Clear Channel Outdoor Holdings, Inc.
- Open
- 2.41
- Day high
- 2.41
- Day low
- 2.40
- Prev close
- 2.41
- Volume
- 5.6M
- Mkt cap
- $1.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.4
- P/S
- 0.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$56.3M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Clear Channel Outdoor Holdings, Inc. (CCO) is a Communication Services company listed on NYSE. The stock is up 107% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Clear Channel Outdoor Holdings, Inc. (CCO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CCO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.09 | $-0.10 | -11.1% | $374M | +7.2% |
| Feb 26, 2026 | $0.01 | $0.02 | +60.9% | $462M | +2.8% |
| Nov 6, 2025 | $-0.04 | $-0.03 | +25.0% | $406M | -9.7% |
| May 1, 2025 | $-0.13 | $-0.11 | +15.4% | $334M | -16.0% |
| Oct 31, 2024 | $-0.06 | $-0.06 | +0.0% | $375M | -42.2% |
| May 9, 2024 | $-0.17 | $-0.19 | -11.8% | $482M | +0.7% |
| Feb 26, 2024 | $0.04 | $0.05 | +29.9% | $632M | +3.6% |
| Feb 28, 2023 | $0.04 | $0.20 | +368.7% | $709M | -1.1% |
| Feb 24, 2022 | $0.04 | $0.13 | +205.6% | $743M | +0.3% |
| Jul 29, 2021 | $-0.24 | $-0.27 | -12.5% | $531M | +0.0% |
| Feb 25, 2021 | $-0.18 | $-0.07 | +61.1% | $541M | -31.0% |
| Aug 7, 2020 | $-0.38 | $-0.30 | +21.1% | $315M | -21.1% |
CCO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 11, 2026 | White Raymond T.director | Sell | 19,761,023 | $2.40 |
| Jun 11, 2026 | White Raymond T.director | Sell | 1,918,300 | $2.40 |
| Jun 11, 2026 | White Raymond T.director | Sell | 1,756,473 | $2.40 |
| May 1, 2026 | FELDMAN LYNNofficer: See Remarks | Grant | 458,333 | — |
| May 1, 2026 | Sailer Davidofficer: See Remarks | Grant | 196,078 | — |
| May 1, 2026 | WELLS SCOTTdirector, officer: Chief Executive Officer | Grant | 1,564,814 | — |
| May 1, 2026 | FELDMAN LYNNofficer: See Remarks | Grant | 196,078 | — |
| May 1, 2026 | DILGER JASONofficer: Chief Accounting Officer | Grant | 49,019 | — |
| May 1, 2026 | McCuin Robertofficer: EVP, Chief Revenue Officer | Grant | 105,042 | — |
| May 1, 2026 | Sailer Davidofficer: See Remarks | Grant | 291,666 | — |
| May 1, 2026 | McCuin Robertofficer: EVP, Chief Revenue Officer | Tax | 210,750 | $2.40 |
| May 1, 2026 | WELLS SCOTTdirector, officer: Chief Executive Officer | Grant | 560,224 | — |
| May 1, 2026 | Sailer Davidofficer: See Remarks | Tax | 142,829 | $2.40 |
| May 1, 2026 | McCuin Robertofficer: EVP, Chief Revenue Officer | Grant | 416,666 | — |
| May 1, 2026 | FELDMAN LYNNofficer: See Remarks | Tax | 224,446 | $2.40 |
Source: CCO SEC Form 4 filings, latest Jun 11, 2026. For informational purposes only — not investment advice.
See the full CCO insider & 13F page →Clear Channel Outdoor Holdings, Inc. company profile
Overview
Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is one of the world's largest outdoor advertising companies, founded in 1901 and headquartered in San Antonio, Texas. Originally known as Eller Media Company, the company changed its name to Clear Channel Outdoor Holdings in August 2005 following its public listing. The company has undergone significant strategic transformation in recent years, divesting international operations to focus primarily on higher-margin U.S. markets including the Americas and airports segments.
Business
Clear Channel Outdoor operates in the out-of-home (OOH) advertising industry, which encompasses all forms of advertising that reach consumers when they are outside their homes. The company owns, operates, and sells advertising space on various outdoor display structures across the United States and internationally. The company's core offerings include several types of advertising displays. Billboards represent traditional roadside advertising and include both bulletins (large format displays) and posters (smaller standardized displays). Transit displays are advertising surfaces placed on vehicles like buses and trains or within transit systems such as subway stations. Street furniture displays consist of advertising surfaces on public infrastructure including bus shelters, information kiosks, and freestanding units. Spectaculars are premium, customized display structures that incorporate advanced features like video screens, three-dimensional elements, and mechanical moving parts. Wallscapes are large-format displays that drape over or are suspended from building sides. The company operates through two primary business segments: 1. Americas Segment (~75% of revenue): Focuses on roadside billboards and street furniture across the United States, generating approximately $1.2 billion in annual revenue. This segment includes traditional static displays and increasingly digital billboards. 2. Airports Segment (~25% of revenue): Operates advertising displays within airport terminals and generates approximately $380 million annually. This segment has higher digital penetration, with over 60% of revenue coming from digital displays. The company has been actively divesting international operations, having sold businesses in Latin America and Europe to concentrate on these higher-margin U.S. segments. Digital displays now represent a significant portion of revenue, accounting for approximately 40% of total revenue across both segments.
