Core Viewpoint - OUTFRONT Media reported solid fourth-quarter results for 2025, driven by strong demand in transit advertising and strategic initiatives, with expectations for continued revenue growth into early 2026 [4][6]. Financial Performance - Consolidated revenue increased by 4.1% in Q4 2025, up from 3.5% in Q3, attributed to a 16% growth in transit and a 1% growth in billboards [3][6]. - Adjusted OIBDA rose by 12% to $174 million, while AFFO increased by 8% to $130 million [3][6]. Revenue Breakdown - Transit revenue grew by 16%, led by the New York MTA, which saw an increase of over 20% during the quarter [1][6]. - Billboard revenue rose by 0.5%, impacted by the exit of two marginally profitable contracts in New York and Los Angeles; excluding these, growth would have been 3.7% [2][6]. Digital Revenue and Margins - Digital revenue grew approximately 11%, representing about 39% of total sales, with transit digital revenue increasing by 37% [6][7]. - Billboard adjusted OIBDA margin improved by 120 basis points to 41.5%, with expectations for continued improvement in 2026 [11][12]. Outlook and Strategy - Management forecasts Q1 2026 revenue growth in the high-single digits and full-year AFFO growth "comfortably in the double-digit range" [5][16]. - Strategic partnerships with AWS and AdQuick are expected to enhance operational efficiency and revenue generation [5][17]. Capital Expenditures - Fourth-quarter capital expenditures were about $25 million, with guidance for approximately $90 million in 2026, primarily for digital conversions [13][16]. Balance Sheet and Dividends - Total net leverage was reported at 4.7x, within the target range of 4x to 5x, with the next debt maturity not due until late 2027 [19]. - The company maintained a cash dividend of $0.30, payable on March 31 to shareholders of record as of March 6 [19].