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Table of Contents            

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number: 001-36367
OUTFRONT Media Inc.
(Exact name of registrant as specified in its charter)
Maryland
46-4494703
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
90 Park Avenue, 9th Floor
New York,NY
10016
(Address of principal executive offices)
(Zip Code)

(212) 297-6400
(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
OUT
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No



The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, was $2.7 billion based upon the closing price reported for such date on the New York Stock Exchange.

As of February 25, 2026, the number of shares outstanding of the registrant’s common stock was 176,050,169.


DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2025.




OUTFRONT Media Inc.
Table of Contents
PART I
PART II
PART III
PART IV
SIGNATURES




Except as otherwise indicated or unless the context otherwise requires, all references in this Annual Report on Form 10-K to (i) “OUTFRONT Media,” “the Company,” “we,” “our,” “us” and “our company” mean OUTFRONT Media Inc., a Maryland corporation, and unless the context requires otherwise, its consolidated subsidiaries, and (ii) the “25 largest markets in the U.S.,” “approximately 120 markets across the U.S.” and “Nielsen Designated Market Areas” are based, in whole or in part, on Nielsen Media Research’s 2026 Designated Market Area rankings.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have made statements in this Annual Report on Form 10-K that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

Declines in advertising and general economic conditions;
Competition;
Government regulation;
Our ability to operate our digital display platform;
Losses and costs resulting from recalls and product liability, warranty and intellectual property claims;
Our ability to obtain and renew key municipal contracts on favorable terms;
Taxes, fees and registration requirements;
Decreased government compensation for the removal of lawful billboards;
Content-based restrictions on outdoor advertising;
Seasonal variations;
Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations;
Dependence on our management team and other key employees;
Experiencing a cybersecurity incident;
Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies;
Asset impairment charges for our long-lived assets and goodwill;
Environmental, health and safety laws and regulations;
Expectations relating to environmental, social and governance considerations;
Our substantial indebtedness;
Restrictions in the agreements governing our indebtedness;
Incurrence of additional debt;
Interest rate risk exposure from our variable-rate indebtedness;
Our ability to generate cash to service our indebtedness;
Cash available for distributions;
Hedging transactions;
The ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval;
Certain provisions of Maryland law may limit the ability of a third party to acquire control of us;
Our rights and the rights of our stockholders to take action against our directors and officers are limited;
Our failure to remain qualified to be taxed as a real estate investment trust (“REIT”);
REIT distribution requirements;
Availability of external sources of capital;
We may face other tax liabilities even if we remain qualified to be taxed as a REIT;
Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities;
Our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”);
Our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT;
REIT ownership limits;
Complying with REIT requirements may limit our ability to hedge effectively;
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The ability of our board of directors to revoke our REIT election at any time without stockholder approval;
The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; and
Establishing operating partnerships as part of our REIT structure.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements in this Annual Report on Form 10-K apply as of the date of this report or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, performance or transactions, see “Item 1A. Risk Factors” in this Annual Report on Form 10-K. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

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Table of Contents

PART I

Item 1. Business.

Overview

OUTFRONT Media is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life (“IRL”) moments and environments. We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. Our top market, location-focused portfolio includes sites in and around New York City, Los Angeles and San Francisco, where public spaces can turn into platforms for creativity, connection and cultural relevance. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives by elevating brand influence and credibility through enterprise or commercial brand-building campaigns.

In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. We believe the continued evolution of out-of-home advertising audience measurement systems, including Geopath and alternative measurement systems, can enhance the value of the out-of-home medium, including transit inventory, by improving audience measurement and enabling more precise demographic and location-based targeting. As part of our investments in our technology platform, we are developing digital out-of-home offerings and capabilities that support full-funnel advertising objectives, including end-to-end campaign processing and automation, research and measurement, and demographic and location-based targeting.

We believe out-of-home continues to be an attractive and trusted form of advertising, as our displays have an IRL presence, are always viewable, and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective stand-alone medium, as well as an integral part of a campaign using multiple forms of media (including online, mobile and social media advertising platforms) that bridges commerce, culture and community. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, consumer insights, print production, creative services and post-campaign tracking and analytics.

We generally (i) own the physical billboard structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon and (iii) lease the underlying sites. These lease agreements have terms varying between one month and multiple years, and usually provide renewal options. We estimate that approximately 75% of our billboard structures in the U.S. are “legal nonconforming” billboards, meaning they were legally constructed under laws in effect at the time they were built and remain legal to operate, but could not be constructed under current laws. These structures are often located in areas where it is difficult or not permitted to build additional billboards under current laws, which enhances the value of our portfolio. We have a highly diversified portfolio of advertising sites. As of December 31, 2025, we had approximately 19,100 lease agreements with approximately 17,500 different landlords. A substantial proportion of these lease agreements allow us to abate rent and/or terminate the lease agreement in certain circumstances, which may include when the structure is obstructed, when there is a change in traffic flow and/or when the advertising value of the sign structure is otherwise impaired, providing us with flexibility in renegotiating the terms of our leases with landlords in those circumstances.

We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit. Prior to its sale in 2024, 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 (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements) through the date of sale. See “—Acquisition and Disposition Activity.”

History

Our corporate history can be traced back to companies that helped to pioneer the growth of out-of-home advertising in the U.S., such as Outdoor Systems, Inc., 3M National, Gannett Outdoor and TDI Worldwide Inc. In 1996, a predecessor of CBS Corporation (“CBS”) acquired TDI Worldwide Inc., which specialized in transit advertising. Three years later, a predecessor of CBS acquired Outdoor Systems, Inc., which represented the consolidation of the outdoor advertising assets of large national
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operators such as 3M National, Gannett Outdoor (and its Canadian assets held in the name Mediacom) and many local operators in North America.

On April 2, 2014, the Company completed an initial public offering (the “IPO”) of its common stock under the name “CBS Outdoor Americas Inc.” On July 16, 2014, CBS completed a registered offer to exchange 97,000,000 shares of our common stock that were owned by CBS for outstanding shares of CBS Class B common stock (“the Exchange Offer”). In connection with the Exchange Offer, CBS disposed of all of its shares of our common stock and as of July 16, 2014, we were separated from CBS (the “Separation”) and were no longer a subsidiary of CBS. On July 16, 2014, in connection with the Separation, we ceased to be a member of the CBS consolidated tax group, and on July 17, 2014, we began operating as a REIT for U.S. federal income tax purposes.

On October 1, 2014, we completed the acquisition of certain outdoor advertising businesses of Van Wagner Communications, LLC, for a total purchase price of approximately $690.0 million in cash, plus working capital adjustments.

On November 20, 2014, the Company changed its legal name to “OUTFRONT Media Inc.” and its common stock began trading on the New York Stock Exchange under the ticker symbol “OUT.”

On June 7, 2024, we completed the sale of all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which held all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). See “—Acquisition and Disposition Activity.”

Acquisition and Disposition Activity

We regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions.

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, subject to certain purchase price adjustments. (See Item 8. Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business.)

For additional information regarding our acquisition and disposition activity, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and “Item 8. Financial Statements and Supplementary Data.”

Tax Status

Our qualification to be taxed as a REIT is dependent on our ability to meet various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), related to, among other things, the sources of our gross income, the composition and values of our assets and the diversity of ownership of our shares. See “Item 1A. Risk Factors—Risks Related to Our Corporate and REIT Structure.” As long as we remain qualified to be taxed as a REIT, we generally will not be subject to U.S. federal income tax on REIT taxable income that we distribute to stockholders. To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. This distribution requirement may be satisfied by making distributions to our common stockholders, our preferred stockholders, if any, or a combination of our stockholders. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined with the above modifications, we will be subject to U.S. federal income tax on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

We believe we are organized in conformity with the requirements for qualification and taxation as a REIT under the Code and that our manner of operation will enable us to continue to meet those requirements. If we fail to qualify to be taxed as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and will be precluded from re-electing REIT status for the subsequent four taxable years. Despite our status as a REIT, we will be subject to certain U.S. federal, state and local taxes on our income or property and the income of our TRSs will be subject to taxation at regular corporate rates.

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Growth Strategy

Continue the Digitization of our Portfolio. Increasing the number of digital displays in our prime audience locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging IRL media messaging, provide our customers with the flexibility both to connect with target audiences and to quickly launch new advertising campaigns, and eliminate or greatly reduce print and installation costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four to five times more revenue per display on average than comparable traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than comparable traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than comparable traditional static billboard displays.

We have deployed state-of-the-art digital transit displays in connection with several transit franchises we operate. Revenues generated on our network of digital transit displays are generally higher than revenues generated on a comparable portfolio of our static transit displays.

We have incurred significant equipment deployment costs and capital expenditures, and intend to incur significant capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio. Our annual costs with respect to the New York Metropolitan Transportation Authority (the “MTA”) transit franchise will be primarily focused on maintenance of existing MTA display locations for the remainder of the Amended Term (as defined below). See “—Renovation, Improvement and Development” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 
Drive Revenue Growth Velocity and Brand Expansion. We focus heavily on inventory management and advertising rate to improve average revenue per display (yield) over time across our portfolio of advertising structures and sites. We also focus on brand expansion among new and existing clients and within new and existing industry verticals through the use of dedicated enterprise and commercial sales teams. By carefully managing our pricing on a market-by-market and display-by-display basis, providing value-add IRL brand experiences to clients (including production and creative services), and developing experiential sports marketing and retail media advertising partnerships, we aim to improve profitability.

Consider Strategic Transaction Opportunities. As part of our growth strategy, we frequently evaluate strategic opportunities to acquire or divest businesses, assets or digital technology, directly or in connection with joint ventures (including buy/sell arrangements with joint venture partners) or in connection with other strategic transactions. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions, which transactions and transaction-related expenses will be funded through cash on hand, additional borrowings, equity or other securities, or some combination thereof. See “—Acquisition and Disposition Activity.” There can be no assurances that any transactions currently being evaluated will be consummated or, if consummated, that such transactions would prove beneficial to us. Further, the scale of our footprint in the U.S. allows us to efficiently manage and optimize our portfolio of advertising structures and sites, and to drive additional revenues and reduce operating costs from acquired billboards. We believe that there is significant opportunity for additional industry consolidation, and we will evaluate strategic transaction opportunities on a case-by-case basis.

Investing in Advanced Advertising Technology and Data Tools. We believe the continued evolution of the out-of-home advertising audience measurement systems, including Geopath and alternative measurement systems, can enhance the value of the out-of-home medium, including transit inventory, by improving audience measurement and enabling more precise demographic and location-based targeting. As part of our investments in our technology platform, we plan to develop digital out-of-home offerings and capabilities that support full-funnel advertising objectives, which may include end-to-end campaign processing and automation, research and measurement, and demographic and location-based targeting. We have also added attribution solutions for advertisers seeking to measure key performance indicators and campaign outcomes. By providing standardized audience measurement metrics and overlaying increasingly available and reliable third-party data and attribution, we can help advertisers plan, target, and measure effective out-of-home campaigns across both static and digital displays. Further, we believe the use of programmatic and direct sale advertising platform technologies in the out-of-home advertising industry will increase, which will present a revenue growth opportunity for us. Programmatic and direct sale advertising platforms allow out-of-home advertising companies to lease displays to customers at competitive rates through an online bidding process or through a direct sale process, and we have pursued, and continue to pursue, strategic opportunities to increase our participation in these platforms.

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Our Portfolio of Outdoor Advertising Structures and Sites

Diversification by Customer

For the year ended December 31, 2025, no individual customer represented more than 2% of total Billboard and Transit revenues. Therefore, we do not consider detailed information about any individual customer to be meaningful.

Diversification by Industry

The following table sets forth information regarding the diversification of total Billboard and Transit revenues earned among different industries for 2025, 2024 and 2023. For 2025, as a result of our diverse base of customers in the U.S., no single industry contributed more than 18% of our total Billboard and Transit revenues.
Percentage of Total Billboard and Transit Revenues for the Year Ended December 31,
Industry202520242023
Entertainment18 %18 %20 %
Retail11 12 11 
Legal Services/Lawyers10 
Health/Medical
Technology
Financial
Travel
Restaurants
Education
Consumer Packaged Goods
Utilities
Government/Political
Automotive
Alcohol
Real Estate
Non-Profit
Insurance
Miscellaneous Service Providers
Other(a)
Total100 %100 %100 %
(a)No single industry in “Other” individually represents more than 2% of total revenues.

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Diversification by Geography
Our advertising structures and sites are geographically diversified across 34 states and Washington D.C. The following table sets forth information regarding the geographic diversification of our advertising structures and sites, which are listed in order of contributions to total revenues.
Percentage of Total Revenues for the Year Ended December 31, 2025
Number of Displays as of December 31, 2025(a)
Location (Metropolitan Area)BillboardTransit
Total(b)
Billboard DisplaysTransit DisplaysTotal DisplaysPercentage of Total Displays
New York, NY%61 %21 %278 309,375 309,653 56 %
Los Angeles, CA14 12 3,702 47,607 51,309 
Miami, FL906 20,634 21,540 
State of New Jersey<13,304 — 3,304 1
San Francisco, CA983 15,797 16,780 
Houston, TX11,045 176 1,221 <1
Chicago, IL11,151 9,833 10,984 2
Boston, MA275 41,670 41,945 
Detroit, MI<11,708 — 1,708 <1
Dallas, TX682 453 1,135 <1
Atlanta, GA<11,689 — 1,689 <1
Washington D.C.<110 20 47,160 47,180 
Tampa, FL<11,235 12 1,247 <1
Orlando, FL<11,110 17 1,127 <1
Phoenix, AZ11,218 1,490 2,708 1
All other United States(c)
32 25 18,934 20,413 39,347 
Other(b)
— — <1— — — — 
Total100 %100 %100 %38,240 514,637 552,877 100 %
Total revenues (in millions)$1,391.4 $431.2 $1,831.7 
(a)All displays, including those reserved for transit agency use.
(b)Includes revenues from third-party digital equipment sales.
(c)No single location (metropolitan area) in “All other United States” individually represents more than 2% of total revenues.

The New York and Los Angeles metropolitan areas contributed 57% and 8%, respectively, of total transit revenues in 2024 and 52% and 9%, respectively, of total transit revenues in 2023. Los Angeles contributed 15% of total billboard revenues in each of 2024 and 2023. New York contributed 9% of total billboard revenues in 2024 and 10% in 2023. For additional information regarding revenues for our billboard displays and transit displays by segment, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data.”

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Renovation, Improvement and Development

The following table sets forth information regarding our digital displays.
Digital Revenues (in millions)
for the Year Ended
Number of Digital Displays(a) as of
LocationDigital Billboard Digital TransitTotal Digital RevenuesDigital Billboard DisplaysDigital Transit DisplaysTotal Digital Displays
December 31, 2025:
United States$434.3 $214.8 $649.1 1,928 29,493 31,421 
December 31, 2024:
United States$436.9 $164.8 $601.7 1,935 28,388 30,323 
Canada(b)
11.5 1.1 12.6 — — — 
Total$448.4 $165.9 $614.3 1,935 28,388 30,323 
December 31, 2023:
United States$409.5 $143.7 $553.2 1,874 21,593 23,467 
Canada(b)
32.2 2.9 35.1 317 101 418 
Total$441.7 $146.6 $588.3 2,191 21,694 23,885 
(a)Digital display amounts include 6,505 displays reserved for transit agency use in 2025, 6,089 in 2024 and 4,980 in 2023. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.
(b)On June 7, 2024, we completed the sale of the Canadian Business in the Transaction. (See Item 8., Note 14. Acquisition and Dispositions: Dispositions to the Consolidated Financial Statements).

Most of our non-maintenance capital expenditures are directed towards new revenue-generating projects, such as the conversion of traditional static billboard displays to digital, the building of new digital displays and the enhancement of our billboard structures to enable us to charge premium rates. We have deployed state-of-the-art digital transit displays in connection with several transit franchises we operate. We intend to incur significant capital expenditures in coming years to continue increasing the number of digital displays in our portfolio. See “—Growth Strategy.”

We built or converted 103 digital billboard displays in the U.S. in 2025, compared to 89 digital billboard displays in the U.S. in 2024, and 84 digital billboard displays in the U.S. in 2023. Additionally, we entered into marketing arrangements to sell advertising on 21 third-party digital billboard displays in the U.S. in 2025, compared to 21 third-party digital billboard displays in the U.S. in 2024 and 46 third-party digital billboard displays in the U.S. in 2023.

We built, converted or replaced 1,170 digital transit and other displays in the U.S. in 2025, and 6,664 digital transit and other displays in the U.S. in 2024. Our total number of digital displays is impacted by acquisitions, dispositions, management agreements and the net effect of new and lost billboards and the net effect of won and lost franchises.

As of December 31, 2025, our average initial investment required for a digital billboard display is approximately $260,000.

We routinely invest capital in the maintenance and repair of our billboard and transit structures. This includes safety initiatives and replaced displays, as well as new billboard components such as panels, sections, catwalks, lighting and ladders. Our maintenance capital expenditures were $30.6 million in 2025, $21.7 million in 2024 and $30.2 million in 2023. Maintenance capital expenditures also include spending on software and technology, and office facilities renovations.

In the opinion of management, our outdoor advertising sites and structures are adequately covered by insurance.

Contract Expirations

We derive revenues primarily from providing advertising space to customers on our advertising structures and sites. Our traditional contracts with customers generally cover periods ranging from four weeks to one year and are generally billed every four weeks. Since contract terms are short-term in nature, revenues by year of contract expiration are not considered meaningful.
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Our transit businesses involve periodically obtaining and renewing contracts with municipalities and other governmental entities. All of these contracts have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of the revenues generated under the contract and/or a guaranteed minimum annual payment, and some may require us to incur capital expenditures. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts. For further information about municipal transit contracts, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

For information about the property lease contracts relating to our advertising structures and sites, see “Item 2. Properties.”

Competition

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, including our company, Lamar, Clear Channel Outdoor, JCDecaux and Intersection, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis. Advertisers compare relative costs of available media, including average cost per thousand impressions or “CPMs”, particularly when delivering a message to customers with distinct demographic characteristics. In competing with other media, the outdoor advertising industry relies on its ability to reach specific markets, geographic areas and/or demographics and its relative cost efficiency.

Seasonality

Our revenues and profits fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust on spending following the holiday shopping season. Our revenues and profits also fluctuate due to external events beyond our control.

Human Capital

We believe we can continue to enhance stockholder value through our purpose-driven business practices that consider the long-term interests of all our stakeholders, including our employees. We aim to create a workplace where employees feel engaged, rewarded and empowered. Culture plays an important role in the way we conduct business and attract talent and, as such, we actively promote a culture of collaboration, creativity, inclusivity and ownership throughout the employee experience.

Our People

As of December 31, 2025, we had a total of 1,986 employees. As of December 31, 2025, 788 employees were sales and sales-related personnel. As of December 31, 2025, 1,981, or 99.7%, of our employees were full-time employees and five, or 0.3%, were part-time employees. Some of these employees are represented by labor unions and are subject to collective bargaining agreements.

Hiring, developing and retaining employees is important to our business. As our business grows, we place a priority on helping our employees build both their skills and careers. We provide regular and ongoing employee development and training, through among other things, our annual performance review process, and employee trainings in consultative selling, technology, safety, compliance, management and leadership skills. We also recognize the efforts of our employees with a variety of equity, cash and non-cash awards.

We continually monitor our employee turnover rates. In 2025, we experienced higher total employee turnover of 19% compared to 12% in 2024, and 13% in 2023. The increase in employee turnover rates in 2025 was primarily due to a restructuring and reduction in force plan, completed in June 2025, intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. Voluntary turnover increased slightly in 2025 compared to 2024, and decreased in 2024 compared to 2023.

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Culture and Inclusion

We are committed to promoting an inclusive working environment. Inclusion is a core value and driver of our business that we believe positions our employees to reach their full potential and contribute to our collective success. We believe that in order to effectively connect diverse audiences across markets, we need a workforce that reflects the diversity of the communities we represent and in which we operate. Our commitment to inclusive collaboration is reflected in the work of our Culture & Inclusion Advisory Council and seven active employee resource groups (“ERGs”). Together, they lead our Culture & Inclusion program, which is designed to foster a workplace culture that embraces collaboration, respect, and opportunity for all employees. Through ERGs, professional development initiatives, thought-provoking and inclusive events, speaker series and internship programs, we aim to strengthen connections, support career growth, and cultivate a sense of belonging across the organization.

Compensation, Benefits, Health and Safety

We provide an attractive compensation and benefits package to attract and retain key talent and support our employees’ health, well-being and overall development, including competitive salaries and wages, healthcare and insurance benefits, a 401(k) program, paid time off including for parental leave and volunteer activities, education assistance, and a broad-based equity program to foster a sense of ownership among the majority of our full-time employees.

We take the health and safety of our employees very seriously. Our safety programs are developed, managed, and enforced by our National Safety Council, which consists of our operations senior leadership and risk management team, licensed and certified safety professionals, and technical experts. Our comprehensive training program is another essential aspect to promoting the safety of our employees. We require all our field operations team members to participate in an extensive training process, which we reinforce with trainings throughout the year. Additionally, all of our company-owned vehicles have been installed with telematic monitoring systems. This allows us to proactively monitor, coach, and improve our employees’ driving behaviors, and facilitates defensive driving practices, which in turn, should create a safer environment for our employees and the people in the markets we serve, along with mitigating our insurance costs.

Regulation

The outdoor advertising industry is subject to governmental regulation and enforcement at the federal, state and local levels in the U.S. These regulations have a significant impact on the outdoor advertising industry and our business. The descriptions that follow are summaries and should be read in conjunction with the texts of the regulations described herein, which are subject to change. The descriptions do not purport to describe all present and proposed regulations affecting our businesses.

In the U.S., the federal Highway Beautification Act of 1965 (the “HBA”) establishes a framework for the regulation of outdoor advertising on primary and interstate highways built with federal financial assistance. As a condition to federal highway assistance, the HBA requires states to restrict billboards on such highways to commercial and industrial areas, and imposes certain size, spacing and other requirements associated with the installation and operation of billboards. The HBA also requires the development of state standards, promotes the expeditious removal of illegal signs and requires just compensation for takings, on affected roadways. These state restrictions and standards, or their local and municipal counterparts, as described below, may be modified, replaced or invalidated over time in response to third party legal challenges or otherwise, which could affect prevailing competitive conditions in our markets in a variety of ways and/or have an adverse effect on our business, financial condition and results of operations. See “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Government regulation of outdoor advertising, including any changes to such regulation, may restrict our outdoor advertising operations and our ability to increase the number of advertising displays in our portfolio.”

Municipal and county governments generally also have sign controls as part of their zoning laws and building codes, and many have adopted standards more restrictive than the federal requirements. Some state and local government regulations prohibit construction of new billboards and some allow new construction only to replace existing structures. Other laws and regulations throughout the U.S. limit or prohibit the ability to modify, relocate, rebuild, replace, repair, maintain and upgrade advertising structures, particularly those structures that are “legal nonconforming” (i.e., that conformed with applicable regulations when built but which no longer conform to current regulations), and impose restrictions on the construction, repair, maintenance, lighting, operation, upgrading, height, size, spacing and location of outdoor structures generally and/or on the surrounding land and vegetation, as well as on the use of new technologies such as digital signs. In addition, from time to time, third parties or local governments commence proceedings in which they assert that we own or operate structures that are not properly permitted or otherwise in strict compliance with applicable law.

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Governmental regulation of advertising displays also limits our installation of additional advertising displays, restricts advertising displays to governmentally controlled sites or permits the installation of advertising displays in a manner that could benefit our competitors disproportionately, any of which could have an adverse effect on our business, financial condition and results of operations.

Although state and local government authorities from time to time use the power of eminent domain to remove billboards, U.S. law requires payment of compensation if a state or political subdivision compels the removal of a lawful billboard along a primary or interstate highway that was built with federal financial assistance. Additionally, many states require similar compensation (or relocation) with regard to compelled removals of lawful billboards in other locations, although the methodology used to determine such compensation varies by jurisdiction. Some local governments in the U.S. have attempted to force the removal of billboards after a period of years under a concept called amortization. Under this concept the governmental body asserts that just compensation has been earned by continued operation of the billboard over a period of time. Thus far, we have generally been able to obtain satisfactory compensation for our billboards purchased or removed as a result of governmental action, although there is no assurance that this will continue to be the case in the future.

A number of federal, state and local governments in the U.S. have implemented, or introduced legislation to impose, taxes (including taxes on revenues from outdoor advertising or for the right to use outdoor advertising assets), fees and registration requirements in an effort to decrease or restrict the number of outdoor advertising structures and sites or raise revenues, or both. Several jurisdictions have already imposed taxes based on a percentage of our outdoor advertising revenue in those jurisdictions. In addition, some jurisdictions have taxed our personal property and leasehold interests in outdoor advertising locations using various other valuation methodologies. We expect federal, state and local governments in the U.S. to continue to try to impose such laws as a way of increasing their revenue and restricting outdoor advertising.

Further, certain laws and regulations may affect prevailing competitive conditions in our markets in a variety of ways, including reducing our expansion opportunities, or increasing or reducing competitive pressure on us from other members of the outdoor advertising industry and/or other parties who wish to engage in outdoor advertising. No assurance can be given that existing or future laws or regulations, and the enforcement thereof, will not materially and adversely affect the outdoor advertising industry. See “Item 1A. Risk Factors—Risks Related to Our Business and Operations—Taxes, fees and registration requirements may reduce our profits or expansion opportunities.” However, we contest laws and regulations that we believe unlawfully restrict our constitutional or other legal rights and may adversely impact the growth of our outdoor advertising business.

Restrictions on outdoor advertising of certain products, services and content are or may be imposed by federal, state and local laws and regulations, as well as contracts with municipalities and transit franchise partners. For example, certain classes and types of tobacco products have been effectively banned from outdoor advertising in all of the jurisdictions in which we currently do business.

As the owner or operator of various real properties, sites and facilities, we must comply with various federal, state and local environmental, health and safety laws and regulations in the U.S. We and our properties are subject to such laws and regulations related to the use, storage, disposal, emission and release of hazardous and nonhazardous substances and employee health and safety. Historically, with the exception of safety upgrades, we have not incurred significant expenditures to comply with these laws.

We intend to expand the deployment of digital billboards that display digital advertising copy from various advertisers that change up to several times per minute. We have encountered some existing regulations in the U.S. that restrict or prohibit these types of digital displays. Furthermore, as digital advertising displays are introduced into the market on a large scale, existing regulations that currently do not apply to digital advertising displays by their terms could be revised to impose specific restrictions on digital advertising displays due to alleged concerns over, among other things, aesthetics or driver safety.

We are subject to numerous federal, state, local and foreign laws, rules and regulations as well as industry standards and regulations regarding privacy, information security, data and consumer protection (including with respect to personally identifiable information), among other things. Many of these laws and industry standards and regulations are still evolving and changes in the nature of the data that we collect, purchase and utilize, and the ways that data is permitted to be collected, stored, used and/or shared (including with respect to artificial intelligence, machine learning and automated processing) may negatively impact the way that we are able to conduct business, particularly our digital display platform. Additionally, no cybersecurity measures are impenetrable, and if a cybersecurity incident occurs, we could lose competitively sensitive proprietary business information, disclose personally identifiable information, and/or suffer significant disruptions to our business operations, particularly our digital advertising displays, which could result in, among other things, regulatory investigations, legal proceedings and/or remedial actions relating to our cybersecurity measures. See “Item 1A. Risk Factors—Risks Related to Our
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Business and Operations—Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies, could negatively impact our business” and “Item 1A. Risk Factors—Risks Related to Our Business and Operations—If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.”

Policies with Respect to Certain Activities

The following is a discussion of certain of our investment, financing and other policies. We intend to conduct our business in a manner such that we are not treated as an “investment company” under the Investment Company Act of 1940, as amended. In addition, we intend to conduct our business in a manner that is consistent with maintaining our qualification to be taxed as a REIT. These policies may be amended or revised from time to time at the discretion of our board of directors without a vote of our stockholders.

Investment Policies

Investment in Real Estate or Interests in Real Estate. Our investment objective is to maximize after-tax cash flow. We intend to achieve this objective by developing our existing advertising structures and sites, including through the digital modernization of such advertising structures and sites, and by building and acquiring new advertising structures and sites. We currently intend to invest in advertising structures and sites located primarily in major metropolitan areas. Future development or investment activities will not be limited to any specific percentage of our assets or to any geographic area or type of advertising structure or site. While we may diversify in terms of location, size and market, we do not have any limit on the amount or percentage of our assets that may be invested in any one property or any one geographic area. In addition, we may purchase or lease properties for long-term investment, improve the properties we presently own or other acquired properties, or lease such properties, in whole or in part, when circumstances warrant.

We may enter into multi-year contracts with municipalities and transit operators for the right to display advertising copy on the interior and exterior of rail and subway cars, buses, benches, trams, trains, transit shelters, street kiosks and transit platforms. In addition, we may participate with third parties in property ownership through joint ventures or other types of co-ownership.

Investments in acquired advertising structures and sites, directly or in connection with joint ventures, may be subject to existing mortgage financing and other indebtedness or to new indebtedness that may be incurred in connection with acquiring or refinancing these properties. We do not currently have any restrictions on the number or amount of mortgages that may be placed on any one advertising site or structure. Debt service on such financing or indebtedness will have a priority over any distributions with respect to our common stock.

Investments in Securities of or Interests in Persons Primarily Engaged in Real Estate Activities and Other Issuers. We have and may in the future invest in securities or interests of other issuers, including REITs and entities engaged in real estate activities, directly or in connection with joint ventures or in connection with other strategic transactions. We have not and do not currently anticipate investing in securities of other issuers for the purpose of exercising control over such entities, acquiring any investments primarily for sale in the ordinary course of business, or holding any investments with a view to making short-term gains from their sale, but we may engage in these activities in the future. Since we must comply with various requirements under the Code in order to maintain our qualification to be taxed as a REIT, our ability to engage in certain investments and acquisitions may be limited. See “Item 1A. Risk Factors—Risks Related to Our Corporate and REIT Structure.”

Investments in Other Securities. We may in the future invest in additional securities such as non-corporate bonds. We have no present intention to make any such investments, except for investments in cash equivalents in the ordinary course of business. Future investment activities in additional securities will not be limited to any specific percentage of our assets or to any specific type of securities or industry group.

Acquisitions and Dispositions. From time to time in the ordinary course of business, we have both acquired and disposed of advertising structures and sites in order to optimize our portfolio, and we intend to continue to do so in the future. See “—Acquisition and Disposition Activity” and “—Growth Strategy.”

Investments in Real Estate Mortgages. We have not invested in, nor do we have any present intention to invest in, real estate mortgages, although we are not prohibited from doing so.

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Financing and Leverage Policy

We may, when appropriate, employ leverage and use debt as a means to finance growth in our business, refinance existing debt, provide additional funds to distribute to stockholders, and/or for corporate purposes. The Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC and Outfront Media Capital Corporation (together, the “Borrowers”), and other guarantor subsidiaries party thereto, are parties to a credit agreement, dated as of September 24, 2025 (the “Credit Agreement”), pursuant to which the Borrowers may borrow funds under a $500.0 million revolving credit facility, which matures in 2030 (the “Revolving Credit Facility”) and have incurred outstanding indebtedness of $500.0 million under a term loan due in 2032 (the “Term Loan,” together with the Revolving Credit Facility, the “Senior Credit Facilities”). Since 2014, the Borrowers have also been parties to agreements governing our standalone letter of credit facilities. As of December 31, 2025, we had issued letters of credit totaling approximately $67.2 million under our aggregate $81.0 million standalone letter of credit facilities. Additionally, since 2014, the Borrowers have issued senior notes in several private placement transactions and redeemed certain of these senior notes. As of December 31, 2025, of the senior notes issued by the Borrowers, $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “2027 Notes”), $500.0 million aggregate principal amount of 4.250% Senior Unsecured Notes due 2029 (the “2029 Notes”), $500.0 million aggregate principal amount of 4.625% Senior Unsecured Notes due 2030 (the “2030 Notes”) and $450.0 million aggregate principal amount of 7.375% Senior Secured Notes due 2031 (the “2031 Notes,” and collectively with the 2027 Notes, the 2029 Notes and the 2030 Notes, the “Notes”) remain outstanding. In addition, as of December 31, 2025, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in 2027, unless further extended. We have, and from time to time we may, draw funds from the Revolving Credit Facility and/or the AR Facility or other credit facilities that we may establish for specific or general corporate purposes, subject to borrowing capacities available under these facilities. For more information, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

The Company’s Charter (as amended, our “charter”) and the Company’s Amended and Restated Bylaws (our “bylaws”) do not limit the amount or percentage of indebtedness that we may incur, nor have we adopted any policies addressing this. The Credit Agreement, the agreements governing the AR Facility and the indentures governing the Notes contain, and any future debt agreements may contain, covenants that place restrictions on us and our subsidiaries. Our board of directors may limit our debt incurrence to be more restrictive than our debt covenants allow and from time to time may modify these restrictions in light of then-current economic conditions, relative costs of debt and equity capital, market values of our properties, general conditions in the market for debt and equity securities, fluctuations in the market price of our common stock, growth and acquisition opportunities and other factors. If these restrictions are relaxed, we could become more highly leveraged, resulting in an increased risk of default on our obligations and a related increase in debt service requirements. See “Item 1A. Risk Factors.”

Lending Policies

We do not intend to engage in significant lending activities, although we do not have a policy limiting our ability to make loans to third parties. We may consider offering purchase money financing in connection with the sale of properties. Other than loans to joint ventures in which we participate and loans to joint venture partners, which we have made, and may continue to make, we have not made any loans to third parties.

Company Securities Policies

In the future, we may issue debt securities (including senior securities), offer common stock, preferred stock, convertible securities or options to purchase common stock in exchange for property, and/or repurchase or otherwise reacquire our common stock or other securities in the open market or otherwise. Except in connection with the Notes, stock dividends and similar transactions, and stock-based employee compensation, in the past four years, we have not offered or issued debt securities, common stock, preferred stock, convertible securities, options to purchase common stock or any other securities in exchange for property or any other purpose. Our charter authorizes us to issue additional authorized but unissued shares of common or preferred stock. In addition, our charter permits a majority of our entire board of directors to, without common stockholder approval, amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and do not intend to do so.

We make available to our stockholders our Annual Report on Form 10-K, including our audited financial statements, and other required periodic reports filed with the Securities and Exchange Commission (the “SEC”). See “—Available Information.”

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Conflict of Interest Policies

Policies Applicable to All Directors and Officers. The Company has adopted a Code of Conduct that applies to all executive officers, employees and directors of the Company. In addition, the Company has adopted a Supplemental Code of Ethics applicable to our principal executive officer, principal financial officer and principal accounting officer and controller or persons performing similar functions. The Code of Conduct and Supplemental Code of Ethics are designed to promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between our employees, officers and directors and us. However, there can be no assurance that these policies or provisions of law will always be successful in eliminating the influence of such conflicts.

Interested Director and Officer Transactions. Pursuant to the Maryland General Corporation Law (the “MGCL”), a contract or other transaction between us and any of our directors or between us and any other corporation or other entity in which any of our directors is a director or has a material financial interest is not void or voidable solely on the grounds of such common directorship or interest, the presence of such director at the meeting of the board of directors or committee of the board of directors at which the contract or transaction is authorized, approved or ratified or the counting of the director’s vote in favor thereof, provided that: (1) the fact of the common directorship or interest is disclosed or known to our board of directors or a committee of our board, and our board or committee authorizes, approves or ratifies the transaction or contract by the affirmative vote of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum; (2) the fact of the common directorship or interest is disclosed or known to our stockholders entitled to vote thereon, and the transaction or contract is authorized, approved or ratified by a majority of the votes cast by the stockholders entitled to vote other than the votes of shares owned of record or beneficially owned by the interested director or corporation, firm or other entity; or (3) the transaction or contract is fair and reasonable to us.

Available Information

Our website address is www.outfront.com. We are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and file or furnish reports, proxy statements, and other information with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Such reports and other information filed by the Company with the SEC are available free of charge in the Investor Relations section of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The contents of the websites referred to above are not incorporated into this filing.

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Item 1A. Risk Factors.

You should carefully consider the following risks, together with all of the other information in this Annual Report on Form 10-K, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the notes thereto in “Item 8. Financial Statements and Supplementary Data,” before investing in the Company. The occurrence of any of the following risks might cause you to lose all or a part of your investment. Certain statements in the following risk factors constitute forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements.”

Risks Related to Our Business and Operations

Our business is sensitive to a decline in advertising expenditures, general economic conditions and other external events beyond our control.

We derive our revenues from providing advertising space to customers on out-of-home advertising structures and sites. A decline in the economic prospects of advertisers, the economy in general or the economy of any individual geographic market or industry, particularly a market or industry in which we conduct substantial business and derive a significant portion of our revenues, such as the New York and Los Angeles metropolitan areas, and the entertainment, retail and legal services/lawyers industries, could alter current or prospective advertisers’ spending priorities. See “Item 1. Business—Our Portfolio of Outdoor Advertising Structures and Sites.” In addition, disasters, acts of terrorism, disease outbreaks and pandemics (such as the COVID-19 pandemic and related restrictions), hostilities, wars, political uncertainty (such as government shutdowns), changes in governmental fiscal and trade policies (such as tariffs), industry shutdowns or slowdowns (including due to labor strikes), extraordinary weather events (such as hurricanes and wildfires), power outages, technological changes and shifts in market demographics and transportation patterns (including reductions in foot traffic, roadway traffic, commuting, transit ridership and overall target audiences due to remote work, safety concerns or otherwise) caused by the foregoing or otherwise, may (i) interrupt our ability to build, deploy, and/or display advertising on, advertising structures and sites; (ii) delay our ability to develop and enhance our products and services; (iii) reduce or curtail our customers’ advertising expenditures and overall demand for our services; (iv) increase the volatility of our customers’ advertising expenditure patterns from period-to-period through short-notice purchases, purchase deferrals, purchase cancellations or otherwise; (v) extend delays in the collection of certain earned advertising revenues from our customers; (vi) limit our access to the capital markets and the leveraged finance markets on reasonable pricing or other terms or at all; and (vii) cause us to fail to satisfy our contractual obligations and/or need to seek relief from our contractual obligations that we may be unable to receive from our counterparties, any of which could have a material adverse effect on our business, financial condition and results of operations. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We operate in a highly competitive industry.

The outdoor advertising industry is fragmented, consisting of a few companies operating on a national basis, such as our company, Lamar, Clear Channel Outdoor, JCDecaux and Intersection, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and display locations. If our competitors offer advertising displays at rates below the rates we charge our customers, we could lose potential customers and could be pressured to reduce our rates below those currently charged to retain customers, which could have an adverse effect on our business, financial condition and results of operations. A majority of our display locations are leased, and a significant portion of those leases are month-to-month or have a short remaining term. If our competitors offer to lease display locations at rental rates higher than the rental rates we offer, we could lose display locations and could be pressured to increase rental rates above those we currently pay to site landlords, which could have an adverse effect on our business, financial condition and results of operations. In addition, installation of advertising displays, especially digital advertising displays, by us or our competitors at a pace that exceeds the ability of the market to derive new revenues from those displays could also have an adverse effect on our business, financial condition and results of operations.

We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis. Advertisers compare relative costs of available media, including the average cost per thousand impressions or “CPM,” particularly when delivering a message to customers with distinct demographic characteristics. In competing with other media, the outdoor advertising industry relies on its relative cost efficiency and its ability to reach specific markets, geographic areas and/or demographics. If we are unable to compete on these terms, we could lose potential customers and could be pressured to reduce rates below those
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we currently charge to retain customers, which could have an adverse effect on our business, financial condition and results of operations.

Further, as digital advertising technology continues to develop, our competitors may be able to offer products that are, or that are seen to be, substantially similar to or better than ours. This may force us to compete in different ways and incur additional costs, become subject to additional governmental regulations, and/or expend resources in order to remain competitive. If our competitors are more successful than we are in developing digital advertising products or in attracting and retaining customers, our business, financial condition and results of operations could be adversely affected.
 
Government regulation of outdoor advertising, including any changes to such regulation, may restrict our outdoor advertising operations and our ability to increase the number of advertising displays in our portfolio.

The outdoor advertising industry is subject to governmental regulation and enforcement at the federal, state and local levels in the U.S. These regulations have a significant impact on the outdoor advertising industry and our business. See “Part I, Item 1. Business—Regulation.” If there are changes in laws and regulations affecting outdoor advertising at any level of government (including by modification, replacement or invalidation in response to third party legal challenges, competitor lobbying efforts or otherwise), if there are changes or inconsistencies in the enforcement of regulations or if there are allegations of noncompliance with laws or regulations that we are unable to resolve, our structures and sites could be subject to removal or modification and/or prevailing competitive conditions in our markets could be affected in a variety of ways, which could have an adverse effect on our business, financial condition and results of operations. Further, if we are unable to obtain acceptable arrangements or compensation in circumstances in which our structures and sites are subject to removal or modification, it could have an adverse effect on our business, financial condition and results of operations. In addition, governmental regulation and enforcement of advertising displays, especially digital advertising displays, may limit our ability to install new advertising displays, restrict advertising displays to governmentally controlled sites or permit the installation of advertising displays in a manner that could benefit our competitors disproportionately, any of which could have an adverse effect on our business, financial condition and results of operations. Further, as digital advertising displays are introduced into the market on a large scale, new or revised regulations could impose specific restrictions on the installation or use of digital advertising displays.

Operating our digital display platform may be more difficult, costly or time consuming than expected and the anticipated benefits may not be fully realized.
 
The success of the digital display platform we provide to our customers and partners through deployment and maintenance of digital advertising displays, enhancements to our digital advertising displays, and the use and development of programmatic, direct sale and other advertising platform technologies (including artificial intelligence-assisted tools), and the realization of any anticipated benefits, will depend, in part, on our ability to deliver and demonstrate the value-added capabilities of our digital display platform to our customers and partners, in a timely manner and in satisfaction of our contractual obligations. If we fail to satisfy our contractual obligations and any such failures cannot be resolved, and/or the digital display platform that we provide to our customers and partners do not meet their expectations or are found to be defective, or if we are unable to realize the anticipated benefits of these products due to reduced market demand for these products or digital advertising generally (including as a result of technological changes, competition, shifts in market demographics and transportation patterns or otherwise), then we may incur financial liability, which could have an adverse effect on our business, financial condition and results of operation.

Operating our digital display platform for our transit franchise partners in satisfaction of our contractual obligations requires us to incur significant costs, which we may not be able to recover from our customer sales or transit franchise partners. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Any costs currently anticipated may significantly increase if we incur cost overruns due to (i) technical difficulties; (ii) the increased costs of data, digital displays, materials and labor; (iii) suspensions or delays in installation and/or construction caused by us, our subcontractors, our transit franchise partners or due to external events beyond anyone’s control or otherwise; (iv) insurance, bonding, compliance and litigation expenses; or (v) other factors beyond our control, which could have an adverse effect on our business, financial condition and results of operations, including cash flow timing and negative publicity. We may utilize third-party financing to fund these costs, which could subject the Company to additional costs, liabilities and risks. See —“Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.” In addition, if we are not able to recover these costs from our customer sales or transit franchise partners, we could suffer impairment charges. For example, we have previously suffered impairment charges in connection with our agreements with our transit franchise partners, primarily our agreement with the MTA . See “—We could suffer losses due to impairment in the carrying value of our long-lived assets and goodwill.”

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Further, we rely on third parties to manufacture, transport and install digital displays, and provide and support programmatic, direct sale and other advertising platform technologies (including artificial intelligence-assisted tools) for our digital display inventory, and if we are not able to engage third parties on reasonable pricing or other terms due to insufficient capacity or plant closures of a particular manufacturer, market-wide supply shortages, labor shortages, logistics disruptions, software issues, inflationary price increases, trade policy changes (such as tariffs) or otherwise, or if the third parties that we do engage fail to meet their obligations to us, whether due to external events beyond anyone’s control or otherwise, we may be unable to operate our digital display platform in an effective manner or at all, and may fail to satisfy our contractual obligations, which could have an adverse effect on our business, financial condition and results of operations.

We may incur material losses and costs as a result of recalls and product liability, warranty and intellectual property claims that may be brought against us.

If any of our digital displays become subject to a recall, our customers may hold us responsible for some or all of the repair or replacement costs of these digital displays under our contractual obligations, which could have an adverse effect on our business, financial condition and results of operations, including negative publicity. In addition, we may be exposed to product liability and warranty claims in the event that our digital displays actually or allegedly fail to perform as expected, or the use of our digital displays results, or is alleged to result, in death, bodily injury, and/or property damage, which could have an adverse effect on our business, financial condition and results of operations.

Further, we face the risk of claims that we have infringed third parties’ intellectual property rights with respect to our digital display platform, digital displays and/or any other new products or services we develop, which could be expensive and time consuming to defend, could require us to alter our digital display platform, digital displays and/or any new products or services, prevent us from selling advertising on and/or using our digital display platform, digital displays and/or any new products or services, and/or could require us to pay license, royalty or other fees to third parties in order to continue using our digital display platform, digital displays and/or any new products or services.

The success of our transit advertising business is dependent on obtaining and renewing key municipal contracts on favorable terms.

Our transit advertising business requires us to obtain and renew contracts with municipalities and other governmental entities. All of these contracts have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of the revenues generated under the contract and/or a guaranteed minimum annual payment, and some may require us to incur capital expenditures. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain a new contract. Our inability to successfully obtain or renew these contracts on favorable economic terms or at all could have an adverse effect on our financial condition and results of operations. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” In addition, the loss of a key municipal contract in one location could adversely affect our ability to compete in other locations by reducing our scale and ability to offer customers multi-regional and national advertising campaigns. These factors could have an adverse effect on our business, financial condition and results of operations.

Taxes, fees and registration requirements may reduce our profits or expansion opportunities.

A number of federal, state and local governments in the U.S. have implemented or initiated taxes (including taxes on revenue from outdoor advertising or for the right to use outdoor advertising assets), fees and registration requirements in an effort to decrease or restrict the number of outdoor advertising structures and sites or raise revenue, or both. These laws may affect prevailing competitive conditions in our markets in a variety of ways, including reducing our expansion opportunities, or increasing or reducing competitive pressure on us from other members of the outdoor advertising industry. See—“We operate in a highly competitive industry.” These efforts may continue, and, if we are unable to compete and/or pass on the cost of these items to our customers, the increased imposition of these measures could have an adverse effect on our business, financial condition and results of operations.

Government compensation for the removal of lawful billboards could decrease.

Although federal, state and local government authorities from time to time use the power of eminent domain to remove billboards, U.S. law requires payment of compensation if a government authority compels the removal of a lawful billboard along a primary or interstate highway that was built with federal financial assistance. Additionally, many states require similar compensation (or relocation) with regard to compelled removals of lawful billboards in other locations, although the methodology used to determine such compensation varies by jurisdiction. Some local governments in the U.S. have attempted
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to force the removal of billboards after a period of years under a concept called amortization. Under this concept, the governmental body asserts that just compensation has been earned by continued operation of the billboard over a period of time. Thus far, we have generally been able to obtain satisfactory compensation for our billboards purchased or removed as a result of governmental action, although there is no assurance that this will continue to be the case in the future, and, if it does not continue to be the case, there could be an adverse effect on our business, financial condition and results of operations.

Content-based restrictions on outdoor advertising may further restrict the categories of customers that can advertise using our structures and sites.

Restrictions on outdoor advertising of certain products, services or other content are or may be imposed by federal, state and local laws and regulations, as well as contracts with municipalities and transit franchise partners. For example, certain classes and types of tobacco products have been effectively banned from outdoor advertising in all of the jurisdictions in which we currently do business. In addition, state and local governments in some cases limit outdoor advertising of alcohol, which represented 3% of our total revenues from our Billboard and Transit segments in 2025, 3% in 2024 and 3% in 2023. Further, certain municipalities and transit franchise partners limit issue-based outdoor advertising. Content-based restrictions could cause a reduction in our revenues from leasing advertising space on outdoor advertising displays that display such advertisements and a simultaneous increase in the available space on the existing inventory of displays in the outdoor advertising industry, which could have an adverse effect on our business, financial condition and results of operations.

Our operating results are subject to seasonal variations and other factors.

Our business has experienced and is expected to continue to experience seasonality due to, among other things, seasonal advertising patterns and seasonal influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. The effects of such seasonality make it difficult to estimate future operating results based on the previous results of any specific quarter, which may make it difficult to plan capital expenditures and expansion, could affect operating results and could have an adverse effect on our business, financial condition and results of operations.

Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations.

