Revenues
We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts.
The following table summarizes revenues by source:
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| (in millions) | | 2025 | | 2024 | | 2023 |
| Billboard: | | | | | | |
| Static displays | | $ | 904.8 | | | $ | 936.3 | | | $ | 948.0 | |
| Digital displays | | 434.3 | | | 448.4 | | | 441.7 | |
| Other | | 52.3 | | | 52.7 | | | 55.2 | |
| Billboard revenues | | 1,391.4 | | | 1,437.4 | | | 1,444.9 | |
| Transit: | | | | | | |
| Static displays | | 179.1 | | | 185.5 | | | 191.8 | |
| Digital displays | | 214.8 | | | 165.9 | | | 146.6 | |
| Other | | 37.3 | | | 39.2 | | | 31.1 | |
| Transit revenues | | 431.2 | | | 390.6 | | | 369.5 | |
| Other | | 9.1 | | | 2.9 | | | 6.2 | |
| Total revenues | | $ | 1,831.7 | | | $ | 1,830.9 | | | $ | 1,820.6 | |
Rental income was $1,287.3 million in 2025, $1,336.9 million in 2024 and $1,349.3 million in 2023, and is recorded in Revenues on the Consolidated Statement of Operations.
The following table summarizes revenues by geography:
| | | | | | | | | | | | | | | | | | | | |
| | Years Ended December 31, |
| (in millions) | | 2025 | | 2024 | | 2023 |
| United States: | | | | | | |
| Billboard | | $ | 1,391.4 | | | $ | 1,409.3 | | | $ | 1,369.7 | |
| Transit | | 431.2 | | | 383.8 | | | 352.6 | |
| Other | | 9.1 | | | 2.9 | | | 6.2 | |
| Total United States revenues | | 1,831.7 | | | 1,796.0 | | | 1,728.5 | |
| Canada | | — | | | 34.9 | | | 92.1 | |
| Total revenues | | $ | 1,831.7 | | | $ | 1,830.9 | | | $ | 1,820.6 | |
Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.
Contract Costs and Balances
Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 5. Leases: Lessee to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within SG&A in the accompanying Consolidated Statements of Operations.
Variable sales commission costs which are directly associated with transit display and other revenues are included in SG&A on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year.
Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance, on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2024, during the three months ended March 31, 2025.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.