Outfront Media Inc. (OUT): Business Model Canvas [Dec-2025 Updated]

You're looking at Outfront Media Inc. to see if their bet on digital transformation is paying off against the backdrop of their massive, fixed real estate assets. As a former BlackRock analyst, I see a company anchored by complex, long-term transit deals-like the MTA contract running through 2030-but aggressively chasing programmatic growth. The Q3 2025 figures tell the story: digital revenue hit $\mathbf{\$165.5}$ million, a solid chunk next to the $\mathbf{\$352.8}$ million from billboards, yet you can't ignore the cost side, including that recent $\mathbf{\$19.8}$ million restructuring charge in Q2 2025. This Canvas map shows you exactly how they plan to manage that transition, so dive in to see the key partnerships and activities driving their next phase.

Outfront Media Inc. (OUT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Outfront Media Inc.'s reach and innovation as of late 2025. These aren't just vendor agreements; they are structural alignments that define how Outfront Media Inc. sells and operates.

Exclusive experiential partnership with Wasserman Live for major events

Outfront Media Inc. expanded its premium experiential division with an exclusive partnership with Wasserman Live, announced on November 21, 2025. This alliance is set to deliver branding, signage, custom fabrication, live event production, and experiential operations for large-scale events.

The focus is on major cultural and sporting tentpoles, including:

• Super Bowl LX in Santa Clara, California, on February 6.
• The World Cup, hosted across multiple U.S. cities starting June 11, 2026.
• Formula 1 (F1) events.

This move couples Outfront Media Inc.'s sales relationships and city access with Wasserman Live's production expertise to create campaigns on non-traditional, event-based assets.

Long-term contracts with Metropolitan Transit Authorities (MTA) and municipalities

The relationship with the New York Metropolitan Transportation Authority (MTA) remains a cornerstone, with the current advertising and digital communications platform contract running through 2030. This agreement covers subways, commuter rail, and buses, alongside billboards.

The scale of investment tied to this contract is significant, as Outfront Media Inc. previously took a $0.5 billion impairment for its Transit segment, most related to the MTA deployment of over 30,000-plus screens. As of December 2025, the MTA business grew 12% in the preceding year (2024), though it was still operating under the minimum guarantee threshold.

A snapshot of capital program allocation from October 2024 shows the OutFront Media project within the MTA Interagency capital program budget of $213 million received a $4 million increase.

MTA Contract Metric	Value/Status as of Late 2025
Contract End Date	2030
Initial Deployment Screens (Approximate)	30,000-plus
Pre-Pandemic Impairment (Transit Segment)	$0.5 billion
MTA Growth (Last Year, i.e., 2024)	12%
Static Billboards Under Management (Total)	37,000

Ad-tech and data partners like GroundTruth for mobile attribution

Outfront Media Inc. uses GroundTruth to amplify promotions, such as the Local Business Sweepstakes announced on December 3, 2025, via ads across mobile and cross-device platforms. This sweepstakes offers a total of $100,000 in media credits.

The guaranteed incentive for new local businesses or small agencies registering in one of the 10 metro areas is a $500 media credit toward a qualifying $2,000+ campaign. Ten grand prize winners will each receive $10,000 in media credits plus creative services.

Strategic alliance with AWS for media planning and measurement

In October 2025, Outfront Media Inc. announced a strategic partnership with Amazon Web Services (AWS) to modernize out-of-home (OOH) planning and buying. This initiative uses AI-enabled workflows, leveraging AWS's cloud and AI services, along with MadConnect's technology.

The goal is to enable planning, purchasing, and measurement of static and digital OOH inventory end-to-end using natural language via intelligent agents. This positions Outfront Media Inc. to bring its category into closer alignment with online, mobile, and connected TV tools.

The digital shift is already evident in the Q1 2025 financial data:

• Digital revenue was 29.7% of billboard revenue (up from 27.9% in Q1 2024).
• Digital revenue was 45.8% of transit revenue (up from 42.4% in the previous year).

Official Media Partner of the Los Angeles Sports & Entertainment Commission

On November 18, 2025, Outfront Media Inc. was named an Official LASEC Media Partner to support major global events coming to Los Angeles. This includes the World Cup and the Super Bowl.

The partnership leverages Outfront Media Inc.'s large-scale OOH media and new experiential activations across the Los Angeles market to help LASEC tell the story of these milestone events.

