Technology
OUTFRONT Media Reports Second Quarter 2026 Results
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Revenues of $522.5 million
Operating income of $116.1 million
Net income attributable to OUTFRONT Media Inc. of $77.5 million
Adjusted OIBDA of $160.3 million
AFFO attributable to OUTFRONT Media Inc. of $120.8 million
Quarterly dividend increased 10% to $0.33 per share, payable September 30, 2026
NEW YORK, Aug. 5, 2026 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT) today reported results for the quarter ended June 30, 2026.
“We just completed a great second quarter which far exceeded our expectations across the board, with revenue, OIBDA, and AFFO all growing nicely,” said Nick Brien, Chief Executive Officer of OUTFRONT Media. “Our successful second quarter was a result of strong organic gains across all aspects of our business, which were also enhanced by the FIFA World Cup.”
Three Months Ended
June 30,
Six Months Ended
June 30,
$ in Millions, except per share amounts
2026
2025
2026
2025
Revenues
$522.5
$460.2
$952.1
$850.9
Operating income
116.1
56.2
172.0
70.1
Adjusted OIBDA
160.3
124.1
260.7
188.3
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests
77.7
19.5
97.0
(1.2)
Net income (loss)1
77.5
19.5
96.6
(1.1)
Net income (loss) per share1,2,3
$0.44
$0.10
$0.54
($0.03)
Funds From Operations (FFO)1
123.5
70.4
187.0
96.9
Adjusted FFO (AFFO)1
120.8
83.1
181.8
110.2
Shares outstanding3
177.5
168.0
177.3
166.8
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.
Second Quarter 2026 Results
Consolidated Results
Reported revenues of $522.5 million increased $62.3 million, or 13.5%, for the second quarter of 2026 as compared to the same prior-year period.
Total operating expenses of $246.1 million increased $14.6 million, or 6.3%, compared to the same prior-year period, due primarily to higher variable billboard property lease expenses, higher variable transit franchise expenses driven by higher Transit revenues and 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 and lower site-related costs.
Selling, General and Administrative expenses (“SG&A”) of $123.0 million increased $12.4 million, or 11.2%, compared to the same prior-year period, due primarily to higher professional fees, including software and technology expenses, higher compensation-related expenses, a higher allowance for bad debt and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees, partially offset by lower credit card usage by customers.
Adjusted OIBDA of $160.3 million increased $36.2 million, or 29.2%, compared to the same prior-year period.
Segment Results
Billboard
Reported billboard segment revenues of $379.4 million increased $28.1 million, or 8.0%, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), including the impact of programmatic and direct sale advertising platforms on digital billboard revenues, and revenues related to the 2026 Federation Internationale de Football Association (“FIFA”) World Cup, partially offset by the impact of lost billboards in the period.
Operating expenses increased $8.9 million, or 6.0%, due primarily to higher variable billboard property lease expenses, higher maintenance and utilities costs, higher production expenses, and higher compensation-related expenses, partially offset by the impact of lost billboards in the period and lower site-related costs.
SG&A expenses increased $5.7 million, or 8.3%, primarily driven by 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 $147.9 million increased $13.5 million, or 10.0%, compared to the same prior-year period.
Transit
Reported transit segment revenues of $140.6 million increased $34.3 million, or 32.3%, compared to the same prior-year period, due primarily to an increase in average revenue per display (yield) and revenues related to the 2026 FIFA World Cup, partially offset by the impact of new and lost transit franchise contracts.
Operating expenses increased $5.8 million, or 7.2%, due primarily to higher variable transit franchise expenses driven by higher Transit revenues, higher guaranteed minimum annual payments to the MTA due to inflation, higher display production costs and higher posting and rotation costs, partially offset by lower site-related costs.
SG&A expenses increased $2.5 million, or 13.8%, due primarily to higher professional fees, including software and technology expenses, higher compensation-related expenses, and commissions and a higher allowance for bad debt, partially offset by lower credit card usage by customers.
Adjusted OIBDA of $33.2 million increased $26.0 million compared to the same prior-year period.
Other
Reported revenues decreased $0.1 million, or 3.8%, operating expenses decreased $0.1 million, or 5.0%, and Adjusted OIBDA was flat, compared to the same prior-year period, due primarily to a decrease in third-party digital equipment sales.
Corporate
Corporate expenses, excluding restructuring charges and stock-based compensation, increased $3.3 million, or 18.3%, compared to the same prior-year period to $21.3 million, due primarily to higher compensation-related expenses, including severance, and the impact of market fluctuations on an unfunded equity-linked retirement plan offered by the Company to certain employees.
Interest Expense
Net interest expense in the second quarter of 2026 was $36.2 million, including amortization of deferred financing costs of $1.3 million, as compared to $36.5 million, including amortization of deferred financing costs of $1.5 million, in the same prior-year period. The weighted average cost of debt was 5.5% as of June 30, 2026 and 5.4% as of June 30, 2025.
Income Taxes
The provision for income taxes increased $0.7 million in the second quarter of 2026 compared to the same prior-year period. Cash paid for income taxes in the six months ended June 30, 2026 was $2.2 million.
Net Income Attributable to OUTFRONT Media Inc.
Net income attributable to OUTFRONT Media Inc. increased $58.0 million in the second quarter of 2026 compared to the same prior-year period. Diluted weighted average shares outstanding were 177.5 million for the second quarter of 2026 compared to 168.0 million for the same prior-year period. Net income per common share for diluted earnings per weighted average share was $0.44 in the second quarter of 2026 compared to $0.10 in the same prior-year period.
FFO
FFO attributable to OUTFRONT Media Inc. was $123.5 million in the second quarter of 2026, an increase of $53.1 million, or 75.4%, from the same prior-year period, driven primarily by higher Adjusted OIBDA and restructuring charges in 2025.
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 $120.8 million in the second quarter of 2026, an increase of $37.7 million, or 45.4%, from the same prior-year period, due primarily to higher Adjusted OIBDA.
Cash Flow & Capital Expenditures
Net cash flow provided by operating activities of $183.7 million for the six months ended June 30, 2026, increased $83.0 million, or 82.4%, compared to $100.7 million in the same prior-year period, due primarily to higher net income, as adjusted for non-cash items, and 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 decreased $1.6 million, or 3.7%, to $41.3 million for the six months ended June 30, 2026, compared to the same prior-year period, due primarily to decreased spending on digital displays, office remodels and billboard display upgrades, partially offset by the timing of payments.
