Form 8-K

8-K — OUTFRONT Media Inc.

Accession: 0001579877-26-000018

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001579877

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — out-20260507.htm (Primary)

EX-99.1 (ex9911q26earningsrelease.htm)

EX-99.2 (ex992dividendprq126.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: out-20260507.htm · Sequence: 1

out-20260507

0001579877FALSE00015798772026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 7, 2026

_________________________

OUTFRONT Media Inc.

(Exact name of registrant as specified in its charter)

__________________________

Maryland

001-36367

46-4494703

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)

90 Park Avenue, 9th Floor

New York,

New York

10016

(Address of principal executive offices)

(Zip Code)

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

__________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02

Results of Operations and Financial Condition.

On May 7, 2026, OUTFRONT Media Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished pursuant to this Item 2.02. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01

Other Events.

On May 7, 2026, the Company announced that its board of directors has declared a quarterly cash dividend of $0.30 per share on the Company’s common stock, par value $0.01 per share. The dividend is payable on June 30, 2026, to stockholders of record at the close of business on June 5, 2026.

A copy of the press release announcing the quarterly cash dividend is attached hereto as Exhibit 99.2, and is incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed or furnished, as applicable, herewith:

Exhibit

Number

Description

99.1 Press Release dated May 7, 2026.

99.2 Press Release dated May 7, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

EXHIBIT INDEX

Exhibit

Number

Description

99.1

Press Release dated May 7, 2026.

99.2

Press Release dated May 7, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OUTFRONT MEDIA INC.

By:

/s/ Matthew Siegel

Name:

Matthew Siegel

Title:

Executive Vice President and

Chief Financial Officer

Date: May 7, 2026

EX-99.1

Filename: ex9911q26earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

OUTFRONT Media Reports First Quarter 2026 Results

Revenues of $429.6 million

Operating income of $55.9 million

Net income attributable to OUTFRONT Media Inc. of $19.1 million

Adjusted OIBDA of $100.4 million

AFFO attributable to OUTFRONT Media Inc. of $61.0 million

Quarterly dividend of $0.30 per share, payable June 30, 2026

NEW YORK, May 7, 2026 – OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2026.

“Our first quarter results demonstrate our continued strong performance, with revenue, OIBDA, and AFFO all exceeding our guidance” said Nick Brien, Chief Executive Officer of OUTFRONT Media. “Importantly, this exceptional performance was driven by strong results across our entire business, with billboard and transit both contributing to this success.”

Three Months Ended

March 31,

$ in Millions, except per share amounts

2026 2025

Revenues

$429.6 $390.7

Operating income 55.9 13.9

Adjusted OIBDA 100.4 64.2

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.3 (20.7)

Net income (loss)1

19.1 (20.6)

Net income (loss) per share1,2,3

$0.11 ($0.14)

Funds From Operations (FFO)1

63.5 26.5

Adjusted FFO (AFFO)1

61.0 27.1

Shares outstanding3

177.1 166.4

Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to "Net income (loss)", “FFO” and “AFFO” mean "Net income (loss) attributable to OUTFRONT Media Inc.", “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively; 2) References to “per share” mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding.

First Quarter 2026 Results

Consolidated Results

Reported revenues of $429.6 million increased $38.9 million, or 10.0%, for the first quarter of 2026 as compared to the same prior-year period.

Total operating expenses of $227.5 million increased $6.2 million, or 2.8%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”) due to inflation, higher production expenses, and higher maintenance and utilities costs, partially offset by the impact of lost billboards in the period.

Selling, General and Administrative expenses (“SG&A”) of $107.3 million decreased $7.4 million, or 6.5%,

compared to the same prior-year period, due primarily to lower compensation-related expenses, including severance and salaries, and lower credit card usage by customers, partially offset by higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher client entertainment expenses.

Adjusted OIBDA of $100.4 million increased $36.2 million, or 56.4%, compared to the same prior-year period.

Segment Results

Billboard

Reported billboard segment revenues of $332.9 million increased $22.2 million, or 7.1%, compared to the same prior-year period, due primarily to higher proceeds from condemnations and an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues, partially offset by lost billboards in the period.

