ | 140.6 | | | $ | 106.3 | | | $ | 235.6 | | | $ | 184.0 | | Transit franchise(a) | | (66.4) | | | (62.8) | | | (126.1) | | | (120.8) | | Posting, maintenance and other(a) | | (20.4) | | | (18.2) | | | (38.3) | | | (34.8) | | Significant Transit segment operating expenses(a) | | (86.8) | | | (81.0) | | | (164.4) | | | (155.6) | | Significant Transit segment selling, general and administrative(b) | | (20.6) | | | (18.1) | | | (39.4) | | | (35.4) | | Transit Adjusted OIBDA | | $ | 33.2 | | | $ | 7.2 | | | $ | 31.8 | | | $ | (7.0) | | Transit Adjusted OIBDA margin | | 23.6 | % | | 6.8 | % | | 13.5 | % | | (3.8) | % | | | | | | | | | | | Total segments: | | | | | | | | | | Segment revenues | | $ | 520.0 | | | $ | 457.6 | | | $ | 947.9 | | | $ | 846.0 | | Billboard property lease(a) | | (117.8) | | | (111.8) | | | (229.1) | | | (221.0) | | Transit franchise(a) | | (66.4) | | | (62.8) | | | (126.1) | | | (120.8) | | Posting, maintenance and other(a) | | (60.0) | | | (54.9) | | | (115.0) | | | (107.2) | | Significant segment operating expenses(a) | | (244.2) | | | (229.5) | | | (470.2) | | | (449.0) | | Significant segment selling, general and administrative(b) | | (94.7) | | | (86.5) | | | (181.6) | | | (170.6) | | Segment Adjusted OIBDA | | $ | 181.1 | | | $ | 141.6 | | | $ | 296.1 | | | $ | 226.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | (in millions) | | 2026 | | 2025 | | 2026 | | 2025 | | Reconciliation to net income (loss): | | | | | | | | | | Segment Adjusted OIBDA | | $ | 181.1 | | | $ | 141.6 | | | $ | 296.1 | | | $ | 226.4 | | | Non-segment Adjusted OIBDA | | (20.8) | | | (17.5) | | | (35.4) | | | (38.1) | | | Total Adjusted OIBDA | | 160.3 | | | 124.1 | | | 260.7 | | | 188.3 | | Restructuring charges(c) | | — | | | (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) | | | Stock-based compensation | | (6.9) | | | (6.0) | | | (12.5) | | | (15.5) | | | Total 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) | | | | | | | | | | | | Revenues | | $ | 522.5 | | | $ | 460.2 | | | $ | 952.1 | | | $ | 850.9 | | | | | | | | | | | Billboard property lease(a) | | $ | (117.8) | | | $ | (111.8) | | | $ | (229.1) | | | $ | (221.0) | | Transit franchise(a) | | (66.4) | | | (62.8) | | | (126.1) | | | (120.8) | | Posting, maintenance and other(a) | | (61.9) | | | (56.9) | | | (118.4) | | | (111.0) | | | Operating expenses | | (246.1) | | | (231.5) | | | (473.6) | | | (452.8) | | Selling, general and administrative(b) | | (123.0) | | | (110.6) | | | (230.3) | | | (225.3) | | | Stock-based compensation | | 6.9 | | | 6.0 | | | 12.5 | | | 15.5 | | | Adjusted OIBDA | | $ | 160.3 | | | $ | 124.1 | | | $ | 260.7 | | | $ | 188.3 | |
(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (b)Selling, general and administrative expenses includes, but is not limited to, compensation and benefits, including commissions, professional fees, office rent and travel and entertainment. (c)In the three and six months ended June 30, 2025, Restructuring charges associated with the 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. Other disclosures(a): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | (in millions) | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revenues(b): | | | | | | | | | | United States | | $ | 522.5 | | | $ | 460.2 | | | $ | 952.1 | | | $ | 850.9 | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | June 30, 2026 | | December 31, 2025 | Long-lived Assets(c): | | | | | | | | | | United States | | | | | | $ | 4,838.2 | | | $ | 4,798.8 | |
(a)Total assets and capital expenditures by segment are not regularly provided or reviewed by the chief operating decision maker. These metrics are reviewed and managed on a consolidated basis. (b)Revenues classifications are based on the geography of the advertising. (c)Reflects total assets less current assets, investments and non-current deferred tax assets.
|