Clear Channel Outdoor (CCO) Financials

$2.38 -0.01 (-0.21%)

Closing price 03:59 PM Eastern

Extended Trading

$2.38 0.00 (0.00%)

As of 05:41 PM Eastern

Annual Income Statements for Clear Channel Outdoor

This table shows Clear Channel Outdoor's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-96	135	-644	-218	-363	-583	-434	-97	-311	-179	20
Consolidated Net Income / (Loss)	-71	158	-626	-203	-362	-600	-433	-94	-309	-176	25
Net Income / (Loss) Continuing Operations	-71	158	-626	-203	-362	-600	-358	11	-159	-124	-104
Total Pre-Tax Income	-21	235	-906	-170	-290	-658	-395	-79	-183	-133	-99
Total Operating Income	261	632	232	252	253	-292	59	256	217	279	311
Total Gross Profit	1,311	1,262	2,589	2,722	1,232	653	882	793	774	825	856
Total Revenue	2,806	2,680	2,589	2,722	2,684	1,855	1,769	1,382	1,434	1,505	1,604
Operating Revenue	2,806	2,680	2,589	2,722	2,684	1,855	1,769	1,382	1,434	1,505	1,604
Total Cost of Revenue	1,495	1,418	0.00	0.00	1,452	1,201	887	589	660	681	748
Operating Cost of Revenue	1,495	1,418	-	-	1,452	1,201	887	589	660	681	748
Total Operating Expenses	1,050	630	2,356	2,470	979	946	823	537	557	545	546
Selling, General & Admin Expense	648	633	643	675	665	580	488	350	365	380	373
Depreciation Expense	376	344	326	319	309	269	213	174	197	174	175
Other Operating Expenses / (Income)	4.82	-355	1,383	1,468	-1.16	-54	3.01	-9.47	-4.49	-8.34	-2.75
Total Other Income / (Expense), net	-282	-397	-1,139	-422	-542	-366	-453	-335	-400	-412	-409
Interest Expense	356	375	380	388	521	366	452	334	394	404	411
Other Income / (Expense), net	12	-70	-828	-34	-15	-0.17	-1.64	-0.78	-5.70	-8.38	1.20
Income Tax Expense	50	77	-280	33	72	-58	-36	-90	-24	-9.37	4.95
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-75	-105	-149	-52	128
Net Income / (Loss) Attributable to Noncontrolling Interest	25	23	18	15	1.53	-17	0.70	2.22	2.11	3.38	4.80
Basic Earnings per Share	($0.27)	$0.37	($1.78)	($0.60)	($0.88)	($1.25)	($0.93)	($0.20)	($0.65)	($0.37)	$0.04
Weighted Average Basic Shares Outstanding	359.51M	360.29M	361.14M	365.58M	466.42M	467.86M	471.35M	477.44M	483.72M	490.06M	498.49M
Diluted Earnings per Share	($0.27)	$0.37	($1.78)	($0.60)	($0.88)	($1.25)	($0.93)	($0.20)	($0.65)	($0.37)	$0.04
Weighted Average Diluted Shares Outstanding	359.51M	361.61M	361.14M	365.58M	466.42M	467.86M	471.35M	477.44M	483.72M	490.06M	498.49M
Weighted Average Basic & Diluted Shares Outstanding	355.80M	362.60M	361.40M	365.58M	466.42M	467.86M	471.35M	477.44M	483.72M	490.06M	498.49M

This table shows Clear Channel Outdoor's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-263	25	-90	-39	-33	-18	63	9.52	-60	8.00	-49
Consolidated Net Income / (Loss)	-263	26	-89	-39	-32	-17	63	11	-59	9.73	-48
Net Income / (Loss) Continuing Operations	-51	23	-69	-25	-28	45	-55	6.33	-50	-5.19	-49
Total Pre-Tax Income	-51	11	-69	-31	-34	41	-54	11	-64	8.48	-58
Total Operating Income	70	104	44	68	67	118	45	77	81	107	39
Total Gross Profit	255	69	172	209	208	52	166	217	221	252	194
Total Revenue	527	-61	327	376	375	-94	334	403	406	462	374
Operating Revenue	527	-61	327	376	375	-94	334	403	406	462	374
Total Cost of Revenue	271	-130	155	167	167	-146	169	186	184	210	180
Operating Cost of Revenue	271	-130	155	167	167	-146	169	186	184	210	180
Total Operating Expenses	186	-35	128	141	141	-65	121	140	140	145	154
Selling, General & Admin Expense	122	-31	89	98	95	-37	83	97	97	97	97
Depreciation Expense	58	10	42	43	46	8.24	43	43	44	45	42
Other Operating Expenses / (Income)	6.18	-15	-3.30	-0.09	0.34	-18	-5.79	-0.32	0.11	3.24	15
Total Other Income / (Expense), net	-121	-93	-113	-100	-100	-76	-99	-67	-145	-99	-98
Interest Expense	104	83	104	100	100	77	99	67	145	99	98
Other Income / (Expense), net	-17	-9.42	-8.85	0.45	-0.82	0.74	0.25	0.66	0.07	0.22	0.74
Income Tax Expense	-0.24	-12	0.17	-5.83	-5.67	-3.37	1.18	4.53	-14	14	-8.83
Net Income / (Loss) Discontinued Operations	-212	2.95	-20	-13	-3.48	-61	119	4.32	-9.26	15	1.45
Net Income / (Loss) Attributable to Noncontrolling Interest	0.67	1.23	0.58	0.54	0.98	1.27	0.70	1.13	1.25	1.72	0.60
Basic Earnings per Share	($0.55)	$0.05	($0.19)	($0.08)	($0.07)	($0.03)	$0.13	$0.02	($0.12)	$0.01	($0.10)
Weighted Average Basic Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M
Diluted Earnings per Share	($0.55)	$0.05	($0.19)	($0.08)	($0.07)	($0.03)	$0.13	$0.02	($0.12)	$0.01	($0.10)
Weighted Average Diluted Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M
Weighted Average Basic & Diluted Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M

This table details how cash moves in and out of Clear Channel Outdoor's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	227	151	-364	24	214	378	-375	-121	-38	-88	45
Net Cash From Operating Activities	299	309	160	187	215	-138	-133	140	31	80	115
Net Cash From Continuing Operating Activities	299	309	160	187	215	-138	-133	140	31	80	115
Net Income / (Loss) Continuing Operations	-71	158	-626	-203	-362	-600	-433	-94	-309	-176	25
Consolidated Net Income / (Loss)	-71	158	-626	-203	-362	-600	-433	-94	-309	-176	25
Depreciation Expense	376	344	326	319	315	420	372	293	258	240	175
Amortization Expense	8.77	11	11	11	10	12	12	11	12	12	10
Non-Cash Adjustments To Reconcile Net Income	25	-265	815	51	118	317	95	38	108	61	-81
Changes in Operating Assets and Liabilities, net	-39	61	-365	9.01	134	-286	-179	-108	-38	-57	-14
Net Cash From Investing Activities	-258	574	-155	-204	-220	95	-153	-222	-120	-156	523
Net Cash From Continuing Investing Activities	-258	574	-155	-204	-220	95	-153	-222	-120	-156	523
Purchase of Property, Plant & Equipment	-242	-232	-224	-211	-232	-124	-148	-185	-167	-142	-83
Acquisitions	-	-	0.00	0.00	-	-1.32	-19	-62	-12	-27	-0.56
Divestitures	-	-	-	-	-	-	13	27	60	14	608
Other Investing Activities, net	-27	-2.10	-2.33	-2.28	1.71	1.13	0.62	-2.12	-0.69	-0.62	-1.11
Net Cash From Financing Activities	199	-726	-380	41	220	418	-85	-33	46	-8.18	-598
Net Cash From Continuing Financing Activities	199	-726	-380	41	220	418	-85	-33	46	-8.18	-598
Repayment of Debt	-9.86	-6.00	-8.74	-2.95	-5,791	-106	-2,166	-21	-697	-1,656	-2,639
Payment of Dividends	-31	-772	-345	-35	-	-	-	-0.40	-2.68	-3.99	-4.91
Issuance of Debt	240	52	156	0.00	5,475	525	2,086	0.00	750	1,657	2,050
Other Financing Activities, net	-	-	-182	79	159	-0.46	-4.76	-11	-4.78	-4.88	-4.53
Other Net Changes in Cash	-	-5.33	9.54	-	-0.29	-	-3.66	-6.87	-	-4.10	4.76
Cash Interest Paid	356	368	374	375	324	324	388	341	404	435	394
Cash Income Taxes Paid	44	40	34	29	25	35	4.77	4.96	10	16	7.39

