Lamar Advertising (LAMR) Q2 FY2025 earnings: revenue $579 million, up 2.5% on the year

Lamar Advertising Co. (LAMR) reported revenue of $579 million for Q2 FY2025, the quarter ended 30 June 2025, up 2.5% on the same quarter a year earlier. Net income was $154 million, up 12.4% on the year, and diluted earnings per share $1.52. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2025.

Revenue$579 millionup 2.5%

Net income$154 millionup 12.4%

Diluted EPS$1.52

QuarterQ2 FY2025ended 30 June 2025

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Revenue	579	505	565	+2.5%
Cost of revenue	187	180	183	+1.9%
Gross profit	393	325	382	+2.8%
Gross margin	67.8%	64.4%	67.6%
Operating income	198	191	184	+7.3%
Operating margin	34.1%	37.8%	32.6%
Interest expense	40.7	38.3	44.3	-8.2%
Pre-tax income	157	154	140	+12.1%
Income tax	2.4	14.5	2.9	-16.9%
Effective tax rate	1.5%	9.5%	2.0%
Net income	154	139	137	+12.4%
Net margin	26.6%	27.5%	24.3%
Diluted EPS	$1.52	$1.35	$1.34	+13.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Operating cash flow	229	128	256	-10.5%
Capital expenditure	38.2	29.9	22.6	+68.7%
Free cash flow	191	97.9	234	-18.1%
Free cash flow margin	33.0%	19.4%	41.3%
Cash from investing	-99.2	65.4	-31.6	n/a
Cash from financing	-111	-207	-183	n/a
Depreciation and amortisation	78.1	77.8	77.2	+1.2%
Share-based compensation	7.1	10.6	11.2	-35.9%
Buybacks	132	26.4	0.0	n/a
Dividends paid	157	159	133	+18.0%
Dividend per share	$1.55	$1.55	$1.30	+19.2%
Diluted shares, weighted	102m	103m	103m	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Shareholders' equity	907	1,032	1,198	-24.3%
Debt	3,114	2,964	2,749	+13.3%
Operating lease liabilities	1,191	1,155	1,095	+8.7%
Finance lease liabilities	12.6	12.9	13.9	-9.5%
Other liabilities	1,450	1,383	1,526	-5.0%
Total liabilities and equity	6,674	6,547	6,582	+1.4%
Fixed assets	1,607	1,595	1,548	+3.8%
Goodwill	2,035	2,035	2,035	+0.0%
Intangible assets	1,065	1,047	1,121	-5.0%
Cash and equivalents	55.7	36.1	77.9	-28.5%
Receivables	346	308	318	+8.6%
Other assets	1,566	1,526	1,482	+5.6%
Total assets	6,674	6,547	6,582	+1.4%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	543	556	498	565	564	580	505	579	586	596	528	617
Cost of revenue	175	181	176	183	183	186	180	187	188	192	183	194
Gross profit	367	375	323	382	382	393	325	393	398	404	345	423
Gross margin	68%	67%	65%	68%	68%	68%	64%	68%	68%	68%	65%	69%
Operating income	188	192	125	184	187	36.7	191	198	189	196	146	208
Operating margin	35%	34%	25%	33%	33%	6%	38%	34%	32%	33%	28%	34%
Interest expense	45.1	44.3	44.5	44.3	42.9	39.9	38.3	40.7	41.2	40.2	40.5	41.1
Pre-tax income	144	150	80.0	140	147	0.3	154	157	147	157	106	167
Tax rate	3%	1%	2%	2%	-1%	396%	9%	2%	2%	1%	4%	2%
Net income	140	149	78.2	137	147	-1.2	139	154	142	152	101	161
Net margin	26%	27%	16%	24%	26%	-0%	27%	27%	24%	26%	19%	26%
Diluted EPS	$1.37	$1.46	$0.76	$1.34	$1.44	-$0.02	$1.35	$1.52	$1.40	$1.50	$1.00	$1.58
Operating cash flow	223	254	111	256	227	279	128	229	236	271	147	252
Capital expenditure	39.1	46.1	29.5	22.6	30.1	43.0	29.9	38.2	49.9	62.9	33.1	42.7
Free cash flow	183	208	81.1	234	197	236	97.9	191	186	208	114	210
Buybacks	0.0	0.0	5.3	0.0	0.0	-0.0	26.4	132	0.0	0.0	6.1	0.0
Dividends paid	128	n/a	133	133	143	n/a	159	157	157	n/a	163	163
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2025, filed 8 August 2025, accession 0001628280-25-039162: the filing on EDGAR. All of Lamar Advertising Co.'s filings: EDGAR company page.

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