It has been about a month since the last earnings report for Outfront Media (OUT Quick QuoteOUT - Free Report) . Shares have lost about 5.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Outfront Media due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for OUTFRONT Media Inc. before we dive into how investors and analysts have reacted as of late.

OUTFRONT Media’s Q2 FFO Beat Estimates on Transit & Billboard Growth

OUTFRONT Media posted second-quarter 2026 adjusted funds from operations (AFFO) of 68 cents per share, up 38.8% year over year and beating the Zacks Consensus Estimate of 59 cents by 15.35%. Revenues increased 13.5% to $522.5 million and surpassed the consensus mark of $508.8 million by 2.68%.

Results benefited from broad organic growth, with management also citing contributions from the FIFA World Cup. Transit revenues rose 32.3%, while billboard yield increased 11.8%, supporting the quarter’s operating momentum.

Billboard Business Gains on Higher Yield

Billboard revenues increased 8% year over year to $379.4 million. The improvement reflected higher average revenue per display, including contributions from programmatic and direct-sale advertising platforms on digital billboards, along with FIFA World Cup-related revenues. Lost billboards partly offset the gains.

Billboard yield rose to $3,344 per average display per month from $2,990 a year ago. Digital billboard revenues advanced 17.6% to $126.1 million and represented 33.2% of billboard revenues, up from 30.5% in the prior-year quarter.

Transit Momentum Accelerates

Transit revenues jumped 32.3% year over year to $140.6 million. Higher average revenues per display and FIFA World Cup-related revenues drove the increase, while new and lost transit franchise contracts provided a partial offset.

Digital transit revenues climbed 35.5% to $67.6 million. Digital accounted for 48.1% of transit revenues compared with 46.9% a year earlier, highlighting the growing contribution of digital formats within the segment.

Digital Revenue Mix Shows Automated Growth

Total digital revenues increased 23.3% year over year to $193.7 million. Direct digital revenues rose 18.5% to $155.5 million, while automated revenues increased 47.7% to $38.2 million.

Automated channels represented 19.7% of digital revenues, up from 16.5% in the year-ago quarter. The mix shift complemented gains across both billboard and transit digital inventory.

OUTFRONT Media Expands Profitability as Revenue Outpaces Costs

Adjusted OIBDA rose 29.2% year over year to $160.3 million, while the consolidated adjusted OIBDA margin expanded to 30.7% from 27%. Operating income more than doubled to $116.1 million from $56.2 million.

Billboard adjusted OIBDA increased 10% to $147.9 million, with the margin improving to 39% from 38.3%. Transit adjusted OIBDA surged to $33.2 million from $7.2 million, lifting the segment margin to 23.6% from 6.8%.

OUTFRONT Media's Expense Base Reflects Growth-Linked Pressures

Total operating expenses increased 6.3% year over year to $246.1 million. Higher variable billboard property lease costs, transit franchise expenses, MTA guaranteed minimum payments tied to inflation, production expenses and maintenance and utility costs drove the increase.

Selling, General and Administrative expenses rose 11.2% to $123 million, mainly due to higher professional fees, compensation-related expenses, a larger bad-debt allowance and market fluctuations affecting an unfunded equity-linked retirement plan. Lower customer credit card usage provided a partial offset.

OUTFRONT Media Maintains Liquidity

Net cash provided by operating activities totaled $183.7 million for the first six months of 2026, up 82.4% year over year. Capital expenditures declined 3.7% to $41.3 million, mainly due to lower spending on digital displays, office remodels and billboard display upgrades.

OUT ended the June quarter with $31.2 million in unrestricted cash, $494.9 million available under its revolving credit facility and $50 million of additional accounts receivable securitization capacity. Total indebtedness was $2.5 billion, and the weighted average cost of debt stood at 5.5%.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -6.69% due to these changes.

VGM Scores

Currently, Outfront Media has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Outfront Media has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Outfront Media is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, SBA Communications (SBAC Quick QuoteSBAC - Free Report) , a stock from the same industry, has gained 4.9%. The company reported its results for the quarter ended June 2026 more than a month ago.

SBA Communications reported revenues of $715.29 million in the last reported quarter, representing a year-over-year change of +2.3%. EPS of $1.87 for the same period compares with $3.17 a year ago.

SBA Communications is expected to post earnings of $3.12 per share for the current quarter, representing a year-over-year change of -5.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.4%.

SBA Communications has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.