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Lamar Advertising (LAMR) FY2025 results: revenue $2.3 billion, up 2.7% on the year

Lamar Advertising Co. (LAMR) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, up 2.7% on the year before. Net income was $587 million, up 62.3%, and diluted earnings per share $5.77. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$2.3 billion
+2.7% on the year
FY2018FY2025
Operating margin
34.2%
24.1% a year earlier
FY2018FY2025
Net income
$587 million
+62.3% on the year
FY2018FY2025
Diluted EPS
$5.77
+63.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 7 new.

  • Quarterly net revenue rose 2.8%: Net revenues were $595.9 million, up 2.8%, and $2.27 billion for the year, up 2.7%.
  • Adjusted EBITDA rose 3.7%: Adjusted EBITDA was $288.9 million in the quarter and $1.06 billion for the year, up 2.4%. Acquisition-adjusted EBITDA rose 2.1% in the quarter.
  • Full-year net income boosted by Vistar gain: Full-year net income was $593.1 million, against $362.9 million. Management said the increase was primarily related to the $68.6 million gain on its Vistar Media equity interest.
  • Quarterly free cash flow down 4.3%: Free cash flow was $187.1 million in the quarter, down from $195.6 million. Operating cash flow was $271.2 million, down $8.2 million from the prior-year quarter.
  • Full-year free cash flow down 5.3%: Free cash flow was $696.6 million for the year, down from $735.9 million. Operating cash flow was $864.0 million, down $9.6 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Lamar Advertising rents advertising space on billboards, highway logo signs, buses, transit shelters and benches, and in airport terminals, in the United States and Canada. It has operated under the Lamar name since its founding in 1902, has traded on NASDAQ since 1996, and is organized as a real estate investment trust, reorganized in 2022 as an umbrella partnership REIT. Its management headquarters are in Baton Rouge, Louisiana, and it manages the business through three operating segments: billboard, logo and transit advertising.

Lamar Advertising Co., the 10-K for 2025

Lamar Advertising rents advertising space on billboards, highway logo signs, buses, transit shelters and benches, and in airport terminals, in the United States and Canada. It has operated under the Lamar name since its founding in 1902, has traded on NASDAQ since 1996, and is organized as a real estate investment trust, reorganized in 2022 as an umbrella partnership REIT. Its management headquarters are in Baton Rouge, Louisiana, and it manages the business through three operating segments: billboard, logo and transit advertising.

Billboards

At December 31, 2025, it owned and operated approximately 159,300 billboard advertising displays in 45 states and Canada, including approximately 5,500 digital billboards in 43 states and Canada. Most of its billboard space is on bulletins, large illuminated structures on major highways whose most common size is 14 feet high by 48 feet wide, and posters, smaller structures on major traffic arteries and city streets. Bulletin space is rented for 4 to 52 weeks, or under a rotary plan that moves an advertiser's copy between locations in a market, usually every sixty to ninety days. Some unsold digital space is sold to advertisers through programmatic partners. It handles the whole job for customers, from producing the ad copy to placing and maintaining it.

Logo signs and transit

Logo signs near highway exits advertise nearby gas, food, camping, lodging and other attractions. The company states that it is the largest provider of logo signs in the United States, operating 24 of the 28 privatized state logo sign contracts, and at December 31, 2025 it operated over 144,400 logo sign displays in 24 states and Ontario, Canada. Its transit business sells space inside and outside public transportation vehicles, in airport terminals and on shelters and benches in over 80 markets, with approximately 40,600 transit displays in 23 states and Canada at the end of 2025.

How it sells

Most of its outdoor advertising is sold to local businesses, through approximately 1,000 local account executives. Accounting and financial control are centralized, while local managers run day-to-day operations in each market.

People

It employed over 3,500 people at December 31, 2025, over 340 of them at its Baton Rouge headquarters, and approximately 1,100 in operations, installing advertising copy and maintaining displays. Approximately 90 employees in fifteen local offices are covered by collective bargaining agreements.

From Lamar Advertising's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,2662,2072,111+2.7%
Cost of revenue747728697+2.6%
Gross profit1,5191,4791,414+2.7%
Gross margin67.0%67.0%67.0%
Operating income774532675+45.5%
Operating margin34.2%24.1%32.0%
Interest expense160172175-6.6%
Pre-tax income614367507+67.2%
Income tax21.34.59.8+370.7%
Effective tax rate3.5%1.2%1.9%
Net income587362496+62.3%
Net margin25.9%16.4%23.5%
Diluted EPS$5.77$3.52$4.85+63.9%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow864874784-1.1%
Capital expenditure181125178+44.3%
Free cash flow683748605-8.7%
Free cash flow margin30.1%33.9%28.7%
Cash from investing-245-165-310
Cash from financing-604-703-482
Depreciation and amortisation326463293-29.5%
Share-based compensation34.044.522.6-23.7%
Buybacks1585.36.0+2,856.8%
Dividends paid656579511+13.3%
Dividend per share$6.45$5.65$5.00+14.2%
Diluted shares, weighted102m103m102m-0.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,0251,0481,217-2.2%
Debt3,4193,2113,341+6.5%
Operating lease liabilities1,2541,1141,075+12.5%
Finance lease liabilities12.013.314.6-10.0%
Other liabilities1,2221,200916+1.9%
Total liabilities and equity6,9326,5876,564+5.2%
Fixed assets1,6791,6011,566+4.9%
Goodwill2,1112,0352,035+3.7%
Intangible assets1,1141,0631,171+4.8%
Cash and equivalents64.849.544.6+31.0%
Receivables341335301+1.9%
Other assets1,6221,5041,445+7.9%
Total assets6,9326,5876,564+5.2%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.