Cash flow quality is mixed, with AFFO covering dividends by only 0.46x in 2026Q2 and FFO-to-OCF conversion at 0.95x, while capex volatility (from $34.2M to $17.2M) may understate maintenance needs.
Outfront Media Inc. (OUT) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 390.6M | 307.6M | 299.2M | 254.2M | 254.1M | 98.8M | 130.6M | 276.9M | 214.3M | 249.3M | 287.1M | 293.1M | 262.8M | 278.4M | 311.3M | 342.1M |
| Operating CF Growth % | 201.99% | 2.81% | 17.7% | 0.04% | 157.19% | -24.35% | -52.84% | 29.21% | -14.04% | -13.17% | -2.05% | 11.53% | -5.6% | -10.57% | -9% | - |
| Operating CF / Revenue % | 20.21% | 16.79% | 16.34% | 13.96% | 14.34% | 6.75% | 10.56% | 15.54% | 13.34% | 16.4% | 18.96% | 19.36% | 19.41% | 21.51% | 24.23% | 26.79% |
| Net Income | 244.7M | 147M | 258.2M | -425.2M | 147.9M | 35.6M | -61M | 140.1M | 107.9M | 125.8M | 90.9M | -29.4M | 306.9M | 143.5M | 113.4M | 107.1M |
| Depreciation & Amortization | 153.4M | 160.2M | 151.5M | 160.5M | 150.7M | 145.4M | 145.8M | 194.5M | 185M | 189.8M | 224.2M | 229.1M | 202.2M | 195.8M | 196.8M | 211.9M |
| Stock-Based Compensation | 24.8M | 30M | 30.8M | 28.4M | 33.8M | 28.6M | 23.8M | 22.3M | 20.2M | 20.5M | 18M | 15.2M | 16M | 7.5M | 5.7M | 5M |
| Other Non-Cash Items | 25M | 11.6M | -144M | 523.7M | 14.7M | 10.2M | 19.2M | -7M | 5M | -38.2M | 11.5M | 118.7M | 19.3M | -50M | 19M | 19M |
| Working Capital Changes | -57.3M | -41.2M | 3.9M | -33.1M | -97.7M | -116.3M | 5.6M | -73.2M | -103.4M | -43.7M | -55.7M | -38.8M | -32.1M | -27.9M | -7.5M | -24.2M |
| Cash from Investing | -125M | -113.7M | 207.5M | -107.5M | -449.5M | -224M | -53.2M | -176.3M | -90.4M | -135.3M | -36.7M | -62.4M | -798.4M | -41M | -53.5M | -52.7M |
| Acquisitions (Net) | -16.6M | -11.6M | -20M | -33.7M | -352.9M | -133.7M | 23.9M | -62.4M | 5.2M | -64.5M | 22.7M | -3.2M | -734.2M | 17.2M | 100K | -7.1M |
| Purchase of Investments | -4M | 0 | 0 | 0 | -300K | 0 | -42M | -7.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 600K | 0 | 0 | 0 | 360M | 0 | 2M | 1.5M | 4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -10.7M | 6.3M | 317.6M | 13M | -359.7M | 0 | 40M | 5.8M | 7.9M | -70.8M | -59.4M | -59.2M | -64.2M | -58.2M | -53.6M | -45.6M |
| Cash from Financing | -262.9M | -140.9M | -495.4M | -151.5M | -188M | -162.2M | 573M | -94.3M | -117.7M | -131.5M | -286.5M | -148.6M | 536.6M | -227M | -277M | -267.3M |
| Dividends Paid | -211.3M | -210.3M | -208.4M | -207M | -205.8M | -57.5M | -75.1M | -208.1M | -203.9M | -201.8M | -188.6M | -196.3M | -2.28B | -232.6M | -279.7M | -269.4M |
| Common Dividends | -211.3M | -210.3M | -208.4M | -207M | -205.8M | -57.5M | -75.1M | -208.1M | -203.9M | -201.8M | -188.6M | -188.1M | -133.2M | -232.6M | -279.7M | -269.4M |
| Debt Issuance (Net) | 0 | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | 0 | 0 |
| Share Repurchases | -18.9M | 0 | -7.8M | 0 | -11.8M | -9M | -12.6M | 0 | 0 | -8.5M | -7.3M | -4.3M | 0 | 0 | 0 | 0 |
| Other Financing | -7.5M | -20M | -24.2M | -29.5M | -400K | -8.4M | 375.7M | -50.6M | -9.1M | 70.5M | -7.9M | -1.8M | 620.8M | 5.6M | -277M | 2.1M |
| Net Change in Cash | 2.7M | 53M | 10.9M | -4.4M | -384.4M | -287.2M | 651.1M | 6.8M | 5.8M | -16.9M | -36.4M | 73.1M | -1.3M | 9.6M | -17.4M | 18.6M |
| Exchange Rate Effect | 0 | 0 | -400K | 400K | -1M | 200K | 700K | 500K | -400K | 600K | -300K | -3.3M | -2.3M | -800K | 1.8M | -3.5M |
| Cash at Beginning | 67.2M | 46.9M | 36M | 40.4M | 424.8M | 712M | 60.9M | 54.1M | 48.3M | 65.2M | 101.6M | 28.5M | 29.8M | 20.2M | 37.6M | 19M |
| Cash at End | 31.2M | 99.9M | 46.9M | 36M | 40.4M | 424.8M | 712M | 60.9M | 54.1M | 48.3M | 65.2M | 101.6M | 28.5M | 29.8M | 20.2M | 37.6M |
| Free Cash Flow | 296.3M | 199.2M | 209.1M | 167.4M | 157.5M | 8.5M | 53.5M | 163M | 118.7M | 178.5M | 227.7M | 233.9M | 198.6M | 220.2M | 257.7M | 296.5M |
| FCF Growth % | 48.82% | -4.73% | 24.91% | 6.29% | 1752.94% | -84.11% | -67.18% | 37.32% | -33.5% | -21.61% | -2.65% | 17.77% | -9.81% | -14.55% | -13.09% | - |
| FCF / Revenue % | 15.33% | 10.88% | 11.42% | 9.19% | 8.89% | 0.58% | 4.33% | 9.15% | 7.39% | 11.74% | 15.04% | 15.45% | 14.67% | 17.02% | 20.06% | 23.22% |
Quick answers to the most common questions about buying OUT stock.