Operating expenses increased $3.5 million, or 2.4%, due primarily to higher variable billboard property lease costs, higher maintenance and utilities, higher site-related costs, and higher compensation-related expenses, partially offset by the impact of lost billboards in the period.

SG&A expenses increased $1.3 million, or 1.9%, due primarily to higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses.

Adjusted OIBDA of $116.4 million increased $17.4 million, or 17.6%, compared to the same prior-year period.

Transit

Reported transit segment revenues of $95.0 million increased $17.3 million, or 22.3%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts.

Operating expenses increased $3.0 million, or 4.0%, due primarily to higher guaranteed minimum annual payments to the MTA due to inflation, higher display production costs, and higher posting and rotation costs.

SG&A expenses increased $1.5 million, or 8.7%, due primarily to higher compensation-related expenses, including severance and commissions, higher professional fees, including higher software and technology expenses, partially offset by lower credit card usage by customers.

Adjusted OIBDA loss decreased $12.8 million, or 90.1%, compared to the same prior-year period.

Other

Reported revenues decreased $0.6 million, or 26.1%, operating expenses decreased $0.3 million, or 16.7%, and Adjusted OIBDA decreased $0.3 million, or 60.0%, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.

Corporate

Corporate expenses, excluding stock-based compensation, decreased $6.3 million, or 29.9%, compared to the same prior-year period to $14.8 million, due primarily to lower compensation-related expenses, including severance, and lower professional fees, including fees related to a management consulting project.

Interest Expense

Net interest expense in the first quarter of 2026 was $36.0 million, including amortization of deferred financing costs of $1.4 million, as compared to $36.0 million, including amortization of deferred financing costs of $1.5 million, in the same prior-year period. The weighted average cost of debt was 5.3% as of March 31, 2026 and 5.4% as of March 31, 2025.

Income Taxes

The provision for income taxes decreased $0.1 million, or 20.0%, in the first quarter of 2026 compared to the same

prior-year period. Cash paid for income taxes in the three months ended March 31, 2026 was $0.4 million.

Net Income Attributable to OUTFRONT Media Inc.

Net income attributable to OUTFRONT Media Inc. was $19.1 million in the first quarter of 2026 compared to a Net loss attributable to OUTFRONT Media Inc. of $20.6 million in the same prior-year period. Diluted weighted average shares outstanding were 177.1 million for the first quarter of 2026 compared to 166.4 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.11 in the first quarter of 2026 compared to a Net loss per common share for diluted earnings per weighted average share of $0.14 in the same prior-year period.

FFO

FFO attributable to OUTFRONT Media Inc. was $63.5 million in the first quarter of 2026, an increase of $37.0 million, or 139.6%, from the same prior-year period, driven primarily by higher Adjusted OIBDA.

AFFO

Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of 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.

AFFO attributable to OUTFRONT Media Inc. was $61.0 million in the first quarter of 2026, an increase of $33.9 million, or 125.1%, from the same prior-year period, due primarily to higher Adjusted OIBDA and a higher non-cash effect of straight-line rent, partially offset by lower equity earnings.

Cash Flow & Capital Expenditures

Net cash flow provided by operating activities of $75.3 million for the three months ended March 31, 2026, increased $41.7 million, or 124.1%, compared to $33.6 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, the timing of accounts receivables and a decrease in accounts payable and accrued expenses, partially offset by a decrease in deferred revenues. Total capital expenditures increased $6.9 million, or 40.1%, to $24.1 million for the three months ended March 31, 2026, compared to the same prior-year period, due primarily to increased growth in digital displays, increased maintenance spending for billboard display upgrades and increased spending for safety-related projects.

Dividends

In the three months ended March 31, 2026, we paid cash dividends of $53.4 million on our common stock and vested restricted share units granted to employees. We announced on May 7, 2026, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on June 30, 2026, to stockholders of record at the close of business on June 5, 2026.

