Lamar Advertising Co
NASDAQ:LAMR

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Lamar Advertising Co
NASDAQ:LAMR
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Price: 132.87 USD 0.57% Market Closed
Market Cap: $13.5B

Lamar Advertising Co
Investor Relations

Lamar Advertising Company, a stalwart in the out-of-home advertising sector, has been weaving its influence across the American landscape since its inception in 1902. Rooted deeply in Baton Rouge, Louisiana, this company stands as a testament to the enduring appeal of traditional advertising methods in an increasingly digital world. The story of Lamar is one of strategic growth and adaptation, deftly expanding its reach beyond billboards to encompass digital displays and transit advertising. Its business model revolves around acquiring and maintaining extensive billboard networks, spanning highways and urban centers alike, offering advertisers high-visibility space to capture consumers' attention. With a focus on high-quality locations and a commitment to continual technological advancement, Lamar enhances its offering with digital billboards that provide flexibility and real-time content updates, effectively capturing modern consumer eyeballs still navigating the physical world.

Financially, Lamar Advertising thrives on a straightforward revenue model: leasing advertising space to a wide array of clients, from local enterprises to multinational corporations, eager to capitalize on the passersby's attention. The company's diverse portfolio covers various advertising structures, notably billboards, digital signs, and poster advertising, ensuring that marketing messages reach audiences ranging from the casually curious commuter to the mindful road-tripper. By investing strategically in digitization and leveraging their vast property assets, Lamar not only enhances its competitive edge but also augments its revenue streams, maintaining steady cash flows and offering advertisers compelling, tangible benefits in a media landscape that often feels polarized between the digital and the real-world experience.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 20, 2026
AI Summary
Q4 2025

Q4 Outperformance: Lamar's Q4 results beat internal expectations across revenue, adjusted EBITDA, and AFFO, with strong growth in both local and national advertising.

AFFO Guidance: Full-year AFFO guidance for 2026 is $8.50–$8.70 per share, representing 4.1% growth at the midpoint and implies record operating margins over 47%.

Revenue Growth: Acquisition-adjusted revenue grew over 4% in Q4, with same-store digital revenue up 3.7% and programmatic up nearly 19%.

Expense Control: Expenses are expected to rise about 3% in 2026, tapering in the year's second half; expense growth was slower than revenue in Q4.

Dividend Increase: Lamar declared a Q1 2026 dividend of $1.60 per share, aiming for a $6.40 total dividend in 2026, up from $6.20 in 2025.

Active M&A: The company completed 50 acquisitions in 2025 for $191 million and expects at least as much M&A spending in 2026.

Political Tailwind: Political ad spend is expected to provide a $12–$14 million benefit in 2026, primarily in the second half.

Healthy Balance Sheet: Lamar ended 2025 with leverage at 2.92x net debt to EBITDA and over $800 million in liquidity.

Key Financials
Diluted AFFO per share (Q4)
$2.24
Diluted AFFO per share (Full Year 2025)
$8.26
AFFO per share (2026 Guidance)
$8.50–$8.70
Adjusted EBITDA (Q4)
$288.9 million
Adjusted EBITDA margin (Q4)
48.5%
Adjusted EBITDA (Full Year 2025)
$1.06 billion
Adjusted EBITDA margin (Full Year 2025)
46.7%
Revenue (Full Year 2025, acquisition-adjusted)
$2.27 billion
Programmatic Revenue Growth (Q4)
Up 18.7% YoY
Digital Revenue (Q4, same-store)
Up 3.7% YoY
Dividend (2025 full year)
$6.20 per share
Dividend (Q1 2026)
$1.60 per share
M&A Spend (2025 full year)
$191 million
Maintenance CapEx (2025 full year)
$57.3 million
Total Liquidity (Year-end 2025)
$800 million
Net Debt to EBITDA
2.92x
Digital Units (Year-end 2025)
5,553 units
Earnings Call Recording
Other Earnings Calls

Management

Mr. Kevin Patrick Reilly Jr.
Executive Chairman
No Bio Available
Mr. Sean E. Reilly J.D.
CEO & President
No Bio Available
Micky Vint
Executive Vice President of Operations
No Bio Available
Mr. Sukhvinder Singh
Senior Vice President of Technology & Innovation
No Bio Available
Mr. James R. McIlwain
Secretary & General Counsel
No Bio Available
Mr. John M. Miller
Executive Vice President of Sales & Marketing
No Bio Available
Ms. Tammy Duncan
Executive Vice President of Human Resources
No Bio Available
Mr. Hal Kilshaw
Executive Vice President of Governmental Relations
No Bio Available
Mr. Lee Kantrow Jr.
Executive Vice President of Business Development
No Bio Available
Denise Shewmake
Executive VP & Central Regional Manager
No Bio Available

Contacts

Address
LOUISIANA
Baton Rouge
5321 Corporate Blvd.
Contacts
+12259261000.0
www.lamar.com
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