Lamar Advertising (LAMR) Q3 FY2026 earnings: revenue $624 million, up 6.6% on the year

Lamar Advertising Co. (LAMR) reported revenue of $624 million for Q3 FY2026, the quarter ended 30 September 2026, up 6.6% on the same quarter a year earlier. Net income was $162 million, up 14.2% on the year, and diluted earnings per share $1.59. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$624 million

+6.6% on the year · +1.3% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

33.5%

32.3% a year earlier

Q4 FY2024Q3 FY2026

Net income

$162 million

+14.2% on the year · +0.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.59

+13.6% on the year · +0.6% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 2 lowered, 1 kept.

Net revenue rose 6.6 percent: Net revenues were $624.5 million, up 6.6% from $585.5 million a year earlier. Net income was $165.0 million, up 14.5%, and diluted EPS was $1.59 versus $1.40.
Adjusted EBITDA and AFFO grew: Adjusted EBITDA was $306.9 million, up 9.3%. AFFO was $249.3 million, up 10.1%, and diluted AFFO per share rose 9.5% to $2.41 from $2.20.
Outdoor operating income up 8.3%: Outdoor operating income was $333.4 million, up 8.3%. On an acquisition-adjusted basis, outdoor operating income rose 7.4%, and acquisition-adjusted net revenue rose 6.2%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	624	617	586	+1.3%	+6.6%
Cost of revenue	196	194	188	+1.1%	+4.6%
Gross profit	428	423	398	+1.3%	+7.6%
Gross margin	68.6%	68.5%	67.9%
Operating income	209	208	189	+0.7%	+10.8%
Operating margin	33.5%	33.7%	32.3%
Interest expense	41.2	41.1	41.2	+0.2%	+0.0%
Pre-tax income	169	167	147	+0.8%	+15.0%
Income tax	3.6	2.7	2.6	+32.3%	+41.4%
Effective tax rate	2.2%	1.6%	1.7%
Net income	162	161	142	+0.7%	+14.2%
Net margin	25.9%	26.1%	24.2%
Diluted EPS	$1.59	$1.58	$1.40	+0.6%	+13.6%

$ 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

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	284	252	236	+12.5%	+20.5%
Capital expenditure	45.0	42.7	49.9	+5.3%	-9.8%
Free cash flow	239	210	186	+14.0%	+28.7%
Free cash flow margin	38.3%	34.0%	31.7%
Cash from investing	-115	-83.1	-94.3
Cash from financing	-183	-141	-175
Depreciation and amortisation	101	84.4	86.3	+19.2%	+16.6%
Share-based compensation	13.1	14.1	7.6	-7.2%	+72.3%
Buybacks	0.0	0.0	0.0
Dividends paid	168	163	157	+3.1%	+6.7%
Dividend per share	$1.65	$1.60	$1.55	+3.1%	+6.5%
Diluted shares, weighted	102m	102m	101m	+0.1%	+0.3%
Shares outstanding at period end	102m	102m	101m	+0.0%	+0.3%

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

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,032	995	1,046	+3.7%	-1.3%
Debt	3,501	3,515	3,349	-0.4%	+4.6%
Operating lease liabilities	1,256	1,246	1,223	+0.8%	+2.8%
Finance lease liabilities	11.0	11.3	12.3	-3.0%	-10.8%
Other liabilities	1,228	1,224	1,194	+0.3%	+2.8%
Total liabilities and equity	7,029	6,992	6,823	+0.5%	+3.0%
Fixed assets	1,723	1,694	1,652	+1.7%	+4.3%
Goodwill	2,111	2,111	2,111	+0.0%	-0.0%
Intangible assets	1,155	1,120	1,111	+3.1%	+3.9%
Cash and equivalents	54.1	68.0	22.0	-20.4%	+145.8%
Receivables	364	378	341	-3.7%	+6.7%
Other assets	1,622	1,621	1,586	+0.0%	+2.3%
Total assets	7,029	6,992	6,823	+0.5%	+3.0%

Questions

What was Lamar Advertising's revenue in Q3 FY2026?

Lamar Advertising (LAMR) reported revenue of $624 million for Q3 FY2026, the quarter ended 30 September 2026, up 6.6% on the same quarter a year earlier.

How much did Lamar Advertising earn in Q3 FY2026?

Net income for Q3 FY2026 was $162 million, up 14.2% on the year, and diluted earnings per share $1.59.

When did Lamar Advertising report Q3 FY2026 results?

Lamar Advertising filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	495	451	518	527	536	471	541	543	556	498	565	564	580	505	579	586	596	528	617	624
Cost of revenue	158	158	167	169	174	168	172	175	181	176	183	183	186	180	187	188	192	183	194	196
Gross profit	337	294	351	358	362	303	369	367	375	323	382	382	393	325	393	398	404	345	423	428
Gross margin	68%	65%	68%	68%	68%	64%	68%	68%	67%	65%	68%	68%	68%	64%	68%	68%	68%	65%	69%	69%
Operating income	150	120	167	181	110	119	177	188	192	125	184	187	36.7	191	198	189	196	146	208	209
Operating margin	30%	27%	32%	34%	21%	25%	33%	35%	34%	25%	33%	33%	6%	38%	34%	32%	33%	28%	34%	34%
Interest expense	25.7	26.8	29.5	33.5	37.7	41.4	43.6	45.1	44.3	44.5	44.3	42.9	39.9	38.3	40.7	41.2	40.2	40.5	41.1	41.2
Pre-tax income	127	94.6	138	149	74.6	78.0	134	144	150	80.0	140	147	0.3	154	157	147	157	106	167	169
Tax rate	3%	3%	2%	2%	11%	2%	2%	3%	1%	2%	2%	-1%	396%	9%	2%	2%	1%	4%	2%	2%
Net income	123	92.2	134	146	66.1	76.0	131	140	149	78.2	137	147	-1.2	139	154	142	152	101	161	162
Net margin	25%	20%	26%	28%	12%	16%	24%	26%	27%	16%	24%	26%	-0%	27%	27%	24%	26%	19%	26%	26%
Diluted EPS	$1.22	$0.91	$1.32	$1.44	$0.65	$0.74	$1.28	$1.37	$1.46	$0.76	$1.34	$1.44	-$0.01	$1.35	$1.52	$1.40	$1.50	$1.00	$1.58	$1.59
Operating cash flow	246	102	211	224	245	109	198	223	254	111	256	227	279	128	229	236	271	147	252	284
Capital expenditure	54.6	28.8	47.0	41.0	50.3	42.3	50.7	39.1	46.1	29.5	22.6	30.1	43.0	29.9	38.2	49.9	62.9	33.1	42.7	45.0
Free cash flow	192	73.3	164	183	194	66.4	147	183	208	81.1	234	197	236	97.9	191	186	208	114	210	239
Buybacks	0.3	10.4	0.0	0.1	0.0	5.9	-0.0	0.0	0.0	5.3	0.0	0.0	-0.0	26.4	132	0.0	0.0	6.1	0.0	0.0
Dividends paid	152	112	122	122	153	127	128	128	128	133	133	143	170	159	157	157	183	163	163	168
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	102m	102m	101m	101m	101m	101m	102m	102m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.