Lamar Advertising Company (REIT) Earnings Recaps
Q3 2025
Nov 7, 2025
Lamar delivered resilient Q3 2025 results with a 2.9% year-over-year revenue growth, driven by strength in national/programmatic advertising and digital billboards, despite ongoing macroeconomic challenges.
Key takeaways
- Acquisition-adjusted operating expenses rose 3.7%, primarily due to severance costs and technology implementation, but remained within revised guidance.
- Adjusted EBITDA increased 3.5% year-over-year to $280.8 million, maintaining a strong adjusted EBITDA margin of 48%.
- Successful capital transactions included raising $1.1 billion, enhancing the company’s already strong balance sheet and liquidity position.
- Digital billboard revenue grew by 5%, representing 31% of total billboard billing, as Lamar continues to enhance its digital offerings.
- Encouraging conversations with customers about 2026 indicate potential for strong growth, despite Q4 2025 likely facing challenges from political advertising.