Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 10

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 10
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%Segment Adjusted EBITDA21,866 16,925 29.2%60,526 55,089 9.9%

(1)Includes restructuring and other costs that are excluded from Segment Adjusted EBITDA.

Airports Revenue

Airports revenue increased by $13.3 million, or 16.1%, for the three months ended September 30, 2025, and by $29.8 million, or 12.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were driven by strong advertising demand, with the most significant year-over-year growth at San Francisco International Airport, the Port Authority of New York and New Jersey, and other major hub airports.

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Revenue growth by format was driven by higher digital revenue, partially offset by lower print revenue. The table below provides additional information on Airports digital revenue.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeDigital revenue$57,850$42,08937.4%$170,615$133,00928.3%Percent of total segment revenue60.5 %51.1 %62.0 %54.2 %

Revenue growth by sales channel was primarily driven by national sales, which accounted for 63.8% and 58.6% of Airports revenue for the three months ended September 30, 2025 and 2024, respectively, and 62.4% and 57.2% for the nine months ended September 30, 2025 and 2024, respectively. The remainder was derived from local sales.

Airports Direct Operating Expenses

Airports direct operating expenses increased by $6.7 million, or 11.8%, for the three months ended September 30, 2025, and by $21.1 million, or 12.9%, for the nine months ended September 30, 2025, compared to the same periods in 2024. The increases were primarily driven by higher site lease expense, reflecting revenue growth, with the nine-month period also impacted by lower rent abatements. The table below provides additional information on Airports site lease expense and rent abatements.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeSite lease expense$57