Technology
JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
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1 year agoon
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SHANGRAO, China, March 26, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Business Highlights
Module shipments for full year 2024 increased 18.3% year-over-year to 92.9 GW, ranking first in the industry.At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of over 300 GW solar modules.By the end of the fourth quarter, the mass production efficiency of N-type TOPCon cells reached approximately 26.5%.By the end of the fourth quarter, we had been granted 462 TOPCon patents, overtaking most brands on the N-type TOPCon patent list.We were ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF).
Fourth Quarter 2024 Operational and Financial Highlights
Quarterly shipments were 26,462 MW (25,221 MW for solar modules, and 1,241 MW for cells and wafers), up 2.1% sequentially, and down 5.0% year-over-year.Total revenues were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and down 37.1% year-over-year.Gross profit was RMB747.4 million (US$102.4 million), down 80.6% sequentially and down 81.7% year-over-year.Gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in Q4 2023.Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB473.7 million (US$64.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in Q3 2024 and of RMB29.3 million in Q4 2023.Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB381.3 million (US$52.2 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in Q3 2024 and RMB462.7 million in Q4 2023.Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively. This translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively.
Full Year 2024 Operational and Financial Highlights
Annual shipments were 99,596 MW (92,873 MW for solar modules, and 6,723 MW for cells and wafers), up 19.2% year-over-year.Total revenues were RMB92.26 billion (US$12.64 billion), down 22.3% year-over-year.Gross profit was RMB10.01 billion (US$1.37 billion), down 47.4% year-over-year.Gross margin of 10.9%, compared with 16.0% for the full year of 2023.Loss from operations of RMB3.42 billion (US$469.1 million), compared with income from operations of RMB6.09 billion for the full year of 2023.Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB57.5 million (US$7.9 million), down 98.3% year-over-year.Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB571.4 million (US$78.3 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from a fire accident at one of our production bases in Shanxi Province in April 2024 (the “Fire Accident”) and (v) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB4.07 billion in 2023.Basic earnings per ordinary share were RMB0.28 (US$0.04), and diluted losses per ordinary share were RMB1.25 (US$0.17). This translates into basic earnings per ADS of RMB1.10 (US$0.15) and diluted losses per ADS of RMB5.00 (US$0.69), respectively.
Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “We delivered more resilient operating results in the challenging year of 2024, thanks to our leading position in N-type TOPCon technology and patent portfolio, competitive products, as well as global sales and manufacturing networks. Our annual module shipments increased by 18.3% year-over-year to 92.9 GW, once again ranking first in the industry. The ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as the elimination of obsolete production capacity, our profitability dropped significantly year-on-year. Gross margin was 10.9% in 2024, compared to 16.0% in 2023 and net income was US$7.9 million. Module shipments were 25.2 GW in the fourth quarter, in line with our guidance. As over 50% of modules were shipped to the domestic market where prices were lower, and the proportion of higher-price overseas orders declined sequentially, both module delivery prices and profits decreased sequentially. Gross margin was 3.6% in the fourth quarter, compared to 15.7% in the third quarter, and net loss was US$64.9 million in the fourth quarter.
In 2024, the global PV industry maintained fast growth momentum. Newly added installation in China reached 277 GW in 2024, marking an increase of 28% year-over-year and setting a record high, and China’s module exports reached 236 GW, up 13% year-over-year. Intensified supply and demand imbalances led to a downward trend in end products prices, pressuring profits in all segments of the industrial chain. In order to steer the industry back to healthy development, the national authorities took steps to resolve the structural imbalances between the supply and demand sides with the participation of industry associations and manufacturers. In November, state departments announced policies to raise entry barrier for new manufacturing capacities, reduce export tax rebates, and implement other measures. In December, leading PV enterprises signed a self-discipline pledge aimed at limiting low price competition and reducing production. More recently, the National Development and Reform Commission and the National Environment Administration jointly announced a policy on market-based reforms for on-grid renewable energy pricing, aimed at promoting high-quality industry development. Guided by industry self-discipline and supportive policies, along with demand recovery after the Spring Festival, prices in the industry, as well as our module prices, have stabilized and started to rebound.
We are committed to maintaining technology leadership through continuous R&D investments and mass production of innovative products. By the end of the fourth quarter, the average mass-produced N-type cell efficiency reached nearly 26.5%, and the efficiency on the highest-performing production lines, the golden area reached over 26.7%. We expect the average mass-produced N-type cell efficiency to reach approximately 27% by the end of 2025. In addition, we have recently initiated production of ultra-high efficiency third generation Tiger Neo products with large scale production expected by the end of 2025.
We continue to phase out outdated production capacity while further enhancing our global manufacturing capabilities. At our Shanxi N-type Super Factory, we are working to reduce costs and improve efficiency through the introduction of automated equipment and process optimization. Our 2GW N-type module production capacity in the U.S. is operating at near full capacity, while our Saudi project is progressing steadily.
In the short term, as some leading PV companies face significant financial losses, the industry may have entered a deep adjustment period. Companies lacking competitive costs and efficiency, product and technology iteration capabilities and global expansion capabilities are likely to be phased out, helping restore supply and demand balance to the industry. We have successfully navigated industry cycles several times and we are confident that our strong execution capabilities will help us overcome future challenges and position us strongly for emerging market opportunities. According to the International Energy Agency (IEA), renewable energy is expected to supply half of global electricity demand by 2030, with wind and solar PV generation doubling their share to 30%, creating vast growth potential for the PV industry.
We expect module shipments to be between 16.0 GW and 18.0 GW for the first quarter of 2025, and between 85.0 GW and 100.0 GW for the full year 2025. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025. We are taking a more cautious approach to capacity expansion in 2025 and will not add capacity besides upgrades to TOPCon technology. We will also continue to optimize our assets and liabilities structure while maintaining a healthy cash reserve, further strengthening our resilience to risks.”
Fourth Quarter 2024 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2024 were RMB20.65 billion (US$2.83 billion), a decrease of 15.7% from RMB24.51 billion in the third quarter of 2024 and a decrease of 37.1% from RMB32.83 billion in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2024 was RMB747.4 million (US$102.4 million), compared with RMB3.86 billion in the third quarter of 2024 and RMB4.09 billion in the fourth quarter of 2023.
Gross margin was 3.6% in the fourth quarter of 2024, compared with 15.7% in the third quarter of 2024 and 12.5% in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in average selling price of solar modules.
Loss/Income from Operations and Operating Margin
Loss from operations in the fourth quarter of 2024 was RMB2.02 billion (US$277.0 million), compared with income from operations of RMB75.5 million in the third quarter of 2024 and income from operations of RMB352.5 million in the fourth quarter of 2023, primarily attributable to the decreases in our revenues and gross margin in the fourth quarter of 2024.
Operating loss margin was 9.8% in the fourth quarter of 2024, compared with operating profit margin of 0.3% in the third quarter of 2024 and operating profit margin of 1.1% in the fourth quarter of 2023.
