Clear Channel Outdoor Holdings, Inc. Reports Results for the Third Quarter of 2025

SAN ANTONIO, Nov. 6, 2025 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) (the "Company") today reported financial results for the quarter ended September 30, 2025.

"During the third quarter, we delivered consolidated revenue growth of 8.1%, reflecting strong performance across both our America and Airports segments. This quarter's results provide continued evidence that we are executing on our four-pillar growth strategy outlined at our recent Investor Day," said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. "We saw growth in key markets, including New York and San Francisco, across both national and local sales channels, and in digital and programmatic sales, all while strengthening our balance sheet."

Mr. Wells continued, "With the announcement of our agreement to sell our Spanish business, we have set the stage to finish the journey to focus and de-risk our portfolio as a simplified U.S. pure-play business. We are at a pivotal moment, with favorable industry trends, our irreplaceable premium inventory and strong digital capabilities working together to create a meaningful growth opportunity. We expect that opportunity to fuel Adjusted EBITDA growth over the next several years, which should accelerate our cash flow flywheel and enable further debt paydown. We expect this will lead to the value creation we've spoken about previously and will discuss on our call."

Financial Highlights:

Financial highlights for the third quarter of 2025 as compared to the same period of 2024:

International Sales Processes:

On September 7, 2025, we entered into a definitive agreement to sell our business in Spain to Atresmedia Corporación de Medios de Comunicación, S.A. for a purchase price of €115 million, or approximately $134.9 million based on the prevailing exchange rate as of September 30, 2025, subject to customary adjustments. The transaction is expected to close by early 2026, upon satisfaction of regulatory approval. We intend to use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to further reduce our outstanding debt.

On October 1, 2025, we completed the sale of our business in Brazil to Publibanca Brasil S.A., an affiliate of Eletromidia S.A., for a purchase price of $15.0 million, subject to certain customary adjustments. We intend to use the net proceeds from the sale, after payment of transaction-related fees and expenses, to improve liquidity and increase financial flexibility as permitted under our debt agreements.

Both businesses, along with other international businesses previously sold, are classified as discontinued operations.

Debt Activity:

On August 4, 2025, we closed a $2.05 billion private offering of senior secured notes. We used the net proceeds, together with cash on hand, to redeem $2.0 billion of our existing senior secured notes due 2027 and 2028, further extending our debt maturity profile. Refer to the "Liquidity and Financial Position" section of this earnings release for further detail.

Guidance:

Fourth Quarter 2025 Outlook:

We expect the following results for the fourth quarter of 2025:

Full-Year 2025 Outlook:

For full-year 2025, we have updated our guidance, most recently issued on August 5, 2025, to reflect a narrower revenue range and expected improvements in Adjusted Funds from Operations ("AFFO")¹. Guidance for Adjusted EBITDA¹ and capital expenditures remains unchanged. Our updated full-year expectations are shown below:

Expected results, estimates and goals may be impacted by factors outside of the Company's control, and actual results may be materially different from this guidance. See "Cautionary Statement Concerning Forward-Looking Statements" for further information.

Results:

Revenue:

Revenue for the third quarter of 2025, compared to the same period in 2024:

America: Revenue up 5.9%:

• Driven primarily by the new roadside billboard contract with the Metropolitan Transportation Authority ("MTA") and improved performance in the San Francisco/Bay Area market
• Growth in both print and digital billboard revenue, driven by new boards (including under the MTA contract) and stronger advertiser demand
• Digital revenue up 6.9% to $113.1 million (from $105.8 million), also benefiting from higher programmatic sales
• National sales represented 36.5% of America revenue

Airports: Revenue up 16.1%:

• Driven by strong advertising demand, led by growth at San Francisco International, the Port Authority of New York and New Jersey, and other major hub airports
• Digital revenue up 37.4% to $57.9 million (from $42.1 million), partially offset by lower print revenue
• National sales represented 63.8% of Airports revenue

Direct Operating and SG&A Expenses¹:

Direct operating and SG&A expenses for the third quarter of 2025, compared to the same period in 2024:

America: Direct operating and SG&A expenses up 7.3%:

• Site lease expense up 11.5% to $95.7 million (from $85.9 million), largely due to the MTA contract
• Higher employee compensation from additional sales headcount and incentive-based pay

Airports: Direct operating and SG&A expenses up 12.7%:

• Site lease expense up 11.4% to $57.4 million (from $51.5 million), reflecting revenue growth
• Higher employee compensation from additional sales headcount and incentive-based pay

Segment Adjusted EBITDA¹:

Corporate Expenses:

Corporate expenses decreased 3.3% and Adjusted Corporate expenses decreased 6.4% for the third quarter of 2025, compared to the same period in 2024, primarily due to prior-year legal costs related to property and casualty settlements.

Capital Expenditures:

Markets and Displays:

As of September 30, 2025, we operated more than 61,200 print and digital out-of-home advertising displays and had a presence in 81 Designated Market Areas ("DMAs") in the U.S., including 43 of the top 50 U.S. markets.

