10-K · February 20, 2026
Lamar positions itself as a leading, locally-focused out-of-home (OOH) advertising provider, pursuing internal growth, targeted capital reinvestment (notably digital) and bolt-on acquisitions. For 2025 the company…
Earnings analysis · 10-Q
LAMR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Lamar Advertising reported net revenues of $528.0 million for Q1 2026, a 4.5% increase compared to $505.4 million in Q1 2025, primarily from billboard and logo segment growth. However, diluted EPS was $1.00, falling…
Read full summary
Lamar Advertising reported net revenues of $528.0 million for Q1 2026, a 4.5% increase compared to $505.4 million in Q1 2025, primarily from billboard and logo segment growth. However, diluted EPS was $1.00, falling short of the estimate of $1.46 due to a significant decrease in net income driven by prior year gains from asset disposals. Overall operational metrics showed solid performance, with increases in adjusted EBITDA and free cash flow amid a decline in operating income.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.0
- Segment
- Billboard
- Segment
- Logo
- Segment
- Transit
What stood out
-
Revenue Growth
Net revenue increased 4.5% to $528.0 million, up from $505.4 million a year ago.
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Billboard Revenue Surge
Billboard net revenues rose by $23.7 million, contributing significantly to total revenue growth.
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Free Cash Flow Rise
Free cash flow increased to $147.4 million, up from $127.7 million year-over-year.
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Adjusted EBITDA Growth
Adjusted EBITDA increased 7.7% to $226.5 million year-over-year.
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Capital Expenditures
Capital expenditures for Q1 2026 were approximately $33.1 million, reflecting strategic acquisitions.
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Liquidity Position
Total liquidity stood at $701.5 million, including $39.3 million in cash.
What to watch
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Net Income Decrease
Net income declined 26.9% to $101.8 million, down from $139.2 million year-over-year.
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Operating Income Drop
Operating income decreased by $45.2 million to $146.1 million compared to Q1 2025.
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Significant Prior Year Gain
Comparison affected by a large gain from asset disposals last year, totaling $69.8 million.
Management's outlook
Expecting to trend at the top end of previously provided AFFO per diluted share guidance.
Earlier filings 4
10-Q · November 6, 2025
Lamar reported third-quarter net revenues of $585,541,000, up versus the nine-month prior-year trend and driving operating income of $189,084,000. Gross margin was essentially flat year-over-year while diluted EPS…
10-Q · August 8, 2025
Lamar reported Q2 net revenues of $579,311 (as presented) and diluted EPS of $1.52, both up versus Q2 2024. Operating income improved to $197,681 (operating margin ~34.1%), supported by gains on dispositions and higher…
10-Q · May 8, 2025
Lamar reported Q1 net revenue of $505.43M, up $7.28M (1.5%) year-over-year, and diluted EPS of $1.35 versus $0.76 in Q1 2024. Operating income rose to $191.23M (driven in part by a $69.79M gain on dispositions),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.