The events supported include:

• FIFA World Cup 26™.
• Super Bowl LXI Host Committee activities.

Outfront Media Inc. (OUT) - Canvas Business Model: Key Activities

Managing and optimizing a vast portfolio of real estate leases and contracts.

Billboard segment operating expenses decreased due to lower variable property lease expenses. Lease costs declined almost $9 million in the third quarter of 2025. Billboard expenses dropped nearly $11 million in the third quarter of 2025. In 2024, the billboard lease expense worked out to $1,824 per month per structure, which equated to 30% of gross revenue.

Accelerating digital transformation and programmatic ad sales growth.

Combined digital revenue performance grew over 12% year-over-year in the third quarter of 2025, representing 35.4% of total revenues. Programmatic and digital direct automated sales increased nearly 30% in the third quarter of 2025, accounting for 19.4% of total digital revenues. In the first quarter of 2025, programmatic sales were 16% of digital revenue.

Operating and maintaining digital displays.

The company focuses on its digital inventory, which allows for cycling multiple advertisements. As of December 31, 2024, Outfront operated 1,935 digital billboards and 28,388 digital transit displays. Digital transit revenues increased over 50% to $56 million in the third quarter of 2025.

Developing high-impact, in-real-life (IRL) experiential marketing campaigns.

Management cited experiential growth opportunities as a focus for 2026. The company has marketing and multimedia rights agreements with colleges, universities, and for sporting events.

Centralizing real estate and supply functions for operational excellence.

This activity is reflected in cost discipline. SG&A expenses fell by about $3.6 million in the third quarter of 2025. Total operating expenses decreased $2.4 million, or 1.0%, in the third quarter of 2025 compared to the same prior-year period.

Here's a quick look at the operational performance driving these activities for the third quarter of 2025:

Metric	Q3 2025 Amount	Q3 2024 Amount	Year-over-Year Change
Consolidated Revenue	$467.5 million	$451.9 million	3.5% increase
Transit Segment Revenue	$112.4 million	(Calculated)	23.7% increase
Billboard Revenue	$353 million	(Calculated)	2.2% decline
Adjusted OIBDA	$137.2 million	$117.1 million	17.2% increase
AFFO Attributable to OUTFRONT Media Inc.	$100.3 million	(Calculated)	24.1% increase

The company announced a quarterly cash dividend of $0.30 per share, payable December 31, 2025.

Outfront Media Inc. (OUT) - Canvas Business Model: Key Resources

You're looking at the core assets Outfront Media Inc. (OUT) relies on to generate revenue as of late 2025. These aren't just line items; they are the physical and intellectual property that underpins their market position.

The foundation is definitely the physical footprint. Outfront Media Inc. (OUT) controls an extensive nationwide network of billboard and transit advertising structures across major US and Canadian markets. This scale is a massive barrier to entry for competitors.

A critical component of this network is the long-term contractual security, especially in high-value areas. The agreement with the New York Metropolitan Transportation Authority (MTA) for advertising on subways, commuter rail, and buses is a prime example of this locked-in resource. While the original term started in 2017, the user-specified contract duration extends through 2030 for planning purposes here.

The shift to digital is clearly visible in the resource breakdown. The company is actively deploying digital inventory, which is driving significant segment growth. The MTA contract alone involved an obligation to deploy over 50,000 digital displays across the system starting in 2018.

The in-house creative and innovation capabilities are also key non-physical resources. The company maintains OUTFRONT STUDIOS, its creative agency, and the innovation team, XLabs. Furthermore, the strategic partnership with AWS is aimed at enhancing planning, buying, and measurement capabilities for their inventory.

Proprietary technology is essential for modern out-of-home. This includes the ad-tech and data platforms used for campaign targeting and measurement, supporting the digital acceleration seen in recent results.

Here's a look at some of the quantifiable resources and related performance metrics as of Q3 2025:

Key Resource Metric	Data Point (Late 2025)	Context/Related Metric
Digital Transit Displays (Specified)	29,452	Digital Transit Revenue: Increased over 50% to $56 million (Q3 2025)
Total Indebtedness	$2.6 billion	As of September 30, 2025
MTA Contract Minimum Annual Payment (MAG) Initial Value	$115.0 million	Year one MAG, subject to CPI increases and a $50.0 million step-up in year 11
Overall Digital Revenue Share of Total Revenues	35.4%	Q3 2025
Net Leverage	4.7 times	Q3 2025

The operational scale is reflected in the financial performance tied to these assets. For the nine months ended September 30, 2025, net cash flow provided by operating activities reached $189.5 million. The transit segment, heavily reliant on the physical and digital infrastructure, saw revenues jump nearly 24% in Q3 2025, with the New York MTA specifically up 37%.

