Clear Channel Outdoor Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Clear Channel Outdoor Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,680	2,589	2,722	2,684	1,855	1,769	1,382	1,434	1,505	1,604
Selling, general and administrative	515	499	523	521	442	330	231	235	253	262
Operating income	632	232	252	253	-292	58.8	256	217	279	311
Interest expense	375	380	388	420	360	349	334	398	402	396
Other non-operating income	-70.2	27.8	-34.4	-15.4	-0.17	-1.64	-0.78	-5.7	-8.38	1.2
Pre-tax income	235	-906	-170	-290	-658	-395	-79	-183	-133	-98.8
Income tax	77.5	-280	32.5	72.3	-58	-36.5	-89.9	-23.7	-9.37	4.95
Income from continuing operations						-359	8.66	-161	-127	-108
Net income to minority interests	22.8	18.1	15.4	1.53	-17.5	0.7	2.22	2.11	3.38	4.8
Net income	135	-644	-218	-363	-583	-434	-96.6	-311	-179	19.9
EBITDA	976	558	571	562	-23	272	430	414	453	486
EPS, basic	0.37	-1.78	-0.60	-0.88	-1.25	-0.93	-0.20	-0.65	-0.37	0.04
EPS, diluted	0.37	-1.78	-0.60	-0.88	-1.25	-0.93	-0.20	-0.65	-0.37	0.04
Shares, basic (weighted)	360	361	362	413	465	468	474	482	488	495
Shares, diluted (weighted)	362	361	362	413	465	468	484	482	488	495
Dividend per share			0.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	542	144	182	399	785	411	282	172	110	190
Receivables	593	659	706	710	468	643	454	315	344	371
Inventory	21.2	21.9	18.1	21.1	16.6
Other current assets	39.2	58.7	31.3	32.8	31.6	26.5	17.5	7.97	2.09	7.3
Total current assets	1,341	974	1,016	1,202	1,335	1,135	1,121	957	1,659	793
Property, plant and equipment	1,413	1,395	1,289	1,211	889	827	672	490	480	442
Lease right-of-use assets			0	1,885	1,633	1,567	1,404	1,081	1,316	1,314
Goodwill	696	714	706	704	710	660	651	508	508	508
Intangible assets	300	274	253	163	130	110	813	742	667	588
Other non-current assets	122	125	133	98.1	70.1	82.3	48.4	12.7	10.1	17.9
Total assets	5,708	4,671	4,522	6,393	5,755	5,299	5,086	4,722	4,804	3,829
Accounts payable	86.9	88	114	94.6	101	109	73.4	44.6	38.8	32.1
Accrued liabilities	481	510	528	504	444	523	331	182	164	170
Deferred revenue	67	59.2	85.1	84	64.3	76.7	47.9	40.8	70.2	75.4
Short-term debt	6.97	0.57	0.23	20.3	21.4	21.2	21.2	0.4	0.35	0.31
Total current liabilities	642	658	730	1,181	1,090	1,113	1,122	884	1,272	618
Long-term debt	5,110	5,266	5,277	5,064	5,551	5,584	5,541	5,630	5,660	5,103
Lease liabilities			0	1,560	1,342	1,311	1,238	1,009	1,229	1,226
Other non-current liabilities	39	284	260	183	199	161	93.3	62.8	61	55.3
Total liabilities	6,666	6,529	6,624	8,448	8,538	8,493	8,349	8,173	8,444	7,223
Total debt	5,117	5,267	5,277	5,084	5,572	5,605	5,562	5,630	5,660	5,103
Paid-in capital	3,432	3,108	3,086	3,490	3,503	3,522	3,543	3,564	3,590	3,613
Retained earnings	-4,126	-4,781	-5,001	-5,350	-5,940	-6,373	-6,470	-6,781	-6,960	-6,940
Treasury stock	-4.11	-5.79	-6.58	-2.62	-3.08	-7.84	-18.8	-23.6	-28.4	-30.7
Other comprehensive income	-387	-340	-344	-350	-359	-351	-335	-227	-258	-53.4
Minority interests	150	157	160	153	10.9	11.1	12.9	12.3	11.7	11.6
Total equity	-947	-1,858	-2,102	-2,055	-2,783	-3,194	-3,263	-3,451	-3,640	-3,394
Total liabilities and equity	5,719	4,671	4,522	6,393	5,755	5,299	5,086	4,722	4,804	3,829