We frequently evaluate strategic opportunities both within and outside our existing lines of business. We expect from time to time to pursue additional acquisitions of businesses and/or assets and other strategic transactions, including technology investments, and/or the disposition of certain businesses and/or assets. These acquisitions or transactions could be material, and involve numerous risks, including:

acquisitions or other strategic transactions may prove unprofitable and/or fail to generate anticipated cash flows or gains;
integrating acquired businesses and/or assets or entering into other strategic transactions may be more difficult, costly or time consuming than expected and the anticipated benefits and costs savings of such acquisitions or transactions may not be fully realized, for example:
we may need to recruit additional senior management and other employees, and we cannot be assured that senior management of acquired businesses and/or assets will continue to work for us, and we cannot be certain that our recruiting efforts will succeed;
unforeseen difficulties could divert significant time, attention and effort from management that could otherwise be directed at developing existing business;
we may encounter difficulties expanding corporate infrastructure to facilitate the integration of our operations and systems with those of acquired businesses and/or assets or strategic partners, which may cause us to lose the benefits of any expansion; and/or
we may lose billboard leases, franchises or advertisers in connection with such acquisitions or transactions, which could disrupt our ongoing businesses;
we may not be aware of all of the risks associated with any acquired businesses and/or assets or other strategic transactions and certain of our assumptions with respect to these acquisitions or transactions may prove to be inaccurate, which could result in unexpected litigation or regulatory exposure, unfavorable accounting treatment, unexpected increases in taxes due, a loss of anticipated tax benefits or other adverse effects on our business, operating results or financial condition;
we may not be able to obtain financing necessary to fund potential acquisitions or strategic transactions;
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we may face increased competition for potential acquisitions or strategic transactions from other companies, some of which may have greater financial resources than we do, which may result in higher prices for those businesses and assets;
we may enter into markets and geographic areas where we have limited or no experience; and
because we must comply with various requirements under the Code in order to maintain our qualification to be taxed as a REIT, including restrictions on the types of assets we may hold, the sources of our income and accumulation of earnings and profits, our ability to engage in certain acquisitions or strategic transactions, such as acquisitions of C corporations, may be limited. See “—Risks Related to Our Corporate and REIT Structure—Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities.”

Further, acquisitions and dispositions by us may require antitrust review by U.S. federal antitrust agencies and may require review by foreign antitrust agencies under the antitrust laws of foreign jurisdictions. We can give no assurances that the U.S. Department of Justice, the U.S. Federal Trade Commission or foreign antitrust agencies will not seek to bar or limit us from acquiring or disposing of additional advertising businesses in any market.

We are dependent on our management team, and the loss of senior executive officers or other key employees could have an adverse effect on our business, financial condition and results of operations.

We believe our future success depends on the continued service and skills of our management team and other key employees with experience and business relationships within their respective roles, including landlord and customer relationships. The loss of one or more of these key personnel could have an adverse effect on our business, financial condition and results of operations because of their skills, knowledge of the market, years of industry experience and the difficulty of finding qualified replacement personnel. If any of these personnel were to leave and compete with us, it could have an adverse effect on our business, financial condition and results of operations.

If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.

Although we have implemented physical and logical cybersecurity measures and processes, along with crisis management procedures, designed to protect against the loss, misuse and alteration of our websites, digital assets and proprietary business information as well as consumer, business partner and advertiser personally identifiable information, no cybersecurity measures are impenetrable and we have experienced and remain subject to attempts to access our networks and assets by unauthorized parties. See “Item 1C. Cybersecurity.” Further, because techniques used to obtain unauthorized access and degrade or disable systems change frequently and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. A cybersecurity incident could occur due to the acts or omissions of third parties (including third parties with which we do business), employee error, malfeasance, fraud, system errors or vulnerabilities, or otherwise. An increase in the number of our employees and third parties with which we do business working remotely may increase the risk of a cybersecurity incident, which has required us to modify our physical and logical cybersecurity measures. If a cybersecurity incident occurs, we could lose competitively sensitive proprietary business information, disclose personally identifiable information, and/or suffer significant disruptions to our business operations, particularly our digital advertising displays. In addition, the public perception of the effectiveness of our cybersecurity measures, products and/or services could be harmed as well as our overall reputation, which could put us at a competitive disadvantage. Accordingly, if we or third parties with which we do business were to suffer a cybersecurity incident, we could suffer significant legal and financial exposure in connection with our failure to satisfy certain contractual obligations, a loss of business partners and advertisers, regulatory investigations, legal proceedings and/or remedial actions relating to our cybersecurity measures, which could have an adverse effect on our business, financial condition and results of operation. Although we possess cybersecurity insurance, any financial liabilities arising from a cybersecurity incident may not be sufficiently covered by our insurance.

Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies, could negatively impact our business.

We collect, purchase and utilize demographic and other information from and about consumers, business partners, advertisers and website users. We are subject to numerous federal, state, local and foreign laws, rules and regulations as well as industry standards and regulations regarding privacy, information security, data and consumer protection (including with respect to personally identifiable information), among other things. Many of these laws and industry standards and regulations are still evolving and changes in the nature of the data that we collect, purchase and utilize, and the ways that data is permitted to be collected, stored, used and/or shared (including with respect to artificial intelligence, machine learning and automated processing) may negatively impact the way that we are able to conduct business, particularly our digital display platform. In
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addition, changes in consumer expectations and demands regarding privacy, information security and data may result in further restrictions on the nature of the data that we collect, purchase and utilize, and the ways we derive economic value from this data, which may limit our ability to offer targeted advertising opportunities to our business partners and advertisers. Although we monitor regulatory changes and have implemented internal policies and procedures designed to comply with all applicable laws, rules, industry standards and regulations, any failure or perceived failure by us to comply with applicable regulatory requirements or our internal policies related to privacy, information security, data and/or consumer protection could result in a loss of confidence, a loss of goodwill, damage to our brand, loss of business partners and advertisers, substantial remediation and compliance costs, adverse regulatory proceedings and/or civil litigation, which could negatively impact our business.

We could suffer losses due to impairment in the carrying value of our long-lived assets and goodwill.

A significant portion of our assets are long-lived assets and goodwill. We test our long-lived assets for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. If business conditions or other factors cause our results of operations and/or cash flows to decline, we may be required to record a non-cash asset impairment charge. We test goodwill for impairment during the fourth quarter of each year and between annual tests if events or circumstances require an interim impairment assessment. A downward revision in the estimated fair value of a reporting unit could result in a non-cash goodwill impairment charge. For example, in 2024 and 2023, we recorded impairment charges related to our MTA asset group and our historical Transit reporting unit. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies.” Any such impairment charges could have a material adverse effect on our reported net income, operating income and our stock price.

Environmental, health and safety laws and regulations may limit or restrict some of our operations.

As the owner or operator of various real properties and facilities, we must comply with various federal, state and local environmental, health and safety laws and regulations in the U.S. We and our properties are subject to such laws and regulations related to the use, storage, disposal, emission, release and remediation of hazardous and nonhazardous substances and employee health and safety. Historically, with the exception of safety upgrades, we have not incurred significant expenditures to comply with these laws. However, additional laws that may be passed in the future, or a finding of a violation of or liability under existing laws, could require us to make significant expenditures and otherwise limit or restrict some of our operations, which could have an adverse effect on our business, financial condition and results of operations.

Expectations relating to environmental, social and governance considerations expose us to potential liabilities, reputational harm and other unforeseen adverse effects on our business.

Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on environmental, social and governance considerations relating to businesses, including climate change and greenhouse gas emissions, human capital and diversity. We make statements about our environmental, social and governance goals and initiatives through information provided on our website, press statements and other communications, including our proxy statement. Responding to these environmental, social and governance considerations and implementation of these goals and initiatives involves risks and uncertainties and requires ongoing investments. The success of our goals and initiatives may be impacted by factors that are outside our control. In addition, some stakeholders may disagree with our goals and initiatives and the focus and views of stakeholders may change and evolve over time and vary by the jurisdictions in which we operate. Any failure, or perceived failure, by us to achieve our goals, further our initiatives, adhere to our public statements, comply with federal, state or local environmental, social and governance laws and regulations, or meet evolving and varied stakeholder expectations and views could have an adverse effect on our business, financial condition, results of operations and stock price.

Risks Related to Our Indebtedness

We have substantial indebtedness that could adversely affect our financial condition.

As of December 31, 2025, we had total indebtedness of approximately $2.6 billion (consisting of the Term Loan and the Notes with outstanding aggregate principal balances of $500.0 million and $2.1 billion, respectively), undrawn commitments under the Revolving Credit Facility of $500.0 million, excluding $5.1 million of letters of credit issued against the Revolving Credit Facility, and $150.0 million borrowing capacity remaining under the AR Facility. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

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Our level of debt could have important consequences, including:

making it more difficult for us to satisfy our obligations with respect to the Notes and our other debt;
requiring us to dedicate a substantial portion of our cash flow from operations to payments on indebtedness, thereby reducing the availability of cash flow to fund acquisitions, working capital, capital expenditures, and strategic business development efforts and other corporate purposes;
increasing our vulnerability to and limiting our flexibility in planning for, or reacting to, changes in the business, the industries in which we operate, the economy and governmental regulations;
limiting our ability to make strategic acquisitions or causing us to make non-strategic divestitures;
exposing us to the risk of rising interest rates as borrowings under the Senior Credit Facilities and the AR Facility are subject to variable rates of interest;
placing us at a competitive disadvantage compared to our competitors that have less debt; and
limiting our ability to borrow additional funds.

The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to incur debt that we may need to fund initiatives in response to changes in our business, the industries in which we operate, the economy and governmental regulations.

The Credit Agreement and the indentures governing the Notes contain a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and limit our ability to engage in actions that may be in our long-term best interests, including restrictions on our and our subsidiaries’ ability to:
 
incur additional indebtedness;
pay dividends on, repurchase or make distributions in respect of our capital stock (other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions);
make investments or acquisitions;
sell, transfer or otherwise convey certain assets;
change our accounting methods;
create liens;
enter into agreements restricting the ability to pay dividends or make other intercompany transfers;
consolidate, merge, sell or otherwise dispose of all or substantially all of our or our subsidiaries’ assets;
enter into transactions with affiliates;
prepay certain kinds of indebtedness;
issue or sell stock of our subsidiaries; and
change the nature of our business.

The agreements governing the AR Facility also contain affirmative and negative covenants with respect to the SPVs (as defined below) holding our accounts receivables.

In addition, the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) has a financial covenant that requires us to maintain a Consolidated Net Secured Leverage Ratio (as described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources”). Our ability to meet this financial covenant may be affected by events beyond our control.

As a result of all of these restrictions, we may be:

limited in how we conduct our business;
unable to raise additional debt or equity financing to operate during general economic or business downturns; or
unable to compete effectively or to take advantage of new business opportunities.
 
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These restrictions could hinder our ability to grow in accordance with our strategy or inhibit our ability to adhere to our intended distribution policy and, accordingly, may cause us to incur additional U.S. federal income tax liability beyond current expectations.

A breach of the covenants under the Credit Agreement or the indentures governing the Notes, as well as a breach of the covenants under the agreements governing the AR Facility, including the inability to repay any amounts due and payable, could result in an event of default or termination event under the applicable agreement. Such a default or termination event would allow the lenders under the Senior Credit Facilities, the Purchasers (as defined below) under the AR Facility and the holders of the Notes to accelerate the repayment of such debt and may result in the acceleration of the repayment of any other debt to which a cross-acceleration or cross-default provision applies. In the event our creditors accelerate the repayment of our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness. An event of default or termination event under the Credit Agreement, the indenture and related agreements governing the 2031 Notes, and the agreements governing the AR Facility would also permit the applicable lenders, holders of the 2031 Notes, Purchasers and any other secured creditors to proceed against the collateral that secures such indebtedness, and, with respect to the Credit Agreement and AR Facility, terminate all other commitments to extend additional credit to us. Any of these events could have an adverse effect on our business, financial condition and results of operations.

Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.

We and our subsidiaries may incur significant additional indebtedness in the future, including secured indebtedness. Although the Credit Agreement, the indentures governing the Notes and the agreements governing the AR Facility contain restrictions on the incurrence of additional indebtedness and additional liens, these restrictions will be subject to a number of qualifications and exceptions, and the additional indebtedness, including secured indebtedness, incurred in compliance with these restrictions could be substantial. If we incur any additional indebtedness that ranks equally with the Senior Credit Facilities, the AR Facility and/or the Notes, subject to collateral arrangements, the holders of that debt will be entitled to share ratably with existing holders of our debt in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding up of our business. This may have the effect of reducing the amount of proceeds paid to existing stockholders. These restrictions also will not prevent us from incurring obligations that do not constitute indebtedness. If new debt is added to our current debt levels, the related risks that we now face would increase.

Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

Borrowings under the Senior Credit Facilities and the AR Facility are at variable rates of interest and expose us to interest rate risk. If interest rates increase, as we have experienced historically, our debt service obligations on the variable rate indebtedness will increase even though the amount borrowed remains the same, and our net income and cash flows will correspondingly decrease. At our level of indebtedness, as of December 31, 2025, a 1/4% change in interest rates on our variable rate Term Loan would have resulted in a $1.3 million change in annual estimated interest expense. Our aggregate annual estimated interest expense will increase if we make any borrowings under our Revolving Credit Facility. We have, and may in the future, enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to reduce future interest rate volatility. However, we may not elect to maintain such interest rate swaps with respect to any of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk.

To service our indebtedness, we require a significant amount of cash and our ability to generate cash depends on many factors beyond our control.

Our ability to make cash payments on and to refinance our indebtedness, including the Notes, and to fund planned capital expenditures will depend on our ability to generate significant operating cash flow in the future. Our ability to generate such cash flow is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. In addition, our ability to generate cash flow may be affected by our REIT compliance obligations and any consequences of failing to remain qualified as a REIT. See “—Risks Related to Our Corporate and REIT Structure.”

Our business may not generate cash flow from operations in an amount sufficient to enable us to pay our indebtedness, including the Notes, or to fund our other liquidity needs. If we cannot service our indebtedness, we may have to take actions such as refinancing or restructuring our indebtedness, selling assets or reducing or delaying capital expenditures, strategic acquisitions and investments. Such actions, if necessary, may not be effected on commercially reasonable terms or at all. Our ability to refinance or restructure our debt will depend on the condition of the capital markets and our financial condition at the applicable time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous
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covenants, which could further restrict our business operations. Further, the Credit Agreement, the indentures governing the Notes and the agreements governing the AR Facility restrict our ability to undertake, or use the proceeds from, such measures.

Our cash available for distribution to stockholders may not be sufficient to make distributions at expected levels, and we may need to borrow in order to make such distributions or may not be able to make such distributions in full.

Distributions that we may make will be authorized and determined by our board of directors in its sole discretion out of funds legally available. The availability, amount, timing and frequency of distributions will be at the sole discretion of our board of directors, and will be declared based upon various factors, including, but not limited to: our results of operations, our financial condition and our operating cash inflows and outflows, including capital expenditures and acquisitions; future taxable income; our REIT distribution requirements (which may be satisfied by making distributions to our common stockholders, our preferred stockholders, if any, or a combination of our stockholders); limitations contained in our debt instruments (such as restrictions on distributions in excess of the minimum amount required to maintain our status as a REIT and on the ability of our subsidiaries to distribute cash to the Company); debt service requirements; limitations on our ability to use cash generated in the TRSs to fund distributions; and applicable law. We may need to increase our borrowings in order to fund our intended distributions. See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Dividend Policy,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” “—Risks Related to Our Corporate and REIT Structure—Our board of directors has the power to cause us to issue additional shares of stock without common stockholder approval,” and “—Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.”

Hedging transactions could have a negative effect on our results of operations.

We have entered, and may in the future enter, into hedging transactions, including without limitation, with respect to interest rate exposure and foreign currency exchange rates and on one or more of our assets or liabilities. The use of hedging transactions involves certain risks, including: (1) the possibility that the market will move in a manner or direction that would have resulted in a gain for us had a hedging transaction not been utilized, in which case our performance would have been better had we not engaged in the hedging transaction; (2) the risk of an imperfect correlation between the risk sought to be hedged and the hedging transaction used; (3) the potential illiquidity for the hedging instrument used, which may make it difficult for us to close out or unwind a hedging transaction; (4) the possibility that our counterparty fails to honor its obligations; and (5) the possibility that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. In addition, as a REIT, we have limitations on our income sources, and the hedging strategies available to us will be more limited than those available to companies that are not REITs. See “—Risks Related to Our Corporate and REIT Structure—Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.”

Risks Related to Our Corporate and REIT Structure

Our board of directors has the power to cause us to issue additional shares of stock without common stockholder approval.

Our charter authorizes us to issue additional authorized but unissued shares of common or preferred stock. In addition, our charter permits a majority of our entire board of directors to, without common stockholder approval, amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. Our charter also permits our board of directors to classify or reclassify any unissued shares of common or preferred stock and set the preferences, rights and other terms of the classified or reclassified shares. As a result, our board of directors will be able to establish a series of shares of common or preferred stock that could delay or prevent a transaction or a change in control that might involve a premium price for outstanding shares of stock or otherwise be in the best interests of our stockholders.

For example, we previously issued and sold convertible preferred stock, which ranked senior to our common stock with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of our affairs. As of December 31, 2025, no shares of preferred stock remained outstanding. Further, our REIT distribution requirement may be satisfied by making distributions to our common stockholders, our preferred stockholders or a combination of our stockholders. See “—REIT distribution requirements could adversely affect our ability to execute our business plan.”

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Certain provisions of Maryland law may limit the ability of a third party to acquire control of us.

Certain provisions of the MGCL may have the effect of delaying or preventing a transaction or a change in control of us that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders, including:

“business combination” provisions that, subject to certain exceptions, prohibit certain business combinations between a Maryland corporation and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of a corporation’s outstanding voting stock or an affiliate or associate of a corporation who, at any time during the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding stock of the corporation) or an affiliate of such an interested stockholder for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes two super-majority stockholder voting requirements on these combinations; and
“control share” provisions that provide that, subject to certain exceptions, holders of “control shares” of a Maryland corporation (defined as voting shares of stock that, if aggregated with all other shares of stock owned or controlled by the acquirer, would entitle the acquirer to exercise voting power in the election of directors within one of three increasing ranges) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of issued and outstanding “control shares,” subject to certain exceptions) have no voting rights except to the extent approved by its stockholders by the affirmative vote of at least two-thirds of all of the votes entitled to be cast on the matter, excluding all interested shares.
 
Additionally, under Title 3, Subtitle 8 of the MGCL, our board of directors is permitted, without stockholder approval and regardless of what is provided in our charter or bylaws, to implement certain takeover defenses.

Our board of directors has by resolution exempted from the provisions of the Maryland Business Combination Act, as described above, all business combinations between us and any other person, provided that such business combination is first approved by our board of directors (including a majority of our directors who are not affiliates or associates of such person). In addition, our bylaws contain a provision opting out of the Maryland Control Share Acquisition Act, as described above. Moreover, our charter provides that vacancies on our board may be filled only by a majority of the remaining directors, and that any directors elected by the board to fill vacancies will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies. Our bylaws provide that our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. There can be no assurance that these exemptions or provisions will not be amended or eliminated at any time in the future.

Our rights and the rights of our stockholders to take action against our directors and officers are limited.

Our charter contains a provision that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law. In addition, our charter authorizes us, and our bylaws obligate us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

any present or former director or officer who is made or threatened to be made a party to, or witness in, a proceeding by reason of his or her service in that capacity; and
any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, trustee or manager of another corporation, REIT, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.
 
Our charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee of our company or a predecessor of our company.

The indemnification and payment or reimbursement of expenses provided by the indemnification provisions of our charter and bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification, or payment or reimbursement of expenses may be or may become entitled under any statute, bylaw, resolution, insurance, agreement, vote of stockholders or disinterested directors or otherwise.

In addition, we have entered into separate indemnification agreements with each of our directors. Each indemnification agreement provides, among other things, for indemnification as provided in the agreement and otherwise to the fullest extent permitted by law and our charter and bylaws against judgments, fines, penalties, amounts paid in settlement and reasonable
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expenses, including attorneys’ fees. The indemnification agreements provide for the advancement or payment of expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such advancement.

Accordingly, in the event that any of our directors or officers are exculpated from, or indemnified against, liability but whose actions impede our performance, we and our stockholders’ ability to recover damages from that director or officer will be limited.

If we fail to remain qualified as a REIT, we will be subject to federal, state and local income taxes as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.

Qualification to be taxed as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Even a technical or inadvertent failure to comply with these provisions could jeopardize our REIT qualification. Our ability to remain qualified to be taxed as a REIT will depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. In addition, our ability to satisfy the requirements to remain qualified to be taxed as a REIT may depend in part on the actions of third parties over which we have no control or only limited influence.

In addition, the rules dealing with federal income taxation are continually under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury (the “Treasury”). Although the IRS has issued a private letter ruling with respect to certain issues relevant to our ability to qualify to be taxed as a REIT, no assurance can be given that the IRS will not challenge our qualification to be taxed as a REIT in the future. Changes to the tax laws or interpretations thereof, or the IRS’s position with respect to our private letter ruling, with or without retroactive application, could materially and negatively affect our ability to qualify to be taxed as a REIT.

If we were to fail to remain qualified to be taxed as a REIT in any taxable year, we would be subject to federal, state and local income taxes on our taxable income at regular corporate rates, and dividends paid to our stockholders would not be deductible by us in computing our taxable income. Any resulting corporate tax liability could be substantial and would reduce the amount of cash available for distribution to holders of our common stock, which in turn could have an adverse impact on the value of our common stock and may require us to incur indebtedness or liquidate certain investments in order to pay such tax liability. Unless we were entitled to relief under certain Code provisions, we would also be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT.

REIT distribution requirements could adversely affect our ability to execute our business plan.

To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. This distribution requirement may be satisfied by making distributions to our common stockholders, our preferred stockholders, if any, or a combination of our stockholders. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined without regard to the dividends-paid deduction and including any net capital gains, we will be subject to federal, state and local income taxes on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws.

From time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves or required debt or amortization payments. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices or distribute amounts that would otherwise be invested in future acquisitions to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distribution requirement and to avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity. Thus, compliance with the REIT requirements may impact our ability to grow, which could adversely affect the value of our common stock.

To fund our growth strategy and refinance our indebtedness, we may depend on external sources of capital, which may not be available to us on commercially reasonable terms or at all.

As a result of the REIT organizational and operational requirements described above, we may not be able to fund future capital needs, including any necessary acquisition financing, solely from operating cash flows. Consequently, we expect to rely on
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third-party capital market sources for debt or equity financing to fund our business strategy. In addition, we will likely need third-party capital market sources to refinance our indebtedness at or prior to maturity. Turbulence in the economy and financial markets could adversely impact our ability to replace or renew maturing liabilities on a timely basis or access the capital markets to meet liquidity and capital expenditure requirements and may result in adverse effects on our business, financial condition and results of operations. As such, we may not be able to obtain financing on favorable terms or at all. Our access to third-party sources of capital also depends, in part, on:
 
the market’s perception of our growth potential;
our then-current levels of indebtedness;
our historical and expected future earnings, cash flows and cash distributions; and
the market price per share of our common stock.

In addition, our ability to access additional capital may be limited by the terms of our outstanding indebtedness, which may restrict our incurrence of additional debt. See “—Risks Related to Our Indebtedness—Despite our substantial indebtedness level, we and our subsidiaries may be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks to our financial condition described above.” If we cannot obtain capital when needed, we may not be able to acquire or develop properties when strategic opportunities arise or refinance our debt, which could have an adverse effect on our business, financial condition and results of operations.

Even if we remain qualified to be taxed as a REIT, we may face other tax liabilities that reduce our cash flow.

Even if we remain qualified for taxation as a REIT, we may be subject to certain U.S. federal, state and local taxes on our income and assets, including taxes on any undistributed income and state or local income, property and transfer taxes. For example, in order to meet the REIT qualification requirements, we may hold some of our assets or conduct certain of our activities through one or more TRSs or other subsidiary corporations that will be subject to federal, state and local corporate-level income taxes as regular C corporations. In addition, we may incur a 100% excise tax on transactions with a TRS if the transactions are not conducted on an arm’s-length basis. Further, if we fail to meet the REIT income tests as a result of receiving non-qualifying income and had reasonable cause for the failure, we would be required to pay a penalty tax to retain our REIT status. Any of these taxes would decrease cash available for distribution to holders of our common stock.

Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities.

To remain qualified to be taxed as a REIT for federal, state and local income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and “real estate assets” (as defined in the Code), including certain mortgage loans and securities. The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 20% of the value of our total assets can be represented by securities of one or more TRSs for the taxable year ending December 31, 2025, and may not represent more than 25% of the value of a REIT’s total assets for the taxable year ending December 31, 2026, and subsequent years. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate or forgo otherwise attractive investments or business opportunities. These actions could have the effect of reducing our income and amounts available for distribution to holders of our common stock.

In addition to the assets tests set forth above, to remain qualified to be taxed as a REIT for federal, state and local income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our stock. We may be unable to pursue investments or business opportunities (including but not limited to certain product offerings to our customers) that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying to be taxed as a REIT. Accordingly, compliance with the REIT requirements may hinder our ability to make certain attractive investments, hinder our ability to pursue certain business opportunities, and/or otherwise adversely affect the manner in which we operate our business.
 
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Complying with REIT requirements may depend on our ability to contribute certain contracts to a taxable REIT subsidiary.

Our ability to satisfy certain REIT requirements may depend on us contributing certain contracts (or portions of certain contracts) to a TRS with respect to outdoor advertising assets that do not qualify as real property for purposes of the REIT asset tests. Moreover, our ability to satisfy the REIT requirements may depend on us properly allocating between us and our TRS the revenue or cost, as applicable, associated with the portion of any such contract contributed to the TRS. There can be no assurance that the IRS will not determine that such contribution was not a true contribution between us and our TRS or that we did not properly allocate the applicable revenues or costs. Were the IRS successful in such a challenge, it could adversely impact our ability to qualify to be taxed as a REIT or our effective tax rate and tax liability.

Our planned use of taxable REIT subsidiaries may cause us to fail to remain qualified to be taxed as a REIT.

The net income of our TRSs is not required to be distributed to us, and income that is not distributed to us generally will not be subject to the REIT income distribution requirement. However, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes the fair market value of our securities in our TRSs and certain other non-qualifying assets to exceed 20% of the fair market value of our assets for the taxable year ending December 31, 2025, and to exceed 25% of the fair market value of our assets for the taxable year ending December 31, 2026, and subsequent years, we would fail to remain qualified to be taxed as a REIT for federal, state and local income tax purposes.

The ownership limitations that apply to REITs, as prescribed by the Code and by our charter, may inhibit market activity in the shares of our common stock and restrict our business combination opportunities.

In order for us to qualify to be taxed as a REIT, not more than 50% in value of the outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals, as defined in the Code to include certain entities, at any time during the last half of each taxable year after the first year for which we elect to qualify to be taxed as a REIT. Additionally, at least 100 persons must beneficially own our stock during at least 335 days of a taxable year (other than the first taxable year for which we elect to be taxed as a REIT). Subject to certain exceptions, our charter authorizes our board of directors to take such actions as are necessary and desirable to preserve our qualification to be taxed as a REIT. Our charter also provides that, unless exempted by the board of directors, no person may own more than 9.8% in value or in number, whichever is more restrictive, of the outstanding shares of our common stock or 9.8% in value of the aggregate outstanding shares of all classes and series of our stock. A person that did not acquire more than 9.8% of our outstanding stock may nonetheless become subject to our charter restrictions in certain circumstances, including if repurchases by us cause a person’s holdings to exceed such limitations. The constructive ownership rules are complex and may cause shares of stock owned directly or constructively by a group of related individuals to be constructively owned by one individual or entity. These ownership limits could delay or prevent a transaction or a change in control of our company that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders.

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Any income from a hedging transaction that we enter into primarily to manage risk of interest rate changes or to manage risk of currency fluctuations with respect to borrowings made or to be made or to acquire or carry real estate assets does not constitute “gross income” for purposes of the 75% or 95% gross income tests that apply to REITs, provided that certain identification requirements are met. To the extent that we enter into other types of hedging transactions or fail to properly identify such a transaction as a hedge, the income is likely to be treated as non-qualifying income for purposes of both of the gross income tests. As a result of these rules, we may be required to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS may be subject to tax on gains or expose us to greater risks associated with changes in interest rates that we would otherwise choose to bear. In addition, losses in our TRS will generally not provide any tax benefit, except that such losses could theoretically be carried back or forward against past or future taxable income in the TRS.

Our board of directors may revoke our REIT election at any time.

Our board of directors may revoke or otherwise terminate our REIT election without approval of stockholders if it determines that it is no longer in our best interests to continue to qualify as a REIT, for example, because the REIT income and/or asset test requirements limit our operational flexibility to pursue investments and business opportunities that would otherwise be advantageous. If we cease to qualify as a REIT, we would become subject to federal, state and local income taxes on our
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taxable income and would no longer be required to distribute most of our net taxable income to stockholders, which may have adverse consequences on the total return to our stockholders.

The IRS may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax.

From time to time, we may sell outdoor advertising assets. The IRS may deem one or more sales of our outdoor advertising assets to be “prohibited transactions” (generally, sales or other dispositions of property that is held as inventory or primarily for sale to customers in the ordinary course of a trade or business). If the IRS takes the position that we have engaged in a “prohibited transaction,” the gain we recognize from such sale would be subject to a 100% tax. We do not intend to hold outdoor advertising assets as inventory or for sale in the ordinary course of business; however, whether property is held as inventory or “primarily for sale to customers in the ordinary course of a trade or business” depends on the particular facts and circumstances and there is no assurance that our position will not be challenged by the IRS especially if we make frequent sales or sales of outdoor advertising assets in which we have short holding periods.

We may establish operating partnerships as part of our REIT structure, which could result in conflicts of interests between our stockholders and holders of our operating partnership units and could limit our liquidity or flexibility.

As part of our REIT structure, we have previously established a “DownREIT” operating partnership, and we may in the future establish an “UPREIT” and/or additional “DownREIT” operating partnerships, whereby we acquire certain assets by issuing units in an operating partnership (or a subsidiary) in exchange for an asset owner contributing such assets to the partnership (or subsidiary). If we enter into such transactions, in order to induce the contributors of such assets to accept units in our operating partnerships, rather than cash, in exchange for their assets, it may be necessary for us to provide them additional incentives. For instance, the operating partnership’s limited partnership or limited liability company agreement may provide that any unitholder of the operating partnership may be entitled to receive cash or equity distributions on its units, as well as exchange units for cash equal to the value of an equivalent number of shares of our common stock or, at our option, for shares of our common stock on a one-for-one basis. We may also enter into additional contractual arrangements with asset contributors under which we would agree to repurchase a contributor’s units for shares of our common stock or cash, at the option of the contributor, at set times.

In connection with these transactions, persons holding operating partnership units (or similar securities) may have the right to vote on certain amendments to the partnership agreements of such operating partnerships, as well as on certain other matters. Unitholders with these voting rights may be able to exercise them in a manner that conflicts with the interests of our stockholders. As the sole member of the general partner of the operating partnerships or as the managing member, we would have fiduciary duties to the unitholders of the operating partnerships that may conflict with duties that our officers and directors owe to the Company.

In addition, if a holder of operating partnership units (or similar securities) received cash distributions on its units and/or required us to repurchase the units for cash, it would limit our liquidity and thus our ability to use cash to make other investments, distributions to stockholders, debt service payments, or satisfy other obligations. Moreover, if we were required to repurchase units for cash at a time when we did not have sufficient cash to fund the repurchase, we might be required to sell one or more assets to raise funds to satisfy this obligation. Furthermore, we might agree that if distributions the holder of operating partnership units (or similar securities) received did not provide them with a defined return, then upon redemption of the units, we would pay the holder an additional amount necessary to achieve that return. Such a provision could further negatively impact our liquidity and flexibility. Finally, in order to allow a contributor of assets to defer taxable gain on the contribution of assets to our operating partnerships, we might agree not to sell a contributed asset for a defined period of time or until the contributor exchanged its operating partnership units (or similar securities) for cash or shares. Such an agreement would prevent us from selling those properties, even if market conditions made such a sale favorable to us.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

The Company maintains a comprehensive information security and cybersecurity program (the “Cybersecurity Program”) guided by established best practice and tailored to the Company’s business needs. The Cybersecurity Program is an extension of the Company’s enterprise risk management program that seeks to identify and manage risks throughout the Company by
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having its Chief Financial Officer meet with members of each of the Company’s various departments annually to solicit feedback regarding risks affecting the Company, which is then reported to the audit committee of our board of directors.

Under the Cybersecurity Program, systems and networks under Company control are monitored for anomalies using various security tools (including artificial intelligence-assisted tools) that identify potential cybersecurity threats and alert the Company’s internal cybersecurity team to suspicious activity. If a potential cybersecurity incident is identified, it is investigated by the Company’s internal cybersecurity team (including the Company’s Chief Information Security Officer and Senior Director, Cybersecurity (together, the “CISO”) to assess whether a cybersecurity incident has occurred, its severity and the risk involved, in accordance with internal processes and procedures and the Company’s incident response plan. The CISO is responsible for management of these cybersecurity processes, and reports to the Company’s Chief Information Officer (the “CIO”), who reports to the Company’s Chief Technology Officer (the “CTO”). The CISO and CIO will receive input from, and coordinate with, the CTO and the Company’s Chief Privacy Officer (the “CPO”), as necessary. If a cybersecurity incident is discovered, it must be reported by the CIO and the CISO to the Company’s senior management, including the CTO, the Company’s Chief Financial Officer and the Company’s General Counsel for further assessment regarding scope, mitigation, remediation and disclosure obligations, as applicable. The audit committee of our board of directors oversees the Company’s information security and cybersecurity risks, compliance and protections, and receives quarterly cybersecurity updates from the CISO and CIO (with input from the CTO and the CPO, as appropriate) and results of the Company’s incident response plan testing at least annually.

The Cybersecurity Program team members, including the CISO and the CIO, have extensive work experience in cybersecurity, information technology engineering and the media and advertising industries, with some members holding degrees in cybersecurity and professional certifications in cybersecurity. The Cybersecurity Program team members are subject to ongoing employee trainings in cybersecurity procedures.

We perform regular third-party assessments of the Cybersecurity Program, and retain specialized third-party forensics experts for escalation of certain cybersecurity incidents. In addition, we have processes, including formal security reviews and suspicious activity monitoring, to assess cybersecurity risks associated with our use of third-party service providers.

To date, we have not identified any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition. For additional information about our cybersecurity risks, see “Item 1A. Risk Factors—If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.”

Item 2. Properties.

Our principal executive offices, which we lease, are located at 90 Park Avenue, 9th Floor, New York, NY 10016. We and our subsidiaries also own and lease office and warehouse space throughout the U.S. We consider our properties adequate for our present needs, and adequately covered by insurance.

We primarily lease our outdoor advertising sites, but, in a few cases, we own or hold permanent easements on our outdoor advertising sites. These lease agreements have terms varying between one month and multiple years, with an average term of 8 years, and usually provide renewal options. Our lease agreements generally allow us to use the land for the construction, repair and relocation of outdoor advertising structures, including all rights necessary to access and maintain the site. Approximately 72% of our outdoor advertising site leases will expire or be subject to renewal in the next 5 years, 18% will expire or be subject to renewal in 6 to 10 years and 10% will expire or be subject to renewal in more than 10 years. There is no significant concentration of outdoor advertising sites under any one lease or with any one landlord. An important part of our business activity is to manage our lease portfolio and negotiate suitable lease renewals and extensions. For further information regarding our outdoor advertising sites and structures, see “Item 1. Business—Our Portfolio of Outdoor Advertising Structures and Sites” and “Item 1. Business—Renovation, Improvement and Development.”

Item 3. Legal Proceedings.

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

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Item 4. Mine Safety Disclosures.

None.
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Table of Contents

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Shares of our common stock began trading on the New York Stock Exchange (“NYSE”) on March 28, 2014, under the ticker symbol “CBSO.” On November 20, 2014, in connection with our rebranding, shares of our common stock began trading on the NYSE under the ticker symbol “OUT.” Prior to March 28, 2014, there was no public market for our common stock.

Holders

As of February 25, 2026, we had 146 holders of record of our common stock.

Dividend Policy

To maintain REIT status, we must annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital gains. This distribution requirement may be satisfied by making distributions to our common stockholders, our preferred stockholders, if any, or a combination of our stockholders. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined with the above modifications, we will be subject to U.S. federal income tax on our undistributed net taxable income. In addition, we will be subject to a nondeductible 4% excise tax if the amount that we actually distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. See “Item 1. Business—Tax Status.”

Distributions that we may make will be authorized and determined by our board of directors in its sole discretion out of funds legally available. The availability, amount, timing and frequency of distributions will be at the sole discretion of our board of directors, and will be declared based upon various factors, including, but not limited to: our results of operations, our financial condition and our operating cash inflows and outflows, including capital expenditures and acquisitions; future taxable income; our REIT distribution requirements (which may be satisfied by making distributions to our common stockholders, our preferred stockholders, if any, or a combination of our stockholders); limitations contained in our debt instruments (such as restrictions on distributions in excess of the minimum amount required to maintain our status as a REIT and on the ability of our subsidiaries to distribute cash to the Company); debt service requirements; limitations on our ability to use cash generated in the TRSs to fund distributions; and applicable law. See “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and “Item 8. Financial Statements and Supplementary Data.” We may need to increase our borrowings in order to fund our intended distributions. We expect that our distributions may exceed our net income, due, in part, to noncash expenses included in net income (loss).

We anticipate that our distributions generally will be taxable as ordinary income to our stockholders, although we may designate a portion of the distributions as qualified dividend income or capital gain dividends or a portion of the distributions may constitute a return of capital or be taxable as capital gain. We furnish annually to each of our stockholders a statement setting forth distributions paid during the preceding year and their characterization as ordinary income dividends, return of capital, qualified dividends, income or capital gain dividends or non-dividend distributions. Approximately 90.0% of the dividends we distributed in 2025 should be considered ordinary income by our stockholders for tax purposes and approximately 10.0% should be considered a return of capital.

Performance Graph

The information in this section, including the performance graph, shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

The following graph compares the cumulative total stockholder return on OUTFRONT Media Inc.’s common stock to the cumulative total return of Lamar Advertising Company, Clear Channel Outdoor Holdings, Inc., the Standard & Poor’s 500 Stock Index (“S&P 500”), the S&P 500 Media Industry Index, and the FTSE National Association of Real Estate Investment Trusts (“NAREIT”) All Equity REITs Index.

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The performance graph assumes $100 invested on December 31, 2020, in OUTFRONT Media Inc.’s common stock, Lamar Advertising Company’s common stock, Clear Channel Outdoor Holdings, Inc.’s common stock, the S&P 500, the S&P 500 Media Industry Index, and the FTSE NAREIT All Equity REITs Index, including the reinvestment of dividends, through the calendar year ended December 31, 2025. 5412
Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022Dec. 31, 2023Dec. 31, 2024Dec. 31, 2025
OUTFRONT Media Inc.$100.00 $138.21 $90.66 $83.42 $117.36 $165.90 
Lamar Advertising Company100.00 151.31 124.11 147.18 176.61 193.66 
Clear Channel Outdoor Holdings, Inc.100.00 200.61 63.64 110.30 83.03 133.94 
S&P 500100.00 128.71 105.40 133.10 166.40 196.16 
S&P 500 Media Industry Index(a)
100.00 100.34 70.25 84.65 78.77 64.71 
FTSE NAREIT All Equity REITs Index100.00 141.30 106.05 118.09 123.90 126.71 

(a)As of December 31, 2025, the S&P 500 Media Industry Index consists of the following companies: Charter Communications, Inc.; Fox Corporation; News Corporation; Omnicom Group Inc; Paramount Skydance Corporation; and Trade Desk, Inc..

Unregistered Sales of Equity Securities

None.

Item 6. [Reserved]



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Table of Contents

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our historical consolidated financial statements and the notes thereto in “Item 8. Financial Statements and Supplementary Data.” This MD&A contains forward-looking statements that involve numerous risks and uncertainties. The forward-looking statements are subject to a number of important factors, including, but not limited to, those factors discussed in “Item 1A. Risk Factors” and the “Cautionary Statement Regarding Forward-Looking Statements” section of this Annual Report on Form 10-K, that could cause our actual results to differ materially from the results described herein or implied by such forward-looking statements. Management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC“) on February 28, 2025.

Overview

OUTFRONT Media is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life (“IRL”) moments and environments. We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit. Prior to its sale in 2024, 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 (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements) through the date of sale.

On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which held all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Item 8., Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business to the Consolidated Financial Statements).

Business

We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. Our top market, location-focused portfolio includes sites in and around New York City, Los Angeles and San Francisco, where public spaces can turn into platforms for creativity, connection and cultural relevance. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives by elevating brand influence and credibility through enterprise or commercial brand-building campaigns.

In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. We believe the continued evolution of out-of-home advertising audience measurement systems, including Geopath and alternative measurement systems, can enhance the value of the out-of-home medium, including transit inventory, by improving audience measurement and enabling more precise demographic and location-based targeting. As part of our investments in our technology platform, we are developing digital out-of-home offerings and capabilities that support full-funnel advertising objectives, including end-to-end campaign processing and automation, research and measurement, and demographic and location-based targeting.

We believe out-of-home continues to be an attractive and trusted form of advertising, as our displays have an IRL presence, are always viewable, and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective stand-alone medium, as well as an integral part of a campaign using multiple forms of media (including online, mobile and social media advertising platforms) that bridges commerce, culture and community. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, consumer insights, print production, creative services and post-campaign tracking and analytics.

Economic Environment

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control, such as supply chain disruptions, inflationary price increases, changes in
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governmental fiscal and trade policies (such as tariffs), pandemics (such as the COVID-19 pandemic), industry shutdowns or slowdowns (including due to labor strikes), extraordinary weather events (such as hurricanes and wildfires), and shifts in market demographics and transportation patterns (including reductions in foot traffic, roadway traffic, commuting, transit ridership and overall target audiences due to remote work, safety concerns or otherwise), among other things. These sensitivities may adversely impact our revenues and operating results on a consolidated basis and/or may have a disproportionate adverse impact on our Transit segment.

We rely on third parties to manufacture, transport and install our digital displays, and provide and support programmatic, direct sale and other advertising platform technologies (including artificial intelligence-assisted tools) for our digital display inventory. Historically, we have experienced delays and price increases with respect to certain of our digital displays due to external events beyond our control. If we experience delays and/or price increases in the future, it could have an adverse effect on our business, financial condition and results of operations.

Historically, we have experienced inflationary increases with respect to some of our posting, maintenance and other expenses, some of our corporate expenses, and our interest expense. Our billboard property lease expenses and transit franchise expenses have been less impacted by inflation due to the long-term nature of most of our operating leases and transit franchise agreements. However, our transit franchise agreements that contain inflationary price adjustments may cause increases in our transit franchise expenses over the remaining terms of the agreements. Though the Company cannot reasonably estimate the full impact of inflationary increases on our business, financial condition and results of operations at this time, a portion of these increases may be fully or partially offset by increases in advertising rates on our displays and cost efficiencies.

On June 23, 2025, we announced a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. The Plan provided for a reduction of the Company’s workforce by approximately 120 employees, or 6% of the Company’s total employees as of June 23, 2025. As of June 30, 2025, all reductions have been completed. In 2025, we recorded restructuring charges of approximately $20.1 million associated with the Plan, consisting of severance payments, employee benefits and related costs (including approximately $2.2 million in non-cash charges for stock-based compensation), and professional fees. In 2025, restructuring charges of $8.4 million were recorded in Billboard, $3.7 million were recorded in Transit and $8.0 million were recorded in Corporate. As of December 31, 2025, approximately $6.6 million in restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur in connection with the implementation of the Plan. (See Item 8., Note 13. Restructuring Charges to the Consolidated Financial Statements.)

Business Environment

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis.

Increasing the number of digital displays in our prime audience locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging IRL media messaging, provide our customers with the flexibility both to connect with target audiences and to quickly launch new advertising campaigns, and eliminate or greatly reduce print and installation costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four to five times more revenue per display on average than comparable traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than comparable traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than comparable traditional static billboard displays.

We have deployed state-of-the-art digital transit displays in connection with several transit franchises we operate. Revenues generated on our network of digital transit displays are generally higher than revenues generated on a comparable portfolio of our static transit displays.

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We have incurred significant equipment deployment costs and capital expenditures, and intend to incur significant capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio. Our annual costs with respect to the New York Metropolitan Transportation Authority (the “MTA”) transit franchise will be primarily focused on maintenance of existing MTA display locations for the remainder of the Amended Term (as defined below).

Further, we believe the use of programmatic and direct sale advertising platform technologies in the out-of-home advertising industry will increase, which will present a revenue growth opportunity for us. Programmatic and direct sale advertising platforms allow out-of-home advertising companies to lease displays to customers at competitive rates through an online bidding process or through a direct sale process, and we have pursued, and continue to pursue, strategic opportunities to increase our participation in these platforms.

In 2025, we built or converted 103 new digital billboard displays in the U.S. and entered into marketing arrangements to sell advertising on 21 third-party digital billboard displays. In 2025, we built, converted or replaced 1,170 digital transit and other displays. The following table sets forth information regarding our digital displays.
Digital Revenues (in millions)
for the Year Ended December 31, 2025
Number of Digital Displays
 as of December 31, 2025(a)
LocationDigital Billboard Digital TransitTotal Digital RevenuesDigital Billboard DisplaysDigital Transit DisplaysTotal Digital Displays
United States$434.3 $214.8 $649.1 1,928 29,493 31,421 
(a)Digital display amounts include 6,505 displays reserved for transit agency use. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period.

Our revenues and profits fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. As described above, our revenues and profits also fluctuate due to external events beyond our control.

We have a diversified base of customers across various industries. During 2025, our largest categories of advertisers were entertainment, retail and legal services/lawyers, which represented 18%, 11%, and 10% of our total revenues from our Billboard and Transit segments, respectively. During 2024, our largest categories of advertisers were entertainment, retail and health/medical, which represented 18%, 12% and 9% of our total revenues from our Billboard and Transit segments, respectively.

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. In 2025, we generated approximately 44% of our total revenues from our Billboard and Transit segments from enterprise (formerly known as national) advertising campaigns, compared to approximately 43% in 2024.

Our transit businesses require us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts.

Key Performance Indicators

Our management reviews our performance by focusing on the indicators described below.

Several of our key performance indicators are not prepared in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.
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Year Ended December 31,
(in millions, except percentages)20252024% Change
Revenues$1,831.7 $1,830.9 — %
Organic revenues(a)(b)
1,831.7 1,796.0 
Operating income293.5 425.5 (31)
Adjusted OIBDA(b)
499.3 464.8 
Adjusted OIBDA(b) margin
27.3 %25.4 %
Net income attributable to OUTFRONT Media Inc.147.0 258.2 (43)
Funds from operations (“FFO”)(b) attributable to OUTFRONT Media Inc.
333.5 303.6 10 
Adjusted FFO (“AFFO”)(b) attributable to OUTFRONT Media Inc.
337.7 306.0 10 
(a)Organic revenues exclude revenues associated with the impact of the Transaction (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since organic revenues are not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Organic revenues, as we calculate it, may not be comparable to similarly titled measures employed by other companies.
(b)See the “Reconciliation of Non-GAAP Financial Measures” and “Revenues” sections of this MD&A for reconciliations of Operating income (loss) to Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Impairment charges (“Adjusted OIBDA”) Net income (loss) attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc., and Revenues to organic revenues.

Analysis of Results of Operations

Revenues

We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our traditional contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Billboard and Transit display revenues derived from impression-based sales contracts fulfilled on direct sales advertising platforms are recognized as revenue over the contract period based pro-rata on the number of impressions delivered in proportion to the total number of impressions to be delivered. Billboard display and Transit display revenues generated from programmatic advertising platforms are recognized as rental income as the related advertisement is displayed. Revenues generated from programmatic advertising platforms are based on agreements with the platforms, rather than direct contracts with individual advertisers. (See Item 8., Note 12. Revenues to the Consolidated Financial Statements.)
Year Ended December 31,% Change
(in millions, except percentages)20252024
Total revenues$1,831.7 $1,830.9 — %
Organic revenues(a)
$1,831.7 $1,796.0 
Non-organic revenues— 34.9 *
Total revenues$1,831.7 $1,830.9 — 
*Calculation is not meaningful.
(a)Organic revenues exclude revenues associated with the impact of the Transaction (“non-organic revenues”).

Total revenues increased $0.8 million and organic revenues increased $35.7 million, or 2%, in 2025 compared to 2024. See the “Segment Results of Operations” section of this MD&A.

In 2024, non-organic revenues reflect the impact of the Transaction.

