Lamar Advertising Company (REIT) Q3 2025 Earnings Recap

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.