Technology

OUTFRONT Media Reports Second Quarter 2026 Results

Published

2 hours ago

August 5, 2026

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,

(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

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

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

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

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

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

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

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,

(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,

(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)

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,

(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,

(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.

Technology

Cboe Global Markets Reports Trading Volume for July 2026

Published

52 minutes ago

August 5, 2026

CHICAGO, Aug. 5, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported July trading volume statistics across its global business lines.

The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain July trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month

Year-To-Date

Jul

2026

Jul

2025

%
Chg

Jun
2026

%
Chg

Jul

2026

Jul

2025

%
Chg

Multi-listed options (contracts, k)

15,687

12,215

28.4 %

16,630

-5.7 %

14,938

12,886

15.9 %

Index options (contracts, k)

5,990

4,469

34.0 %

6,347

-5.6 %

6,145

4,688

31.1 %

Futures (contracts, k)1

207

178

16.1 %

242

-14.5 %

246

226

8.7 %

U.S. Equities – On-Exchange (matched shares, mn)

1,569

1,790

-12.4 %

2,185

-28.2 %

1,875

1,785

5.0 %

U.S. Equities – Off-Exchange (matched shares, mn)

208

141

47.4 %

250

-17.0 %

238

113

110.0 %

Canadian Equities (matched shares, k)

144,124

150,096

-4.0 %

182,398

-21.0 %

192,208

154,298

24.6 %

European Equities (€, mn)

14,024

12,490

12.3 %

14,950

-6.2 %

16,008

13,560

18.1 %

Australian Equities (AUD, mn)

989

870

13.7 %

1,165

-15.1 %

1,128

884

27.5 %

Global FX ($, mn)

61,071

48,514

25.9 %

64,267

-5.0 %

64,767

53,135

21.9 %

Cboe Clear Europe Cleared Trades (k)

147,855

122,973

20.2 %

144,356

2.4 %

1,005,054

935,981

7.4 %

Cboe Clear Europe Net Settlements (k)

1,442

1,236

16.6 %

1,419

1.6 %

9,337

7,726

20.9 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

July 2026 Trading Volume Highlights

U.S. Options

Cboe’s mini-SPX (XSP) options set a monthly ADV record of 238 thousand contracts, including a record monthly zero-days-to-expiry (0DTE) ADV of 138 thousand contracts.0DTE trading in July grew to a record high 66.2% of total S&P 500 (SPX) options volume.Total trading during Cboe’s Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET) set a monthly ADV record of 224 thousand contracts, including record SPX options GTH ADV of 197 thousand contracts.

Cboe Clear Europe

Cboe Clear Europe surpassed 1 billion cleared client cash equity trades year-to-date through July 31.

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

atu@cboe.com

tcave@cboe.com

khill@cboe.com

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor’s®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor’s or Cboe and neither Standard & Poor’s nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.

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SOURCE Cboe Global Markets, Inc.

Technology

Cisco Schedules Conference Call for Q4 Fiscal Year 2026 Financial Results

Published

52 minutes ago

August 5, 2026

SAN JOSE, Calif., Aug. 5, 2026 /PRNewswire/ — Cisco (NASDAQ: CSCO) has scheduled a conference call for Wednesday, Aug 12, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter fiscal year 2026 financial results for the period ending Saturday, July 25, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, Aug 12, 2026. Cisco’s quarterly earnings press release will be posted at https://newsroom.cisco.com.

Date:
Wednesday, Aug 12, 2026

Time:
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube, LinkedIn, & X.

Replay:
A telephone playback of the Q4 FY2026 conference call is scheduled to be available beginning at 4:00 PM (PT) on Aug 12, 2026, through 10:00 PM (PT) Aug 18, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco’s Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Investor Relations Contact:

Press Contact:

Sami Badri

Britt Stagnaro

Cisco

sambadri@cisco.com

media_pr@external.cisco.com

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SOURCE Cisco Systems, Inc.