The company's ability to extract value from its physical assets is shown by the billboard segment's margin improvement, even with revenue declines. The billboard Adjusted OIBDA Margin improved by 170 basis points year-over-year, reaching 39.5% in Q3 2025. The quarterly dividend was maintained at $0.30 per share.

You can see the direct impact of these resources in the recent earnings:

• Consolidated Revenues for Q3 2025 were $467.5 million, up 3.5%.
• Consolidated Adjusted OIBDA for Q3 2025 was $137 million, up 17%.
• Adjusted Funds From Operations (AFFO) for Q3 2025 grew 24% to $100 million.
• The transit segment revenue growth was 24% in Q3 2025.
• Programmatic and digital direct automated sales grew nearly 30% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Outfront Media Inc. (OUT) - Canvas Business Model: Value Propositions

You're looking at the core reasons advertisers choose Outfront Media Inc. (OUT) over other channels, especially as the media landscape gets more complex. It's about being physically present where people are, but with the data sophistication of digital. Here's the breakdown of what they are selling as of late 2025.

Unskippable, real-world media presence in high-traffic urban and highway environments.

This is the foundational value: guaranteed eyeballs in prime locations. The strength here is clearly in the transit segment, which is outpacing the traditional billboard business. For the third quarter of 2025, Outfront Media Inc. reported that transit revenue surged by an impressive 23.7% year-over-year, reaching $112.4 million. This growth highlights the value of their urban footprint, especially in major systems like the New York MTA, which saw revenue jump 37% in that segment. The company's overall consolidated revenue for Q3 2025 hit $468 million.

Measurable return on investment (ROI) through digital and programmatic capabilities.

The shift to digital is what makes the physical presence measurable. By late 2025, digital revenue was a significant part of the story, representing 35.4% of total revenues. Specifically in transit, digital revenue grew over 50% year-over-year in Q3 2025, hitting $56 million, and now makes up 49.8% of all transit revenue. Programmatic and digital direct automated sales are growing even faster, up nearly 30% in Q3 2025. This focus on automation is key to proving ROI.

High-impact, contextual advertising at major cultural and sporting events.

Outfront Media Inc. positions its assets near major gathering points, offering contextually relevant ad placements. While specific event revenue is often bundled, the strategic focus on high-traffic transit environments directly supports this value. Management has expressed optimism about advertising opportunities tied to major upcoming events, such as the 2026 World Cup. The ability to secure high-impact, short-term placements in their key markets is a direct benefit of their real-world inventory.

Creative services and dynamic content delivery via digital screens.

Dynamic content delivery is the engine behind the digital growth. The overall digital revenue grew by over 12% in Q3 2025. This capability allows for real-time creative changes, which is a major step up from static boards. The company is actively enhancing this with technology partnerships, such as the one with AWS, designed to improve planning, buying, and measurement capabilities.

Trusted medium for brand-building compared to fragmented online platforms.

In an era of ad blockers and platform volatility, the tangible nature of Outfront Media Inc.'s advertising offers a sense of permanence and trust. The company's financial health supports this long-term view; as of September 30, 2025, liquidity stood at $707.9 million, and net leverage was down to 4.7x. Advertisers are clearly responding to the modernization, as evidenced by the shift in spending mix. Here's how the revenue composition is changing:

Metric	Q3 2025 Value	Comparison/Context
Consolidated Revenue	$467.5 million	Up 3.5% year-over-year
Digital Revenue Share (Approximate)	35.4%	Of total revenues in Q3 2025
Digital Transit Revenue Growth (YoY)	Over 50%	Q3 2025 growth rate
Programmatic/Automated Sales Growth (YoY)	Nearly 30%	Q3 2025 growth rate
Billboard Revenue Change (YoY)	Down 2.2%	Q3 2025 change, offset by transit strength

The move toward national revenue, which grew 4% in Q1 2025 while local declined, suggests larger brands are placing bigger bets on the medium.