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Expenses
Year Ended December 31,% Change
(in millions, except percentages)20252024
Expenses:
Operating$918.5 $949.0 (3)%
Selling, general and administrative441.7 447.9 (1)
Restructuring charges20.1 — *
Net gain on dispositions(2.3)(160.9)*
Impairment charges— 17.9 *
Depreciation90.6 79.5 14 
Amortization69.6 72.0 (3)
Total expenses$1,538.2 $1,405.4 
*Calculation is not meaningful.

Operating Expenses

Our operating expenses are composed of the following:

Billboard property lease expenses. These expenses reflect the cost of leasing the real property on which our billboards are mounted. These lease agreements have terms varying between one month and multiple years, and usually provide renewal options. Rental expenses are comprised of a fixed rental amount and under certain agreements, also include contingent rent, which varies based on the revenues we generate from the leased site. The fixed portion of property leases are generally paid in advance for periods ranging from one to twelve months and expensed evenly over the contract term. Contingent rent is generally paid in arrears and is expensed as incurred when the related revenues are recognized.
 
Transit franchise expenses. These expenses reflect costs charged by municipalities and transit operators under transit advertising contracts. All of these contracts have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of the revenues generated under the contract and/or a guaranteed minimum annual payment. The costs that are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and any guaranteed minimum annual payment is expensed over the contract term.

Posting, maintenance and other site-related expenses. These expenses primarily reflect costs associated with posting and rotation, materials, repairs and maintenance, utilities and property taxes.
Year Ended December 31,% Change
(in millions, except percentages)20252024
Operating expenses:
Billboard property lease$446.6 $482.8 (7)%
Transit franchise243.2 238.1 
Posting, maintenance and other228.7 228.1 — 
Total operating expenses$918.5 $949.0 (3)

Billboard property lease expenses represented 24% of total revenues in 2025 and 26% in 2024. The decrease in billboard property lease expenses as a percentage of total revenues in 2025 compared to 2024 is primarily due to lower variable billboard property lease costs driven by higher relative revenue performance in advertising markets that have lower variable billboard property lease costs and lower revenue performance in advertising markets that have higher variable billboard property lease costs (see Item 8., Note 5. Leases to the Consolidated Financial Statements) and the impact of lost billboards.

Billboard property lease expenses decreased $36.2 million, or 7%, primarily due to lost billboards, the impact of the Transaction and lower variable billboard property lease expenses.

Transit franchise expenses represented 13% of total revenues in each of 2025 and 2024. Transit franchise expenses, as a percentage of total revenues in 2025 compared to 2024 was primarily impacted by the Transaction in 2024, partially offset by higher guaranteed minimum annual payments to the MTA due to inflation and lower Billboard revenues.
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Transit franchise expenses increased $5.1 million, or 2%, primarily due to higher guaranteed minimum annual payments to the MTA due to inflation, partially offset by the impact of the Transaction.

Posting, maintenance and other expenses, as a percentage of total revenues, were 12% in each of 2025 and 2024. Posting, maintenance and other expenses increased $0.6 million in 2025 compared to 2024, primarily due to higher maintenance and utility costs, and higher production expenses, partially offset by the impact of the Transaction.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expenses represented 24% of Revenues in each of 2025 and 2024. SG&A expenses decreased $6.2 million, or 1%, in 2025 compared to 2024, primarily due to the impact of the Transaction, lower credit card usage by customers, lower rent related to new offices in the first half of 2024 and lower compensation-related expenses, including severance and salaries, partially offset by higher professional fees, as a result of a management consulting project, and higher travel and entertainment expenses. We expect to realize the cost savings benefits from the Plan within SG&A expenses. However, those cost savings may potentially be offset by increases in SG&A expenses in future periods as we continue to invest in our strategic initiatives, including technology enhancements and customer experience improvements.

Restructuring Charges

We recorded restructuring charges of $20.1 million in 2025, consisting of severance payments, employee benefits and related costs, and professional fees associated with the Plan. The restructuring charges include approximately $2.2 million in non-cash charges for stock-based compensation.

Net Gain on Dispositions

Net gain on dispositions decreased $158.6 million in 2025, compared to 2024, primarily due to the Transaction.

Impairment Charges

As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024 (see Item 8., Note 4. Long-Lived Assets to the Consolidated Financial Statements). No impairment charges were recorded during 2025.

Depreciation

Depreciation increased $11.1 million, or 14%, in 2025 compared to 2024, primarily due to higher depreciation related to the change in estimated useful life of certain advertising displays.

Amortization

Amortization decreased $2.4 million, or 3%, in 2025 compared to 2024.

Interest Expense

Interest expense, net, was $146.4 million (including $5.8 million of deferred financing costs) in 2025 and $156.2 million (including $6.1 million of deferred financing costs) in 2024. The decrease in Interest expense, net, in 2025 compared to 2024, was primarily due to lower average debt balance and lower interest rates.

Loss on Extinguishment of Debt

In 2025, we recorded a Loss on extinguishment of debt of $0.6 million, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan. In 2024, we recorded a Loss on extinguishment of debt of $1.2 million relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan, due to prepayments on our previously existing term loan.

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Provision for Income Taxes

Provision for income taxes decreased $9.0 million, or 82%, in 2025 compared to 2024, primarily due to the impact of the Transaction. The effective income tax rate was 1.4% for 2025 and 4.1% for 2024.

Net Income

Net income before allocation to redeemable and non-redeemable noncontrolling interests decreased $111.7 million, or 43%, in 2025, compared to 2024, primarily driven by a gain on disposition related to the Transaction in 2024, lower billboard revenues, and restructuring charges in 2025, partially offset by impairment charges incurred in 2024, higher transit revenues and lower interest expense.

Reconciliation of Non-GAAP Financial Measures

Adjusted OIBDA

We calculate Adjusted OIBDA as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates.

FFO and AFFO

When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, impairment charges on non-real estate assets, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs.

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), net income (loss) attributable to OUTFRONT Media Inc., and revenues, the most directly comparable GAAP financial measures, as indicators of operating
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performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

The following table reconciles Operating income to Adjusted OIBDA, and Net income attributable to OUTFRONT Media Inc. to FFO attributable to OUTFRONT Media Inc. and AFFO attributable to OUTFRONT Media Inc.

Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of the cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.
Year Ended December 31,
(in millions)20252024
Total revenues$1,831.7 $1,830.9 
Operating income$293.5 $425.5 
Restructuring charges(a)
20.1 — 
Net gain on dispositions(2.3)(160.9)
Impairment charges— 17.9 
Depreciation90.6 79.5 
Amortization69.6 72.0 
Stock-based compensation27.8 30.8 
Adjusted OIBDA$499.3 $464.8 
Adjusted OIBDA margin27.3 %25.4 %
Net income attributable to OUTFRONT Media Inc.$147.0 $258.2 
Depreciation of billboard advertising structures72.8 59.5 
Amortization of real estate-related intangible assets60.2 65.5 
Amortization of direct lease acquisition costs(b)
56.1 58.4 
Net (gain) loss on disposition of real estate assets(2.3)(160.9)
Impairment charges(c)
— 13.1 
Adjustment related to redeemable and non-redeemable noncontrolling interests(0.3)(0.3)
Income tax effect of adjustments(d)
— 10.1 
FFO attributable to OUTFRONT Media Inc.333.5 303.6 
Non-cash portion of income taxes(0.2)(0.5)
Cash paid for direct lease acquisition costs(b)
(56.1)(58.4)
Maintenance capital expenditures(30.6)(21.7)
Restructuring charges(a)
20.1 — 
Other depreciation17.8 20.0 
Other amortization9.4 6.5 
Impairment charges on non-real estate assets(c)
— 4.8 
Stock-based compensation27.8 30.8 
Non-cash effect of straight-line rent7.7 10.7 
Accretion expense2.8 2.9 
Amortization of deferred financing costs5.8 6.1 
Loss on extinguishment of debt0.6 1.2 
Adjustment related to non-controlling interests(0.1)— 
Income tax effect of adjustments(d)
(0.8)— 
AFFO attributable to OUTFRONT Media Inc.$337.7 $306.0 
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(a)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.
(b)Variable commissions directly associated with billboard revenues.
(c)Primarily Impairment charges related to our Transit reporting unit and MTA asset group (see Item 8., Note 4. Long-Lived Assets to the Consolidated Financial Statements).
(d)Income tax effect related to Restructuring charges in 2025 and Net gain on disposition of real estate assets in 2024.

FFO attributable to OUTFRONT Media Inc. in 2025 of $333.5 million increased $29.9 million, or 10%, compared to 2024, primarily due to higher Adjusted OIBDA and lower interest expense, partially offset by restructuring charges in 2025 and impairment charges in 2024. AFFO attributable to OUTFRONT Media Inc. in 2025 of $337.7 million increased $31.7 million, or 10%, compared to 2024, primarily due to higher Adjusted OIBDA and lower interest expense, partially offset by higher maintenance capital expenditures.

Segment Results of Operations

We present Adjusted OIBDA as the primary measure of profit and loss for our reportable segments. (See the “Key Performance Indicators” section of this MD&A and Item 8., Note 20. Segment Information to the Consolidated Financial Statements.)

We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit. Prior to its sale in 2024, 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 (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements) through the date of sale. Also included in Other are operating results for third-party digital equipment sales.

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The following table presents our Revenues, Adjusted OIBDA and Operating income by segment in 2025 and 2024.
Year Ended December 31,
(in millions)20252024
Revenues:
Billboard$1,391.4 $1,409.3 
Transit431.2 383.8 
Other9.1 37.8 
Total revenues$1,831.7 $1,830.9 
Operating income$293.5 $425.5 
Restructuring charges(a)
20.1 — 
Net gain on dispositions(2.3)(160.9)
Impairment charges— 17.9 
Depreciation90.6 79.5 
Amortization69.6 72.0 
Stock-based compensation(b)
27.8 30.8 
Total Adjusted OIBDA$499.3 $464.8 
Adjusted OIBDA:
Billboard$528.9 $520.5 
Transit43.1 8.3 
Other1.8 2.8 
Corporate(74.5)(66.8)
Total Adjusted OIBDA$499.3 $464.8 
Operating income (loss):
Billboard$374.6 $385.9 
Transit27.4 (20.7)
Other1.8 157.9 
Corporate(110.3)(97.6)
Total operating income (loss)$293.5 $425.5 
(a)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.
(b)Stock-based compensation is classified as Corporate expense.

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Billboard
Year Ended December 31,% Change
(in millions, except percentages)20252024
Operating income$374.6 $385.9 (3)%
Restructuring charges8.4 — *
Net (gain) loss on dispositions1.8 (5.9)*
Depreciation81.4 72.5 12 
Amortization62.7 68.0 (8)
Adjusted OIBDA$528.9 $520.5 
Revenues$1,391.4 $1,409.3 (1)
Operating expenses:
Billboard property lease(446.6)(472.3)(5)
Posting, maintenance and other(149.3)(148.4)
Total operating expenses(595.9)(620.7)(4)
SG&A expenses(266.6)(268.1)(1)
Adjusted OIBDA$528.9 $520.5 
Adjusted OIBDA margin38.0 %36.9 %
New York metropolitan area revenues as a percentage of Billboard segment revenues
%%
Los Angeles metropolitan area revenues as a percentage of Billboard segment revenues
14 %15 %
*    Calculation is not meaningful.

Billboard segment revenues decreased $17.9 million, or 1%, in 2025 compared to 2024, reflecting the impact of lost billboards in the period, partially offset by an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues and higher proceeds from condemnations. We expect lost billboards to continue to adversely impact Billboard segment revenue performance in the first half of 2026, particularly in the Los Angeles metropolitan areas. We generated approximately 39% in 2025 and 40% in 2024 of our Billboard segment revenues from enterprise (formerly known as national) advertising campaigns.

Billboard segment property lease expenses represented 32% of Billboard segment revenues in 2025 and 34% in 2024. Billboard segment property lease expenses decreased $25.7 million, or 5%, in 2025 compared to 2024, primarily driven by the impact of lost billboards and lower variable billboard property lease costs. Billboard segment posting maintenance and other expenses increased $0.9 million, or 1%, in 2025 compared to 2024, primarily driven by higher maintenance and utilities, and higher site-related costs, partially offset by higher compensation-related expenses.

SG&A expenses in the Billboard segment decreased $1.5 million, or 1%, in 2025 compared to 2024, primarily driven by lower credit card usage by customers and lower compensation-related expenses, partially offset by higher professional fees and higher travel and entertainment expenses.

Billboard segment Adjusted OIBDA increased $8.4 million, or 2%, in 2025 compared to 2024, primarily due to larger decrease in Billboard segment operating expenses compared to a smaller decrease in Billboard segment revenues. Billboard segment Adjusted OIBDA margin was 38.0% in 2025 and 36.9% in 2024.

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Transit
Year Ended December 31,% Change
(in millions, except percentages)20252024
Operating income (loss)$27.4 $(20.7)*
Restructuring charges3.7 — *
Net (gain) loss on dispositions(4.1)0.1 *
Impairment charges— 17.9 *
Depreciation9.2 7.0 31 %
Amortization6.9 4.0 73 
Adjusted OIBDA$43.1 $8.3 *
Revenues$431.2 $383.8 12 
Operating expenses:
Transit franchise(243.2)(236.3)
Posting, maintenance and other(72.2)(68.2)
Total operating expenses(315.4)(304.5)
SG&A expenses(72.7)(71.0)
Adjusted OIBDA$43.1 $8.3 *
Adjusted OIBDA margin10.0 %2.2 %
New York metropolitan area revenues as a percentage of Transit segment revenues
61 %57 %
Los Angeles metropolitan area revenues as a percentage of Transit segment revenues
%%
*    Calculation is not meaningful.

Transit segment revenues increased $47.4 million, or 12%, in 2025 compared to 2024, primarily due to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts. We generated approximately 57% in 2025 and 56% in 2024 of our Transit segment revenues from enterprise (formerly known as national) advertising campaigns.

Transit segment franchise expenses represented 56% of Transit segment revenues in 2025 and 62% in 2024. Transit segment franchise expenses increased $6.9 million, or 3%, in 2025 compared to 2024, primarily driven by higher guaranteed minimum annual payments to the MTA due to inflation. Transit segment posting, maintenance and other expenses increased $4.0 million, or 6%, in 2025 compared to 2024, primarily driven by higher maintenance and utility costs, higher production costs and higher site-related costs.

SG&A expenses in the Transit segment increased $1.7 million, or 2%, in 2025 compared to 2024, primarily driven by higher travel and entertainment expenses and higher compensation-related expenses, partially offset by lower credit card usage by customers.

We recorded impairment charges of $17.9 million in the six months ended June 30, 2024, primarily related to impairment charges with respect to our MTA asset group and our historical Transit reporting unit (see Item 8., Note 4. Long-Lived Assets to the Consolidated Financial Statements).

Transit segment Adjusted OIBDA increased $34.8 million in 2025 compared to 2024. The increase in Transit segment Adjusted OIBDA was primarily due to a larger increase in Transit segment revenues compared to a smaller increase in Transit segment operating expenses.
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Other
Year Ended December 31,% Change
(in millions, except percentages)20252024
Operating income$1.8 $157.9 *
Net gain on dispositions— (155.1)*
Adjusted OIBDA$1.8 $2.8 (36)%
Revenues$9.1 $37.8 (76)
Organic revenues(a)
$9.1 $2.9 *
Non-organic revenues— 34.9 *
Total revenues9.1 37.8 (76)
Operating expenses:
Billboard property lease— (10.5)*
Transit franchise— (1.8)*
Posting, maintenance and other(7.2)(11.5)(37)
Total operating expenses(7.2)(23.8)(70)
SG&A expenses(0.1)(11.2)(99)
Adjusted OIBDA$1.8 $2.8 (36)
Adjusted OIBDA margin19.8 %7.4 %
*    Calculation is not meaningful.
(a)Organic revenues exclude the impact of the Transaction (“non-organic revenues”).

Total Other revenues decreased $28.7 million, or 76%, in 2025 compared to 2024, primarily driven by the impact of the Transaction, partially offset by an increase in third-party digital equipment sales.

In 2024, non-organic revenues reflect the impact of the Transaction.

Organic Other revenues increased $6.2 million in 2025 compared to 2024, primarily driven by an increase in third-party digital equipment sales.

Other operating expenses decreased $16.6 million, or 70%, in 2025 compared to 2024, primarily driven by the impact of the Transaction, partially offset by higher costs related to third-party digital equipment sales. Other SG&A expenses decreased $11.1 million, or 99%, in 2025 compared to 2024, primarily driven by the impact of the Transaction.

Other Adjusted OIBDA decreased $1.0 million, or 36%, in 2025 compared to 2024, primarily due to the impact of the Transaction, partially offset by an increase in third-party digital equipment sales.

Corporate

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding restructuring charges and stock-based compensation, were $74.5 million in 2025 and $66.8 million in 2024. Corporate expenses increased $7.7 million, or 12%, in 2025 compared to 2024, primarily due to higher professional fees, including fees related to a management consulting project, higher compensation-related expenses, including severance, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.

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Liquidity and Capital Resources
As of December 31,%
(in millions, except percentages)20252024Change
Assets:
Cash and cash equivalents$99.9 $46.9 113 %
Receivables, less allowances of $23.2 in 2025 and $20.6 in 2024
365.7 305.3 20 
Prepaid lease and transit franchise costs5.1 4.0 28 
Other prepaid expenses21.9 17.8 23 
Other current assets11.1 11.8 (6)
Total current assets503.7 385.8 31 
Liabilities:
Accounts payable50.2 51.4 (2)
Accrued compensation72.3 56.7 28 
Accrued interest35.1 34.5 
Accrued lease and franchise costs72.2 82.8 (13)
Other accrued expenses55.5 54.3 
Deferred revenues57.7 42.8 35 
Short-term debt— 10.0 *
Short-term operating lease liabilities172.9 168.7 
Other current liabilities29.4 19.6 50 
Total current liabilities545.3 520.8 
Working capital$(41.6)$(135.0)(69)
*Calculation is not meaningful.

We continually project anticipated cash requirements for our operating, investing and financing needs as well as cash flows generated from operating activities available to meet these needs. Due to seasonal advertising patterns and influences on advertising markets, our revenues and operating income are typically highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. Further, certain of our municipal transit contracts require guaranteed minimum annual payments to be paid on a monthly or quarterly basis, as applicable.

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, interest, capital expenditures, equipment deployment costs and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowings under the Revolving Credit Facility (as defined below), the AR Facility (as defined below) or other credit facilities that we may establish, to the extent available.

In addition, as part of our growth strategy, we frequently evaluate strategic opportunities to acquire or divest businesses, assets or digital technology, directly or in connection with joint ventures (including buy/sell arrangements with joint venture partners) or in connection with other strategic transactions. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions, which transactions and transaction-related expenses will be funded through cash on hand, additional borrowings, equity or other securities, or some combination thereof.

Our long-term cash needs include principal payments on outstanding indebtedness and commitments related to operating leases and franchise and other agreements, including any related guaranteed minimum annual payments, and equipment deployment costs. Funding for long-term cash needs will come from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowings under the Revolving Credit Facility or other credit facilities that we may establish, to the extent available.

Although we have taken several actions to date to enhance our financial flexibility and increase our liquidity, our short-term and long-term cash needs and related funding capability may be adversely affected if cash on hand and operating cash flows decrease in 2026, and our ability to issue debt and equity securities and/or borrow under our existing or new credit facilities on reasonable pricing terms, or at all, may become uncertain. (See the “Overview” section of this MD&A.)

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Working capital was a deficit of $41.6 million as of December 31, 2025, compared to a deficit of $135.0 million as of December 31, 2024, primarily driven by a higher cash balance, decreased borrowings under the AR Facility, due to the impact of the Refinancing (as defined below), and lower accounts payable, partially offset by higher short-term operating lease liabilities and restructuring reserves.

Under our current agreement with the MTA (as amended, the “MTA Agreement”):

Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the MTA’s ability to fulfill its pre-installation obligations under the MTA Agreement. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Item 8., Note 4. Long-Lived Assets to the Consolidated Financial Statements). If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which were deemed authorized before December 31, 2020, were paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in 2025. In addition, we currently do not expect to recoup any equipment deployment costs in 2026. However, we do expect to recoup some equipment deployment costs throughout the remainder of the Amended Term (as defined below) of the MTA Agreement. We expect our MTA equipment deployment costs to be approximately $35.0 million in 2026 and approximately $30.0 million to $40.0 million annually throughout the remainder of the Amended Term (as defined below) of the MTA Agreement. These equipment deployment costs primarily encompass maintenance costs (including equipment replacement costs) for existing MTA display locations.

Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions.

We may utilize cash on hand and/or incremental third-party financing to fund costs under the MTA Agreement over the next couple of years. However, we cannot reasonably estimate the aggregate financing amount, if any, at this time. As of December 31, 2025, we have issued surety bonds in favor of the MTA totaling approximately $72.3 million, which amount is subject to change as equipment installations are completed and revenues are generated. We incurred $20.1 million related to MTA equipment deployment costs in 2025 for a total of $629.0 million to date, of which $33.9 million had been recouped from incremental revenues to date. As of December 31, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $27.4 million. As of December 31, 2025, 27,354 digital displays had been installed, composed of 5,023 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format digital advertising screens on rolling stock and 6,427 MTA communications displays. In the fourth quarter of 2025, 13 installations
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occurred, for a total of 1,109 installations occurring in 2025. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations, and replacing damaged and broken displays.

As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during 2024, representing additional MTA equipment deployment cost spending during the six months ended June 30, 2024. No impairment charges were recorded during 2025. (See the “Critical Accounting Policies” section of this MD&A and Item 8., Note 4. Long-lived Assets to the Consolidated Financial Statements.) We currently expect positive aggregate cash flows on an undiscounted basis through to the end of the Amended Term of the MTA Agreement.

If our MTA performance continues to be in line with, or better than, our current model, we would not expect to incur additional impairment charges on our MTA equipment deployment cost spending and/or would expect to recoup a portion of deployment cost spending. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease our cash flows, which could result in additional impairment charges in the future and/or the failure to recoup any deployment cost spending.

On February 25, 2026, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on March 31, 2026, to stockholders of record at the close of business on March 6, 2026.

Debt

Debt, net, consists of the following:
As of December 31,
(in millions, except percentages)20252024
Short-term debt:
AR Facility$— $10.0 
Total short-term debt— 10.0 
Long-term debt:
Term loan$499.3 $399.5 
Senior secured notes:
7.375% senior secured notes, due 2031
450.0 450.0 
Senior unsecured notes:
5.000% senior unsecured notes, due 2027
650.0 650.0 
4.250% senior unsecured notes, due 2029
500.0 500.0 
4.625% senior unsecured notes, due 2030
500.0 500.0 
Total senior unsecured notes1,650.0 1,650.0 
Debt issuance costs(15.9)(17.0)
Total long-term debt, net2,583.4 2,482.5 
Total debt, net$2,583.4 $2,492.5 
Weighted average cost of debt5.3 %5.4 %

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Payments Due by Period
(in millions)Total20262027-20282029-20302031 and thereafter
Long-term debt$2,600.0 $— $650.0 $1,000.0 $950.0 
Interest526.9 141.7 210.7 134.8 $39.7 
Total$3,126.9 $141.7 $860.7 $1,134.8 $989.7 

On September 24, 2025, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC and Outfront Media Capital Corporation (together, the “Borrowers”), and other guarantor subsidiaries party thereto (together with the Company, the “Guarantors”), entered into a credit agreement, dated as of September 24, 2025 (the “Credit Agreement”) to refinance the Company’s previously existing senior secured credit facilities (the “Refinancing”). The Credit Agreement provides for, among other things, (i) a $500.0 million revolving credit facility (the “Revolving Credit Facility”) with a maturity date of September 24, 2030, and (ii) a $500.0 million term loan (the “Term Loan,” together with the Revolving Credit Facility, the “Senior Credit Facilities”) with a maturity date of September 24, 2032. Borrowings under the Revolving Credit Facility and the Term Loan bear interest at a rate equal to SOFR (as defined in the Credit Agreement) or the Base Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 1.75% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Revolving Credit Facility and from 1.75% to 2.00% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Term Loan, subject to adjustments based on the Company’s Consolidated Net Secured Leverage Ratio (as defined in the Credit Agreement) or the Company’s credit ratings, respectively. The Revolving Credit Facility and the Term Loan are senior secured obligations of the Borrowers, are guaranteed on a senior secured basis by the Guarantors, and are secured by liens on substantially all of the assets of the Borrowers and the Guarantors.

In 2025, we recorded a Loss on extinguishment of debt of $0.6 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan. In 2024, we recorded a Loss on extinguishment of debt of $1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan.

Term Loan

The interest rate on the Term Loan was 5.7% per annum as of December 31, 2025. As of December 31, 2025, a discount of $0.7 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.9 million in 2025 and $2.0 million in 2024. As of December 31, 2025, we had issued letters of credit totaling approximately $5.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of December 31, 2025, we had issued letters of credit totaling approximately $67.2 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2025 and 2024 were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2025, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with
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the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

As of December 31, 2025, there were no outstanding borrowings under the AR Facility. As of December 31, 2025, borrowing capacity remaining under the AR Facility was $150.0 million based on approximately $412.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.3 million in 2025 and $0.3 million in 2024.

Debt Covenants

The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s, capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status and/or avoid incurring taxes, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness or grant additional liens. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.5 to 1.0. As of December 31, 2025, our Consolidated Total Leverage Ratio was 4.7 to 1.0, in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 (subject to potential acquisition-related adjustments). As of December 31, 2025, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. As of December 31, 2025, we are in compliance with our debt covenants.

Deferred Financing Costs

As of December 31, 2025, we had deferred $20.4 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

Equity

At-the-Market Equity Offering Program

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2025, no shares of our common stock were sold under the ATM Program. As of December 31, 2025, we had approximately $232.5 million of capacity remaining under the ATM Program.

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Reverse Stock Split

On January 17, 2025, we effectuated a 1-for-1.024549 reverse stock split on our common stock (the “Reverse Stock Split”). All shares of the Company’s common stock and per-share data included in the Consolidated Financial Statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.

Cash Flows

The following table sets forth our cash flows in 2025 and 2024.
Year Ended December 31,%
(in millions, except percentages)20252024Change
Net cash flow provided by operating activities$307.6 $299.2 %
Net cash flow provided by (used for) investing activities(113.7)207.5 *
Net cash flow used for financing activities(140.9)(495.4)(72)
Effect of exchange rate changes on cash and cash equivalents— (0.4)*
Net increase to cash, cash equivalents and restricted cash$53.0 $10.9 *
*Calculation is not meaningful.

Cash provided by operating activities increased $8.4 million, or 3%, in 2025 compared to 2024, primarily due to a higher net income, as adjusted for non-cash items, partially offset by the timing of receivables.

Cash used by investing activities was $113.7 million in 2025 compared to Cash provided by investing activities of $207.5 million in 2024, primarily due to MTA franchise rights in 2025 and cash received from the Transaction in 2024.

The following table presents our capital expenditures in 2025 and 2024.
Year Ended December 31,%
(in millions, except percentages)20252024Change
Growth$58.2 $56.4 %
Maintenance
30.6 21.7 41 
Total capital expenditures$88.8 $78.1 14 

Capital expenditures increased $10.7 million, or 14%, in 2025 compared to 2024, primarily due to increased growth in digital displays, increased maintenance spending for billboard display upgrades and the renovation of certain office facilities, partially offset by the impact of the Transaction.

For the full year of 2026, we expect our capital expenditures to be approximately $90.0 million, which will be used primarily for new and replacement digital displays, safety-related projects, software and technology, the renovation of certain office facilities and maintenance. This estimate does not include equipment deployment costs that will be incurred in connection with the MTA Agreement (as described above).

Cash used for financing activities decreased by $354.5 million, or 72%, in 2025 compared to 2024. In 2025, we paid total cash dividends of $210.3 million on our common stock, the Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) and vested restricted share units granted to employees, made net borrowings of $99.4 million under the Term Loan in connection with the Refinancing, and made net repayments on the AR Facility of $10.0 million. In 2024, we prepaid $200.0 million on the outstanding balance of the Term Loan, made net repayments on the AR Facility of $55.0 million and paid total cash dividends of $208.4 million on our common stock, the Series A Preferred Stock and vested restricted share units granted to employees, and paid $23.9 million related to the exercise of a buy/sell arrangement by one of our joint venture partners resulting in our purchase of the outstanding noncontrolling interest in a consolidated subsidiary.

Cash paid for income taxes was $2.2 million in 2025 and $11.5 million in 2024. The decrease was primarily due to income tax payments related to the Transaction in 2024.

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Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. Guaranteed minimum annual payments are generally paid monthly. (See Item 8., Note 19. Commitments and Contingencies to the Consolidated Financial Statements.)

Total future minimum payments for rental payments under operating leases for billboard sites, office space and equipment of $2,247.2 million include $2,116.9 million for our billboard sites. (See Item 8., Note 5. Leases to the Consolidated Financial Statements.)

As of December 31, 2025, we had long-term debt of approximately $2.6 billion. Interest on the Term Loan is variable. For illustrative purposes, we are assuming an interest rate of 5.7% for all years, which reflects the interest rate as of December 31, 2025. An increase or decrease of 1/4% in the interest rate will change the annual interest expense by $1.3 million. (See Item 8., Note 8. Debt to the Consolidated Financial Statements.)

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments and letters of credit. (See Item 8., Note 19. Commitments and Contingencies to the Consolidated Financial Statements for information about our off-balance sheet commitments.)

Critical Accounting Policies

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates, which are based on historical experience and on various assumptions that we believe are reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions.

We consider the following accounting policies to be the most critical as they are significant to our financial condition and results of operations, and require significant judgment and estimates on the part of management in their application. For a summary of our significant accounting policies, see Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements.

MTA Agreement

Under the current MTA Agreement, which is subject to modification as agreed-upon by us and the MTA, we are obligated to deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the MTA’s ability to fulfill its pre-installation obligations under the MTA Agreement. In addition, we are entitled to generate revenue through the sale of advertising on transit advertising displays and incur transit franchise expenses, which are calculated based on contractually stipulated percentages of revenue generated under the contract, subject to a minimum guarantee.

Title to the various digital displays transfers to the MTA on installation, therefore the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of recoupable MTA equipment deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight-line basis over the contract period. We assess the recoverability of the MTA contract on an as-needed basis and apply significant judgment in assessing factors to determine if there is an indication that the revenues expected to be generated over the term of
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the agreement will be sufficient to cover all or a portion of the equipment deployment costs, including evaluating macroeconomic conditions, product demand, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the deployment schedule. Additionally, we assess these factors by comparing revenue projections of the deployed digital displays to actual financial results.

If we do not generate sufficient advertising revenues from the MTA contract, there is a risk that the related Prepaid MTA equipment deployment costs and Intangible assets may not be recoverable. Management assesses the prepaid MTA equipment deployment costs for recoverability on a quarterly basis. This assessment requires evaluating qualitative and quantitative factors to determine if there is an indication that the carrying amount may not be recoverable. Management applies significant judgment in assessing these factors, including evaluating macroeconomic conditions, product demand, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the initial deployment schedule.

Additionally, management assesses quantitative factors by comparing revenue projections of the deployed digital displays to actual financial results. In 2023, it was determined that our MTA transit revenue recovery had stalled since our MTA transit revenue did not meet our revenue expectations, and as of June 30, 2023, our revenue pacing and outlook for the remainder of 2023 reflected a continued decline in MTA transit revenues as compared to our 2023 forecast due to the underperformance across the MTA transit system. Accordingly, in the second quarter of 2023, we updated our revenue projections, resulting in the expectation that we did not expect to recoup any Prepaid MTA equipment deployment costs throughout the remainder of the Amended Term of the MTA Agreement. As a result, in the second quarter of 2023, we reclassified $385.0 million of Prepaid MTA equipment deployment costs to Intangible Assets. We then reviewed our MTA long-lived asset group to determine if there was a triggering event for impairment, noting that we were then projecting negative aggregate undiscounted cash flows through the remainder of the Amended Term of the MTA Agreement. Consequently, in the second quarter of 2023, we recorded an impairment charge of $443.1 million, representing all of our MTA long-lived asset group.

Since that time, all future deployment costs spending has been recorded as Intangible assets rather than as Prepaid MTA equipment deployment costs.

We assess these equipment deployment costs for impairment each period based on the assumptions and estimates described in this section and/or other factors that may arise. As a result of our expectation of negative aggregate undiscounted cash flows related to the MTA in 2023, we recorded additional impairment charges of $12.1 million in the third quarter of 2023 and $11.0 million in the fourth quarter of 2023, for a total impairment charge related to the MTA asset group of $466.2 million during the year ended December 31, 2023. As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $9.1 million in the first quarter of 2024 and $8.8 million in the second quarter of 2024, for a total of $17.9 million in the year ended December 31, 2024. Our analysis performed as of September 30, 2024, and December 31, 2024, resulted in positive aggregate cash flows in excess of the carrying value of our MTA asset group. As such, no impairment charges were recorded during the three months ended September 30, 2024 and three months ended December 31, 2024. The total impairment charge recorded during the year ended December 31, 2024 was $17.9 million.

MTA revenue performance in 2025 has exceeded our prior expectations. As a result of the revenue performance and costs remaining in line with our prior expectations, we did not identify triggering events in 2025 related to the impairment of the MTA asset group and no quantitative tests were performed and no impairment charges were recorded.

We updated our MTA projections at year end due to the strong performance during 2025. As a result of the increase in revenue driven by 2025 performance, we currently expect to recoup a portion of spending from transit franchise fees that would otherwise be payable to the MTA within the remainder of the Amended Term of the MTA Agreement. As such, beginning in 2026, the portion of recoupable MTA equipment deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA will be recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position.

Our current assumption related to annual revenue growth is between 5% and 10% throughout the remainder of the Amended Term of the MTA Agreement.

We currently estimate we will spend between $30.0 million to $40.0 million annually on equipment deployment costs throughout the remainder of the Amended Term of the MTA Agreement.

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There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease our cash flows, which could result in additional impairment charges in the future and/or the failure to recoup any deployment cost spending.

Goodwill

We test goodwill qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment by using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our discounted cash flow value is calculated by adding the present value of the estimated annual cash flows over a discrete projection period to the terminal value, which represents the value of the projected cash flows beyond the discrete projection period. Our discounted cash flow model requires us to use significant estimates and assumptions such as projected revenue growth rates, terminal growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, contract renewals and extensions, and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The terminal value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics.

During the first half of 2023, it was determined that our transit revenue recovery had stalled since our historical Transit reporting unit did not meet revenue expectations, and as of June 30, 2023, our pacing and outlook for the remainder of 2023 reflected a continued decline in transit revenues as compared to our 2023 forecast due to the underperformance across our transit business, including the MTA transit system. As a result, we determined that there was a triggering event requiring an interim goodwill impairment analysis of our historical Transit reporting unit. As a result of the impairment analysis performed during the second quarter of 2023, we determined that the carrying value of our historical Transit reporting unit exceeded its fair value and we recorded an impairment charge of $47.6 million in the Consolidated Statements of Operations, representing the entire goodwill balance associated with the reporting unit.

As a result of impairment charges recorded in 2023 and the sale of the Canadian Business in the Transaction, the only reporting unit with a goodwill balance is our Billboard reporting unit. In the fourth quarter of 2025, we performed a qualitative assessment on our Billboard reporting unit as the estimated fair value of the reporting unit substantially exceeded carrying value and there were no factors indicating that it was more likely than not that the reporting unit was impaired. As of December 31, 2025, the goodwill balances associated with the Billboard reporting unit was $2.0 billion on the Consolidated Statements of Financial Position.

The assumptions and estimates included in our analysis require significant judgment about future events, market conditions and financial performance. Actual results may differ from our assumptions. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future.

Long-Lived Assets

We report long-lived assets, including billboard advertising structures, other property, plant and equipment and intangible assets, at historical cost less accumulated depreciation and amortization. We depreciate or amortize these assets over their estimated useful lives, which generally range from three to 40 years. For billboard advertising structures, we estimate the useful lives based on the estimated economic life of the asset. Transit fixed assets are depreciated over the shorter of their estimated useful lives or the related contractual term. Our long-lived identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements, which grant us the right to operate out-of-home advertising structures in specified locations and the right to provide advertising displays on railroad and municipal transit properties. Our long-lived identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives, which is the respective life of the agreement and in some cases includes an estimation for renewals, which is based on historical experience. The significant assumptions we use to determine the useful lives and fair values of long-lived assets include contractual commitments, regulatory requirements, future expected cash flows and industry growth rates, as well as future salvage values.
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We test for long-lived asset impairment whenever there is an indication that the carrying amount of the asset group may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value, excluding any impacts from foreign currency translation adjustments reflected in Accumulated other comprehensive loss on the Consolidated Statement Financial Position in conformity with GAAP. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell.

We compute the estimated fair value of each asset group for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our cash flow models requires us to use significant estimates and assumptions such as projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses and capital expenditures are based on our internal forecasts of future performance, as well as historical trends. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our asset groups, which could result in additional impairment charges in the future.

As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during 2024, representing additional MTA equipment deployment cost spending during the six months ended June 30, 2024. No impairment charges were recorded during 2025. (See the “Critical Accounting Policies: MTA Agreement” section of this MD&A.) We currently expect positive aggregate cash flows on an undiscounted basis through to the end of the Amended Term of the MTA Agreement. If our MTA performance continues to be in line with, or better than, our current model, we would not expect to incur additional impairment charges on our MTA equipment deployment cost spending. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease our cash flows, which could result in additional impairment charges in the future.

Accounting Standards

See Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements, for information about adoption of new accounting standards and recent accounting pronouncements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk related to commodity prices and to a limited extent, interest rates and credit risks.

Commodity Price Risk

We incur various operating costs that are subject to price risk caused by volatility in underlying commodity values. Commodity price risk is present in electricity costs associated with powering our digital billboard displays and lighting our traditional static billboard displays at night.

We do not currently use derivatives or other financial instruments to mitigate our exposure to commodity price risk. However, we do enter into contracts with commodity providers to limit our exposure to commodity price fluctuations. For the year ended December 31, 2025, such contracts accounted for 10.7% of our total utility costs. As of December 31, 2025, we had active electricity purchase agreements with fixed contract rates for locations in Illinois, Missouri, Ohio and Texas, which expire at various dates through October 2027.

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Interest Rate Risk

We are subject to interest rate risk to the extent we have variable-rate debt outstanding, including under our Senior Credit Facilities and the AR Facility.

As of December 31, 2025, we had a $500.0 million variable-rate Term Loan due 2032 outstanding, which has an interest rate of 5.7% per year. An increase or decrease of 1/4% in our interest rate on the Term Loan will change our annualized interest expense by approximately $1.3 million.

We are not currently using derivatives or other financial instruments to mitigate interest rate risk, although we may do so in the future.

Credit Risk

In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for credit losses are adequate. We do not currently use derivatives or other financial instruments to mitigate credit risk.

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Item 8. Financial Statements and Supplementary Data.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of OUTFRONT Media Inc.


Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of OUTFRONT Media Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of redeemable noncontrolling interests, preferred stock and equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the accompanying index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Revenue Recognition – Billboard and Transit

As described in Notes 2 and 12 to the consolidated financial statements, for the year ended December 31, 2025, the Company’s total revenue was $1,831.7 million, of which Billboard and Transit revenue were $1,391.4 million and $431.2 million, respectively. Billboard display revenues are derived from providing advertising space to customers on physical billboards or other outdoor structures. Billboard display revenues and installation services generated from traditional contracts are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from agreements with municipalities and transit operators, which entitle the Company to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display revenues generated from traditional contracts are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

The principal considerations for our determination that performing procedures relating to Billboard and Transit revenue recognition is a critical audit matter are a high degree of auditor effort in performing procedures and evaluating audit evidence related to contractual arrangements and delivery of customer advertising copy to displays.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over billboard and transit revenue recognized for displays. These procedures also included, among others, (i) evaluating the appropriateness of the application of the Company’s accounting policies to billboard and transit revenue transactions; (ii) testing a sample of revenue transactions by obtaining and inspecting contractual arrangements and evaluating the appropriateness of the revenue recognized based on the terms of each arrangement; and (iii) obtaining and inspecting, for a sample of revenue transactions, source documents to support the delivery of customer advertising copy to displays.




/s/ PricewaterhouseCoopers LLP
New York, New York
February 26, 2026

We have served as the Company’s auditor since 2008.
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OUTFRONT Media Inc.
Consolidated Statements of Financial Position
As of December 31,
(in millions)20252024
Assets:
Current assets:
Cash and cash equivalents$99.9 $46.9 
Receivables, less allowances of $23.2 in 2025 and $20.6 in 2024
365.7 305.3 
Prepaid lease and transit franchise costs5.1 4.0 
Other prepaid expenses21.9 17.8 
Other current assets11.1 11.8 
Total current assets503.7 385.8 
Property and equipment, net (Note 3)643.8 648.9 
Goodwill (Note 4)2,006.4 2,006.4 
Intangible assets (Note 4)612.0 652.0 
Operating lease assets (Note 5)1,521.5 1,503.8 
Other assets24.2 18.3 
Total assets$5,311.6 $5,215.2 
 
Liabilities:
Current liabilities:
Accounts payable$50.2 $51.4 
Accrued compensation72.3 56.7 
Accrued interest35.1 34.5 
Accrued lease and franchise costs72.2 82.8 
Other accrued expenses55.5 54.3 
Deferred revenues57.7 42.8 
Short-term debt (Note 8) 10.0 
Short-term operating lease liabilities (Note 5)172.9 168.7 
Other current liabilities29.4 19.6 
Total current liabilities545.3 520.8 
Long-term debt, net (Note 8)2,583.4 2,482.5 
Asset retirement obligation (Note 6)34.0 33.9 
Operating lease liabilities (Note 5)1,374.7 1,351.8 
Other liabilities40.3 42.2 
Total liabilities4,577.7 4,431.2 
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests (Note 9) 22.0 13.6 
Preferred stock (2025 - 50.0 shares authorized, and no shares of Series A Preferred Stock issued and outstanding; 2024 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding) (Note 11)
 119.8 
Stockholders’ equity (Note 11):
Common stock (2025 - 450.0 shares authorized, and 175.2 shares issued and outstanding; 2024 - 450.0 shares authorized, and 166.0 shares issued or outstanding)
1.8 1.7 
Additional paid-in capital2,619.3 2,493.6 
Distribution in excess of earnings(1,910.8)(1,846.2)
Accumulated other comprehensive loss (Note 10)0.1 (0.1)
Total stockholders’ equity710.4 649.0 
Noncontrolling interests1.5 1.6 
Total liabilities and equity$5,311.6 $5,215.2 
See accompanying notes to consolidated financial statements.
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OUTFRONT Media Inc.
Consolidated Statements of Operations
Year Ended December 31,
(in millions, except per share amounts)202520242023
Revenues$1,831.7 $1,830.9 $1,820.6 
Expenses:
Operating918.5 949.0 963.1 
Selling, general and administrative441.7 447.9 429.7 
Restructuring charges20.1   
Net gain on dispositions(2.3)(160.9)(14.2)
Impairment charges 17.9 534.7 
Depreciation90.6 79.5 79.3 
Amortization69.6 72.0 81.2 
Total expenses1,538.2 1,405.4 2,073.8 
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 companies146.5 269.1 (419.4)
Provision for income taxes(2.0)(11.0)(4.0)
Equity in earnings of investee companies, net of tax2.5 0.6 (1.1)
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests147.0 258.7 (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)
Net income (loss) per common share:
Basic$0.83 $1.54 $(2.70)
Diluted$0.82 $1.51 $(2.70)
Weighted average shares outstanding:
Basic167.8 161.9 161.0 
Diluted169.2 170.8 161.0 
See accompanying notes to consolidated financial statements.

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OUTFRONT Media Inc.
Consolidated Statements of Comprehensive Income (Loss)
Year Ended December 31,
(in millions)202520242023
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)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments (4.0)3.1 
Write-off of currency translation losses related to a disposition 10.1  
Net actuarial gain0.2 0.2 0.2 
Write off of net actuarial gain related to a disposition (0.6) 
Total other comprehensive income (loss), net of tax0.2 5.7 3.3 
Total comprehensive income (loss)$147.2 $263.9 $(421.9)
See accompanying notes to consolidated financial statements.

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OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity
Stockholders’ Equity
(in millions, except per share amounts)Redeemable Non-Controlling InterestsShares of Series A Preferred Stock
Series A Preferred Stock ($0.01 per share par value)
Shares of Common Stock
 Common Stock $0.01 per share par value)
Additional Paid-In CapitalDistribution in Excess of EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNon-Controlling Interests
Balance as of
December 31, 2022
$27.2 0.1 $119.8 160.3 $1.6 $2,391.3 $(1,188.6)$(9.1)$1,195.2 $1.8 
Net income (loss)0.7 — — — — — (425.2)— (425.2)— 
Other comprehensive income— — — — — — — 3.3 3.3 — 
Stock-based payments:
Vested— — — 1.6 0.1 — — — 0.1 — 
Amortization— — — — — 28.4 — — 28.4 — 
Shares paid for tax withholding for stock-based payments— — — (0.8)— (12.5)— — (12.5)— 
Series A Preferred Stock dividends (7%)
— — — — — — (8.8)— (8.8)— 
Dividends ($1.20 per share)
— — — — — — (198.5)— (198.5)— 
Adjustment to redeemable value of noncontrolling interests4.7 — — — — (4.7)— — (4.7)— 
Other(1.3)— — — — — — (0.1)
Balance as of
December 31, 2023
31.3 0.1 119.8 161.1 1.7 2,402.5 (1,821.1)(5.8)577.3 1.7 
Net income0.5 — — — — — 258.2 — 258.2 — 
Other comprehensive income— — — — — — — 5.7 5.7 — 
Stock-based payments:
Vested— — — 1.5 — — — — — — 
Amortization— — — — — 30.8 — — 30.8 — 
Shares paid for tax withholding for stock-based payments— — — (0.6)— (7.8)— — (7.8)— 
Purchase of non-controlling interest(24.6)— — — — 0.3 — — 0.3 — 
Series A Preferred Stock dividends (7%)
— — — — — — (8.8)— (8.8)— 
Dividends ($1.65 per share)
— — — 4.0 — 74.7 (274.5)— (199.8)— 
Adjustment to redeemable value of noncontrolling interests6.9 — — — — (6.9)— — (6.9)— 
Other(0.5)— — — — — — — — (0.1)
Balance as of
December 31, 2024
$13.6 0.1 $119.8 166.0 $1.7 $2,493.6 $(1,846.2)$(0.1)$649.0 $1.6 


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OUTFRONT Media Inc.
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Continued)
Stockholders’ Equity
(in millions, except per share amounts)Redeemable Non-Controlling InterestsShares of Series A Preferred Stock
Series A Preferred Stock ($0.01 per share par value)
Shares of Common Stock
 Common Stock ($0.01 per share par value)
Additional Paid-In CapitalDistribution in Excess of EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNon-Controlling Interests
Balance as of
 December 31, 2024
$13.6 0.1 $119.8 166.0 $1.7 $2,493.6 $(1,846.2)$(0.1)$649.0 $1.6 
Net income (loss)0.1 — — — — — 147.0 — 147.0 (0.1)
Other comprehensive loss— — — — — — — 0.2 0.2 — 
Stock-based payments:
Vested— — — 2.2 — — — — — — 
Amortization— — — — — 30.0 — — 30.0 — 
Shares paid for tax withholding for stock-based payments— — (0.9)— (17.2)— — (17.2)— 
Series A Preferred Stock conversions— (0.1)(121.1)7.9 0.1 121.0 — — 121.1 — 
Series A Preferred Stock dividends (7%)
— — 1.3 — — — (7.9)— (7.9)— 
Dividends ($1.20 per share)
— — — — — — (203.7)— (203.7)— 
Adjustment to redeemable value of noncontrolling interests8.1 — — — — (8.1)— — (8.1)— 
Other0.2 — — — — — — — — — 
Balance as of
December 31, 2025
$22.0  $ 175.2 $1.8 $2,619.3 $(1,910.8)$0.1 $710.4 $1.5 

See accompanying notes to consolidated financial statements.