Total operating expenses in the fourth quarter of 2024 were RMB2.77 billion (US$379.4 million), a decrease of 26.7% from RMB3.78 billion in the third quarter of 2024 and a decrease of 25.9% from RMB3.74 billion in the fourth quarter of 2023. The sequential and year-over-year decreases were mainly due to the decrease in shipping cost.
Total operating expenses accounted for 13.4% of total revenues in the fourth quarter of 2024, compared to 15.4% in the third quarter of 2024 and 11.4% in the fourth quarter of 2023.
Interest Expenses, Net
Net interest expenses consist of interest expenses of RMB347.5 million (US$47.6 million) and interest income of RMB113.3 million (US$15.5 million) in the fourth quarter of 2024.
Net interest expenses in the fourth quarter of 2024 was RMB234.3 million (US$32.1 million), an increase of 15.9% from RMB202.1 million in the third quarter of 2024 and an increase of 13.9% from RMB205.6 million in the fourth quarter of 2023. The sequential and year-over-year increases were due to the increase in interest-bearing debts in the fourth quarter of 2024.
Subsidy Income
Subsidy income in the fourth quarter of 2024 was RMB900.1 million (US$123.3 million), compared with RMB431.8 million in the third quarter of 2024 and RMB554.6 million in the fourth quarter of 2023. The sequential and year-over-year increases were primarily attributable to the increases in cash receipt of incentives related to the Company’s business operations.
Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB408.2 million (US$55.9 million) in the fourth quarter of 2024, compared to a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB251.9 million in the third quarter of 2024 and a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB76.3 million in the fourth quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuations of US dollars against RMB in the fourth quarter of 2024.
Change in Fair Value of Convertible Senior Notes
The Company issued US$85.0 million of 4.5% convertible senior notes (the “Notes”) due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e., Binomial Model. All the Notes with the principal amount at issuance of US$85.0 million have been converted into ordinary shares of the Company in the second quarter of 2024.
Change in fair value of convertible senior notes was nil in the fourth quarter of 2024, compared to nil in the third quarter of 2024 and a loss of RMB155.1 million in the fourth quarter of 2023.
Change in Fair Value of Long-term Investment
The Company invested in equity interests in several solar technology companies engaged in the photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized as gains or losses. As of December 31, 2024, the Company had RMB1.05 billion (US$143.6 million) in long-term investment, compared with RMB845.0 million as of September 30, 2024.
The Company recognized a gain from change in fair value of long-term investment of RMB332.3 million (US$45.5 million) in the fourth quarter of 2024, compared with a gain of RMB30.8 million in the third quarter of 2024 and a loss of RMB90.9 million in the fourth quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation of several solar technology companies we invested in.
Other Loss/Income, net
Net other loss in the fourth quarter of 2024 was RMB674.1 million (US$92.4 million), compared with net other income of RMB73.6 million in the third quarter of 2024 and net other loss of RMB10.8 million in the fourth quarter of 2023. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the fourth quarter of 2024.
Equity in Loss/Income of Affiliated Companies
The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both investments are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB119.2 million (US$16.3 million) in the fourth quarter of 2024, compared with equity in loss of affiliated companies of RMB3.4 million in the third quarter of 2024 and equity in income of affiliated companies of RMB2.4 million in the fourth quarter of 2023. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.
Income Tax Benefit/Expense
The Company recorded an income tax benefit of RMB580.5 million (US$79.5 million) in the fourth quarter of 2024, compared with income tax expense of RMB148.5 million in the third quarter of 2024 and RMB200.8 million in the fourth quarter of 2023.
Net Loss/Income attributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to RMB368.1 million (US$50.4 million) in the fourth quarter of 2024, compared with net loss attributable to non-controlling interests of RMB39.0 million in the third quarter of 2024 and net income attributable to non-controlling interests of RMB293.3 million in the fourth quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net loss or income of the Company’s majority-owned principal operating subsidiary, Jinko Solar Co., Ltd.
Net Loss/Income and Losses/Earnings per Share
Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB473.7 million (US$64.9 million) in the fourth quarter of 2024, compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in the third quarter of 2024 and RMB29.3 million in the fourth quarter of 2023.
Excluding the impact of (i) the change in fair value of the convertible senior notes, (ii) the change in fair value of the long-term investment, (iii) share based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB381.3 million (US$52.2 million) in the fourth quarter of 2024, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in the third quarter of 2024 and RMB462.7 million in the fourth quarter of 2023.
Basic and diluted losses per ordinary share were RMB2.31 (US$0.32) and RMB2.31 (US$0.32), respectively, in the fourth quarter of 2024, compared to basic and diluted earnings per ordinary share of RMB0.11 and RMB0.11, respectively, in the third quarter of 2024, and basic and diluted earnings per ordinary share of RMB0.14 and RMB0.14, respectively, in the fourth quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB9.22 (US$1.26) and RMB9.22 (US$1.26), respectively, in the fourth quarter of 2024; basic and diluted earnings per ADS of RMB0.44 and RMB0.44, respectively, in the third quarter of 2024; and basic and diluted earnings per ADS of RMB0.56 and RMB0.54, respectively, in the fourth quarter of 2023.
Financial Position
As of December 31, 2024, the Company had RMB27.74 billion (US$3.80 billion) in cash, cash equivalents, and restricted cash, compared with RMB19.07 billion as of December 31, 2023.
As of December 31, 2024, the Company’s accounts receivables were RMB14.07 billion (US$1.93 billion), compared with RMB22.96 billion as of December 31, 2023.
As of December 31, 2024, the Company’s inventories were RMB12.51 billion (US$1.71 billion), compared with RMB18.22 billion as of December 31, 2023.
As of December 31, 2024, the Company’s total interest-bearing debts were RMB40.59 billion (US$5.56 billion), compared with RMB31.10 billion as of December 31, 2023.
Full Year 2024 Financial Results
Total Revenues
Total revenues for full year 2024 were RMB92.26 billion (US$12.64 billion), a decrease of 22.3% from RMB118.68 billion for full year 2023. The decrease in total revenues was mainly attributable to the decrease in average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit for full year 2024 was RMB10.01 billion (US$1.37 billion), a decrease of 47.4% from RMB19.05 billion for full year 2023. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules in 2024.
Gross margin was 10.9% for full year 2024, compared with 16.0% for full year 2023. The year-over-year decrease was mainly attributable to the decrease in average selling price of solar modules.
Loss/Income from Operations and Operating Margin
Loss from operations for full year 2024 was RMB3.42 billion (US$469.1 million), compared with income from operations of RMB6.09 billion for full year 2023. Operating loss margin for full year 2024 was 3.7%, compared with operating profit margin of 5.1% for full year 2023.
Total operating expenses for full year 2024 were RMB13.44 billion (US$1.84 billion), an increase of 3.7% from RMB12.96 billion for full year 2023. As a percentage of total revenues, operating expenses accounted for 14.6% for full year 2024, compared with 10.9% for full year 2023. The increase in total operating expenses was primarily due to (i) the write-off of net book value of equipment resulting from the Fire Accident, which was partially offset by the estimated insurance proceed from the Fire Accident, and (ii) an increase in the impairment loss of long-lived assets.