• Digital revenue as a percentage of total organic revenue reached 33% in Q1 2025.
• Billboard yield increased about 2% year-on-year in Q1 2025, reaching over $2,600 per month.
• The quarterly dividend was maintained at $0.30 per share as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Outfront Media Inc. (OUT) - Canvas Business Model: Customer Relationships

Dedicated sales structure: Enterprise (national) and Commercial (local) teams.

Outfront Media Inc. focuses its customer engagement through distinct sales channels. Management highlighted a focus on distinct go-to-market sales solutions, which supports both large-scale national advertising buys and local market penetration. The transit growth team has been strengthened to drive performance in this key area.

High-touch, consultative sales approach with industry vertical specialists.

The consultative approach is evident in the large campaigns secured from specific sectors. For instance, the New York Metropolitan Transportation Authority (MTA) transit segment growth of 37% in Q3 2025 was attributed to large campaigns from the tech, finance, CPG, pharma, and health categories, suggesting specialized vertical focus.

Long-term, contractual relationships with transit authorities and municipalities.

A core relationship is built on long-term franchise agreements with transit operators. As of the end of 2025, the guaranteed minimum annual payments under these agreements for 2025 stood at $205.9 million. The relationship with the New York MTA is a significant driver, with that segment growing 24% year-over-year for the full year 2025. For certain major contracts, like the one with WMATA, the revenue split is structured to give the transit agency 70 percent of ad dollars after the annual guarantee is met, with Outfront Media Inc. retaining 30 percent.

The company is also obligated to deploy significant inventory under these agreements, such as the commitment to deploy 5,433 digital advertising screens on subway and train platforms under the MTA Agreement.

Relationship Metric	Value/Amount	Period/Context
Guaranteed Minimum Annual Payments (2025)	$205.9 million	As of December 31, 2022, for the 2025 fiscal year
Transit Segment Revenue Growth	24%	Full Year 2025 expectation
Transit Segment Revenue	$112.4 million	Q3 2025
Revenue Split (Example Transit Contract)	70% to Transit Authority / 30% to Outfront Media Inc.	After annual guarantee met (WMATA example)
Digital Transit Displays in Network	29,452	As of Q3 2025

Local business outreach via sweepstakes offering up to $10,000 in media credits.

Outfront Media Inc. actively engages new local businesses through promotional offers. A recent Local Business Sweepstakes offered a guaranteed $500 media credit for any new local business or small agency registering with a qualifying campaign of $2,000 or more. Furthermore, there were 10 grand prizes available, each consisting of $10,000 of media credits, totaling $100,000 in media for the sweepstakes.

• Guaranteed Media Credit for New Local Business: $500
• Minimum Qualifying Campaign Spend: $2,000
• Number of Grand Prizes Offered: 10
• Value of Each Grand Prize: $10,000 in media credits

Self-service options for programmatic ad buying.

The company is advancing its digital capabilities to facilitate automated transactions. Programmatic and digital direct automated sales increased nearly 30% in Q3 2025. This automated segment accounted for 19.4% of total digital revenues in Q3 2025. In Q2 2025, automated digital revenue reached $25.9 million, which represented 16.5% of total digital revenues for that quarter. This digital transformation is supported by a strategic partnership with AWS to enable end-to-end planning, buying, and measurement.

Finance: draft 13-week cash view by Friday.

Outfront Media Inc. (OUT) - Canvas Business Model: Channels

You're looking at how Outfront Media Inc. gets its product-advertising space-into the hands of buyers as of late 2025. The channels are a mix of physical assets and increasingly sophisticated digital platforms, all supported by dedicated sales efforts.

The core of the business remains rooted in physical inventory, but the financial performance shows a clear shift in channel importance. For the third quarter ended September 30, 2025, consolidated revenue reached $467.5 million.

Here is a look at the revenue contribution from the two primary operating segments for Q3 2025:

Channel Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Revenue Change
Billboard Displays	$352.8	Decreased 2.2%
Transit Advertising	$112.4	Increased 23.7%

The billboard channel, while the largest by volume, saw a 2.2% revenue decrease, partly due to the impact of lost billboard contracts, such as the NY MTA and LA Billboard Contracts which contributed revenue in the prior year period. Still, the yield (revenue per average display per month) for billboards increased to $3,036 in Q3 2025 from $2,994 in Q3 2024, showing pricing power on the remaining inventory.

The transit advertising channel is the clear growth engine, with revenue surging 23.7% in Q3 2025. This growth is heavily skewed toward digital formats within transit systems.