Dividends
In the six months ended June 30, 2026, we paid cash dividends of $106.3 million on our common stock and vested restricted share units granted to employees. We announced on August 5, 2026, that our board of directors has approved a quarterly cash dividend on our common stock of $0.33 per share payable on September 30, 2026, to stockholders of record at the close of business on September 4, 2026.
Balance Sheet and Liquidity
As of June 30, 2026, our liquidity position included unrestricted cash of $31.2 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 $50.0 million of additional availability under our accounts receivable securitization facility. During the three months ended June 30, 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 June 30, 2026 was $2.5 billion, excluding $19.9 million of deferred financing costs, and includes a $500.0 million term loan, $450.0 million of senior secured notes and $1.5 billion of senior unsecured notes, and $100 million borrowings under our accounts receivable securitization facility.
MTA Agreement
Based on the recent performance of our MTA assets, the Company currently expects to recoup some, but not all, MTA equipment deployment costs incurred prior to December 31, 2025, and does not currently expect to recoup current period or future MTA equipment deployment costs, even in periods when revenues under the MTA Agreement exceed the minimum annual guarantee threshold. Under the Company’s current accounting treatment, revenues above the minimum annual guarantee threshold are deemed to first recoup the earliest unrecovered equipment deployment costs under a first-dollar convention. Because the Company does not currently expect to recoup all deployment costs incurred over the life of the MTA Agreement, expected recoupment is attributed to the earliest unrecovered investments first. As a result, current period and future MTA equipment deployment costs will continue to be recorded as intangible assets rather than prepaid MTA equipment deployment costs, consistent with the Company’s treatment of such costs since 2023. For additional information, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which the Company expects to file tomorrow.
Conference Call
We will host a conference call to discuss the results on August 5, 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 274204534. 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, restructuring charges 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 highlights 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 restructuring charges and losses on extinguishment of debt, as well as 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 highlights 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 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
Six Months Ended
June 30,
June 30,
(in millions, except per share amounts)
2026
2025
2026
2025
Revenues
$ 522.5
$ 460.2
$ 952.1
$ 850.9
Expenses:
Operating
246.1
231.5
473.6
452.8
Selling, general and administrative
123.0
110.6
230.3
225.3
Restructuring charges
—
19.8
—
19.8
Net loss on dispositions
0.3
1.1
1.3
1.2
Depreciation
20.0
23.6
40.7
47.2
Amortization
17.0
17.4
34.2
34.5
Total expenses
406.4
404.0
780.1
780.8
Operating income
116.1
56.2
172.0
70.1
Interest expense, net
(36.2)
(36.5)
(72.2)
(72.5)
Loss on extinguishment of debt
(1.4)
—
(1.4)
—
Income (loss) before provision for income taxes and equity in earnings of investee companies
78.5
19.7
98.4
(2.4)
Provision for income taxes
(0.9)
(0.2)
(1.3)
(0.7)
Equity in earnings of investee companies, net of tax
0.1
—
(0.1)
1.9
Net income (loss) before allocation to redeemable and non-redeemable noncontrolling interests
77.7
19.5
97.0
(1.2)
Net income (loss) attributable to redeemable and non-redeemable noncontrolling interests
0.2
—
0.4
(0.1)
Net income (loss) attributable to OUTFRONT Media Inc.
$ 77.5
$ 19.5
$ 96.6
$ (1.1)
Net income (loss) per common share:
Basic
$ 0.44
$ 0.10
$ 0.55
$ (0.03)
Diluted
$ 0.44
$ 0.10
$ 0.54
$ (0.03)
Weighted average shares outstanding:
Basic
176.1
167.1
175.8
166.8
Diluted
177.5
168.0
177.3
166.8
Exhibit 2: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited) See Notes on Page 14
As of
(in millions)
June 30,
2026
December 31,
2025
Assets:
Current assets:
Cash and cash equivalents
$ 31.2
$ 99.9
Receivables, less allowance ($26.2 in 2026 and $23.2 in 2025)
352.3
365.7
Prepaid lease and franchise costs
2.5
5.1
Other prepaid expenses
20.1
21.9
Other current assets
9.2
11.1
Total current assets
415.3
503.7
Property and equipment, net
644.3
643.8
Goodwill
2,006.4
2,006.4
Intangible assets
598.5
612.0
Operating lease assets
1,573.5
1,521.5
Other assets
32.3
24.2
Total assets
$ 5,270.3
$ 5,311.6
Liabilities:
Current liabilities:
Accounts payable
$ 36.0
$ 50.2
Accrued compensation
51.6
78.3
Accrued interest
23.6
35.1
Accrued lease and franchise costs
72.7
72.2
Other accrued expenses
75.9
57.0
Deferred revenues
54.7
57.7
Short-term debt
100.0
—
Short-term operating lease liabilities
178.7
172.9
Other current liabilities
26.6
21.9
Total current liabilities
619.8
545.3
Long-term debt, net
2,429.4
2,583.4
Asset retirement obligation
33.8
34.0
Operating lease liabilities
1,424.4
1,374.7
Other liabilities
42.5
40.3
Total liabilities
4,549.9
4,577.7
Commitments and contingencies
Redeemable noncontrolling interests
25.7
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
2,611.5
2,619.3
Distribution in excess of earnings
(1,920.1)
(1,910.8)
Accumulated other comprehensive loss
0.1
0.1
Total stockholders’ equity
693.3
710.4
Noncontrolling interests
1.4
1.5
Total liabilities and equity
$ 5,270.3
$ 5,311.6
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) See Notes on Page 14
Six Months Ended
June 30,
(in millions)
2026
2025
Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.
