OUTFRONT Media Inc.OUT
OUTFRONT Media Inc. Segments Disclosure
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. Prior to its sale, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other through the date of sale. Also included in Other are operating results for third-party digital equipment sales.
The following tables set forth our financial performance by segment. We present Operating income (loss) before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation, Restructuring charges and Impairment charges (“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 utilized 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.
| Year Ended December 31, | ||||||||||||||||||||
| (in millions, except percentages) | 2025 | 2024 | 2023 | |||||||||||||||||
Billboard: | ||||||||||||||||||||
Billboard revenues | $ | 1,391.4 | $ | 1,409.3 | $ | 1,369.7 | ||||||||||||||
Billboard property lease(a) | (446.6) | (472.3) | (477.3) | |||||||||||||||||
Posting, maintenance and other(a) | (149.3) | (148.4) | (134.9) | |||||||||||||||||
Significant Billboard segment operating expenses(a) | (595.9) | (620.7) | (612.2) | |||||||||||||||||
Significant Billboard segment selling, general and administrative(b) | (266.6) | (268.1) | (256.9) | |||||||||||||||||
Billboard Adjusted OIBDA | $ | 528.9 | $ | 520.5 | $ | 500.6 | ||||||||||||||
Billboard Adjusted OIBDA margin | 38.0 | % | 36.9 | % | 36.5 | % | ||||||||||||||
Transit: | ||||||||||||||||||||
Transit revenues | $ | 431.2 | $ | 383.8 | $ | 352.6 | ||||||||||||||
Transit franchise(a) | (243.2) | (236.3) | (235.6) | |||||||||||||||||
Posting, maintenance and other(a) | (72.2) | (68.2) | (62.4) | |||||||||||||||||
Significant Transit segment operating expenses(a) | (315.4) | (304.5) | (298.0) | |||||||||||||||||
Significant Transit segment selling, general and administrative(b) | (72.7) | (71.0) | (70.6) | |||||||||||||||||
Transit Adjusted OIBDA | $ | 43.1 | $ | 8.3 | $ | (16.0) | ||||||||||||||
Transit Adjusted OIBDA margin | 10.0 | % | 2.2 | % | (4.5) | % | ||||||||||||||
| Total segments: | ||||||||||||||||||||
| Segment revenues | $ | 1,822.6 | $ | 1,793.1 | $ | 1,722.3 | ||||||||||||||
Billboard property lease(a) | (446.6) | (472.3) | (477.3) | |||||||||||||||||
Transit franchise(a) | (243.2) | (236.3) | (235.6) | |||||||||||||||||
Posting, maintenance and other(a) | (221.5) | (216.6) | (197.3) | |||||||||||||||||
Significant segment operating expenses(a) | (911.3) | (925.2) | (910.2) | |||||||||||||||||
Significant segment selling, general and administrative(b) | (339.3) | (339.1) | (327.5) | |||||||||||||||||
Segment Adjusted OIBDA | $ | 572.0 | $ | 528.8 | $ | 484.6 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Reconciliation to net income (loss): | ||||||||||||||||||||
| Segment Adjusted OIBDA | $ | 572.0 | $ | 528.8 | $ | 484.6 | ||||||||||||||
| Non-segment Adjusted OIBDA | (72.7) | (64.0) | (28.4) | |||||||||||||||||
| Total Adjusted OIBDA | 499.3 | 464.8 | 456.2 | |||||||||||||||||
Restructuring charges(c) | (20.1) | — | — | |||||||||||||||||
| Net gain on dispositions | 2.3 | 160.9 | 14.2 | |||||||||||||||||
| Impairment charges | — | (17.9) | (534.7) | |||||||||||||||||
| Depreciation | (90.6) | (79.5) | (79.3) | |||||||||||||||||
| Amortization | (69.6) | (72.0) | (81.2) | |||||||||||||||||
| Stock-based compensation | (27.8) | (30.8) | (28.4) | |||||||||||||||||
| Total operating income (loss) | 293.5 | 425.5 | (253.2) | |||||||||||||||||
| Interest expense, net | (146.4) | (156.2) | (158.4) | |||||||||||||||||
| Loss on extinguishment of debt | (0.6) | (1.2) | (8.1) | |||||||||||||||||
| Other income, net | — | 1.0 | 0.3 | |||||||||||||||||
| Income (loss) before provision for income taxes and equity in earnings of investee companies | 146.5 | 269.1 | (419.4) | |||||||||||||||||
| Provision for income taxes | (2.0) | (11.0) | (4.0) | |||||||||||||||||
| Equity in earnings of investee companies, net of tax | 2.5 | 0.6 | (1.1) | |||||||||||||||||
| Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests | 147.0 | 258.7 | (424.5) | |||||||||||||||||
| Net income attributable to redeemable and non-redeemable noncontrolling interests | — | 0.5 | 0.7 | |||||||||||||||||
| Net income (loss) attributable to OUTFRONT Media Inc. | $ | 147.0 | $ | 258.2 | $ | (425.2) | ||||||||||||||
| Revenues | $ | 1,831.7 | $ | 1,830.9 | $ | 1,820.6 | ||||||||||||||
Billboard property lease(a) | (446.6) | (482.8) | (499.7) | |||||||||||||||||
Transit franchise(a) | (243.2) | (238.1) | (240.3) | |||||||||||||||||
Posting, maintenance and other(a) | (228.7) | (228.1) | (223.1) | |||||||||||||||||
Operating expenses(a) | (918.5) | (949.0) | (963.1) | |||||||||||||||||
Selling, general and administrative(b) | (441.7) | (447.9) | (429.7) | |||||||||||||||||
| Stock-based compensation | 27.8 | 30.8 | 28.4 | |||||||||||||||||
| Adjusted OIBDA | $ | 499.3 | $ | 464.8 | $ | 456.2 | ||||||||||||||
(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 2025, Restructuring charges associated with the Plan, consists 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):
| As of and For the Year Ended December 31, | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
Revenues(b): | ||||||||||||||||||||
| United States | $ | 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 | ||||||||||||||
Long-lived Assets(c): | ||||||||||||||||||||
| United States | $ | 4,798.8 | $ | 4,820.7 | $ | 4,962.6 | ||||||||||||||
Canada(d) | — | — | 214.3 | |||||||||||||||||
| Total long-lived assets | $ | 4,798.8 | $ | 4,820.7 | $ | 5,176.9 | ||||||||||||||
(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.
(d)On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business.)Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.