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OUTFRONT Media Inc.
Consolidated Statements of Cash Flows
Year Ended December 31,
(in millions)202520242023
Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.$147.0 $258.2 $(425.2)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income attributable to redeemable and non-redeemable noncontrolling interests 0.5 0.7 
Depreciation and amortization160.2 151.5 160.5 
Deferred tax benefit (1.2)(0.1)
Stock-based compensation30.0 30.8 28.4 
Provision for doubtful accounts6.6 5.7 5.8 
Accretion expense2.8 2.9 3.1 
Net gain on dispositions(2.3)(160.9)(14.2)
Impairment charges  511.4 
Loss on extinguishment of debt0.6 1.2 8.1 
Equity in earnings of investee companies, net of tax(2.5)(0.6)1.1 
Distributions from investee companies0.6 1.1 1.0 
Amortization of deferred financing costs and debt discount5.8 6.1 6.7 
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables(67.0)(23.3)(4.0)
Increase in prepaid MTA equipment deployment costs  (21.8)
(Increase) decrease in prepaid expenses and other current assets(3.1)0.1 (4.9)
Increase (decrease) in accounts payable and accrued expenses4.3 13.7 (9.2)
Increase in operating lease assets and liabilities8.3 10.2 10.6 
Increase in deferred revenues14.9 5.1 3.5 
Increase (decrease) in income taxes(0.2)0.7 (2.6)
Decrease in assets and liabilities held for sale, net (2.1) 
Other, net1.6 (0.5)(4.7)
Net cash flow provided by operating activities307.6 299.2 254.2 
Investing activities:
Capital expenditures(88.8)(78.1)(86.8)
Acquisitions(13.1)(19.5)(33.7)
MTA franchise rights(19.6)(12.0)0.6 
Net proceeds from dispositions6.3 317.6 12.4 
Investment in investee companies (1.2) 
Return of investment in investee companies1.5 0.7  
Net cash flow provided by (used for) investing activities(113.7)207.5 (107.5)
Financing activities:
Proceeds from long-term debt borrowings499.4  450.0 
Repayments of long-term debt borrowings(400.0)(200.0)(400.0)
Proceeds from borrowings under short-term debt facilities90.0 145.0 120.0 
Repayments of borrowings under short-term debt facilities(100.0)(200.0)(85.0)
Payments of deferred financing costs(5.5)(0.3)(10.7)
Payments of debt extinguishment charges  (6.3)
Taxes withheld for stock-based compensation(14.5)(7.8)(12.5)
Purchase of redeemable noncontrolling interest (23.9) 
Dividends(210.3)(208.4)(207.0)
Net cash flow used for financing activities(140.9)(495.4)(151.5)
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OUTFRONT Media Inc.
Consolidated Statements of Cash Flows (Continued)
Year Ended December 31,
(in millions)202520242023
Effect of exchange rate changes on cash, cash equivalents and restricted cash (0.4)0.4 
Net increase (decrease) in cash, cash equivalents and restricted cash53.0 10.9 (4.4)
Cash, cash equivalents and restricted cash at beginning of year46.9 36.0 40.4 
Cash, cash equivalents and restricted cash at end of year$99.9 $46.9 $36.0 
Supplemental disclosure of cash flow information:
Cash paid for income taxes (Note 17)$2.2 $11.5 $6.7 
Cash paid for interest140.9 151.6 150.7 
Non-cash investing and financing activities:
Accrued purchases of property and equipment$5.4 $7.0 $7.7 
Accrued MTA franchise rights2.5 1.9 3.0 
Taxes withheld for stock-based compensation2.6   

See accompanying notes to consolidated financial statements.
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements

Note 1. Description of Business and Basis of Presentation

Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life moments and environments. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit. Prior to its sale in 2024, 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.

On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which held all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business.)

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented.

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation—The Consolidated Financial Statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.

Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.

Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, recent payment history for specific customers and expected future trends.

New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under our agreement with the MTA, as title to the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight-line basis over the contract period. We assess the recoverability of the MTA contract on an as-needed basis and apply significant judgment in assessing factors to determine if there is an indication that the revenues expected to be generated over the term of the agreement will be sufficient to cover all or a portion of the equipment deployment costs, including evaluating macroeconomic conditions, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the deployment schedule. Additionally, we assess these factors by comparing revenue projections of the deployed digital displays to actual financial results.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:
Buildings and improvements
15 to 35 years
Advertising structures
3 to 20 years
Furniture, equipment and other
3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.

Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.

Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.

Impairment of Long-Lived Assets—Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset. We compute the estimated fair value of each asset group for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our cash flow models requires us to use significant estimates and assumptions such as projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses and capital expenditures are based on our internal forecasts of future performance, as well as historical trends. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our asset groups, which could result in additional impairment charges in the future.

Goodwill—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our discounted cash flow value is calculated by adding the present value of the estimated annual cash flows over a discrete projection period to the terminal value, which represents the value of the projected cash flows beyond the discrete projection period. Our discounted cash flow model requires us to use significant estimates and assumptions such as projected revenue growth rates, terminal growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, contract renewals and extensions, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures and contract renewals and extensions for the projection period are based on our internal forecasts of future performance, as well as historical trends. The terminal value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

Intangible Assets—Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.

Leases (Lessees)—We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.

Leases (Lessors)—Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 3. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

Hedging Activities—We have utilized interest rate cash flow swap agreements in the past to effectively convert a portion of our variable rate debt to a fixed rate and may do so again in the future. The interest rate swaps were designated and qualified as cash
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
flow hedges and, as a result, changes in the fair value of the swaps were recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.

Redeemable Noncontrolling Interests—Independent noncontrolling stockholders in certain consolidated subsidiaries of the Company have buy/sell arrangements under their respective joint venture operating agreements that allow them to sell their equity interests to the Company upon the satisfaction of certain conditions, principally the passage of time. To the extent that the redemption amount of these interests exceeds the value determined by normal noncontrolling interest accounting, the value of such interests is adjusted to the redemption amount with a corresponding adjustment to Additional Paid-In Capital on our Consolidated Statements of Financial Position. To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values.

Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services generated from traditional contracts are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues generated from traditional contracts are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Billboard display and Transit display revenues generated from programmatic advertising platforms are recognized as rental income as the related advertisement is displayed. Billboard and Transit display revenues derived from impression-based sales contracts fulfilled on direct sales advertising platforms are recognized as revenue over the contract period based pro-rata on the number of impressions delivered in proportion to the total number of impressions to be delivered. Revenues generated from programmatic advertising platforms are based on agreements with the platforms, rather than direct contracts with individual advertisers.

Other revenues are derived primarily from providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration.

Our traditional billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues collected in advance of being earned.

For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). We are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators and suppliers are recorded as expenses. We are considered the principal because we control the advertising space before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk.

For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions.
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)

Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Our transit franchise agreements have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of revenues generated under the contract and/or a guaranteed minimum annual payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the guaranteed minimum annual payment is expensed over the contract term.

Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs are presented within Selling General and Administrative expenses (“SG&A”) in the accompanying Consolidated Statements of Operations.

Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (loss), net, on the Consolidated Statements of Operations.

Income Taxes—As a REIT, we generally will not be subject to federal, state and local income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and local income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are initially recorded as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.

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Notes to Consolidated Financial Statements (Continued)
Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Adoption of New Accounting Standards

In the fourth quarter of 2025, we retrospectively adopted the FASB’s guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. (See Note 17. Income Taxes to the Consolidated Financial Statements.)

Recent Pronouncements

In December 2025, the FASB issued amendments to improve the guidance for interim reporting. The amendments clarify a list of disclosures that are required by U.S. GAAP and requires entities to disclose events since the end of the last annual reporting period that have a material effect on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We do not expect the amendments to have a significant impact on our interim financial reporting.

In September 2025, the FASB issued amendments to guidance related to accounting for internal-use software. An entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the amendments to have an impact on our consolidated financial statements.

In July 2025, the FASB issued guidance in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. We do not expect this guidance to have an impact on our consolidated financial statements.

In November 2024 and January 2025, the FASB issued guidance to improve disclosure of expenses by providing more detailed information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements. We are evaluating the impact to our Notes to the Consolidated Financial Statements.

Note 3. Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.
As of December 31,
(in millions)20252024
Land$110.4 $110.2 
Buildings and improvements49.0 47.1 
Advertising structures1,743.4 1,752.8 
Furniture, equipment and other194.2 186.8 
Construction in progress29.6 32.9 
2,126.6 2,129.8 
Less accumulated depreciation1,482.8 1,480.9 
Property and equipment, net$643.8 $648.9 

Depreciation expense was $90.6 million in 2025, $79.5 million in 2024 and $79.3 million in 2023.

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Notes to Consolidated Financial Statements (Continued)
Note 4. Long-Lived Assets

Goodwill

Goodwill was $2,006.4 million in each of 2025 and 2024 and was related to our Billboard segment. There were no changes in the book value of goodwill for each of the years ended December 31, 2025 and 2024.

In the fourth quarter of 2025, we performed a qualitative assessment of our Billboard reporting unit for possible goodwill impairment and no additional goodwill impairment was identified.

Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:
(in millions)GrossAccumulated
Amortization
ImpairmentNet
As of December 31, 2025:
Permits and leasehold agreements$1,538.1 $(983.8)$— $554.3 
Franchise agreements(a)
909.0 (371.7)(485.8)51.5 
Other intangible assets18.2 (12.0)— 6.2 
Total intangible assets$2,465.3 $(1,367.5)$(485.8)$612.0 
As of December 31, 2024:
Permits and leasehold agreements$1,535.9 $(935.7)$— $600.2 
Franchise agreements(a)
888.8 (360.9)(485.8)42.1 
Other intangible assets19.5 (9.8)— 9.7 
Total intangible assets$2,444.2 $(1,306.4)$(485.8)$652.0 
(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 19. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.

In 2025, we acquired 16 displays, resulting in amortizable intangible assets for permits and leasehold agreements, and other intangible assets of $10.7 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.7 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $69.6 million in 2025, $72.0 million in 2024 and $81.2 million in 2023.

As a result of negative aggregate undiscounted cash flow forecasts related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024. No impairment charges were recorded during 2025.

We expect our aggregate annual amortization expense for intangible assets for each of the years 2026 through 2030, to be as follows:
(in millions)20262027202820292030
Amortization expense$67.4 $62.5 $58.4 $55.1 $52.7 

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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Note 5. Leases

Lessee

The following table presents our operating lease assets and liabilities:
As of
(in millions, except years and percentages)December 31, 2025December 31, 2024
Operating lease assets$1,521.5 $1,503.8 
Short-term operating lease liabilities172.9 168.7 
Non-current operating lease liabilities1,374.7 1,351.8 
Weighted-average remaining lease term10.8 years10.8 years
Weighted-average discount rate6.4 %6.4 %

The components of our lease expenses were as follows:
Year Ended December 31,
(in millions)202520242023
Operating expenses$445.8 $481.4 $497.7 
Selling, general and administrative expenses12.4 13.8 13.0 
Variable costs113.4 125.8 138.5 
Cash paid for operating leases461.5 485.3 486.6 
Leased assets obtained in exchange for new operating lease liabilities275.9 193.9 397.2 

In 2025, 2024 and 2023, sublease income related to office properties was immaterial.

As of December 31, 2025, minimum rental payments under operating leases are as follows:
(in millions)Operating
 Leases
2026$264.9 
2027267.2 
2028224.7 
2029203.5 
2030182.7 
2031 and thereafter1,104.2 
Total operating lease payments2,247.2 
Less: Interest699.6 
Present value of lease liabilities$1,547.6 

Lessor

We recorded rental income of $1,287.3 million in 2025, $1,336.9 million in 2024 and $1,349.3 million in 2023 in Revenues on our Consolidated Statement of Operations.

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Notes to Consolidated Financial Statements (Continued)
As of December 31, 2025, rental payments to be received under non-cancellable operating leases are as follows:
(in millions)Rental Income
2026$528.2 
202748.1 
202810.4 
20296.5 
20302.5 
2031 and thereafter9.9 
Total minimum payments$605.6 

Note 6. Asset Retirement Obligation

The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
Year Ended December 31,
(in millions)20252024
Balance, at beginning of period$33.9 $33.0 
Accretion expense2.8 2.9 
Additions0.3 0.3 
Liabilities settled(3.0)(2.1)
Foreign currency translation adjustments (0.2)
Balance, at end of period$34.0 $33.9 

Note 7. Related Party Transactions

On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Billboard Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $1.8 million to $3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $8.5 million to $12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of December 31, 2025, operating lease assets related to the Billboard Agreement were $76.9 million, current operating lease liabilities related to the Billboard Agreement were $5.7 million and non-current operating lease liabilities related to the Billboard Agreement were $83.0 million, and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities, respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $12.2 million in 2025, $10.6 million in 2024 and recorded in Revenues on the Consolidated Statement of Operations. Operating lease
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Notes to Consolidated Financial Statements (Continued)
expenses related to the Billboard Agreement were $12.0 million in 2025 and $11.5 million in 2024 and recorded in Operating expenses on the Consolidated Statement of Operations.

Joint Ventures

We have a 50% ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of nine billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $9.0 million as of December 31, 2025, and $8.6 million as of December 31, 2024, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $3.1 million in 2025, $4.2 million in 2024 and $4.9 million in 2023.

Note 8. Debt

Debt, net, consists of the following:
As of December 31,
(in millions, except percentages)20252024
Short-term debt:
AR Facility$ $10.0 
Total short-term debt 10.0 
Long-term debt:
Term loan$499.3 $399.5 
Senior secured notes:
7.375% senior secured notes, due 2031
450.0 450.0 
Senior unsecured notes:
5.000% senior unsecured notes, due 2027
650.0 650.0 
4.250% senior unsecured notes, due 2029
500.0 500.0 
4.625% senior unsecured notes, due 2030
500.0 500.0 
Total senior unsecured notes1,650.0 1,650.0 
Debt issuance costs(15.9)(17.0)
Total long-term debt, net2,583.4 2,482.5 
Total debt, net$2,583.4 $2,492.5 
Weighted average cost of debt5.3 %5.4 %
Payments Due by Period
(in millions)202620272028202920302031 and ThereafterTotal
Long-term debt$ $650.0 $ $500.0 $500.0 $950.0 $2,600.0 

On September 24, 2025, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC and Outfront Media Capital Corporation (together, the “Borrowers”), and other guarantor subsidiaries party thereto (together with the Company, the “Guarantors”), entered into a credit agreement, dated as of September 24, 2025 (the “Credit Agreement”) to refinance the Company’s previously existing senior secured credit facilities (the “Refinancing”). The Credit Agreement provides for, among other things, (i) a $500.0 million revolving credit facility (the “Revolving Credit Facility”) with a maturity date of September 24, 2030, and (ii) a $500.0 million term loan (the “Term Loan,” together with the Revolving Credit Facility,
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Notes to Consolidated Financial Statements (Continued)
the “Senior Credit Facilities”) with a maturity date of September 24, 2032. Borrowings under the Revolving Credit Facility and the Term Loan bear interest at a rate equal to SOFR (as defined in the Credit Agreement) or the Base Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 1.75% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Revolving Credit Facility and from 1.75% to 2.00% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Term Loan, subject to adjustments based on the Company’s Consolidated Net Secured Leverage Ratio (as defined in the Credit Agreement) or the Company’s credit ratings, respectively. The Revolving Credit Facility and the Term Loan are senior secured obligations of the Borrowers, are guaranteed on a senior secured basis by the Guarantors, and are secured by liens on substantially all of the assets of the Borrowers and the Guarantors.

In 2025, we recorded a Loss on extinguishment of debt of $0.6 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan. In 2024, we recorded a Loss on extinguishment of debt of $1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan.

Term Loan

The interest rate on the Term Loan was 5.7% per annum as of December 31, 2025. As of December 31, 2025, a discount of $0.7 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.9 million in 2025, $2.0 million in 2024 and $1.7 million in 2023. As of December 31, 2025, we had issued letters of credit totaling approximately $5.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of December 31, 2025, we had issued letters of credit totaling approximately $67.2 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2025, 2024 and 2023 were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2025, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

79


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
As of December 31, 2025, there were no outstanding borrowings under the AR Facility. As of December 31, 2025, borrowing capacity remaining under the AR Facility was $150.0 million based on approximately $412.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.3 million in 2025, $0.3 million in 2024 and $0.2 million in 2023.

Debt Covenants

The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s, capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status and/or avoid incurring taxes, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness or grant additional liens. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.5 to 1.0. As of December 31, 2025, our Consolidated Total Leverage Ratio was 4.7 to 1.0, in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 (subject to potential acquisition-related adjustments). As of December 31, 2025, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. As of December 31, 2025, we are in compliance with our debt covenants.

Deferred Financing Costs

As of December 31, 2025, we had deferred $20.4 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

Fair Value

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.6 billion as of December 31, 2025 and $2.5 billion as of December 31, 2024. The fair value of our debt as of both December 31, 2025 and 2024 is classified as Level 2.

Note 9. Redeemable Noncontrolling Interests

To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values. The redemption value of these interests, as of all periods presented, is classified as Level 3. (See Note 8. Debt: Fair Value.)

80


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Note 10. Accumulated Other Comprehensive Income

The following table presents the changes in the components of accumulated other comprehensive income.
(in millions)Cumulative
Translation
Adjustments
Net
Actuarial
Gain
(Loss)
Accumulated
Other
Comprehensive Income (Loss)
As of December 31, 2022$(9.2)$0.1 $(9.1)
Other comprehensive income before reclassifications3.1 0.2 3.3 
Total other comprehensive income, net of tax3.1 0.2 3.3 
As of December 31, 2023(6.1)0.3 (5.8)
Reclassification of accumulated comprehensive income (loss) related to a disposition6.1 (0.6)5.5 
Amortization of actuarial losses reclassified to net income 0.2 0.2 
Total other comprehensive income (loss), net of tax6.1 (0.4)5.7 
As of December 31, 2024 (0.1)(0.1)
Other comprehensive income before reclassifications 0.2 0.2 
Total other comprehensive income net of tax 0.2 0.2 
As of December 31, 2025$ $0.1 $0.1 

There was no tax provision or benefit related to net actuarial gain (loss) included in other comprehensive income in 2025, 2024 and 2023.

Note 11. Equity

As of December 31, 2025, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 175,177,242 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding.

On November 26, 2025, the remaining 125,000 shares outstanding of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, were converted to 7,903,431 shares of our common stock, in accordance with the terms of the Articles Supplementary, effective as of April 20, 2020.

During 2025, we paid cash dividends of $6.6 million on the Series A Preferred Stock.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2025, no shares of our common stock were sold under the ATM Program. As of December 31, 2025, we had approximately $232.5 million of capacity remaining under the ATM Program.

On January 17, 2025, we effectuated a 1-for-1.024549 reverse stock split on our common stock (the “Reverse Stock Split”). All shares of the Company’s common stock included in these Consolidated Financial Statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.

On February 25, 2026, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on March 31, 2026, to stockholders of record at the close of business on March 6, 2026.

Note 12. 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.

81


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
The following table summarizes revenues by source:
Years Ended December 31,
(in millions)202520242023
Billboard:
Static displays$904.8 $936.3 $948.0 
Digital displays434.3 448.4 441.7 
Other52.3 52.7 55.2 
Billboard revenues1,391.4 1,437.4 1,444.9 
Transit:
Static displays179.1 185.5 191.8 
Digital displays214.8 165.9 146.6 
Other37.3 39.2 31.1 
Transit revenues431.2 390.6 369.5 
Other9.1 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)202520242023
United States:
Billboard$1,391.4 $1,409.3 $1,369.7 
Transit431.2 383.8 352.6 
Other9.1 2.9 6.2 
Total United States revenues1,831.7 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.
82


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)

Note 13. Restructuring Charges

On June 23, 2025, we announced a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. The Plan provided for a reduction of the Company’s workforce by approximately 120 employees, or 6% of the Company’s total employees as of June 23, 2025. As of June 30, 2025, all reductions have been completed. In 2025, we recorded restructuring charges of approximately $20.1 million associated with the Plan, consisting of $17.9 million of severance payments, employee benefits and related costs (including approximately $2.2 million in non-cash charges for stock-based compensation), and $2.2 million of professional fees. In 2025, restructuring charges of $8.4 million were recorded in Billboard, $3.7 million were recorded in Transit and $8.0 million were recorded in Corporate. As of December 31, 2025, restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position, as follows:
(in millions)Total Restructuring ReserveSeverance, Employee Benefits, and Related CostsProfessional Fees
As of December 31, 2024$ $ $ 
Charged to expense20.1 17.9 2.2 
Non-cash charges for stock-based compensation(2.2)(2.2) 
Liabilities settled(11.3)(9.1)(2.2)
As of December 31, 2025$6.6 $6.6 $ 

Note 14. Acquisitions and Dispositions

Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $13.1 million in 2025, $19.5 million in 2024 and $33.7 million in 2023. The value of the assets acquired has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Long-lived Assets: Intangible Assets).

Dispositions

Canadian Business

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, subject to certain purchase price adjustments.

Note 15. Stock-Based Compensation

Under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”), we have 19,575,000 shares of our common stock reserved for issuance. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan.

RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting.

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one-year performance condition.
83


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are recorded as incurred. Adjustments are made to compensation expense based on actual forfeitures.

In the first quarter of 2025, the Company updated its long-term equity incentive compensation program for the Company’s executive officers and certain other employees by adding a relative total shareholder return (“TSR”) financial measure and removing adjusted funds from operations as a financial measure for the allocation and calculation of PRSUs awards. The Company modified the vesting schedule for the PRSU awards as well. Accordingly, the Company’s annual long-term equity incentive compensation awards for these employees will be allocated as follows going forward: (i) 60% PRSUs, which contain market and service conditions, (1) with 60% of the awards earned based on one-year Adjusted OIBDA (as defined below) performance, subject to ratable vesting over a three-year period following the grant date, and (2) 40% earned based on the Company’s TSR relative to the TSRs of the companies in a custom peer group based on a three-year performance period from January 1, 2025 to December 31, 2027, subject to cliff vesting in full on the third anniversary of the award grant date; and (ii) 40% time-based restricted share units (“RSUs"), which only contain a service condition, subject to ratable vesting over a three-year period following the grant date. The number of PRSUs eligible to vest will range from 0% to 120% or 0% to 200% of target based on the Company’s Adjusted OIBDA performance and the Company’s relative TSR performance, as applicable. Monte Carlo method simulation has been used to estimate the grant date fair value of the PRSUs that have a market condition.

In addition, in the first quarter of 2025, the Company granted one-time grants of PRSUs to certain executive officers and other employees to, among other things, address the change in vesting periods of the PRSU awards, from PRSU awards that had one-year determination periods in 2024 to PRSU awards that had a combination of one-year and three-year determination periods in 2025. The terms and conditions of these PRSU grants are substantially similar to those of the PRSU grants described above, except that the Company’s TSR relative to the TSRs of the companies in a custom peer group will be measured over a two-year performance period from January 1, 2025 to December 31, 2026, and these PRSU grants will cliff vest in full on the second anniversary of the award grant date. Monte Carlo method simulation has been used to estimate the grant date fair value of these one-time PRSU grants.

On September 4, 2025 and September 24, 2025, the Company granted one-time PRSU awards to each of Nicolas Brien, the Company’s Chief Executive Officer, and Matthew Siegel, the Company’s Executive Vice President and Chief Financial Officer, in the amounts of $2,000,000 and $400,000, respectively. The PRSUs are tied to the Company’s common stock price performance over a three-year performance period. If the performance conditions are satisfied, the PRSUs will cliff vest on the earlier of the third anniversary of the respective grant dates and the dates on which Mr. Brien’s and/or Mr. Siegel’s respective employment is terminated by the Company without “Cause” or by Mr. Brien and/or Mr. Siegel for “Good Reason” (as those terms are each defined in Mr. Brien’s and Mr. Siegel’s respective employment agreements). The terms and conditions of the PRSUs are set forth in the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan and the related equity award terms and conditions. In addition, on September 4, 2025, the Company granted a one-time RSU award to Mr. Brien with a value of $1,000,000. The RSUs cliff vest on the earlier of the third anniversary of the grant date and the date on which Mr. Brien’s employment is terminated by the Company without “Cause” or by him for “Good Reason” (as those terms are each defined in his employment agreement).

The following table summarizes our stock-based compensation expense for 2025, 2024 and 2023.
Year Ended December 31,
(in millions)202520242023
Stock-based compensation expense (RSUs and PRSUs), before income taxes$30.0 $30.8 $28.4 
Tax benefit(1.6)(1.1)(1.0)
Stock-based compensation expense, net of tax$28.4 $29.7 $27.4 

As of December 31, 2025, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $24.4 million, which is expected to be recognized over a weighted average period of 1.9 years.

84


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
RSUs and PRSUs

The following table summarizes the 2025 activity of the RSUs and PRSUs issued to our employees.
ActivityWeighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 20243,282,970 $15.37 
Granted:
RSUs1,176,172 18.26 
PRSUs709,428 16.15 
Vested:
RSUs(1,250,059)16.72 
PRSUs(548,029)16.64 
Forfeitures:
RSUs(144,272)17.23 
PRSUs(22,365)18.33 
Non-vested as of December 31, 20253,203,845 15.76 

The total fair value of RSUs and PRSUs that vested was $30.0 million during 2025, $30.1 million during 2024 and $36.2 million during 2023.

Note 16. Retirement Benefits

Prior to the Transaction, we sponsored two defined benefit pension plans covering specific groups of employees in Canada and the U.S. On June 7, 2024, we completed the sale of the Canadian Business in the Transaction, which included the Outfront Media Canada LP pension plan.

The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended.

The benefit obligation, fair value of plan assets, net periodic pension costs and activity within these balances as of and for the years ended December 31, 2025 and 2024, related to the pension plan in the U.S. and activity for the Canada pension plan prior to the Transaction, are immaterial. The tables below represents the activity related to both the Canadian and U.S. pension plans for 2023.

We use a December 31 measurement date for all pension plans.

The following table sets forth the change in benefit obligation for our pension plans.
(in millions)As of
December 31, 2023
Benefit obligation, beginning of year$47.0 
Interest cost2.1 
Actuarial gain(0.3)
Settlements paid(20.2)
Benefits paid(2.0)
Cumulative translation adjustments0.6 
Benefit obligation, end of year$27.2 

85


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).
(in millions)As of
December 31, 2023
Interest cost$2.1 
Expected return on plan assets(2.6)
Settlement gain(0.5)
Net periodic pension cost$(1.0)

Estimated future benefit payments for pension plans and expected contributions to our defined benefit pension plan in the U.S. are estimated to be immaterial.

Multi-Employer Pension and Postretirement Benefit Plans

We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $4.7 million in 2025, $4.2 million in 2024 and $3.3 million in 2023. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us.

Defined Contribution Plans

Employer contributions for defined contribution plans sponsored by us were $7.2 million in 2025, $7.8 million in 2024 and $8.6 million in 2023.

Note 17. Income Taxes

We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes.

86


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Cash paid for income taxes, net of refunds received, was as follows:
Year Ended December 31,
(in millions)202520242023
Federal $0.3 $(0.9)$ 
State and local(a)
1.3 0.8 1.3 
Foreign:
Canada0.1 1.6 5.4 
Withholding taxes0.5 10.0  
Cash paid for income taxes, net of refunds received$2.2 $11.5 $6.7 
(a) State and local taxes by jurisdiction:
Texas$0.7 $0.6 $0.6 
Oregon0.2 0.1 0.1 
New York0.1  0.1 
New Hampshire0.1 0.1  
Massachusetts 0.1 0.1 
Tennessee (0.2)0.2 
Other0.2 0.1 0.2 
Total state and local taxes by jurisdiction$1.3 $0.8 $1.3 

The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows:
Year Ended December 31,
(in millions)202520242023
United States$146.5 $265.4 $(431.2)
Foreign 3.7 11.8 
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)

87


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income.
Year Ended December 31,
(in millions)202520242023
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)
Net income (loss) of TRSs(1.2)10.8 151.4 
Income (loss) from REIT operations145.3 279.9 (268.0)
Book/tax differences
Depreciation35.8 24.7 27.9 
Amortization(18.5)(15.8)(13.6)
Dividend from foreign subsidiary 5.7 2.1 
Stock-based compensation(7.7)9.5 (0.9)
Deferred gain for tax(5.6)(4.2)(6.8)
Investments in joint ventures(2.0)(6.3)5.5 
Gain from sale of Canada (70.7) 
Executive compensation13.0 9.2 11.2 
Lease expense5.4 7.9 8.4 
Provision for doubtful accounts4.6 4.1 1.5 
Impairment charges(a)
 13.1 388.2 
Other16.9 24.0 13.6 
REIT taxable income (estimated)
$187.2 $281.1 $169.1 
(a)Impairment charges related to our Transit business (see Note 4. Long-Lived Assets).

The components of the Provision for income taxes are as follows:
Year Ended December 31,
(in millions)202520242023
Current:
Federal$(0.4)$(0.2)$ 
State and local(0.9)(1.1)(1.0)
Foreign(0.7)(10.9)(3.1)
(2.0)(12.2)(4.1)
Deferred:
Foreign 1.2 0.1 
 1.2 0.1 
Provision for income taxes$(2.0)$(11.0)$(4.0)

88


OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the Provision for income taxes is summarized as follows:
Year Ended December 31,
202520242023
(in millions, except percentages)Tax AmountTax RateTax AmountTax RateTax AmountTax Rate
Benefit (provision) for income taxes on income at U.S. statutory rate$(30.8)21.0 %$(56.5)21.0 %$89.2 21.0 %
State and local taxes, net of federal tax benefit(a)
(0.8)0.5 (1.1)0.4 (1.0)(0.2)
Effect of foreign operations:
Canada:
Statutory rate difference between Canada and the U.S.   1.1 (0.4)0.6 0.1 
Provincial taxes  0.3 (0.1)(1.1)(0.2)
Withholding tax on proceeds of the sale of Canadian operations(0.5)0.3 (10.0)3.7   
Other(0.2)0.1 (1.1)0.4 (0.5)(0.1)
Changes in valuation allowances0.8 (0.5)(5.5)2.0 (4.5)(1.2)
Nontaxable or nondeductible items:
REIT dividends paid deduction30.5 (20.7)58.8 (21.8)24.2 5.7 
Impairment charges(b)
    (110.6)(26.0)
Other nondeductible items(0.9)0.6 2.5 (1.0)(0.6)(0.1)
Other adjustments, net(0.1)0.1 0.5 (0.1)0.3 0.1 
Provision for income taxes$(2.0)1.4 %$(11.0)4.1 %$(4.0)(0.9)%
(a)State and local taxes consist primarily of taxes in Texas and Oregon.
(b)Primarily a permanent book/tax difference for impairment charges related to our Transit business (see Note 4. Long-Lived Assets).

The following table is a summary of the components of deferred income tax assets and liabilities.
As of December 31,
(in millions)20252024
Deferred income tax assets:
Provision for expenses and losses$12.3 $9.9 
Postretirement and other employee benefits2.9 2.7 
Tax credit and loss carryforwards4.0 5.4 
Property, equipment and intangible assets4.9 5.8 
Total deferred income tax assets24.1 23.8 
Valuation allowance(24.1)(23.8)
Deferred income tax assets, net  
Deferred income tax liabilities:
Property, equipment and intangible assets  
Postretirement and other employee benefits  
Other  
Total deferred income tax liabilities  
Deferred income tax liabilities, net$ $ 

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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
As of December 31, 2025, we had federal, state and local net operating loss carryforwards of $15.1 million. These losses can be carried forward indefinitely for federal tax purposes but are subject to certain federal, state and local utilization limitations.

As of December 31, 2025, there are no undistributed earnings of foreign subsidiaries due to the sale of the Canadian Business in the Transaction in 2024. All undistributed earnings of foreign subsidiaries prior to the Transaction were distributed to our stockholders in 2024.

The reserve for uncertain tax positions of $0.2 million as of December 31, 2025.

We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented.

We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2022 to present are open for examination by the tax authorities.

Note 18. Earnings Per Share (“EPS”)
Year Ended December 31,
(in millions)202520242023
Net income (loss) available for common stockholders(a)
$147.0 $258.2 $(425.2)
Less: Distributions to holders of Series A Preferred Stock7.9 8.8 8.8 
Net income (loss) available for common stockholders(b)
$139.1 $249.4 $(434.0)
Weighted average shares for basic EPS167.8 161.9 161.0 
Dilutive potential shares from grants of RSUs, PRSUs and stock options(c)
1.4 1.1  
Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d)
 7.8  
Weighted average shares for diluted EPS(c)(d)
169.2 170.8 161.0 
(a)For 2024, Net income available for common stockholders for the calculation of diluted EPS.
(b)For 2025 and 2023, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS. For 2024, Net income (loss) available for common stockholders for the calculation of basic EPS.
(c)The potential impact of an aggregate 0.1 million granted RSUs and PRSUs for 2025 and 1.8 million granted RSUs and PRSUs for 2023 was antidilutive. The potential impact of granted RSUs and PRSUs for 2024 was immaterial.
(d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of our Series A Preferred Stock in 2023 was antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock (see Note 11. Equity).

Note 19. Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments and letters of credit. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
As of December 31, 2025, guaranteed minimum annual payments are as follows:
(in millions)Guaranteed
Minimum
Annual
Payments
2026$213.8 
2027219.9 
2028224.0 
2029224.7 
2030176.1 
2031 and thereafter113.8 
Total minimum payments$1,172.3 

Under our current agreement with the MTA (as amended, the “MTA Agreement”):

Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the MTA’s ability to fulfill its pre-installation obligations under the MTA Agreement. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Note 4. Long-Lived Assets). If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in 2025. However, we do expect to recoup some equipment deployment costs throughout the remainder of the Amended Term (as defined below) of the MTA Agreement.

Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions.

During 2025, we had no recoupment from incremental revenues. As of December 31, 2025, 27,354 digital displays had been installed, composed of 5,023 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
digital advertising screens on rolling stock and 6,427 MTA communications displays. In the fourth quarter of 2025, 13 installations occurred, for a total of 1,109 installations occurring in 2025. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations, and replacing damaged and broken displays. During 2025, we incurred equipment deployment costs of $20.1 million, which were recorded as Intangible assets related to franchise agreements. As of December 31, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $27.4 million.
As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million in 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024. No impairment charges were recorded during 2025.

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2025, the outstanding letters of credit were approximately $72.3 million and outstanding surety bonds were approximately $108.8 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Note 20. 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.
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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Year Ended December 31,
(in millions, except percentages)202520242023
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 

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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Year Ended December 31,
(in millions)202520242023
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 OIBDA499.3 464.8 456.2 
Restructuring charges(c)
(20.1)  
Net gain on dispositions2.3 160.9 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 companies146.5 269.1 (419.4)
Provision for income taxes(2.0)(11.0)(4.0)
Equity in earnings of investee companies, net of tax2.5 0.6 (1.1)
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests147.0 258.7 (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 compensation27.8 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.

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OUTFRONT Media Inc.
Notes to Consolidated Financial Statements (Continued)
Other disclosures(a):
As of and For the Year Ended December 31,
(in millions)202520242023
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.)

Note 21. Subsequent Event

On February 17, 2026, the Company entered into agreements with AdQuick, Inc. (“AdQuick”), pursuant to which, among other things, (i) AdQuick licenses its out-of-home sales cloud product to the Company for an initial non-cancellable three-year term (including a specified exclusivity period) for an annual fee; and (ii) the Company invests up to $20.0 million in AdQuick, with approximately $4.0 million paid on February 17, 2026, and additional approximately $4.0 million payments made in four equal tranches, subject to the achievement of specified implementation milestones. We are still evaluating the impact of these agreements on our future Consolidated Financial Statements.
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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Exchange Act, our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report, were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2025 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP (PCAOB ID 238), an independent registered public accounting firm, as stated in their report which appears in “Item 8. Financial Statements and Supplementary Data.”

Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting

In designing and evaluating our disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Item 9B. Other Information.

On December 12, 2025, Matthew Siegel, the Company’s Executive Vice President and Chief Financial Officer, adopted a trading arrangement for the sale of the Company’s common stock (the “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 Trading Plan, which has a term of one year, provides for the sale of up to 75,000 shares of the Company’s common stock pursuant to the terms of the Rule 10b5-1 Trading Plan.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.
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PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The Company has adopted a Code of Conduct that applies to all executive officers, employees and directors of the Company. In addition, the Company has adopted a Supplemental Code of Ethics applicable to our principal executive officer, principal financial officer, principal accounting officer and controller or persons performing similar functions. Both the Code of Conduct and the Supplemental Code of Ethics are available in the Investor Relations section of our website at www.outfront.com. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding any amendment to, or waiver from, a provision of the Code of Conduct or the Supplemental Code of Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller or persons performing similar functions, and relates to any element of the definition of code of ethics set forth in Item 406(b) of Regulation S-K, by posting such information on our website at www.outfront.com.

The Company has adopted an insider trading policy governing the purchase, sale and/or other dispositions of the Company’s securities by its directors, officers and employees, or by the Company itself, that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations and the listing rules of the NYSE. A copy of the Company's insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

All additional information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025.

Item 11. Executive Compensation.

The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025.

Item 14. Principal Accounting Fees and Services.

The information required by this item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a)(1) Financial Statements. The financial statements filed as part of this Annual Report on Form 10-K are listed in the index to the financial statements, which is included in “Item 8. Financial Statements and Supplementary Data.”

(a)(2) Financial Statement Schedules. The following financial statement schedules should be read in conjunction with the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data.” All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.
Page No.
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2025, 2024 and 2023.
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2025.

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OUTFRONT Media Inc.
Schedule II—Valuation and Qualifying Accounts
(in millions)
Col. ACol. BCol. CCol. DCol. E
DescriptionBalance at
Beginning
of Period
Balance
Acquired through
Acquisitions
Charged to
Costs and
Expenses
Charged
to Other
Accounts(a)
DeductionsBalance at
End of
Period
Allowance for doubtful accounts:
Year ended December 31, 2025$20.6 $ $6.5 $0.3 $4.2 $23.2 
Year ended December 31, 202417.2  5.6 1.2 3.4 20.6 
Year ended December 31, 202320.2  5.8 (0.1)8.7 17.2 
Valuation allowance on deferred tax assets:
Year ended December 31, 2025$23.8 $ $0.3 $ $ $24.1 
Year ended December 31, 202416.6  7.2   23.8 
Year ended December 31, 202311.9  4.7   16.6 
(a)Reflects recoveries, change in allowance related to foreign currency translation adjustments in 2024 and 2023 and amounts reclassified to Assets held for sale on the Consolidated Statements of Financial Position in 2023.


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OUTFRONT Media Inc.
SCHEDULE III – Schedule of Real Estate and
Accumulated Depreciation
as of December 31, 2025
(in millions)
Initial CostCost
Capitalized
Subsequent
to
Acquisition
Gross Carrying Amount at December 31, 2025 (3)
Description (1)
EncumbrancesLandStructures and ImprovementsLandStructures and ImprovementsTotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Useful
Lives
Structures added prior to January 1, 2014
35,834 displays
 (2)(2)(2)$79.8 $1,410.8 $1,490.6 $(1,126.0)VariousVarious
3 to 20 years
Structures added subsequent to January 1, 2014
2,406 displays
$30.6 $388.9 $(56.3)$30.6 $332.6 $363.2 $(172.1)VariousVarious
3 to 20 years
Total
38,240 displays
$110.4 $1,743.4 $1,853.8 $(1,298.1)VariousVarious
3 to 20 years
______________________
(1)No single asset exceeded 5% of the total gross carrying amount as of December 31, 2025.
(2)This information is omitted as it would be impracticable to compile on a site-by-site basis.
(3)Includes sites under construction.


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The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.
202520242023
Gross real estate assets:
Balance at the beginning of the year$1,863.0 $2,186.5 $2,119.0 
New Investments18.8 14.0 19.6 
Redevelopments38.1 33.7 37.2 
Recurring capital expenditures18.8 15.0 8.8 
Land acquisitions0.2 0.1 0.1 
Additions for construction of / improvements to structures75.9 62.8 65.7 
Assets sold or written-off(85.1)(374.6)(6.5)
Foreign exchange (11.7)8.3 
Balance at the end of the year$1,853.8 $1,863.0 $2,186.5 
Accumulated depreciation:
Balance at the beginning of the year$1,307.3 $1,594.4 $1,519.5 
Depreciation72.8 59.5 60.2 
Impairment  12.5 
Assets sold or written-off(82.0)(335.9)(5.4)
Foreign exchange (10.7)7.6 
Balance at the end of the year$1,298.1 $1,307.3 $1,594.4 





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(a)(3) Exhibits. The exhibits filed as part of this Annual Report on Form 10-K are listed on the Exhibit Index immediately following “Item 16. Form 10-K Summary,” which is incorporated herein by reference.

Item 16. Form 10-K Summary.

None.

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EXHIBIT INDEX
Exhibit
Number
Description
2.1
2.2
2.3
2.4
3.1
3.2
3.3
4.1
4.2
4.3
4.4
4.5
10.1
10.2
10.3
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10.4
10.5
10.6
10.7
10.8
10.9
10.10
10.11
10.12
10.13
10.14
10.15
10.16
10.17
10.18
10.19
10.20
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10.21
10.22
10.23
10.24
10.25
10.26
10.27
10.28
10.29
10.30
10.31
10.32
10.33
10.34
10.35
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10.36
10.37
10.38
10.39
10.40
19.1
97.1
21.1
23.1
24.1
31.1
31.2
32.1
32.2
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema
101.CAL
Inline XBRL Taxonomy Calculation Linkbase
101.DEF
Inline XBRL Taxonomy Definition Document
101.LAB
Inline XBRL Taxonomy Label Linkbase
101.PRE
Inline XBRL Taxonomy Presentation Linkbase
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
_______________________
*Management contracts and compensatory plans and arrangements.


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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date:February 26, 2026
OUTFRONT MEDIA INC.
By:
/s/ Matthew Siegel
Name:
Matthew Siegel
Title:
Executive Vice President and Chief Financial Officer


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POWER OF ATTORNEY

Each person whose signature appears below constitutes and appoints Matthew Siegel, Richard H. Sauer and Louis J. Capocasale, and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
SignatureTitleDate
/s/ Nicolas BrienChief Executive Officer and DirectorFebruary 26, 2026
Nicolas Brien(Principal Executive Officer)
/s/ Matthew SiegelExecutive Vice President and Chief Financial OfficerFebruary 26, 2026
Matthew Siegel(Principal Financial Officer)
/s/ Patrick MartinSenior Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)
February 26, 2026
Patrick Martin
/s/ Michael BarrettDirectorFebruary 26, 2026
Michael Barrett
/s/ Mark CarletonDirectorFebruary 26, 2026
Mark Carleton
/s/ Angela CourtinDirectorFebruary 26, 2026
Angela Courtin
/s/ Manuel A. DiazDirectorFebruary 26, 2026
Manuel A. Diaz
/s/ Michael J. DominguezChairman and DirectorFebruary 26, 2026
Michael J. Dominguez
/s/ Peter MathesDirectorFebruary 26, 2026
Peter Mathes
/s/ Nicolle PangisDirectorFebruary 26, 2026
Nicolle Pangiss
/s/ Susan M. TolsonDirectorFebruary 26, 2026
Susan M. Tolson
107

Exhibit 10.20
OUTFRONT MEDIA INC.
EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN
This Executive Change in Control Severance Plan, effective as of January 1, 2016 (the “Effective Date”), of OUTFRONT Media Inc., is for the benefit of certain executives of the Company and its Affiliates, on the terms and conditions hereinafter stated. This Plan, as set forth herein, is intended to help retain qualified and valued executives, maintain a stable work environment, and provide economic security to Eligible Executives in the event of certain terminations of employment that occur in connection with a Change in Control (as defined herein).
1.    DEFINITIONS.
As used in this Plan:

1.1    “Affiliate” means any company controlled by, controlling, or under common control with, the Company.

1.2    “Annual Bonus” means, with respect to an Eligible Executive, an amount equal to the Eligible Executive’s target bonus for the year in which the Separation Date occurs.

1.3    “Base Salary” means, with respect to an Eligible Executive, the Eligible Executive’s annual base salary as of the Separation Date.

1.4    “Board” means the Board of Directors of the Company.

1.5    “Cause” shall (A) have the meaning set forth in an Eligible Executive’s employment agreement with the Company or an Affiliate, or (B) mean, if there is no such agreement or if such agreement contains no such term, unless the Compensation Committee determines otherwise: (i) commission of any dishonest or fraudulent act that has caused or may reasonably be expected to cause injury to the interest or business reputation of the Company or any Affiliate; (ii) conduct constituting a felony, a financial crime, embezzlement or fraud, whether or not related to the Eligible Executive’s employment with the Company or an Affiliate;
(iii) willful unauthorized disclosure of confidential information about the Company or any Affiliate; (iv) failure, neglect of or refusal to substantially perform the duties of the Eligible Executive’s employment with the Company or any Affiliate; (v) commission or omission of any other act which is a material breach of the Company’s policies regarding employment practices or the applicable federal, state and local laws prohibiting discrimination or which is materially injurious to the financial condition or business reputation of the Company or any Affiliate; (vi) failure to comply with the written policies of the Company, including the Company’s Business Conduct Statement or successor conduct statement as they apply from time to time; (vii) willful failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, whether or not related to the Eligible Executive’s employment with the Company or an Affiliate, after being instructed by the Company to participate; (viii) willful destruction or failure to preserve documents or other material known to be relevant to an



investigation referred to in the preceding clause (vii); or (ix) willful inducement of others to engage in any of the conduct described in the preceding clauses (i) through (viii).

1.6    “Change in Control” means:

(A)    the acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the then combined voting power of the then-outstanding securities entitled to vote generally in the election of Directors in the case of the Company, or members of the board of directors or similar body in the case of another entity (the “Voting Power”); provided, however, that the following acquisitions will not be deemed to result in a Change in Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company; (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate; or (iv) any acquisition by any Person pursuant to a transaction that complies with clauses (i), (ii) and (iii) of Section 1.7(C) below; or

(B)    individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason (other than death or disability) to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the Directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for Director, without objection to such nomination) will be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(C)    consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners of the Voting Power immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as their ownership immediately prior to such Business Combination of the Voting Power,
(ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the
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Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or the action of the Board providing for such Business Combination; or

(D)    approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

1.7    “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time.

1.8    “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including, without limitation, any rules and regulations promulgated thereunder, along with the U.S. Department of the Treasury and U.S. Internal Revenue Service interpretations thereof.

1.9    “Common Stock” means the shares of common stock, $0.01 par value per share, of the Company or any security into which such shares of common stock may be changed by reason of any transaction or similar event.

1.10    “Company” means OUTFRONT Media Inc., a Maryland corporation.

1.11    “Compensation Committee” means the Compensation Committee of the Board.

1.12    “Director” means each member of the Board who is not employed by (A) the Company, (B) any of the Company’s subsidiaries, or (C) any entity which directly or indirectly owns an equity or similar interest corresponding to more than 50% of the voting power normally entitled to vote for the election of directors of the Company (or comparable voting power).

1.13    “Disability” means an Eligible Executive, because of injury, sickness, mental illness, substance abuse, or pregnancy is unable to perform his or her Essential Duties, and as a result, is earning 20% or less of his or her Pre-disability Earnings (as such term is defined in the Company’s long-term disability plan).

1.14    “Eligible Executive” means the employees of the Company or an Affiliate holding the titles set forth on Exhibit A, as such exhibit may be updated by the Compensation Committee from time to time, and such other employees of the Company or an Affiliate who may be designated as an Eligible Executive from time to time by the Compensation Committee or its designee and who accepts participation herein in such manner as shall be prescribed by the Company. The Compensation Committee may require as a condition of participation in this Plan
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that an Eligible Executive execute a Participation Agreement, pursuant to which the Eligible Executive agrees to the terms of his or her participation set forth in this Plan.

1.15    “Employer” means, with respect to an Eligible Executive, the Company, or, if the Eligible Executive is not employed by the Company, then the Affiliate which employs the Eligible Executive, or any successor thereto.

1.16    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

1.17    “Essential Duties” means duties that are substantial and not incidental, fundamental or inherent to an Eligible Executive’s occupation, and cannot be reasonably omitted or changed.

1.18    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.

1.19    “Good Reason” has the meaning set forth in an Eligible Executive’s employment agreement with the Company or an Affiliate, or otherwise means with respect to the Eligible Executive and without the Eligible Executive’s express written consent, the occurrence of any one or more of the following events at any time during the Eligible Executive’s employment with the Company or any Affiliate by virtue of management outsourcing or otherwise:

(A)    a significant change in the nature or scope of the Eligible Executive’s authorities, powers, functions, responsibilities or duties attached to the Eligible Executive’s position with the Company and any Affiliate;

(B)    a material reduction in the aggregate of the Eligible Executive’s Base Salary and Annual Bonus;

(C)    any change of the Eligible Executive’s principal place of employment to a location more than fifty (50) miles from the Eligible Executive’s principal place of employment as of the date of the consummation of a Change in Control; or

(D)    any failure of the Company or an Affiliate to pay the Eligible Executive any compensation when due (other than an inadvertent failure that is remedied within ten (10) business days after receipt of written notice from the Eligible Executive).