Revenue model
Clear Channel Outdoor generates revenue primarily through advertising space rental to brands and agencies seeking to reach consumers in outdoor environments. The company operates on a landlord model, where it owns or leases physical advertising structures and then sells advertising time/space to clients on various contract terms ranging from short-term campaigns to longer-term commitments. The company's paying customers include national advertisers (large brands and their advertising agencies), local businesses, and increasingly, programmatic advertising buyers who purchase inventory through automated digital platforms. National advertisers typically represent 40-60% of revenue depending on the segment, while local advertisers make up the remainder. Revenue streams vary by display type and contract structure. Traditional static displays generate revenue through fixed-term advertising contracts, while digital displays command premium pricing and offer more flexible, shorter-term advertising opportunities. The airports segment generates higher revenue per display due to captive, affluent audiences in premium locations. Several factors influence the company's margins and profitability. Positive margin drivers include the ongoing digital transformation of inventory, which commands higher rates and offers operational efficiencies; increasing programmatic advertising adoption, which reduces sales costs; and the company's focus on high-traffic, premium locations. Economic growth and increased advertising spending, particularly in key verticals like pharmaceuticals, automotive, and consumer goods, also boost margins. Negative margin pressures include regulatory constraints on digital conversions in many U.S. markets, which limit the company's ability to upgrade static inventory; economic downturns that reduce advertising budgets, particularly impacting discretionary local advertising; increased competition from digital advertising platforms; and rising property lease costs for prime advertising locations. The company also faces ongoing debt service costs that pressure free cash flow generation.
Competitive moat
Clear Channel Outdoor's competitive moat is moderately strong but faces increasing challenges. The company's primary moat stems from its control of prime physical locations for outdoor advertising, which cannot be easily replicated. Many of the company's billboard and street furniture locations are secured through long-term leases or exclusive municipal contracts, creating barriers to entry for competitors. The company benefits from regulatory barriers that limit new billboard construction in many markets, protecting existing inventory from oversupply. Additionally, the company's scale provides advantages in negotiating with large national advertisers and in spreading fixed costs across a large inventory base. However, this moat faces significant erosion pressures. The most substantial threat comes from digital advertising platforms that offer more precise targeting, real-time optimization, and measurable results compared to traditional out-of-home advertising. Mobile advertising, social media platforms, and streaming services provide advertisers with detailed analytics and audience engagement metrics that outdoor advertising cannot match. The company is attempting to strengthen its moat through digital transformation and data analytics, investing in programmatic advertising capabilities and audience measurement tools. However, the pace of digital conversion is constrained by regulatory approvals and zoning restrictions, particularly in the U.S. roadside market. Competitive threats also emerge from other outdoor advertising companies, digital billboards operators, and alternative media formats. The company's high debt levels limit its financial flexibility to invest in defensive measures or acquisitions that could strengthen its competitive position.
Risks & safety
Clear Channel Outdoor presents significant financial risk with limited margin of safety due to its overleveraged capital structure and inconsistent cash generation. • Debt and Solvency Risk: Total liabilities of $8.4 billion versus total assets of $4.8 billion, creating negative equity of approximately $3.6 billion. Debt-to-equity ratio of -1.93 indicates severe overleveraging. The company faces $2.7 billion in debt maturities in 2027. • Cash Flow Concerns: Free cash flow has been consistently negative, with -$63 million in 2024. Operating cash flow of $80 million barely covers interest expenses. Current cash position of $110 million provides limited liquidity buffer. • Valuation Metrics: EV/EBITDA of 17.1x appears elevated for a mature, capital-intensive business with declining growth prospects. Negative book value makes traditional valuation metrics less meaningful. • Other Considerations: Current ratio of 1.30 provides modest short-term liquidity. The company's asset divestiture program has generated some cash but may be selling higher-quality international assets. Regulatory constraints limit growth options in core U.S. markets.
Recent development
Clear Channel Outdoor has undergone significant strategic transformation over the past few years, fundamentally reshaping its business model and geographic focus. The company's most significant strategic pivot has been the divestiture of international operations to concentrate on higher-margin U.S. markets. The company successfully sold businesses in Mexico, Chile, Peru, and agreed to sell its Europe-North segment for $625 million, with additional sales of Spanish and Brazilian operations planned. The company has prioritized digital transformation across its portfolio, with digital displays now representing approximately 40% of total revenue. This includes expanding digital inventory in both the Americas and airports segments, with digital revenue growing 6-8% annually. The digital push extends to programmatic advertising capabilities, allowing automated buying and selling of advertising inventory. Debt reduction has become a central focus, with the company using divestiture proceeds to prepay $375 million in term loans and repurchase $120 million in bonds. Management has reduced annual corporate expenses by $35 million through organizational streamlining and geographic consolidation. The company has also expanded its data analytics and measurement capabilities, launching products like CCO in-flight insights for airport advertising and investing in AI-driven productivity tools. Strategic contract wins include a significant 15-year agreement with New York's MTA for roadside advertising assets, expected to contribute 2% growth to the Americas segment. Vertical market expansion has targeted growth sectors including pharmaceuticals, consumer packaged goods, and automotive advertising, with dedicated sales teams focused on these higher-spending categories.
CCO company profile · for informational purposes only — not investment advice.
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