Lamar Advertising Company (REIT) Earnings Recaps
Q3 2026
Nov 6, 2026
Lamar shares fell 0.8% after earnings, a broadly flat reaction. Q3 growth accelerated and the company raised full-year AFFO guidance, while October’s 14% revenue growth included a significant political-spending contribution.
Key takeaways
- Acquisition-adjusted Q3 revenue grew 6.2%; expenses rose 4.4%, and adjusted EBITDA increased 8.2% on an acquisition-adjusted basis to $306.9 million.
- Adjusted EBITDA margin expanded 110 basis points to 49.1%; AFFO per diluted share rose 9.5% to $2.41.
- Full-year AFFO guidance was raised to $8.87–$8.97 per share. Management said this year’s political spend will top $40 million, with nearly half expected in Q4.
- October revenue topped $232 million, up more than 14% year over year on an acquisition-adjusted basis; excluding political, growth was just under 7%.
- National revenue grew nearly 20% in Q3, versus 4.2% for local and regional. Digital billing rose 6.5% on a same-store basis, with programmatic up more than 40%.
Q2 2026
Aug 8, 2026
Shares in Lamar edged up 1.7% after reporting steady second-quarter growth, with revenue and EBITDA advancing alongside margin expansion. However, the modest market reaction suggests investors are cautiously digesting the results without meaningful upside surprises.
Key takeaways
- Acquisition-adjusted revenue increased 6.1% year-over-year, driven by gains across all business segments and geographies.
- Adjusted EBITDA grew 7.3% on an acquisition-adjusted basis, reaching a record margin of 49.2%, the highest in company history.
- Digital revenue rose 15.4% YoY, making up one-third of total billboard revenue, with programmatic sales surging over 50%.
- National and programmatic revenue increased nearly 16%, supported by the World Cup and anticipated midterm election spending.
- Expenses rose 5.1%, 150 basis points above expectations, due to higher variable costs linked to revenue growth.
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.