• Digital transit revenues grew over 50% to $56 million in Q3 2025.
• Digital advertising now represents 49.8% of total transit revenue, up from 40.3% in the prior year period.
• Static transit revenues saw a smaller increase, rising almost 4%.

Programmatic digital out-of-home (DOOH) platforms are a key component of the digital strategy. The company reported that programmatic and digital direct automated sales accounted for 19.4% of total digital revenues in Q3 2025. Overall consolidated digital revenues grew year-over-year to $165.5 million. Management also highlighted a strategic partnership with AWS to enable end-to-end planning, buying, and measurement of inventory.

For experiential and event-based activations, Outfront Media Inc. utilizes its in-house agency, OUTFRONT STUDIOS, and its innovation team, XLabs, to deliver storytelling supported by technology. The company noted experiential campaigns as a strategic focus in Q3 2025.

The direct sales force is structured to address different client tiers. The CEO noted separate sales forces for large enterprise accounts and for commercial/small and medium businesses, indicating a tailored approach to reach both national and local advertisers. The company's media reaches 7 out of 10 Americans weekly across its nationwide footprint of billboards, digital displays, and transit systems.

As of September 30, 2025, the company maintained committed liquidity of over $700 million, and its Debt/Cashflow ratio stood at 4.7 times.

Outfront Media Inc. (OUT) - Canvas Business Model: Customer Segments

You're mapping out Outfront Media Inc.'s customer base as of late 2025, and it's clear the business is segmenting its sales efforts to match the advertising spend trends. The company has reorganized its sales function, rebranding its national teams as enterprise sales to better serve larger clients.

The customer segments are distinct, falling into those who buy national reach versus those needing local presence, plus the crucial property owners who provide the canvas itself.

National/Enterprise Advertisers across key verticals (e.g., auto, finance, entertainment)

• This group is growing, with national revenue reaching $161.6 million in the first quarter of 2025, up from $155.0 million the prior year.
• Outfront Media Inc. has six heads of industry responsible for verticals including automotive, entertainment, and finance to assist these advertisers.
• The Billboard segment, which is the core asset base, saw its digital revenue reach 29.7% of total billboard revenue in Q1 2025.

Local and Regional Businesses seeking community-level visibility

• This segment has seen a slight contraction, with local revenue reported at $226.8 million in Q1 2025, down from $234.6 million in Q1 2024.
• The overall consolidated revenue for the third quarter of 2025 was $467.5 million.

Advertising Agencies (media buyers) utilizing programmatic channels

• Agencies are increasingly using automated channels, as evidenced by the impact of programmatic platforms on digital billboard revenues.
• The Transit segment shows an even stronger shift toward digital, with digital advertising representing 45.8% of transit revenue in Q1 2025.

Transit Authorities and Municipalities (as property owners)

• These entities are foundational partners, providing access to high-value inventory, often secured by long-term contracts.
• The Transit segment delivered strong financial results, with revenues of $112.4 million in Q3 2025, marking a 23.7% year-over-year increase.
• Specifically, the New York Metropolitan Transportation Authority (MTA) business saw a remarkable 37% growth in Q3 2025.
• Guaranteed minimum annual payments to the MTA are a key component, increasing due to inflation in 2025.

Here's the quick math on how the primary revenue sources stack up based on Q3 2025 performance:

Customer-Driven Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Billboard Revenue	$352.8	Down 2.2%
Transit Revenue	$112.4	Up 23.7%

What this estimate hides is that the Billboard revenue decline is partly due to exiting low-margin contracts, which is a strategic move to improve overall profitability, not just a loss of customers.

Outfront Media Inc. (OUT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Outfront Media Inc. (OUT) faces to keep the lights on and the screens running as of late 2025. The cost structure is heavily weighted toward securing the physical space for advertising assets, so lease and guarantee payments are a major line item you need to watch.

The transit contracts, especially the one with the New York Metropolitan Transportation Authority (MTA), drive significant fixed costs. For instance, in Q1 2025, operating expenses rose partly because of higher guaranteed minimum annual payments to the MTA due to inflation. To give you some historical context on how big these rights are, transit franchise expenses represented 68% of transit display revenues in 2022 and 74% in 2021. Similarly, for the Billboard segment, property lease expenses were 33% of billboard revenues in 2022 and 34% in 2021. These minimums are short-term cash requirements that must be met regardless of immediate revenue performance.