This table details how cash moves in and out of Clear Channel Outdoor's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	81	-64	-58	-4.97	13	-38	234	-255	32	34	-15
Net Cash From Operating Activities	53	33	-35	31	54	29	15	-13	56	56	3.23
Net Cash From Continuing Operating Activities	53	33	-35	31	54	29	15	-13	56	56	3.23
Net Income / (Loss) Continuing Operations	-263	26	-89	-39	-32	-17	63	11	-59	9.73	-48
Consolidated Net Income / (Loss)	-263	26	-89	-39	-32	-17	63	11	-59	9.73	-48
Depreciation Expense	58	56	54	72	58	56	43	43	44	45	42
Amortization Expense	2.99	2.88	2.90	2.94	2.88	2.93	2.97	2.36	2.37	2.43	2.46
Non-Cash Adjustments To Reconcile Net Income	220	21	-0.77	72	76	-166	-143	-18	58	22	-6.79
Changes in Operating Assets and Liabilities, net	35	-73	-2.16	-78	-51	153	49	-51	11	-22	14
Net Cash From Investing Activities	-36	-97	-27	-23	-41	-64	592	-35	-12	-22	-17
Net Cash From Continuing Investing Activities	-36	-97	-27	-23	-41	-64	592	-35	-12	-22	-17
Purchase of Property, Plant & Equipment	-37	-54	-26	-26	-33	-57	-26	-17	-15	-26	-16
Acquisitions	-0.56	-	-8.64	-0.18	-9.25	-8.57	617	-	-0.52	-0.04	-1.21
Other Investing Activities, net	-0.08	0.28	-0.15	-0.34	-0.61	0.49	0.07	-	-1.18	-	-0.09
Net Cash From Financing Activities	66	-1.36	5.28	-11	-1.83	-0.63	-377	-209	-12	-0.98	-0.33
Net Cash From Continuing Financing Activities	66	-1.36	5.28	-11	-1.83	-0.63	-377	-209	-12	-0.98	-0.33
Repayment of Debt	-684	-1.17	-1,652	-2.61	-1.67	-0.48	-377	-201	-2,062	-0.82	-0.33
Other Net Changes in Cash	-2.00	1.50	-0.76	-	-	-	-	0.91	-	-	-0.67
Cash Interest Paid	81	121	127	91	79	137	89	121	72	112	94
Cash Income Taxes Paid	2.14	1.64	6.08	3.82	1.45	4.80	4.40	2.34	0.17	0.49	0.07

This table presents Clear Channel Outdoor's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,307	5,719	4,671	4,522	6,393	5,755	5,299	5,086	4,722	4,804	3,829
Total Current Assets	1,568	1,341	974	1,016	1,202	1,335	1,135	1,121	957	1,659	793
Cash & Equivalents	413	542	144	182	399	785	411	282	172	110	190
Accounts Receivable	698	593	659	706	710	468	643	454	315	344	371
Prepaid Expenses	128	112	112	96	61	50	54	45	29	27	22
Other Current Assets	35	39	59	31	33	32	26	340	442	1,178	7.30
Other Current Nonoperating Assets	295	56	-	-	-	-	-	-	-	-	203
Plant, Property, & Equipment, net	1,628	1,413	1,395	1,289	1,211	889	827	672	490	480	442
Total Noncurrent Assets	3,111	2,965	2,302	2,217	3,980	3,532	3,338	3,293	3,275	2,665	2,594
Goodwill	759	696	714	706	704	710	699	651	508	508	508
Intangible Assets	1,314	1,261	1,251	1,224	1,293	1,119	989	974	896	832	754
Other Noncurrent Operating Assets	108	122	125	133	1,984	1,703	1,650	1,453	1,093	1,326	1,332
Total Liabilities & Shareholders' Equity	6,307	5,719	4,671	4,522	6,393	5,755	5,299	5,086	4,722	4,804	3,829
Total Liabilities	6,876	6,650	6,529	6,624	8,448	8,538	8,493	8,349	8,173	8,444	7,223
Total Current Liabilities	921	642	658	730	1,181	1,090	1,113	1,122	884	1,272	618
Short-Term Debt	4.31	6.97	0.57	0.23	20	21	21	21	0.40	0.35	0.31
Accounts Payable	100	87	88	114	95	101	109	73	45	39	32
Accrued Expenses	508	481	510	528	504	444	523	331	182	164	170
Dividends Payable	217	-	-	2.34	90	115	66	80	98	91	99
Current Deferred Revenue	91	67	-	85	84	64	77	48	41	70	75
Other Current Liabilities	-	-	59	0.00	388	344	317	212	115	133	142
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	356	403	775	99
Total Noncurrent Liabilities	5,956	6,008	5,872	5,894	7,267	7,448	7,380	7,227	7,289	7,172	6,605
Long-Term Debt	5,107	5,369	5,266	5,277	5,064	5,551	5,584	5,541	5,630	5,660	5,103
Noncurrent Deferred & Payable Income Tax Liabilities	609	639	321	335	416	356	325	236	231	222	222
Other Noncurrent Operating Liabilities	240	-	284	282	1,788	1,541	1,472	1,331	1,072	1,290	1,281
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-570	-931	-1,858	-2,102	-2,055	-2,783	-3,194	-3,263	-3,451	-3,640	-3,394
Total Preferred & Common Equity	-761	-1,084	-2,019	-2,262	-2,208	-2,793	-3,205	-3,276	-3,463	-3,651	-3,406
Total Common Equity	-761	-1,084	-2,019	-2,262	-2,208	-2,793	-3,205	-3,276	-3,463	-3,651	-3,406
Common Stock	3,962	3,432	3,108	3,090	3,494	3,508	3,527	3,548	3,569	3,595	3,618
Retained Earnings	-4,269	-4,126	-4,781	-5,001	-5,350	-5,940	-6,373	-6,470	-6,781	-6,960	-6,940
Treasury Stock	-2.10	-4.11	-5.79	-6.58	-2.62	-3.08	-7.84	-19	-24	-28	-31
Accumulated Other Comprehensive Income / (Loss)	-452	-387	-340	-344	-350	-359	-351	-335	-227	-258	-53
Noncontrolling Interest	188	150	157	160	153	11	11	13	12	12	12