$ 96.6
$ (1.1)
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
0.4
(0.1)
Depreciation and amortization
74.9
81.7
Stock-based compensation
12.5
17.7
Provision for doubtful accounts
5.3
2.9
Accretion expense
1.5
1.4
Net loss on dispositions
1.3
1.2
Loss on extinguishment of debt
1.4
—
Equity in earnings of investee companies, net of tax
0.1
(1.9)
Distributions from investee companies
0.4
0.3
Amortization of deferred financing costs and debt discount and premium
2.7
3.0
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables
8.1
2.8
Decrease in prepaid expenses and other current assets
5.0
5.9
Decrease in accounts payable and accrued expenses
(33.4)
(17.5)
Increase in operating lease assets and liabilities
6.3
7.7
Increase (decrease) in deferred revenues
(3.0)
1.7
Decrease in income taxes
(0.9)
(0.7)
Other, net
4.5
(4.3)
Net cash flow provided by operating activities
183.7
100.7
Investing activities:
Capital expenditures
(41.3)
(42.9)
Acquisitions
(19.2)
(8.5)
MTA franchise rights
(4.9)
(12.5)
Net proceeds from dispositions
0.6
0.9
Investment in investee companies
(8.0)
—
Return of investments in investee companies
—
1.5
Net cash flow used for investing activities
(72.8)
(61.5)
Financing activities:
Proceeds from long-term debt borrowings
500.0
—
Repayments of long-term debt borrowings
(650.0)
—
Proceeds from borrowings under short-term debt facilities
100.0
90.0
Repayments of borrowings under short-term debt facilities
—
(30.0)
Payments of deferred financing costs
(6.7)
(0.1)
Taxes withheld for stock-based compensation
(16.6)
(12.2)
Dividends
(106.3)
(105.3)
Net cash flow used for financing activities
(179.6)
(57.6)
Exhibit 3: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) See Notes on Page 14
Six Months Ended
June 30,
(in millions)
2026
2025
Net decrease in cash and cash equivalents
(68.7)
(18.4)
Cash and cash equivalents at beginning of period
99.9
46.9
Cash and cash equivalents at end of period
$ 31.2
$ 28.5
Supplemental disclosure of cash flow information:
Cash paid for income taxes
$ 2.2
$ 1.4
Cash paid for interest
82.4
70.1
Non-cash investing and financing activities:
Accrued purchases of property and equipment
4.8
10.0
Accrued MTA franchise rights
1.8
1.7
Taxes withheld for stock-based compensation
3.2
3.6
Exhibit 4: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
(Unaudited) See Notes on Page 14
Three Months Ended June 30, 2026
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 379.4
$ 140.6
$ 2.5
$ —
$ 522.5
Operating income (loss)
$ 115.2
$ 28.6
$ 0.5
$ (28.2)
$ 116.1
Net loss on dispositions
0.4
(0.1)
—
—
0.3
Depreciation
17.6
2.4
—
—
20.0
Amortization
14.7
2.3
—
—
17.0
Stock-based compensation
—
—
—
6.9
6.9
Adjusted OIBDA
$ 147.9
$ 33.2
$ 0.5
$ (21.3)
$ 160.3
Adjusted OIBDA margin
39.0 %
23.6 %
20.0 %
*
30.7 %
Three Months Ended June 30, 2025
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 351.3
$ 106.3
$ 2.6
$ —
$ 460.2
Operating income (loss)
$ 88.6
$ (0.9)
$ 0.5
$ (32.0)
$ 56.2
Net loss on dispositions
1.2
(0.1)
—
—
1.1
Restructuring charges
8.2
3.6
—
5.8
17.6
Depreciation
20.7
2.9
“
—
—
23.6
Amortization
15.7
1.7
—
—
17.4
Stock-based compensation
—
—
—
8.2
8.2
Adjusted OIBDA
$ 134.4
$ 7.2
$ 0.5
$ (18.0)
$ 124.1
Adjusted OIBDA margin
38.3 %
6.8 %
19.2 %
*
27.0 %
Six Months Ended June 30, 2026
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 712.3
$ 235.6
$ 4.2
$ —
$ 952.1
Operating income (loss)
$ 197.7
$ 22.2
$ 0.7
$ (48.6)
$ 172.0
Net loss on dispositions
1.3
—
—
—
1.3
Depreciation
35.7
5.0
—
—
40.7
Amortization
29.6
4.6
—
—
34.2
Stock-based compensation
—
—
—
12.5
12.5
Adjusted OIBDA
$ 264.3
$ 31.8
$ 0.7
$ (36.1)
$ 260.7
Adjusted OIBDA margin
37.1 %
13.5 %
16.7 %
*
27.4 %
Six Months Ended June 30, 2025
(in millions, except percentages)
Billboard
Transit
Other
Corporate
Consolidated
Revenues
$ 662.0
$ 184.0
$ 4.9
$ —
$ 850.9
Operating income (loss)
$ 149.6
$ (17.9)
$ 1.0
$ (62.6)
$ 70.1
Net (gain) loss on dispositions
1.9
(0.7)
—
—
1.2
Restructuring charges
8.2
3.6
—
5.8
17.6
Depreciation
42.3
4.9
—
—
47.2
Amortization
31.4
3.1
—
—
34.5
Stock-based compensation
—
—
—
17.7
17.7
Adjusted OIBDA
$ 233.4
$ (7.0)
$ 1.0
$ (39.1)
$ 188.3
Adjusted OIBDA margin
35.3 %
(3.8) %
20.4 %
*
22.1 %
Exhibit 5: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
2026
2025
Net income (loss) attributable to OUTFRONT Media Inc.
$ 77.5
$ 19.5
$ 96.6
$ (1.1)
Depreciation of billboard advertising structures
15.7
19.2
31.9
38.0
Amortization of real estate-related intangible assets
14.1
15.0
28.4
30.1
Amortization of direct lease acquisition costs
16.0
15.6
29.0
28.8
Net loss on disposition of real estate assets
0.3
1.1
1.3
1.2
Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.1)
—
(0.2)
(0.1)
FFO attributable to OUTFRONT Media Inc.
