Clear Channel Outdoor Holdings (CCO) Company Report

Clear Channel Outdoor (CCO) anticipates strong advertising trends to continue into 2026, driven by major sporting events like FIFA and the Super Bowl, and positive upfront conversations with rate increases on premium assets. Key growth verticals expected include banking/financial services, technology (AI-driven), pharma, and auto insurance.
The company expects its airport business growth to normalize to mid to high single digits after strong performance. Digital investments are a key growth driver, with digital assets currently representing 35-36% of America segment revenue and expected to increase by 1-2 percentage points annually.
CCO reiterated its Investor Day targets through 2028, aiming for a 4-5% revenue CAGR, 6-8% EBITDA growth, $200 million in AFFO, and a reduction in leverage from 10 times to 7-8 times.
The MTA contract has outperformed initial plans, becoming cash flow positive in its first year, and is expected to contribute to America's margin expansion in Q4 2025 and into 2026 as costs normalize.
The company is focused on addressing its 2028 and 2029 unsecured maturities through asset sale proceeds and free cash flow generation. A REIT conversion is not immediate but could be a viable long-term option once leverage is reduced to approximately 5 times.

2 days ago

Transcript

Clear Channel Outdoor Outlines Strong 2026 Ad Outlook and Long-Term Financial Targets

CCO

Guidance Update

New Projects/Investments

Debt Issuance

Clear Channel Outdoor (CCO) anticipates strong advertising trends to continue into 2026, driven by positive bookings, rate increases on premium assets, and major events like FIFA 2026.
The company projects 4%-5% revenue CAGR and 6%-8% EBITDA growth through 2028, aiming to reduce leverage from 10 times today to 7-8 times by 2028.
Digital investments are a key growth driver, yielding a 4-5 times revenue uplift upon sign conversion, with digital assets currently generating 35%-36% of America segment revenue from only 5%-6% of assets.
CCO is focused on addressing 2028 and 2029 unsecured debt maturities through asset sale proceeds and free cash flow generation, noting current secured capacity is around $500-600 million.
A REIT conversion is not immediately planned but is a viable long-term option once leverage is reduced to the 5x area.

2 days ago

Transcript

Clear Channel Outdoor Discusses 2026 Outlook, Digital Strategy, and Debt Management

CCO

Guidance Update

New Projects/Investments

Debt Issuance

Clear Channel Outdoor anticipates strong advertising trends to continue into 2026, supported by robust bookings, positive upfront conversations, and rate increases on premium assets, with major events like FIFA 2026 and the Super Bowl expected to contribute significantly.
The company's digital investment strategy is a key driver, with digital conversions yielding a 4-5 times uplift in revenue. This strategy is central to achieving targets of 4-5% top-line growth, 6-8% bottom-line growth, and reducing leverage from 10 times to 7-8 times by 2028.
The MTA contract has outperformed expectations, becoming cash flow positive in its first year, and is projected to continue growing, contributing to margin expansion in the America's business in 2026.
Clear Channel Outdoor is focused on addressing its 2028 and 2029 unsecured maturities through free cash flow generation and asset sale proceeds. A REIT conversion is considered a viable long-term option once leverage is reduced to approximately 5 times.

2 days ago

Transcript

Clear Channel Outdoor Extends MWAA Airport Advertising Contract

CCO

New Projects/Investments

Revenue Acceleration/Inflection

Clear Channel Outdoor's Airports Division secured a new 10-year contract with a five-year renewal option with the Metropolitan Washington Airports Authority (MWAA), effective March 1, 2026, for advertising at Washington Reagan National Airport (DCA) and Washington Dulles International Airport (IAD).
This agreement builds on CCO's prior success, having nearly doubled revenue over the previous concessionaire since 2016.
The new contract includes a commitment to achieve 85% digital advertising coverage within two years through significant upgrades such as transparent digital LumiGlass and large format LED video walls.

Nov 21, 2025, 1:05 PM

Press Release

Clear Channel Outdoor Discusses Optimistic Outlook, Market Performance, and Growth Initiatives

CCO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Clear Channel Outdoor (CCO) reports collective optimism for out-of-home trends, driven by new inventory from the New York contract and increased spending from sectors like auto insurance, pharmaceuticals, AI/tech, and banking/financial services.
The company anticipates a solid 2026, with early advertiser dialogues indicating good increases and new advertisers, supported by macro events such as the FIFA World Cup.
CCO's New York MTA billboard contract is performing ahead of expectations, achieving cash flow positive status in its first year, while San Francisco shows a very positive supply-demand dynamic leading to higher occupancy and rates.
CCO expects 4-5% top-line growth and 6-8% bottom-line growth for the next few years, with 2026 likely strong within this range, and is actively pursuing creative solutions to address its leverage profile.

Nov 18, 2025, 6:15 PM

Transcript

Clear Channel Outdoor Discusses Growth Drivers and Strategic Focus

CCO

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Clear Channel Outdoor anticipates a solid year in 2026, targeting 4-5% top-line growth and 6-8% bottom-line growth for the next few years, driven by new inventory like the New York MTA contract (which is ahead of expectations and cash flow positive in its first year), returning auto insurance, growing pharmaceuticals, and major events such as the FIFA World Cup.
The company is actively expanding into underpenetrated ad verticals, including alcoholic beverages, autos, higher education, and travel, leveraging its InFlight Insights tool to attract local advertisers and address the increasing cost and unreliability of search advertising.
An industry-wide initiative to develop a modern, real-time measurement system is underway, with trials expected in the first half of 2026 and mainstream adoption soonest in 2027, which could provide a modest tailwind for out-of-home's market share in 2027 and a positive trend in 2028/2029.
Airport segment margins are targeted to remain above 20% despite upcoming contract renewals. The company is also actively exploring creative solutions to address its leverage profile, though no specific announcements have been made.