This table presents Clear Channel Outdoor's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,987	4,949	4,840	4,649	4,559	4,544	4,645	3,991	3,767	3,761	3,723
Total Current Assets	971	969	892	870	819	854	906	863	665	700	734
Cash & Equivalents	327	340	233	313	193	189	201	396	139	155	182
Accounts Receivable	552	523	526	442	426	458	496	294	331	340	346
Prepaid Expenses	65	74	59	51	49	48	55	26	21	23	26
Other Current Assets	26	32	74	65	151	159	155	146	175	181	3.32
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	177
Plant, Property, & Equipment, net	756	770	710	640	647	628	639	467	457	443	145
Total Noncurrent Assets	3,260	3,210	3,238	3,139	3,093	3,063	3,100	2,661	2,644	2,618	2,845
Goodwill	674	652	654	649	653	653	662	508	508	508	508
Intangible Assets	986	960	946	924	893	873	853	813	793	774	735
Other Noncurrent Operating Assets	1,600	1,598	1,570	1,495	1,548	1,536	1,584	1,341	1,343	1,337	1,602
Total Liabilities & Shareholders' Equity	4,987	4,949	4,840	4,649	4,559	4,544	4,645	3,991	3,767	3,761	3,723
Total Liabilities	8,360	8,283	8,245	8,311	8,106	8,135	8,243	7,412	7,169	7,216	7,162
Total Current Liabilities	1,027	1,017	965	1,033	796	833	904	605	578	616	586
Short-Term Debt	21	27	29	0.56	0.62	0.60	0.57	0.30	0.29	0.30	0.32
Accounts Payable	77	86	77	55	63	65	57	41	40	31	35
Accrued Expenses	454	442	423	324	309	315	323	149	142	150	132
Dividends Payable	105	110	84	110	78	94	122	107	82	113	103
Current Deferred Revenue	91	95	88	73	68	79	103	80	82	78	97
Other Current Liabilities	280	257	230	470	211	216	226	131	131	133	132
Other Current Nonoperating Liabilities	-	-	34	-	65	63	74	96	99	109	87
Total Noncurrent Liabilities	7,332	7,266	7,280	7,278	7,310	7,302	7,338	6,806	6,591	6,600	6,576
Long-Term Debt	5,571	5,565	5,562	5,629	5,651	5,654	5,657	5,293	5,067	5,100	5,105
Noncurrent Deferred & Payable Income Tax Liabilities	320	249	245	242	231	226	220	225	230	215	211
Other Noncurrent Operating Liabilities	1,441	1,452	1,448	1,383	1,427	1,422	1,462	1,289	1,293	1,285	1,260
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-3,373	-3,334	-3,405	-3,663	-3,546	-3,591	-3,598	-3,421	-3,402	-3,455	-3,438
Total Preferred & Common Equity	-3,385	-3,346	-3,416	-3,674	-3,559	-3,600	-3,609	-3,433	-3,411	-3,465	-3,450
Total Common Equity	-3,385	-3,346	-3,416	-3,674	-3,559	-3,600	-3,609	-3,433	-3,411	-3,465	-3,450
Common Stock	3,544	3,552	3,559	3,564	3,574	3,582	3,588	3,600	3,606	3,612	3,624
Retained Earnings	-6,569	-6,505	-6,542	-6,806	-6,871	-6,910	-6,942	-6,898	-6,888	-6,948	-6,989
Treasury Stock	-19	-22	-23	-24	-24	-28	-28	-29	-31	-31	-31
Accumulated Other Comprehensive Income / (Loss)	-342	-372	-409	-408	-239	-244	-227	-106	-98	-98	-55
Noncontrolling Interest	12	12	11	11	13	9.56	10	12	8.75	9.94	12