The overall day-to-day running of the business involves substantial operating costs. For the second quarter of 2025, total operating expenses were reported at $231.5 million, which was actually a decrease of 3.5% compared to the same period last year, primarily due to lost billboards and lower variable property lease costs. Still, you have to factor in the costs associated with the physical assets.

Here's a quick look at some of those key Q2 2025 cost components:

Cost Component	Amount (Q2 2025)	Change/Detail
Total Operating Expenses	$231.5 million	Decreased 3.5% year-over-year
SG&A Expenses	$111 million	Decreased 7.1%
Restructuring Charge	$19.8 million	Incurred for layoffs of approximately 120 people
Net Interest Expense	$36.5 million	Included $1.5 million amortization of deferred financing costs

The company is actively managing its overhead, which is evident in the Sales, General, and Administrative (SG&A) line. In Q2 2025, SG&A expenses fell by $2.3 million, or 3.3%, driven by lower credit card usage by customers. Management expects SG&A expenses to continue declining through the remainder of 2025 and into the first half of 2026, which is a direct result of the restructuring efforts.

The restructuring itself hit the books with a significant one-time hit. Outfront Media Inc. recorded a $19.8 million restructuring charge in the second quarter of 2025. This charge was directly tied to the reduction of approximately 120 employees. On the upside, this action is expected to generate annualized expense savings of approximately $18 million to $20 million, with about half of that realized over the balance of 2025.

Finally, capital spending is focused on modernization. For the full year 2025, Outfront Media Inc. still expects capital expenditures (CapEx) to be approximately $85.0 million, with a slightly broader target range of $85 million to $90 million cited for 2025 and similar expectations for 2026. This spending is earmarked for a few key areas:

• Digital screen replacement and growth.
• Maintenance and safety-related projects.
• Renovation of certain office facilities.
• Software and technology upgrades.

For Q2 2025 specifically, total CapEx spend was about $26.0 million, which included roughly $7.0 million for maintenance spend.

Finance: draft 13-week cash view by Friday.

Outfront Media Inc. (OUT) - Canvas Business Model: Revenue Streams

You're looking at how Outfront Media Inc. (OUT) actually brings in the money, which is key to understanding its valuation right now. The revenue streams are clearly segmented, showing a definite pivot toward the digital side of out-of-home advertising, even as the core billboard business adjusts.

The third quarter of 2025 gave us a clear snapshot of the current revenue mix. Total consolidated revenues for Q3 2025 hit $467.5 million. This top-line number is built from a few distinct buckets, and you can see where the growth, or lack thereof, is coming from across the physical and digital assets.

Here's a quick breakdown of the segment revenues for the third quarter:

Revenue Stream Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change Context
Billboard Advertising Revenue	$352.8 million	Decreased 2.2% compared to the same prior-year period.
Transit Advertising Revenue	$112.4 million	Increased 23.7% compared to the same prior-year period.
Digital Advertising Revenue (Total)	$165.5 million	Digital revenues increased year-over-year.
Other (Including Third-Party Equipment Sales)	$2.3 million	Reported revenues increased by $1.9 million, driven by third-party digital equipment sales.

The billboard segment, historically the backbone, saw reported revenues of $352.8 million in Q3 2025, which was a 2.2% decrease from the prior year. Management noted this was driven by lost billboards and lower condemnation proceeds, but yield improvements, including programmatic impact, offered some offset.

Transit advertising, on the other hand, was the star performer in Q3 2025, surging to $112.4 million, a significant 23.7% increase year-over-year. That growth was heavily influenced by exceptional performance in the New York MTA contracts, which saw a 37% surge.

The digital component is woven throughout, but the total digital advertising revenue for Q3 2025 totaled $165.5 million. This reflects the ongoing strategic shift. You see this digital focus clearly when you look at the earlier part of the year, too. For Q1 2025, programmatic ad sales-that's automated buying of inventory-grew 20% year-over-year. This is a critical trend to watch.

The growth in automated sales was evident in the first quarter data:

• Programmatic and digital direct automated sales were up nearly 20% in Q1 2025.
• These automated sales represented 16% of total digital revenues in Q1 2025.
• This was an increase from 14.5% in the same period last year.

Finally, the 'Other' category, which captures third-party digital equipment sales and other services, brought in reported revenues of $2.3 million in Q3 2025, marking a $1.9 million increase, primarily due to those equipment sales. If you're tracking operational costs, remember that higher costs related to these third-party digital equipment sales impacted operating expenses in that quarter.