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LAMR

Lamar Advertising Company

LAMR

Lamar Advertising Company • NASDAQ
$132.39 ▼ -0.02% (-0.03)
Market Cap $13.43 B
52w High $134.63
52w Low $99.84
Dividend Yield 6.30%
P/E 31.15
Volume 255.37K
Outstanding Shares 101.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $585.541M ▲ $93M ▼ $141.753M ▼ 24.209% ▼ $1.4 ▼ $232.917M ▼
Q2-2025 $579.311M ▲ $194.854M ▲ $154.355M ▲ 26.645% ▼ $1.52 ▲ $276.214M ▲
Q1-2025 $505.43M ▼ $134.2M ▼ $138.755M ▲ 27.453% ▲ $1.35 ▲ $269.926M ▼
Q4-2024 $579.567M ▲ $356.53M ▲ $-1.199M ▼ -0.207% ▼ $-0.013 ▼ $275.714M ▲
Q3-2024 $564.135M $194.994M $147.476M 26.142% $1.44 $264.702M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.016M ▼ $6.823B ▲ $5.778B ▲ $1.033B ▲
Q2-2025 $55.726M ▲ $6.674B ▲ $5.767B ▲ $905.068M ▼
Q1-2025 $36.117M ▼ $6.547B ▼ $5.516B ▼ $1.03B ▼
Q4-2024 $49.461M ▲ $6.587B ▲ $5.539B ▲ $1.047B ▼
Q3-2024 $29.51M $6.52B $5.307B $1.212B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $144.075M ▼ $235.657M ▲ $-94.283M ▲ $-174.953M ▼ $-33.71M ▼ $185.807M ▼
Q2-2025 $155.016M ▲ $229.487M ▲ $-99.202M ▼ $-110.947M ▲ $19.609M ▲ $191.286M ▲
Q1-2025 $139.229M ▲ $127.745M ▼ $65.426M ▲ $-206.522M ▼ $-13.344M ▼ $97.858M ▼
Q4-2024 $-976K ▼ $279.313M ▲ $-56.86M ▼ $-202.203M ▲ $19.951M ▲ $236.299M ▲
Q3-2024 $147.822M $227.393M $-31.385M $-244.478M $-48.422M $197.253M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Billboard Advertising
Billboard Advertising
 $500.00M ▲$440.00M ▼$510.00M ▲$520.00M ▲
Logo Advertising
Logo Advertising
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Transit Advertising
Transit Advertising
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a business that continues to sell more ad space and generally keeps its billboard network well utilized. Gross profit has improved along with revenue, suggesting the core operations remain efficient. However, operating income and net income dipped in the most recent year even though sales rose, which likely reflects higher costs, interest, or one‑off items. Overall profitability is still meaningfully better than during the pandemic period, but the recent step back in earnings and per‑share profit points to some pressure on margins and/or financing costs that is worth monitoring.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset‑heavy business with billboard and related real estate assets built over many years. Debt is high relative to equity, which is common for a REIT but still means the company is meaningfully leveraged and sensitive to borrowing costs. Total assets have grown gradually, reflecting ongoing investment and acquisitions, while equity has edged down recently, suggesting sizable payouts or capital returns alongside that leverage. Cash on hand is quite low, so the company relies on steady cash generation and access to capital markets and credit lines to fund operations and growth.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Operating cash flow has climbed over time, broadly in line with revenue growth, showing that reported earnings are backed by real cash generation. After funding capital spending, free cash flow has been consistently positive and has improved in the latest year, despite heavier investment in prior years tied to digital upgrades and expansion. Capital spending levels look manageable compared with the cash coming in, leaving room for dividends, interest payments, and selective acquisitions, as long as advertising demand stays healthy.

Competitive Edge

Competitive Edge Lamar holds a strong position in out‑of‑home advertising, supported by a very large network of displays across the U.S. and Canada, including dominance in many small and mid‑sized markets where new competitors would struggle to get permits or attractive locations. Scale matters here: advertisers value broad reach and consistent quality, and Lamar’s footprint, relationships, and local market know‑how create real barriers to entry. Its REIT structure and acquisition track record further reinforce its role as a consolidator in a still‑fragmented industry. The main competitive threats come from other large OOH players and from the broader shift of ad budgets toward online and mobile, which Lamar is countering through digital and programmatic offerings.

Innovation and R&D

Innovation and R&D Innovation is focused on technology, data, and product design rather than traditional lab‑style R&D. The company is steadily converting static billboards to digital, which allows multiple rotating ads, dynamic content, and higher revenue per location. Programmatic buying tools and better audience data help Lamar plug into modern digital marketing workflows and make its inventory easier to buy and measure. Investments in an upgraded IT backbone and potential AI tools aim to improve pricing, targeting, and operational efficiency. Sustainability moves—like more efficient lighting and recyclable materials—support brand image and can reduce costs over time. Overall, the innovation agenda is about making each location more productive and more integrated into the digital ad ecosystem.

Summary

Lamar Advertising combines a mature, asset‑heavy real estate base with a growing layer of digital and data‑driven capabilities. Revenues and cash flows have trended upward, although recent earnings softness shows that costs and financing conditions matter. The balance sheet is highly leveraged but backed by tangible assets and recurring cash flow, fitting the REIT model while still adding financial risk. Strategically, Lamar benefits from a wide, hard‑to‑replicate footprint and a clear push into digital billboards, programmatic sales, and selective acquisitions. Key watchpoints include the pace and payoff of digital conversion, the impact of interest rates on a leveraged capital structure, and how well it competes for ad budgets in an increasingly digital and measurable advertising world.

NEWS

November 10, 2025 · 2:54 PM UTC

Lamar Advertising to Appear at the 9th Annual Wells Fargo TMT Conference

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November 6, 2025 · 6:00 AM UTC

Lamar Advertising Company Announces Third Quarter Ended September 30, 2025 Operating Results

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October 6, 2025 · 4:15 PM UTC

Lamar Advertising Company to Release Third Quarter Ended September 30, 2025 Operating Results

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September 25, 2025 · 4:05 PM UTC

Lamar Advertising Company Completes Refinancing, Strengthening Balance Sheet

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September 22, 2025 · 4:52 PM UTC

Lamar Advertising Company Prices Private Offering of Senior Notes

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