This table displays calculated financial ratios and metrics derived from Clear Channel Outdoor's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	361,392,713.00	362,326,266.00	363,984,920.00	365,413,296.00	466,075,586.00	467,275,942.00	470,703,669.00	-	-	-	497,305,185.00
DEI Adjusted Shares Outstanding	361,392,713.00	362,326,266.00	363,984,920.00	365,413,296.00	466,075,586.00	467,275,942.00	470,703,669.00	-	-	-	497,305,185.00
DEI Earnings Per Adjusted Shares Outstanding	-0.27	0.37	-1.77	-0.60	-0.78	-1.25	-0.92	-	-	-	0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.24%	-4.50%	-3.40%	5.14%	-1.39%	-30.90%	-4.63%	-21.89%	3.81%	4.95%	6.57%
EBITDA Growth	-7.66%	39.29%	-128.27%	311.17%	2.81%	-75.27%	216.94%	26.97%	-14.03%	8.50%	-4.81%
EBIT Growth	-8.19%	105.60%	-206.02%	136.50%	9.25%	-223.18%	119.53%	346.32%	-17.23%	28.28%	15.14%
NOPAT Growth	-68.56%	132.13%	-61.64%	8.40%	0.44%	-215.62%	120.11%	335.18%	-15.26%	28.77%	11.26%
Net Income Growth	-516.01%	321.68%	-496.64%	67.61%	-78.35%	-65.91%	27.84%	78.21%	-227.18%	43.05%	114.07%
EPS Growth	-800.00%	237.04%	-581.08%	66.29%	-46.67%	-42.05%	25.60%	78.49%	-225.00%	43.08%	110.81%
Operating Cash Flow Growth	-14.20%	3.20%	-48.10%	16.96%	14.55%	-164.24%	3.13%	204.87%	-77.67%	155.15%	44.03%
Free Cash Flow Firm Growth	-2.10%	-15.23%	19.09%	-40.35%	1.65%	-12.43%	-76.29%	-218.48%	479.69%	-217.22%	357.92%
Invested Capital Growth	-12.08%	-5.00%	-15.16%	-8.23%	-9.19%	-22.09%	-2.49%	14.05%	-11.49%	33.11%	-38.17%
Revenue Q/Q Growth	-1.06%	-2.14%	0.53%	0.75%	-0.09%	-9.90%	-13.29%	-28.89%	-21.91%	-32.54%	2.22%
EBITDA Q/Q Growth	-3.00%	12.42%	-136.27%	283.80%	8.68%	-44.98%	81.74%	-2.54%	-13.38%	-1.68%	-0.95%
EBIT Q/Q Growth	-2.68%	24.43%	-256.41%	133.89%	18.31%	-58.05%	143.47%	-17.62%	-19.24%	-3.05%	2.20%
NOPAT Q/Q Growth	-1.26%	365.59%	128.56%	9.48%	-1.11%	-49.75%	140.16%	-30.79%	-7.56%	-2.31%	2.42%
Net Income Q/Q Growth	-644.64%	565.84%	-5,295.90%	73.68%	0.06%	-11.96%	18.46%	26.43%	-31.20%	-31.97%	1,653.96%
EPS Q/Q Growth	-800.00%	3,800.00%	-8,800.00%	72.48%	0.00%	0.00%	17.70%	25.93%	-32.65%	-27.59%	0.00%
Operating Cash Flow Q/Q Growth	4.59%	-14.97%	-16.37%	-9.72%	57.54%	-563.00%	24.43%	3.88%	27.66%	-4.22%	30.80%
Free Cash Flow Firm Q/Q Growth	128.99%	-28.51%	5,540.55%	-54.38%	0.98%	-17.06%	10,104.62%	-150.34%	-4.54%	-265.51%	130.71%
Invested Capital Q/Q Growth	-9.16%	4.75%	-13.14%	1.76%	1.70%	2.86%	5.50%	18.05%	21.42%	35.21%	0.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.73%	47.07%	100.00%	100.00%	45.89%	35.23%	49.85%	57.38%	53.96%	54.79%	53.37%
EBITDA Margin	23.45%	34.20%	-10.01%	20.10%	20.96%	7.50%	24.92%	40.51%	33.55%	34.68%	30.98%
Operating Margin	9.30%	23.58%	8.97%	9.25%	9.42%	-15.77%	3.32%	18.52%	15.12%	18.55%	19.36%
EBIT Margin	9.74%	20.96%	-23.01%	7.99%	8.85%	-15.78%	3.23%	18.46%	14.72%	17.99%	19.44%
Profit (Net Income) Margin	-2.54%	5.89%	-24.19%	-7.45%	-13.48%	-32.36%	-24.49%	-6.83%	-21.53%	-11.68%	1.54%
Tax Burden Percent	334.76%	67.07%	69.09%	119.09%	124.96%	91.19%	109.76%	119.50%	168.64%	132.11%	-25.04%
Interest Burden Percent	-7.79%	41.90%	152.19%	-78.35%	-121.90%	224.97%	-690.47%	-30.97%	-86.74%	-49.16%	-31.69%
Effective Tax Rate	0.00%	32.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.22%	10.73%	4.57%	5.63%	6.19%	-8.46%	1.97%	8.10%	6.83%	8.04%	9.68%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.20%	5.07%	-11.36%	-1.79%	-4.72%	-16.63%	-7.37%	3.07%	-1.43%	1.82%	6.33%
Return on Net Nonoperating Assets (RNNOA)	15.83%	-31.78%	40.33%	4.61%	11.21%	33.28%	12.53%	-5.17%	2.37%	-3.08%	-10.38%
Return on Equity (ROE)	20.04%	-21.04%	44.90%	10.24%	17.41%	24.82%	14.49%	2.92%	9.20%	4.96%	-0.70%
Cash Return on Invested Capital (CROIC)	17.07%	15.86%	20.98%	14.22%	15.83%	16.37%	4.49%	-5.03%	19.02%	-20.37%	56.85%
Operating Return on Assets (OROA)	4.32%	9.34%	-11.47%	4.73%	4.35%	-4.82%	1.03%	4.91%	4.30%	5.69%	7.22%
Return on Assets (ROA)	-1.13%	2.63%	-12.05%	-4.41%	-6.63%	-9.88%	-7.84%	-1.82%	-6.30%	-3.69%	0.57%
Return on Common Equity (ROCE)	31.28%	-25.88%	49.96%	11.08%	18.72%	25.66%	14.55%	2.93%	9.23%	4.98%	-0.71%
Return on Equity Simple (ROE_SIMPLE)	9.36%	-14.56%	31.02%	8.97%	16.39%	21.49%	13.51%	2.88%	8.92%	4.82%	0.00%
Net Operating Profit after Tax (NOPAT)	183	424	163	176	177	-205	41	179	152	195	217
NOPAT Margin	6.51%	15.82%	6.28%	6.48%	6.60%	-11.04%	2.33%	12.96%	10.58%	12.98%	13.55%
Net Nonoperating Expense Percent (NNEP)	5.42%	5.66%	15.93%	7.42%	10.92%	8.17%	9.33%	5.03%	8.26%	6.21%	3.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.79%	6.96%	9.67%	12.73%
Cost of Revenue to Revenue	53.27%	52.93%	0.00%	0.00%	54.11%	64.77%	50.15%	42.62%	46.04%	45.21%	46.63%
SG&A Expenses to Revenue	23.09%	23.62%	24.83%	24.80%	24.79%	31.25%	27.58%	25.33%	25.43%	25.23%	23.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.43%	23.49%	91.03%	90.75%	36.47%	51.00%	46.53%	38.86%	38.84%	36.24%	34.01%
Earnings before Interest and Taxes (EBIT)	273	562	-596	217	238	-293	57	255	211	271	312
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	658	916	-259	547	562	139	441	560	481	522	497
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.38	0.56	0.64	0.70	0.50	0.42	0.88	0.36	0.61	0.45	0.69
Price to Earnings (P/E)	0.00	11.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	55.12
Dividend Yield	0.00%	50.92%	20.28%	19.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	9.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.81%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.68	2.12	2.39	2.27	2.63	3.27	2.46	3.04	2.24	3.51
Enterprise Value to Revenue (EV/Rev)	2.12	2.42	2.68	2.63	2.30	3.00	3.82	4.19	4.43	4.14	3.76
Enterprise Value to EBITDA (EV/EBITDA)	9.03	7.07	0.00	13.07	10.97	40.04	15.34	10.35	13.20	11.94	12.12
Enterprise Value to EBIT (EV/EBIT)	21.75	11.53	0.00	32.90	25.98	0.00	118.34	22.71	30.08	23.01	19.32
Enterprise Value to NOPAT (EV/NOPAT)	32.55	15.28	42.59	40.57	34.86	0.00	164.34	32.34	41.84	31.89	27.70
Enterprise Value to Operating Cash Flow (EV/OCF)	19.88	20.99	43.25	38.19	28.77	0.00	0.00	41.38	203.17	78.15	52.44
Enterprise Value to Free Cash Flow (EV/FCFF)	8.04	10.34	9.28	16.07	13.64	14.06	72.01	0.00	15.03	0.00	4.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-8.97	-5.78	-2.83	-2.51	-2.47	-2.00	-1.75	-1.70	-1.63	-1.56	-1.50
Long-Term Debt to Equity	-8.96	-5.77	-2.83	-2.51	-2.46	-1.99	-1.75	-1.70	-1.63	-1.56	-1.50
Financial Leverage	-13.18	-6.26	-3.55	-2.58	-2.38	-2.00	-1.70	-1.69	-1.66	-1.69	-1.64