Balance Sheet and Liquidity

As of March 31, 2026, our liquidity position included unrestricted cash of $67.2 million and $494.9 million of availability under our $500.0 million revolving credit facility, net of $5.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $150.0 million of additional availability under our accounts receivable securitization facility. During the three months ended March 31, 2026, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. Total indebtedness as of March 31, 2026 was $2.6 billion, excluding $14.8 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes and $1.7 billion of senior unsecured notes.

Conference Call

We will host a conference call to discuss the results on May 7, 2026, at 4:30 p.m. Eastern Time. The conference call numbers are 833-461-5787 (U.S. callers) and 585-542-9983 (International callers) and the passcode for both is 404991578. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.

Supplemental Materials

In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.

About OUTFRONT Media Inc.

OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it’s defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:

Investors Media

Stephan Bisson Courtney Richards

Investor Relations Events & Communications

(212) 297-6573 (646) 876-9404

stephan.bisson@outfront.com courtney.richards@outfront.com

Non-GAAP Financial Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate and define "Adjusted OIBDA" as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions and stock-based compensation. 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. 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, 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 certain non-cash items, including non-real estate depreciation and amortization, 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 real estate investment trusts ("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) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating 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.

Please see Exhibits 4-5 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.

Cautionary Statement Regarding Forward-Looking Statements

We have made statements in this document 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 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; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the "SEC"), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. All forward-looking statements in this document apply as of the date of this document 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.

EXHIBITS

Exhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) See Notes on Page 14

Three Months Ended

March 31,

(in millions, except per share amounts) 2026 2025

Revenues $ 429.6 $ 390.7

Expenses:

Operating 227.5 221.3

Selling, general and administrative 107.3 114.7

Net loss on dispositions 1.0 0.1

Depreciation 20.7 23.6

Amortization 17.2 17.1

Total expenses 373.7 376.8

Operating income 55.9 13.9

Interest expense, net (36.0) (36.0)

Income (loss) before provision for income taxes and equity in earnings of investee companies 19.9 (22.1)

Provision for income taxes (0.4) (0.5)

Equity in earnings of investee companies, net of tax (0.2) 1.9

Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests 19.3 (20.7)

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 (0.1)

Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ (20.6)

Net income (loss) per common share:

Basic $ 0.11 $ (0.14)

Diluted $ 0.11 $ (0.14)

Weighted average shares outstanding:

Basic 175.5 166.4

Diluted 177.1 166.4

Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited) See Notes on Page 14

As of

(in millions) March 31,

2026 December 31,

2025

Assets:

Current assets:

Cash and cash equivalents $ 67.2 $ 99.9

Receivables, less allowance ($25.0 in 2026 and $23.2 in 2025)

294.3 365.7

Prepaid lease and franchise costs 2.6 5.1

Prepaid MTA equipment deployment costs 0.2 —

Other prepaid expenses 25.6 21.9

Other current assets 11.6 11.1

Total current assets 401.5 503.7

Property and equipment, net 644.3 643.8

Goodwill 2,006.4 2,006.4

Intangible assets 603.6 612.0

Operating lease assets 1,553.8 1,521.5

Other assets 28.5 24.2

Total assets $ 5,238.1 $ 5,311.6

Liabilities:

Current liabilities:

Accounts payable $ 33.3 $ 50.2

Accrued compensation 42.4 72.3

Accrued interest 23.4 35.1

Accrued lease and franchise costs 62.7 72.2

Other accrued expenses 63.2 55.5

Deferred revenues 60.1 57.7

Short-term operating lease liabilities 179.5 172.9

Other current liabilities 27.6 29.4

Total current liabilities 492.2 545.3

Long-term debt, net 2,584.5 2,583.4

Asset retirement obligation 34.1 34.0

Operating lease liabilities 1,398.9 1,374.7

Other liabilities 39.2 40.3

Total liabilities 4,548.9 4,577.7

Commitments and contingencies

Redeemable noncontrolling interests 25.8 22.0

Stockholders’ equity:

Common stock (2026 - 450.0 shares authorized, and 176.1 shares issued and outstanding; 2025 - 450.0 shares authorized, and 175.2 issued and outstanding)