$ 123.5
$ 70.4
$ 187.0
$ 96.9
Non-cash portion of income taxes
(0.9)
(1.2)
(0.9)
(0.7)
Amortization of direct lease acquisition costs
(16.0)
(15.6)
(29.0)
(28.8)
Maintenance capital expenditures
(5.6)
(7.0)
(12.6)
(13.3)
Restructuring charges(b)
—
19.8
—
19.8
Other depreciation
4.3
4.4
8.8
9.2
Other amortization
2.9
2.4
5.8
4.4
Stock-based compensation
6.9
6.0
12.5
15.5
Non-cash effect of straight-line rent
2.2
2.4
4.6
3.5
Accretion expense
0.8
0.7
1.5
1.4
Amortization of deferred financing costs
1.3
1.5
2.7
3.0
Loss on extinguishment of debt
1.4
—
1.4
—
Income tax effect of adjustments(c)
—
(0.7)
—
(0.7)
AFFO attributable to OUTFRONT Media Inc.(a)
$ 120.8
$ 83.1
$ 181.8
$ 110.2
Exhibit 6: SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited) See Notes on Page 14
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
2026
2025
Adjusted OIBDA
$ 160.3
$ 124.1
$ 260.7
$ 188.3
Interest expense, net, less amortization of deferred financing costs
(34.9)
(35.0)
(69.5)
(69.5)
Cash paid for income taxes
(1.8)
(1.4)
(2.2)
(1.4)
Maintenance capital expenditures
(5.6)
(7.0)
(12.6)
(13.3)
Equity in earnings of investee companies, net of tax
0.1
—
(0.1)
1.9
Non-cash effect of straight-line rent
2.2
2.4
4.6
3.5
Accretion expense
0.8
0.7
1.5
1.4
Adjustment related to redeemable and non-redeemable noncontrolling interests
(0.3)
—
(0.6)
—
Income tax effect of adjustments(c)
—
(0.7)
—
(0.7)
AFFO attributable to OUTFRONT Media Inc.(a)
$ 120.8
$ 83.1
$ 181.8
$ 110.2
Exhibit 7: OPERATING EXPENSES
(Unaudited) See Notes on Page 14
Three Months Ended
Six Months Ended
June 30,
%
June 30,
%
(in millions, except percentages)
2026
2025
Change
2026
2025
Change
Operating expenses:
Billboard property lease
$ 117.8
$ 111.8
5.4 %
$ 229.1
$ 221.0
3.7 %
Transit franchise
66.4
62.8
5.7
126.1
120.8
4.4
Posting, maintenance and other
61.9
56.9
8.8
118.4
111.0
6.7
Total operating expenses
$ 246.1
$ 231.5
6.3
$ 473.6
$ 452.8
4.6
Exhibit 8: EXPENSES BY SEGMENT
(Unaudited) See Notes on Page 14
Three Months Ended
Six Months Ended
June 30,
%
June 30,
%
(in millions, except percentages)
2026
2025
Change
2026
2025
Change
Billboard:
Billboard property lease
$ 117.8
$ 111.8
5.4 %
$ 229.1
$ 221.0
3.7 %
Billboard posting, maintenance and other
39.6
36.7
7.9
76.7
72.4
5.9
Billboard operating expenses
157.4
148.5
6.0
$ 305.8
$ 293.4
4.2
Billboard SG&A expenses
74.1
68.4
8.3
$ 142.2
$ 135.2
5.2
Transit:
Transit franchise
66.4
62.8
5.7
$ 126.1
$ 120.8
4.4
Transit posting, maintenance and other
20.4
18.2
12.1
38.3
34.8
10.1
Transit operating expenses
86.8
81.0
7.2
$ 164.4
$ 155.6
5.7
Transit SG&A expenses
20.6
18.1
13.8
$ 39.4
$ 35.4
11.3
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.
(b)
In the three and six months ended June 30, 2025, Restructuring charges associated with a restructuring and reduction in force plan consisted of severance payments, employee benefits and related costs, and professional fees, and includes approximately $2.2 million in non-cash charges for stock-based compensation.
(c)
Income tax effect related to Restructuring charges in 2025.
*
Calculation not meaningful.
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SOURCE OUTFRONT Media Inc.
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Technology
DO YOU NEED A PERMIT TO INSTALL A BUSINESS SIGN? WHAT FASTSIGNS SAYS YOU SHOULD KNOW
Published
2 seconds agoon
August 5, 2026By
The nation’s leading sign and graphic center franchise shares what every business owner should know about permits, timelines and compliance before a new sign goes up
CARROLLTON, Texas, Aug. 5, 2026 /PRNewswire/ — Many business owners assume that once a sign is designed and built, it can simply go up. In reality, most municipalities require a permit before any exterior sign is installed, and skipping this step can result in costly fines, forced removal of the sign or legal liability.
That’s why FASTSIGNS®, a global leader in custom sign and visual graphics solutions, offers comprehensive guidance to help business owners understand the sign permitting process before they invest in new signage.
“At FASTSIGNS, we want to set business owners up for success with expert advice that helps them navigate the complexities of sign surveying and permitting,” said FASTSIGNS Vice President of Marketing Theron Andrews. “Our goal is to ensure a business’s exterior signage is structurally sound, strategically positioned for maximum traffic impact and fully compliant with local zoning laws before a single sign goes up. Handling the regulatory side upfront means a business owner can focus on running their business instead of navigating city code enforcement.”
Key Takeaways
Most cities require a permit before installing an exterior business sign.Skipping permitting can mean fines, forced removal or legal liability.Permitting timelines range from a few business days to several weeks depending on sign complexity and jurisdiction.FASTSIGNS manages surveying, permitting and installation from start to finish.
Why It Matters
Failing to conduct a professional site survey or skipping the permitting stage can result in hefty fines, forced signage removal or legal liability. Most cities require permits before installing exterior signs because they can affect public safety and aesthetics, so permitting ensures a sign follows all municipal rules related to size, location and lighting before it ever goes up, preventing legal complications later on.
What Happens If a Sign Isn’t Permitted
An unpermitted sign can be flagged during a routine city inspection or after a complaint, leading to fines, a forced takedown or costly redesign to meet code. Liability exposure is also a real risk: if a property lacks proper, compliant signage and an accident occurs on the premises, such as a customer being struck in a parking lot without correct traffic signage, the property owner can be held responsible. Addressing permitting before installation is almost always faster and less expensive than resolving a violation after the fact.
Which Properties Need to Pay Close Attention
All commercial, public and multifamily housing properties must adhere to local signage laws, structural building codes and accessibility standards, but compliance is especially critical for:
Hospitality and medical facilities: hotels and hospitals that require clear emergency routing and visible code-enforcement signageMulti-family housing: apartment complexes and condominium communities that need compliant property boundary and traffic control markersRetail and dining establishments: shopping centers, strip malls and restaurants that must balance brand visibility with municipal size limits
How Long Permitting Takes
The timeline to secure a business sign permit varies significantly depending on local jurisdiction, zoning district restrictions and the complexity of the design. For example, basic wall or window signage takes approximately three to five business days to permit, while large-format, illuminated or freestanding monument sign permit requirements and zoning board review can take four to eight weeks. Cities may also require separate digital sign permit requirements for illuminated or electronic displays, given added regulations around brightness, motion and hours of operation.