Leverage Ratio	-17.81	-8.01	-3.72	-2.32	-2.63	-2.51	-1.85	-1.61	-1.46	-1.34	-1.23
Compound Leverage Factor	1.39	-3.36	-5.67	1.82	3.20	-5.65	12.77	0.50	1.27	0.66	0.39
Debt to Total Capital	112.54%	120.94%	154.52%	166.18%	167.83%	199.75%	232.48%	241.92%	258.32%	280.14%	298.66%
Short-Term Debt to Total Capital	0.09%	0.16%	0.02%	0.01%	0.67%	0.77%	0.88%	0.92%	0.02%	0.02%	0.02%
Long-Term Debt to Total Capital	112.45%	120.78%	154.50%	166.17%	167.16%	198.98%	231.60%	240.99%	258.31%	280.12%	298.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.14%	3.37%	4.61%	5.05%	5.04%	0.39%	0.46%	0.56%	0.56%	0.58%	0.68%
Common Equity to Total Capital	-16.76%	-24.39%	-59.24%	-71.23%	-72.87%	-100.14%	-132.93%	-142.48%	-158.89%	-180.72%	-199.34%
Debt to EBITDA	7.77	5.87	-20.33	9.65	9.04	40.07	12.72	9.94	11.70	10.84	10.27
Net Debt to EBITDA	7.14	5.27	-19.77	9.31	8.33	34.42	11.78	9.43	11.35	10.63	9.89
Long-Term Debt to EBITDA	7.76	5.86	-20.33	9.65	9.00	39.91	12.67	9.90	11.70	10.84	10.27
Debt to NOPAT	27.99	12.68	32.39	29.94	28.72	-27.22	136.19	31.06	37.10	28.96	23.47
Net Debt to NOPAT	25.73	11.41	31.50	28.91	26.47	-23.39	126.21	29.48	35.97	28.40	22.60
Long-Term Debt to NOPAT	27.97	12.67	32.39	29.94	28.60	-27.12	135.68	30.94	37.10	28.96	23.47
Altman Z-Score	-0.14	0.06	-1.07	-0.54	-0.53	-1.19	-1.20	-1.31	-1.48	-1.38	-1.70
Noncontrolling Interest Sharing Ratio	-56.05%	-22.98%	-11.27%	-8.11%	-7.53%	-3.38%	-0.37%	-0.37%	-0.37%	-0.34%	-0.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.70	2.09	1.48	1.39	1.02	1.22	1.02	1.00	1.08	1.30	1.28
Quick Ratio	1.21	1.77	1.22	1.22	0.94	1.15	0.95	0.66	0.55	0.36	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	739	626	746	445	452	396	94	-111	423	-495	1,277
Operating Cash Flow to CapEx	129.57%	0.00%	105.21%	93.03%	96.74%	0.00%	-90.20%	75.80%	18.76%	56.00%	138.59%
Free Cash Flow to Firm to Interest Expense	2.08	1.67	1.96	1.15	0.87	1.08	0.21	-0.33	1.07	-1.23	3.11
Operating Cash Flow to Interest Expense	0.84	0.82	0.42	0.48	0.41	-0.38	-0.30	0.42	0.08	0.20	0.28
Operating Cash Flow Less CapEx to Interest Expense	0.19	2.36	0.02	-0.04	-0.01	-0.12	-0.62	-0.13	-0.34	-0.16	0.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.45	0.50	0.59	0.49	0.31	0.32	0.27	0.29	0.32	0.37
Accounts Receivable Turnover	4.02	4.15	4.13	3.99	3.79	3.15	3.18	2.52	3.73	4.57	4.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.59	1.76	1.84	2.03	2.15	1.77	2.06	1.84	2.47	3.10	3.48
Accounts Payable Turnover	16.98	15.16	0.00	0.00	13.94	12.27	8.46	6.47	11.19	16.33	21.11
Days Sales Outstanding (DSO)	90.75	87.90	88.30	91.58	96.29	115.92	114.68	144.88	97.80	79.90	81.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	21.50	24.07	0.00	0.00	26.18	29.74	43.15	56.41	32.62	22.36	17.29
Cash Conversion Cycle (CCC)	69.25	63.82	88.30	91.58	70.11	86.18	71.53	88.47	65.18	57.54	64.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,050	3,848	3,264	2,996	2,720	2,119	2,067	2,357	2,086	2,777	1,717
Invested Capital Turnover	0.65	0.68	0.73	0.87	0.94	0.77	0.85	0.62	0.65	0.62	0.71
Increase / (Decrease) in Invested Capital	-556	-203	-583	-269	-275	-601	-53	290	-271	691	-1,060
Enterprise Value (EV)	5,943	6,476	6,925	7,152	6,171	5,569	6,763	5,792	6,350	6,232	6,024
Market Capitalization	1,057	1,492	1,646	1,896	1,333	771	1,558	500	879	670	1,099
Book Value per Share	($2.11)	($2.99)	($5.55)	($6.19)	($4.74)	($5.98)	($6.81)	($6.88)	($7.17)	($7.47)	($6.85)
Tangible Book Value per Share	($7.84)	($8.39)	($10.95)	($11.47)	($9.02)	($9.89)	($10.39)	($10.29)	($10.08)	($10.21)	($9.39)
Total Capital	4,541	4,445	3,408	3,176	3,029	2,790	2,411	2,299	2,180	2,021	1,709
Total Debt	5,111	5,376	5,267	5,277	5,084	5,572	5,605	5,562	5,630	5,660	5,103
Total Long-Term Debt	5,107	5,369	5,266	5,277	5,064	5,551	5,584	5,541	5,630	5,660	5,103
Net Debt	4,698	4,834	5,123	5,095	4,685	4,787	5,194	5,280	5,459	5,551	4,913
Capital Expenditures (CapEx)	231	-576	152	201	222	-95	148	185	167	142	83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	239	165	173	104	-357	-519	-368	-262	-98	278	-15
Debt-free Net Working Capital (DFNWC)	651	707	317	286	42	266	43	21	74	387	175
Net Working Capital (NWC)	647	700	317	286	21	245	22	-0.62	74	387	175
Net Nonoperating Expense (NNE)	254	266	789	379	539	396	474	273	461	371	193
Net Nonoperating Obligations (NNO)	4,620	4,779	5,123	5,097	4,775	4,902	5,261	5,620	5,537	6,417	5,111
Total Depreciation and Amortization (D&A)	385	355	337	330	325	432	384	305	270	251	185
Debt-free, Cash-free Net Working Capital to Revenue	8.50%	6.15%	6.69%	3.81%	-13.31%	-28.00%	-20.81%	-18.94%	-6.81%	18.45%	-0.91%
Debt-free Net Working Capital to Revenue	23.21%	26.37%	12.25%	10.52%	1.55%	14.34%	2.42%	1.49%	5.17%	25.74%	10.94%
Net Working Capital to Revenue	23.06%	26.11%	12.23%	10.51%	0.80%	13.19%	1.22%	-0.05%	5.14%	25.71%	10.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.27)	$0.39	($1.77)	($0.60)	($0.88)	$0.00	($0.93)	($0.20)	($0.65)	($0.37)	$0.04
Adjusted Weighted Average Basic Shares Outstanding	359.51M	360.29M	361.14M	361.74M	413.09M	0.00	471.35M	477.44M	483.72M	490.06M	498.49M
Adjusted Diluted Earnings per Share	($0.27)	$0.39	($1.77)	($0.60)	($0.88)	$0.00	($0.93)	($0.20)	($0.65)	($0.37)	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	359.51M	361.61M	361.14M	361.74M	413.09M	0.00	471.35M	477.44M	483.72M	490.06M	498.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	361.54M	362.30M	361.40M	365.58M	466.42M	0.00	471.35M	477.44M	483.72M	490.06M	498.49M
Normalized Net Operating Profit after Tax (NOPAT)	198	429	166	182	181	-99	124	195	152	195	217
Normalized NOPAT Margin	7.05%	16.00%	6.39%	6.68%	6.73%	-5.36%	7.03%	14.11%	10.58%	12.98%	13.55%
Pre Tax Income Margin	-0.76%	8.78%	-35.01%	-6.26%	-10.79%	-35.49%	-22.31%	-5.72%	-12.77%	-8.84%	-6.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.77	1.50	-1.57	0.56	0.46	-0.80	0.13	0.76	0.54	0.67	0.76
NOPAT to Interest Expense	0.51	1.13	0.43	0.45	0.34	-0.56	0.09	0.54	0.39	0.48	0.53
EBIT Less CapEx to Interest Expense	0.12	3.03	-1.97	0.04	0.03	-0.54	-0.20	0.21	0.11	0.32	0.56
NOPAT Less CapEx to Interest Expense	-0.14	2.67	0.03	-0.06	-0.09	-0.30	-0.24	-0.02	-0.04	0.13	0.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-43.35%	489.28%	-55.07%	-17.34%	0.00%	0.00%	0.00%	-0.42%	-0.87%	-2.27%	19.84%
Augmented Payout Ratio	-43.35%	489.28%	-55.07%	-17.34%	0.00%	0.00%	0.00%	-0.42%	-0.87%	-2.27%	19.84%