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	158	-626	-203	-362	-600	-433	-94.4	-309	-176	24.7
Depreciation and amortization	344	326	319	309	269	213	174	197	174	175
Stock-based compensation	10.3	9.59	8.52	15.8	13.2	19.4	21.1	20.5	26.2	25.6
Deferred income tax	32	-311	14.4	24.1	-80.3	-31.9	-93	-28.9	-12.6	2.87
Change in receivables	30.3	-39.8	-74.6	-12.6	109	-177	-20.5	-35.8	-23.9	4.38
Cash from operations	309	160	187	215	-138	-133	140	31.3	79.7	115
Capital expenditures	-230	-224	-211	-232	-124	-148	-185	-167	-142	-82.9
Acquisitions	0						-62	-12.1	-26.6	-0.56
Cash from investing	574	-155	-204	-220	94.5	-153	-222	-120	-156	523
Debt issued	6.86	156	0	5,475	375	2,086	0	750	1,657	2,050
Debt repaid	-2.33	-0.75	-0.63	-5,716	-75	-2,011	-21.4	-684	-1,636	-2,611
Stock issued		0	0	333	0	0
Dividends paid	-756	-333	-30.7	-0.74	-0.41
Cash from financing	-726	-380	40.7	220	418	-85.2	-32.7	45.6	-8.18	-598
Exchange rate effect	-5.33	9.54	-9.81	-0.29	2.99	-3.66	-6.87	4.54	-4.1	4.76
Net change in cash	129	-364	14.6	214	378	-375	-121	-38.1	-88.5	44.6
Free cash flow	78.7	-64.1	-23.8	-17.9	-262	-282	-44.7	-135	-62.6	32
Interest paid	368	374	375	324	324	388	341	404	435	394
Income taxes paid	40.2	33.7	29	25.2	35.2	4.77	4.96	6.49	4.51	2.74

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.9%	Operating income / revenue.
EBITDA margin	29.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.4%	Pre-tax income / revenue.
Net margin	-6.3%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Return on assets (ROA)	-2.8%	Net income / average total assets.
SG&A / revenue	16.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.5%	Capital expenditures / revenue.
D&A / revenue	10.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	7.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	44.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-20.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / assets	135.7%	Total debt / total assets.
Liabilities / assets	191.9%	Total liabilities / total assets.
Net debt	$4.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	10.1x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.80x	Operating income / interest expense.
Working capital	$156.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	3.92x	Revenue / average property, plant and equipment.
Receivables turnover	4.56x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Capex / operating cash flow	47.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.30	Revenue / diluted weighted shares.
FCF per share	$0.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.32	Cash from operations / diluted weighted shares.
Cash per share	$0.38	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$6.12B	Market cap + total debt - cash - short-term investments.
P/S	0.72x	Market cap / revenue.
P/FCF	14.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.49x	Market cap / cash from operations, when positive.
EV/Sales	3.64x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	72.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.0%	Free cash flow / market cap.
Earnings yield	-8.8%	Net income / market cap (the inverse of P/E).

What was Clear Channel Outdoor Holdings, Inc.'s revenue in fiscal 2025?

Clear Channel Outdoor Holdings, Inc. reported revenue of $1.60B for fiscal 2025, 6.6% higher than the year before.

Was Clear Channel Outdoor Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $19.9M, a net margin of 1.2%.

How much free cash flow did Clear Channel Outdoor Holdings, Inc. generate in fiscal 2025?

Cash from operations of $114.9M minus capital expenditures of $82.9M left free cash flow of $32.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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