Clear Channel Outdoor Holdings, Inc. (NYSE: CCO)

Clear Channel Outdoor Holdings, Inc. is a leading provider of out of home advertising solutions in the United States and select international markets. The company leverages a diverse portfolio of assets including roadside billboards, street furniture, and airport displays to connect advertisers with millions of consumers each month. By emphasizing innovation, Clear Channel Outdoor Holdings, Inc. has expanded its network of digital displays and integrated data analytics, programmatic tools, and other technologies to deliver measurable campaigns that are simpler to buy. The company’s common stock is listed on the New York Stock Exchange under the symbol CCO.

Revenue is generated primarily by selling advertising space on these displays, most contracts are sold in four week periods with some advertisers securing longer term placements on high demand locations. The America segment derives income from roadside billboards and street furniture while the Airports segment earns from advertising in airports. In 2025 the America segment generated $1,197 million and the Airports segment generated $407 million. Digital displays accounted for 44 percent of total revenue despite representing only 8 percent of the company’s inventory, highlighting the attractive economics of the digital portfolio. The company offers a range of products including bulletins, posters, spectaculars, wallscapes, street furniture, and additional services such as creative design, printing, installation, and transit advertising. No single advertiser accounted for a material portion of consolidated revenue in 2025.

The company operates through the following segments: America and Airports.

• America: This segment operates more than 48,200 displays across 28 U. S. designated market areas, with a concentration in larger markets and includes 43 of the top 50 U. S. markets. The primary product is large format billboards located along major expressways, primary commuting routes, and main intersections. Street furniture advertising appears on bus shelters, kiosks, news racks, and other public structures, primarily in metropolitan areas and along major commuting routes. As of December 31, 2025, the America segment included 2,001 digital billboard displays and 532 other digital displays. Digital displays generated 37 percent of the segment’s revenue in 2025, reflecting the higher yield of digital assets. The America segment contributed approximately 75 percent of the company’s total revenue from continuing operations in 2025.

• Airports: This segment offers advertising opportunities in more than 60 commercial airports and a number of private airports primarily in the United States with a limited presence in the Caribbean. The portfolio focuses on locations with high passenger volume and strong advertiser demand, making the company a leading airport advertising provider in the United States by traveler reach. As of December 31, 2025, the Airports segment operated 12,782 displays, of which 2,583 were digital displays. Revenue from the Airports segment was $407 million in 2025, with digital displays accounting for 64 percent of that revenue. Contracts typically range from four weeks to one year, with some extending beyond one year, and often include exclusivity provisions granting the company the sole right to sell advertising at specific airports. The segment provides printed, digital, and experiential formats such as custom exhibits and interactive installations.

Clear Channel Outdoor Holdings, Inc. ranks among the largest out of home advertising companies in the United States, operating in 81 designated market areas including 43 of the top 50 U. S. markets. The company faces competition from other large operators such as Lamar Advertising Company and Outfront Media Inc. as well as numerous regional and local participants. Competitive advantages stem from a scale that provides broad reach, proprietary relationships with exclusivity provisions in airports and street furniture, deep operational expertise, and a growing digital portfolio that generated 44 percent of total revenue in 2025 despite representing only 8 percent of inventory. Additionally, the company’s RADAR data platform and programmatic buying capabilities enhance targeting and measurement for advertisers. Barriers to entry in the out of home industry are significant because federal, state, and local regulations limit the development of new billboard inventory, airport advertising concessions require exclusive contracts and specialized expertise, and street furniture media are built on municipal agreements that are difficult to replicate. According to the Omnicom U. S. Advertising Market Model (Winter 2025), out of home accounted for 2.3 percent of total U. S. advertising spend in 2025 and is projected to grow at a 4.0 percent compound annual rate from 2026 to 2030, while other traditional media are expected to decline.

The company serves a diversified base of advertisers across many industries including large national brands, local and regional businesses, and small enterprises. Large national advertisers are supported by dedicated agency partnerships teams and client solutions teams that leverage the RADAR data platform and vertical specialist groups focused on sectors such as pharmaceuticals, automotive, and beverages. Local and regional clients benefit from deep market expertise, data driven planning tools, and consistent relationships maintained by local sales teams. Small businesses are served through a centralized inside sales team that uses dedicated tools and processes to engage smaller and dormant accounts effectively while enabling local sales staff to focus on higher value opportunities. No single advertiser accounted for a material portion of consolidated revenue in 2025.