This table displays calculated financial ratios and metrics derived from Clear Channel Outdoor's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	490,058,313.00	496,715,404.00	497,012,805.00	497,305,185.00	498,488,033.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	490,058,313.00	496,715,404.00	497,012,805.00	497,305,185.00	498,488,033.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.13	0.02	-0.12	0.02	-0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.66%	79.08%	10.13%	5.22%	6.11%	-54.59%	2.25%	6.99%	8.12%	8.15%	11.88%
EBITDA Growth	1.68%	-40.61%	7.97%	-5.17%	16.61%	15.10%	-1.10%	-13.91%	0.51%	-2.99%	-7.68%
EBIT Growth	-0.86%	-43.32%	4,067.99%	-12.39%	37.14%	24.94%	29.12%	13.37%	22.56%	6.65%	-11.09%
NOPAT Growth	-13.83%	0.79%	445.11%	8.20%	4.04%	-39.63%	2.52%	-5.75%	20.95%	43.21%	-12.24%
Net Income Growth	-577.72%	-73.85%	-151.49%	-5.62%	87.99%	-163.86%	170.96%	127.56%	-86.49%	158.57%	-175.92%
EPS Growth	-587.50%	-76.19%	-171.43%	0.00%	87.27%	-160.00%	168.42%	125.00%	-71.43%	133.33%	-176.92%
Operating Cash Flow Growth	-44.21%	26.04%	-419.20%	147.24%	3.00%	-10.71%	142.87%	-140.84%	3.25%	92.41%	-78.37%
Free Cash Flow Firm Growth	1,644.27%	693.77%	89.06%	94.42%	-187.11%	-216.96%	12,933.04%	729.92%	237.76%	223.29%	-48.45%
Invested Capital Growth	-13.94%	-11.49%	1.36%	0.17%	19.53%	33.11%	-18.27%	-15.92%	-16.62%	-38.17%	-10.85%
Revenue Q/Q Growth	-0.76%	-111.55%	-23.79%	15.94%	0.08%	-116.83%	455.32%	20.54%	0.70%	13.78%	-18.99%
EBITDA Q/Q Growth	-18.32%	35.84%	-55.66%	61.91%	0.44%	34.08%	-48.50%	35.70%	2.62%	21.92%	-45.62%
EBIT Q/Q Growth	-19.18%	81.48%	-81.07%	135.54%	26.51%	65.34%	-61.81%	72.61%	3.46%	33.31%	-62.65%
NOPAT Q/Q Growth	32.57%	333.40%	-85.49%	75.16%	27.48%	151.48%	-75.27%	43.36%	25.15%	-216.34%	142.05%
Net Income Q/Q Growth	-618.49%	109.89%	-442.59%	56.63%	18.32%	47.38%	480.69%	-83.15%	-652.62%	116.53%	-593.46%
EPS Q/Q Growth	-587.50%	109.09%	-480.00%	57.89%	12.50%	57.14%	533.33%	-84.62%	-700.00%	108.33%	-1,100.00%
Operating Cash Flow Q/Q Growth	180.96%	-38.00%	-206.23%	188.59%	76.53%	-46.25%	-49.00%	-184.42%	546.26%	0.15%	-94.27%
Free Cash Flow Firm Q/Q Growth	1,655.94%	47.26%	-101.18%	835.84%	-886.73%	-97.73%	172.26%	-9.48%	7.98%	149.88%	-78.89%
Invested Capital Q/Q Growth	-15.27%	21.42%	-1.93%	-1.17%	1.10%	35.21%	-39.51%	1.68%	0.26%	0.27%	-12.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.48%	0.00%	45.86%	49.58%	49.09%	0.00%	49.57%	53.94%	54.53%	54.60%	51.83%
EBITDA Margin	21.51%	0.00%	16.86%	23.55%	23.63%	0.00%	27.30%	30.73%	31.31%	33.56%	22.52%
Operating Margin	13.20%	0.00%	6.72%	10.16%	12.94%	0.00%	13.46%	19.22%	19.90%	23.29%	10.56%
EBIT Margin	9.92%	0.00%	4.99%	10.14%	12.82%	0.00%	13.54%	19.39%	19.92%	23.33%	10.76%
Profit (Net Income) Margin	-49.89%	0.00%	-18.49%	-6.92%	-5.65%	0.00%	18.92%	2.64%	-14.51%	2.11%	-12.84%
Tax Burden Percent	512.06%	228.26%	100.78%	76.09%	89.29%	-40.13%	-116.80%	98.08%	91.92%	114.64%	82.36%
Interest Burden Percent	-98.24%	12.01%	-367.61%	-89.64%	-49.33%	34.93%	-119.64%	13.90%	-79.25%	7.88%	-144.87%
Effective Tax Rate	0.00%	-102.33%	0.00%	0.00%	0.00%	-8.15%	0.00%	41.69%	0.00%	161.16%	0.00%
Return on Invested Capital (ROIC)	9.13%	0.00%	5.01%	7.70%	10.72%	0.00%	7.63%	9.23%	11.61%	-10.17%	7.65%
ROIC Less NNEP Spread (ROIC-NNEP)	3.34%	0.00%	2.97%	6.29%	9.23%	0.00%	8.22%	8.58%	9.48%	-8.86%	6.14%
Return on Net Nonoperating Assets (RNNOA)	-5.10%	0.00%	-4.73%	-9.94%	-14.02%	0.00%	-12.63%	-13.17%	-14.54%	14.52%	-8.99%
Return on Equity (ROE)	4.03%	0.00%	0.28%	-2.23%	-3.30%	0.00%	-5.00%	-3.95%	-2.93%	4.35%	-1.34%
Cash Return on Invested Capital (CROIC)	23.83%	19.02%	8.20%	9.59%	-7.18%	-20.37%	30.62%	28.12%	29.40%	56.85%	24.91%
Operating Return on Assets (OROA)	3.78%	0.00%	2.28%	4.75%	6.16%	0.00%	4.79%	7.18%	7.44%	8.67%	4.59%
Return on Assets (ROA)	-19.02%	0.00%	-8.45%	-3.24%	-2.71%	0.00%	6.69%	0.98%	-5.42%	0.78%	-5.47%
Return on Common Equity (ROCE)	4.05%	0.00%	0.28%	-2.24%	-3.31%	0.00%	-5.02%	-3.96%	-2.94%	4.37%	-1.34%
Return on Equity Simple (ROE_SIMPLE)	6.41%	0.00%	10.18%	10.13%	3.69%	0.00%	0.69%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	49	211	23	40	51	127	31	45	57	-66	28
NOPAT Margin	9.24%	0.00%	4.71%	7.11%	9.06%	0.00%	9.42%	11.21%	13.93%	-14.24%	7.39%
Net Nonoperating Expense Percent (NNEP)	5.79%	3.31%	2.04%	1.42%	1.49%	2.41%	-0.59%	0.64%	2.13%	-1.31%	1.51%
Return On Investment Capital (ROIC_SIMPLE)	-	9.68%	-	-	-	6.30%	1.68%	2.71%	3.44%	-3.85%	1.66%
Cost of Revenue to Revenue	51.52%	0.00%	54.14%	50.42%	50.91%	0.00%	50.43%	46.06%	45.47%	45.40%	48.17%
SG&A Expenses to Revenue	23.16%	0.00%	27.56%	25.71%	25.19%	0.00%	24.97%	24.04%	23.79%	20.91%	26.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.29%	0.00%	39.13%	39.42%	36.15%	0.00%	36.11%	34.72%	34.63%	31.31%	41.27%
Earnings before Interest and Taxes (EBIT)	52	95	24	57	72	118	45	78	81	108	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	113	154	81	132	132	177	91	124	127	155	84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.42	0.61	0.37	0.31	0.35	0.45	0.36	0.38	0.50	0.69	0.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.89	0.00	55.12	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.72%	0.00%	1.81%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.54	3.04	3.05	3.03	3.04	2.24	3.25	3.23	3.35	3.51	4.08
Enterprise Value to Revenue (EV/Rev)	3.32	4.43	2.89	2.80	2.80	4.14	3.61	3.59	3.66	3.76	3.72
Enterprise Value to EBITDA (EV/EBITDA)	10.97	13.20	12.07	12.04	11.77	11.94	10.47	11.01	11.44	12.12	12.49
Enterprise Value to EBIT (EV/EBIT)	23.30	30.08	23.40	23.71	22.37	23.01	19.41	19.02	18.82	19.32	19.94
Enterprise Value to NOPAT (EV/NOPAT)	37.09	41.84	32.14	31.12	31.24	31.89	27.80	27.25	27.04	27.70	28.64
Enterprise Value to Operating Cash Flow (EV/OCF)	248.76	203.17	0.00	75.48	75.06	78.15	42.12	64.14	65.37	52.44	59.29
Enterprise Value to Free Cash Flow (EV/FCFF)	13.76	15.03	37.43	31.68	0.00	0.00	9.54	10.49	10.37	4.72	15.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.54	-1.63	-1.59	-1.57	-1.57	-1.56	-1.55	-1.49	-1.48	-1.50	-1.48
Long-Term Debt to Equity	-1.54	-1.63	-1.59	-1.57	-1.57	-1.56	-1.55	-1.49	-1.48	-1.50	-1.48
Financial Leverage	-1.53	-1.66	-1.59	-1.58	-1.52	-1.69	-1.54	-1.53	-1.53	-1.64	-1.46
Leverage Ratio	-1.37	-1.46	-1.38	-1.34	-1.28	-1.34	-1.23	-1.19	-1.19	-1.23	-1.12
Compound Leverage Factor	1.35	-0.18	5.08	1.20	0.63	-0.47	1.47	-0.17	0.94	-0.10	1.63
Debt to Total Capital	286.23%	258.32%	268.43%	273.95%	274.74%	280.14%	282.67%	304.34%	310.07%	298.66%	306.27%
Short-Term Debt to Total Capital	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Long-Term Debt to Total Capital	286.20%	258.31%	268.40%	273.92%	274.72%	280.12%	282.66%	304.32%	310.05%	298.64%	306.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.57%	0.56%	0.61%	0.46%	0.51%	0.58%	0.65%	0.53%	0.60%	0.68%	0.72%
Common Equity to Total Capital	-186.80%	-158.89%	-169.04%	-174.42%	-175.25%	-180.72%	-183.32%	-204.86%	-210.67%	-199.34%	-206.99%
Debt to EBITDA	10.14	11.70	10.88	11.04	10.66	10.84	10.16	10.11	10.17	10.27	10.42
Net Debt to EBITDA	9.57	11.35	10.51	10.67	10.28	10.63	9.40	9.84	9.86	9.89	10.05
Long-Term Debt to EBITDA	10.13	11.70	10.88	11.04	10.65	10.84	10.16	10.11	10.17	10.27	10.42
Debt to NOPAT	34.29	37.10	28.98	28.55	28.28	28.96	26.98	25.02	24.02	23.47	23.90
Net Debt to NOPAT	32.38	35.97	27.98	27.59	27.28	28.40	24.96	24.34	23.29	22.60	23.05
Long-Term Debt to NOPAT	34.28	37.10	28.97	28.55	28.28	28.96	26.98	25.02	24.02	23.47	23.90
Altman Z-Score	-1.60	-1.56	-1.55	-1.55	-1.50	-1.49	-1.88	-2.01	-2.01	-1.88	-2.00
Noncontrolling Interest Sharing Ratio	-0.33%	0.00%	-0.37%	-0.29%	-0.30%	0.00%	-0.36%	-0.26%	-0.29%	-0.33%	-0.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	1.08	1.03	1.02	1.00	1.30	1.43	1.15	1.14	1.28	1.25
Quick Ratio	0.73	0.55	0.78	0.78	0.77	0.36	1.14	0.81	0.80	0.91	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	327	482	-4.92	36	-285	-563	407	368	398	994	210
Operating Cash Flow to CapEx	141.22%	60.66%	-132.87%	120.38%	162.68%	51.26%	58.47%	-76.11%	379.43%	216.74%	20.18%
Free Cash Flow to Firm to Interest Expense	3.16	5.77	-0.04	0.34	-2.66	-7.31	4.10	5.48	2.75	10.02	2.13
Operating Cash Flow to Interest Expense	0.51	0.39	-0.31	0.29	0.51	0.38	0.15	-0.19	0.39	0.57	0.03
Operating Cash Flow Less CapEx to Interest Expense	0.15	-0.25	-0.54	0.05	0.20	-0.36	-0.11	-0.43	0.29	0.31	-0.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.29	0.46	0.47	0.48	0.32	0.35	0.37	0.37	0.37	0.43
Accounts Receivable Turnover	3.70	3.73	4.58	4.47	4.76	4.57	4.20	3.90	3.75	4.48	5.14
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.63	2.47	3.06	3.29	3.49	3.10	2.71	2.84	2.90	3.48	5.37
Accounts Payable Turnover	13.32	11.19	14.70	15.78	20.10	16.33	13.29	13.54	16.61	21.11	19.91
Days Sales Outstanding (DSO)	98.70	97.80	79.76	81.61	76.66	79.90	86.87	93.49	97.23	81.40	71.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	27.40	32.62	24.83	23.13	18.16	22.36	27.46	26.96	21.97	17.29	18.33
Cash Conversion Cycle (CCC)	71.30	65.18	54.93	58.48	58.50	57.54	59.40	66.53	75.25	64.11	52.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,718	2,086	2,055	2,031	2,054	2,777	1,680	1,708	1,712	1,717	1,498
Invested Capital Turnover	0.99	0.65	1.06	1.08	1.18	0.62	0.81	0.82	0.83	0.71	1.03
Increase / (Decrease) in Invested Capital	-278	-271	28	3.50	336	691	-376	-323	-341	-1,060	-182
Enterprise Value (EV)	6,090	6,350	6,269	6,164	6,249	6,232	5,454	5,519	5,740	6,024	6,116
Market Capitalization	763	879	797	689	782	670	544	581	785	1,099	1,181
Book Value per Share	($7.61)	($7.17)	($7.28)	($7.37)	($7.38)	($7.47)	($7.01)	($6.87)	($6.97)	($6.85)	($6.78)
Tangible Book Value per Share	($10.87)	($10.08)	($10.45)	($10.49)	($10.48)	($10.21)	($9.70)	($9.49)	($9.55)	($9.39)	($9.22)
Total Capital	1,967	2,180	2,106	2,064	2,059	2,021	1,873	1,665	1,645	1,709	1,667
Total Debt	5,629	5,630	5,652	5,655	5,657	5,660	5,293	5,067	5,100	5,103	5,105
Total Long-Term Debt	5,629	5,630	5,651	5,654	5,657	5,660	5,293	5,067	5,100	5,103	5,105
Net Debt	5,316	5,459	5,459	5,465	5,456	5,551	4,898	4,929	4,945	4,913	4,923
Capital Expenditures (CapEx)	37	54	26	26	33	57	26	17	15	26	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-476	-98	-170	-168	-199	278	-138	-52	-71	-15	-34
Debt-free Net Working Capital (DFNWC)	-162	74	23	21	2.37	387	258	87	84	175	148
Net Working Capital (NWC)	-163	74	23	21	1.80	387	257	87	84	175	148
Net Nonoperating Expense (NNE)	311	185	112	78	82	144	-32	34	115	-75	76
Net Nonoperating Obligations (NNO)	5,381	5,537	5,602	5,622	5,652	6,417	5,101	5,110	5,168	5,111	4,936
Total Depreciation and Amortization (D&A)	61	59	57	75	60	59	46	46	46	47	44
Debt-free, Cash-free Net Working Capital to Revenue	-25.91%	-6.81%	-7.83%	-7.64%	-8.91%	18.45%	-9.14%	-3.35%	-4.50%	-0.91%	-2.09%
Debt-free Net Working Capital to Revenue	-8.84%	5.17%	1.07%	0.97%	0.11%	25.74%	17.03%	5.66%	5.37%	10.94%	9.00%
Net Working Capital to Revenue	-8.87%	5.14%	1.04%	0.94%	0.08%	25.71%	17.01%	5.64%	5.35%	10.92%	8.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.55)	$0.05	($0.19)	($0.08)	($0.07)	($0.03)	$0.13	$0.02	($0.12)	$0.01	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M
Adjusted Diluted Earnings per Share	($0.55)	$0.05	($0.19)	($0.08)	($0.07)	($0.03)	$0.13	$0.02	($0.12)	$0.01	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	483.01M	483.72M	488.71M	488.95M	489.08M	490.06M	496.72M	497.01M	497.31M	498.49M	508.98M
Normalized Net Operating Profit after Tax (NOPAT)	49	73	23	52	51	82	31	45	57	75	28
Normalized NOPAT Margin	9.24%	0.00%	4.71%	9.38%	9.06%	0.00%	9.42%	11.21%	13.93%	16.30%	7.39%
Pre Tax Income Margin	-9.74%	0.00%	-18.35%	-9.09%	-6.32%	0.00%	-16.20%	2.70%	-15.78%	1.84%	-15.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.50	1.14	0.21	0.53	0.67	1.54	0.46	1.16	0.56	1.09	0.41
NOPAT to Interest Expense	0.47	2.53	0.20	0.37	0.47	1.65	0.32	0.67	0.39	-0.66	0.28
EBIT Less CapEx to Interest Expense	0.14	0.49	-0.02	0.29	0.36	0.80	0.20	0.92	0.46	0.82	0.25
NOPAT Less CapEx to Interest Expense	0.11	1.88	-0.03	0.13	0.16	0.91	0.06	0.43	0.29	-0.92	0.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.87%	0.00%	0.00%	0.00%	-2.27%	-17.14%	19.12%	-308.35%	19.84%	0.00%
Augmented Payout Ratio	0.00%	-0.87%	0.00%	0.00%	0.00%	-2.27%	-17.14%	19.12%	-308.35%	19.84%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Clear Channel Outdoor (NYSE: CCO) using the last four years of quarterly statements. The focus is on cash flow, profitability, and leverage, with an emphasis on trends most relevant to retail investors.

