Company: CCO
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001334978-25-000037
Chunk: 8

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 8
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 quarter of 2025, we recognized the effects of the applicable provisions of the One Big Beautiful Bill Act (“OBBB”). The impacts were favorable but not material to our current period consolidated financial statements. Certain provisions of the OBBB are expected to reduce federal current tax expense in future periods.

America Results of Operations

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,% 20252024Change20252024ChangeRevenue$309,959 $292,821 5.9%$867,263 $832,805 4.1%Direct operating expenses(1)121,460 110,847 9.6%354,274 325,294 8.9%SG&A expenses(1)55,061 53,706 2.5%164,084 157,277 4.3%Segment Adjusted EBITDA133,441 128,372 3.9%348,913 350,816 (0.5)%

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

America Revenue

America revenue increased by $17.1 million, or 5.9%, for the three months ended September 30, 2025, and by $34.5 million, or 4.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024. These increases were primarily driven by the MTA contract and, to a lesser extent, improved performance in the San Francisco/Bay Area market. 

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Revenue growth by format was driven by both print and digital billboards, reflecting the addition of new boards to our portfolio, including those operated under the MTA contract, as well as higher advertiser demand. Digital revenue growth also benefited from increased programmatic sales. The table below provides additional information on America digital revenue.

(In thousands)Three Months EndedSeptember 30,%Nine Months EndedSeptember 30,%20252024Change20252024ChangeDigital revenue$113,113$105,7976.9%$316,537$292,4438.2%Percent of total segment revenue36.5 %36.1 %36.5 %35.1 %

Revenue growth by sales channel was primarily driven by local sales, reflecting sustained strength in local advertising demand across various markets, with national sales also contributing. National sales accounted for 36.5% and 36