Interest Expense, Net
Net interest expenses consist of interest expenses of RMB1.14 billion (US$156.6 million) and interest income of RMB414.7 million (US$56.8 million) for full year 2024.
Net interest expenses for full year 2024 was RMB728.4 million (US$99.8 million), an increase of 17.9% from RMB617.6 million for full year 2023. The increase was mainly due to an increase in interest-bearing debts.
Subsidy Income
Subsidy income for full year 2024 was RMB2.45 billion (US$335.5 million), compared with RMB1.18 billion for full year 2023. The year-over-year increase was mainly attributable to an increase in the cash receipt of incentives to the Company’s business operations.
Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB601.0 million (US$82.3 million) for full year 2024, which was primarily due to the appreciation of US dollars against RMB. The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB623.2 million for full year 2023. The year-over-year change were mainly due to the exchange rate fluctuations of US dollars against RMB in 2024.
Change in Fair Value of Convertible Senior Notes
The Company issued the Notes in May 2019 and has elected to measure them at fair value derived by valuation model, i.e., Binomial Model. The Company recognized a gain from change in fair value of the Notes of RMB323.5 million (US$44.3 million) for full year 2024, compared to a loss of RMB31.2 million for full year 2023. The year-over-year change was primarily due to the changes in the Company’s stock price in 2024.
Change in Fair Value of Long-term Investment
The Company invested in equity interests in several solar technology companies engaged in the photovoltaic industry chain. As of December 31, 2024, the Company had RMB1.05 billion (US$143.6 million) in long-term investment, compared with RMB1.02 billion as of December 31, 2023. The Company recognized a gain from change in fair value of long-term investment of RMB163.5 million (US$22.4 million) in 2024, compared to a gain of RMB221.5 million for full year 2023.
Other Income/Loss, net
Net other income for full year 2024 was RMB880.5 million (US$120.6 million), compared with net other income of RMB26.1 million for full year 2023. The increase was primarily due to income generated from the disposal of a wholly-owned subsidiary in the year of 2024.
Equity in Loss/Income of Affiliated Companies
The Company indirectly holds a 20% equity interest of Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both investments are accounted using the equity method. The Company recorded equity in loss of affiliated companies of RMB177.0 million (US$24.3 million) in 2024, compared with equity in income of affiliated companies of RMB222.7 million in 2023. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB69.4 million (US$9.5 million) in 2024, compared with an income tax expense of RMB1.26 billion in 2023.
Net Income and Earnings/Losses per Share
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders in 2024 was RMB57.5 million (US$7.9 million), compared with a net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB3.45 billion in 2023.
Excluding the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of the long-term investment, (iii) share based compensation expenses, (iv) the net loss resulting from the Fire Accident, and (v) the impairment of long-lived assets, adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB571.4 million (US$78.3 million), compared with RMB4.07 billion in 2023.
Basic earnings per share for full year 2024 were RMB0.28 (US$0.04), and diluted losses per share for full year 2024 were RMB1.25 (US$0.17), compared to basic and diluted earnings per share of RMB16.60 and RMB15.23, respectively, for full year 2023. This translates into basic earnings per ADS of RMB1.10 (US$0.15) and diluted losses per ADS of RMB5.00 (US$0.69) for full year 2024, compared to basic and diluted earnings per ADS of RMB66.39 and RMB60.90, respectively, for full year 2023.
Fourth Quarter and Full Year 2024 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 26,462 MW in the fourth quarter of 2024, including 25,221 MW for solar module shipments and 1,241 MW for cell and wafer shipments.
Total shipments in the full year 2024 were 99,596 MW, including 92,873 MW for solar module shipments and 6,723 MW for cell and wafer shipments.
Operations and Business Outlook Highlights
First Quarter and Full Year 2025 Guidance
The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.
For the first quarter of 2025, the Company expects its module shipments to be in the range of 16.0 GW to 18.0 GW.
For full year 2025, the Company estimates its module shipments to be in the range of 85.0 GW to 100.0 GW.
Solar Products Production Capacity
The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.
Recent Business Developments
In December 2024, JinkoSolar’s board of directors authorized the Company to upsize its existing share repurchase program launched in July 2022 and extended in December 2023 by increasing the aggregate value of Class A ordinary shares represented by ADSs that may be repurchased from US$200 million to US$350 million and to extend it for an additional 12-month period through June 30, 2026.In December 2024, JinkoSolar was recognized with two prestigious awards from EUPD Research, the Solar Prosumer and the DACH Energy Transition Award.In December 2024, JinkoSolar announced that all shareholder resolutions proposed at its 2024 annual general meeting were duly passed.In January 2025, JinkoSolar achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar’s previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.In February 2025, JinkoSolar ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 report recently published by Wood Mackenzie, thanks to its outstanding technological capabilities and highly efficient module performance.
Conference Call Information
JinkoSolar’s management will host an earnings conference call on Wednesday, March 26, 2025 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).
Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10046117-jh7y6t.html
It will automatically direct you to the registration page of “JinkoSolar Fourth Quarter and Fiscal Year 2024 Earnings Conference Call”, where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 2, 2025. The dial-in details for the replay are as follows:
International: +61 7 3107 6325
U.S.: +1 855 883 1031
Passcode: 10046117
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of December 31, 2024.