Sign Variances
In some cases, a proposed sign may not fit within a city’s standard size, height or placement rules, requiring a formal sign variance application process. This typically involves petitioning the local zoning board for an exception, providing supporting documentation and, in many jurisdictions, attending a public hearing before approval is granted.
How Much Does a Business Sign Permit Cost?
Permit fees vary widely by city and sign type, often ranging from modest flat fees for small wall signs to several hundred dollars for large, illuminated or freestanding installations. FASTSIGNS’ upfront surveying and permitting process helps business owners understand these costs before committing to a design.
How FASTSIGNS Helps
FASTSIGNS manages the entire regulatory lifecycle of a sign project. Local experts conduct detailed on-site surveys, take precise structural measurements, analyze setback requirements and cross-reference sign concepts with current municipal codes. The FASTSIGNS project management team then compiles the necessary engineering documents, completes the paperwork and files for the exact zoning permits a property requires, actively managing interactions with zoning boards or other government agencies along the way, from initial blueprint auditing through final installation.
Frequently Asked Questions
What is a sign surveying and permitting service? Sign surveying and permitting services include mapping out the best spot for a sign installation, evaluating local regulations and obtaining essential permits to make sure the installed signage meets all city codes or regulations.
Why does a business need a permit for its sign? A business needs a permit for its sign because most cities require permits before installing exterior signs since they can affect public safety and aesthetics. Permitting ensures signage follows municipal rules related to size, location and lighting, preventing legal complications later on.
How much does a business sign permit cost?
The cost of a sign permit varies depending on the city, sign type, size and local requirements. Permit fees can range from minimal application fees to higher costs for larger or more complex signage. FASTSIGNS helps businesses understand local requirements and navigate the permitting process.
How long does it take to get a sign permit? The timeline to get a sign permit varies based on local requirements and can range from a few days to several weeks, depending on the sign type and jurisdiction.
What documents are required for a city sign permit application? Requirements vary by municipality, but most applications call for site plans, structural drawings, property or landlord authorization and proof that the design meets local zoning codes. FASTSIGNS compiles and files this documentation on the business owner’s behalf.
Who handles sign permitting for businesses? FASTSIGNS handles sign permitting for businesses from start to finish, including site surveys, code research, application filing and coordination with local zoning boards.
What happens if a business skips the permitting process? Skipping the sign permitting process can result in hefty city fines, forced signage removal or legal liability, along with potential owner liability if an accident occurs on a property due to missing or noncompliant signage.
Can FASTSIGNS handle the permitting process for a business? FASTSIGNS can handle the permitting process for a business by surveying the property, evaluating local regulations and obtaining the necessary permits, so signage meets all applicable city codes.
Where can a business start the survey and permitting process? Businesses can start the sign survey and permitting process through FASTSIGNS, which offers surveying and permitting alongside content development, graphic design, installation and project management. Find a local FASTSIGNS center at fastsigns.com/locations.
Do I need a permit for a temporary or banner sign? Many cities require permits for temporary and banner signage, particularly for size, duration and placement restrictions, so it’s best to confirm with local code before installation.
Who is responsible if a business sign violates code: the landlord or the business owner? Responsibility for business sign code violations varies by lease agreement and local ordinance, but business owners are frequently held liable for code violations regardless of property ownership, making it important to clarify responsibility before signage goes up.
Can FASTSIGNS help if my sign permit application is rejected? Yes. FASTSIGNS can revise designs, gather additional documentation and work directly with local zoning boards to resolve permit rejections and secure approval.
About FASTSIGNS®:
FASTSIGNS® is the leader in the custom signs and visual solutions industry. With over 40 years of experience, FASTSIGNS helps customers bring their vision to life and achieve more than they ever thought possible. As the largest service-oriented business within the Propelled Brands® family, FASTSIGNS spans over 790 independently owned and operated centers across the United States, Puerto Rico, the Dominican Republic, the United Kingdom, Canada, Chile, Grand Cayman, Malta and Australia (where centers operate as SIGNWAVE®). FASTSIGNS is frequently recognized for franchisee satisfaction and for awards that include being ranked No. 1 in its category on ENTREPRENEUR’s highly competitive Franchise 500® List in 2026 for the tenth consecutive year, and continuous recognition from Franchise Business Review in categories such as Top Franchises for Culture, Women, Veterans and more. For more information or to learn about opportunities, visit fastsigns.com or contact Mark Jameson at mark.jameson@propelledbrands.com or call 214-346-5679.
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SOURCE FASTSIGNS
Technology
Stoneridge Reports Second Quarter 2026 Results
Published
3 seconds agoon
August 5, 2026By
Strengthening Demand & Expense Control Underpin 2Q Performance
NOVI, Mich., Aug. 5, 2026 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2026.
2026 Second Quarter Highlights:
Sales growth of 15.1% YoY to $181.4 millionRecord quarterly MirrorEye revenue of ~$37 million (+39% YoY)Record quarterly revenue for Stoneridge Brazil of $20.5 millionNet loss from continuing operations of $5.3 million, or $0.19 per share; improved from a net loss of $11.1 million, or $0.40 per share, in the prior yearAdjusted EBITDA of $5.5 million; best quarterly performance in 24 monthsReaffirming 2026 guidance ranges
“Our second quarter performance reflects disciplined execution of our strategy as we improve our cost structure and focus our resources on the opportunities that will drive long-term value,” said Natalia Noblet, president and chief executive officer. “In Brazil, our strategic shift toward high-value OEM programs continues to position the business for more sustainable, profitable growth. With strong execution across the business, we remain confident in our strategy and are reaffirming our full-year guidance for 2026.”
The exhibits attached hereto provide reconciliation details on normalizing adjustments of non-GAAP financial measures used in this press release.
Second Quarter Results & Commentary
(in millions, except percentages and per share data)
Results
Three Months Ended June 30,
2026
%
2026
2025
Change
Net Sales
$ 181.4
$ 157.5
15.1 %
Gross Profit
36.8
36.3
1.3 %
Gross Margin %
20.3 %
23.1 %
277 bps
Income (loss) from Operations
(1.2)
(4.2)
71.7 %
Income (loss) before taxes from continuing operations
(2.7)
(9.6)
71.6 %
Provision for income taxes from continuing operations
2.6
1.5
65.6 %
Net Income (loss) from continuing operations
(5.3)
(11.1)
52.6 %
Net Income (loss) per diluted common share from
continuing operations
(0.19)
(0.40)
53.4 %
Weighted-average common shares outstanding
28.2
27.8
1.6 %
Adjusted consolidated EBITDA
$ 5.5
$ 0.8
578.5 %
Adjusted consolidated EBITDA %
3.0 %
0.5 %
251 bps
Consolidated net sales from continuing operations of $181.4 million increased 15.1% YoY. On a core basis, excluding favorable currency translation of $4.4 million and Mexico Manufacturing Agreement revenue of $7.1 million related to the sale of the Control Devices business, revenue improved 7.8% YoY. The North American commercial vehicle market and Stoneridge Brazil were the primary contributors to second quarter growth.