1.8 1.8

Additional paid-in capital 2,604.6 2,619.3

Distribution in excess of earnings (1,944.6) (1,910.8)

Accumulated other comprehensive loss 0.1 0.1

Total stockholders’ equity 661.9 710.4

Noncontrolling interests 1.5 1.5

Total liabilities and equity $ 5,238.1 $ 5,311.6

Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) See Notes on Page 14

Three Months Ended

March 31,

(in millions) 2026 2025

Operating activities:

Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ (20.6)

Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:

Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests 0.2 (0.1)

Depreciation and amortization 37.9 40.7

Stock-based compensation 5.6 9.5

Provision for doubtful accounts 2.2 1.5

Accretion expense 0.7 0.7

Net loss on dispositions 1.0 0.1

Equity in earnings of investee companies, net of tax 0.2 (1.9)

Distributions from investee companies 0.3 0.3

Amortization of deferred financing costs and debt discount and premium 1.4 1.5

Change in assets and liabilities, net of investing and financing activities:

Decrease in receivables 69.2 45.3

Increase in prepaid MTA equipment deployment costs (0.2) —

(Increase) decrease in prepaid expenses and other current assets (3.5) 0.8

Decrease in accounts payable and accrued expenses (57.1) (67.8)

Increase in operating lease assets and liabilities 0.5 2.1

Increase in deferred revenues 2.4 16.7

Increase (decrease) in income taxes — 0.5

Other, net (4.6) 4.3

Net cash flow provided by operating activities

75.3 33.6

Investing activities:

Capital expenditures (24.1) (17.2)

Acquisitions (8.1) (5.7)

MTA franchise rights (1.8) (4.0)

Net proceeds from dispositions — 0.7

Investment in investee companies (4.0) —

Return of investments in investee companies — 1.5

Net cash flow used for investing activities (38.0) (24.7)

Financing activities:

Proceeds from borrowings under short-term debt facilities — 50.0

Repayments of borrowings under short-term debt facilities — (10.0)

Taxes withheld for stock-based compensation (16.6) (12.3)

Dividends (53.4) (53.0)

Net cash flow used for financing activities (70.0) (25.3)

Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Unaudited) See Notes on Page 14

Three Months Ended

March 31,

(in millions) 2026 2025

Net decrease in cash and cash equivalents (32.7) (16.4)

Cash and cash equivalents at beginning of period 99.9 46.9

Cash and cash equivalents at end of period $ 67.2 $ 30.5

Supplemental disclosure of cash flow information:

Cash paid for income taxes

$ 0.4 $ —

Cash paid for interest

47.1 46.2

Non-cash investing and financing activities:

Accrued purchases of property and equipment

3.3 13.4

Accrued MTA franchise rights 1.9 1.6

Taxes withheld for stock-based compensation 2.8 2.6

Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION

(Unaudited) See Notes on Page 14

Three Months Ended March 31, 2026

(in millions, except percentages) Billboard Transit Other Corporate Consolidated

Revenues $ 332.9 $ 95.0 $ 1.7 $ — $ 429.6

Operating income (loss) $ 82.5 $ (6.4) $ 0.2 $ (20.4) $ 55.9

Net loss on dispositions 0.9 0.1 — — 1.0

Depreciation 18.1 2.6 — — 20.7

Amortization 14.9 2.3 — — 17.2

Stock-based compensation — — — 5.6 5.6

Adjusted OIBDA $ 116.4 $ (1.4) $ 0.2 $ (14.8) $ 100.4

Adjusted OIBDA margin 35.0 % (1.5) % 11.8 % * 23.4 %

Three Months Ended March 31, 2025

(in millions, except percentages) Billboard Transit Other Corporate Consolidated

Revenues $ 310.7 $ 77.7 $ 2.3 $ — $ 390.7

Operating income (loss) $ 61.0 $ (17.0) $ 0.5 $ (30.6) $ 13.9

Net (gain) loss on dispositions 0.7 (0.6) — — 0.1

Depreciation 21.6 2.0 — — 23.6

Amortization 15.7 1.4 — — 17.1

Stock-based compensation — — — 9.5 9.5

Adjusted OIBDA $ 99.0 $ (14.2) $ 0.5 $ (21.1) $ 64.2

Adjusted OIBDA margin 31.9 % (18.3) % 21.7 % * 16.4 %

Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

(Unaudited) See Notes on Page 14

Three Months Ended

March 31,

(in millions) 2026 2025

Net income (loss) attributable to OUTFRONT Media Inc. $ 19.1 $ (20.6)

