OUTFRONT Media Inc.

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.