Gross margin decreased 277 basis points to 20.3% from 23.1% in the second quarter of 2025 as cost leverage on higher sales and benefits from targeted expense control initiatives were more than offset by a combination of higher material costs, stemming from unfavorable currency, strategic inventory-related actions and adverse product mix following the completion of a European regulatory retrofit campaign.
Consolidated net loss from continuing operations totaled $(5.3) million, or $(0.19) per share, compared to a net loss of $(11.1) million, or $(0.40) per share, for the quarter ended June 30, 2025.
Non-GAAP adjusted EBITDA totaled $5.5 million, or 3.0% of sales, compared to $0.8 million, or 0.5% of sales, in the year ago period.
Second Quarter GAAP Segment Results & Commentary
(in millions, except percentages and per share data)
Revenue
Three Months Ended June 30, 2026
Constant
%
Currency
2026
2025
Change
vs. 2025
Electronics
$ 160.9
$ 142.7
12.8 %
11.0 %
Stoneridge Brazil
20.5
14.9
37.6 %
25.7 %
Consolidated Net Sales
181.4
157.5
15.1 %
12.4 %
(in millions, except percentages and per share data)
Operating Income
Three Months Ended June 30, 2026
%
2026
2025
Change
Electronics
$ 4.9
$ 2.7
77.2 %
% of segment sales
3.0 %
1.9 %
110 bps
Stoneridge Brazil
2.6
1.0
165.8 %
% of segment sales
12.6 %
6.5 %
607 bps
Corporate
(8.6)
(7.9)
(9.0) %
Consolidated Operating Income
$ (1.2)
$ (4.2)
71.7 %
% of consolidated net sales
(0.7) %
(2.7) %
201 bps
Electronics second quarter sales of $160.9 million increased by $18.2 million, or 12.8%, relative to the second quarter of 2025. Excluding a favorable foreign currency translation impact of $2.6 million and Mexico Manufacturing Agreement revenue related to the sale of the Control Devices business, revenue improved 6.0% YoY. Revenue growth against the second quarter of 2025 was primarily driven by the North American commercial vehicle market. Second quarter adjusted operating margin increased by 12 basis points YoY to 3.0% as the benefits of a higher revenue base and implemented cost initiatives more than offset the cumulative impacts of unfavorable mix, currency and strategic inventory-related actions.
Stoneridge Brazil second quarter sales of $20.5 million increased by $5.6 million, or 37.6%. Excluding a favorable foreign currency translation impact of $1.8 million, sales improved by 25.7%. Higher OEM sales were the primary driver of growth during the quarter. Second quarter adjusted operating income of $2.3 million, or 11.2% of sales, increased 135.5%, or 464 basis points, compared to the second quarter of 2025 as higher sales volume more than offset increased SG&A expense.
Cash and Debt Balances
As of June 30, 2026, cash and cash equivalents totaled $71.5 million with total debt of $151.1 million, resulting in net debt of $79.6 million. The $38.5 million decrease in net debt compared to December 31, 2025 reflects the deployment of proceeds from the sale of the Control Devices business in January and tighter control of working capital during the first half of the year. The Company’s Credit Facility is due to mature on July 1, 2027. The company expects to refinance the credit facility, and is currently engaged in a global refinancing process.
2026 Outlook & Management Commentary
The Company is reaffirming the 2026 guidance ranges that were most recently updated in May. “We are encouraged by our progress in the second quarter, and believe initiatives to generate operational efficiencies and enhance profitability are beginning to materialize,” said Noblet. “We are also seeing promising signs across the European and North American commercial vehicle markets, which should support growth over the balance 2026. However, we believe it prudent to balance these positives against ongoing macroeconomic and geopolitical uncertainty. We continue to focus on material cost reductions, quality improvements as well as inflationary cost recovery, and remain committed to executing our long-term strategic plan as we navigate the challenging external environment.”
2026 FULL YEAR
GUIDANCE
(in millions, except percentages and per
share data)
2026
Current
Revenue ($M)
$645
—
$670
Adj. Gross Margin
21.5 %
—
22.0 %
Adj. Operating Margin
— %
—
0.5 %
Adj. EBITDA ($M)
$20
—
$25
%
3.1 %
—
3.7 %
The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted gross margin, adjusted operating margin, and adjusted EBITDA (or adjusted EBITDA margin) to the most directly comparable GAAP financial measures because the Company is unable to provide such reconciliations without unreasonable effort. This is due to the inherent difficulty of forecasting with the required precision the timing and amount of various items that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable reconciling information, which could be material to future results calculated in accordance with GAAP. The Company’s actual results calculated in accordance with GAAP may vary materially from these non-GAAP financial measures presented herein.
Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2026 second quarter results can be accessed at 8:00 a.m. Eastern Time on Thursday, August 6, 2026, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off-highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this press release and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) strategic focus following the sale of the Control Devices segment, (iii) acquisition strategy, (iv) investments and new product development, (v) growth opportunities related to awarded business, and (vi) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “could,” “would,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with or reimbursements from our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in commercial, automotive, off-highway or agricultural vehicle production;competitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving credit facility;capital availability or costs, including changes in interest rates;refinancing risk and access to capital markets and liquidity;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions;the items described in Part I, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-K.
The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2026 and 2025 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably estimate.
In evaluating its business, the Company considers and uses net debt as a supplemental measure of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.
Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), loss from continuing operations, net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP. Because not all companies calculate non-GAAP financial measures in the same manner, the non-GAAP financial measures presented in this press release may not be comparable to similarly titled measures used by other companies, and the Company’s use of these measures may vary from that of other companies in its industry.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2026
December 31,
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 71,514
$ 53,057
Accounts receivable, less reserves of $543 and $325, respectively
135,744
89,019
Inventories, net
112,999
106,422
Prepaid expenses and other current assets
24,025
26,956
Current assets of discontinued operations
—
86,342
Total current assets
344,282
361,796
Long-term assets:
Property, plant and equipment, net
61,117
62,659
Intangible assets, net
33,077
37,632
Goodwill
36,528
37,590
Operating lease right-of-use asset
8,486
9,570
Investments and other long-term assets, net
23,236
22,167
Long-term assets of discontinued operations
—
19,702
Total long-term assets
162,444
189,320
Total assets
$ 506,726
$ 551,116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable
$ 108,297
$ 62,398
Accrued expenses and other current liabilities
73,757
65,132
Current liabilities of discontinued operations
—
29,955
Total current liabilities
182,054
157,485
Long-term liabilities:
Revolving credit facility
151,089
180,942
Deferred income taxes
8,688
9,972
Operating lease long-term liability
5,776
6,601
Other long-term liabilities
9,994
11,604
Long-term liabilities of discontinued operations
—
4,733
Total long-term liabilities
175,547
213,852
Preferred Shares, without par value, 5,000 shares authorized, none issued
—
—
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 28,524 and 28,018 shares outstanding at June 30, 2026 and
December 31, 2025, respectively, with no stated value
—
—
Additional paid-in capital
204,854
219,186
Common Shares held in treasury, 442 and 948 shares at June 30, 2026 and
December 31, 2025, respectively, at cost
(9,649)
(27,457)
Retained earnings
43,957
77,150
Accumulated other comprehensive loss
(90,037)
(89,100)
Total shareholders’ equity
149,125
179,779
Total liabilities and shareholders’ equity
$ 506,726
$ 551,116
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
June 30,
Six months ended
June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Net sales
$ 181,384
$ 157,541
$ 342,231
$ 306,598
Costs and expenses:
Cost of goods sold
144,551
121,192
270,442
234,998
Selling, general and administrative
26,061
25,704
58,590
51,569
Design and development
11,960
14,841
23,365
28,533
Operating loss
(1,188)
(4,196)
(10,166)
(8,502)
Interest expense, net
2,404
3,233
6,089
6,475
Equity in (earnings) loss of investee
(222)
(50)
9
(344)
Other (income) expense, net
(649)
2,222
(179)
1,396
Loss before income taxes from continuing operations
(2,721)
(9,601)
(16,085)
(16,029)
Provision for income taxes from continuing operations
2,555
1,542
3,969
3,118
Loss from continuing operations
(5,276)
(11,143)
(20,054)
(19,147)
Discontinued operations:
Loss (gain) from discontinued operations, net of tax
—
(1,784)
3,322
(2,592)
Loss on disposal, net of tax
—
—
9,817
—
Loss (gain) from discontinued operations
—
(1,784)
13,139
(2,592)
Net loss
$ (5,276)
$ (9,359)
$ (33,193)
$ (16,555)
Loss per share from continuing operations:
Basic
$ (0.19)
$ (0.40)
$ (0.71)
$ (0.69)
Diluted
$ (0.19)
$ (0.40)
$ (0.71)
$ (0.69)
Loss per share from discontinued operations:
Basic
$ —
$ 0.06
$ (0.47)
$ 0.09
Diluted
$ —
$ 0.06
$ (0.47)
$ 0.09
Loss per share from Stoneridge Inc.:
Basic
$ (0.19)
$ (0.34)
$ (1.18)
$ (0.60)
Diluted
$ (0.19)
$ (0.34)
$ (1.18)
$ (0.60)
Weighted-average shares outstanding:
Basic
28,244
27,788
28,071
27,734
Diluted
28,244
27,788
28,071
27,734
Regulation G Non-GAAP Financial Measure Reconciliations
Exhibit 1 – Reconciliation of Adjusted Gross Profit
(USD in millions)
Q2 2025
Q2 2026
Gross Profit
$ 36.3
$ 36.8
Add: Pre-Tax Business Realignment Costs
—
—
Adjusted Gross Profit
$ 36.3
$ 36.8
Exhibit 2 – Reconciliation of Adjusted Operating Loss
Reconciliation of Adjusted Operating Loss
(USD in millions)
Q2 2025
Q2 2026
Operating Loss
$ (4.2)
$ (1.2)
Add: Pre-Tax Business Realignment Costs
1.4
—
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.3
0.4
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Adjusted Operating Loss
$ (2.5)
$ (1.0)
Exhibit 3 – Reconciliation of Q2 Adjusted Tax Rate
Reconciliation of Q2 2026 Adjusted Tax Rate
(USD in millions)
Q2 2026
Tax Rate
Loss Before Tax
$ (2.7)
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.4
Add: Pre-Tax Brazilian Indirect Taxes
(0.5)
Adjusted Loss Before Tax
$ (2.8)
Income Tax Expense
2.6
(93.84) %
Add: Tax Impact from Pre-Tax Adjustments
(0.2)
Add: After-Tax Impact of Valuation Allowances, net
—
Adjusted Income Tax Expense on Adjusted Loss Before Tax
$ 2.4
(85.64) %
Exhibit 4 – Reconciliation of Adjusted Net Loss and EPS
Reconciliation of Q2 2026 Adjusted Net Income and EPS
(USD in millions, except EPS)
Q2 2026
Q2 2026 EPS
Net Loss
$ (5.3)
$ (0.19)
Add: After-Tax Share-Based Compensation Accelerated Vesting
0.4
0.02
Add: After-Tax Brazilian Indirect Taxes
(0.3)
(0.01)
Adjusted Net Loss
$ (5.2)
$ (0.18)
Exhibit 5 – Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA
(USD in millions)
Q2 2025
Q2 2026
Loss Before Income Taxes from Continuing Operations
$ (9.6)
$ (2.7)
Interest expense, net
3.2
2.4
Depreciation and amortization
5.5
5.6
EBITDA
$ (0.9)
$ 5.3
Add: Pre-Tax Business Realignment Costs
1.4
—
Add: Pre-Tax Share-Based Compensation Accelerated Vesting
0.3
0.4
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Adjusted EBITDA
$ 0.8
$ 5.5
Exhibit 6 – Segment Adjusted Operating Income
Reconciliation of Electronics Adjusted Operating Income
(USD in millions)
Q2 2025
Q2 2026
Electronics Operating Income
$ 2.7
$ 4.9
Add: Pre-Tax Business Realignment Costs
1.4
—
Electronics Adjusted Operating Income
$ 4.2
$ 4.9
Reconciliation of Stoneridge Brazil Adjusted Operating Income
(USD in millions)
Q2 2025
Q2 2026
Stoneridge Brazil Operating Income
$ 1.0
$ 2.6
Add: Pre-Tax Brazilian Indirect Taxes
—
(0.3)
Stoneridge Brazil Adjusted Operating Income
$ 1.0
$ 2.3
Exhibit 7 – Reconciliation of Net Debt
(USD in millions)
Q2 2025
Q2 2026
Total Debt
$ 164.4
$ 151.1
Cash and Cash Equivalents
46.3
71.5
Net Debt
$ 118.1
$ 79.6
View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-second-quarter-2026-results-302843860.html
SOURCE Stoneridge, Inc.