Nov 18, 2025, 6:15 PM

Transcript

Clear Channel Outdoor CEO Discusses Strong 2026 Outlook and Strategic Growth Initiatives

CCO

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Clear Channel Outdoor anticipates a solid 2026, driven by strong national advertising trends in sectors like auto insurance, pharmaceuticals, AI, tech, and banking, alongside macro events such as the FIFA World Cup and the 250th anniversary of the US.
Performance in key markets is robust, with the New York MTA billboard contract exceeding initial expectations and becoming cash flow positive in its first year, and San Francisco experiencing very positive supply-demand dynamics. The Los Angeles market, which represents 10-11% of total revenue, is showing signs of recovery.
The company is strategically expanding into new ad verticals, including autos, higher education, and travel/tourism, and is actively involved in developing a new industry-wide measurement system expected to be mainstream by 2027, which could significantly increase out-of-home's share of ad budgets by 2028-2029.
Management projects 4-5% top-line growth and 6-8% bottom-line growth for the next few years, with 2026 expected to be strong within this range, supported by corporate expense savings and normalized site lease dynamics. The Airports segment aims to maintain 20% margins despite upcoming contract renewals.
Clear Channel Outdoor is actively exploring creative solutions to address its leverage profile, aiming for outcomes beneficial to equity, creditors, and the business.

Nov 18, 2025, 6:15 PM

Transcript

Clear Channel Outdoor Holdings Reports Strong Q3 2025 Results and Updates Full-Year Guidance

CCO

Earnings

Guidance Update

M&A

Clear Channel Outdoor Holdings reported Q3 2025 consolidated revenue of $405.6 million, an 8.1% year-over-year increase, driven by strong performance in its America segment (up 5.9% to $310 million) and Airports segment (up 16.1% to $95.6 million). Adjusted EBITDA increased 9.5% to $132.5 million, and AFFO rose 62.5% to $30.5 million.
The company provided full-year 2025 consolidated revenue guidance of $1.584 billion-$1.599 billion, representing a 5%-6% increase over the prior year, and expects full-year adjusted EBITDA between $490 million-$505 million.
Strategic initiatives include an agreement to sell its Spain business for approximately $135 million and the completed sale of its Brazil business for $15 million, contributing to nearly $900 million in international divestitures once the Spain sale closes. The company also completed a $2.05 billion senior secured note offering in August, extending its weighted average time to maturity to 4.8 years.
CCO is on track to deliver $50 million in corporate cost savings and aims for long-term goals by the end of 2028, including 6-8% adjusted EBITDA growth, $200 million in AFFO, and net leverage of 7-8 times.

Nov 6, 2025, 1:30 PM

Transcript

Clear Channel Outdoor Reports Strong Q3 2025 Results and Updates Full-Year Guidance

CCO

Earnings

Guidance Update

M&A

Clear Channel Outdoor reported Consolidated Revenue of $406 million for Q3 2025, an 8.1% increase from the prior year, with Adjusted EBITDA up 9.5% to $133 million and AFFO increasing 62.5% to $30 million.
The America segment revenue grew 5.9% to $310 million, driven by a new roadside billboard contract and improved performance in the San Francisco/Bay Area market, while the Airports segment revenue increased 16.1% to $96 million due to strong advertising demand.
The company completed the sale of its Brazil business for $15 million and entered an agreement to sell its Spain business for approximately $135 million.
For full-year 2025, the company tightened its Consolidated Revenue guidance to a range of $1,584 million to $1,599 million (up 5%-6%) and raised its AFFO guidance to $85 million to $95 million (up 45%-62%).
As of September 30, 2025, total Debt was $5,100 million, following the issuance of $1,150 million of 7.125% Senior Secured Notes due 2031 and $900 million of 7.500% Senior Secured Notes due 2033, used to redeem older notes.

Nov 6, 2025, 1:30 PM

Presentation

Clear Channel Outdoor Holdings Reports Strong Q3 2025 Revenue Growth and Updates Full-Year Guidance

CCO

Earnings

Guidance Update

M&A

Clear Channel Outdoor Holdings reported consolidated revenue of $405.6 million for Q3 2025, an 8.1% increase from Q3 2024, driven by strong performance in its America (up 5.9%) and Airports (up 16.1%) segments.
For Q3 2025, the company reported a consolidated net loss of $(58.8) million, but saw Adjusted EBITDA grow 9.5% to $132.5 million and AFFO increase 62.5% to $30.5 million.
The company provided Q4 2025 guidance, expecting consolidated revenue between $441 million and $456 million, and updated its full-year 2025 guidance with consolidated revenue between $1,584 million and $1,599 million, Adjusted EBITDA between $490 million and $505 million, and AFFO between $85 million and $95 million.
Strategic initiatives include an agreement to sell its Spanish business for approximately $134.9 million by early 2026 and the completed sale of its Brazil business for $15.0 million on October 1, 2025, aiming to focus on a U.S. pure-play business and reduce debt.
On August 4, 2025, the company closed a $2.05 billion private offering of senior secured notes, using the net proceeds to redeem $2.0 billion of existing notes and extend its debt maturity profile.

Nov 6, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Clear Channel Outdoor Holdings.

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