Outfront Media Inc. (OUT) generated $307.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Outfront Media Inc. (OUT) generated $199.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Outfront Media Inc. (OUT) spent $108.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Outfront Media Inc. (OUT) returned $210.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue volatility and FFO swings
Metrics are mathematically derived from official filings.
AFFO Coverage Remains Thin
AFFO covered dividends by only 0.46x in 2026Q2, down from 0.94x in 2026Q1, according to reported figures, indicating a tight payout ratio that may pressure distribution sustainability.
The dividend payout ratio based on AFFO has been volatile, ranging from 0.24x in 2024Q2 to 5.89x in 2024Q1, with recent quarters showing a trend of under-coverage. In 2026Q2, AFFO of $97.3M barely exceeded dividends of $52.9M, leaving a slim buffer. This suggests that Outfront's ability to maintain its dividend without external funding is questionable, especially if AFFO continues to fluctuate.
FFO Conversion Quality Weakens
FFO to operating cash flow conversion fell to 0.95x in 2026Q2 from 1.32x in 2026Q1, based on SEC filings, indicating that cash generation is not fully translating into FFO.
The ratio of FFO to OCF has been inconsistent, with 2026Q2 showing OCF of $108.4M versus FFO of $114.5M, implying a modest gap. This may reflect timing differences in working capital or non-cash items. Investors should monitor whether this gap widens, as it could signal deteriorating cash conversion quality.
Capex Intensity Fluctuates
Total capex swung from $34.2M in 2025Q2 to $17.2M in 2026Q2, as reported in financial statements, suggesting variable investment in property improvements and acquisitions.
The split between maintenance and growth capex is not disclosed, but the volatility in total capex may indicate opportunistic spending. In 2026Q2, capex was relatively low at $17.2M, which could be a sign of reduced reinvestment, potentially impacting long-term asset quality. The low capex relative to AFFO may support near-term cash flow but could be a concern for future growth.
Working Capital Shows Strain
OCF exceeded net income by $30.9M in 2026Q2, according to reported figures, but the gap narrowed from prior quarters, suggesting potential pressure on rent collections.
The difference between OCF and net income has been volatile, with 2026Q2 showing a positive but reduced gap. This may indicate that straight-line rent adjustments or tenant receivable build-ups are affecting cash flow. The trend warrants monitoring, as a persistent narrowing could signal collection issues.
Dividend Not Fully Covered
Dividends exceeded AFFO in 2025Q1 by 2.64x, based on reported figures, indicating reliance on external funding or cash reserves to sustain payouts.
In quarters like 2025Q1, AFFO of $2.9M was far below dividends of $53.0M, forcing Outfront to tap into cash balances or credit facilities. Even in 2026Q2, the coverage ratio of 0.46x suggests a thin margin. This pattern implies that the dividend is not consistently supported by internally generated cash, which may increase financial risk.
Depreciation Masks Cash Earnings
Net income of $77.5M in 2026Q2 was $37.0M below FFO of $114.5M, as disclosed in financial statements, highlighting the significant non-cash depreciation charge.
The gap between net income and FFO is substantial, with FFO/NI ratios ranging from 0.40x to 3.94x over the past ten quarters. This distortion is typical for REITs, but the magnitude varies, suggesting that investors should focus on FFO and AFFO rather than GAAP net income. The 2024Q2 FFO of $212.5M appears anomalous, possibly due to one-time gains, which may not be recurring.
What Could Invalidate the Base Case
The apparent dividend coverage may be overstated if maintenance capex is understated, as suggested by the low capex in 2026Q2, according to reported figures.
The cash flow statement may not fully capture the cost of maintaining Outfront's billboard assets, as some maintenance expenditures could be capitalized rather than expensed. If true, AFFO would be lower, and the dividend coverage would be even thinner than reported. Additionally, the volatility in FFO and AFFO, including the anomalous 2024Q2 FFO, raises questions about the sustainability of cash flows. Investors should scrutinize the composition of capex and any off-balance-sheet obligations that could affect future cash flows.