Recent operating cash flow has turned positive in the latest quarters, with Net Cash From Continuing Operating Activities of about $56.2M (Q3 2025) and $56.3M (Q4 2025). This suggests improving cash generation from the core business after a period of volatility.
Free cash flow in Q4 2025 was positive, roughly around $30M, after subtracting capex (Purchase of Property, Plant & Equipment) of about $26M. This indicates cash available for debt reduction or potential shareholder-friendly uses if sustained.
Divestitures contributed modest but meaningful cash inflows in recent quarters (Q3 2025: about $4.21M; Q4 2025: about $4.31M), providing occasional liquidity boosts beyond ongoing operations.
Revenue scale remains substantial in 2025, with Operating Revenue in the mid-to-high hundreds of millions per quarter (e.g., Q4 2025 around $461.5M; Q3 2025 around $405.6M; Q2 2025 around $402.8M; Q1 2025 around $334.2M), reflecting a sizable advertising footprint.
The balance sheet shows a high leverage profile, with Long-Term Debt in the $5.0B–$5.3B range and Total Liabilities well above $7B in recent periods, alongside negative equity in multiple quarters. This implies meaningful solvency and financing considerations for investors.
Interest expense remains a substantial drag in most quarters (for example, around $99.2M in Q4 2025 and $144.8M in Q3 2025), which compresses pretax income and net income.
Net income to common shareholders has been volatile, with a notable quarterly loss in Q3 2025 (approximately -$60.1M) despite occasional positive quarters (e.g., Q4 2025). This volatility can complicate earnings visibility for investors relying on quarterly results.
Investing cash flows are consistently negative due to ongoing capital expenditure and acquisitions/divestitures, reflecting continued investment in assets and potential portfolio changes in outdoor advertising assets.
Total Common Equity has been negative across several balance sheets (for example, recent periods show substantial negative equity), highlighting ongoing deficits and a challenging balance sheet backdrop for equity holders.