Depreciation of billboard advertising structures 16.2 18.8

Amortization of real estate-related intangible assets 14.3 15.1

Amortization of direct lease acquisition costs 13.0 13.2

Net loss on disposition of real estate assets 1.0 0.1

Adjustment related to redeemable and non-redeemable noncontrolling interests (0.1) (0.1)

FFO attributable to OUTFRONT Media Inc. $ 63.5 $ 26.5

Non-cash portion of income taxes — 0.5

Cash paid for direct lease acquisition costs (13.0) (13.2)

Maintenance capital expenditures (7.0) (6.3)

Other depreciation 4.5 4.8

Other amortization 2.9 2.0

Stock-based compensation 5.6 9.5

Non-cash effect of straight-line rent 2.4 1.1

Accretion expense 0.7 0.7

Amortization of deferred financing costs

1.4 1.5

AFFO attributable to OUTFRONT Media Inc.(a)

$ 61.0 $ 27.1

Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES

(Unaudited) See Notes on Page 14

Three Months Ended

March 31,

(in millions) 2026 2025

Adjusted OIBDA $ 100.4 $ 64.2

Interest expense, net, less amortization of deferred financing costs

(34.6) (34.5)

Cash paid for income taxes (0.4) —

Maintenance capital expenditures

(7.0) (6.3)

Equity in earnings of investee companies, net of tax (0.2) 1.9

Non-cash effect of straight-line rent 2.4 1.1

Accretion expense 0.7 0.7

Adjustment related to redeemable and non-redeemable noncontrolling interests (0.3) —

AFFO attributable to OUTFRONT Media Inc.(a)

$ 61.0 $ 27.1

Exhibit 7: OPERATING EXPENSES

(Unaudited) See Notes on Page 14

Three Months Ended

March 31, %

(in millions, except percentages) 2026 2025 Change

Operating expenses:

Billboard property lease $ 111.3 $ 109.2 1.9 %

Transit franchise 59.7 58.0 2.9

Posting, maintenance and other 56.5 54.1 4.4

Total operating expenses $ 227.5 $ 221.3 2.8

Exhibit 8: EXPENSES BY SEGMENT

(Unaudited) See Notes on Page 14

Three Months Ended

March 31, %

(in millions, except percentages) 2026 2025 Change

Billboard:

Billboard property lease $ 111.3 $ 109.2 1.9 %

Billboard posting, maintenance and other 37.1 35.7 3.9

Billboard operating expenses $ 148.4 $ 144.9 2.4

Billboard SG&A expenses $ 68.1 $ 66.8 1.9

Transit:

Transit franchise $ 59.7 $ 58.0 2.9

Transit posting, maintenance and other 17.9 16.6 7.8

Transit operating expenses $ 77.6 $ 74.6 4.0

Transit SG&A expenses $ 18.8 $ 17.3 8.7

NOTES TO EXHIBITS

PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.

(a)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.

* Calculation not meaningful.

EX-99.2

Filename: ex992dividendprq126.htm · Sequence: 3

Document

Exhibit 99.2

OUTFRONT Media Announces Quarterly Dividend

New York, May 7, 2026 — OUTFRONT Media Inc. (NYSE: OUT) announced today that its board of directors has declared a quarterly cash dividend on the Company's common stock of $0.30 per share payable on June 30, 2026, to shareholders of record at the close of business on June 5, 2026.

About OUTFRONT Media Inc.

OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it's defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.

Contacts:

Investors Media

Stephan Bisson Courtney Richards

Investor Relations Events & Communications

(212) 297-6573 (646) 876-9404

stephan.bisson@outfront.com courtney.richards@outfront.com

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