Notwithstanding the foregoing, no termination shall be deemed to be for Good Reason unless (i) the Eligible Executive provides the Company or the Affiliate with written notice setting forth the specific facts or circumstances constituting Good Reason within ninety (90) days after the initial existence of the occurrence of such facts or circumstances, (ii) the Company or the Affiliate has failed to cure such facts or circumstances within thirty (30) days of its receipt of such written notice, and (iii) the
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effective date of the termination of Good Reason occurs no later than ten (10) days after the cure period specified in clause (ii) above.

1.20    “Participation Agreement” means the agreement in substantially the form attached hereto as Exhibit B, or in such other form that the Compensation Committee may determine from time to time.

1.21    “Person” means any “person” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act.

1.22    “Plan” means this Executive Change in Control Severance Plan of OUTFRONT Media Inc., as set forth herein, as it may be amended from time to time.

1.23    “Plan Administrator” means the Compensation Committee or such sub-committee or person or persons appointed from time to time by the Compensation Committee, which appointment may be revoked at any time by the Compensation Committee.

1.24    “Pro Rata Bonus” means, with respect to an Eligible Executive, an amount equal to the Eligible Executive’s Annual Bonus for the year in which the Separation Date occurs, multiplied by a fraction, the numerator of which is the number of days that have elapsed from January 1 through the Separation Date and the denominator of which is 365 (or 366, if applicable).

1.25    “Protection Period” means the two-year period following the consummation of a Change in Control.

1.26    “Qualifying Separation” means (A) the involuntary termination of an Eligible Executive’s employment by the Employer without Cause (other than due to death or Disability),
(B) the voluntary termination of an Eligible Executive’s employment with the Employer for Good Reason, (C) the termination of an Eligible Executive’s employment as a result of the Eligible Executive’s death, or (D) the termination of an Eligible Executive’s employment as a result of the Eligible Executive’s Disability.

1.27    “Section 409A” means Section 409A of the Code, and the rules, regulations and guidance promulgated thereunder by the U.S. Department of the Treasury or the U.S. Internal Revenue Service

1.28    “Separation Date” means, with respect to an Eligible Executive, the date on which an Eligible Executive incurs a Qualifying Separation.

1.29    “Tier I Executive” means each executive designated as a Tier I Executive on Exhibit A.

1.30    “Tier II Executive” means each executive designated as a Tier II Executive on Exhibit A.

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2.    SEVERANCE BENEFITS.

2.1    General. If an Eligible Executive incurs a Qualifying Separation that occurs during the Protection Period, such Eligible Executive shall be entitled to receive severance payments and benefits pursuant to the applicable provisions of this Section 2. To the extent set forth in an Eligible Executive’s Participation Agreement, the severance payments and benefits provided pursuant to this Section 2 shall be in place of any other severance payments, benefits or other consideration to which the Eligible Executive may be entitled upon a Qualifying Separation, including pursuant to an agreement between the Company and the Eligible Executive (an “Employment Agreement”).

2.2    Cash Payment. Subject to Section 2.5, each Eligible Executive who incurs a Qualifying Separation that occurs during the Protection Period shall be entitled to a single lump sum cash payment, payable on the 60th day following the Separation Date, in an amount equal to the sum of:

(A)    Three (3) times Base Salary in the case of a Tier I Executive, and two (2) times Base Salary in the case of a Tier II Executive; and

(B)    Three (3) times Annual Bonus in the case of a Tier I Executive, and two (2) times Annual Bonus in the case of a Tier II Executive.

2.3    Pro Rata Bonus. Subject to Section 2.5, each Eligible Executive who incurs a Qualifying Separation that occurs during the Protection Period shall be entitled to a single lump sum cash payment of the Pro Rata Bonus, which payment will be made on the 60th day following the Separation Date.

2.4    Health Benefits. If an Eligible Executive who incurs a Qualifying Separation that occurs during the Protection Period timely elects to continue group health care coverage under COBRA, then, subject to the Company’s COBRA policies, such Eligible Executive shall be entitled to continue, at the Company’s cost (except as hereafter described), as a participant in the Company’s health and dental insurance plans (the “Health Plans”) in which such Eligible Executive (and his eligible dependents, if applicable) are enrolled on the Separation Date, until the earlier of (A)(i) three (3) years after the Separation Date, in the case of a Tier I Executive, or
(ii) two (2) years after the Separation Date, in the case of a Tier II Executive, or (B) the date on which the Eligible Executive becomes eligible for medical or dental coverage as the case may be from a third party; provided, that, during the period that the Company provides the Eligible Executive with such coverage, an amount equal to the applicable COBRA premiums (or such other amounts as may be required by law) will be included in the Eligible Executive’s income for tax purposes to the extent required by law, and the Company may withhold taxes from such Eligible Executive’s compensation for this purposes; and provided, further, that the Eligible Executive may elect to continue his medical and dental insurance coverage under COBRA at the Eligible Executive’s own expense for the balance, if any, required by law.

2.5    Special Payment Timing. In the event that (A) an Eligible Executive incurs a Qualifying Separation during the Protection Period, (B) the Eligible Executive has an
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Employment Agreement or other arrangement with the Company or an Affiliate that provides for severance payments in the event of a Qualifying Separation, and (C) the Change in Control that triggers the Protection Period does not constitute a “change in control event” as defined in Section 409A of the Code, to the extent necessary to avoid tax penalties under Section 409A of the Code, any severance payments owed pursuant to Section 2.2 and 2.3 that are not in excess of the amount that the Eligible Executive would have received under the Employment Agreement or other arrangement as a result of a Qualifying Separation shall be paid at the time and in the manner provided in the Eligible Executive’s Employment Agreement or other arrangement, whichever applies, and the remaining amounts shall be paid in accordance with Sections 2.2 and 2.3.

2.6    Release. Notwithstanding the foregoing, as a condition to the payment or receipt of any payment or benefit pursuant to the applicable provision of this Section 2, an Eligible Executive shall be required to execute and not revoke (within the applicable revocation period) an effective general waiver and release of claims agreement in favor of the Company and its Affiliates before the 60th day following the Eligible Executive’s Separation Date.

3.    POTENTIAL PAYMENT AND BENEFIT REDUCTION.

3.1    Notwithstanding any other provisions in this Plan, in the event that any payment or benefit received or to be received by an Eligible Executive in connection with, or contingent upon, a Change in Control, whether pursuant to the terms of this Plan or any other plan, program, arrangement or agreement (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code under such other plan, program, arrangement or agreement, the Employer will reduce the Eligible Executive’s payments and/or benefits under this Plan, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero), in the following order: (A) the lump sum cash payment described in Section 2.2; and (B) the lump sum cash payment described in Section 2.3 (the payments and benefits set forth in clauses (A) and (B), together, the “Potential Payments”); provided, however, that the Potential Payments shall only be reduced if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state, municipal and local income taxes on such Total Payments and the amount of Excise Tax to which the Eligible Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

3.2    For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax: (A) no portion of the Total Payments the receipt or enjoyment of which the Eligible Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into
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account; (B) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Eligible Executive and selected by the accounting firm which was, immediately prior to the Separation Date, the Company’s independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including, without limitation, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation; and (C) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

3.3    At the time that payments are made under this Plan, the Employer shall provide the Eligible Executive with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the Employer received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). If the Eligible Executive objects to the Employer’s calculations, the Employer shall pay to the Eligible Executive such portion of the Potential Payments (up to 100% thereof) as the Eligible Executive determines is necessary to result in the proper application of this Section 3. All determinations required by this Section 3 (or requested by either the Eligible Executive or the Employer in connection with this Section 3) shall be at the expense of the Employer. The fact that an Eligible Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 3 shall not of itself limit or otherwise affect any other rights of the Eligible Executive under this Plan.

4.    PLAN ADMINISTRATION.

4.1    The Plan Administrator shall administer this Plan and may interpret this Plan, prescribe, amend and rescind rules and regulations under this Plan and make all other determinations necessary or advisable for the administration of this Plan, subject to all of the provisions of this Plan.

4.2    The Plan Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate.

4.3    The Plan Administrator is empowered, on behalf of this Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under this Plan. The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they are engaged, and such persons shall have no other duties, obligations or responsibilities under this Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of this Plan. All reasonable expenses of the Plan shall be borne by the Company.

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5.    NON-COMPETITION; NO SOLICITATION, ETC.

Upon becoming a participant in this Plan, each Eligible Executive acknowledges and agrees to the provisions set forth in this Section 5.

5.1    Non-Competition. Each Eligible Executive agrees that such Eligible Executive’s employment with the Company or any of its Affiliates is on an exclusive basis and that, while the Eligible Executive is employed by the Company or any of its Affiliates, the Eligible Executive will not engage in any other business activity which is in conflict with the Eligible Executive’s duties and obligations (including the Eligible Executive’s commitment of time) under his Employment Agreement, if applicable. The Eligible Executive further agrees that, during the Non-Compete Period (as defined below), the Eligible Executive shall not directly or indirectly engage in or participate in (or negotiate or sign any agreement to engage in or participate in), whether as an owner, partner, stockholder, officer, employee, director, agent of or consultant for,
any business which at such time is competitive with any business, division, operation or other activity of the Company or any of its Affiliates (x) with respect to which the Eligible Executive had any responsibility, involvement or supervision, (y) with respect to which the Eligible Executive had access to any confidential information about the Company or an Affiliate that could benefit such competitor’s business or harm the Company’s business or (z) where the Eligible Executive would provide services of the same or similar nature as services performed by such Eligible Executive for the Company or an Affiliate, without the written consent of the Company or an Affiliate; provided, that this provision shall not prevent the Eligible Executive from investing as less than a one (1%) percent stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system. The Non-Compete Period shall cover the period during the Eligible Executive’s employment with the Company or an Affiliate and shall continue following a Qualifying Separation that occurs during the Protection Period for one year.

5.2    No Solicitation. Each Eligible Executive agrees that, during the Eligible Executive’s employment with the Company or any of its Affiliates, and for a period of one year after a Separation that occurs during the Protection Period, the Eligible Executive shall not, directly or indirectly: (A) employ or solicit the employment of any person who is then or has been within the six (6) months prior thereto, an employee of the Company or any of its Affiliates; or (B) do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts of the Company or any of its Affiliates) with any customer, employee, consultant or supplier.

5.3    Injunctive Relief. Each Eligible Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of the Eligible Executive’s obligations under this Section 5 would be inadequate. The Eligible Executive therefore agrees that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in Section 5 of this Agreement, without the necessity of proof of actual damage

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5.4    Severability. If a final determination is made by a court having competent jurisdiction that the time or territory or any other restriction contained in Section 5.1 or 5.2 is an unenforceable restriction on the Eligible Executive’s activities, the provisions of such section(s) shall not be rendered void but shall be deemed amended to apply such maximum time and scope and such other restrictions as such court may judicially determine or otherwise indicate to be reasonable.

6.    PLAN MODIFICATION OR TERMINATION.

Notwithstanding anything herein to the contrary, this Plan may be amended or terminated by the Board or the Compensation Committee at any time with respect to some or all Eligible Executives; provided, however, that no amendment, termination or suspension of this Plan that would be adverse to the interests of any Eligible Executive will be effective except upon one year’s prior written notice to the Eligible Executives unless the adversely affected Eligible Executives consent to such amendment, termination or suspension in writing, except that this
Plan may be amended at any time and from time to time to comply with any recapture or “clawback” policy of the Company adopted by the Board to comply with Section 10D of the Securities Exchange Act of 1934 and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Common Stock may be traded, as determined by the Plan Administrator. Notwithstanding the foregoing, this Plan may not be terminated or amended in any manner prior to the fifth business day following the second anniversary of a Change in Control without the prior written consent of the applicable Eligible Executive potentially affected thereby.

7.    GENERAL PROVISIONS.

7.1    Subject to Section 2.1, if the Company or any Affiliate is obligated by law or by contract to pay separation pay, a termination indemnity, notice pay, or the like, or if the Company or any Affiliate is obligated by law to provide advance notice of separation to an Eligible Executive (a “Notice Period”), then any payments to the Eligible Executive pursuant to Section 2 shall be reduced by the amount of any such severance pay, termination indemnity, notice pay or the like, as applicable, and by the amount of any compensation received during any Notice Period.

7.2    Neither the establishment of this Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Eligible Executive, or any person whomsoever, the right to be retained in the service of the Company or any Affiliate, and all Eligible Executives shall remain subject to discharge to the same extent as if this Plan had never been adopted.

7.3    If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

7.4    The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of
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this Plan. Similarly, the use of the masculine gender with respect to pronouns herein is for purposes of convenience and refers to either sex who may be an Eligible Executive. Unless otherwise specified, all Section references herein are to this Plan. Any reference to a day or days herein refers to a calendar day or days unless otherwise stated.

7.5    This Plan shall not be funded. No Eligible Executive shall have any right to, or interest in, any assets of the Company (or any of its Affiliates) which may be applied by the Company (or any of its Affiliates) to the payment of benefits or other rights under this Plan. Nothing contained in this Plan, and no action taken pursuant to this Plan, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company (or any of its Affiliates) and any Eligible Executive or any other person. The rights of each Eligible Executive or each Eligible Executive’s estate to benefits under this Plan shall be solely those of an unsecured creditor of the Employer.

7.6    Any notice or other communication required or permitted pursuant to the terms hereof shall have been duly given when delivered or mailed by United States Mail, first class, postage prepaid, addressed to the intended recipient at his or its last known address.

7.7    This Plan shall be construed and enforced according to the laws of the State of New York, without reference to principles of conflicts of laws.

7.8    All benefits hereunder shall be reduced by applicable withholding and shall be subject to applicable tax reporting, as determined by the Plan Administrator.

7.9    Following the Separation Date, if and to the extent requested by the Board, each Eligible Executive, as applicable, agrees to (A) resign from the Board, and from all fiduciary positions (including, without limitation, as trustee) and all other offices and positions he holds with the Company and its Affiliates; provided, however, that if the Eligible Executive refuses to tender his resignation after the Board has made such request, then the Board will be empowered to tender the Eligible Executive’s resignation or remove the Eligible Executive from such offices and positions; and (B) assign back to the Company all stock or other equity securities of all Affiliates that he or she may own as a result of the Company issuing such stock or equity securities to the Eligible Executive as a nominee or Company-designee.

8.    SUCCESSORS; BINDING AGREEMENT.

8.1    Successors of the Company. The Company shall require any successor (and its parent, if applicable) who shall purchase all or substantially all of the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) to expressly assume and agree in writing to maintain this Plan in the same manner and to the same extent that the Company would be required to maintain it; provided that no such agreement shall be required if the successor (and its parent, if applicable) shall be or remain so obligated by operation of law. As used in this Section 8.1, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to maintain this Plan or which otherwise becomes bound by all the terms and provisions hereof by operation of law.
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8.2    Eligible Executive’s Heirs, etc. This Plan shall inure to the benefit of and be enforceable by each Eligible Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. If an Eligible Executive should die while any amounts or benefits would still be payable to the Eligible Executive hereunder as if the Eligible Executive had continued to live, all such amounts and benefits, unless otherwise provided herein, shall be paid or provided in accordance with the terms hereof to the Eligible Executive’s designee or, if there be no such designee, to the Eligible Executive’s estate. When a payment is due under this Plan to a severed Eligible Executive who is unable to care for his affairs, payment may be made directly to the Eligible Executive’s legal guardian or personal representative.

8.3    Non-Alienation. Except by will or intestacy as set forth in Section 8.2, no right, benefit or interest of any Eligible Executive hereunder, shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation, or set-off in respect of any claim, debt or obligation, or to execution, attachment, levy or similar process, or assignment by operation of law. Any attempt, voluntary or involuntary, to effect any action specified in the immediately preceding sentence shall, to the full extent permitted by law, be null, void and of no effect.

9.    SECTION 409A.

9.1    General. Payments and benefits under this Plan are intended to comply with Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance therewith.

9.2    Separation from Service. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, an Eligible Executive shall not be considered to have terminated employment with the Employer for purposes of this Plan and no payments shall be due to the Eligible Executive under this Plan until the Eligible Executive would be considered to have incurred a “separation from service” from the Employer within the meaning of Section 409A.

9.3    Delay for Specified Employees. Notwithstanding any provisions of this Plan to the contrary, if an Eligible Executive is a “specified employee” (within the meaning of Section 409A and determined pursuant to policies adopted by the Employer consistent with Section 409A) at the time of the Eligible Executive’s separation from service and if any portion of the payments or benefits to be received by the Eligible Executive upon separation from service would be considered deferred compensation under Section 409A and cannot be paid or provided to the Eligible Executive without his incurring taxes, interest or penalties under Section 409A, amounts that would otherwise be payable pursuant to this Plan and benefits that would otherwise be provided pursuant to this Plan, in each case, during the six-month period immediately following the Eligible Executive’s separation from service will instead be paid or made available on the earlier of (A) the first day of the seventh month after the date of the Eligible Executive’s separation from service and (B) the Eligible Executive’s death (the applicable date, the “Permissible Payment Date”).
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9.4    Separate Payments. Each payment under this Plan shall be considered a “separate payment” and not one of a series of payments for purposes of Section 409A.

10.    LEGAL FEES.

If any contest or dispute shall arise under or in connection with this Plan involving termination of an Eligible Executive’s employment while this Plan is in effect or involving the failure or refusal of the Employer or the Company to perform fully in accordance with the terms of this Plan, and the Eligible Executive prevails in such contest or dispute with respect to at least one material issue, then the Employer shall reimburse the Eligible Executive on a current basis for all reasonable legal fees and related expenses, if any, incurred by the Eligible Executive in connection with such contest or dispute, together with interest at a rate equal to the prime rate as reported in The Wall Street Journal on the day of the reimbursement, such interest to accrue thirty (30) days from the date the Employer receives the Eligible Executive’s statement for such fees and expenses through the date of payment thereof.
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EXHIBIT A
ELIGIBLE EXECUTIVES

Tier I Executives
Tier II Executives
Chief Executive Officer EVP, Chief Financial Officer EVP, General Counsel
EVP, Chief Revenue Officer, Enterprise EVP, Chief Revenue Officer, Commercial
EVP, Chief Marketing and Experience Officer
EVP, Chief People Officer



EXHIBIT B
FORM OF PARTICIPATION AGREEMENT
OUTFRONT MEDIA INC. PARTICIPATION AGREEMENT

This PARTICIPATION AGREEMENT (this “Agreement”) is entered into this      day of     , 201_ (the “Effective Date”) between OUTFRONT Media Inc., a Maryland corporation (the “Company”), and      (“Eligible Executive”).

WHEREAS, the Executive Sub-Committee of the Compensation Committee of the Board of Directors of the Company has approved and adopted an Executive Change in Control Severance Plan (the “Plan”), effective as of January 1, 2016;

WHEREAS, Eligible Executive’s participation in the Plan requires execution of this Agreement in order to receive benefits under the Plan; and

WHEREAS, Eligible Executive previously entered into an Employment Agreement with the Company (formerly known as, CBS Outdoor Americas Inc.), dated      ,      (the “Employment Agreement”), that provides severance benefits in connection with certain terminations of employment.
NOW THEREFORE, in consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and intending to be legally bound, Eligible Executive agrees as follows:

1.    Effective Date. This Agreement is effective on the date hereof and will continue in effect as provided herein. Capitalized terms used herein shall have the same meanings as those defined in the Plan.

2.    Participation in the Plan. The Company confirms that Eligible Executive has been designated by the Executive Sub-Committee of the Compensation Committee of the Board of Directors of the Company (the “Committee”) to participate in the Plan pursuant to the terms thereof, contingent on his execution of this Agreement.

3.    No Duplication of Payments or Benefits. Notwithstanding any provision of the Employment Agreement, Eligible Executive hereby acknowledges and agrees that, in the event a Qualifying Separation occurs during the Protection Period, the severance payments and benefits described under the Plan shall be in lieu of any severance payments or benefits provided under the Employment Agreement upon such termination of employment[; provided, however, that Eligible Executive shall be eligible to receive the following additional benefit(s): [List additional benefits]]

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4.    Restrictive Covenants. Eligible Executive hereby acknowledges and agrees that, in the event a Qualifying Separation occurs during the Protection Period, the Non-Competition
and No Solicitation provisions set forth in Section 5 of the Plan shall supersede any Non-Competition and No Solicitation provisions provided under the Employment Agreement.

5.    Eligible Executive Acceptance. Eligible Executive hereby accepts his participation in the Plan and acknowledges and agrees to the obligations imposed on Eligible Executive under the Plan.

6.    No Inducement. Eligible Executive agrees and acknowledges that no representations, promises or inducements have been made by the Company to induce Eligible Executive to enter into this Agreement other than as set forth herein.


[SIGNATURES ON FOLLOWING PAGE]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above.
OUTFRONT MEDIA INC.

By:_________________________________
Name:
Title:
[Eligible Executive]

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Exhibit 10.40

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 1st day of December, 2025, by and between OUTFRONT Media Inc. (“OUTFRONT”), having an address at 90 Park Avenue, New York, New York 10016, and Stacy Minero (“Executive”), having an address at 150 14th Street, Apt 401, Hoboken, NJ 07030.

W I T N E S S E T H:

WHEREAS, OUTFRONT desires for Executive to serve as Executive Vice President, Chief Marketing & Experience Officer of OUTFRONT, and Executive is willing to perform such services, upon the terms, provisions and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the promises and the mutual covenants hereinafter contained, it is agreed upon between OUTFRONT and Executive as follows:

1.    Employment Term.

(a)    OUTFRONT shall employ Executive, and Executive hereby accepts employment as OUTFRONT’s Executive Vice President, Chief Marketing & Experience Officer commencing December 1, 2025 (the “Effective Date”). Executive will be an at-will employee of OUTFRONT, and Executive or OUTFRONT may terminate Executive’s employment with OUTFRONT for any reason or no reason at any time with or without notice, unless otherwise set forth in paragraph 7 below. The period of Executive’s employment with the Company under this Agreement shall be referred to herein as the “Employment Term.”

(b)    The Employment Term shall end early upon the first to occur of any of the following events:

(i)    Executive’s death;

(ii)    OUTFRONT’s termination of Executive’s employment due to Executive’s disability (as defined in paragraph 7(c));

(iii)    OUTFRONT’s termination of Executive’s employment for Cause (as defined in paragraph 7(b));

(iv)    a Termination Without Cause (as defined in paragraph 7(d)(i));

(v)    a Termination for Good Reason (as defined in paragraph 7(d)(i)); or

(vi)    Executive’s resignation without Good Reason.

2.    Compensation. During the Employment Term:

(a)    OUTFRONT agrees to pay Executive, and Executive agrees to accept from OUTFRONT for Executive’s services hereunder, a base salary of five hundred dollars



($500,000) per annum. Base salary shall be payable, less applicable deductions and withholding taxes, in accordance with the regular payroll practices of OUTFRONT. During the Employment Term, Executive’s base salary shall be subject to the potential of increase (but not decrease) at OUTFRONT’s discretion in accordance with OUTFRONT’s compensation guidelines and practices.

(b)    OUTFRONT agrees that Executive shall be eligible to be considered for participation in OUTFRONT’s Executive Bonus Plan (the “EBP”), i.e., OUTFRONT’s current bonus plan, or any successor plans to the EBP. Executive shall have an annual bonus target (“Bonus Target”) equal to fifty percent (50%) of Executive’s base salary, which percentage shall not be decreased. Since the EBP is administered under procedures that are not subject to contractual arrangements, (and that are applied similarly to similarly situated senior executives of OUTFRONT), eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the EBP, if any, shall be determined on an annual basis at the sole discretion of the Board of Directors of OUTFRONT (the “Board”), or the appropriate committee of such Board.

(c)    OUTFRONT further agrees that Executive shall be eligible to be considered for participation in the OUTFRONT Media Inc. Omnibus Stock Incentive Plan, i.e., OUTFRONT’s current long-term incentive plan (the “LTIP”), or any successor plan to the LTIP, and shall be recommended for an annual grant with a Target Long-Term Incentive value equal to five hundred thousand dollars ($500,000) commencing with the 2026 annual grant. Since the LTIP is administered under procedures that are not subject to contractual arrangements (and that are applied similarly to similarly situated senior executives of OUTFRONT), eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the LTIP, if any, shall be determined on an annual basis at the sole discretion of the Board or the appropriate committee of such Board.

(d)    Subject to approval of the Board or appropriate committee of the Board, the terms of the LTIP and the terms of a separate award agreement, a one-time grant of restricted share units will be made to Executive within ten (10) business days of the Effective Date (the “RSUs”). The number of RSUs to be granted shall be determined by dividing the aggregate grant value of one hundred thousand dollars ($100,000) by the closing price of OUTFRONT’s common stock on the grant date. The RSUs shall vest ratably over a two-year period in equal installments on each of the first two anniversaries of the grant date, subject to Executive’s continued employment on each such vesting date.

(e)    A one-time cash bonus in the amount of fifty thousand dollars ($50,000) will be made to Executive within ten (10) business days of the Effective Date.

3.    Benefits. (a) During the Employment Term, Executive shall be eligible to participate in all plans now existing or hereafter adopted for the general benefit of OUTFRONT employees for the period of such plans’ existence, subject to the provisions of such plans as the same may be in effect from time to time unless otherwise prescribed. Executive shall also be eligible to participate in other OUTFRONT benefit plans in which participation is limited to OUTFRONT executives in positions comparable to or lesser than Executive’s position. Since plans in this
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latter category are administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation because the discretion of the Board or that of the appropriate committee of such Board, in granting participation, is absolute. To the extent Executive participates in any benefit plan, such participation shall be based upon Executive’s base salary, unless otherwise indicated in the plan document.

(b) Executive shall be eligible for four weeks of vacation each calendar year during the Employment Term.

4.    Position and Duties.

(a)    Executive agrees to devote all business time and attention to the affairs of OUTFRONT, except during vacation periods and reasonable periods of illness or other incapacity consistent with the practices of OUTFRONT for executives in comparable positions. Executive further agrees that Executive’s services shall be completely exclusive to OUTFRONT during the Employment Term and that Executive will fulfill all fiduciary duties and exhibit a duty of loyalty to OUTFRONT at all times. Executive also agrees to comply with all applicable OUTFRONT policies, as may be amended from time to time.

(b)    Anything herein to the contrary notwithstanding, Executive will be permitted to serve as a member of the board of directors or similar governing body of one public company, provided that such service is approved by the CEO, is consistent with the business practices and policies of OUTFRONT and does not materially interfere with the performance of Executive’s duties hereunder.

(c)    During the Employment Term, Executive shall report to the Chief Executive Officer of OUTFRONT.

5.    Employment Policies.

(a)    Executive acknowledges that Executive has been furnished a copy of OUTFRONT’s Code of Conduct (the “Code”). Executive represents and warrants that Executive has read and fully understands all of the requirements thereof, and that Executive is in full compliance with the terms of the Code. Executive further represents and warrants that at all times during the Employment Term, Executive shall perform Executive’s services hereunder in full compliance with the Code (and/or any OUTFRONT conduct statement as may apply from time to time), and with any revisions thereof or additions thereto.

(b)    Executive shall act at all times with due regard to public morals, conventions, and OUTFRONT policies. If Executive shall have committed or does commit any act, or if Executive shall have conducted or does conduct himself in a manner, which shall be an offense involving moral turpitude under federal, state or local laws, or which might tend to bring Executive to public disrepute, contempt, scandal or ridicule, or which might tend to reflect unfavorably upon OUTFRONT, OUTFRONT shall have the right to terminate this Agreement upon notice to
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Executive given at any time following the date on which the commission of such act, or such conduct, shall have become known to OUTFRONT.

6.    EEOC Acknowledgement. Executive acknowledges that OUTFRONT is an equal opportunity employer. Executive represents and warrants that Executive has read and fully understands the OUTFRONT Equal Employment Opportunity (“EEO”) policy and that Executive is in full compliance with the terms of the EEO policy. Executive further represents and warrants that Executive will comply with the EEO policy and with applicable Federal, state and local laws prohibiting discrimination on the basis of race, color, national origin, religion, sex, age, disability, alienage or citizenship status, sexual orientation, veteran’s status, gender identity or gender expression, marital status, height or weight, genetic information or any other characteristic protected by law or OUTFRONT policy during the Employment Term.

7.    Post-Employment Payments.

(a)    Death. In the event of Executive’s death during the Employment Term, base salary payments and all other compensation to be paid pursuant to this Agreement shall cease immediately and this Agreement shall terminate at the time of death; provided, however, that the estate of Executive shall receive (i) any base salary due and not yet paid through the date of Executive’s death, (ii) any accrued but unused vacation to which Executive was entitled, (iii) any bonus earned under the EBP for the calendar year prior to the calendar year in which Executive is terminated that remains unpaid as of the date of Executive’s death, (iv) reimbursement for any business expense incurred but not yet approved and/or paid as of the date of Executive’s death, and (v) such other amounts or benefits as are required to be paid or provided by law or in accordance with applicable plans, programs and other arrangements of OUTFRONT (items (i) through (v), collectively, the “Accrued Amounts”), and (vi) a prorated bonus for that portion of the year of such termination during which Executive actively rendered such services, paid in accordance with the EBP. The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable OUTFRONT executives. In addition, all outstanding equity awards granted to Executive in connection with Executive’s employment with OUTFRONT, shall accelerate and vest immediately on the date of death and be settled as soon as administratively feasible thereafter. The payments provided for in this paragraph 7(a) and paragraphs 7(b) through (f) below that have not been paid as of Executive’s death shall be made in a lump sum payment no later than February 28 of the calendar year following the calendar year of Executive’s death.

(b)    Termination for Cause.

(i)    If, during the Employment Term, OUTFRONT terminates the employment of Executive for Cause, which for purposes of this Agreement is defined as (A) fraud, misappropriation or embezzlement on the part of Executive, (B) Executive’s conviction of a felony or a misdemeanor involving fraud, perjury or moral turpitude, (C) Executive’s repeated willful failure to perform services hereunder, or (D) Executive’s material breach of the provisions of paragraphs 4, 5, 6, 8, 9, 10, 11, 12 or 13 hereof, except as provided below with respect to clauses (C) or (D) above (as it relates to paragraphs 4 and 5 only), then OUTFRONT shall immediately have the right to terminate this Agreement without further obligation of any
4


nature, including, but not limited to, the payment of cash compensation, the vesting of equity compensation, and/or the accrual of vacation time, except for the payment of vested benefits and/or allowing Executive to be eligible for medical and dental benefits as required by law.

OUTFRONT will give Executive written notice prior to terminating his employment pursuant to paragraphs 7(b)(i)(C) or 7(b)(i)(D) (as the latter relates to paragraphs 4 and 5 hereof), setting forth the nature of any alleged repeated willful failure or material breach in reasonable detail and the conduct required to cure, if any. Except for a repeated willful failure or material breach which, by its nature, OUTFRONT determines cannot reasonably be expected to be cured, Executive shall have ten (10) business days from the date on which OUTFRONT provides such notice within which to cure any repeated willful failure under clause (C) of this paragraph 7(b)(i) or material breach under clause (D) (relating to paragraphs 4 and 5 hereof) of this paragraph 7(b)(i); provided, however, that if OUTFRONT reasonably expects irreparable injury from a delay of ten (10) business days, OUTFRONT may give Executive notice of such shorter period within which to cure as is reasonable under the circumstances. If Executive cures the willful failure or material breach as provided for in the aforementioned notice thereof, then Cause shall not exist with respect to such willful failure or material breach. For purposes of this Agreement, no act, or failure to act, on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in, or not opposed to, the best interest of OUTFRONT.

(ii)    Notwithstanding the foregoing, Executive shall be entitled to receive any Accrued Amounts should Executive’s employment be terminated for Cause pursuant to this paragraph 7(b).

(c)    Disability.

(i)    If, while employed during the Employment Term, Executive becomes “disabled” within the meaning of such term under the short-term disability (“STD”) program in which OUTFRONT senior executives are eligible to participate (such condition is referred to as a “Disability” or being “Disabled”), Executive will be considered to have experienced a termination of employment with OUTFRONT as of the date Executive first becomes eligible to receive benefits under any long-term disability (“LTD”) program in which OUTFRONT senior executives are eligible to participate or, if Executive does not become eligible to receive benefits under such OUTFRONT LTD program, Executive has not returned to work by the six (6) month anniversary of his Disability onset date. Except as provided in this paragraph 7(c), if Executive becomes Disabled while employed during the Employment Term, Executive will exclusively receive compensation under the STD program in accordance with its terms and, thereafter, under the LTD program in accordance with its terms, provided Executive is eligible to receive LTD program benefits.

(ii)    Notwithstanding the foregoing, if Executive has not returned to work by December 31st of a calendar year during the Employment Term, Executive will receive bonus compensation for the calendar year(s) during the Employment Term in which Executive receives compensation under the STD program, determined as follows:
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(A)    for the portion of the calendar year from January 1st until the date on which Executive first receives compensation under the STD program, bonus compensation shall be determined in accordance with the EBP (i.e., based upon achievement of company performance goals and the Compensation Committee’s good faith estimate of Executive’s achievement of his personal goals) and prorated for such period; and

(B)    for any subsequent portion of that calendar year and any portion of the following calendar year in which Executive receives compensation under the STD program, bonus compensation shall be in an amount equal to his target bonus and prorated for such period(s).
Bonus compensation under this paragraph 7(c)(ii) shall be paid, less applicable deductions and withholding taxes, between January 1st and February 28th of the calendar year following the calendar year to which such bonus compensation relates. Executive will not receive bonus compensation for any portion of the calendar year(s) during the Employment Term while Executive receives benefits under the LTD program. For the periods that Executive receives compensation and benefits under the STD and LTD programs, such compensation and benefits and the bonus compensation provided under this paragraph 7(c)(ii) are in lieu of salary and bonus under paragraphs 2(a) and (b).

(iii)    Further, subject to the release requirement in paragraph 20, if Executive’s employment is terminated due to his “Permanent Disability” (as defined in the then current LTIP), all outstanding equity awards granted to Executive in connection with Executive’s employment with OUTFRONT shall accelerate and vest immediately on the date of such termination of employment and be settled as soon as administratively feasible (no later than ten (10) business days thereafter).

(iv)    Notwithstanding the foregoing, Executive shall be entitled to receive any Accrued Amounts should Executive’s employment be terminated due to his Disability pursuant to this paragraph 7(c).

(d)    Termination Without Cause or for Good Reason.

(i)    OUTFRONT may terminate Executive’s employment under this Agreement without Cause at any time during the Employment Term by providing written notice of termination to Executive in accordance with paragraph1(a) (a “Termination Without Cause”). In addition, Executive may terminate Executive’s employment under this Agreement for Good Reason at any time during the Employment Term by written notice of termination to OUTFRONT given no more than sixty (60) days after Executive first learns of the event constituting Good Reason (a “Termination for Good Reason”). Such notice shall state an effective termination date that is not earlier than thirty (30) days and not later than sixty (60) days after the date it is given to OUTFRONT, provided that OUTFRONT may set an earlier effective date for Executive’s termination at any time after receipt of Executive’s notice. For purposes of this Agreement (and any other agreement that expressly incorporates the definition of Good Reason hereunder), “Good Reason” shall mean the occurrence of any of the following without Executive’s consent (other than in connection with the termination or suspension of Executive’s employment or
6


duties for Cause or in connection with Executive’s physical and mental incapacity): (A) a material reduction in Executive’s base salary or Bonus Target percentage in effect prior to such reduction; (B) a material reduction in Executive’s positions, titles, authorities, duties or responsibilities from those in effect immediately prior to such reduction; (C) the assignment to Executive of duties or responsibilities that are inconsistent with Executive’s authorities, duties or responsibilities as they shall exist on the Effective Date or that impair Executive’s ability to function as Executive Vice President, Chief Revenue Officer Enterprise of OUTFRONT; (D) the material breach by OUTFRONT of any of its obligations under this Agreement or any other agreement between it and Executive; (E) the requirement that Executive relocate more than a 50 mile radius outside the Borough of Manhattan; or (F) a change in the person to whom Executive reports to someone who is not a senior executive officer of OUTFRONT. OUTFRONT shall have thirty (30) days from the receipt of Executive’s notice within which to cure such event and in the event of such cure Executive’s notice shall be of no further force or effect. If no cure is effected, Executive’s termination will be effective as of the date specified in Executive’s written notice to OUTFRONT or such earlier effective date set by OUTFRONT following receipt of Executive’s notice.

(ii)    If, during the Employment Term, a Termination Without Cause or a Termination for Good Reason occurs, then Executive shall be entitled to receive the Accrued Amounts and the following other payments and benefits provided by this paragraph 7(d)(ii) (collectively, the “Severance Benefits”), provided that Executive executes and does not revoke such execution of a Separation Agreement and General Release (the “Release”) which shall be provided by the Company to Executive in connection with any such Termination Without Cause or Termination for Good Reason:

(A)    a severance payment equal to the sum of twelve (12) months of Executive’s then current base salary in effect at the time of termination (the “Severance Payment”), payable ratably in equal installments in accordance with OUTFRONT’s then effective payroll practices, over a twelve (12) month period beginning on the regular payroll date next following Executive’s execution and non-revocation of the Release. Executive shall not be required to mitigate the amount of the Severance Payment or other Severance Benefits by seeking other employment.

(B)    a prorated bonus for that portion of the year of such termination during which Executive actively rendered services, paid in accordance with the EBP (the “Pro-Rata Bonus”). The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable OUTFRONT executives, and such bonus, if any, less applicable deductions and withholding taxes, shall be payable by March 15 of the calendar year following the calendar year in which the termination occurs in accordance with EBP guidelines;

(C)    to the extent that the Termination Without Cause or Termination for Good Reason is considered a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder (“Section 409A”), and which results in the Executive’s loss of eligibility for medical and/or dental benefits under OUTFRONT’s then effective benefit plans and Executive elects to
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continue Executive’s coverage under such plans pursuant to the Consolidated Omnibus Budget Reconciliation Act, 29 U.S.C. section 1161 et seq. (“COBRA”) and any applicable state law pursuant to the terms thereof, then OUTFRONT will provide Executive’s coverage at the active employee cost for a time period up to twelve (12) months (assuming Executive does not become covered under another group plan sooner). The amount OUTFRONT will pay for continued medical and/or dental COBRA coverage following pursuant to this paragraph 7(d)(ii)(C), if any, will be treated as taxable income to the extent required by law and will be reported on a Form W-2, and OUTFRONT may withhold taxes from Executive’s compensation for this purpose. The parties agree that, consistent with the provisions of Section 409A, the following in-kind benefit rules shall also apply: (x) the amount of in-kind benefits paid during a calendar year will not affect the in-kind benefits in any other calendar year; and (y) Executive’s right to in-kind benefits is not subject to liquidation or exchange for another benefit; and

(D)    all outstanding equity awards granted to Executive on or after the Effective Date in connection with Executive’s employment with OUTFRONT that would otherwise vest on or before the end of the twelve (12) month period following the date of Executive’s Termination Without Cause or Termination for Good Reason shall accelerate and vest immediately on the date of Executive’s termination of employment and be settled as soon as administratively feasible (but no later than ten (10) business days thereafter); provided, however, that with respect to awards that remain subject to performance-based vesting conditions on Executive’s termination date, such awards shall vest if and to the extent the Compensation Committee of the Board certifies that a level of the performance goal relating to such awards have been met, or, if later, the effective date of the Release, and shall be settled within ten (10) business days thereafter.

(iii)    The Severance Benefits are expressly conditioned upon Executive’s execution and non-revocation of the Release. The Severance Benefits are in lieu of any other severance payments or protections under any plan that may now or hereafter exist and shall be the sole and exclusive compensation payable in the event of a Termination Without Cause or a Termination for Good Reason. For the avoidance of doubt, following Executive’s Termination Without Cause or Termination for Good Reason, OUTFRONT shall have no further obligation to Executive of any nature, including, but not limited to, the payment of cash compensation, the vesting of equity compensation, and/or the accrual of vacation time, except for the Accrued Amounts and the Severance Benefits. Notwithstanding the foregoing, Executive shall be entitled to receive any base salary due and not yet paid and any accrued but unused vacation should Executive’s employment be terminated pursuant to this paragraph 7(d), and in the event of Executive’s death after termination pursuant to this paragraph 7(d), Executive’s estate shall receive any severance payment due and not yet paid through the date of Executive’s death. Nothing herein shall obligate OUTFRONT to utilize Executive’s services. If the employment of Executive is terminated by OUTFRONT for Cause or by reason of Executive’s Disability or death or resignation without Good Reason, this paragraph 7(d) shall not be applicable.

(iv)    Each payment under this paragraph 7(d) shall be considered a separate payment and not one of a series of payments for purposes of Section 409A. Any payment under this paragraph 7(d) that is not made during the period following Executive’s Termination Without Cause or Termination for Good Reason because Executive has not executed or has
8


executed and then revoked the Release shall be paid to Executive in a single lump sum on the first payroll date following Executive’s execution and non-revocation of the Release Notwithstanding the foregoing, in the event that Executive is a “specified employee” (within the meaning of Section 409A and as determined pursuant to procedures adopted by OUTFRONT) and has actually, or is deemed to have, incurred a “separation from service” within the meaning of Section 409A (a “409A Termination”) and if any portion of Executive’s base salary or Pro-Rata Bonus that would be paid to the Executive (for Termination Without Cause or Termination for Good Reason) during the six-month period following such 409A Termination constitutes deferred compensation (within the meaning of Section 409A), such portion shall be paid to Executive, to the extent required to comply with Section 409A only, on the earlier of (A) the first business day of the seventh month following the month in which Executive’s 409A Termination occurs or (B) Executive’s death (the applicable date, the “Permissible Payment Date”) rather than as described in the prior sentence, and remaining payments of base salary and/or Pro-Rata Bonus, if any, shall be paid to Executive or to Executive’s estate, as applicable, by payment of Executive’s base salary on regular payroll dates commencing with the payroll date that follows the Permissible Payment Date and by payment of any Pro-Rata Bonus on the first payroll date that follows the Permissible Payment Date. Notwithstanding the foregoing, the limitations under the preceding sentence shall not apply to that portion of any amounts payable upon termination of employment which shall qualify as “involuntary severance” under Section 409A.

(e)    Resignation Without Good Reason. If, during the Employment Term, Executive resigns without Good Reason, Executive shall only be entitled to receive any Accrued Amounts.

(f)    Resignation from Positions. If Executive’s employment with OUTFRONT terminates for any reason, then, unless otherwise determined by the Executive Vice President, General Counsel and Corporate Secretary of OUTFRONT, Executive shall automatically be deemed to have resigned at that time from any and all officer or director positions that Executive may have held with OUTFRONT or any of OUTFRONT’s affiliated companies and all board seats or other positions in other entities Executive held on behalf of OUTFRONT, including any fiduciary positions (including as a trustee) Executive holds with respect to any employee benefit plans or trusts established by OUTFRONT. Executive agrees that this Agreement shall serve as written notice of resignation in this circumstance. If, however, for any reason this paragraph 7(f) is deemed insufficient to effectuate such resignation, Executive agrees to execute, upon the request of OUTFRONT or any of its affiliated companies, any documents or instruments which OUTFRONT may deem necessary or desirable to effectuate such resignation or resignations, and Executive hereby authorizes the Secretary and any Assistant Secretary of OUTFRONT or any of OUTFRONT’s affiliated companies to execute any such documents or instruments as Executive’s attorney-in-fact.

8.    Discoveries and Inventions. OUTFRONT shall own all right, title and interest for the maximum time period available under applicable law to the results of Executive’s services and all artistic materials and intellectual properties which are, in whole or in part, created, developed or produced by Executive during the Employment Term and which are suggested by or related to Executive’s employment hereunder or any activities to which Executive is assigned, and Executive shall not have or claim to have any right, title or interest therein of any kind or nature. Executive hereby undertakes and covenants to do all such further acts and execute all such
9


further assignments, documents and instruments (including, without limitation, patent and copyright registrations and applications) as OUTFRONT may from time to time require or request to effectuate this paragraph 8, and in the event Executive fails to do so within fifteen (15) days of receiving written notice from OUTFRONT requesting the same, Executive hereby appoints OUTFRONT to execute such documents and instruments in its name and on its behalf as its duly authorized attorney and this appointment shall be deemed to be a power coupled with an interest and shall be irrevocable.

9.    Non-Disparagement. Executive agrees that, during the Employment Term and for one (1) year thereafter, Executive shall not, in any communications with the press or other media or any customer, client or supplier of OUTFRONT, or any of OUTFRONT’s affiliated companies, criticize, ridicule or make any statement which disparages or is derogatory of OUTFRONT or any of OUTFRONT’s affiliated companies or any of their respective directors, officers or employees. OUTFRONT agrees that during the Employment Term and for a period of one (1) year thereafter, OUTFRONT shall not, in any communications with the press or other media or any customer, client, supplier of OUTFRONT, or any of OUTFRONT’s affiliated companies, criticize, ridicule or make any statement which disparages or is derogatory of Executive; provided that OUTFRONT’s obligations shall be limited to communications by its senior corporate executives having the rank of Senior Vice President or above (“Specified Executives”), and it is agreed and understood that any such communication by any Specified Executive (or by any executive at the behest of a Specified Executive) shall be deemed to be a breach of this paragraph 9 by OUTFRONT. Notwithstanding the foregoing, neither Executive nor OUTFRONT shall be prohibited from making truthful statements either required by law or in connection with any arbitration proceeding described in paragraph 16 hereof concerning a dispute relating to this Agreement.

10.    Non-Solicitation. Executive agrees that, during the Employment Term and for one
(1) year thereafter, Executive shall not, directly or indirectly: (i) employ or solicit the employment of any person who is then or has been within six (6) months prior thereto, an employee of OUTFRONT or any of OUTFRONT’s affiliated companies; or (ii) do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts) of OUTFRONT or any of OUTFRONT’s affiliated companies with any customer, employee, consultant or supplier. Should OUTFRONT have reason to believe Executive is violating the terms of this paragraph 10, OUTFRONT may contact any individual(s) necessary to (a) determine the existence of a violation and (b) enforce this paragraph 10, without being deemed to have violated the confidentiality terms of any written agreement between Executive and OUTFRONT.

11.    Non-Competition. Subject to paragraph 4(b), Executive agrees that Executive’s employment with OUTFRONT is on an exclusive basis and that, while Executive is employed by OUTFRONT, Executive will not engage in any other business activity which is in conflict with Executive’s duties and obligations (including Executive’s commitment of time) under this Agreement. Executive agrees that, during the Non-Compete Period (as defined below), Executive shall not directly or indirectly engage in or participate as an owner, partner, member, stockholder, officer, employee, director, agent of or consultant for any business competitive with
10


any business of OUTFRONT, without the written consent of OUTFRONT; provided, however, that this provision shall not prevent Executive from investing as less than a one (1%) percent stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system. The Non-Compete Period shall cover the entire Employment Term; provided, however, that, if Executive’s employment terminates on or before the then scheduled end of the Employment Term, the Non-Compete Period shall terminate on the date that is twelve (12) months after the date on which Executive’s employment is terminated pursuant to paragraph 7(b), 7(d) or 7(e) (which date may occur after expiration of the scheduled Employment Term, depending on the Executive’s termination date). For purposes of this paragraph 11, “Cause” has the meaning provided in paragraph 7(b)(i). Notwithstanding any other provision hereof, your obligations under this paragraph 11 shall cease if: (a) OUTFRONT terminates Executive’s employment without Cause or Executive terminates Executive’s employment for Good Reason, (b) Executive provides OUTFRONT a written notice indicating Executive desires to waive Executive’s right to receive, or to continue to receive, Severance Benefits; and (c) OUTFRONT notifies Executive that it has, in its discretion, accepted Executive’s request.

12.    Confidentiality. Executive agrees that during Executive’s employment hereunder and at any time thereafter, (a) Executive shall not use for any purpose or disclose to any third party, other than in connection with the duly authorized business of OUTFRONT, any information relating to OUTFRONT or any of its affiliated companies which is proprietary to OUTFRONT or any of OUTFRONT’s affiliated companies (“Confidential Information”), including any trade secret or any written (including in any electronic form) or oral communication incorporating Confidential Information in any way (except as may be required by law or in the performance of Executive’s duties under this Agreement consistent with OUTFRONT’s policies); and (b) Executive will comply with any and all confidentiality obligations of OUTFRONT to a third party, whether arising under a written agreement or otherwise. Information shall not be deemed Confidential Information which (i) is or becomes generally available to the public other than as a result of a disclosure by Executive or at Executive’s direction or by any other person who directly or indirectly receives such information from Executive, each, in violation of Executive’s obligations to OUTFRONT, or (ii) is or becomes available to Executive on a non-confidential basis from a source which is entitled to disclose it to Executive.

