At a glance
Outfront Media Inc is worth $5.53B, about 38 times its fiscal 2025 earnings. Revenue was flat at $1.83B in fiscal 2025, with 8.0% kept as profit; over 5 years it has grown 8.2% a year. It pays a 3.92% dividend yield, and returned $889.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +86.6% over the past year with dividends reinvested and +11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 73.7% in the 2020 crash (S&P 500: 33.7%) and 46.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 68 months and 38 months after the lows.
The business in plain English
OUTFRONT Media rents advertising space to advertisers on billboards and transit displays across the United States. It operates in about 120 markets, including the 25 largest. Its key sites are in and around New York City, Los Angeles and San Francisco. It also offers extras such as research, print production, creative services and post-campaign analytics. OUTFRONT is a real estate investment trust (REIT). That means it generally pays no federal income tax on the profits it distributes, and it must pay out at least 90% of its taxable income.
Billboards are the core of the business. In the fiscal year ended December 31, 2025, the Billboard segment brought in $1.39 billion, or 76% of total revenue of $1.83 billion. OUTFRONT generally owns the structures and permits but leases the land, through about 19,100 leases with roughly 17,500 landlords. The company estimates that about 75% of its billboards are "legal nonconforming": they can stay, but they could not be built under newer laws. They often sit where new billboards are hard or impossible to build.
Transit brought in $431.2 million, or 23.5% of revenue. It comes from displays run under exclusive multi-year contracts with municipalities, including New York's Metropolitan Transportation Authority. OUTFRONT is adding digital screens, which rotate several ads. A digital billboard earns about four to five times the revenue of a comparable static one, at two to four times the cost. The company exited Canada through a sale in June 2024.
Price history
The interactive chart needs JavaScript.
OUT +86.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Billboard Operating Segment | $1.39B | 76% |
| Transit Operating Segment | $431.2M | 23.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $522.5M, up 13.5% from a year earlier, and net income was $77.5M (+297.4%).
- For fiscal 2025, revenue was $1.83B (0.0% year over year; +8.2% a year from FY2020 to FY2025) with a 8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.2% good |
|---|---|
| Operating margin | 16% good |
| Free cash flow margin | 11.9% good |
| Return on equity (FY2025) | 20.7% good |
| Return on assets (FY2025) | 2.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.24B | $-61.0M | $77.1M |
| FY2021 | $1.46B | $35.6M | $25.0M |
| FY2022 | $1.77B | $142.7M | $164.3M |
| FY2023 | $1.82B | $-425.2M | $167.4M |
| FY2024 | $1.83B | $258.2M | $221.1M |
| FY2025 | $1.83B | $147.0M | $218.8M |
Valuation snapshot
| Market value | $5.53B |
|---|---|
| P/E ratio | 38.3 |
| Dividend yield | 3.92% |
Rank among 1514 US companies
Market value at each year end
Outfront Media’s market value went from $3.43B at the end of 2016 to $5.53B on Oct 28, 2026, up 61%; since the end of 2025 it is up 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.53B | +37.2% |
| 2025 | $4.03B | +36.9% |
| 2024 | $2.94B | +27.8% |
| 2023 | $2.30B | -15.3% |
| 2022 | $2.72B | -30.3% |
| 2021 | $3.91B | +38.2% |
| 2020 | $2.83B | -26.6% |
| 2019 | $3.85B | +52.3% |
| 2018 | $2.53B | -21.4% |
| 2017 | $3.22B | -6.3% |
| 2016 | $3.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OUT price data to Oct 28, 2026 | +34.4% | +86.6% | +58.4% | +11.8% | +9.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.4% |
| 2025 | +44.8% |
| 2024 | +37.3% |
| 2023 | -8.0% |
| 2022 | -34.4% |
| 2021 | +38.2% |
| 2020 | -26.0% |
| 2019 | +56.8% |
| 2018 | -16.1% |
| 2017 | -0.8% |
| 2016 | +20.9% |
| 2015 | -13.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 72.5% over that stretch · deepest drop along the way 73.7%, back to its old high 68.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.6% over that stretch · deepest drop along the way 46%, back to its old high 37.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($127K) and 14 sales ($4.1M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 31, 2026 | Matthew Siegel EVP, CFO | sell (plan) | $1.3M |
| Oct 1, 2026 | Matthew Siegel EVP, CFO | sell (plan) | $696K |
| May 22, 2026 | Peter Mathes Director | sell | $335K |
| Mar 23, 2026 | Manuel A. Diaz Director | sell (plan) | $304K |
| Aug 19, 2026 | Patrick Martin SVP, Controller, CAO | sell (plan) | $301K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.4% | Sep 30, 2026 |
| Cohen & Steers, Inc. | 13.39% | Sep 30, 2025 |
| Vanguard Portfolio Management | 10.08% | Jun 30, 2026 |
| COHEN & STEERS, INC. | 8.6% | Jun 30, 2025 |
| FMR LLC | 7.1% | Jun 30, 2026 |
| Vanguard Capital Management | 5.09% | Sep 30, 2026 |
ETFs with the most weight in OUT
| RDOG ALPS REIT Dividend Dogs ETF | 2.26% |
| HIPS GraniteShares HIPS US High Income ETF | 2.13% |
| RIET Hoya Capital High Dividend Yield ETF | 0.98% |
| PSR Invesco Active U.S. Real Estate Fund | 0.75% |
| NIXT Research Affiliates Deletions ETF | 0.72% |
| JPRE JPMorgan Realty Income ETF | 0.7% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.64% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.63% |
What could go wrong
- Transit depends on city contracts. About 23.5% of fiscal 2025 revenue came from transit displays run under municipal contracts, including New York's MTA. Losing a key contract, or renewing on worse terms, could cut revenue and profit.
