  Let $\mu$ be a probability measure on $\text{Out}(F_N)$ with finite first logarithmic moment with respect to the word metric, finite entropy, and whose support generates a nonelementary subgroup of $\text{Out}(F_N)$. We show that almost every sample path of the random walk on $(\text{Out}(F_N),\mu)$, when realized in Culler and Vogtmann's outer space, converges to the simplex of a free, arational tree. We then prove that the space $\mathcal{FI}$ of simplices of free and arational trees, equipped with the hitting measure, is the Poisson boundary of $(\text{Out}(F_N),\mu)$. Using Bestvina-Reynolds' and Hamenst\"adt's description of the Gromov boundary of the complex $\mathcal{FF}_N$ of free factors of $F_N$, this gives a new proof of the fact, due to Calegari and Maher, that the realization in $\mathcal{FF_N}$ of almost every sample path of the random walk converges to a boundary point. We get in addition that $\partial\mathcal{FF}_N$, equipped with the hitting measure, is the Poisson boundary of $(\text{Out}(F_N),\mu)$. 
The Poisson boundary of $\text{Out}(F_N)$