Liquidity and Financial Position:

Cash and Cash Equivalents:

As of September 30, 2025, we had $178.3 million of cash and cash equivalents, including $23.3 million held by discontinued operations in Spain and Brazil and $5.2 million held by continuing operations subsidiaries outside the U.S., primarily in the Caribbean.

The following table summarizes our consolidated cash flows for the nine months ended September 30, 2025, including both continuing and discontinued operations:

Debt:

On August 4, 2025, we issued $1,150.0 million aggregate principal amount of 7.125% Senior Secured Notes due 2031 and $900.0 million aggregate principal amount of 7.500% Senior Secured Notes due 2033. We used the net proceeds, together with cash on hand, to fund the full redemption of $1,250.0 million of our 5.125% Senior Secured Notes due 2027 and $750.0 million of our 9.000% Senior Secured Notes due 2028. As a result, the indentures governing the 5.125% and 9.000% Senior Secured Notes were satisfied and discharged. In connection with these transactions, we paid $62.0 million of accrued interest, a $36.1 million redemption premium and $25.6 million of other transaction fees and expenses.

We expect to pay approximately $112 million of cash interest for the remainder of 2025 and approximately $400 million in 2026, including the first interest payments on the 7.125% and 7.500% Senior Secured Notes. These estimates assume no additional debt prepayments, repurchases, refinancings or issuances.

Our next scheduled maturities occur in 2028, when the $899.3 million of our 7.750% Senior Notes and the $425.0 million Term Loan Facility become due. For additional details on our long-term debt, please refer to Table 3 in this earnings release.

TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and its Subsidiaries:

Weighted Average Shares Outstanding

TABLE 2 - Selected Balance Sheet Information:

TABLE 3 - Total Debt:

Supplemental Disclosures:

Reportable Segments and Segment Adjusted EBITDA

The Company operates two reportable segments: America (U.S. operations excluding airports) and Airports (U.S. and Caribbean airport operations), with remaining operations in Singapore reported as "Other." The Company's European and Latin American businesses are classified as discontinued operations; therefore, their results are excluded from this earnings release, which reflects only continuing operations for all periods presented.

Segment Adjusted EBITDA is the profitability metric reported to the Company's Chief Operating Decision Maker (the Company's President and Chief Executive Officer) for purposes of allocating resources and assessing segment performance. Segment Adjusted EBITDA is a GAAP financial measure calculated as Revenue less Direct operating expenses and SG&A expenses, excluding restructuring and other costs. Restructuring and other costs include costs associated with cost-saving initiatives such as severance, consulting and termination costs, and other special costs.

Non-GAAP Financial Information

This earnings release includes information that does not conform to U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted Corporate expenses, Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO"). The Company believes these non-GAAP measures provide investors with useful insights into its operating performance, particularly when comparing to other out-of-home advertisers, as these measures are widely used within the industry. Please refer to the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures below.

The Company defines and uses these non-GAAP measures as follows:

• Adjusted EBITDA is defined as income (loss) from continuing operations, plus: income tax expense (benefit) attributable to continuing operations; non-operating expenses (income), including other expense (income), net, loss (gain) on extinguishment of debt, net, and interest expense, net; other operating expense (income), net; depreciation, amortization and impairment charges; share-based compensation expense; and restructuring and other costs, which include costs associated with cost-saving initiatives such as severance, consulting and termination costs, and other special costs.
  
  
  
  The Company uses Adjusted EBITDA to plan and forecast for future periods and as a key performance measure for executive compensation. The Company believes Adjusted EBITDA allows investors to assess the Company's performance in a way that is consistent with management's approach and facilitates comparisons to other companies with different capital structures or tax rates. Additionally, the Company believes Adjusted EBITDA is commonly used by investors, analysts and peers in the industry for valuation and performance comparisons.
  
  
  
  
• Adjusted Corporate expenses is defined as corporate expenses excluding share-based compensation and restructuring and other costs. The Company uses Adjusted Corporate expenses to evaluate core corporate spending and to assist in planning and forecasting for future periods.
  
  
  
  
• FFO is defined in accordance with the National Association of Real Estate Investment Trusts ("Nareit") as consolidated net income (loss) before: depreciation, amortization and impairment of real estate; gains or losses from the disposition of real estate; and adjustments to eliminate unconsolidated affiliates and noncontrolling interests.
  
  
  
  
• AFFO is defined as FFO excluding discontinued operations and before adjustments for continuing operations, including: maintenance capital expenditures; straight-line rent effects; depreciation, amortization and impairment of non-real estate; loss or gain on extinguishment of debt, net, and debt modification expense; amortization of deferred financing costs and note discounts; share-based compensation expense; deferred taxes; restructuring and other costs; transaction costs; and other items such as foreign-exchange transaction gains or losses, adjustments for unconsolidated affiliates and noncontrolling interests, and nonrecurring gains or losses.
  
  
  
  Although the Company is not a Real Estate Investment Trust ("REIT"), it competes directly with REITs that present the non-GAAP measures of FFO and AFFO. Therefore, the Company believes that presenting these measures helps investors evaluate its performance on the same terms as its direct competitors. The Company calculates FFO in accordance with Nareit's definition, which does not restrict presentation of these measures to REITs. Additionally, the Company believes FFO and AFFO are already commonly used by investors, analysts and competitors in the industry for valuation and performance comparisons.
  
