LAMR earnings analysis
What we found in LAMR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Net revenue increased 4.5% to $528.0 million, up from $505.4 million a year ago.
- Billboard Revenue Surge
- Billboard net revenues rose by $23.7 million, contributing significantly to total revenue growth.
- Free Cash Flow Rise
- Free cash flow increased to $147.4 million, up from $127.7 million year-over-year.
- Adjusted EBITDA Growth
- Adjusted EBITDA increased 7.7% to $226.5 million year-over-year.
- Capital Expenditures
- Capital expenditures for Q1 2026 were approximately $33.1 million, reflecting strategic acquisitions.
- Liquidity Position
- Total liquidity stood at $701.5 million, including $39.3 million in cash.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Net Income Decrease
- Net income declined 26.9% to $101.8 million, down from $139.2 million year-over-year.
- Operating Income Drop
- Operating income decreased by $45.2 million to $146.1 million compared to Q1 2025.
- Significant Prior Year Gain
- Comparison affected by a large gain from asset disposals last year, totaling $69.8 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.0
- Segment
- Billboard
- Segment
- Logo
- Segment
- Transit
What they said about what is next.
Expecting to trend at the top end of previously provided AFFO per diluted share guidance.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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