Technology

Cognex Reports Second Quarter 2026 Results

Published

52 minutes ago

August 5, 2026

NATICK, Mass., Aug. 5, 2026 /PRNewswire/ — Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the second quarter ended July 5, 2026.

Second-Quarter Financial and Operating Highlights

Achieved record quarterly revenue of $291 million, driven by broad-based strength across most major end markets; second-quarter revenue increased 17% year over year, or 16% on a constant-currency basis.Operating margin was 29.4%; delivered an Adjusted EBITDA margin of 32.2%, up 1,150 basis points year over year, marking the eighth consecutive quarter of margin expansion.Net income per diluted share was $0.43; generated Adjusted diluted earnings per share of $0.45, up 80% year over year, representing the eighth consecutive quarter of growth.Issued full-year 2026 guidance anticipating strong double-digit revenue growth and significant year-over-year expansion in profitability.Announced the general availability of OneVision™, with hundreds of customers using the platform to accelerate configuration and deployment of AI-powered vision applications.

“Q2 was another strong quarter for Cognex and further evidence that our strategy is driving results,” said Matt Moschner, President and CEO. “We delivered exceptional performance, highlighted by record revenue, strong margin expansion, and significant earnings growth, which we believe reflects both a more favorable demand environment and focused execution across the business. We continue to make meaningful progress against our strategic objectives to extend our leadership in AI-enabled machine vision, deliver the leading customer experience in the industry, and double our customer base.”

Mr. Moschner continued, “We believe that diversification is central to the next chapter of Cognex’s growth. We are focused on broadening our reach across customers, channels, adjacencies and end markets, while prioritizing the automation challenges where we expect our technology can create the most value. We believe this strategy will position Cognex to shape the future of AI-enabled machine vision and deliver more sustainable and profitable growth over time.”

Dennis Fehr, CFO, added, “We believe that our Q2 performance underscores the strength of our profitable growth strategy and the strong leverage in our financial model. We are continuing to transform our operating model to drive higher productivity, support sustainable margin expansion, and strengthen our ability to scale efficiently over time. We believe that this disciplined approach will enable us to support Cognex’s long-term growth objectives while reinforcing our commitment to creating shareholder value.”

Financial Performance Highlights for the Second Quarter
(Dollars in millions, except per share amounts)

Three-months ended

July 05, 2026

June 29, 2025

Y/Y Change

Revenue

$291

$249

+17 %

Operating Income

$86

$43

+100 %

% of Revenue

29.4 %

17.4 %

+1,200 bps

Adjusted EBITDA1

$94

$52

81 %

% of Revenue

32.2 %

20.7 %

+1,150 bps

Net Income per Diluted Share

$0.43

$0.24

+79 %

Adjusted EPS (Diluted)1

$0.45

$0.25

+80 %

1Adjusted EBITDA and Adjusted EPS (Diluted) include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this news release.

Revenue was $291 million, compared with $249 million in the second quarter of 2025, an increase of 17%. Excluding the impact of foreign currency exchange (FX), revenue increased 16% compared to the prior year, driven by broad-based strength across most major end markets.Gross margin was 70.6% compared to 67.4% in the second quarter of 2025. Adjusted gross margin was 71.5% compared to 68.0% in the second quarter of 2025, an increase of 350 basis points. The year-over-year increase was primarily driven by favorable mix and volume. Tariff refunds were not a material contributor to the strong gross margin performance.Operating expenses were $120 million compared to $124 million in the second quarter of 2025, a decrease of 3%. Adjusted operating expenses were $119 million compared to $123 million in the second quarter of 2025, a decrease of 3%. On a constant-currency basis, Adjusted operating expenses decreased 5% year over year, primarily driven by disciplined cost management.Operating income was $86 million compared to $43 million in the second quarter of 2025, an increase of 100%. Operating margin was 29.4% compared to 17.4% in the second quarter of 2025, an increase of 1,200 basis points. Adjusted operating margin was 30.7% compared to 18.7% in the second quarter of 2025, an increase of 1,200 basis points.Adjusted EBITDA was $94 million compared to $52 million in the second quarter of 2025, an increase of 81%. Adjusted EBITDA margin was 32.2% compared to 20.7% in the second quarter of 2025, an increase of 1,150 basis points. The year-over-year expansion was driven by revenue growth and favorable mix.Net income of $73 million compared to $41 million in the second quarter of 2025, an increase of 78%. Adjusted net income of $76 million compared to $43 million in the second quarter of 2025, an increase of 77%.Net income per diluted share was $0.43 compared to $0.24 in the second quarter of 2025, an increase of 79%. Adjusted diluted earnings per share were $0.45 compared to $0.25 in the second quarter of 2025, an increase of 80%.