13.    Cooperation. (a) Executive agrees that during the Employment Term and for one (1) year thereafter and, if longer, during the pendency of any then-pending litigation or other proceeding,
(i) Executive shall not communicate with anyone (other than Executive’s own attorneys and tax advisors), except to the extent necessary in the performance of Executive’s duties under this Agreement or as required by law, with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving OUTFRONT or any of OUTFRONT’s affiliated companies, other than any litigation or other proceeding in which Executive is a party-in-opposition, without giving prior notice to OUTFRONT, as applicable, or its counsel; and (ii) in the event that any other party attempts to obtain information or documents from Executive with respect to such matters, either through formal legal process such as a subpoena or by informal means such as interviews, Executive shall promptly notify OUTFRONT or its counsel before providing any information or documents, to the extent permitted by applicable law.
11



(b)    Executive agrees to cooperate with OUTFRONT and its attorneys, both during and after the termination of Executive’s employment, in connection with any litigation or other proceeding arising out of or relating to matters in which Executive was involved prior to the termination of Executive’s employment. Executive’s cooperation shall include, without limitation, providing assistance to OUTFRONT’s counsel, experts or consultants, and providing truthful testimony in pretrial and trial or hearing proceedings and any travel related to Executive’s attendance at such proceedings. In the event that Executive’s cooperation is requested after the termination of Executive’s employment, OUTFRONT will (i) seek to minimize interruptions to Executive’s schedule to the extent consistent with its interests in the matter; and (ii) reimburse Executive for all reasonable and appropriate out-of-pocket expenses in a manner consistent with OUTFRONT policy, but in no event later than December 31 of the year following the year in which Executive incurs the related expenses.

(c)    Executive agrees that Executive will not testify voluntarily in any lawsuit or other proceeding brought by a third-party which directly or indirectly involves OUTFRONT or any of its affiliated companies, or which may create the impression that such testimony is endorsed or approved by OUTFRONT or any of its affiliated companies, without advance notice (including the general nature of the testimony) to and, if such testimony is without subpoena or other compulsory legal process the approval of, OUTFRONT’s general counsel.

(d)    Notwithstanding the foregoing, this Agreement shall not preclude Executive from participating in any governmental investigation of OUTFRONT, and Executive is not obligated under this Agreement to provide any notice to OUTFRONT regarding Executive’s participation in any governmental investigation of OUTFRONT.

14.    Relief. OUTFRONT has entered into this Agreement to obtain the benefit of Executive’s unique skills, talent, and experience. Executive acknowledges and agrees that any violation of paragraphs 4 through 6 or 8 through 13 of this Agreement will result in irreparable damage to OUTFRONT, and, accordingly, OUTFRONT may obtain injunctive and other equitable relief for any breach or threatened breach of such paragraphs, in addition to any other remedies available to OUTFRONT, and Executive hereby consents and agrees to exclusive personal jurisdiction in any state or federal court located in the City of New York, Borough of Manhattan.

15.    Indemnification. OUTFRONT agrees that if Executive is made a party to, threatened to be made a party to, receives any legal process in, or receives any discovery request or request for information in connection with, any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a director, officer, employee, consultant or agent of OUTFRONT, or is or was serving at the written request of, or on behalf of, OUTFRONT as a director, officer, member, employee, consultant or agent of another corporation, limited liability corporation, partnership, joint venture, trust or other entity, whether or not the basis of such Proceeding is Executive’s alleged action in an official capacity while serving as a director, officer, member, employee, consultant or agent of OUTFRONT or other entity, Executive shall be indemnified and held harmless by OUTFRONT to the fullest extent permitted or authorized by OUTFRONT’s certificate of incorporation or by-laws or, if greater, by applicable law, against any and all costs, expenses,
12


liabilities and losses (including, without limitation, attorneys’ fees reasonably incurred, judgments, fines, taxes or penalties and amounts paid or to be paid in settlement and any reasonable cost and fees incurred in enforcing Executive’s rights to indemnification or contribution) incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even though Executive has ceased to be a director, officer, member, employee, consultant or agent of OUTFRONT or other entity and shall inure to the benefit of Executive’s heirs, executors and administrators. OUTFRONT shall be responsible for reimbursing Executive for all costs and expenses (including, without limitation, reasonable attorneys’ fees) incurred by Executive in connection with any Proceeding within twenty (20) business days after receipt by OUTFRONT of a written request for such reimbursement and appropriate documentation associated with these expenses. Such request shall include an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that Executive is not entitled to be indemnified against such costs and expenses. Furthermore, with respect to Executive’s acts or failures to act during the Employment Term in Executive’s capacity as a director, officer, employee or agent of OUTFRONT, Executive shall be entitled to liability insurance coverage to the same extent as OUTFRONT’s other similarly situated senior executives subject to the exclusions and limitations set forth in the policy for such coverage.

16.    Arbitration. Except as provided in paragraph 14 of this Agreement, if any disagreement or dispute whatsoever shall arise between the parties concerning this Agreement (including the documents referenced herein) or Executive’s employment with OUTFRONT (a “Matter In Dispute”), the parties hereto agree that such Matter In Dispute shall be privately arbitrated rather than contested in a court of law before a judge or jury. Any and all Matters In Dispute must be brought in the parties’ individual capacities, and not as a plaintiff or class member in any purported class or representative proceeding. Thus, by agreeing to the terms of this agreement, Executive is hereby waiving any right Executive might otherwise have to litigate a Matter In Dispute as a class or representative proceeding. Any and all Matters In Dispute shall be submitted to arbitration before JAMS Employment Practice, and a neutral arbitrator will be selected in a manner consistent with JAMS Employment Arbitration Rules (“Rules”). Such arbitration shall be confidential and private and conducted in accordance with the Rules. Any such arbitration proceeding shall take place in New York City before a single arbitrator (rather than a panel of arbitrators). The parties agree that the arbitrator shall have no authority to award any punitive or exemplary damages and waive, to the full extent permitted by law, any right to recover such damages in such arbitration. Each party shall bear its respective costs (including attorneys’ fees, and there shall be no award of attorneys’ fees). Judgment upon the final award rendered by such arbitrator may be entered in any court having jurisdiction thereof.

17.    Acknowledgements. Executive represents and warrants:

(a)    that Executive has capacity to enter into this Agreement,

(b)    that Executive has entered into this Agreement voluntarily and with a full understanding of its terms; and

13


(c)    that Executive is not subject to restrictive covenants or other contractual limitations with any other employer, company, entity or person that would by breached by Executive becoming a party to this Agreement.

18.    Complete Agreement; Governing Law; Successors and Assigns. This Agreement contains the entire understanding of the parties with respect to the subject matter thereof, supersedes any and all prior agreements of the parties with respect to the subject matter thereof, and cannot be changed or extended except by a writing signed by both parties hereto. This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, executors, heirs, administrators, successors and assigns; provided, however, that neither Executive nor OUTFRONT shall have no right to assign this Agreement or delegate Executive’s/its obligations hereunder, except that OUTFRONT may assign this Agreement to any majority owned subsidiary of or successor in interest to OUTFRONT. This Agreement and all matters and issues collateral thereto shall be governed by the laws of the State of New York applicable to contracts entered into and performed entirely within the State of New York, with respect to the determination of any claim, dispute or disagreement, which may arise out of the interpretation, performance or breach of this Agreement. If any provision of this Agreement, as applied to either party or to any circumstance, shall be adjudged by a court or duly appointed arbitrator to be void or unenforceable, the same shall in no way affect any other provision of this Agreement or the validity or enforceability thereof.

19.    Section 409A. To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section 409A. This Agreement shall be construed in a manner to give effect to such intention. In no event whatsoever (including, but not limited to, as a result of this paragraph 19 or otherwise) shall OUTFRONT be liable for any tax, interest or penalties that may be imposed on Executive (or Executive’s beneficiaries, successors or representatives) under Section 409A. Neither OUTFRONT or any of OUTFRONT’s affiliates shall have any obligation to indemnify or otherwise hold Executive harmless from any or all such taxes, interest or penalties, or liability for any damages related thereto. Executive acknowledges that Executive has been advised to obtain independent legal, tax or other counsel in connection with Section 409A.

20.    Notices. All notices or other communications hereunder shall be given in writing and shall be deemed given if served personally or mailed by registered or certified mail, return receipt requested, to the parties at their addresses above indicated.

21.    Counterparts. This Agreement may be executed in one or more counterparts, including by facsimile, and all of the counterparts shall constitute one fully executed agreement. The signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.

22.    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law, such invalidity or unenforceability shall not affect any other provision, but this Agreement shall be
14


reformed, construed and enforced as if such invalid or unenforceable provision had never been contained herein.

23.    Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Executive, OUTFRONT and their respective heirs, executors, personal representatives, successors and assigns, except that neither party may assign any rights or delegate any obligations hereunder without the prior written consent of the other party. Executive hereby consents to the assignment by OUTFRONT of all of its rights and obligations hereunder to any successor to OUTFRONT by merger or consolidation or purchase of all or substantially all of OUTFRONT’s assets, provided such transferee or successor assumes the liabilities of OUTFRONT hereunder.
[SIGNATURES ON THE FOLLOWING PAGE]
15

image_2a.jpg


IN WITNESS WHEREOF, the parties have executed this Agreement as of December 1,
2025.


OUTFRONT Media Inc.
By/s/ Laurie Rosenfield
Laurie Rosenfield
Executive Vice President, Chief People Officer
By/s/ Stacy Minero
Stacy Minero


16


Exhibit 21.1

Subsidiaries of Registrant

DOMESTIC
Subsidiary Name
Jurisdiction of Organization
Anastasia Advertising Art, Inc.
Florida
Atlantic Prospect, Inc.
New York
Bustop Shelters of Nevada, Inc.
Nevada
Century Prince Street, Inc.
New York
Design-Graphics Inc.
Florida
Fuel Outdoor LLC
New York
Fuel Outdoor Holdings LLC
Delaware
Fuel Outdoor San Francisco LLC
Delaware
Metro Fuel LLC
Delaware
Millennium Billboards L.L.C.
New York
Mizey Realty Co., Inc.
New York
Motion Picture Promotions, LLC
New York
New York Subways Advertising Co., Inc.
Arizona
Outdoor Inc.
Maryland
Outdoor Management Network, Inc.
California
Outdoor Systems Americas 2 (Delaware), LLC
Delaware
Outdoor Systems Americas 3 (Delaware), LLC
Delaware
Outdoor Systems Electrical Corp.
New York
Outfront/Branded Cities Chicago – Cook County, LLC
Delaware
Outfront Foster Interstate LLC
Delaware
Outfront Foster Interstate Oakland LLC
Delaware
Outfront Media Boston LLC
New York
Outfront Media Bus Advertising LLC
New York
Outfront Media Capital Corporation
Delaware
Outfront Media Capital LLC
Delaware
Outfront Media Chicago LLC
New York
Outfront Media Citylites LLC
New York
OUTFRONT Media Downtown Advertising LLC
New York
Outfront Media Electrical & Maintenance LLC
New York
Outfront Media Group LLC
Delaware
Outfront Media Kiosk Advertising LLC
New York
Outfront Media L.A. Inc.
Delaware
Outfront Media LLC
Delaware
Outfront Media Miami LLC
Delaware



Subsidiary Name
Jurisdiction of Organization
Outfront Media Miami Holdings LLC
New York
Outfront Media Minnesota LLC
New York
Outfront Media NY LLC
Delaware
Outfront Media Outernet Inc.
Delaware
Outfront Media Receivables LLC
Delaware
Outfront Media Receivables TRS, LLC
Delaware
Outfront Media San Francisco LLC
New York
Outfront Media Sign Erectors LLC
New York
Outfront Media Texas Inc.
Texas
Outfront Media Transportation Advertising LLC
New York
Outfront Media VW Communications LLC
New York
Outfront Media Wall to Wall LLC
Delaware
Raven Media LLC
Delaware
Salm Enterprises, Inc.
California
SDI Raven LLC
Delaware
TDI Northwest, Inc.
Washington
Transportation Displays Inc.
Delaware
Wilson-Curtis, Inc.
Missouri




FOREIGN
Subsidiary Name
Jurisdiction of Organization
Advertising Systems HoldCo C.V.
The Netherlands
Outdoor Systems Americas Holdco Sub Coöperatief U.A.
The Netherlands




Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (Nos. 333-285473 and 33-272203) and S-8 (Nos. 333-286904, 333-272458, 333-232054, 333-195598, and 333-195596) of OUTFRONT Media Inc. of our report dated February 26, 2026, relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

PricewaterhouseCoopers LLP
New York, New York
February 26, 2026



Exhibit 31.1
CERTIFICATION
I, Nicolas Brien, certify that:

1.I have reviewed this Annual Report on Form 10-K of OUTFRONT Media Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2026
By:
/s/ Nicolas Brien
Name:
Nicolas Brien
Title:
Chief Executive Officer

Exhibit 31.2
CERTIFICATION
I, Matthew Siegel, certify that:

1.I have reviewed this Annual Report on Form 10-K of OUTFRONT Media Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2026
By:
/s/ Matthew Siegel
Name:
Matthew Siegel
Title:
Executive Vice President and
Chief Financial Officer

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Annual Report of OUTFRONT Media Inc. (the “Company”) on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nicolas Brien, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2026
By:
/s/ Nicolas Brien
Name:
Nicolas Brien
Title:
Chief Executive Officer





Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Annual Report of OUTFRONT Media Inc. (the “Company”) on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Siegel, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2026
By:
/s/ Matthew Siegel
Name:
Matthew Siegel
Title:
Executive Vice President and
Chief Financial Officer



v3.25.4
Cover Page - USD ($)
$ in Billions
12 Months Ended
Dec. 31, 2025
Feb. 25, 2026
Jun. 30, 2025
Cover [Abstract]      
Entity Central Index Key 0001579877    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Amendment Flag false    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-36367    
Entity Registrant Name OUTFRONT Media Inc.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 46-4494703    
Entity Address, Address Line One 90 Park Avenue, 9th Floor    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10016    
City Area Code 212    
Local Phone Number 297-6400    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol OUT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Attestation true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 2.7
Entity Common Stock, Shares Outstanding   176,050,169  
Documents Incorporated by Reference
Portions of the registrant's Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference into Part III of this Annual Report on Form 10-K where indicated. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2025.
   

v3.25.4
Audit Information
12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238

v3.25.4
Consolidated Statements of Financial Position - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 99.9 $ 46.9
Receivables, less allowances of $23.2 in 2025 and $20.6 in 2024 365.7 305.3
Prepaid lease and transit franchise costs 5.1 4.0
Other prepaid expenses 21.9 17.8
Other current assets 11.1 11.8
Total current assets 503.7 385.8
Noncurrent assets:    
Property and equipment, net 643.8 648.9
Goodwill 2,006.4 2,006.4
Intangible assets 612.0 652.0
Operating lease assets 1,521.5 1,503.8
Other assets 24.2 18.3
Total assets 5,311.6 5,215.2
Current liabilities:    
Accounts payable 50.2 51.4
Accrued compensation 72.3 56.7
Accrued interest 35.1 34.5
Accrued lease and franchise costs 72.2 82.8
Other accrued expenses 55.5 54.3
Deferred revenues 57.7 42.8
Short-term debt 0.0 10.0
Short-term operating lease liabilities 172.9 168.7
Other current liabilities 29.4 19.6
Total current liabilities 545.3 520.8
Noncurrent liabilities:    
Long-term debt, net 2,583.4 2,482.5
Asset retirement obligation 34.0 33.9
Operating lease liabilities 1,374.7 1,351.8
Other liabilities 40.3 42.2
Total liabilities 4,577.7 4,431.2
Commitments and contingencies
Redeemable noncontrolling interests 22.0 13.6
Preferred stock (2025 - 50.0 shares authorized, and no shares of Series A Preferred Stock issued and outstanding; 2024 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding) 0.0 119.8
Stockholders' equity:    
Common stock (2025 - 450.0 shares authorized, and 175.2 shares issued and outstanding; 2024 - 450.0 shares authorized, and 166.0 shares issued or outstanding) 1.8 1.7
Additional paid-in capital 2,619.3 2,493.6
Distribution in excess of earnings (1,910.8) (1,846.2)
Net amount recognized in accumulated other comprehensive income 0.1 (0.1)
Total stockholders’ equity 710.4 649.0
Noncontrolling interests 1.5 1.6
Total liabilities and equity $ 5,311.6 $ 5,215.2

v3.25.4
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 23.2 $ 20.6
Preferred stock authorized (shares) 50,000,000 50,000,000.0
Series A Preferred Stock issued (shares) 0 100,000
Series A Preferred Stock outstanding (shares) 0 100,000
Common stock authorized (shares) 450,000,000 450,000,000.0
Common stock issued (shares) 175,177,242 166,000,000.0
Common stock outstanding (shares) 175,177,242 166,000,000.0

v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 1,831.7 $ 1,830.9 $ 1,820.6
Expenses:      
Operating 918.5 949.0 963.1
Selling, general and administrative [1] 441.7 447.9 429.7
Restructuring charges 20.1 [2] 0.0 0.0
Net (gain) loss on dispositions (2.3) (160.9) (14.2)
Impairment charges 0.0 17.9 534.7
Depreciation 90.6 79.5 79.3
Amortization 69.6 72.0 81.2
Total expenses 1,538.2 1,405.4 2,073.8
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 0.0 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 0.0 0.5 0.7
Net income (loss) attributable to OUTFRONT Media Inc. $ 147.0 $ 258.2 $ (425.2)
Net income (loss) per common share:      
Basic ($ per share) $ 0.83 $ 1.54 $ (2.70)
Diluted ($ per share) $ 0.82 $ 1.51 $ (2.70)
Weighted average shares outstanding:      
Basic (shares) 167.8 161.9 161.0
Diluted (shares) [3],[4] 169.2 170.8 161.0
[1] Selling, general and administrative expenses includes, but is not limited to, compensation and benefits, including commissions, professional fees, office rent and travel and entertainment.
[2] 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.
[3] The potential impact of 7.8 million shares of our common stock issuable upon conversion of our Series A Preferred Stock in 2023 was antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock (see Note 11. Equity).
[4] The potential impact of an aggregate 0.1 million granted RSUs and PRSUs for 2025 and 1.8 million granted RSUs and PRSUs for 2023 was antidilutive. The potential impact of granted RSUs and PRSUs for 2024 was immaterial.

v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
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 0.0 0.5 0.7
Net Income (Loss) 147.0 258.2 (425.2)
Other comprehensive income (loss), net of tax:      
Cumulative translation adjustments 0.0 (4.0) 3.1
Write-off of currency translation losses related to a disposition 0.0 10.1 0.0
Net actuarial gain 0.2 0.2 0.2
Write off of net actuarial gain related to a disposition 0.0 (0.6) 0.0
Total other comprehensive income (loss), net of tax 0.2 5.7 3.3
Total comprehensive income (loss) $ 147.2 $ 263.9 $ (421.9)

v3.25.4
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity - USD ($)
$ in Millions
Total
Series A Preferred Stock
Common Stock
Redeemable noncontrolling interest
Series A Preferred Stock
Common Stock
Additional paid-in capital
Distribution in excess of earnings
Distribution in excess of earnings
Series A Preferred Stock
Distribution in excess of earnings
Common Stock
Accumulated Other Comprehensive Loss
Noncontrolling interests
Redeemable noncontrolling interest, beginning of period at Dec. 31, 2022       $ 27.2                
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest       0.7                
Adjustment to redeemable noncontrolling interests $ (4.7)     4.7     $ (4.7)          
Other       (1.3)               $ (0.1)
Redeemable noncontrolling interest, end of period at Dec. 31, 2023       31.3                
Series A Preferred Stock Outstanding (shares), beginning of period at Dec. 31, 2022         100,000              
Series A Preferred Stock (dollars), beginning of period at Dec. 31, 2022         $ 119.8              
Series A Preferred Stock Outstanding (shares), end of period at Dec. 31, 2023         100,000              
Series A Preferred Stock (dollars), end of period at Dec. 31, 2023         $ 119.8              
Total stockholders equity, beginning of period at Dec. 31, 2022 1,195.2         $ 1.6 2,391.3 $ (1,188.6)     $ (9.1)  
Non-controlling interests, beginning of period at Dec. 31, 2022                       1.8
Common stock outstanding (shares) at Dec. 31, 2022           160,300,000            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income (Loss) (425.2)             (425.2)        
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests (424.5)                      
Other comprehensive income (loss) 3.3                   3.3  
Share-based payments: Vested           $ 0.1            
Stock-based payments: Vested (shares)           1,600,000            
Stock-based payments: Vested (dollars) 0.1                      
Stock-based payments: Amortization 28.4           28.4          
Shares paid for tax withholding for stock-based payments (shares)           (800,000)            
Shares paid for tax withholding for stock-based payments (dollars) (12.5)           (12.5)          
Dividends (198.5) $ (8.8)           (198.5) $ (8.8)      
Adjustment to redeemable noncontrolling interests (4.7)     4.7     (4.7)          
Other       (1.3)               (0.1)
Total stockholders’ equity, end of period at Dec. 31, 2023 577.3         $ 1.7 2,402.5 (1,821.1)     (5.8)  
Non-controlling interests, end of period at Dec. 31, 2023                       1.7
Common stock outstanding (shares) at Dec. 31, 2023           161,100,000            
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest       0.5                
Purchase of noncontrolling interests 0.3     (24.6)     0.3          
Adjustment to redeemable noncontrolling interests (6.9)     6.9     (6.9)          
Other       (0.5)               (0.1)
Redeemable noncontrolling interest, end of period at Dec. 31, 2024 $ 13.6     13.6                
Series A Preferred Stock Outstanding (shares), end of period at Dec. 31, 2024 100,000       100,000              
Series A Preferred Stock (dollars), end of period at Dec. 31, 2024 $ 119.8       $ 119.8              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income (Loss) 258.2             258.2        
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 258.7                      
Other comprehensive income (loss) 5.7                   5.7  
Stock-based payments: Vested (shares)           1,500,000            
Stock-based payments: Amortization 30.8           30.8          
Shares paid for tax withholding for stock-based payments (shares)           (600,000)            
Shares paid for tax withholding for stock-based payments (dollars) (7.8)           (7.8)          
Purchase of noncontrolling interests 0.3     (24.6)     0.3          
Common stock dividend (shares)           4,000,000.0            
Common stock dividends (dollars)             74.7          
Dividends (199.8) (8.8)           (274.5) (8.8)      
Adjustment to redeemable noncontrolling interests (6.9)     6.9     (6.9)          
Other       (0.5)               (0.1)
Total stockholders’ equity, end of period at Dec. 31, 2024 $ 649.0         $ 1.7 2,493.6 (1,846.2)     (0.1)  
Non-controlling interests, end of period at Dec. 31, 2024                       1.6
Common stock outstanding (shares) at Dec. 31, 2024 166,000,000.0         166,000,000.0            
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest       0.1                
Adjustment to redeemable noncontrolling interests $ (8.1)     8.1     (8.1)          
Other       0.2                
Redeemable noncontrolling interest, end of period at Dec. 31, 2025 22.0     22.0                
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Stock Redeemed or Called During Period, Shares         (100,000)              
Series A Preferred Stock conversions         $ (121.1)              
Series A Preferred Stock dividends $ 1.3                      
Series A Preferred Stock Outstanding (shares), end of period at Dec. 31, 2025 0       0              
Series A Preferred Stock (dollars), end of period at Dec. 31, 2025 $ 0.0       $ 0.0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net Income (Loss) 147.0             147.0        
Net income (loss) attributable to non-redeemable noncontrolling interests (0.1)                      
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 147.0                      
Other comprehensive income (loss) 0.2                   0.2  
Stock-based payments: Vested (shares)           2,200,000            
Stock-based payments: Amortization 30.0           30.0          
Shares paid for tax withholding for stock-based payments (shares)           (900,000)            
Shares paid for tax withholding for stock-based payments (dollars) (17.2)           (17.2)          
Conversion of Stock (Shares)           7,900,000            
Conversion of Stock (dollars) 121.1         $ 0.1 121.0          
Dividends   $ (7.9) $ (203.7)           $ (7.9) $ (203.7)    
Adjustment to redeemable noncontrolling interests (8.1)     8.1     (8.1)          
Other       $ 0.2                
Total stockholders’ equity, end of period at Dec. 31, 2025 $ 710.4         $ 1.8 $ 2,619.3 $ (1,910.8)     $ 0.1  
Non-controlling interests, end of period at Dec. 31, 2025                       $ 1.5
Common stock outstanding (shares) at Dec. 31, 2025 175,177,242         175,200,000            

v3.25.4
Consolidated Statements of Redeemable Noncontrolling Interests, Preferred Stock and Equity (Parenthetical) - $ / shares
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Series A Preferred Stock, par value per share ($ per share)   $ 0.01 $ 0.01
Common stock, par value per share ($ per share) $ 0.01 $ 0.01 $ 0.01
Series A Preferred Stock dividend rate (%) 7.00% 7.00% 7.00%
Dividends declared per common share ($ per share) $ 1.20 $ 1.65 $ 1.20

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net Income (Loss) $ 147.0 $ 258.2 $ (425.2)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:      
Net income attributable to redeemable and non-redeemable noncontrolling interests 0.0 0.5 0.7
Depreciation and amortization 160.2 151.5 160.5
Deferred tax benefit 0.0 (1.2) (0.1)
Stock-based compensation included in restructuring charges 30.0 30.8 28.4
Provision for doubtful accounts 6.6 5.7 5.8
Accretion expense 2.8 2.9 3.1
Net (gain) loss on dispositions (2.3) (160.9) (14.2)
Impairment charges 0.0 0.0 511.4
Loss on extinguishment of debt 0.6 1.2 8.1
Equity in earnings of investee companies, net of tax (2.5) (0.6) 1.1
Distributions from investee companies 0.6 1.1 1.0
Amortization of deferred financing costs and debt discount 5.8 6.1 6.7
Change in assets and liabilities, net of investing and financing activities      
Increase in receivables (67.0) (23.3) (4.0)
Increase in prepaid MTA equipment deployment costs 0.0 0.0 (21.8)
(Increase) decrease in prepaid expenses and other current assets (3.1) 0.1 (4.9)
Increase (decrease) in accounts payable and accrued expenses 4.3 13.7 (9.2)
Increase in operating lease assets and liabilities 8.3 10.2 10.6
Increase in deferred revenues 14.9 5.1 3.5
Increase (decrease) in income taxes (0.2) 0.7 (2.6)
Decrease in assets and liabilities held for sale, net 0.0 (2.1) 0.0
Other, net 1.6 (0.5) (4.7)
Net cash flow provided by operating activities 307.6 299.2 254.2
Investing Activities:      
Capital expenditures (88.8) (78.1) (86.8)
Acquisitions (13.1) (19.5) (33.7)
MTA franchise rights (19.6) (12.0) 0.6
Net proceeds from dispositions 6.3 317.6 12.4
Investment in investee companies 0.0 (1.2) 0.0
Return of investment in investee companies 1.5 0.7 0.0
Net cash flow provided by (used for) investing activities (113.7) 207.5 (107.5)
Financing Activities:      
Proceeds from long-term debt borrowings 499.4 0.0 450.0
Repayments of long-term debt borrowings (400.0) (200.0) (400.0)
Proceeds from borrowings under short-term debt facilities 90.0 145.0 120.0
Repayments of borrowings under short-term debt facilities (100.0) (200.0) (85.0)
Payments of deferred financing costs (5.5) (0.3) (10.7)
Payments of debt extinguishment charges 0.0 0.0 (6.3)
Taxes withheld for stock-based compensation (14.5) (7.8) (12.5)
Purchase of redeemable noncontrolling interest 0.0 (23.9) 0.0
Dividends (210.3) (208.4) (207.0)
Net cash flow used for financing activities (140.9) (495.4) (151.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.0 (0.4) 0.4
Net increase (decrease) in cash, cash equivalents and restricted cash 53.0 10.9 (4.4)
Cash, cash equivalents and restricted cash at beginning of year 46.9 36.0 40.4
Cash, cash equivalents and restricted cash at end of year 99.9 46.9 36.0
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 2.2 11.5 6.7
Cash paid for interest 140.9 151.6 150.7
Non-cash investing and financing activities:      
Accrued purchases of property and equipment 5.4 7.0 7.7
MTA franchise rights 2.5 1.9 3.0
Taxes withheld for stock-based compensation $ 2.6 $ 0.0 $ 0.0

v3.25.4
Description of Business and Basis of Presentation
12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life moments and environments. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. We currently manage our operations through two reportable operating segments—(1) Billboard and (2) Transit. Prior to its sale in 2024, 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.

On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the “Transaction”), which held all of the assets of the Company’s outdoor advertising business in Canada (the “Canadian Business”). (See Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business.)

Basis of Presentation and Use of Estimates

The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented.
The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

v3.25.4
Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation—The Consolidated Financial Statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.

Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.

Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, recent payment history for specific customers and expected future trends.

New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under our agreement with the MTA, as title to the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment
deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight-line basis over the contract period. We assess the recoverability of the MTA contract on an as-needed basis and apply significant judgment in assessing factors to determine if there is an indication that the revenues expected to be generated over the term of the agreement will be sufficient to cover all or a portion of the equipment deployment costs, including evaluating macroeconomic conditions, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the deployment schedule. Additionally, we assess these factors by comparing revenue projections of the deployed digital displays to actual financial results.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:
Buildings and improvements
15 to 35 years
Advertising structures
3 to 20 years
Furniture, equipment and other
3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.

Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.

Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.

Impairment of Long-Lived Assets—Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset. We compute the estimated fair value of each asset group for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our cash flow models requires us to use significant estimates and assumptions such as projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses and capital expenditures are based on our internal forecasts of future performance, as well as historical trends. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our asset groups, which could result in additional impairment charges in the future.

Goodwill—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A
qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our discounted cash flow value is calculated by adding the present value of the estimated annual cash flows over a discrete projection period to the terminal value, which represents the value of the projected cash flows beyond the discrete projection period. Our discounted cash flow model requires us to use significant estimates and assumptions such as projected revenue growth rates, terminal growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, contract renewals and extensions, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures and contract renewals and extensions for the projection period are based on our internal forecasts of future performance, as well as historical trends. The terminal value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

Intangible Assets—Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.

Leases (Lessees)—We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.

Leases (Lessors)—Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 3. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.

Hedging Activities—We have utilized interest rate cash flow swap agreements in the past to effectively convert a portion of our variable rate debt to a fixed rate and may do so again in the future. The interest rate swaps were designated and qualified as cash
flow hedges and, as a result, changes in the fair value of the swaps were recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.

Redeemable Noncontrolling Interests—Independent noncontrolling stockholders in certain consolidated subsidiaries of the Company have buy/sell arrangements under their respective joint venture operating agreements that allow them to sell their equity interests to the Company upon the satisfaction of certain conditions, principally the passage of time. To the extent that the redemption amount of these interests exceeds the value determined by normal noncontrolling interest accounting, the value of such interests is adjusted to the redemption amount with a corresponding adjustment to Additional Paid-In Capital on our Consolidated Statements of Financial Position. To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values.

Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services generated from traditional contracts are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues generated from traditional contracts are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Billboard display and Transit display revenues generated from programmatic advertising platforms are recognized as rental income as the related advertisement is displayed. Billboard and Transit display revenues derived from impression-based sales contracts fulfilled on direct sales advertising platforms are recognized as revenue over the contract period based pro-rata on the number of impressions delivered in proportion to the total number of impressions to be delivered. Revenues generated from programmatic advertising platforms are based on agreements with the platforms, rather than direct contracts with individual advertisers.

Other revenues are derived primarily from providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration.

Our traditional billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues collected in advance of being earned.

For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). We are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators and suppliers are recorded as expenses. We are considered the principal because we control the advertising space before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk.

For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions.
Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.

Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Our transit franchise agreements have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of revenues generated under the contract and/or a guaranteed minimum annual payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the guaranteed minimum annual payment is expensed over the contract term.

Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs are presented within Selling General and Administrative expenses (“SG&A”) in the accompanying Consolidated Statements of Operations.

Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (loss), net, on the Consolidated Statements of Operations.

Income Taxes—As a REIT, we generally will not be subject to federal, state and local income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and local income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are initially recorded as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.
Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.

Adoption of New Accounting Standards

In the fourth quarter of 2025, we retrospectively adopted the FASB’s guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. (See Note 17. Income Taxes to the Consolidated Financial Statements.)

Recent Pronouncements

In December 2025, the FASB issued amendments to improve the guidance for interim reporting. The amendments clarify a list of disclosures that are required by U.S. GAAP and requires entities to disclose events since the end of the last annual reporting period that have a material effect on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We do not expect the amendments to have a significant impact on our interim financial reporting.

In September 2025, the FASB issued amendments to guidance related to accounting for internal-use software. An entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the amendments to have an impact on our consolidated financial statements.

In July 2025, the FASB issued guidance in developing reasonable and supportable forecasts as part of estimating expected credit losses. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. We do not expect this guidance to have an impact on our consolidated financial statements.

In November 2024 and January 2025, the FASB issued guidance to improve disclosure of expenses by providing more detailed information about specific expense categories included in commonly presented financial statement expense captions in the notes to the financial statements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance does not change or remove current expense disclosure requirements and will not have any impact on our consolidated financial statements. We are evaluating the impact to our Notes to the Consolidated Financial Statements.

v3.25.4
Property and Equipment, Net
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The table below presents the balances of major classes of assets and accumulated depreciation.
As of December 31,
(in millions)20252024
Land$110.4 $110.2 
Buildings and improvements49.0 47.1 
Advertising structures1,743.4 1,752.8 
Furniture, equipment and other194.2 186.8 
Construction in progress29.6 32.9 
2,126.6 2,129.8 
Less accumulated depreciation1,482.8 1,480.9 
Property and equipment, net$643.8 $648.9 

Depreciation expense was $90.6 million in 2025, $79.5 million in 2024 and $79.3 million in 2023.

v3.25.4
Long-Lived Assets
12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Long-Lived Assets Long-Lived Assets
Goodwill

Goodwill was $2,006.4 million in each of 2025 and 2024 and was related to our Billboard segment. There were no changes in the book value of goodwill for each of the years ended December 31, 2025 and 2024.

In the fourth quarter of 2025, we performed a qualitative assessment of our Billboard reporting unit for possible goodwill impairment and no additional goodwill impairment was identified.

Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:
(in millions)GrossAccumulated
Amortization
ImpairmentNet
As of December 31, 2025:
Permits and leasehold agreements$1,538.1 $(983.8)$— $554.3 
Franchise agreements(a)
909.0 (371.7)(485.8)51.5 
Other intangible assets18.2 (12.0)— 6.2 
Total intangible assets$2,465.3 $(1,367.5)$(485.8)$612.0 
As of December 31, 2024:
Permits and leasehold agreements$1,535.9 $(935.7)$— $600.2 
Franchise agreements(a)
888.8 (360.9)(485.8)42.1 
Other intangible assets19.5 (9.8)— 9.7 
Total intangible assets$2,444.2 $(1,306.4)$(485.8)$652.0 
(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 19. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.

In 2025, we acquired 16 displays, resulting in amortizable intangible assets for permits and leasehold agreements, and other intangible assets of $10.7 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 18.7 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $69.6 million in 2025, $72.0 million in 2024 and $81.2 million in 2023.

As a result of negative aggregate undiscounted cash flow forecasts related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million during 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024. No impairment charges were recorded during 2025.

We expect our aggregate annual amortization expense for intangible assets for each of the years 2026 through 2030, to be as follows:
(in millions)20262027202820292030
Amortization expense$67.4 $62.5 $58.4 $55.1 $52.7 

v3.25.4
Leases
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Lessee

The following table presents our operating lease assets and liabilities:
As of
(in millions, except years and percentages)December 31, 2025December 31, 2024
Operating lease assets$1,521.5 $1,503.8 
Short-term operating lease liabilities172.9 168.7 
Non-current operating lease liabilities1,374.7 1,351.8 
Weighted-average remaining lease term10.8 years10.8 years
Weighted-average discount rate6.4 %6.4 %

The components of our lease expenses were as follows:
Year Ended December 31,
(in millions)202520242023
Operating expenses$445.8 $481.4 $497.7 
Selling, general and administrative expenses12.4 13.8 13.0 
Variable costs113.4 125.8 138.5 
Cash paid for operating leases461.5 485.3 486.6 
Leased assets obtained in exchange for new operating lease liabilities275.9 193.9 397.2 

In 2025, 2024 and 2023, sublease income related to office properties was immaterial.

As of December 31, 2025, minimum rental payments under operating leases are as follows:
(in millions)Operating
 Leases
2026$264.9 
2027267.2 
2028224.7 
2029203.5 
2030182.7 
2031 and thereafter1,104.2 
Total operating lease payments2,247.2 
Less: Interest699.6 
Present value of lease liabilities$1,547.6 

Lessor

We recorded rental income of $1,287.3 million in 2025, $1,336.9 million in 2024 and $1,349.3 million in 2023 in Revenues on our Consolidated Statement of Operations.
As of December 31, 2025, rental payments to be received under non-cancellable operating leases are as follows:
(in millions)Rental Income
2026$528.2 
202748.1 
202810.4 
20296.5 
20302.5 
2031 and thereafter9.9 
Total minimum payments$605.6 

v3.25.4
Asset Retirement Obligation
12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation Asset Retirement Obligation
The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
Year Ended December 31,
(in millions)20252024
Balance, at beginning of period$33.9 $33.0 
Accretion expense2.8 2.9 
Additions0.3 0.3 
Liabilities settled(3.0)(2.1)
Foreign currency translation adjustments— (0.2)
Balance, at end of period$34.0 $33.9 

v3.25.4
Related Party Transactions
12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Billboard Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $1.8 million to $3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $8.5 million to $12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Billboard Transaction (the “Billboard Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Billboard Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Billboard Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of December 31, 2025, operating lease assets related to the Billboard Agreement were $76.9 million, current operating lease liabilities related to the Billboard Agreement were $5.7 million and non-current operating lease liabilities related to the Billboard Agreement were $83.0 million, and are included in Operating lease assets, current Operating lease liabilities and non-current Operating lease liabilities, respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $12.2 million in 2025, $10.6 million in 2024 and recorded in Revenues on the Consolidated Statement of Operations. Operating lease
expenses related to the Billboard Agreement were $12.0 million in 2025 and $11.5 million in 2024 and recorded in Operating expenses on the Consolidated Statement of Operations.

Joint Ventures

We have a 50% ownership interest in one active joint venture that operates transit shelters in the greater Los Angeles area and two active joint ventures which operate a total of nine billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $9.0 million as of December 31, 2025, and $8.6 million as of December 31, 2024, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $3.1 million in 2025, $4.2 million in 2024 and $4.9 million in 2023.

v3.25.4
Debt
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt, net, consists of the following:
As of December 31,
(in millions, except percentages)20252024
Short-term debt:
AR Facility$— $10.0 
Total short-term debt— 10.0 
Long-term debt:
Term loan$499.3 $399.5 
Senior secured notes:
7.375% senior secured notes, due 2031
450.0 450.0 
Senior unsecured notes:
5.000% senior unsecured notes, due 2027
650.0 650.0 
4.250% senior unsecured notes, due 2029
500.0 500.0 
4.625% senior unsecured notes, due 2030
500.0 500.0 
Total senior unsecured notes1,650.0 1,650.0 
Debt issuance costs(15.9)(17.0)
Total long-term debt, net2,583.4 2,482.5 
Total debt, net$2,583.4 $2,492.5 
Weighted average cost of debt5.3 %5.4 %
Payments Due by Period
(in millions)202620272028202920302031 and ThereafterTotal
Long-term debt$— $650.0 $— $500.0 $500.0 $950.0 $2,600.0 

On September 24, 2025, the Company, along with its wholly-owned subsidiaries, Outfront Media Capital LLC and Outfront Media Capital Corporation (together, the “Borrowers”), and other guarantor subsidiaries party thereto (together with the Company, the “Guarantors”), entered into a credit agreement, dated as of September 24, 2025 (the “Credit Agreement”) to refinance the Company’s previously existing senior secured credit facilities (the “Refinancing”). The Credit Agreement provides for, among other things, (i) a $500.0 million revolving credit facility (the “Revolving Credit Facility”) with a maturity date of September 24, 2030, and (ii) a $500.0 million term loan (the “Term Loan,” together with the Revolving Credit Facility,
the “Senior Credit Facilities”) with a maturity date of September 24, 2032. Borrowings under the Revolving Credit Facility and the Term Loan bear interest at a rate equal to SOFR (as defined in the Credit Agreement) or the Base Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 1.75% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Revolving Credit Facility and from 1.75% to 2.00% for SOFR borrowings (or 1.00% less for Base Rate borrowings) of the Term Loan, subject to adjustments based on the Company’s Consolidated Net Secured Leverage Ratio (as defined in the Credit Agreement) or the Company’s credit ratings, respectively. The Revolving Credit Facility and the Term Loan are senior secured obligations of the Borrowers, are guaranteed on a senior secured basis by the Guarantors, and are secured by liens on substantially all of the assets of the Borrowers and the Guarantors.

In 2025, we recorded a Loss on extinguishment of debt of $0.6 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan. In 2024, we recorded a Loss on extinguishment of debt of $1.2 million on the Consolidated Statement of Operations, relating to the write-off of deferred financing costs and a portion of the discount on our previously existing term loan.

Term Loan

The interest rate on the Term Loan was 5.7% per annum as of December 31, 2025. As of December 31, 2025, a discount of $0.7 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

Revolving Credit Facility

As of December 31, 2025, there were no outstanding borrowings under the Revolving Credit Facility.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.9 million in 2025, $2.0 million in 2024 and $1.7 million in 2023. As of December 31, 2025, we had issued letters of credit totaling approximately $5.1 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of December 31, 2025, we had issued letters of credit totaling approximately $67.2 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2025, 2024 and 2023 were immaterial.

Accounts Receivable Securitization Facilities

As of December 31, 2025, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2027, unless further extended.

In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“TRSs”) (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs may transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.
As of December 31, 2025, there were no outstanding borrowings under the AR Facility. As of December 31, 2025, borrowing capacity remaining under the AR Facility was $150.0 million based on approximately $412.6 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.3 million in 2025, $0.3 million in 2024 and $0.2 million in 2023.

Debt Covenants

The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s, capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status and/or avoid incurring taxes, subject to certain conditions and exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness or grant additional liens. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.5 to 1.0. As of December 31, 2025, our Consolidated Total Leverage Ratio was 4.7 to 1.0, in accordance with the Credit Agreement.

The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 (subject to potential acquisition-related adjustments). As of December 31, 2025, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. As of December 31, 2025, we are in compliance with our debt covenants.

Deferred Financing Costs

As of December 31, 2025, we had deferred $20.4 million in fees and expenses associated with the Term Loan, the Revolving Credit Facility, the AR Facility and our senior notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior notes.

Fair Value
Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.6 billion as of December 31, 2025 and $2.5 billion as of December 31, 2024. The fair value of our debt as of both December 31, 2025 and 2024 is classified as Level 2.

v3.25.4
Redeemable noncontrolling interests
12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Redeemable noncontrolling interest Redeemable Noncontrolling Interests
To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values. The redemption value of these interests, as of all periods presented, is classified as Level 3. (See Note 8. Debt: Fair Value.)

v3.25.4
Accumulated Other Comprehensive Income
12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following table presents the changes in the components of accumulated other comprehensive income.
(in millions)Cumulative
Translation
Adjustments
Net
Actuarial
Gain
(Loss)
Accumulated
Other
Comprehensive Income (Loss)
As of December 31, 2022$(9.2)$0.1 $(9.1)
Other comprehensive income before reclassifications3.1 0.2 3.3 
Total other comprehensive income, net of tax3.1 0.2 3.3 
As of December 31, 2023(6.1)0.3 (5.8)
Reclassification of accumulated comprehensive income (loss) related to a disposition6.1 (0.6)5.5 
Amortization of actuarial losses reclassified to net income— 0.2 0.2 
Total other comprehensive income (loss), net of tax6.1 (0.4)5.7 
As of December 31, 2024— (0.1)(0.1)
Other comprehensive income before reclassifications— 0.2 0.2 
Total other comprehensive income net of tax— 0.2 0.2 
As of December 31, 2025$— $0.1 $0.1 

There was no tax provision or benefit related to net actuarial gain (loss) included in other comprehensive income in 2025, 2024 and 2023.

v3.25.4
Equity
12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
As of December 31, 2025, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 175,177,242 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding.

On November 26, 2025, the remaining 125,000 shares outstanding of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, were converted to 7,903,431 shares of our common stock, in accordance with the terms of the Articles Supplementary, effective as of April 20, 2020.

During 2025, we paid cash dividends of $6.6 million on the Series A Preferred Stock.

We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. In 2025, no shares of our common stock were sold under the ATM Program. As of December 31, 2025, we had approximately $232.5 million of capacity remaining under the ATM Program.

On January 17, 2025, we effectuated a 1-for-1.024549 reverse stock split on our common stock (the “Reverse Stock Split”). All shares of the Company’s common stock included in these Consolidated Financial Statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.

On February 25, 2026, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on March 31, 2026, to stockholders of record at the close of business on March 6, 2026.

v3.25.4
Revenues
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues 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)202520242023
Billboard:
Static displays$904.8 $936.3 $948.0 
Digital displays434.3 448.4 441.7 
Other52.3 52.7 55.2 
Billboard revenues1,391.4 1,437.4 1,444.9 
Transit:
Static displays179.1 185.5 191.8 
Digital displays214.8 165.9 146.6 
Other37.3 39.2 31.1 
Transit revenues431.2 390.6 369.5 
Other9.1 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)202520242023
United States:
Billboard$1,391.4 $1,409.3 $1,369.7 
Transit431.2 383.8 352.6 
Other9.1 2.9 6.2 
Total United States revenues1,831.7 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.

v3.25.4
Restructuring Charges
12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
On June 23, 2025, we announced a restructuring and reduction in force plan (the “Plan”) intended to achieve the Company’s strategic goals of increasing sales demand, enhancing customer experience, optimizing internal cost efficiencies, and realigning its organization. The Plan provided for a reduction of the Company’s workforce by approximately 120 employees, or 6% of the Company’s total employees as of June 23, 2025. As of June 30, 2025, all reductions have been completed. In 2025, we recorded restructuring charges of approximately $20.1 million associated with the Plan, consisting of $17.9 million of severance payments, employee benefits and related costs (including approximately $2.2 million in non-cash charges for stock-based compensation), and $2.2 million of professional fees. In 2025, restructuring charges of $8.4 million were recorded in Billboard, $3.7 million were recorded in Transit and $8.0 million were recorded in Corporate. As of December 31, 2025, restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position, as follows:
(in millions)Total Restructuring ReserveSeverance, Employee Benefits, and Related CostsProfessional Fees
As of December 31, 2024$— $— $— 
Charged to expense20.1 17.9 2.2 
Non-cash charges for stock-based compensation(2.2)(2.2)— 
Liabilities settled(11.3)(9.1)(2.2)
As of December 31, 2025$6.6 $6.6 $— 

v3.25.4
Acquisitions and Dispositions
12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $13.1 million in 2025, $19.5 million in 2024 and $33.7 million in 2023. The value of the assets acquired has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Long-lived Assets: Intangible Assets).

Dispositions

Canadian Business

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, subject to certain purchase price adjustments.

v3.25.4
Stock-Based Compensation
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”), we have 19,575,000 shares of our common stock reserved for issuance. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan.

RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting.

Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one-year performance condition.
Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are recorded as incurred. Adjustments are made to compensation expense based on actual forfeitures.

In the first quarter of 2025, the Company updated its long-term equity incentive compensation program for the Company’s executive officers and certain other employees by adding a relative total shareholder return (“TSR”) financial measure and removing adjusted funds from operations as a financial measure for the allocation and calculation of PRSUs awards. The Company modified the vesting schedule for the PRSU awards as well. Accordingly, the Company’s annual long-term equity incentive compensation awards for these employees will be allocated as follows going forward: (i) 60% PRSUs, which contain market and service conditions, (1) with 60% of the awards earned based on one-year Adjusted OIBDA (as defined below) performance, subject to ratable vesting over a three-year period following the grant date, and (2) 40% earned based on the Company’s TSR relative to the TSRs of the companies in a custom peer group based on a three-year performance period from January 1, 2025 to December 31, 2027, subject to cliff vesting in full on the third anniversary of the award grant date; and (ii) 40% time-based restricted share units (“RSUs"), which only contain a service condition, subject to ratable vesting over a three-year period following the grant date. The number of PRSUs eligible to vest will range from 0% to 120% or 0% to 200% of target based on the Company’s Adjusted OIBDA performance and the Company’s relative TSR performance, as applicable. Monte Carlo method simulation has been used to estimate the grant date fair value of the PRSUs that have a market condition.