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2024, which was RMB7.2993 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)
For the quarter ended
For the twelve months ended
Dec 31, 2023
Sep 30, 2024
Dec 31, 2024
Dec 31, 2023
Dec 31, 2024
RMB’000
RMB’000
RMB’000
USD’000
RMB’000
RMB’000
USD’000
Revenues
32,830,172
24,508,244
20,650,730
2,829,139
118,678,591
92,256,302
12,639,061
Cost of revenues
(28,739,438)
(20,652,556)
(19,903,357)
(2,726,749)
(99,630,956)
(82,241,474)
(11,267,036)
Gross profit
4,090,734
3,855,688
747,373
102,389
19,047,635
10,014,828
1,372,025
Operating expenses:
Selling and marketing
(1,857,825)
(2,172,100)
(1,222,550)
(167,489)
(6,819,305)
(6,658,108)
(912,157)
General and administrative
(1,541,467)
(1,175,798)
(929,029)
(127,276)
(4,583,837)
(4,614,001)
(632,116)
Research and development
(279,642)
(208,668)
(259,902)
(35,606)
(911,869)
(924,392)
(126,641)
Impairment of long-lived assets
(59,342)
(223,588)
(357,616)
(48,993)
(640,004)
(1,242,168)
(170,176)
Total operating expenses
(3,738,276)
(3,780,154)
(2,769,097)
(379,364)
(12,955,015)
(13,438,669)
(1,841,090)
(Loss)/income from operations
352,458
75,534
(2,021,724)
(276,975)
6,092,620
(3,423,841)
(469,065)
Interest expenses
(292,076)
(300,935)
(347,514)
(47,609)
(1,171,136)
(1,143,079)
(156,602)
Interest income
86,487
98,790
113,255
15,516
553,531
414,685
56,812
Subsidy income
554,619
431,753
900,142
123,319
1,175,498
2,448,763
335,479
Exchange gain/(loss),net
(38,424)
(203,999)
314,627
43,104
938,092
484,364
66,358
Change in fair value of foreign exchange derivatives
114,769
(47,912)
93,602
12,823
(314,859)
116,654
15,982
Change in fair value of Long-term Investment
(90,918)
30,772
332,270
45,521
221,473
163,492
22,398
Change in fair value of convertible senior notes
(155,102)
–
–
–
(31,188)
323,474
44,316
Other income/(loss), net
(10,771)
73,632
(674,143)
(92,357)
26,134
880,540
120,634
Income/(loss) before income taxes
521,042
157,635
(1,289,485)
(176,658)
7,490,165
265,052
36,312
Income tax (expenses)/benefit
(200,831)
(148,460)
580,537
79,533
(1,260,285)
(69,441)
(9,513)
Equity in (loss)/income of affiliated companies
2,375
(3,389)
(119,161)
(16,325)
222,674
(177,013)
(24,251)
Net income/(loss)
322,586
5,786
(828,109)
(113,450)
6,452,554
18,598
2,548
Less: Net loss/(income) attributable to non-controlling
interests
(293,269)
38,960
368,091
50,428
(3,005,111)
74,873
10,258
Less: Accretion to redemption value of redeemable non-
controlling interests
(22,214)
(13,712)
(1,879)
–
(35,926)
(4,922)
Net income/(loss) attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders
29,317
22,532
(473,730)
(64,901)
3,447,443
57,545
7,884
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per share:
Basic
0.14
0.11
(2.31)
(0.32)
16.60
0.28
0.04
Diluted
0.14
0.11
(2.31)
(0.32)
15.23
(1.25)
(0.17)
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per ADS:
Basic
0.56
0.44
(9.22)
(1.26)
66.39
1.10
0.15
Diluted
0.54
0.44
(9.22)
(1.26)
60.90
(5.00)
(0.69)
Weighted average ordinary shares outstanding:
Basic
209,582,718
204,902,909
205,490,103
205,490,103
207,705,476
208,607,597
208,607,597
Diluted
215,266,963
204,962,646
205,490,103
205,490,103
226,113,084
209,981,840
209,981,840
Weighted average ADS outstanding:
Basic
52,395,679
51,225,727
51,372,526
51,372,526
51,926,369
52,151,899
52,151,899
Diluted
53,816,741
51,240,662
51,372,526
51,372,526
56,528,271
52,495,460
52,495,460
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income/(loss)
322,586
5,786
(828,109)
(113,450)
6,452,554
18,598
2,548
Other comprehensive income/(loss):
-Unrealized (loss)/gain on available-for-sale securities
19,134
(10,212)
(1,399)
18,161
(10,212)
(1,399)
-Foreign currency translation adjustments
(116,523)
(123,210)
196,740
26,954
75,751
(93,863)
(12,859)
-Change in the instrument-specific credit risk
42
–
–
–
70,732
421
58
Comprehensive (loss)/income
225,239
(117,424)
(641,581)
(87,895)
6,617,198
(85,056)
(11,652)
Less: Comprehensive loss/(income) attributable to non-
controlling interests
(280,158)
77,293
306,252
41,956
(3,027,731)
44,084
6,039
Comprehensive (loss)/income attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders
(54,919)
(40,131)
(335,329)
(45,938)
3,589,467
(40,972)
(5,613)
JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec 31, 2023
Dec 31, 2024
RMB’000
RMB’000
USD’000
ASSETS
Current assets:
Cash,cash equivalents, and restricted cash
19,069,107
27,737,976
3,800,087
Restricted short-term investments and short-term investments
8,509,257
3,901,442
534,496
Accounts receivable, net
22,958,693
14,065,558
1,926,974
Notes receivable, net
4,090,085
3,333,377
456,670
Advances to suppliers, net
4,565,779
2,654,149
363,617
Inventories, net
18,215,537
12,509,422
1,713,784
Foreign exchange forward contract receivables
103,100
115,220
15,785
Prepayments and other current assets, net
3,430,224
4,490,411
615,184
Held-for-sale assets
2,003,417
57,502
7,878
Total current assets
82,945,199
68,865,057
9,434,475
Non-current assets:
Restricted long-term investments
1,536,198
1,328,201
181,963
Long-term investments
2,117,628
1,870,253
256,224
Property, plant and equipment, net
41,267,187
44,800,692
6,137,670
Land use rights, net
1,821,012
1,838,015
251,807
Intangible assets, net
569,088
461,955
63,288
Right-of-use assets, net
742,431
448,555
61,452
Deferred tax assets
1,290,004
2,641,397
361,870
Advances to suppliers to be utilised beyond one year
648,377
520,376
71,291
Other assets, net
2,790,567
1,954,935
267,825
Available-for-sale securities-non-current
104,134
150,922
20,676
Total non-current assets
52,886,626
56,015,301
7,674,066
Total assets
135,831,825
124,880,358
17,108,541
LIABILITIES
Current liabilities:
Accounts payable
15,475,166
11,038,668
1,512,291
Notes payable
25,690,532
11,189,801
1,532,997
Accrued payroll and welfare expenses
2,798,964
2,779,196
380,748
Advances from customers
6,965,298
5,088,596
697,135
Income tax payables
1,016,039
703,498
96,379
Other payables and accruals
13,448,501
16,499,668
2,260,449
Foreign exchange forward derivatives payables
26,466
20,789
2,848
Convertible senior notes
782,969
–
–
Lease liabilities – current
155,931
145,663
19,956
Short-term borrowings, including current portion of long-term borrowings,
and failed sale-leaseback financing
13,583,774
6,933,899
949,940
Held-for-sale liabilities
1,117,005
–
–
Total current liabilities
81,060,645
54,399,778
7,452,743
Non-current liabilities:
Long-term borrowings
11,238,806
20,643,272
2,828,117
Convertible notes
4,785,480
8,605,579
1,178,959
Accrued warranty costs – non current
2,145,426
2,136,192
292,657
Lease liabilities-noncurrent
557,136
330,740
45,311
Deferred tax liability
131,506
56,718
7,770
Long-term Payables
2,378,684
4,387,864
601,135
Total non-current liabilities
21,237,038
36,160,365
4,953,949
Total liabilities
102,297,683
90,560,143
12,406,692
Mezzanine Equity
Redeemable non-controlling interests
–
1,535,926
210,421
SHAREHOLDERS’ EQUITY
Total JinkoSolar Holding Co., Ltd. shareholders’ equity
20,156,434
19,869,284
2,722,080
Non-controlling interests
13,377,708
12,915,005
1,769,348
Total shareholders’ equity
33,534,142
32,784,289
4,491,428
Total liabilities, mezzanine equity and shareholders’ equity
135,831,825
124,880,358
17,108,541
View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2024-financial-results-302411846.html
SOURCE JinkoSolar Holding Co., Ltd.