Balance Sheet and Cash Flow Highlights

As of July 5, 2026, Cognex’s financial position remained strong, with $755 million in cash and investments and no debt.During the second quarter, Cognex generated $69 million of cash from operating activities compared to $43 million in the second quarter of 2025, an increase of 60%.During the second quarter, Cognex generated Free Cash Flow (FCF) of $68 million compared to $40 million in the second quarter of 2025, an increase of 70%. Second quarter FCF conversion rate was 93% of net income and 89% of Adjusted net income. Trailing twelve-month FCF conversion rate was 153% of net income and 114% of Adjusted net income.Cognex paid $14 million in dividends to shareholders in the second quarter.

Dividend

On August 5, 2026, Cognex’s Board of Directors declared a quarterly cash dividend of $0.085 per share. The dividend is payable on September 3, 2026, to all shareholders of record at the close of business on August 20, 2026.

Guidance

Cognex issued third-quarter and full-year 2026 guidance; details are summarized in the tables below.

Table 1: Third-Quarter 2026 Guidance

(Dollars in millions, except per
share amounts)

Q3 2026
Guidance

Q3 2025
Results

Q3 2025
Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$300 – $320

$277

$264

+12 %

+17 %

Adj. EBITDA Margin1

32% – 35%

24.9 %

22.1 %

+860 bps

+1,140 bps

Adj. EPS (diluted)1

$0.50 – $0.54

$0.33

$0.28

+58 %

+86 %

Table 2: Full-Year 2026 Guidance

(Dollars in millions, except per
share amounts)

2026
Guidance

2025
Results

2025 Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$1,130 – $1,150

$994

$982

+15 %

+16 %

Adj. EBITDA Margin1

29% – 31%

21.5 %

20.7 %

+850 bps

+930 bps

Adj. EPS (diluted)1

$1.64 – $1.68

$1.02

$0.97

+63 %

+71 %

* Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”).

** At the midpoint of guidance.

1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin, and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q3 2025 the GAAP operating margin was 20.9% and GAAP earnings per share (diluted) were $0.10, and in full-year 2025, the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68.

Analyst Conference Call and Simultaneous Webcast

Cognex will host a conference call on August 6, 2026, at 8:30 a.m. Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 or (201) 389-0911 if outside the United States.A real-time audio broadcast of the conference call or an archived recording, together with a slide presentation, will be accessible on the Events & Presentations page of the Cognex Investor website: www.cognex.com/investor.

Forward-Looking Statements

Certain statements made in this report, as well as oral statements made by Cognex Corporation (“Cognex”, “we”, “us”, “our”, or the “Company”) from time to time, 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 (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words “expects,” “anticipates,” “estimates,” “potential,” “believes,” “projects,” “intends,” “plans,” “aims,” “will,” “may,” “shall,” “could,” “should,” “opportunity,” “goal,” “objective,” “target,” “milestone” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I – Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”), as updated by Part II – Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.

COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

July 5, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 302,521

$ 262,925

Current investments

101,849

74,037

Accounts receivable, net of allowance for credit losses of $726 and $728 in 2026 and
2025, respectively

216,232

146,713

Unbilled revenue

12,684

16,980

Inventories

142,839

137,889

Prepaid expenses and other current assets

73,755

58,702

Total current assets

849,880

697,246

Non-current investments

350,643

305,339

Property, plant, and equipment, net

81,452

86,015

Operating lease assets

68,543

72,310

Goodwill

381,385

386,279

Intangible assets, net

64,464

81,100

Deferred income taxes

377,830

383,272

Other assets

4,453

4,994

Total assets

$ 2,178,650

$ 2,016,555

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 65,060

$ 50,203

Accrued expenses

80,586

91,397

Accrued income taxes

9,126

9,141

Deferred revenue and customer deposits

48,978

21,094

Operating lease liabilities

12,281

11,716

Total current liabilities

216,031

183,551

Non-current operating lease liabilities

60,196

64,870

Deferred income taxes

248,888

250,512

Reserve for income taxes

21,963

24,269

Other liabilities

2,017

1,452

Total liabilities

549,095

524,654

Shareholders’ equity:

Preferred stock, $.01 par value – Authorized: 400 shares in 2026 and 2025,
respectively; no shares issued and outstanding

—

Common stock, $.002 par value – Authorized: 300,000 shares in 2026 and 2025,
respectively; issued and outstanding: 168,217 and 166,997 shares in 2026 and 2025,
respectively

336

334

Additional paid-in capital

1,294,544

1,138,708

Retained earnings

397,135

406,355

Accumulated other comprehensive loss, net of tax

(62,460)

(53,496)

Total shareholders’ equity

1,629,555

1,491,901

Total liabilities and shareholders’ equity

$ 2,178,650

$ 2,016,555

COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Revenue

$ 291,263

$ 249,093

$ 559,700

$ 465,129

Cost of revenue (1)

85,490

81,217

162,988

152,930

Gross profit

205,773

167,876

396,712

312,199

Percentage of revenue

70.6 %

67.4 %

70.9 %

67.1 %

Research, development, and engineering expenses (1)

32,391

33,102

69,416

67,829

Percentage of revenue

11.1 %

13.3 %

12.4 %

14.6 %

Selling, general, and administrative expenses (1)

87,865

91,341

181,906

174,845

Percentage of revenue

30.2 %

36.7 %

32.5 %

37.6 %

Operating income

85,517

43,433

145,390

69,525

Percentage of revenue

29.4 %

17.4 %

26.0 %

14.9 %

Foreign currency gain (loss)

(862)

(1,503)

(2,207)

(3,956)

Investment income

5,091

4,040

9,927

8,030

Other income (expense)

(446)

2,092

(2,053)

2,261

Income before income tax expense

89,300

48,062

151,057

75,860

Income tax expense

16,544

7,551

26,597

11,746

Net income

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Percentage of revenue

25.0 %

16.3 %

22.2 %

13.8 %

Net income per weighted-average common and common-
equivalent share:

Basic

$ 0.43

$ 0.24

$ 0.75

$ 0.38

Diluted

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Weighted-average common and common-equivalent
shares outstanding:

Basic

167,346

167,886

166,921

168,568

Diluted

169,989

168,563

169,166

169,553

Cash dividends per common share

$ 0.085

$ 0.080

$ 0.170

$ 0.160

(1) Amounts include stock-based compensation expense, as follows:

Cost of revenue

$ 592

$ 537

$ 1,517

$ 1,205

Research, development, and engineering

3,388

3,443

8,482

8,139

Selling, general, and administrative

7,232

8,314

13,146

12,889

Total stock-based compensation expense

$ 11,212

$ 12,294

$ 23,145

$ 22,233

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows:

Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating income and margin: Operating income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, tax impact on reconciling items and one-time discrete events (such as loss on sale of business).Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares.Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments.Free cash flow: Cash provided by operating activities less cash for capital expenditures.Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable.

Cognex may disclose results on a constant-currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over-period.

Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Please see the section “Reconciliation of Selected Items from GAAP to Non-GAAP” below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.

COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts
(Unaudited)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Gross profit (GAAP)

$ 205,773

$ 167,876

$ 396,712

$ 312,199

Acquisition and integration costs

218

211

434

453

Amortization of acquisition-related intangible assets

1,323

1,382

2,660

2,720

Reorganization charges

921

—

1,295

Adjusted gross profit

$ 208,235

$ 169,469

$ 401,101

$ 315,458

GAAP gross margin

70.6 %

67.4 %

70.9 %

67.1 %

Adjusted gross margin

71.5 %

68.0 %

71.7 %

67.8 %

Operating expense (GAAP)

$ 120,256

$ 124,443

$ 251,322

$ 242,674

Acquisition and integration costs

(15)

(259)

(30)

(797)

Amortization of acquisition-related intangible assets

(972)

(1,296)

(2,167)

(2,586)

Reorganization charges

(335)

—

(5,090)

(1,622)

Adjusted operating expense

$ 118,934

$ 122,888

$ 244,035

$ 237,669

Operating income (GAAP)

$ 85,517

$ 43,433

$ 145,390

$ 69,525

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Adjusted operating income

$ 89,301

$ 46,581

$ 157,066

$ 77,789

GAAP operating margin

29.4 %

17.4 %

26.0 %

14.9 %

Adjusted operating margin

30.7 %

18.7 %

28.1 %

16.7 %

Depreciation (adjusted for amounts included in Acquisition and
integration costs)

4,358

5,095

8,830

10,178

Adjusted EBITDA

$ 93,659

$ 51,676

$ 165,896

$ 87,967

Adjusted EBITDA margin

32.2 %

20.7 %

29.6 %

18.9 %

Net income (GAAP)

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Loss on sale of business

—

1,539

—

Discrete tax (benefit) expense

450

(211)

(729)

(518)

Tax impact of reconciling items

(1,102)

(891)

(3,740)

(2,256)

Adjusted net income

$ 75,888

$ 42,557

$ 133,206

$ 69,604

Earnings per share of common stock, diluted (GAAP)

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Acquisition and integration costs

0.00

0.01

Amortization of acquisition-related intangible assets

0.01

0.02

0.03

Reorganization charges

0.01

—

0.04

0.01

Loss on sale of business

—

0.01

—

Discrete tax (benefit) expense

0.00

Tax impact of reconciling items

(0.01)

(0.02)

(0.01)

Adjusted earnings per share of common stock, diluted

$ 0.45

$ 0.25

$ 0.80

$ 0.41

Effective tax rate (GAAP)

18.5 %

15.7 %

17.6 %

15.5 %

Discrete tax benefit (expense)

(0.5) %

0.4 %

0.5 %

0.7 %

Net impact of other reconciling items

0.4 %

0.7 %

0.8 %

1.1 %

Adjusted effective tax rate

18.5 %

16.9 %

18.9 %

17.3 %

Cash provided by operating activities (GAAP)

$ 69,153

$ 42,625

$ 114,246

$ 83,127

Capital expenditures

(1,532)

(2,194)

(4,289)

(4,695)

Free cash flow

$ 67,621

$ 40,431

$ 109,957

$ 78,432

Description of adjustments:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Depreciation:

The company incurs expense related to its normal use of property, plant and equipment.

Acquisition and integration costs:

The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the company acquired in the fourth quarter of 2023.

Amortization of acquisition-related intangible assets:

The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation.

Reorganization charges:

The Company has incurred charges related to the reorganization of its employees. During the three-month period ended July 5, 2026, these costs consisted primarily of severance and consulting fees.

Loss on sale of business:

The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the six-month period ended July 5, 2026.

Discrete tax (benefit) expense and tax impact of reconciling items:

Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock based compensation, and adjustments to deferred tax positions.We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.

About Cognex Corporation

For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
Greer.Aviv@cognex.com

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SOURCE Cognex Corporation