# OUTFRONT Expects About 25% AFFO Growth in 2026 After Q3 Revenue Gains

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/51805
Published: 2026-11-08T20:53:08.000Z
Updated: 2026-11-08T20:53:08.000Z
Section: Business

> The company forecasts double-digit fourth-quarter revenue growth, led by transit advertising, and mid-single-digit growth in billboard revenue.

OUTFRONT Media Inc. expects adjusted funds from operations (AFFO) to grow about 25% in 2026, following third-quarter revenue gains and a forecast for double-digit revenue growth in the final quarter of this year.

The company’s outlook compares reported 2026 AFFO with $337.7 million in reported AFFO for 2025. Chief Financial Officer Matthew Siegel used a rounded 2025 base of $338 million on the company’s Thursday, Nov. 5, earnings call. The forecast includes $30 million to $35 million in maintenance capital expenditures, interest expense slightly above $140 million and a small amount of cash taxes.

OUTFRONT expects fourth-quarter revenue to increase at a double-digit rate. Transit revenue is forecast to rise more than 20%, while billboard revenue is expected to grow in the mid-single digits.

For the three months ended Sept. 30, revenue totaled $511.1 million, up 9.3% from the same period a year earlier. AFFO increased 5% to $102.9 million from $98 million. Transit revenue climbed 20.4% to $135.3 million, outpacing billboard revenue growth of 5.9% to $373.7 million.

Billboard and transit are OUTFRONT’s two reported advertising segments. Both recorded third-quarter growth, with transit posting the larger increase. The fourth-quarter outlook also calls for transit to grow faster than billboard revenue.

AFFO is a supplemental non-GAAP measure. At the end of 2025, OUTFRONT changed its calculation to include amortization of direct lease acquisition costs instead of the cash paid for those costs. The company recast relevant prior periods under the revised calculation.