05/14/26 06:04 PM ETAI Generated. May Contain Errors.

Clear Channel Outdoor Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Clear Channel Outdoor's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 10 years, Clear Channel Outdoor's net income changed from -$71.22 million in 2015 to $24.74 million in 2025, a change of -134.7%. See where experts think Clear Channel Outdoor is headed by visiting Clear Channel Outdoor's forecast page.

Clear Channel Outdoor's total operating income in 2025 was $310.61 million, based on the following breakdown:

Total Gross Profit: $856.12 million
Total Operating Expenses: $545.51 million

Over the last 10 years, Clear Channel Outdoor's total revenue changed from $2.81 billion in 2015 to $1.60 billion in 2025, a change of -42.8%.

Clear Channel Outdoor's total liabilities were at $7.22 billion at the end of 2025, a 14.5% decrease from 2024, and a 5.0% increase since 2015.

In the past 10 years, Clear Channel Outdoor's cash and equivalents has ranged from $109.71 million in 2024 to $785.31 million in 2020, and is currently $190.02 million as of their latest financial filing in 2025.

Over the last 10 years, Clear Channel Outdoor's book value per share changed from -2.11 in 2015 to -6.85 in 2025, a change of 225.2%.

Related Companies

Financial statements for NYSE:CCO last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Clear Channel Outdoor (CCO) Financials

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Clear Channel Outdoor (CCO) Financials

Annual Income Statements for Clear Channel Outdoor

Quarterly Income Statements for Clear Channel Outdoor

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Quarterly Cash Flow Statements for Clear Channel Outdoor

Annual Balance Sheets for Clear Channel Outdoor

Quarterly Balance Sheets for Clear Channel Outdoor

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Quarterly Metrics And Ratios for Clear Channel Outdoor

Financials Breakdown Chart

Key Financial Trends

Clear Channel Outdoor Financials - Frequently Asked Questions

When does Clear Channel Outdoor's financial year end?

How has Clear Channel Outdoor's net income changed over the last 10 years?

What is Clear Channel Outdoor's operating income?

How has Clear Channel Outdoor's revenue changed over the last 10 years?

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How has Clear Channel Outdoor's book value per share changed over the last 10 years?

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