NOI margins have exhibited extreme sensitivity to revenue cycles, swinging from a low of 22.5% in 2025Q1 to a peak of 51.9% in 2024Q4.
| 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 |
|---|
| Revenue | 1.87B | 1.83B | 1.83B | 1.82B | 1.77B | 1.46B | 1.24B | 1.78B | 1.61B | 1.52B | 1.51B | 1.51B | 1.35B | 1.29B | 1.28B | 1.28B |
| Revenue Growth % | 3.17% | 0.04% | 0.57% | 2.74% | 21.05% | 18.41% | -30.63% | 10.96% | 5.64% | 0.44% | 0.01% | 11.82% | 4.62% | 0.73% | 0.59% | - |
| Property Operating Expenses | 1.17B | 1.24B | 949M | 963.1M | 916.6M | 784M | 710.8M | 958.6M | 859.9M | 835.2M | 818.1M | 833.1M | 726.5M | 686.9M | 700.1M | 689.4M |
| Net Operating Income (NOI) | 705.5M | 587.2M | 881.9M | 857.5M | 855.5M | 679.9M | 525.5M | 823.6M | 746.3M | 685.3M | 695.8M | 680.7M | 627.3M | 607.1M | 584.5M | 587.7M |
| NOI Margin % | 37.72% | 32.06% | 48.17% | 47.1% | 48.28% | 46.44% | 42.51% | 46.21% | 46.46% | 45.07% | 45.96% | 44.97% | 46.34% | 46.92% | 45.5% | 46.02% |
| Operating Expenses | 355.8M | 278.7M | 456.4M | 1.11B | 573M | 511.6M | 453M | 514.5M | 472M | 451.5M | 489M | 487.4M | 426.5M | 395.6M | 378.6M | 390.3M |
| G&A Expenses | 0 | 0 | 447.9M | 429.7M | 422.1M | 368.2M | 315.1M | 371.7M | 287M | 261.7M | 264.8M | 258.3M | 224.3M | 199.8M | 181.8M | 178.4M |
| EBITDA | 496.8M | 471.5M | 577M | -92.7M | 433.2M | 313.7M | 218.3M | 455.4M | 1.57B | 1.53B | 1.51B | 315.5M | 385.3M | 434.6M | 398M | 404.3M |
| EBITDA Margin % | 26.56% | 25.74% | 31.51% | -5.09% | 24.45% | 21.43% | 17.66% | 25.55% | 97.54% | 100.52% | 99.87% | 20.84% | 28.46% | 33.59% | 30.98% | 31.66% |
| Depreciation & Amortization | 147.1M | 163M | 151.5M | 160.5M | 150.7M | 145.4M | 145.8M | 146.3M | 1.33B | 1.29B | 1.31B | 229.1M | 202.2M | 195.8M | 196.8M | 211.9M |
| D&A / Revenue % | 7.86% | 8.9% | 8.27% | 8.82% | 8.5% | 9.93% | 11.79% | 8.21% | 82.92% | 84.62% | 86.34% | 15.13% | 14.94% | 15.13% | 15.32% | 16.59% |
| Operating Income | 349.7M | 308.5M | 425.5M | -253.2M | 282.5M | 168.3M | 72.5M | 309.1M | 234.8M | 241.7M | 204.9M | 86.4M | 183.1M | 238.8M | 201.2M | 192.4M |
| Operating Margin % | 18.69% | 16.84% | 23.24% | -13.91% | 15.94% | 11.5% | 5.86% | 17.34% | 14.62% | 15.9% | 13.53% | 5.71% | 13.52% | 18.45% | 15.66% | 15.07% |
| Interest Expense | 4M | 146.4M | 156.2M | 158.4M | 131.8M | 130.4M | 131.1M | 134.9M | 125.7M | 116.9M | 113.8M | 114.8M | 84.8M | 0 | 0 | 0 |
| Interest Coverage | - | 2.02x | 2.72x | -1.65x | 2.14x | 1.24x | 0.55x | 2.08x | 1.82x | 2.00x | 1.74x | 0.69x | 2.01x | - | - | - |
| Non-Operating Income | 12.4M | 13.1M | 200K | 7.8M | 200K | 6.3M | -100K | 28.4M | 6.1M | 7.9M | 6.5M | 6.7M | 12.4M | 27.3M | 0 | 0 |
| Pretax Income | 188.9M | 149M | 269.7M | -420.5M | 153.3M | 33M | -59.1M | 145.8M | 108.7M | 125.1M | 91M | -28.8M | 98M | 237.6M | 200.2M | 193.2M |
| Pretax Margin % | 10.1% | 8.13% | 14.73% | -23.1% | 8.65% | 2.25% | -4.78% | 8.18% | 6.77% | 8.23% | 6.01% | -1.9% | 7.24% | 18.36% | 15.58% | 15.13% |
| Income Tax | 1.9M | 2M | 11M | 4M | 9.4M | -3.4M | 1.1M | 10.9M | 4.9M | 4.1M | 5.4M | 5.4M | -206M | 96.6M | 89M | 87.8M |
| Effective Tax Rate % | 1.01% | 1.34% | 4.08% | -0.95% | 6.13% | -10.3% | -1.86% | 7.48% | 4.51% | 3.28% | 5.93% | -18.75% | -210.2% | 40.66% | 44.46% | 45.45% |
| Net Income | 186.7M | 147M | 258.2M | -425.2M | 142.7M | 35.6M | -61M | 140.1M | 107.9M | 125.8M | 90.9M | -29.4M | 306.9M | 143.5M | 113.4M | 107.1M |
| Net Margin % | 9.98% | 8.03% | 14.1% | -23.35% | 8.05% | 2.43% | -4.93% | 7.86% | 6.72% | 8.27% | 6% | -1.94% | 22.67% | 11.09% | 8.83% | 8.39% |
| Net Income Growth % | -29.49% | -43.07% | 160.72% | -397.97% | 300.84% | 158.36% | -143.54% | 29.84% | -14.23% | 38.39% | 409.18% | -109.58% | 113.87% | 26.54% | 5.88% | - |
| Funds From Operations (FFO) | 333.8M | 310M | 409.7M | -264.7M | 293.4M | 181M | 84.8M | 286.4M | 1.44B | 1.41B | 1.4B | 199.7M | 509.1M | 339.3M | 310.2M | 319M |
| FFO Margin % | 17.84% | 16.92% | 22.38% | -14.54% | 16.56% | 12.36% | 6.86% | 16.07% | 89.64% | 92.9% | 92.34% | 13.19% | 37.61% | 26.22% | 24.15% | 24.98% |
| FFO Growth % | 139.46% | -24.33% | 254.78% | -190.22% | 62.1% | 113.44% | -70.39% | -80.11% | 1.93% | 1.04% | 600.05% | -60.77% | 50.04% | 9.38% | -2.76% | - |