In addition, in the first quarter of 2025, the Company granted one-time grants of PRSUs to certain executive officers and other employees to, among other things, address the change in vesting periods of the PRSU awards, from PRSU awards that had one-year determination periods in 2024 to PRSU awards that had a combination of one-year and three-year determination periods in 2025. The terms and conditions of these PRSU grants are substantially similar to those of the PRSU grants described above, except that the Company’s TSR relative to the TSRs of the companies in a custom peer group will be measured over a two-year performance period from January 1, 2025 to December 31, 2026, and these PRSU grants will cliff vest in full on the second anniversary of the award grant date. Monte Carlo method simulation has been used to estimate the grant date fair value of these one-time PRSU grants.

On September 4, 2025 and September 24, 2025, the Company granted one-time PRSU awards to each of Nicolas Brien, the Company’s Chief Executive Officer, and Matthew Siegel, the Company’s Executive Vice President and Chief Financial Officer, in the amounts of $2,000,000 and $400,000, respectively. The PRSUs are tied to the Company’s common stock price performance over a three-year performance period. If the performance conditions are satisfied, the PRSUs will cliff vest on the earlier of the third anniversary of the respective grant dates and the dates on which Mr. Brien’s and/or Mr. Siegel’s respective employment is terminated by the Company without “Cause” or by Mr. Brien and/or Mr. Siegel for “Good Reason” (as those terms are each defined in Mr. Brien’s and Mr. Siegel’s respective employment agreements). The terms and conditions of the PRSUs are set forth in the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan and the related equity award terms and conditions. In addition, on September 4, 2025, the Company granted a one-time RSU award to Mr. Brien with a value of $1,000,000. The RSUs cliff vest on the earlier of the third anniversary of the grant date and the date on which Mr. Brien’s employment is terminated by the Company without “Cause” or by him for “Good Reason” (as those terms are each defined in his employment agreement).

The following table summarizes our stock-based compensation expense for 2025, 2024 and 2023.
Year Ended December 31,
(in millions)202520242023
Stock-based compensation expense (RSUs and PRSUs), before income taxes$30.0 $30.8 $28.4 
Tax benefit(1.6)(1.1)(1.0)
Stock-based compensation expense, net of tax$28.4 $29.7 $27.4 

As of December 31, 2025, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $24.4 million, which is expected to be recognized over a weighted average period of 1.9 years.
RSUs and PRSUs

The following table summarizes the 2025 activity of the RSUs and PRSUs issued to our employees.
ActivityWeighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 20243,282,970 $15.37 
Granted:
RSUs1,176,172 18.26 
PRSUs709,428 16.15 
Vested:
RSUs(1,250,059)16.72 
PRSUs(548,029)16.64 
Forfeitures:
RSUs(144,272)17.23 
PRSUs(22,365)18.33 
Non-vested as of December 31, 20253,203,845 15.76 
The total fair value of RSUs and PRSUs that vested was $30.0 million during 2025, $30.1 million during 2024 and $36.2 million during 2023.

v3.25.4
Retirement Benefits
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
Prior to the Transaction, we sponsored two defined benefit pension plans covering specific groups of employees in Canada and the U.S. On June 7, 2024, we completed the sale of the Canadian Business in the Transaction, which included the Outfront Media Canada LP pension plan.

The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended.

The benefit obligation, fair value of plan assets, net periodic pension costs and activity within these balances as of and for the years ended December 31, 2025 and 2024, related to the pension plan in the U.S. and activity for the Canada pension plan prior to the Transaction, are immaterial. The tables below represents the activity related to both the Canadian and U.S. pension plans for 2023.

We use a December 31 measurement date for all pension plans.

The following table sets forth the change in benefit obligation for our pension plans.
(in millions)As of
December 31, 2023
Benefit obligation, beginning of year$47.0 
Interest cost2.1 
Actuarial gain(0.3)
Settlements paid(20.2)
Benefits paid(2.0)
Cumulative translation adjustments0.6 
Benefit obligation, end of year$27.2 
The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).
(in millions)As of
December 31, 2023
Interest cost$2.1 
Expected return on plan assets(2.6)
Settlement gain(0.5)
Net periodic pension cost$(1.0)

Estimated future benefit payments for pension plans and expected contributions to our defined benefit pension plan in the U.S. are estimated to be immaterial.

Multi-Employer Pension and Postretirement Benefit Plans

We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $4.7 million in 2025, $4.2 million in 2024 and $3.3 million in 2023. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us.

Defined Contribution Plans
Employer contributions for defined contribution plans sponsored by us were $7.2 million in 2025, $7.8 million in 2024 and $8.6 million in 2023.

v3.25.4
Income Taxes
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes.
Cash paid for income taxes, net of refunds received, was as follows:
Year Ended December 31,
(in millions)202520242023
Federal $0.3 $(0.9)$— 
State and local(a)
1.3 0.8 1.3 
Foreign:
Canada0.1 1.6 5.4 
Withholding taxes0.5 10.0 — 
Cash paid for income taxes, net of refunds received$2.2 $11.5 $6.7 
(a) State and local taxes by jurisdiction:
Texas$0.7 $0.6 $0.6 
Oregon0.2 0.1 0.1 
New York0.1 — 0.1 
New Hampshire0.1 0.1 — 
Massachusetts— 0.1 0.1 
Tennessee— (0.2)0.2 
Other0.2 0.1 0.2 
Total state and local taxes by jurisdiction$1.3 $0.8 $1.3 

The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows:
Year Ended December 31,
(in millions)202520242023
United States$146.5 $265.4 $(431.2)
Foreign— 3.7 11.8 
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)
The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income.
Year Ended December 31,
(in millions)202520242023
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)
Net income (loss) of TRSs(1.2)10.8 151.4 
Income (loss) from REIT operations145.3 279.9 (268.0)
Book/tax differences
Depreciation35.8 24.7 27.9 
Amortization(18.5)(15.8)(13.6)
Dividend from foreign subsidiary— 5.7 2.1 
Stock-based compensation(7.7)9.5 (0.9)
Deferred gain for tax(5.6)(4.2)(6.8)
Investments in joint ventures(2.0)(6.3)5.5 
Gain from sale of Canada— (70.7)— 
Executive compensation13.0 9.2 11.2 
Lease expense5.4 7.9 8.4 
Provision for doubtful accounts4.6 4.1 1.5 
Impairment charges(a)
— 13.1 388.2 
Other16.9 24.0 13.6 
REIT taxable income (estimated)
$187.2 $281.1 $169.1 
(a)Impairment charges related to our Transit business (see Note 4. Long-Lived Assets).

The components of the Provision for income taxes are as follows:
Year Ended December 31,
(in millions)202520242023
Current:
Federal$(0.4)$(0.2)$— 
State and local(0.9)(1.1)(1.0)
Foreign(0.7)(10.9)(3.1)
(2.0)(12.2)(4.1)
Deferred:
Foreign— 1.2 0.1 
— 1.2 0.1 
Provision for income taxes$(2.0)$(11.0)$(4.0)
The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the Provision for income taxes is summarized as follows:
Year Ended December 31,
202520242023
(in millions, except percentages)Tax AmountTax RateTax AmountTax RateTax AmountTax Rate
Benefit (provision) for income taxes on income at U.S. statutory rate$(30.8)21.0 %$(56.5)21.0 %$89.2 21.0 %
State and local taxes, net of federal tax benefit(a)
(0.8)0.5 (1.1)0.4 (1.0)(0.2)
Effect of foreign operations:
Canada:
Statutory rate difference between Canada and the U.S. — — 1.1 (0.4)0.6 0.1 
Provincial taxes— — 0.3 (0.1)(1.1)(0.2)
Withholding tax on proceeds of the sale of Canadian operations(0.5)0.3 (10.0)3.7 — — 
Other(0.2)0.1 (1.1)0.4 (0.5)(0.1)
Changes in valuation allowances0.8 (0.5)(5.5)2.0 (4.5)(1.2)
Nontaxable or nondeductible items:
REIT dividends paid deduction30.5 (20.7)58.8 (21.8)24.2 5.7 
Impairment charges(b)
— — — — (110.6)(26.0)
Other nondeductible items(0.9)0.6 2.5 (1.0)(0.6)(0.1)
Other adjustments, net(0.1)0.1 0.5 (0.1)0.3 0.1 
Provision for income taxes$(2.0)1.4 %$(11.0)4.1 %$(4.0)(0.9)%
(a)State and local taxes consist primarily of taxes in Texas and Oregon.
(b)Primarily a permanent book/tax difference for impairment charges related to our Transit business (see Note 4. Long-Lived Assets).

The following table is a summary of the components of deferred income tax assets and liabilities.
As of December 31,
(in millions)20252024
Deferred income tax assets:
Provision for expenses and losses$12.3 $9.9 
Postretirement and other employee benefits2.9 2.7 
Tax credit and loss carryforwards4.0 5.4 
Property, equipment and intangible assets4.9 5.8 
Total deferred income tax assets24.1 23.8 
Valuation allowance(24.1)(23.8)
Deferred income tax assets, net— — 
Deferred income tax liabilities:
Property, equipment and intangible assets— — 
Postretirement and other employee benefits— — 
Other— — 
Total deferred income tax liabilities— — 
Deferred income tax liabilities, net$— $— 
As of December 31, 2025, we had federal, state and local net operating loss carryforwards of $15.1 million. These losses can be carried forward indefinitely for federal tax purposes but are subject to certain federal, state and local utilization limitations.

As of December 31, 2025, there are no undistributed earnings of foreign subsidiaries due to the sale of the Canadian Business in the Transaction in 2024. All undistributed earnings of foreign subsidiaries prior to the Transaction were distributed to our stockholders in 2024.

The reserve for uncertain tax positions of $0.2 million as of December 31, 2025.

We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented.
We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2022 to present are open for examination by the tax authorities.

v3.25.4
Earnings Per Share ("EPS")
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share (“EPS”) Earnings Per Share (“EPS”)
Year Ended December 31,
(in millions)202520242023
Net income (loss) available for common stockholders(a)
$147.0 $258.2 $(425.2)
Less: Distributions to holders of Series A Preferred Stock7.9 8.8 8.8 
Net income (loss) available for common stockholders(b)
$139.1 $249.4 $(434.0)
Weighted average shares for basic EPS167.8 161.9 161.0 
Dilutive potential shares from grants of RSUs, PRSUs and stock options(c)
1.4 1.1 — 
Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d)
— 7.8 — 
Weighted average shares for diluted EPS(c)(d)
169.2 170.8 161.0 
(a)For 2024, Net income available for common stockholders for the calculation of diluted EPS.
(b)For 2025 and 2023, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS. For 2024, Net income (loss) available for common stockholders for the calculation of basic EPS.
(c)The potential impact of an aggregate 0.1 million granted RSUs and PRSUs for 2025 and 1.8 million granted RSUs and PRSUs for 2023 was antidilutive. The potential impact of granted RSUs and PRSUs for 2024 was immaterial.
(d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of our Series A Preferred Stock in 2023 was antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock (see Note 11. Equity).

v3.25.4
Commitment and Contingencies
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments and letters of credit. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.
As of December 31, 2025, guaranteed minimum annual payments are as follows:
(in millions)Guaranteed
Minimum
Annual
Payments
2026$213.8 
2027219.9 
2028224.0 
2029224.7 
2030176.1 
2031 and thereafter113.8 
Total minimum payments$1,172.3 

Under our current agreement with the MTA (as amended, the “MTA Agreement”):

Deployments. We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, which amounts are subject to the MTA’s ability to fulfill its pre-installation obligations under the MTA Agreement. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”).

Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. Recoupable MTA equipment deployment costs are recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operations, including impairment charges (see Note 4. Long-Lived Assets). If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. All other deployment costs are subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in 2025. However, we do expect to recoup some equipment deployment costs throughout the remainder of the Amended Term (as defined below) of the MTA Agreement.

Payments. We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year.

Term. In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year base term (the “Amended Term”). We have the option to extend the Amended Term for an additional five-year period at the end of the Amended Term, subject to satisfying certain quantitative and qualitative conditions.

During 2025, we had no recoupment from incremental revenues. As of December 31, 2025, 27,354 digital displays had been installed, composed of 5,023 digital advertising screens on subway and train platforms and entrances, 15,904 smaller-format
digital advertising screens on rolling stock and 6,427 MTA communications displays. In the fourth quarter of 2025, 13 installations occurred, for a total of 1,109 installations occurring in 2025. We substantially completed our initial deployment in 2024, with the remaining deployment required under the MTA Agreement subject to satisfaction of various conditions and work to be performed by the MTA. We are currently only performing maintenance operations, and replacing damaged and broken displays. During 2025, we incurred equipment deployment costs of $20.1 million, which were recorded as Intangible assets related to franchise agreements. As of December 31, 2025, we had Intangible assets related to franchise agreements balance related to the MTA Agreement of $27.4 million.
As a result of negative aggregate undiscounted cash flow forecasts related to our MTA asset group, we performed quarterly impairment analyses on the MTA asset group during 2024 and recorded impairment charges of $17.9 million in 2024, representing additional MTA equipment deployment cost spending during the first six months of 2024. No impairment charges were recorded during 2025.

Letters of Credit

We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2025, the outstanding letters of credit were approximately $72.3 million and outstanding surety bonds were approximately $108.8 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

v3.25.4
Segment Information
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information 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)202520242023
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)202520242023
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 OIBDA499.3 464.8 456.2 
Restructuring charges(c)
(20.1)— — 
Net gain on dispositions2.3 160.9 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 companies146.5 269.1 (419.4)
Provision for income taxes(2.0)(11.0)(4.0)
Equity in earnings of investee companies, net of tax2.5 0.6 (1.1)
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests147.0 258.7 (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 compensation27.8 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)202520242023
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.)

v3.25.4
Subsequent Event
12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventOn February 17, 2026, the Company entered into agreements with AdQuick, Inc. (“AdQuick”), pursuant to which, among other things, (i) AdQuick licenses its out-of-home sales cloud product to the Company for an initial non-cancellable three-year term (including a specified exclusivity period) for an annual fee; and (ii) the Company invests up to $20.0 million in AdQuick, with approximately $4.0 million paid on February 17, 2026, and additional approximately $4.0 million payments made in four equal tranches, subject to the achievement of specified implementation milestones.

v3.25.4
II - Valuation and Qualifying Accounts
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts
Col. ACol. BCol. CCol. DCol. E
DescriptionBalance at
Beginning
of Period
Balance
Acquired through
Acquisitions
Charged to
Costs and
Expenses
Charged
to Other
Accounts(a)
DeductionsBalance at
End of
Period
Allowance for doubtful accounts:
Year ended December 31, 2025$20.6 $— $6.5 $0.3 $4.2 $23.2 
Year ended December 31, 202417.2 — 5.6 1.2 3.4 20.6 
Year ended December 31, 202320.2 — 5.8 (0.1)8.7 17.2 
Valuation allowance on deferred tax assets:
Year ended December 31, 2025$23.8 $— $0.3 $— $— $24.1 
Year ended December 31, 202416.6 — 7.2 — — 23.8 
Year ended December 31, 202311.9 — 4.7 — — 16.6 
(a)Reflects recoveries, change in allowance related to foreign currency translation adjustments in 2024 and 2023 and amounts reclassified to Assets held for sale on the Consolidated Statements of Financial Position in 2023.

v3.25.4
III - Schedule of Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SEC Schedule III, Real Estate and Accumulated Depreciation
Initial CostCost
Capitalized
Subsequent
to
Acquisition
Gross Carrying Amount at December 31, 2025 (3)
Description (1)
EncumbrancesLandStructures and ImprovementsLandStructures and ImprovementsTotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Useful
Lives
Structures added prior to January 1, 2014
35,834 displays
— (2)(2)(2)$79.8 $1,410.8 $1,490.6 $(1,126.0)VariousVarious
3 to 20 years
Structures added subsequent to January 1, 2014
2,406 displays
$30.6 $388.9 $(56.3)$30.6 $332.6 $363.2 $(172.1)VariousVarious
3 to 20 years
Total
38,240 displays
$110.4 $1,743.4 $1,853.8 $(1,298.1)VariousVarious
3 to 20 years
______________________
(1)No single asset exceeded 5% of the total gross carrying amount as of December 31, 2025.
(2)This information is omitted as it would be impracticable to compile on a site-by-site basis.
(3)Includes sites under construction.
The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.
202520242023
Gross real estate assets:
Balance at the beginning of the year$1,863.0 $2,186.5 $2,119.0 
New Investments18.8 14.0 19.6 
Redevelopments38.1 33.7 37.2 
Recurring capital expenditures18.8 15.0 8.8 
Land acquisitions0.2 0.1 0.1 
Additions for construction of / improvements to structures75.9 62.8 65.7 
Assets sold or written-off(85.1)(374.6)(6.5)
Foreign exchange— (11.7)8.3 
Balance at the end of the year$1,853.8 $1,863.0 $2,186.5 
Accumulated depreciation:
Balance at the beginning of the year$1,307.3 $1,594.4 $1,519.5 
Depreciation72.8 59.5 60.2 
Impairment— — 12.5 
Assets sold or written-off(82.0)(335.9)(5.4)
Foreign exchange— (10.7)7.6 
Balance at the end of the year$1,298.1 $1,307.3 $1,594.4 

v3.25.4
Insider Trading Arrangements
3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Matthew Siegel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 12, 2025, Matthew Siegel, the Company’s Executive Vice President and Chief Financial Officer, adopted a trading arrangement for the sale of the Company’s common stock (the “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The Rule 10b5-1 Trading Plan, which has a term of one year, provides for the sale of up to 75,000 shares of the Company’s common stock pursuant to the terms of the Rule 10b5-1 Trading Plan.
Name Matthew Siegel
Title Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 12, 2025
Arrangement Duration 1 year
Aggregate Available 75,000

v3.25.4
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true

v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] Cybersecurity.
The Company maintains a comprehensive information security and cybersecurity program (the “Cybersecurity Program”) guided by established best practice and tailored to the Company’s business needs. The Cybersecurity Program is an extension of the Company’s enterprise risk management program that seeks to identify and manage risks throughout the Company by
having its Chief Financial Officer meet with members of each of the Company’s various departments annually to solicit feedback regarding risks affecting the Company, which is then reported to the audit committee of our board of directors.

Under the Cybersecurity Program, systems and networks under Company control are monitored for anomalies using various security tools (including artificial intelligence-assisted tools) that identify potential cybersecurity threats and alert the Company’s internal cybersecurity team to suspicious activity. If a potential cybersecurity incident is identified, it is investigated by the Company’s internal cybersecurity team (including the Company’s Chief Information Security Officer and Senior Director, Cybersecurity (together, the “CISO”) to assess whether a cybersecurity incident has occurred, its severity and the risk involved, in accordance with internal processes and procedures and the Company’s incident response plan. The CISO is responsible for management of these cybersecurity processes, and reports to the Company’s Chief Information Officer (the “CIO”), who reports to the Company’s Chief Technology Officer (the “CTO”). The CISO and CIO will receive input from, and coordinate with, the CTO and the Company’s Chief Privacy Officer (the “CPO”), as necessary. If a cybersecurity incident is discovered, it must be reported by the CIO and the CISO to the Company’s senior management, including the CTO, the Company’s Chief Financial Officer and the Company’s General Counsel for further assessment regarding scope, mitigation, remediation and disclosure obligations, as applicable. The audit committee of our board of directors oversees the Company’s information security and cybersecurity risks, compliance and protections, and receives quarterly cybersecurity updates from the CISO and CIO (with input from the CTO and the CPO, as appropriate) and results of the Company’s incident response plan testing at least annually.

The Cybersecurity Program team members, including the CISO and the CIO, have extensive work experience in cybersecurity, information technology engineering and the media and advertising industries, with some members holding degrees in cybersecurity and professional certifications in cybersecurity. The Cybersecurity Program team members are subject to ongoing employee trainings in cybersecurity procedures.

We perform regular third-party assessments of the Cybersecurity Program, and retain specialized third-party forensics experts for escalation of certain cybersecurity incidents. In addition, we have processes, including formal security reviews and suspicious activity monitoring, to assess cybersecurity risks associated with our use of third-party service providers.

To date, we have not identified any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition. For additional information about our cybersecurity risks, see “Item 1A. Risk Factors—If we experience a cybersecurity incident, we may suffer reputational harm and significant legal and financial exposure.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Under the Cybersecurity Program, systems and networks under Company control are monitored for anomalies using various security tools (including artificial intelligence-assisted tools) that identify potential cybersecurity threats and alert the Company’s internal cybersecurity team to suspicious activity. If a potential cybersecurity incident is identified, it is investigated by the Company’s internal cybersecurity team (including the Company’s Chief Information Security Officer and Senior Director, Cybersecurity (together, the “CISO”) to assess whether a cybersecurity incident has occurred, its severity and the risk involved, in accordance with internal processes and procedures and the Company’s incident response plan. The CISO is responsible for management of these cybersecurity processes, and reports to the Company’s Chief Information Officer (the “CIO”), who reports to the Company’s Chief Technology Officer (the “CTO”). The CISO and CIO will receive input from, and coordinate with, the CTO and the Company’s Chief Privacy Officer (the “CPO”), as necessary. If a cybersecurity incident is discovered, it must be reported by the CIO and the CISO to the Company’s senior management, including the CTO, the Company’s Chief Financial Officer and the Company’s General Counsel for further assessment regarding scope, mitigation, remediation and disclosure obligations, as applicable. The audit committee of our board of directors oversees the Company’s information security and cybersecurity risks, compliance and protections, and receives quarterly cybersecurity updates from the CISO and CIO (with input from the CTO and the CPO, as appropriate) and results of the Company’s incident response plan testing at least annually.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The audit committee of our board of directors oversees the Company’s information security and cybersecurity risks, compliance and protections, and receives quarterly cybersecurity updates from the CISO and CIO (with input from the CTO and the CPO, as appropriate) and results of the Company’s incident response plan testing at least annually.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] audit committee of our board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The audit committee of our board of directors oversees the Company’s information security and cybersecurity risks, compliance and protections, and receives quarterly cybersecurity updates from the CISO and CIO (with input from the CTO and the CPO, as appropriate) and results of the Company’s incident response plan testing at least annually.
Cybersecurity Risk Role of Management [Text Block] If a potential cybersecurity incident is identified, it is investigated by the Company’s internal cybersecurity team (including the Company’s Chief Information Security Officer and Senior Director, Cybersecurity (together, the “CISO”) to assess whether a cybersecurity incident has occurred, its severity and the risk involved, in accordance with internal processes and procedures and the Company’s incident response plan. The CISO is responsible for management of these cybersecurity processes, and reports to the Company’s Chief Information Officer (the “CIO”), who reports to the Company’s Chief Technology Officer (the “CTO”). The CISO and CIO will receive input from, and coordinate with, the CTO and the Company’s Chief Privacy Officer (the “CPO”), as necessary. If a cybersecurity incident is discovered, it must be reported by the CIO and the CISO to the Company’s senior management, including the CTO, the Company’s Chief Financial Officer and the Company’s General Counsel for further assessment regarding scope, mitigation, remediation and disclosure obligations, as applicable.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] If a potential cybersecurity incident is identified, it is investigated by the Company’s internal cybersecurity team (including the Company’s Chief Information Security Officer and Senior Director, Cybersecurity (together, the “CISO”) to assess whether a cybersecurity incident has occurred, its severity and the risk involved, in accordance with internal processes and procedures and the Company’s incident response plan. The CISO is responsible for management of these cybersecurity processes, and reports to the Company’s Chief Information Officer (the “CIO”), who reports to the Company’s Chief Technology Officer (the “CTO”). The CISO and CIO will receive input from, and coordinate with, the CTO and the Company’s Chief Privacy Officer (the “CPO”), as necessary. If a cybersecurity incident is discovered, it must be reported by the CIO and the CISO to the Company’s senior management, including the CTO, the Company’s Chief Financial Officer and the Company’s General Counsel for further assessment regarding scope, mitigation, remediation and disclosure obligations, as applicable.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Cybersecurity Program team members, including the CISO and the CIO, have extensive work experience in cybersecurity, information technology engineering and the media and advertising industries, with some members holding degrees in cybersecurity and professional certifications in cybersecurity. The Cybersecurity Program team members are subject to ongoing employee trainings in cybersecurity procedures.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Cybersecurity Program is an extension of the Company’s enterprise risk management program that seeks to identify and manage risks throughout the Company by having its Chief Financial Officer meet with members of each of the Company’s various departments annually to solicit feedback regarding risks affecting the Company, which is then reported to the audit committee of our board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true

v3.25.4
Description of Business and Basis of Presentation Accounting (Policies)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

v3.25.4
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation—The Consolidated Financial Statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated.
Cash and Cash Equivalents Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments.
Receivables Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, recent payment history for specific customers and expected future trends.
New York Metropolitan Authority (the "MTA") Agreement
New York Metropolitan Transportation Authority (the “MTA”) Agreement—Under our agreement with the MTA, as title to the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment
deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight-line basis over the contract period. We assess the recoverability of the MTA contract on an as-needed basis and apply significant judgment in assessing factors to determine if there is an indication that the revenues expected to be generated over the term of the agreement will be sufficient to cover all or a portion of the equipment deployment costs, including evaluating macroeconomic conditions, industry trends, and events specific to the Company, including monitoring the Company’s actual installation of digital displays against the deployment schedule. Additionally, we assess these factors by comparing revenue projections of the deployed digital displays to actual financial results.
Property and Equipment
Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows:
Buildings and improvements
15 to 35 years
Advertising structures
3 to 20 years
Furniture, equipment and other
3 to 10 years

For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized.
Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service.
Business Combinations and Asset Acquisitions
Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets—Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset. We compute the estimated fair value of each asset group for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our cash flow models requires us to use significant estimates and assumptions such as projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses and capital expenditures are based on our internal forecasts of future performance, as well as historical trends. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our asset groups, which could result in additional impairment charges in the future.
Goodwill
Goodwill—Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment as of October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A
qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment using an income approach. Under the income approach, the fair value is determined using a discounted cash flow model. Our discounted cash flow value is calculated by adding the present value of the estimated annual cash flows over a discrete projection period to the terminal value, which represents the value of the projected cash flows beyond the discrete projection period. Our discounted cash flow model requires us to use significant estimates and assumptions such as projected revenue growth rates, terminal growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures, contract renewals and extensions, and discount rates. The projected revenue growth rates, billboard lease and transit franchise expenses, other operating and selling, general and administrative expenses, capital expenditures and contract renewals and extensions for the projection period are based on our internal forecasts of future performance, as well as historical trends. The terminal value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates represent the weighted average cost of capital derived using known and estimated market metrics. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Intangible assets
Intangible Assets—Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years.
Leases (Lessees)
Leases (Lessees)—We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts.

Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment.

We rent or sublease certain real estate to third parties.
Leases (Lessors)
Leases (Lessors)—Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 3. Property and Equipment, Net) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard.
Hedging Activities
Hedging Activities—We have utilized interest rate cash flow swap agreements in the past to effectively convert a portion of our variable rate debt to a fixed rate and may do so again in the future. The interest rate swaps were designated and qualified as cash
flow hedges and, as a result, changes in the fair value of the swaps were recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income.
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests—Independent noncontrolling stockholders in certain consolidated subsidiaries of the Company have buy/sell arrangements under their respective joint venture operating agreements that allow them to sell their equity interests to the Company upon the satisfaction of certain conditions, principally the passage of time. To the extent that the redemption amount of these interests exceeds the value determined by normal noncontrolling interest accounting, the value of such interests is adjusted to the redemption amount with a corresponding adjustment to Additional Paid-In Capital on our Consolidated Statements of Financial Position. To the extent that the noncontrolling interests’ buy/sell arrangement redemption amount is correlated with the estimated fair value of the subsidiary or its underlying assets, we have used the market method to estimate such fair values.
Revenue Recognition
Revenue Recognition—We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other.

Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues and installation services generated from traditional contracts are recognized on a combined basis under the lease accounting standard as rental income on a straight-line basis over the customer lease term.

Transit display revenues are derived from agreements with municipalities and transit operators, which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks and transit platforms. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues generated from traditional contracts are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period.

Billboard display and Transit display revenues generated from programmatic advertising platforms are recognized as rental income as the related advertisement is displayed. Billboard and Transit display revenues derived from impression-based sales contracts fulfilled on direct sales advertising platforms are recognized as revenue over the contract period based pro-rata on the number of impressions delivered in proportion to the total number of impressions to be delivered. Revenues generated from programmatic advertising platforms are based on agreements with the platforms, rather than direct contracts with individual advertisers.

Other revenues are derived primarily from providing print production services for advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems. Print production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration.

Our traditional billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations are allocated primarily based on a relative standalone selling price basis.

Deferred revenues primarily consist of revenues collected in advance of being earned.

For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). We are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators and suppliers are recorded as expenses. We are considered the principal because we control the advertising space before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk.

For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions.
Concentration of Credit Risk
Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate.
Billboard Property Lease and Transit Franchise Expenses
Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months.

The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized.

Our transit franchise agreements have fixed terms, are typically terminable for convenience at the option of the governmental entity (other than with respect to the MTA), and generally provide for payments to the governmental entity based on a percentage of revenues generated under the contract and/or a guaranteed minimum annual payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the guaranteed minimum annual payment is expensed over the contract term.
Direct Lease Acquisition Costs Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs are presented within Selling General and Administrative expenses (“SG&A”) in the accompanying Consolidated Statements of Operations.
Foreign Currency Translation and Transactions
Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (loss), net, on the Consolidated Statements of Operations.
Income Taxes
Income Taxes—As a REIT, we generally will not be subject to federal, state and local income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and local income taxation at regular corporate rates.

Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized.

We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.
Asset Retirement Obligation
Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are initially recorded as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset.
Stock-based Compensation
Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award.
Adoption of New Accounting Standards
Adoption of New Accounting Standards

In the fourth quarter of 2025, we retrospectively adopted the FASB’s guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. (See Note 17. Income Taxes to the Consolidated Financial Statements.)

v3.25.4
Property and Equipment, Net (Tables)
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
The table below presents the balances of major classes of assets and accumulated depreciation.
As of December 31,
(in millions)20252024
Land$110.4 $110.2 
Buildings and improvements49.0 47.1 
Advertising structures1,743.4 1,752.8 
Furniture, equipment and other194.2 186.8 
Construction in progress29.6 32.9 
2,126.6 2,129.8 
Less accumulated depreciation1,482.8 1,480.9 
Property and equipment, net$643.8 $648.9 

v3.25.4
Long-Lived Assets (Tables)
12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Our identifiable intangible assets consist of the following:
(in millions)GrossAccumulated
Amortization
ImpairmentNet
As of December 31, 2025:
Permits and leasehold agreements$1,538.1 $(983.8)$— $554.3 
Franchise agreements(a)
909.0 (371.7)(485.8)51.5 
Other intangible assets18.2 (12.0)— 6.2 
Total intangible assets$2,465.3 $(1,367.5)$(485.8)$612.0 
As of December 31, 2024:
Permits and leasehold agreements$1,535.9 $(935.7)$— $600.2 
Franchise agreements(a)
888.8 (360.9)(485.8)42.1 
Other intangible assets19.5 (9.8)— 9.7 
Total intangible assets$2,444.2 $(1,306.4)$(485.8)$652.0 
(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 19. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
We expect our aggregate annual amortization expense for intangible assets for each of the years 2026 through 2030, to be as follows:
(in millions)20262027202820292030
Amortization expense$67.4 $62.5 $58.4 $55.1 $52.7 

v3.25.4
Leases (Tables)
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating lease assets and liabilities, lessee
The following table presents our operating lease assets and liabilities:
As of
(in millions, except years and percentages)December 31, 2025December 31, 2024
Operating lease assets$1,521.5 $1,503.8 
Short-term operating lease liabilities172.9 168.7 
Non-current operating lease liabilities1,374.7 1,351.8 
Weighted-average remaining lease term10.8 years10.8 years
Weighted-average discount rate6.4 %6.4 %
Lease expenses, lessee
The components of our lease expenses were as follows:
Year Ended December 31,
(in millions)202520242023
Operating expenses$445.8 $481.4 $497.7 
Selling, general and administrative expenses12.4 13.8 13.0 
Variable costs113.4 125.8 138.5 
Cash paid for operating leases461.5 485.3 486.6 
Leased assets obtained in exchange for new operating lease liabilities275.9 193.9 397.2 
Minimum rental payments under operating leases
As of December 31, 2025, minimum rental payments under operating leases are as follows:
(in millions)Operating
 Leases
2026$264.9 
2027267.2 
2028224.7 
2029203.5 
2030182.7 
2031 and thereafter1,104.2 
Total operating lease payments2,247.2 
Less: Interest699.6 
Present value of lease liabilities$1,547.6 
Minimum rental payments to be received
As of December 31, 2025, rental payments to be received under non-cancellable operating leases are as follows:
(in millions)Rental Income
2026$528.2 
202748.1 
202810.4 
20296.5 
20302.5 
2031 and thereafter9.9 
Total minimum payments$605.6 

v3.25.4
Asset Retirement Obligation (Tables)
12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Change in Asset Retirement Obligation
Year Ended December 31,
(in millions)20252024
Balance, at beginning of period$33.9 $33.0 
Accretion expense2.8 2.9 
Additions0.3 0.3 
Liabilities settled(3.0)(2.1)
Foreign currency translation adjustments— (0.2)
Balance, at end of period$34.0 $33.9 

v3.25.4
Debt (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
Debt, net, consists of the following:
As of December 31,
(in millions, except percentages)20252024
Short-term debt:
AR Facility$— $10.0 
Total short-term debt— 10.0 
Long-term debt:
Term loan$499.3 $399.5 
Senior secured notes:
7.375% senior secured notes, due 2031
450.0 450.0 
Senior unsecured notes:
5.000% senior unsecured notes, due 2027
650.0 650.0 
4.250% senior unsecured notes, due 2029
500.0 500.0 
4.625% senior unsecured notes, due 2030
500.0 500.0 
Total senior unsecured notes1,650.0 1,650.0 
Debt issuance costs(15.9)(17.0)
Total long-term debt, net2,583.4 2,482.5 
Total debt, net$2,583.4 $2,492.5 
Weighted average cost of debt5.3 %5.4 %
Schedule of Maturities of Long-Term Debt
Payments Due by Period
(in millions)202620272028202920302031 and ThereafterTotal
Long-term debt$— $650.0 $— $500.0 $500.0 $950.0 $2,600.0 

v3.25.4
Accumulated Other Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following table presents the changes in the components of accumulated other comprehensive income.
(in millions)Cumulative
Translation
Adjustments
Net
Actuarial
Gain
(Loss)
Accumulated
Other
Comprehensive Income (Loss)
As of December 31, 2022$(9.2)$0.1 $(9.1)
Other comprehensive income before reclassifications3.1 0.2 3.3 
Total other comprehensive income, net of tax3.1 0.2 3.3 
As of December 31, 2023(6.1)0.3 (5.8)
Reclassification of accumulated comprehensive income (loss) related to a disposition6.1 (0.6)5.5 
Amortization of actuarial losses reclassified to net income— 0.2 0.2 
Total other comprehensive income (loss), net of tax6.1 (0.4)5.7 
As of December 31, 2024— (0.1)(0.1)
Other comprehensive income before reclassifications— 0.2 0.2 
Total other comprehensive income net of tax— 0.2 0.2 
As of December 31, 2025$— $0.1 $0.1 

v3.25.4
Revenues (Tables)
12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes revenues by source:
Years Ended December 31,
(in millions)202520242023
Billboard:
Static displays$904.8 $936.3 $948.0 
Digital displays434.3 448.4 441.7 
Other52.3 52.7 55.2 
Billboard revenues1,391.4 1,437.4 1,444.9 
Transit:
Static displays179.1 185.5 191.8 
Digital displays214.8 165.9 146.6 
Other37.3 39.2 31.1 
Transit revenues431.2 390.6 369.5 
Other9.1 2.9 6.2 
Total revenues$1,831.7 $1,830.9 $1,820.6 
Revenue from External Customers by Geographic Areas
The following table summarizes revenues by geography:
Years Ended December 31,
(in millions)202520242023
United States:
Billboard$1,391.4 $1,409.3 $1,369.7 
Transit431.2 383.8 352.6 
Other9.1 2.9 6.2 
Total United States revenues1,831.7 1,796.0 1,728.5 
Canada— 34.9 92.1 
Total revenues$1,831.7 $1,830.9 $1,820.6 

v3.25.4
Restructuring Charges (Tables)
12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve by Type of Cost As of December 31, 2025, restructuring reserves related to severance payments, employee benefits and related costs remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position, as follows:
(in millions)Total Restructuring ReserveSeverance, Employee Benefits, and Related CostsProfessional Fees
As of December 31, 2024$— $— $— 
Charged to expense20.1 17.9 2.2 
Non-cash charges for stock-based compensation(2.2)(2.2)— 
Liabilities settled(11.3)(9.1)(2.2)
As of December 31, 2025$6.6 $6.6 $— 

v3.25.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation expense
The following table summarizes our stock-based compensation expense for 2025, 2024 and 2023.
Year Ended December 31,
(in millions)202520242023
Stock-based compensation expense (RSUs and PRSUs), before income taxes$30.0 $30.8 $28.4 
Tax benefit(1.6)(1.1)(1.0)
Stock-based compensation expense, net of tax$28.4 $29.7 $27.4 
Activity of RSUs and PRSUs issued to our employees
The following table summarizes the 2025 activity of the RSUs and PRSUs issued to our employees.
ActivityWeighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 20243,282,970 $15.37 
Granted:
RSUs1,176,172 18.26 
PRSUs709,428 16.15 
Vested:
RSUs(1,250,059)16.72 
PRSUs(548,029)16.64 
Forfeitures:
RSUs(144,272)17.23 
PRSUs(22,365)18.33 
Non-vested as of December 31, 20253,203,845 15.76 

v3.25.4
Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Change in benefit obligation
The following table sets forth the change in benefit obligation for our pension plans.
(in millions)As of
December 31, 2023
Benefit obligation, beginning of year$47.0 
Interest cost2.1 
Actuarial gain(0.3)
Settlements paid(20.2)
Benefits paid(2.0)
Cumulative translation adjustments0.6 
Benefit obligation, end of year$27.2 
Schedule of Net Benefit Costs
The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss).
(in millions)As of
December 31, 2023
Interest cost$2.1 
Expected return on plan assets(2.6)
Settlement gain(0.5)
Net periodic pension cost$(1.0)

v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Cash Paid for Income Taxes
Cash paid for income taxes, net of refunds received, was as follows:
Year Ended December 31,
(in millions)202520242023
Federal $0.3 $(0.9)$— 
State and local(a)
1.3 0.8 1.3 
Foreign:
Canada0.1 1.6 5.4 
Withholding taxes0.5 10.0 — 
Cash paid for income taxes, net of refunds received$2.2 $11.5 $6.7 
(a) State and local taxes by jurisdiction:
Texas$0.7 $0.6 $0.6 
Oregon0.2 0.1 0.1 
New York0.1 — 0.1 
New Hampshire0.1 0.1 — 
Massachusetts— 0.1 0.1 
Tennessee— (0.2)0.2 
Other0.2 0.1 0.2 
Total state and local taxes by jurisdiction$1.3 $0.8 $1.3 
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows:
Year Ended December 31,
(in millions)202520242023
United States$146.5 $265.4 $(431.2)
Foreign— 3.7 11.8 
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)
Book Income (Loss) To REIT Taxable Income Reconciliation
The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income.
Year Ended December 31,
(in millions)202520242023
Income (loss) before provision for income taxes and equity in earnings of investee companies$146.5 $269.1 $(419.4)
Net income (loss) of TRSs(1.2)10.8 151.4 
Income (loss) from REIT operations145.3 279.9 (268.0)
Book/tax differences
Depreciation35.8 24.7 27.9 
Amortization(18.5)(15.8)(13.6)
Dividend from foreign subsidiary— 5.7 2.1 
Stock-based compensation(7.7)9.5 (0.9)
Deferred gain for tax(5.6)(4.2)(6.8)
Investments in joint ventures(2.0)(6.3)5.5 
Gain from sale of Canada— (70.7)— 
Executive compensation13.0 9.2 11.2 
Lease expense5.4 7.9 8.4 
Provision for doubtful accounts4.6 4.1 1.5 
Impairment charges(a)
— 13.1 388.2 
Other16.9 24.0 13.6 
REIT taxable income (estimated)
$187.2 $281.1 $169.1 
(a)Impairment charges related to our Transit business (see Note 4. Long-Lived Assets).
Schedule of Components of Income Tax Expense (Benefit)
The components of the Provision for income taxes are as follows:
Year Ended December 31,
(in millions)202520242023
Current:
Federal$(0.4)$(0.2)$— 
State and local(0.9)(1.1)(1.0)
Foreign(0.7)(10.9)(3.1)
(2.0)(12.2)(4.1)
Deferred:
Foreign— 1.2 0.1 
— 1.2 0.1 
Provision for income taxes$(2.0)$(11.0)$(4.0)
Schedule of Effective Income Tax Rate Reconciliation
The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the Provision for income taxes is summarized as follows:
Year Ended December 31,
202520242023
(in millions, except percentages)Tax AmountTax RateTax AmountTax RateTax AmountTax Rate
Benefit (provision) for income taxes on income at U.S. statutory rate$(30.8)21.0 %$(56.5)21.0 %$89.2 21.0 %
State and local taxes, net of federal tax benefit(a)
(0.8)0.5 (1.1)0.4 (1.0)(0.2)
Effect of foreign operations:
Canada:
Statutory rate difference between Canada and the U.S. — — 1.1 (0.4)0.6 0.1 
Provincial taxes— — 0.3 (0.1)(1.1)(0.2)
Withholding tax on proceeds of the sale of Canadian operations(0.5)0.3 (10.0)3.7 — — 
Other(0.2)0.1 (1.1)0.4 (0.5)(0.1)
Changes in valuation allowances0.8 (0.5)(5.5)2.0 (4.5)(1.2)
Nontaxable or nondeductible items:
REIT dividends paid deduction30.5 (20.7)58.8 (21.8)24.2 5.7 
Impairment charges(b)
— — — — (110.6)(26.0)
Other nondeductible items(0.9)0.6 2.5 (1.0)(0.6)(0.1)
Other adjustments, net(0.1)0.1 0.5 (0.1)0.3 0.1 
Provision for income taxes$(2.0)1.4 %$(11.0)4.1 %$(4.0)(0.9)%
(a)State and local taxes consist primarily of taxes in Texas and Oregon.
(b)Primarily a permanent book/tax difference for impairment charges related to our Transit business (see Note 4. Long-Lived Assets).
Schedule of Deferred Tax Assets and Liabilities
The following table is a summary of the components of deferred income tax assets and liabilities.
As of December 31,
(in millions)20252024
Deferred income tax assets:
Provision for expenses and losses$12.3 $9.9 
Postretirement and other employee benefits2.9 2.7 
Tax credit and loss carryforwards4.0 5.4 
Property, equipment and intangible assets4.9 5.8 
Total deferred income tax assets24.1 23.8 
Valuation allowance(24.1)(23.8)
Deferred income tax assets, net— — 
Deferred income tax liabilities:
Property, equipment and intangible assets— — 
Postretirement and other employee benefits— — 
Other— — 
Total deferred income tax liabilities— — 
Deferred income tax liabilities, net$— $— 

v3.25.4
Earnings Per Share ("EPS") (Tables)
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Year Ended December 31,
(in millions)202520242023
Net income (loss) available for common stockholders(a)
$147.0 $258.2 $(425.2)
Less: Distributions to holders of Series A Preferred Stock7.9 8.8 8.8 
Net income (loss) available for common stockholders(b)
$139.1 $249.4 $(434.0)
Weighted average shares for basic EPS167.8 161.9 161.0 
Dilutive potential shares from grants of RSUs, PRSUs and stock options(c)
1.4 1.1 — 
Dilutive potential shares issuable upon conversion of Series A Preferred Stock(d)
— 7.8 — 
Weighted average shares for diluted EPS(c)(d)
169.2 170.8 161.0 
(a)For 2024, Net income available for common stockholders for the calculation of diluted EPS.
(b)For 2025 and 2023, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS. For 2024, Net income (loss) available for common stockholders for the calculation of basic EPS.
(c)The potential impact of an aggregate 0.1 million granted RSUs and PRSUs for 2025 and 1.8 million granted RSUs and PRSUs for 2023 was antidilutive. The potential impact of granted RSUs and PRSUs for 2024 was immaterial.
(d)The potential impact of 7.8 million shares of our common stock issuable upon conversion of our Series A Preferred Stock in 2023 was antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock (see Note 11. Equity).

v3.25.4
Commitment and Contingencies (Tables)
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligation, Fiscal Year Maturity Schedule
As of December 31, 2025, guaranteed minimum annual payments are as follows:
(in millions)Guaranteed
Minimum
Annual
Payments
2026$213.8 
2027219.9 
2028224.0 
2029224.7 
2030176.1 
2031 and thereafter113.8 
Total minimum payments$1,172.3 

v3.25.4
Segment Information (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Revenue and Operating Measures from Segments to Consolidated
Year Ended December 31,
(in millions, except percentages)202520242023
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)202520242023
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 OIBDA499.3 464.8 456.2 
Restructuring charges(c)
(20.1)— — 
Net gain on dispositions2.3 160.9 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 companies146.5 269.1 (419.4)
Provision for income taxes(2.0)(11.0)(4.0)
Equity in earnings of investee companies, net of tax2.5 0.6 (1.1)
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests147.0 258.7 (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 compensation27.8 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.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
As of and For the Year Ended December 31,
(in millions)202520242023
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.)

v3.25.4
II - Valuation and Qualifying Accounts (Tables)
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts
Col. ACol. BCol. CCol. DCol. E
DescriptionBalance at
Beginning
of Period
Balance
Acquired through
Acquisitions
Charged to
Costs and
Expenses
Charged
to Other
Accounts(a)
DeductionsBalance at
End of
Period
Allowance for doubtful accounts:
Year ended December 31, 2025$20.6 $— $6.5 $0.3 $4.2 $23.2 
Year ended December 31, 202417.2 — 5.6 1.2 3.4 20.6 
Year ended December 31, 202320.2 — 5.8 (0.1)8.7 17.2 
Valuation allowance on deferred tax assets:
Year ended December 31, 2025$23.8 $— $0.3 $— $— $24.1 
Year ended December 31, 202416.6 — 7.2 — — 23.8 
Year ended December 31, 202311.9 — 4.7 — — 16.6 
(a)Reflects recoveries, change in allowance related to foreign currency translation adjustments in 2024 and 2023 and amounts reclassified to Assets held for sale on the Consolidated Statements of Financial Position in 2023.