Technology
As AI Answer Engines Reshape Discovery, Brand Coherence Becomes a Machine-Readability Problem, According to della
Published
4 seconds agoon
August 5, 2026By
Gartner expects AI to cut search volume by a quarter by 2026. When a machine describes your brand to a buyer, the brands that send consistent signals get described accurately. The rest get guessed at.
By Sophie Gold, Founder and President of della
SANTA MONICA, Calif., Aug. 5, 2026 /PRNewswire/ — The shift to AI-driven discovery is changing what brand consistency is for, according to della, an independent creative studio. For twenty years, a brand’s job online was to be found. Someone typed a query, a page of links appeared, and the brand competed for a click. That era is closing. Increasingly, a buyer asks a question and an AI engine answers it directly, in its own words, having read the brand rather than linked to it. Gartner predicts that traditional search engine volume will fall 25 percent by 2026 as AI chatbots and virtual agents absorb the queries that used to end in a click.
This is a bigger shift than a change in traffic. A machine has moved between the brand and the buyer, and that machine does not present your brand. It describes it. It reads everything it can find about you, from your homepage to a regional campaign to a two-year-old creator video to a stray line in a press release, and it synthesizes a single answer. The quality of that answer depends entirely on how consistent the signals were that it read.
That turns an old brand discipline into an urgent one.
A brand universe is the complete living system around a brand: its story, its characters, its behaviors, its visual language, its cultural relationships, its recurring formats and its accumulated memory. A human audience absorbs that universe slowly, over many impressions, and forgives the odd off note. A generative engine does something different. It ingests the whole universe at once and averages it. Where the signals agree, it returns a confident, specific description. Where they contradict, it does what any model does with noise: it smooths the contradiction into something vague, or it guesses.
So the cost of incoherence has changed shape.
For years, the penalty for an inconsistent brand was forgettability. A scattered brand simply failed to accumulate in human memory. That penalty still applies, and it is expensive. In Lucidpress’s 2019 State of Brand Consistency report, a survey of more than 200 organizations, consistent branding was associated with revenue gains of as much as 33 percent, while 81 percent of organizations said they still struggle with off-brand content. The newer penalty is sharper. An inconsistent brand is no longer just forgotten by people. It is misdescribed by machines, at the precise moment a buyer is asking what the brand is.
And the volume of signal is exploding, which makes the averaging worse. McKinsey’s 2023 analysis of generative AI estimated it could add value equivalent to 5 to 15 percent of total marketing spend, roughly 463 billion dollars a year, much of it in content. Every brand now produces more, from more makers, faster: internal teams, agencies, creators, regional offices, and a growing stack of AI tools that will draft anything in no particular voice. More signal is not more clarity. If the added volume pulls in different directions, all it does is hand the answer engine more contradictions to flatten into mush.
What makes a brand legible to a machine turns out to be the same thing that made it coherent to a person: one continuous intelligence holding the through-line.
Gartner’s own guidance for this shift points the same way. Its analysts advise that as search gives way to AI answers, companies must focus on producing unique, useful content that demonstrates expertise, experience, authoritativeness and trustworthiness. Those are not qualities a single asset can carry. They are properties of a body of work that agrees with itself over time. A brand that says the same true things, in the same recognizable voice, across every surface gives both the human and the model a stable entity to trust. A brand that contradicts itself gives them a blur.
This is why brand coherence has quietly become an operating requirement rather than an aesthetic preference.
Guidelines cannot deliver it alone. A style guide can specify a logo and a palette, but it cannot sit in the room for the thousands of daily decisions, across all those makers, that determine whether the brand’s signals converge or scatter. That requires supervision: a continuous editorial intelligence connecting strategy, culture, creative and production, accountable not for any single piece but for the coherence of the whole. It is the difference between a brand that is merely producing and a brand that is legible.
One pattern from our own work at della, offered as observation rather than measured data: when a brand reads as scattered, whether to a customer or, increasingly, to a model, the cause is almost never a weak team. It is that no one was asked to hold the whole. Give that job an owner, and the same makers, unchanged, begin to send one signal instead of a dozen.
The answer-engine era does not change what a strong brand is. It raises the stakes on getting it right. When a machine stands between you and your buyer and describes you from whatever it can find, consistency stops being housekeeping and becomes the difference between being understood and being approximated. In that world, an incoherent brand is not simply forgotten. It is unreliable, and the machines will say so.
Your brand already produces the signals. Supervision is what turns them into a universe coherent enough that a person, and now a machine, can describe it back to you correctly.
Sources
Gartner, Gartner Predicts Search Engine Volume Will Drop 25% by 2026, Due to AI Chatbots and Other Virtual Agents (Feb. 19, 2024). https://www.gartner.com/en/newsroom/press-releases/2024-02-19-gartner-predicts-search-engine-volume-will-drop-25-percent-by-2026-due-to-ai-chatbots-and-other-virtual-agents
McKinsey & Company, The economic potential of generative AI (2023): generative AI could add value equivalent to 5-15% of total marketing spend, roughly $463 billion annually. https://www.mckinsey.com/capabilities/tech-and-ai/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
Lucidpress, The State of Brand Consistency (2019): up to 33% revenue lift from consistent branding; 81% of organizations still deal with off-brand content; survey of 200+ organizations. https://www.prnewswire.com/news-releases/study-finds-companies-with-consistent-branding-can-see-up-to-33-increase-in-revenue-300967219.html
View original content to download multimedia:https://www.prnewswire.com/news-releases/as-ai-answer-engines-reshape-discovery-brand-coherence-becomes-a-machine-readability-problem-according-to-della-302844247.html
SOURCE della
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