- Billboard rules could tighten. Governments limit where billboards go and what ads they carry, and could cut payments for removing lawful signs. About 75% of OUTFRONT's billboards could not be built under newer laws, so rule changes matter.
- Ad budgets shrink in downturns. Advertisers cut spending when the economy weakens. OUTFRONT relies heavily on the New York and Los Angeles areas and on entertainment, retail and legal-services advertisers. Remote work can also reduce commuting and transit ridership.
- Heavy debt and interest costs. Total debt was about $2.53 billion as of June 30, 2026, against $31.2 million in cash and investments. Some debt has variable rates, so rising rates could raise payments and squeeze cash for dividends.
- Dividend may not stay covered. The company warns that cash for distributions may fall short, which could mean borrowing or smaller payouts. Dividends used about 96% of free cash flow (cash left after operating costs and investment) in fiscal 2025.
- Rivals for advertisers and sites. OUTFRONT competes with Lamar, Clear Channel Outdoor, JCDecaux and Intersection, plus online, social and TV advertising. Many site leases are month-to-month or short, so rivals can bid up rents or win locations.
Recent events
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
OUTFRONT pays a dividend. As a REIT, it must distribute at least 90% of its taxable income. The yield was 3.92% as of October 28, 2026. The record is uneven, with no streak of yearly increases. Dividends per share were only $0.38 in 2020 and $0.20 in 2021, then $1.20 in 2022 and again in fiscal 2025. The fiscal 2025 dividend equaled about 143% of earnings and 96% of free cash flow (cash left after running and investing in the business). OUTFRONT bought back no shares in fiscal 2021–2025. Its share count rose about 21% from November 2021 to August 2026, so each share gets a smaller slice of profits.
The share price has fallen hard in downturns. It lost about 74% from February 19 to March 20, 2020, and 46% from March to September 2022. It did not regain either earlier peak until November 21, 2025. Like any single stock, OUTFRONT carries more risk than a diversified fund.
Questions investors ask
How does OUTFRONT Media make money?
OUTFRONT Media makes money by renting advertising space on billboards and transit displays in the United States. In the fiscal year ended December 31, 2025, billboards brought in about $1.39 billion, or 76% of its $1.83 billion in revenue. Transit brought in about $431.2 million, or 23.5%. The company generally owns its billboard structures and leases the land under them. Digital billboards, which rotate several ads, earn about four to five times the revenue of comparable static ones.
Does OUTFRONT Media pay a dividend?
Yes. OUTFRONT paid dividends of $1.20 per share for fiscal 2025. Its dividend yield (yearly dividends as a share of the stock price) was 3.92% as of October 28, 2026. As a REIT, it must distribute at least 90% of its taxable income. The dividend has not grown every year, though. It was only $0.38 per share in 2020 and $0.20 in 2021. In fiscal 2025, dividends used about 96% of free cash flow, leaving a thin cushion.
Is OUTFRONT Media a REIT?
Yes. OUTFRONT has been taxed as a real estate investment trust (REIT) since July 17, 2014, shortly after it separated from CBS. It was formerly called CBS Outdoor Americas. A REIT generally pays no federal income tax on the income it distributes, but it must pay out at least 90% of its REIT taxable income. If OUTFRONT lost REIT status without qualifying for relief, it would owe tax at regular corporate rates and could not elect REIT status again for four years.
How much debt does OUTFRONT Media have?
OUTFRONT had about $2.53 billion in total debt as of June 30, 2026. That compares with $31.2 million in cash and investments and $693.3 million in shareholders' equity. The annual report calls this debt substantial. Some of it carries variable interest rates, so higher rates could raise interest costs. Debt payments compete with dividends and digital-screen spending for the same cash. The company may also need outside financing to refinance, which may not always be available on reasonable terms.
How has OUTFRONT Media stock performed?
Strongly over the past year but unevenly over the long run. As of October 28, 2026, the share price had gained 86.6% over one year. Over five years it averaged 11.8% a year, and over ten years 9.8% a year. Calendar years have swung widely, from a 34.4% loss in 2022 to a 44.8% gain in 2025. Its deepest price decline was about 74%, in the 2020 COVID crash. These are price returns, which leave out dividends.