| FFO per Share | 1.88 | 1.83 | 2.46 | -1.61 | 1.81 | 1.24 | 0.59 | 2.00 | 10.31 | 10.17 | 10.10 | 1.45 | 4.43 | 2.83 | 2.59 | 2.66 |
| FFO Payout Ratio % | 47.12% | 67.84% | 50.87% | -78.2% | 70.14% | 31.77% | 88.56% | 72.66% | 14.16% | 14.29% | 13.49% | 94.19% | 26.16% | 68.55% | 90.17% | 84.45% |
| EPS (Diluted) | 1.05 | 0.87 | 1.55 | -2.66 | 0.84 | 0.24 | -0.41 | 0.97 | 0.77 | 0.90 | 0.66 | -0.21 | 2.67 | 1.20 | 0.95 | 0.89 |
| EPS Growth % | -27.7% | -43.87% | 158.27% | -416.67% | 250% | 158.54% | -142.27% | 25.97% | -14.44% | 36.36% | 414.29% | -107.87% | 122.5% | 26.32% | 6.74% | - |
| EPS (Basic) | - | 0.88 | 1.54 | -2.73 | 0.84 | 0.24 | -0.41 | 0.97 | 0.77 | 0.90 | 0.66 | -0.21 | 2.69 | 1.20 | 0.95 | 0.89 |
| Diluted Shares Outstanding | 177.1M | 169.2M | 166.71M | 164.9M | 161.8M | 146.1M | 144.3M | 143.2M | 139.6M | 138.9M | 138.4M | 137.3M | 114.8M | 120M | 120M | 120M |
High Fixed Cost Leverage
As reported in recent financial filings, OUT's revenue growth has exhibited significant volatility, with the most recent quarterly figures showing a 10.0% increase, yet this follows a period of contraction, suggesting that organic growth remains highly sensitive to broader advertising market cycles and urban commuter demand patterns.
The erratic top-line performance appears to reflect the company's reliance on high-density urban markets where ad spend is prone to rapid shifts. Investors should monitor whether the recent growth uptick represents a sustainable recovery in transit-based advertising or merely a temporary rebound from previous seasonal troughs.
According to the provided income statement data, NOI margins have fluctuated significantly, ranging from a low of 22.5% in 2025Q1 to a peak of 51.9% in 2024Q4, indicating that the company's cost structure is heavily burdened by fixed-cost obligations that compress profitability during periods of lower revenue.
The wide variance in property-level profitability suggests that the company's operating leverage is a double-edged sword. The inability to consistently maintain margins above the 50% threshold implies that the fixed nature of transit franchise fees and site leases may be limiting the company's ability to scale efficiently.
Based on the company's reported figures, FFO per share has experienced extreme swings, dropping to as low as 0.05 in 2024Q1 before recovering, which highlights the inherent difficulty in maintaining a stable payout ratio given the cyclical nature of the underlying advertising revenue streams.
The significant disparity between FFO and AFFO in several quarters suggests that recurring maintenance CAPEX is a substantial drag on cash available for distribution. This pattern warrants further investigation into whether the current dividend yield is supported by sustainable cash flow or if it remains vulnerable to future earnings volatility.
As indicated by the financial data, the company's reliance on minimum annual guarantees creates a structural risk where revenue declines do not lead to proportional cost reductions, as evidenced by the sharp margin compression observed during the 2025Q1 period when NOI margins plummeted to 22.5%.
This fixed-cost structure appears to create a 'cliff effect' that can rapidly erode profitability during economic downturns. Analysts should be cautious of assuming that the company can easily pivot its cost base, as the long-term nature of municipal transit contracts limits management's flexibility to adjust expenses in real-time.
Quick answers to the most common questions about buying OUT stock.
For fiscal year 2025, Outfront Media Inc. (OUT) reported total revenue of $1.83B. This represents a 43.4% increase compared to $1.28B in 2011.
Outfront Media Inc. (OUT) is profitable, generating $147.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.0%.
Outfront Media Inc. (OUT) reported an operating income of $308.5M, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Outfront Media Inc. (OUT) generated $587.2M in gross profit for the year, representing a gross profit margin of 32.1%. This demonstrates the company's core pricing power and production efficiency.