Boston Omaha Corporation Announces Full Year 2025 Financial Results

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annual report on form 10-k regulatory

An annual report on Form 10‑K is a required, comprehensive filing that publicly traded companies give to regulators and investors summarizing their business, results of operations, detailed financial statements reviewed by independent auditors, material risks, legal issues and management’s discussion of performance. Investors use it like a company’s year‑end report card and medical checkup: it reveals how the business made money, where it is vulnerable, and the facts needed to compare value, judge risk and make informed investment decisions.

unrealized loss financial

An unrealized loss is the drop in value of an investment that you still own — it's a loss on paper, not one you've locked in by selling. It matters to investors because it changes the reported worth of a portfolio and can influence decisions about holding, selling, or rebalancing; like seeing a car’s resale value fall while you still drive it, the loss only becomes permanent if you sell.

equity method financial

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

noncontrolling interests financial

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

unconsolidated affiliates financial

Companies in which a reporting firm owns a meaningful stake but does not have control, so their assets and liabilities are not merged into the reporting firm's financial statements. For investors, unconsolidated affiliates matter because the parent’s exposure to profits, losses and risks from those businesses appears differently—often as a single investment line or share of income—so you need to look beyond headline figures to judge the parent’s true economic ties and risks, like being a silent partner rather than the manager.

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OMAHA, Neb.--(BUSINESS WIRE)-- Boston Omaha Corporation (NYSE: BOC) (the “Company”, “we”, or “our”) announced its financial results for the fiscal year ended December 31, 2025, in connection with filing its Annual Report on Form 10-K with the Securities and Exchange Commission.

We show summary financial data below for fiscal 2025 and 2024. Our Annual Report on Form 10-K can be found at www.bostonomaha.com. A supplemental presentation providing additional financial information for fiscal 2025 can be found on our investor relations website at https://investor.bostonomaha.com. We believe that it is important for shareholders to read the supplemental presentation as, in management’s opinion, it provides additional information on business metrics we use in gauging the performance of each of our three principal business units and investments.

		For the Years Ended
		December 31,
			2025				2024
Billboard Rentals, Net		$	45,851,335			$	45,153,076
Broadband Services			41,194,668				39,098,228
Premiums Earned			23,182,446				19,759,540
Insurance Commissions			2,057,170				1,962,692
Investment and Other Income			2,090,729				2,301,365
Total Revenues			114,376,348				108,274,901
Depreciation and Amortization Expense			24,771,310				22,179,699
Net Loss from Operations			(3,928,147	)			(8,467,478	)
Net Other (Expense) Income			(14,456,549	)			11,564,072
Net Loss Attributable to Common Stockholders		$	(12,427,540	)		$	(1,292,450	)
Basic and Diluted Net Loss per Share		$	(0.40	)		$	(0.04	)
		December 31,				December 31,
			2025				2024
Total Unrestricted Cash & Investments (1)		$	50,162,139			$	41,659,941
Total Assets			713,072,289				728,345,729
Total Liabilities			177,000,323				165,626,276
Total Boston Omaha Stockholders' Equity			516,135,787				532,819,509
Noncontrolling Interests (2)			19,936,179				29,899,944
Total Equity		$	536,071,966			$	562,719,453

(1)	Investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities, of which $868,043 is held by our insurance entities at December 31, 2025. Marketable equity securities excludes Sky Harbour Group Corporation (“Sky Harbour”) Class A common stock as we account for our 15.3% stake (as measured at December 31, 2025) under the equity method.
(2)	Noncontrolling interests are primarily related to third party capital raised within our Build for Rent Fund as well as within our 24th Street commercial real estate funds.

During fiscal 2025, we had net other expense of $14.5 million, which included a $17.6 million unrealized loss on the Sky Harbour warrants held by Boston Omaha, a loss of $6.9 million primarily related to the changes in the fair value of the underlying assets within the 24th Street Funds and BFR Fund, and interest expense of $2.3 million. These items were partially offset by $6.5 million in income from unconsolidated affiliates mainly related to our equity method position in Sky Harbour, $4.1 million in realized gains on the sale of 730,095 shares of Sky Harbour Class A common stock, and interest and dividend income of $1.2 million.

Our investment in Sky Harbour Class A common stock and warrants was valued at $79.3 million on our consolidated balance sheet as of December 31, 2025. If our investment in Sky Harbour Class A common stock was accounted for at fair value based on its quoted market price (currently valued using equity method accounting), then our total investment in Sky Harbour Class A common stock and warrants would be valued at $109.7 million as of December 31, 2025.

Cash inflow from operations for the year ended December 31, 2025 was $17.9 million, compared to a cash inflow of $21.2 million for the year ended December 31, 2024.

During fiscal 2025, we repurchased 444,753 shares of our Class A common stock on the open market for a total cost of $5.8 million.

Our book value per share was $16.63 at December 31, 2025, compared to $16.99 at December 31, 2024.

As of December 31, 2025, we had 30,457,487 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.

As of March 27, 2026, we had 30,085,520 shares of Class A common stock and 580,558 shares of Class B common stock outstanding.

About Boston Omaha Corporation

Boston Omaha Corporation is a public holding company with four majority owned businesses engaged in outdoor advertising, broadband telecommunications services, surety insurance and asset management.

Forward-Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including statements about our financing strategy, future operations, future financial position and results, market growth, total revenue, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the Company’s forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes as a result of a variety of risks and uncertainties, including risks related to the Company’s estimates regarding the potential market opportunity for the Company’s current and future products and services, the competitive nature of the industries in which we conduct our business, general business and economic conditions, our ability to acquire suitable businesses, our ability to successfully integrate acquired businesses, the effect of a loss of, or financial distress of, any reinsurance company which reinsures the Company’s insurance operations, the risks associated with our investments in both publicly traded securities and privately held businesses, our history of losses and ability to maintain profitability in the future, the Company’s expectations regarding the Company’s sales, expenses, gross margins and other results of operations, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s public filings with the Securities and Exchange Commission (the “SEC”) on Form 10-K for the year ended December 31, 2025, as well as other risks and uncertainties which may be described in any subsequent quarterly report on Form 10-Q filed by the Company, and the other reports the Company files with the SEC. Copies of our SEC filings are available on our website at www.bostonomaha.com. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that general economic conditions and subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.

Our investor relations website, https://investor.bostonomaha.com, serves as a comprehensive resource for investors. We strongly encourage its use for easy access to information about the Company. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information, and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330088373/en/

Boston Omaha Corporation
Josh Weisenburger, 402-210-2633
contact@bostonomaha.com

Source: Boston Omaha Corporation