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Technology
10x Genomics Reports First Quarter 2026 Financial Results
Published
7 hours agoon
May 7, 2026By
PLEASANTON, Calif., May 7, 2026 /PRNewswire/ — 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the first quarter ended March 31, 2026.
Recent Updates
Revenue was $150.8 million for the first quarter of 2026, representing a 3% decrease over the corresponding period of 2025. Excluding $16.8 million related to one-time license and royalty revenue in the first quarter of 2025, revenue increased 9% over the corresponding period of 2025.Launched Atera, a new platform to redefine how biology is measured and understood. Atera was engineered to deliver spatial whole-transcriptome analysis with single-cell sensitivity at unprecedented scale. The Company expects to start shipping Atera in the second half of 2026.Announced a partnership with Bioptimus, a global AI biotech company, to launch STELA, a multinational spatial data generation initiative to create foundational datasets connecting underlying biology with disease outcomes. The initiative is starting this effort on our Xenium platform and plans to expand to Atera over time.Ended the first quarter of 2026 with cash and cash equivalents and marketable securities of $539.8 million, representing a $112.9 million increase from March 31, 2025.
“We had a solid start to the year, with double-digit growth in Single Cell consumables reaction volumes and double-digit growth in Spatial consumables revenue,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “The biggest highlight is our recent launch of Atera, which represents the most significant product introduction in our history. We are extremely encouraged by the extraordinary early customer response.”
First Quarter 2026 Financial Results
Revenue was $150.8 million for the first quarter of 2026, a 3% decrease from the corresponding period of 2025. Excluding $16.8 million related to a patent litigation settlement recognized in the first quarter of 2025, revenue increased 9% over the corresponding period of 2025.
Gross margin was 70% for the first quarter of 2026, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue reflecting a non-recurring royalty benefit recognized in the first quarter of 2025.
Operating expenses were $123.2 million for the first quarter of 2026, a 15% decrease from $144.8 million for the corresponding prior year period. The decrease was primarily driven by lower outside legal expenses and personnel expenses, partially offset by a non-recurring gain on settlement of $9.2 million recognized in the first quarter of 2025.
Operating loss was $17.0 million for the first quarter of 2026, as compared to operating loss of $39.3 million for the corresponding prior year period.
Net loss was $13.5 million for the first quarter of 2026, as compared to a net loss of $34.4 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $539.8 million as of March 31, 2026.
2026 Financial Guidance
10x Genomics is maintaining its full year 2026 revenue guidance of $600 million to $625 million. Excluding the non-recurring license and royalty revenue related to patent litigation settlements in 2025, this represents 0% to 4% growth over full year 2025.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the first quarter 2026 financial results, business developments and outlook after market close on Thursday, May 7, 2026 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “outlook,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s products, services, business strategy, collaborations and opportunities and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, estimates, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K for the fiscal year ended December 31, 2025 filed on February 12, 2026 and the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the U.S. Securities and Exchange Commission (“SEC”), and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
March 31,
2026
2025
Products and services revenue
$ 149,896
$ 137,823
License and royalty revenue
947
17,060
Revenue (1)
150,843
154,883
Cost of products and services revenue (2)
44,665
49,438
Gross profit
106,178
105,445
Operating expenses:
Research and development (2)
56,847
64,245
Selling, general and administrative (2)
66,377
89,728
Gain on settlement
—
(9,200)
Total operating expenses
123,224
144,773
Loss from operations
(17,046)
(39,328)
Other income (expense):
Interest income
5,014
3,686
Other income (expense), net
(815)
2,136
Total other income
4,199
5,822
Loss before provision for income taxes
(12,847)
(33,506)
Provision for income taxes
623
852
Net loss
$ (13,470)
$ (34,358)
Net loss per share, basic and diluted
$ (0.10)
$ (0.28)
Weighted-average shares used to compute net loss per share, basic and diluted
128,291,153
122,606,091
__________________________
(1)
The following table represents total revenue by source for the periods indicated (in thousands). Spatial includes the Company’s Visium and Xenium products:
Three Months Ended
March 31,
2026
2025
Instruments
Single Cell
$ 5,223
$ 5,913
Spatial
6,039
8,902
Total instruments revenue
11,262
14,815
Consumables
Single Cell
88,894
84,109
Spatial
40,907
31,247
Total consumables revenue
129,801
115,356
Services
8,833
7,652
Products and services revenue
149,896
137,823
License and royalty revenue
947
17,060
Total revenue
$ 150,843
$ 154,883
(1)
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
March 31,
2026
2025
Americas
United States*
$ 76,693
$ 86,818
Americas (excluding United States)
3,406
3,752
Total Americas
80,099
90,570
Europe, Middle East and Africa
36,852
31,895
Asia-Pacific
China
15,837
16,883
Asia-Pacific (excluding China)
18,055
15,535
Total Asia-Pacific
33,892
32,418
Total revenue
$ 150,843
$ 154,883
*
Includes license and royalty revenue.
(2)
Includes stock-based compensation expense as follows:
Three Months Ended
March 31,
(in thousands)
2026
2025
Cost of revenue
$ 1,918
$ 2,481
Research and development
10,695
14,106
Selling, general and administrative
10,029
14,489
Total stock-based compensation expense
$ 22,642
$ 31,076
10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March 31,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 490,285
$ 473,966
Marketable securities
49,563
49,443
Accounts receivable, net
39,031
47,013
Other receivables
17,106
35,480
Inventory
53,487
56,341
Prepaid expenses and other current assets
20,261
22,208
Total current assets
669,733
684,451
Property and equipment, net
220,591
226,711
Operating lease right-of-use assets
58,390
60,450
Goodwill
4,511
4,511
Intangible assets, net
59,910
62,329
Other noncurrent assets
2,624
2,913
Total assets
$ 1,015,759
$ 1,041,365
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 17,425
$ 12,733
Accrued compensation and related benefits
21,506
42,500
Accrued expenses and other current liabilities
33,680
39,971
Deferred revenue
24,342
23,902
Operating lease liabilities
11,330
10,985
Contingent consideration, current
5,315
23,363
Total current liabilities
113,598
153,454
Contingent consideration, noncurrent
1,222
1,237
Operating lease liabilities, noncurrent
70,059
73,376
Deferred revenue, noncurrent
10,138
10,501
Other noncurrent liabilities
6,418
6,471
Total liabilities
201,435
245,039
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Common stock
2
2
Additional paid-in capital
2,338,269
2,306,690
Accumulated deficit
(1,524,061)
(1,510,591)
Accumulated other comprehensive income
114
225
Total stockholders’ equity
814,324
796,326
Total liabilities and stockholders’ equity
$ 1,015,759
$ 1,041,365
View original content to download multimedia:https://www.prnewswire.com/news-releases/10x-genomics-reports-first-quarter-2026-financial-results-302766095.html
SOURCE 10x Genomics, Inc.
