Lamar Advertising Company (REIT) Q3 2026 Earnings Recap

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%.