OUT

OUTFRONT Media Inc.

Ticker: OUTReal EstateREITs
HQ NEW YORK, NYCIK 1579877FY end 12-31Book / share $3.91Shares 177M
Revenue (FY)
$1.83B+0.04%
TTM $1.93B
Op. margin
16.02%-7.22%
TTM 20.46%
Net income
$147.00M-43.07%
TTM $244.70M
Operating cash
$307.60M+2.81%
TTM $390.60M
Free cash flow
$218.80M-1.04%
TTM $303.40M
Return on equity
23.52%-19.02%
TTM 35.29%
Debt / equity
3.64-0.20%
TTM 3.65
Shares outstanding
169.2M-0.94%
TTM 177.3M

The business

OUTFRONT Media Inc. (NYSE: OUT) is a real estate investment trust that provides out-of-home advertising displays across the United States. The company operates approximately 552,900 advertising displays in roughly 120 markets, including all 25 largest U.S. metropolitan areas, with particular strength in New York City, Los Angeles, and San Francisco. OUTFRONT's portfolio consists of billboard displays positioned on heavily traveled highways and roadways, as well as transit advertising displays operated under exclusive multi-year contracts with municipalities in major cities.

The company operates through two reportable segments: Billboard and Transit. Billboard revenues represented approximately 76 percent of total revenues, while Transit revenues accounted for approximately 24 percent. As of December 31, 2025, OUTFRONT maintained approximately 38,240 billboard displays and 514,637 transit displays across its portfolio. The company's customer base is highly diversified, with no single customer representing more than 2 percent of total revenues. Entertainment, retail, and legal services represent the largest industry verticals, collectively accounting for approximately 39 percent of revenues.

OUTFRONT's business model centers on leasing advertising space to customers under short-term contracts typically ranging from four weeks to one year. The company owns the physical billboard structures and holds legal permits to display advertising, while leasing the underlying land from approximately 17,500 different landlords. Approximately 75 percent of billboard structures are legally nonconforming, meaning they were lawfully constructed under prior regulations and cannot be replicated under current zoning laws, providing competitive advantages in key markets.

The company employs 1,986 full-time employees as of December 31, 2025. Digital displays represent a significant growth initiative, with 1,928 digital billboard displays and 29,493 digital transit displays generating approximately 649 million dollars in revenues. OUTFRONT traces its corporate history to pioneering outdoor advertising companies including Outdoor Systems, Inc., 3M National, and Gannett Outdoor. The company completed its initial public offering in April 2014 and began operating as a REIT in July 2014. In June 2024, OUTFRONT divested its Canadian outdoor advertising business.

Sector
Real Estate
Industry
REITs
HQ
NEW YORK, NY
FY end
12-31
CIK
1579877
SIC
6798
Financial performance · annual
20142025
$-666.73M$42.26M$751.25M$1.46B$2.17B201420152016201720182019202020212022202320242025TTMTTMTTM

Ownership

Who holds OUTFRONT Media Inc. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

380
funds hold it
2 of 35
superinvestors hold it
$3.11B
fund-held value
54.9%
of shares held by funds
5
bond issues held by funds

Top fund holders

Fund% of fundValue
iShares Core S&P Small-Cap ETF
IJR · iShares Trust
0.27%$302.32M
Cohen & Steers Real Estate Securities Fund
CSEIX · COHEN & STEERS REAL ESTATE SECURITIES FUND INC
2.40%$229.18M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$173.95M
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
0.25%$172.39M
iShares Russell 2000 ETF
IWM · iShares Trust
0.16%$135.72M

Superinvestors in OUTFRONT Media Inc.

Polen CapitalINCREASED +17.4%
Polen Capital Management
<0.1%
Tom RussoUNCHANGED
Gardner Russo & Quinn
<0.1%

Share of each manager's reported 13F portfolio.

Bonds held by funds

Funds report holding 5 issues of OUTFRONT Media Inc.'s debt, $118.13M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 5.53%, maturing 20272034.

IssueCouponMaturesFundsFund-held
OUTFRONT MEDIA CAPITAL LLC / OUTFRONT MEDIA CAPITA 6.000000% 06/15/20346.000%2034-06-158$45.40M
OUT 4.25 01/15/29 144A4.250%2029-01-1520$24.08M
Outfront Media Capital LLC7.375%2031-02-1521$17.48M
OUT 5 08/15/27 144A5.000%2027-08-1516$15.72M
OUT 4.625 03/15/30 144A4.625%2030-03-1526$15.45M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

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15 years of statements, narrative and filings — queryable over MCP.

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15 years of OUTFRONT Media Inc.'s financials

Income statement, balance sheet and cash flow across 15 years, every filing with its disclosures, and each number traceable to the filing it came from — free with an account, no card required.

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