NEW YORK, May 7, 2026 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) announced today that its board of directors has declared a quarterly cash dividend on the Company’s common stock of $0.30 per share payable on June 30, 2026, to shareholders of record at the close of business on June 5, 2026.
About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it’s defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.
Contacts:
Investors
Media
Stephan Bisson
Courtney Richards
Investor Relations
Events & Communications
(212) 297-6573
(646) 876-9404
View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-announces-quarterly-dividend-302766109.html
SOURCE OUTFRONT Media Inc.
Technology
OUTFRONT Media Reports First Quarter 2026 Results
Published
7 hours agoon
May 7, 2026By
Revenues of $429.6 million
Operating income of $55.9 million
Net income attributable to OUTFRONT Media Inc. of $19.1 million
Adjusted OIBDA of $100.4 million
AFFO attributable to OUTFRONT Media Inc. of $61.0 million
Quarterly dividend of $0.30 per share, payable June 30, 2026
NEW YORK, May 7, 2026 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended March 31, 2026.
“Our first quarter results demonstrate our continued strong performance, with revenue, OIBDA, and AFFO all exceeding our guidance,” said Nick Brien, Chief Executive Officer of OUTFRONT Media. “Importantly, this exceptional performance was driven by strong results across our entire business, with billboard and transit both contributing to this success.”
Three Months Ended
March 31,
$ in Millions, except per share amounts
2026
2025
Revenues
$429.6
$390.7
Operating income
55.9
13.9
Adjusted OIBDA
100.4
64.2
Net income (loss) before allocation to redeemable and non-redeemable
noncontrolling interests
19.3
(20.7)
Net income (loss)1
19.1
(20.6)
Net income (loss) per share1,2,3
$0.11
($0.14)
Funds From Operations (FFO)1
63.5
26.5
Adjusted FFO (AFFO)1
61.0
27.1
Shares outstanding3
177.1
166.4
Notes: See exhibits for reconciliations of non-GAAP financial measures; 1) References to “Net income (loss)”, “FFO” and “AFFO” mean “Net income (loss) attributable to OUTFRONT Media Inc.”, “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively; 2) References to “per share” mean per common share for diluted earnings per weighted average share; 3) Diluted weighted average shares outstanding.
First Quarter 2026 Results
Consolidated Results
Reported revenues of $429.6 million increased $38.9 million, or 10.0%, for the first quarter of 2026 as compared to the same prior-year period.
Total operating expenses of $227.5 million increased $6.2 million, or 2.8%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher transit franchise costs, including higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority (the “MTA”) due to inflation, higher production expenses, and higher maintenance and utilities costs, partially offset by the impact of lost billboards in the period.
Selling, General and Administrative expenses (“SG&A”) of $107.3 million decreased $7.4 million, or 6.5%, compared to the same prior-year period, due primarily to lower compensation-related expenses, including severance and salaries, and lower credit card usage by customers, partially offset by higher professional fees, including software and technology expenses, a higher allowance for bad debt and higher client entertainment expenses.
Adjusted OIBDA of $100.4 million increased $36.2 million, or 56.4%, compared to the same prior-year period.
Segment Results
Billboard
Reported billboard segment revenues of $332.9 million increased $22.2 million, or 7.1%, compared to the same prior-year period, due primarily to higher proceeds from condemnations and an increase in average revenue per display (yield), including the impact of programmatic platforms on digital billboard revenues, partially offset by lost billboards in the period.
Operating expenses increased $3.5 million, or 2.4%, due primarily to higher variable billboard property lease costs, higher maintenance and utilities, higher site-related costs, and higher compensation-related expenses, partially offset by the impact of lost billboards in the period.
SG&A expenses increased $1.3 million, or 1.9%, due primarily to higher professional fees, including software and technology expenses, and a higher allowance for bad debt, partially offset by lower credit card usage by customers and lower compensation-related expenses.
Adjusted OIBDA of $116.4 million increased $17.4 million, or 17.6%, compared to the same prior-year period.
Transit
Reported transit segment revenues of $95.0 million increased $17.3 million, or 22.3%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield), partially offset by the impact of new and lost transit franchise contracts.
Operating expenses increased $3.0 million, or 4.0%, due primarily to higher guaranteed minimum annual payments to the MTA due to inflation, higher display production costs, and higher posting and rotation costs.
SG&A expenses increased $1.5 million, or 8.7%, due primarily to higher compensation-related expenses, including severance and commissions, higher professional fees, including higher software and technology expenses, partially offset by lower credit card usage by customers.
Adjusted OIBDA loss decreased $12.8 million, or 90.1%, compared to the same prior-year period.
Other
Reported revenues decreased $0.6 million, or 26.1%, operating expenses decreased $0.3 million, or 16.7%, and Adjusted OIBDA decreased $0.3 million, or 60.0%, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.
Corporate
Corporate expenses, excluding stock-based compensation, decreased $6.3 million, or 29.9%, compared to the same prior-year period to $14.8 million, due primarily to lower compensation-related expenses, including severance, and lower professional fees, including fees related to a management consulting project.
Interest Expense
Net interest expense in the first quarter of 2026 was $36.0 million, including amortization of deferred financing costs of $1.4 million, as compared to $36.0 million, including amortization of deferred financing costs of $1.5 million, in the same prior-year period. The weighted average cost of debt was 5.3% as of March 31, 2026 and 5.4% as of March 31, 2025.
Income Taxes
The provision for income taxes decreased $0.1 million, or 20.0%, in the first quarter of 2026 compared to the same prior-year period. Cash paid for income taxes in the three months ended March 31, 2026 was $0.4 million.
Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. was $19.1 million in the first quarter of 2026 compared to a Net loss attributable to OUTFRONT Media Inc. of $20.6 million in the same prior-year period. Diluted weighted average shares outstanding were 177.1 million for the first quarter of 2026 compared to 166.4 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.11 in the first quarter of 2026 compared to a Net loss per common share for diluted earnings per weighted average share of $0.14 in the same prior-year period.
FFO
FFO attributable to OUTFRONT Media Inc. was $63.5 million in the first quarter of 2026, an increase of $37.0 million, or 139.6%, from the same prior-year period, driven primarily by higher Adjusted OIBDA.
AFFO
Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.
AFFO attributable to OUTFRONT Media Inc. was $61.0 million in the first quarter of 2026, an increase of $33.9 million, or 125.1%, from the same prior-year period, due primarily to higher Adjusted OIBDA and a higher non-cash effect of straight-line rent, partially offset by lower equity earnings.
Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $75.3 million for the three months ended March 31, 2026, increased $41.7 million, or 124.1%, compared to $33.6 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, the timing of accounts receivables and a decrease in accounts payable and accrued expenses, partially offset by a decrease in deferred revenues. Total capital expenditures increased $6.9 million, or 40.1%, to $24.1 million for the three months ended March 31, 2026, compared to the same prior-year period, due primarily to increased growth in digital displays, increased maintenance spending for billboard display upgrades and increased spending for safety-related projects.