v3.25.4
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables)
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure
Initial CostCost
Capitalized
Subsequent
to
Acquisition
Gross Carrying Amount at December 31, 2025 (3)
Description (1)
EncumbrancesLandStructures and ImprovementsLandStructures and ImprovementsTotalAccumulated
Depreciation
Construction
Date
Acquisition
Date
Useful
Lives
Structures added prior to January 1, 2014
35,834 displays
— (2)(2)(2)$79.8 $1,410.8 $1,490.6 $(1,126.0)VariousVarious
3 to 20 years
Structures added subsequent to January 1, 2014
2,406 displays
$30.6 $388.9 $(56.3)$30.6 $332.6 $363.2 $(172.1)VariousVarious
3 to 20 years
Total
38,240 displays
$110.4 $1,743.4 $1,853.8 $(1,298.1)VariousVarious
3 to 20 years
______________________
(1)No single asset exceeded 5% of the total gross carrying amount as of December 31, 2025.
(2)This information is omitted as it would be impracticable to compile on a site-by-site basis.
(3)Includes sites under construction.
The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation.
202520242023
Gross real estate assets:
Balance at the beginning of the year$1,863.0 $2,186.5 $2,119.0 
New Investments18.8 14.0 19.6 
Redevelopments38.1 33.7 37.2 
Recurring capital expenditures18.8 15.0 8.8 
Land acquisitions0.2 0.1 0.1 
Additions for construction of / improvements to structures75.9 62.8 65.7 
Assets sold or written-off(85.1)(374.6)(6.5)
Foreign exchange— (11.7)8.3 
Balance at the end of the year$1,853.8 $1,863.0 $2,186.5 
Accumulated depreciation:
Balance at the beginning of the year$1,307.3 $1,594.4 $1,519.5 
Depreciation72.8 59.5 60.2 
Impairment— — 12.5 
Assets sold or written-off(82.0)(335.9)(5.4)
Foreign exchange— (10.7)7.6 
Balance at the end of the year$1,298.1 $1,307.3 $1,594.4 

v3.25.4
Description of Business and Basis of Presentation - Narrative (Details)
12 Months Ended
Dec. 31, 2025
markets
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Approximate number of markets in which the entity operates | markets 120
Number of largest domestic markets in which the entity operates | markets 25
Number of operating segments | segment 2
Number of Reportable Segments | segment 2

v3.25.4
Summary of Significant Accounting Policies - Property and Equipment (Details)
Dec. 31, 2025
Buildings and improvements | Minimum  
Property and Equipment [Line Items]  
Property and equipment, useful life 15 years
Buildings and improvements | Maximum  
Property and Equipment [Line Items]  
Property and equipment, useful life 35 years
Advertising structures | Minimum  
Property and Equipment [Line Items]  
Property and equipment, useful life 3 years
Advertising structures | Maximum  
Property and Equipment [Line Items]  
Property and equipment, useful life 20 years
Furniture, equipment and other | Minimum  
Property and Equipment [Line Items]  
Property and equipment, useful life 3 years
Furniture, equipment and other | Maximum  
Property and Equipment [Line Items]  
Property and equipment, useful life 10 years

v3.25.4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of Accounting Policies [Line Items]      
Customer billing term 30 days    
Provision for doubtful accounts $ 6.6 $ 5.7 $ 5.8
Minimum      
Summary of Accounting Policies [Line Items]      
Intangible asset, useful life 5 years    
Customer contract term 28 days    
Lessee, Operating Lease, Term of Contract 1 month    
Operating lease term (lessor) 28 days    
Prepaid lease term 1 month    
Minimum | Equity Method Investment [Domain]      
Summary of Accounting Policies [Line Items]      
Equity method investment ownership percentage 20.00%    
Maximum      
Summary of Accounting Policies [Line Items]      
Cost method investment ownership percentage 20.00%    
Intangible asset, useful life 40 years    
Customer contract term 1 year    
Operating lease term (lessor) 1 year    
Prepaid lease term 12 months    
Maximum | Equity Method Investment [Domain]      
Summary of Accounting Policies [Line Items]      
Equity method investment ownership percentage 50.00%    
Direct Lease Acquisition Cost | Minimum      
Summary of Accounting Policies [Line Items]      
Intangible asset, useful life 28 days    
Direct Lease Acquisition Cost | Maximum      
Summary of Accounting Policies [Line Items]      
Intangible asset, useful life 1 year    

v3.25.4
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property and Equipment [Line Items]    
Property and equipment $ 2,126.6 $ 2,129.8
Less: accumulated depreciation 1,482.8 1,480.9
Property and equipment, net 643.8 648.9
Land    
Property and Equipment [Line Items]    
Property and equipment 110.4 110.2
Buildings and improvements    
Property and Equipment [Line Items]    
Property and equipment 49.0 47.1
Advertising structures    
Property and Equipment [Line Items]    
Property and equipment 1,743.4 1,752.8
Furniture, equipment and other    
Property and Equipment [Line Items]    
Property and equipment 194.2 186.8
Construction in progress    
Property and Equipment [Line Items]    
Property and equipment $ 29.6 $ 32.9

v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 90.6 $ 79.5 $ 79.3

v3.25.4
Long-Lived Assets - Narrative (Details) - Goodwill - USD ($)
3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Goodwill $ 2,006,400,000 $ 2,006,400,000
Impairment charge 0  
Billboard Operating Segment    
Goodwill [Line Items]    
Goodwill $ 2,006,400,000 $ 2,006,400,000

v3.25.4
Long-Lived Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 2,465.3 $ 2,444.2
Accumulated Amortization (1,367.5) (1,306.4)
Impairment (485.8) (485.8)
Intangible assets 612.0 652.0
Permits and leasehold agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross 1,538.1 1,535.9
Accumulated Amortization (983.8) (935.7)
Intangible assets 554.3 600.2
Franchise agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross 909.0 888.8
Accumulated Amortization (371.7) (360.9)
Impairment (485.8) (485.8)
Intangible assets [1] 51.5 42.1
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross 18.2 19.5
Accumulated Amortization (12.0) (9.8)
Intangible assets $ 6.2 $ 9.7
[1] We reclassified all Prepaid MTA equipment deployment costs (see Note 19. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.

v3.25.4
Long-Lived Assets - Narrative (Details) - Intangible Assets
$ in Millions
6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
Displays
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]        
Gross   $ 2,465.3 $ 2,444.2  
Amortization   69.6 72.0 $ 81.2
Impairment charges   0.0 17.9 534.7
Impairment charges   $ 0.0 17.9 $ 534.7
Metropolitan Transportation Authority ("MTA")        
Finite-Lived Intangible Assets [Line Items]        
Impairment charges $ 17.9      
Acquired digital displays        
Finite-Lived Intangible Assets [Line Items]        
Intangible asset, useful life   18 years 8 months 12 days    
Permits and leasehold agreements        
Finite-Lived Intangible Assets [Line Items]        
Gross   $ 1,538.1 $ 1,535.9  
Permits and leasehold agreements | Acquired digital displays        
Finite-Lived Intangible Assets [Line Items]        
Gross   $ 10.7    
Permits and leasehold agreements | Digital displays | Acquired digital displays        
Finite-Lived Intangible Assets [Line Items]        
Number of displays | Displays   16    

v3.25.4
Long-Lived Assets - Schedule of Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 67.4
2027 62.5
2028 58.4
2029 55.1
2030 $ 52.7

v3.25.4
Leases - Operating lease assets and liabilities, lessee (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease assets $ 1,521.5 $ 1,503.8
Short-term operating lease liabilities 172.9 168.7
Non-current operating lease liabilities $ 1,374.7 $ 1,351.8
Weighted average remaining lease term 10 years 9 months 18 days 10 years 9 months 18 days
Weighted average discount rate 6.40% 6.40%

v3.25.4
Leases - Lease expenses, lessee (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Variable lease costs $ 113.4 $ 125.8 $ 138.5
Cash paid for operating leases 461.5 485.3 486.6
Leased assets obtained in exchange for new operating lease liabilities 275.9 193.9 397.2
Operating 918.5 949.0 963.1
Operating expenses      
Lessee, Lease, Description [Line Items]      
Operating lease expenses 445.8 481.4 497.7
Selling, general and administrative expenses      
Lessee, Lease, Description [Line Items]      
Operating lease expenses $ 12.4 $ 13.8 $ 13.0

v3.25.4
Leases - Minimum rental payments under operating leases (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
2026 $ 264.9
2027 267.2
2028 224.7
2029 203.5
2030 182.7
2031 and thereafter 1,104.2
Lessee, Operating Lease, Liability, to be Paid 2,247.2
Less: Interest 699.6
Present value of lease liabilities $ 1,547.6

v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Rental income $ 1,287.3 $ 1,336.9 $ 1,349.3

v3.25.4
Leases - Minimum rental payments to be received (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 528.2
2027 48.1
2028 10.4
2029 6.5
2030 2.5
2031 and thereafter 9.9
Total minimum payments $ 605.6

v3.25.4
Asset Retirement Obligation - Narrative (Details)
12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation [Line Items]  
Asset Retirement Obligation, Expected Term 50 years
Asset Retirement Obligations, Description The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years.

v3.25.4
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]      
Beginning of period $ 33.9 $ 33.0  
Accretion expense 2.8 2.9 $ 3.1
Additions 0.3 0.3  
Liabilities settled (3.0) (2.1)  
Foreign currency translation adjustments 0.0 (0.2)  
End of period $ 34.0 $ 33.9 $ 33.0

v3.25.4
Related Party Transactions - Narrative (Details)
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
joint_venture
Displays
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 18, 2033
USD ($)
Jan. 18, 2023
USD ($)
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Liability, to be Paid $ 2,247.2        
Operating lease assets 1,521.5 $ 1,503.8      
Short-term operating lease liabilities 172.9 168.7      
Operating lease liabilities 1,374.7 1,351.8      
Billboard Revenue 1,391.4 1,437.4 $ 1,444.9    
Management fee revenue 3.1 4.2 4.9    
Other Assets          
Related Party Transaction [Line Items]          
Equity method investments $ 9.0 8.6      
Minimum          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Term of Contract 1 month        
Minimum | 2 Times Square And 1600 Broadway          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Liability to be Paid Annually         $ 1.8
Maximum | 2 Times Square And 1600 Broadway | Forecast          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Liability to be Paid Annually       $ 3.5  
Operating expenses          
Related Party Transaction [Line Items]          
Operating lease expenses $ 445.8 481.4 $ 497.7    
LA And Vancouver Joint Ventures          
Related Party Transaction [Line Items]          
Equity method investment ownership percentage 50.00%        
Acquired businesses          
Related Party Transaction [Line Items]          
Equity method investment, number of investments | joint_venture 2        
Equity Method Investment, number of displays | Displays 9        
Transit shelter joint ventures          
Related Party Transaction [Line Items]          
Equity method investment, number of investments | joint_venture 1        
Beneficial Owner          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Term of Contract         10 years
Lessee, Operating Lease, Liability to be Paid Annually Years One Through Five         $ 8.5
Lessee, Operating Lease, Liability To Be Paid Annually, Years Six Through Ten         12.0
Lessee, Operating Lease, Liability To Be Paid, Year Five         10.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease assets        
Operating lease assets $ 76.9        
Short-term operating lease liabilities $ 5.7        
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Short-term operating lease liabilities        
Operating lease liabilities $ 83.0        
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities        
Beneficial Owner | Minimum          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Liability, to be Paid         22.0
Beneficial Owner | Maximum          
Related Party Transaction [Line Items]          
Lessee, Operating Lease, Liability, to be Paid         $ 100.0
Beneficial Owner | Revenues          
Related Party Transaction [Line Items]          
Billboard Revenue $ 12.2 10.6      
Beneficial Owner | Operating expenses          
Related Party Transaction [Line Items]          
Operating lease expenses $ 12.0 $ 11.5      

v3.25.4
Debt - Schedule of Debt Instruments (Details) - USD ($)
$ in Millions
12 Months Ended
Sep. 24, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Short-term debt   $ 0.0 $ 10.0
Long-term debt, net   2,583.4 2,482.5
Total debt, net   $ 2,583.4 $ 2,492.5
Weighted average cost of debt   5.30% 5.40%
Term loan, due 2026 | Secured debt      
Debt Instrument [Line Items]      
Long-term debt, net     $ 399.5
Maturity date     Nov. 18, 2026
Term Loan Due 2032 | Secured debt      
Debt Instrument [Line Items]      
Long-term debt, net $ 500.0 $ 499.3  
Maturity date Sep. 24, 2032 Sep. 24, 2032  
Senior Secured Debt Due 2031 | Senior unsecured notes      
Debt Instrument [Line Items]      
Debt interest rate percentage   7.375% 7.375%
Senior Secured Debt Due 2031 | Secured debt      
Debt Instrument [Line Items]      
Maturity date   Feb. 15, 2031 Feb. 15, 2031
5.000% senior unsecured notes, due 2027 | Senior unsecured notes      
Debt Instrument [Line Items]      
Debt interest rate percentage   5.00% 5.00%
Maturity date   Aug. 15, 2027 Aug. 15, 2027
4.250% senior unsecured notes, due 2029 | Senior unsecured notes      
Debt Instrument [Line Items]      
Debt interest rate percentage   4.25% 4.25%
Maturity date   Jan. 15, 2029 Jan. 15, 2029
4.625% senior unsecured notes, due 2030 | Senior unsecured notes      
Debt Instrument [Line Items]      
Debt interest rate percentage   4.625% 4.625%
Maturity date   Mar. 15, 2030 Mar. 15, 2030
Short-term debt | AR Facility      
Debt Instrument [Line Items]      
Credit facility, outstanding amount   $ 0.0 $ 10.0
Long-term debt      
Debt Instrument [Line Items]      
Debt issuance costs   (15.9) (17.0)
Long-term debt | Senior unsecured notes      
Debt Instrument [Line Items]      
Long-term debt, net   1,650.0 1,650.0
Long-term debt | Senior Secured Debt Due 2031 | Senior unsecured notes      
Debt Instrument [Line Items]      
Long-term debt, net   450.0 450.0
Long-term debt | 5.000% senior unsecured notes, due 2027 | Senior unsecured notes      
Debt Instrument [Line Items]      
Long-term debt, net   650.0 650.0
Long-term debt | 4.250% senior unsecured notes, due 2029 | Senior unsecured notes      
Debt Instrument [Line Items]      
Long-term debt, net   500.0 500.0
Long-term debt | 4.625% senior unsecured notes, due 2030 | Senior unsecured notes      
Debt Instrument [Line Items]      
Long-term debt, net   $ 500.0 $ 500.0

v3.25.4
Debt - Schedule of Maturities of Long-Term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 0.0
2027 650.0
2028 0.0
2029 500.0
2030 500.0
2031 and Thereafter 950.0
Total $ 2,600.0

v3.25.4
Debt - Narrative (Details) - Debt Instruments
$ in Millions
12 Months Ended
Sep. 24, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Long-term debt, net   $ 2,583.4 $ 2,482.5  
Loss on extinguishment of debt   $ 0.6 1.2 $ 8.1
Debt covenant, maximum consolidated total leverage ratio   6.5    
Consolidated total leverage ratio   4.7    
Debt Covenant, covenant description   The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0 (subject to potential acquisition-related adjustments).    
Deferred financing costs   $ 20.4    
Level 2        
Debt Instrument [Line Items]        
Long-term debt at fair value   $ 2,600.0 2,500.0  
Secured debt | Term loan, due 2026        
Debt Instrument [Line Items]        
Long-term debt, net     $ 399.5  
Maturity date     Nov. 18, 2026  
Interest rate at period end   5.70%    
Unamortized debt discount   $ 0.7    
Secured debt | Term Loan Due 2032        
Debt Instrument [Line Items]        
Long-term debt, net $ 500.0 $ 499.3    
Maturity date Sep. 24, 2032 Sep. 24, 2032    
Long-term debt | Senior unsecured notes        
Debt Instrument [Line Items]        
Long-term debt, net   $ 1,650.0 $ 1,650.0  
Term Loan Due 2032 | Base Rate        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 100.00%      
Term Loan Due 2032 | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.75%      
Term Loan Due 2032 | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 2.00%      
Revolving credit facility        
Debt Instrument [Line Items]        
Debt Covenant, maximum consolidated net secured coverage ratio, REIT Election   4.5    
Net secured leverage ratio   1.5    
Revolving credit facility | Base Rate        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.00%      
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.25%      
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.75%      

v3.25.4
Debt - Narrative (Details) - Line of Credit Facility - USD ($)
12 Months Ended
Sep. 24, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revolving credit facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 500,000,000.0      
Credit facility, expiration date Sep. 24, 2030      
Commitment fee for unused commitments   $ 1,900,000 $ 2,000,000.0 $ 1,700,000
Revolving credit facility | Base Rate        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.00%      
Revolving credit facility | Maximum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.75%      
Revolving credit facility | Minimum | Secured Overnight Financing Rate (SOFR)        
Line of Credit Facility [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.25%      
Revolving credit facility | Long-term debt        
Line of Credit Facility [Line Items]        
Credit facility, outstanding amount   0    
Letter of Credit sublimit to revolving credit facility        
Line of Credit Facility [Line Items]        
Letters of credit outstanding, amount   5,100,000    
Letter of Credit        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   81,000,000.0    
Letters of credit outstanding, amount   67,200,000    
AR Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   $ 150,000,000.0    
Credit facility, expiration date   Jun. 14, 2027    
Commitment fee for unused commitments   $ 300,000 300,000 $ 200,000
AR Facility | Short-term debt        
Line of Credit Facility [Line Items]        
Credit facility, outstanding amount   0 $ 10,000,000.0  
Line of credit facility, remaining borrowing capacity   150,000,000.0    
AR Securitization Facilities | Maximum        
Line of Credit Facility [Line Items]        
Debt instrument, collateral amount   $ 412,600,000    

v3.25.4
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders equity, beginning of period $ 649.0 $ 577.3 $ 1,195.2
Total other comprehensive income (loss), net of tax 0.2 5.7 3.3
Total stockholders’ equity, end of period 710.4 649.0 577.3
Cumulative Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders equity, beginning of period 0.0 (6.1) (9.2)
Other comprehensive income (loss) before reclassifications 0.0   3.1
Reclassification from AOCI, Current Period, Tax   6.1  
Other comprehensive income before reclassifications   0.0  
Total other comprehensive income (loss), net of tax 0.0 6.1 3.1
Total stockholders’ equity, end of period 0.0 0.0 (6.1)
Net Actuarial Gain (Loss)      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders equity, beginning of period (0.1) 0.3 0.1
Other comprehensive income (loss) before reclassifications 0.2   0.2
Reclassification from AOCI, Current Period, Tax   (0.6)  
Other comprehensive income before reclassifications   0.2  
Total other comprehensive income (loss), net of tax 0.2 (0.4) 0.2
Total stockholders’ equity, end of period 0.1 (0.1) 0.3
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders equity, beginning of period (0.1) (5.8) (9.1)
Other comprehensive income (loss) before reclassifications 0.2   3.3
Reclassification from AOCI, Current Period, Tax   5.5  
Other comprehensive income before reclassifications   0.2  
Total other comprehensive income (loss), net of tax 0.2 5.7 3.3
Total stockholders’ equity, end of period $ 0.1 $ (0.1) $ (5.8)

v3.25.4
Accumulated Other Comprehensive Income -Narrative (Details) - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income [Abstract]      
Tax provision on net acturial gain (loss) included in comprehensive income (loss) $ 0 $ 0 $ 0

v3.25.4
Equity (Details)
$ / shares in Units, $ in Millions
12 Months Ended
Mar. 31, 2026
Mar. 06, 2026
Feb. 25, 2026
$ / shares
Nov. 26, 2025
$ / shares
shares
Jan. 17, 2025
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
Nov. 21, 2017
USD ($)
Class of Stock [Line Items]                    
Common stock authorized (shares)           450,000,000 450,000,000.0      
Common stock, par value per share ($ per share) | $ / shares           $ 0.01 $ 0.01 $ 0.01 $ 0.01  
Common stock issued (shares)           175,177,242 166,000,000.0      
Common stock outstanding (shares)           175,177,242 166,000,000.0      
Preferred stock authorized (shares)           50,000,000 50,000,000.0      
Series A Preferred Stock per share par value ($ per share) | $ / shares           $ 0.01        
Series A Preferred Stock issued (shares)           0 100,000      
Series A Preferred Stock outstanding (shares)           0 100,000      
Stock Redeemed or Called During Period, Shares       125,000            
Series A Preferred Stock, par value per share ($ per share) | $ / shares       $ 0.01     $ 0.01 $ 0.01 $ 0.01  
Conversion of Stock (Shares)       7,903,431            
Dividends paid | $           $ 210.3 $ 208.4 $ 207.0    
Stockholders' Equity, Reverse Stock Split         On January 17, 2025, we effectuated a 1-for-1.024549 reverse stock split on our common stock (the “Reverse Stock Split”). All shares of the Company’s common stock included in these Consolidated Financial Statements have been retroactively adjusted as though the Reverse Stock Split has been effected prior to all periods presented.          
Reverse Stock Split Conversion Ratio         1.024549          
Dividends declared per common share ($ per share) | $ / shares           $ 1.20 $ 1.65 $ 1.20    
Subsequent event | O 2026 Q1 Dividends                    
Class of Stock [Line Items]                    
Dividends Payable, Date Declared     Feb. 25, 2026              
Dividends declared per common share ($ per share) | $ / shares     $ 0.30              
Dividends Payable, Date to be Paid Mar. 31, 2026                  
Dividends Payable, Date of Record   Mar. 06, 2026                
At-the-market equity offering program                    
Class of Stock [Line Items]                    
ATM Program, authorized amount outstanding | $           $ 232.5       $ 300.0
Shares issued under the ATM Program (shares)           0        
Series A Preferred Stock                    
Class of Stock [Line Items]                    
Dividends paid | $           $ 6.6        
Common Stock                    
Class of Stock [Line Items]                    
Common stock outstanding (shares)           175,200,000 166,000,000.0 161,100,000 160,300,000  
Conversion of Stock (Shares)           7,900,000        

v3.25.4
Disaggregation of Revenue (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Billboard Revenue $ 1,391.4 $ 1,437.4 $ 1,444.9
Revenues 1,831.7 1,830.9 1,820.6
Static displays      
Disaggregation of Revenue [Line Items]      
Billboard Revenue 904.8 936.3 948.0
Transit Revenue 179.1 185.5 191.8
Digital displays      
Disaggregation of Revenue [Line Items]      
Billboard Revenue 434.3 448.4 441.7
Transit Revenue 214.8 165.9 146.6
Other      
Disaggregation of Revenue [Line Items]      
Billboard Revenue 52.3 52.7 55.2
Transit Revenue 37.3 39.2 31.1
Transit      
Disaggregation of Revenue [Line Items]      
Transit Revenue 431.2 390.6 369.5
Other Revenues      
Disaggregation of Revenue [Line Items]      
Other Revenue $ 9.1 $ 2.9 $ 6.2

v3.25.4
Revenues -Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Rental income $ 1,287.3 $ 1,336.9 $ 1,349.3
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues

v3.25.4
Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Billboard Revenue $ 1,391.4 $ 1,437.4 $ 1,444.9
Revenues 1,831.7 1,830.9 1,820.6
United States      
Disaggregation of Revenue [Line Items]      
Billboard Revenue 1,391.4 1,409.3 1,369.7
Transit Revenue 431.2 383.8 352.6
Other Revenue 9.1 2.9 6.2
Revenues [1] 1,831.7 1,796.0 1,728.5
Canada      
Disaggregation of Revenue [Line Items]      
Revenues $ 0.0 $ 34.9 [1] $ 92.1 [1]
[1] Revenues classifications are based on the geography of the advertising

v3.25.4
Restructuring Charges - Narrative (Details)
$ in Millions
12 Months Ended
Jun. 23, 2025
numberOfEmployees
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Restructuring and Related Cost, Number of Positions Eliminated | numberOfEmployees 120      
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent 6.00%      
Restructuring charges   $ 20.1 [1] $ 0.0 $ 0.0
Stock-based compensation included in restructuring charges   30.0 $ 30.8 $ 28.4
Restructuring Charges        
Restructuring Cost and Reserve [Line Items]        
Severance Costs   17.9    
Professional Fees   2.2    
Stock-based compensation included in restructuring charges   2.2    
Corporate and Reconciling Items        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   8.0    
Operating segments | Billboard Operating Segment        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   8.4    
Operating segments | Transit Operating Segment        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 3.7    
[1] 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.

v3.25.4
Restructuring Charges - Schedule of Restructuring Reserve by Type of Cost (Details)
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
As of December 31, 2024 $ 0.0
Charged to expense 20.1
Non-cash charges for stock-based compensation (2.2)
Liabilities settled (11.3)
As of December 31, 2025 6.6
Employee Severance  
Restructuring Reserve [Roll Forward]  
Charged to expense 17.9
Non-cash charges for stock-based compensation (2.2)
Liabilities settled (9.1)
Professional Fees  
Restructuring Reserve [Roll Forward]  
Charged to expense 2.2
Non-cash charges for stock-based compensation 0.0
Liabilities settled (2.2)
Other Current Liabilities | Employee Severance  
Restructuring Reserve [Roll Forward]  
As of December 31, 2024 0.0
As of December 31, 2025 6.6
Accrued Liabilities | Professional Fees  
Restructuring Reserve [Roll Forward]  
As of December 31, 2024 0.0
As of December 31, 2025 $ 0.0

v3.25.4
Acquisitions and Dispositions -Narrative (Details)
$ in Millions, $ in Millions
12 Months Ended
Jun. 07, 2024
CAD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisitions and Dispositions [Line Items]        
Purchase price of acquisitions   $ 13.1 $ 19.5 $ 33.7
Canadian Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Business Acquisitions and Dispositions [Line Items]        
Net proceeds from dispositions $ 410.0      

v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
4 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 24, 2025
Sep. 04, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected recognition period for non-vested RSUs and PSUs $ 24,400,000 $ 24,400,000        
Restricted Stock Units and Performance Restricted Stock Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected recognition period for non-vested RSUs and PSUs   1 year 10 months 24 days        
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of share-based compensation awards   40.00%        
Restricted Stock Units (RSUs) | Nicolas Brien            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount           $ 1,000,000
Restricted Stock Units (RSUs) | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award Vesting Period   3 years        
Performance Shares (PRSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance Condition Period   1 year        
Percentage of share-based compensation awards   60.00%        
Performance Shares (PRSUs) | Nicolas Brien            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount           $ 2,000,000
Performance Shares (PRSUs) | Matthew Siegel            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount         $ 400,000  
Performance Shares (PRSUs) | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award Vesting Period   3 years        
Payout on stock-based compensation awards   0.00%        
Performance Condition Period   1 year        
Performance period   1 year        
Payout on share-based compensation awards   0.00%        
Performance Shares (PRSUs) | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payout on stock-based compensation awards   120.00%        
Performance Condition Period   3 years        
Payout on share-based compensation awards   120.00%        
Performance and Market Condition Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of share-based compensation awards   60.00%        
Market Condition Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of share-based compensation awards   40.00%        
Market Condition Shares | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance period   3 years        
Payout on share-based compensation awards   0.00%        
Market Condition Shares | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payout on share-based compensation awards   200.00%        
One-Time Performance and Market Restricted Stock Units | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance period   2 years        
One-Time Performance and Market Restricted Stock Units | Minimum | Nicolas Brien and Matthew Siegel            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award Vesting Period 3 years          
Omnibus Stock Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized (shares) 19,575,000 19,575,000        
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Total fair value of RSUs and PRSUs that vested   $ 30,000,000.0 $ 30,100,000 $ 36,200,000    

v3.25.4
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Tax benefit $ (1.6) $ (1.1) $ (1.0)
Stock-based compensation expense, net of tax 28.4 29.7 27.4
Restricted Stock Units and Performance Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense, before income taxes $ 30.0 $ 30.8 $ 28.4

v3.25.4
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan
12 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted Stock Units and Performance Restricted Stock Units  
RSUs and PRSUs, Nonvested, Number of Shares  
Non-vested RSUs and PRSUs, beginning balance (shares) | shares 3,282,970
Non-vested RSUs and PRSUs, ending balance (shares) | shares 3,203,845
Weighted Average Per Share Grant Date Fair Market Value  
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance ($ per share) | $ / shares $ 15.37
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance ($ per share) | $ / shares $ 15.76
Restricted Stock Units (RSUs)  
RSUs and PRSUs, Nonvested, Number of Shares  
Grants (shares) | shares 1,176,172
Vested (shares) | shares (1,250,059)
Forfeited (shares) | shares (144,272)
Weighted Average Per Share Grant Date Fair Market Value  
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares $ 18.26
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares 16.72
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares $ 17.23
Performance Shares (PRSUs)  
RSUs and PRSUs, Nonvested, Number of Shares  
Grants (shares) | shares 709,428
Vested (shares) | shares (548,029)
Forfeited (shares) | shares (22,365)
Weighted Average Per Share Grant Date Fair Market Value  
Weighted Average Grant Date Fair Value, Grants in Period ($ per share) | $ / shares $ 16.15
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares 16.64
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares $ 18.33

v3.25.4
Retirement Benefits - Narrative (Details)
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
plan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Retirement Benefits [Abstract]      
Multiemployer Plan, employer contribution, cost $ 4.7 $ 4.2 $ 3.3
Defined Contribution Plan, employer contributions $ 7.2 $ 7.8 $ 8.6
Expected return on plan assets     Total other comprehensive income (loss), net of tax
Number of Defined Benefit Pension Plans | plan 2    

v3.25.4
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details)
$ in Millions
12 Months Ended
Dec. 31, 2023
USD ($)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]  
Benefit obligation, beginning of year $ 47.0
Interest cost $ 2.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative
Actuarial gain $ (0.3)
Settlements paid (20.2)
Benefits paid (2.0)
Cumulative translation adjustments 0.6
Benefit obligation, end of year $ 27.2

v3.25.4
Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details)
$ in Millions
12 Months Ended
Dec. 31, 2023
USD ($)
Defined Benefit Plan, Net Periodic Pension Cost [Abstract]  
Interest cost $ 2.1
Expected return on plan assets Total other comprehensive income (loss), net of tax
Expected return on plan assets $ (2.6)
Settlement gain (0.5)
Net periodic pension cost $ (1.0)

v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Benefit (provision) for income taxes on income at U.S. statutory rate, Percent 21.00% 21.00% 21.00%
Operating loss carryforwards $ 15.1    
Undistributed Earnings of Foreign Subsidiaries 0.0    
Unrecognized tax benefits $ 0.2    
Minimum      
Operating Loss Carryforwards [Line Items]      
Tax years subject to examination 2022    
Maximum      
Operating Loss Carryforwards [Line Items]      
Benefit (provision) for income taxes on income at U.S. statutory rate, Percent 21.00%    

v3.25.4
Income Taxes - Schedule of Cash Paid for Income Taxes (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Federal, after Refund Received $ 0.3 $ (0.9) $ 0.0
Income Tax Paid, State and Local, after Refund Received 1.3 0.8 1.3
Cash paid for income taxes 2.2 11.5 6.7
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 0.5 10.0 0.0
TEXAS      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.7 0.6 0.6
OREGON      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.2 0.1 0.1
NEW YORK      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.1 0.0 0.1
NEW HAMPSHIRE      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.1 0.1 0.0
MASSACHUSETTS      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.0 0.1 0.1
TENNESSEE      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.0 (0.2) 0.2
State and Local Tax Jurisdiction, Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, State and Local, after Refund Received 0.2 0.1 0.2
Canada Revenue Agency      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 0.1 $ 1.6 $ 5.4

v3.25.4
Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]      
United States $ 146.5 $ 265.4 $ (431.2)
Foreign 0.0 3.7 11.8
Income (loss) before provision for income taxes and equity in earnings of investee companies $ 146.5 $ 269.1 $ (419.4)

v3.25.4
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Book Income to REIT Taxable Income Reconciliation [Line Items]      
Income (loss) before provision for income taxes and equity in earnings of investee companies $ 146.5 $ 269.1 $ (419.4)
Depreciation 35.8 24.7 27.9
Amortization (18.5) (15.8) (13.6)
Dividend from foreign subsidiary 0.0 5.7 2.1
Stock-based compensation (7.7) 9.5 (0.9)
Deferred gain for tax (5.6) (4.2) (6.8)
Investments in joint ventures (2.0) (6.3) 5.5
Gain from sale of Canada 0.0 (70.7) 0.0
Executive compensation 13.0 9.2 11.2
Lease expense 5.4 7.9 8.4
Provision for doubtful accounts 4.6 4.1 1.5
Impairment charges(a) 0.0 13.1 [1] 388.2 [1]
Other 16.9 24.0 13.6
REIT taxable income (estimated) 187.2 281.1 169.1
Taxable REIT Subsidiaries      
Book Income to REIT Taxable Income Reconciliation [Line Items]      
Income (loss) before provision for income taxes and equity in earnings of investee companies (1.2) 10.8 151.4
Qualified REIT Subsidiaries      
Book Income to REIT Taxable Income Reconciliation [Line Items]      
Income (loss) before provision for income taxes and equity in earnings of investee companies $ 145.3 $ 279.9 $ (268.0)
[1] Impairment charges related to our Transit business

v3.25.4
Income Taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract]      
Federal $ (0.4) $ (0.2) $ 0.0
State and local (0.9) (1.1) (1.0)
Foreign (0.7) (10.9) (3.1)
Current income tax provision (2.0) (12.2) (4.1)
Foreign 0.0 1.2 0.1
Deferred tax benefit (provision) 0.0 1.2 0.1
Provision for income taxes, Amount $ (2.0) $ (11.0) $ (4.0)

v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REIT Effective Income Tax Rate Reconciliation [Line Items]      
Benefit (provision) for income taxes on income at U.S. statutory rate, Amount $ (30.8) $ (56.5) $ 89.2
Benefit (provision) for income taxes on income at U.S. statutory rate, Percent 21.00% 21.00% 21.00%
State and local taxes, net of federal tax benefit, Amount [1] $ (0.8) $ (1.1) $ (1.0)
State and local taxes, net of federal tax benefit, Percent [1] 0.50% 0.40% (0.20%)
Change in valuation allowances, Amount $ 0.8 $ (5.5) $ (4.5)
Change in valuation allowances, Percent (0.50%) 2.00% (1.20%)
REIT dividend paid deduction, Amount $ 30.5 $ 58.8 $ 24.2
REIT dividends paid deduction, Percent (20.70%) (21.80%) 5.70%
Impairment charges, Amount $ 0.0 $ 0.0 $ (110.6) [2]
Impairment charges, Percent 0.00% 0.00% (26.00%) [2]
Other nondeductible items, Amount $ (0.9) $ 2.5 $ (0.6)
Other nondeductible items, Percent 0.60% (1.00%) (0.10%)
Other, Amount $ (0.1) $ 0.5 $ 0.3
Other, Percent 0.10% (0.10%) 0.10%
Provision for income taxes, Amount $ (2.0) $ (11.0) $ (4.0)
Provision for income taxes, Percent 1.40% 4.10% (0.90%)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] TEXAS TEXAS TEXAS
Canada      
REIT Effective Income Tax Rate Reconciliation [Line Items]      
Statutory rate difference between Canada and the U.S., Amount $ 0.0 $ 1.1 $ 0.6
Statutory rate difference between Canada and the U.S. Percent 0.00% (0.40%) 0.10%
State and local taxes, net of federal tax benefit, Amount $ 0.0 $ 0.3 $ (1.1)
State and local taxes, net of federal tax benefit, Percent 0.00% (0.10%) (0.20%)
Withholding tax on proceeds of the sale of Canadian operations, Amount $ (0.5) $ (10.0) $ 0.0
Withholding tax on proceeds of the sale of Canadian operations Percent 0.30% 3.70% 0.00%
Other, Amount $ (0.2) $ (1.1) $ (0.5)
Other, Percent 0.10% 0.40% (0.10%)
[1] State and local taxes consist primarily of taxes in Texas and Oregon.
[2] Primarily a permanent book/tax difference for impairment charges related to our Transit business

v3.25.4
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Income Tax Assets:    
Provision for expenses and losses $ 12.3 $ 9.9
Postretirement and other employee benefits 2.9 2.7
Tax credit and loss carryforwards 4.0 5.4
Property, equipment and intangible assets 4.9 5.8
Total deferred income tax assets 24.1 23.8
Valuation allowance (24.1) (23.8)
Deferred income tax assets, net 0.0 0.0
Deferred Income Tax Liabilities:    
Property, equipment and intangible assets 0.0 0.0
Postretirement and other employee benefits 0.0 0.0
Other 0.0 0.0
Total deferred income tax liabilities 0.0 0.0
Deferred income tax liabilities, net $ 0.0 $ 0.0

v3.25.4
Earnings Per Share ("EPS") (Details) - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Net income (loss) available to common stockholders $ 147.0 $ 258.2 $ (425.2)
Dividends paid 210.3 208.4 207.0
Net Income (Loss) Available to Common Stockholders, basic [1] 139.1 249.4 (434.0)
Net Income (Loss) Available to Common Stockholders, diluted $ 139.1 [1] $ 258.2 [2] $ (434.0) [1]
Basic (shares) 167.8 161.9 161.0
Dilutive potential shares from grants of RSUs, PRSUs and stock options [3] 1.4 1.1 0.0
Dilutive potential shares issuable upon conversion of Series A Preferred Stock 0.0 7.8 [4] 0.0 [4]
Diluted (shares) [3],[4] 169.2 170.8 161.0
Series A Preferred Stock      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Dividends paid $ 7.9 $ 8.8 $ 8.8
Stock Compensation Plan      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from EPS calculation (shares) 0.1   1.8
Series A Preferred Stock      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from EPS calculation (shares)     7.8
[1] For 2025 and 2023, Net income (loss) available for common stockholders for the calculation of both basic and diluted EPS. For 2024, Net income (loss) available for common stockholders for the calculation of basic EPS.
[2] For 2024, Net income available for common stockholders for the calculation of diluted EPS.
[3] The potential impact of an aggregate 0.1 million granted RSUs and PRSUs for 2025 and 1.8 million granted RSUs and PRSUs for 2023 was antidilutive. The potential impact of granted RSUs and PRSUs for 2024 was immaterial.
[4] The potential impact of 7.8 million shares of our common stock issuable upon conversion of our Series A Preferred Stock in 2023 was antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock (see Note 11. Equity).

v3.25.4
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Annual Payments
$ in Millions
Dec. 31, 2025
USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]  
2026 $ 213.8
2027 219.9
2028 224.0
2029 224.7
2030 176.1
2031 and thereafter 113.8
Total minimum payments $ 1,172.3

v3.25.4
Commitment and Contingencies - Narrative (Details)
3 Months Ended 6 Months Ended 12 Months Ended 60 Months Ended 80 Months Ended
Jul. 29, 2021
Displays
Jul. 28, 2021
Dec. 31, 2025
USD ($)
Displays
Jun. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
Displays
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2026
Apr. 01, 2028
USD ($)
Dec. 31, 2020
USD ($)
Other Commitments [Line Items]                    
Recovery of Direct Costs         $ 0          
MTA equipment development cost additions         20,100,000          
Gross     $ 2,465,300,000   2,465,300,000 $ 2,444,200,000        
Impairment charges         0 17,900,000 $ 534,700,000      
Franchise agreements                    
Other Commitments [Line Items]                    
Gross     909,000,000.0   909,000,000.0 $ 888,800,000        
MTA equipment deployment costs                    
Other Commitments [Line Items]                    
Recovery of Direct Costs         0          
MTA equipment deployment costs | Franchise agreements                    
Other Commitments [Line Items]                    
Gross     27,400,000   $ 27,400,000          
MTA Agreement                    
Other Commitments [Line Items]                    
Customer contract term 13 years 10 years                
Customer Contract Term Extension Option 5 years                  
MTA Agreement | Subsequent event                    
Other Commitments [Line Items]                    
Other Commitment Percentage               65.00%    
Additional Equipment Deployment Costs Percentage                 2.50%  
Metropolitan Transportation Authority ("MTA")                    
Other Commitments [Line Items]                    
Impairment charges       $ 17,900,000            
Maximum                    
Other Commitments [Line Items]                    
Customer contract term         1 year          
Maximum | Metropolitan Transportation Authority ("MTA")                    
Other Commitments [Line Items]                    
MTA Equipment Deployment Costs                   $ 50,700,000
Maximum | MTA Agreement | Subsequent event                    
Other Commitments [Line Items]                    
Decrease In Revenues Percentage                 5.00%  
Minimum                    
Other Commitments [Line Items]                    
Customer contract term         28 days          
Minimum | Subsequent event                    
Other Commitments [Line Items]                    
Recovery of Direct Costs                 $ 0  
Standalone letters of credit and sublimit to revolving credit facility                    
Other Commitments [Line Items]                    
Letters of credit outstanding, amount     72,300,000   $ 72,300,000          
Surety Bond                    
Other Commitments [Line Items]                    
Surety Bonds Outstanding     $ 108,800,000   $ 108,800,000          
MTA digital advertising screens on subway and train platforms and entrances                    
Other Commitments [Line Items]                    
Number of displays | Displays 5,433   5,023   5,023          
MTA smaller-format digital advertising screens rolling stock                    
Other Commitments [Line Items]                    
Number of displays | Displays 15,896   15,904   15,904          
MTA communication displays                    
Other Commitments [Line Items]                    
Number of displays | Displays 9,283   6,427   6,427          
MTA displays installed                    
Other Commitments [Line Items]                    
Number of displays | Displays     27,354   27,354          
Number Of Display Additions | Displays     13   1,109          

v3.25.4
Segment Information - Narrative (Details)
12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2

v3.25.4
Segment Information - Reconciliation of Revenue and Operating Measures from Segments to Consolidated (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 1,831.7 $ 1,830.9 $ 1,820.6
Operating (918.5) (949.0) (963.1)
Selling, general and administrative [1] (441.7) (447.9) (429.7)
Stock-based compensation 27.8 30.8 28.4
Adjusted OIBDA 499.3 464.8 456.2
Restructuring charges (20.1) [2] 0.0 0.0
Net gain (loss) on dispositions 2.3 160.9 14.2
Impairment charges 0.0 (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)
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 0.0 1.0 0.3
Income (loss) before benefit (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 0.0 0.5 0.7
Net Income (Loss) 147.0 258.2 (425.2)
Stock-based compensation included in restructuring charges 30.0 30.8 28.4
Restructuring Charges      
Segment Reporting Information [Line Items]      
Stock-based compensation included in restructuring charges 2.2    
Billboard Property Lease      
Segment Reporting Information [Line Items]      
Operating [3] (446.6) (482.8) (499.7)
Transit Franchise      
Segment Reporting Information [Line Items]      
Operating [3] (243.2) (238.1) (240.3)
Posting Maintenance And Other      
Segment Reporting Information [Line Items]      
Operating [3] (228.7) (228.1) (223.1)
Operating segments      
Segment Reporting Information [Line Items]      
Revenues 1,822.6 1,793.1 1,722.3
Operating [3] (911.3) (925.2) (910.2)
Selling, general and administrative [1] (339.3) (339.1) (327.5)
Adjusted OIBDA 572.0 528.8 484.6
Operating segments | Billboard Property Lease      
Segment Reporting Information [Line Items]      
Operating [3] (446.6) (472.3) (477.3)
Operating segments | Transit Franchise      
Segment Reporting Information [Line Items]      
Operating [3] (243.2) (236.3) (235.6)
Operating segments | Posting Maintenance And Other      
Segment Reporting Information [Line Items]      
Operating [3] (221.5) (216.6) (197.3)
Operating segments | Billboard Operating Segment      
Segment Reporting Information [Line Items]      
Revenues 1,391.4 1,409.3 1,369.7
Operating [3] (595.9) (620.7) (612.2)
Selling, general and administrative [1] (266.6) (268.1) (256.9)
Adjusted OIBDA $ 528.9 $ 520.5 $ 500.6
Segment Adjusted OIBDA Margin 38.00% 36.90% 36.50%
Restructuring charges $ (8.4)    
Operating segments | Billboard Operating Segment | Billboard Property Lease      
Segment Reporting Information [Line Items]      
Operating [3] (446.6) $ (472.3) $ (477.3)
Operating segments | Billboard Operating Segment | Posting Maintenance And Other      
Segment Reporting Information [Line Items]      
Operating [3] (149.3) (148.4) (134.9)
Operating segments | Transit Operating Segment      
Segment Reporting Information [Line Items]      
Revenues 431.2 383.8 352.6
Operating [3] (315.4) (304.5) (298.0)
Selling, general and administrative [1] (72.7) (71.0) (70.6)
Adjusted OIBDA $ 43.1 $ 8.3 $ (16.0)
Segment Adjusted OIBDA Margin 10.00% 2.20% (4.50%)
Restructuring charges $ (3.7)    
Operating segments | Transit Operating Segment | Transit Franchise      
Segment Reporting Information [Line Items]      
Operating [3] (243.2) $ (236.3) $ (235.6)
Operating segments | Transit Operating Segment | Posting Maintenance And Other      
Segment Reporting Information [Line Items]      
Operating [3] (72.2) (68.2) (62.4)
Corporate and Reconciling Items      
Segment Reporting Information [Line Items]      
Adjusted OIBDA (72.7) $ (64.0) $ (28.4)
Restructuring charges $ (8.0)    
[1] Selling, general and administrative expenses includes, but is not limited to, compensation and benefits, including commissions, professional fees, office rent and travel and entertainment.
[2] 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.
[3] The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

v3.25.4
Segment Information - Revenue and Long-Lived Assets By Georgraphy (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 1,831.7 $ 1,830.9 $ 1,820.6
Long-Lived Assets [1] 4,798.8 4,820.7 5,176.9
United States      
Segment Reporting Information [Line Items]      
Revenues [2] 1,831.7 1,796.0 1,728.5
Long-Lived Assets [1] 4,798.8 4,820.7 4,962.6
Canada      
Segment Reporting Information [Line Items]      
Revenues 0.0 34.9 [2] 92.1 [2]
Long-Lived Assets $ 0.0 $ 0.0 $ 214.3 [1],[3]
[1] Reflects total assets less current assets, investments and non-current deferred tax assets.
[2] Revenues classifications are based on the geography of the advertising
[3] 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.

v3.25.4
Subsequent Event (Details) - Subsequent event
$ in Millions
36 Months Ended
Feb. 17, 2026
USD ($)
Feb. 16, 2029
USD ($)
numberOfEmployees
Feb. 16, 2029
Subsequent Event [Line Items]      
Investment, Acquisition Date Feb. 17, 2026    
Software License Contract Term     3 years
Investment Owned, Cost $ 20.0    
Payments to Acquire Investments $ 4.0 $ 4.0  
Number Of Payments | numberOfEmployees   4  

v3.25.4
II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for doubtful accounts:      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 20.6 $ 17.2 $ 20.2
Balance Acquired through Acquisitions 0.0 0.0 0.0
Charged to Costs and Expenses 6.5 5.6 5.8
Charged to Other Accounts 0.3 1.2 (0.1)
Deductions 4.2 3.4 8.7
Balance at End of Period 23.2 20.6 17.2
Valuation allowance on deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 23.8 16.6 11.9
Balance Acquired through Acquisitions 0.0 0.0 0.0
Charged to Costs and Expenses 0.3 7.2 4.7
Charged to Other Accounts 0.0 0.0 0.0
Deductions 0.0 0.0 0.0
Balance at End of Period $ 24.1 $ 23.8 $ 16.6

v3.25.4
III - Schedule of Real Estate and Accumulated Depreciation (Details)
$ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
display
asset
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
SEC Schedule III, Real Estate, Number of Units, as of date | display [1] 38,240    
Encumbrances $ 0.0    
Gross carrying amount at the end of the year 1,853.8 [2] $ 1,863.0 $ 2,186.5
Accumulated Depreciation (1,298.1) (1,307.3) (1,594.4)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the beginning of the year 1,863.0 2,186.5 2,119.0
Additions for construction of / improvements to structures 75.9 62.8 65.7
Assets sold or written-off (85.1) (374.6) (6.5)
Foreign exchange 0.0 (11.7) 8.3
Balance at the end of the year 1,853.8 [2] 1,863.0 2,186.5
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at the beginning of the year 1,307.3 1,594.4 1,519.5
Depreciation 72.8 59.5 60.2
Impairment 0.0 0.0 12.5
Assets sold or written-off (82.0) (335.9) (5.4)
Foreign exchange 0.0 (10.7) 7.6
Balance at the end of the year $ 1,298.1 1,307.3 1,594.4
Maximum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 20 years    
Minimum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 3 years    
Assets      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Number of assets which exceed concentration risk % | asset 0    
Assets | Percentage Of Total Gross Carrying Amount | Maximum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Concentration Risk, Percentage 5.00%    
Structures Added Prior to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
SEC Schedule III, Real Estate, Number of Units, as of date | display [1] 35,834    
Gross carrying amount at the end of the year [2] $ 1,490.6    
Accumulated Depreciation (1,126.0)    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 1,490.6    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at the end of the year $ 1,126.0    
Structures Added Prior to 1/1/2014 | Maximum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 20 years    
Structures Added Prior to 1/1/2014 | Minimum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 3 years    
Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
SEC Schedule III, Real Estate, Number of Units, as of date | display [1] 2,406    
Structures Added Subsequent to 1/1/2014 | Maximum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 20 years    
Structures Added Subsequent to 1/1/2014 | Minimum      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Life Used for Depreciation 3 years    
Structures Added Subsequent to 1/1/2014 | Real estate      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] $ 363.2    
Accumulated Depreciation (172.1)    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 363.2    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at the end of the year 172.1    
Advertising structures      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 1,743.4    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 1,743.4    
Advertising structures | Structures Added Prior to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 1,410.8    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 1,410.8    
Advertising structures | Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 332.6    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 332.6    
Land      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 110.4    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 110.4    
Land | Structures Added Prior to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 79.8    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 79.8    
Land | Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year [2] 30.6    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year [2] 30.6    
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year 388.9    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year 388.9    
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year 30.6    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year 30.6    
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]      
Gross carrying amount at the end of the year 56.3    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at the end of the year 56.3    
New Investments      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Additions for construction of / improvements to structures 18.8 14.0 19.6
Redevelopments      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Additions for construction of / improvements to structures 38.1 33.7 37.2
Recurring Capital Expenditures      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Additions for construction of / improvements to structures 18.8 15.0 8.8
Land Acquisitions      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Additions for construction of / improvements to structures $ 0.2 $ 0.1 $ 0.1
[1] No single asset exceeded 5% of the total gross carrying amount as of December 31, 2025.
[2] Includes sites under construction.

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