  
  
  The Company does not use, and you should not use, FFO and AFFO as indicators of the Company's ability to fund its cash needs, pay dividends or make other distributions. Since the Company is not a REIT, it has no obligation to pay dividends and does not intend to do so in the foreseeable future. Moreover, the presentation of these measures should not be construed as an indication that the Company is currently in a position to convert into a REIT.

These non-GAAP financial measures should not be considered in isolation or as substitutes for the most directly comparable GAAP measures as an indicator of operating performance or the Company's ability to fund its cash needs. In addition, these measures may not be comparable to similarly named measures presented by other companies.

See reconciliations of loss from continuing operations to Adjusted EBITDA, corporate expenses to Adjusted Corporate expenses, and consolidated net income (loss) to FFO and AFFO in the tables below.

This data should be read in conjunction with the Company's most recent Annual Report on Form 10-K, Form 10-Qs and Form 8-Ks, available on the Investor Relations page of the Company's website at investor.clearchannel.com.

Reconciliation of Loss from Continuing Operations to Adjusted EBITDA

Reconciliation of Corporate Expenses to Adjusted Corporate Expenses

Reconciliation of Consolidated Net Income (Loss) to FFO and AFFO

Reconciliation of Loss from Continuing Operations Guidance to Adjusted EBITDA Guidance

Reconciliation of Loss from Continuing Operations Guidance to AFFO Guidance

Conference Call

The Company will host a conference call to discuss these results on November 6, 2025, at 8:30 a.m. Eastern Time. A live audio webcast of the conference call, along with details on how to register, will be available on the "Events & Presentations" section of the Company's investor website (investor.clearchannel.com) or at the following link: clear-channel-outdoor-q3-2025-earnings-call.open-exchange.net/registration. A replay of the webcast will be available after the live conference call on the same section of the investor website.

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month. 

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this earnings release are considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Clear Channel Outdoor Holdings, Inc. and its subsidiaries (the "Company") to differ materially from any future results, performance, achievements, guidance, goals and/or targets expressed or implied by such forward-looking statements. Words such as "guidance," "believe," "expect," "anticipate," "estimate," "forecast," "goals," "targets" and similar terms are used to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements, including, but not limited to: our guidance, outlook, mid-term or long-term forecasts, goals or targets; our business plans and strategies and the expected benefits of business initiatives; the effects of tariffs and views on the macroeconomic environment; expectations regarding the pending sale of our business in Spain, including the expected proceeds and use of those proceeds; expectations about certain markets and potential improvements; industry and market trends; expectations surrounding our cash flow; our ability to retain new and existing customers and maintain bookings; and our liquidity. These statements are not guarantees of future performance and are subject to risks and uncertainties, some of which are beyond our control and difficult to predict.

Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this earnings release include, but are not limited to: the failure to satisfy the conditions to close, or otherwise close, the transaction to sell our business in Spain; continued economic uncertainty, an economic slowdown or a recession, including as a result of increased and proposed tariffs, retaliatory trade regulations and policies, and uncertainty in the financial and capital markets; our ability to generate enough cash to service our debt obligations and fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of leverage on our financial position and earnings; the difficulty, cost and time required to implement our strategy, and the fact that we may not realize the anticipated benefits therefrom; volatility of our stock price; our ability to continue to comply with the applicable listing standards of the New York Stock Exchange, including the minimum bid price requirement, and any subsequent failure to timely resume compliance within any applicable cure period; changes in laws or regulations and tax structures; our ability to obtain and renew key contracts with municipalities, transit authorities and private landlords; intense competition and potential changes in our market share; regulations and consumer concerns regarding privacy, digital services, data protection and artificial intelligence; breaches of our information security; failure to accurately estimate industry and Company forecasts and to maintain bookings; restrictions on out-of-home advertising of certain products; environmental, health, safety and land use laws and regulations; the impact of the recent dispositions of our Europe-North segment and Latin America businesses and the impact of the potential sale of our business in Spain, as well as other strategic transactions or acquisitions; third-party claims of intellectual property infringement, misappropriation or other violation against us or our suppliers; the impacts on our stock price as a result of future sales of common stock, or the perception thereof, and dilution resulting from additional capital raised through the sale of common stock or other equity-linked instruments; restrictions in our debt agreements that limit operational flexibility; challenges regarding our use of artificial intelligence to enhance operational efficiency and support decision-making across key areas of our business; the effect of credit ratings downgrades; our reliance on senior management and key personnel; continued scrutiny and shifting expectations from government regulators, municipalities, investors, lenders, customers, activists and other stakeholders; and other factors set forth in our SEC filings. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this earnings release. For a more comprehensive discussion of risks, see the "Item 1A. Risk Factors" section of the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not undertake any obligation to update or revise any forward-looking statements because of new information, future events or otherwise, except as required by law.

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SOURCE Clear Channel Outdoor Holdings, Inc.