Dividends
In the three months ended March 31, 2026, we paid cash dividends of $53.4 million on our common stock and vested restricted share units granted to employees. We announced on May 7, 2026, that our board of directors has approved a quarterly cash dividend on our common stock of $0.30 per share payable on June 30, 2026, to stockholders of record at the close of business on June 5, 2026.
Balance Sheet and Liquidity
As of March 31, 2026, our liquidity position included unrestricted cash of $67.2 million and $494.9 million of availability under our $500.0 million revolving credit facility, net of $5.1 million of issued letters of credit against the letter of credit facility sublimit under the revolving credit facility, and $150.0 million of additional availability under our accounts receivable securitization facility. During the three months ended March 31, 2026, no shares of our common stock were sold under our at-the-market equity offering program, of which $232.5 million remains available. Total indebtedness as of March 31, 2026 was $2.6 billion, excluding $14.8 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes and $1.7 billion of senior unsecured notes.
Conference Call
We will host a conference call to discuss the results on May 7, 2026, at 4:30 p.m. Eastern Time. The conference call numbers are 833-461-5787 (U.S. callers) and 585-542-9983 (International callers) and the passcode for both is 404991578. Live and replay versions of the conference call will be webcast in the Investor Relations section of our website, www.outfront.com.
Supplemental Materials
In addition to this press release, we have provided a supplemental investor presentation which can be viewed on our website, www.outfront.com.
About OUTFRONT Media Inc.
OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most. As OUTFRONT evolves, it’s defining a new era of in-real-life (IRL) marketing, turning public spaces into platforms for creativity, connection, and cultural relevance. With a nationwide footprint across billboards, digital displays, transit systems, and other out-of-home formats, OUTFRONT turns creative into powerful real-world experiences. Its in-house agency, OUTFRONT STUDIOS, and award-winning innovation team, XLabs, deliver standout storytelling, supported by advanced technology and data tools that can drive measurable impact.
Contacts:
Investors
Media
Stephan Bisson
Courtney Richards
Investor Relations
Events & Communications
(212) 297-6573
(646) 876-9404
stephan.bisson@outfront.com
courtney.richards@outfront.com
Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) provided throughout this document, this document and the accompanying tables include non-GAAP financial measures as described below. We calculate and define “Adjusted OIBDA” as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions and stock-based compensation. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates. When used herein, references to “FFO” and “AFFO” mean “FFO attributable to OUTFRONT Media Inc.” and “AFFO attributable to OUTFRONT Media Inc.,” respectively. We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) attributable to OUTFRONT Media Inc. adjusted to exclude gains and losses from the sale of real estate assets, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments and redeemable and non-redeemable noncontrolling interests, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include amortization of direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent, amortization of deferred financing costs and the same adjustments for our redeemable and non-redeemable noncontrolling interests, along with the non-cash portion of income taxes, and the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other real estate investment trusts (“REITs”). Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs. Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss) and net income (loss) attributable to OUTFRONT Media Inc., the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.
Please see Exhibits 4-5 of this release for a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures.
Cautionary Statement Regarding Forward-Looking Statements
We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: declines in advertising and general economic conditions; competition; government regulation; our ability to operate our digital display platform; losses and costs resulting from recalls and product liability, warranty and intellectual property claims; our ability to obtain and renew key municipal contracts on favorable terms; taxes, fees and registration requirements; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; environmental, health and safety laws and regulations; expectations relating to environmental, social and governance considerations; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; the ability of our board of directors to cause us to issue additional shares of stock without common stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our failure to remain qualified to be taxed as a REIT; REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive investments or business opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; the ability of our board of directors to revoke our REIT election at any time without stockholder approval; the Internal Revenue Service may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
EXHIBITS
Exhibit 1: CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
(in millions, except per share amounts)
2026
2025
Revenues
$ 429.6
$ 390.7
Expenses:
Operating
227.5
221.3
Selling, general and administrative
107.3
114.7
Net loss on dispositions
1.0
0.1
Depreciation
20.7
23.6
Amortization
17.2
17.1
Total expenses
373.7
376.8
Operating income
55.9
13.9
Interest expense, net
(36.0)
(36.0)
Income (loss) before provision for income taxes and equity in earnings of investee
companies
19.9
(22.1)
Provision for income taxes
(0.4)
(0.5)
Equity in earnings of investee companies, net of tax
(0.2)
1.9
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling
interests
19.3
(20.7)
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests
0.2
(0.1)
Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)
Net income (loss) per common share:
Basic
$ 0.11
$ (0.14)
Diluted
$ 0.11
$ (0.14)
Weighted average shares outstanding:
Basic
175.5
166.4
Diluted
177.1
166.4
Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 14
As of
(in millions)
March 31,
2026
December 31,
2025
Assets:
Current assets:
Cash and cash equivalents
$ 67.2
$ 99.9
Receivables, less allowance ($25.0 in 2026 and $23.2 in 2025)
294.3
365.7
Prepaid lease and franchise costs
2.6
5.1
Prepaid MTA equipment deployment costs
0.2
—
Other prepaid expenses
25.6
21.9
Other current assets
11.6
11.1
Total current assets
401.5
503.7
Property and equipment, net
644.3
643.8
Goodwill
2,006.4
2,006.4
Intangible assets
603.6
612.0
Operating lease assets
1,553.8
1,521.5
Other assets
28.5
24.2
Total assets
$ 5,238.1
$ 5,311.6
Liabilities:
Current liabilities:
Accounts payable
$ 33.3
$ 50.2
Accrued compensation
42.4
72.3
Accrued interest
23.4
35.1
Accrued lease and franchise costs
62.7
72.2
Other accrued expenses
63.2
55.5
Deferred revenues
60.1
57.7
Short-term operating lease liabilities
179.5
172.9
Other current liabilities
27.6
29.4
Total current liabilities
492.2
545.3
Long-term debt, net
2,584.5
2,583.4
Asset retirement obligation
34.1
34.0
Operating lease liabilities
1,398.9
1,374.7
Other liabilities
39.2
40.3
Total liabilities
4,548.9
4,577.7
Commitments and contingencies
Redeemable noncontrolling interests
25.8
22.0
Stockholders’ equity:
Common stock (2026 – 450.0 shares authorized, and 176.1 shares issued and
outstanding; 2025 – 450.0 shares authorized, and 175.2 issued and outstanding)
1.8
1.8
Additional paid-in capital
2,604.6
2,619.3
Distribution in excess of earnings
(1,944.6)
(1,910.8)
Accumulated other comprehensive loss
0.1
0.1
Total stockholders’ equity
661.9
710.4
Noncontrolling interests
1.5
1.5
Total liabilities and equity
$ 5,238.1
$ 5,311.6
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
(in millions)
2026
2025
Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests
0.2
(0.1)
Depreciation and amortization
37.9
40.7
Stock-based compensation
5.6
9.5
Provision for doubtful accounts
2.2
1.5
Accretion expense
0.7
0.7
Net loss on dispositions
1.0
0.1
Equity in earnings of investee companies, net of tax
0.2
(1.9)
Distributions from investee companies
0.3
0.3
Amortization of deferred financing costs and debt discount and premium
1.4
1.5
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables
69.2
45.3
Increase in prepaid MTA equipment deployment costs
(0.2)
—
(Increase) decrease in prepaid expenses and other current assets
(3.5)
0.8
Decrease in accounts payable and accrued expenses
(57.1)
(67.8)
Increase in operating lease assets and liabilities
0.5
2.1
Increase in deferred revenues
2.4
16.7
Increase (decrease) in income taxes
—
0.5
Other, net
(4.6)
4.3
Net cash flow provided by operating activities
75.3
33.6
Investing activities:
Capital expenditures
(24.1)
(17.2)
Acquisitions
(8.1)
(5.7)
MTA franchise rights
(1.8)
(4.0)
Net proceeds from dispositions
—
0.7
Investment in investee companies
(4.0)
—
Return of investments in investee companies
—
1.5
Net cash flow used for investing activities
(38.0)
(24.7)
Financing activities:
Proceeds from borrowings under short-term debt facilities
—
50.0
Repayments of borrowings under short-term debt facilities
—
(10.0)
Taxes withheld for stock-based compensation
(16.6)
(12.3)
Dividends
(53.4)
(53.0)
Net cash flow used for financing activities
(70.0)
(25.3)
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
(in millions)
2026
2025
Net decrease in cash and cash equivalents
(32.7)
(16.4)
Cash and cash equivalents at beginning of period
99.9
46.9
Cash and cash equivalents at end of period
$ 67.2
$ 30.5
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$ 0.4
$ —
Cash paid for interest
47.1
46.2
Non-cash investing and financing activities:
Accrued purchases of property and equipment
3.3
13.4
Accrued MTA franchise rights
1.9
1.6
Taxes withheld for stock-based compensation
2.8
2.6
Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited) See Notes on Page 14
Three Months Ended March 31, 2026
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 332.9
$ 95.0
$ 1.7
$ —
$ 429.6
Operating income (loss)
$ 82.5
$ (6.4)
$ 0.2
$ (20.4)
$ 55.9
Net loss on dispositions
0.9
0.1
—
—
1.0
Depreciation
18.1
2.6
—
—
20.7
Amortization
14.9
2.3
—
—
17.2
Stock-based compensation
—
—
—
5.6
5.6
Adjusted OIBDA
$ 116.4
$ (1.4)
$ 0.2
$ (14.8)
$ 100.4
Adjusted OIBDA margin
35.0 %
(1.5) %
11.8 %
*
23.4 %
Three Months Ended March 31, 2025
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 310.7
$ 77.7
$ 2.3
$ —
$ 390.7
Operating income (loss)
$ 61.0
$ (17.0)
$ 0.5
$ (30.6)
$ 13.9
Net (gain) loss on dispositions
0.7
(0.6)
—
—
0.1
Depreciation
21.6
2.0
—
—
23.6
Amortization
15.7
1.4
—
—
17.1
Stock-based compensation
—
—
—
9.5
9.5
Adjusted OIBDA
$ 99.0
$ (14.2)
$ 0.5
$ (21.1)
$ 64.2
Adjusted OIBDA margin
31.9 %
(18.3) %
21.7 %
*
16.4 %
Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
(in millions)
2026
2025
Net income (loss) attributable to OUTFRONT Media Inc.
$ 19.1
$ (20.6)
Depreciation of billboard advertising structures
16.2
18.8
Amortization of real estate-related intangible assets
14.3
15.1
Amortization of direct lease acquisition costs
13.0
13.2
Net loss on disposition of real estate assets
1.0
0.1
Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.1)
(0.1)
FFO attributable to OUTFRONT Media Inc.
$ 63.5
$ 26.5
Non-cash portion of income taxes
—
0.5
Cash paid for direct lease acquisition costs
(13.0)
(13.2)
Maintenance capital expenditures
(7.0)
(6.3)
Other depreciation
4.5
4.8
Other amortization
2.9
2.0
Stock-based compensation
5.6
9.5
Non-cash effect of straight-line rent
2.4
1.1
Accretion expense
0.7
0.7
Amortization of deferred financing costs
1.4
1.5
AFFO attributable to OUTFRONT Media Inc.(a)
$ 61.0
$ 27.1
Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
(in millions)
2026
2025
Adjusted OIBDA
$ 100.4
$ 64.2
Interest expense, net, less amortization of deferred financing costs
(34.6)
(34.5)
Cash paid for income taxes
(0.4)
—
Maintenance capital expenditures
(7.0)
(6.3)
Equity in earnings of investee companies, net of tax
(0.2)
1.9
Non-cash effect of straight-line rent
2.4
1.1
Accretion expense
0.7
0.7
Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.3)
—
AFFO attributable to OUTFRONT Media Inc.(a)
$ 61.0
$ 27.1
Exhibit 7: OPERATING EXPENSES
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
%
(in millions, except percentages)
2026
2025
Change
Operating expenses:
Billboard property lease
$ 111.3
$ 109.2
1.9 %
Transit franchise
59.7
58.0
2.9
Posting, maintenance and other
56.5
54.1
4.4
Total operating expenses
$ 227.5
$ 221.3
2.8
Exhibit 8: EXPENSES BY SEGMENT
(Unaudited) See Notes on Page 14
Three Months Ended
March 31,
%
(in millions, except percentages)
2026
2025
Change
Billboard:
Billboard property lease
$ 111.3
$ 109.2
1.9 %
Billboard posting, maintenance and other
37.1
35.7
3.9
Billboard operating expenses
$ 148.4
$ 144.9
2.4
Billboard SG&A expenses
$ 68.1
$ 66.8
1.9
Transit:
Transit franchise
$ 59.7
$ 58.0
2.9
Transit posting, maintenance and other
17.9
16.6
7.8
Transit operating expenses
$ 77.6
$ 74.6
4.0
Transit SG&A expenses
$ 18.8
$ 17.3
8.7
NOTES TO EXHIBITS
PRIOR PERIOD PRESENTATION CONFORMS TO CURRENT REPORTING CLASSIFICATIONS.
(a)
Starting at the end of 2025, we modified our calculation of AFFO to include amortization of direct lease acquisition costs instead of the cash paid for direct lease acquisition costs, as management believes that this calculation of AFFO is a more appropriate measure of performance period-over-period and consistent with how we calculate FFO. Accordingly, relevant prior periods have been recast to conform to this presentation.
* Calculation not meaningful.
View original content to download multimedia:https://www.prnewswire.com/news-releases/outfront-media-reports-first-quarter-2026-results-302766116.html
SOURCE OUTFRONT Media Inc.
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