Lamar Advertising Company Announces Second Quarter Ended June 30, 2025 Operating Results
Lamar Advertising (Nasdaq: LAMR) reported its Q2 2025 financial results, showing growth across key metrics. Net revenues increased 2.5% to $579.3 million, while net income rose 12.7% to $155.0 million. Adjusted EBITDA grew 2.5% to $278.4 million.
The company completed a significant milestone with the first-ever UPREIT transaction in the billboard industry, acquiring Verde Outdoor's 1,500+ billboard faces across ten states in July 2025. Due to slower-than-expected growth, Lamar revised its full-year 2025 guidance, adjusting diluted AFFO per share from $8.13-$8.28 to $8.10-$8.20.
For the first six months of 2025, Lamar achieved net revenues of $1.08 billion, a 2.0% increase year-over-year, with net income up 36.2% to $294.2 million, primarily due to a $67.8 million gain from selling its Vistar Media equity interest.
Lamar Advertising (Nasdaq: LAMR) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una crescita in metriche chiave. I ricavi netti sono aumentati del 2,5% raggiungendo 579,3 milioni di dollari, mentre l'utile netto è cresciuto del 12,7% a 155,0 milioni di dollari. L'EBITDA rettificato è salito del 2,5% a 278,4 milioni di dollari.
L'azienda ha raggiunto un traguardo importante con la prima transazione UPREIT nel settore dei cartelloni pubblicitari, acquisendo a luglio 2025 oltre 1.500 facce di cartelloni pubblicitari di Verde Outdoor in dieci stati. A causa di una crescita più lenta del previsto, Lamar ha rivisto le previsioni per l'intero 2025, adeguando l'AFFO diluito per azione da 8,13-8,28 dollari a 8,10-8,20 dollari.
Nei primi sei mesi del 2025, Lamar ha registrato ricavi netti per 1,08 miliardi di dollari, con un incremento del 2,0% rispetto all'anno precedente, mentre l'utile netto è salito del 36,2% a 294,2 milioni di dollari, principalmente grazie a un guadagno di 67,8 milioni di dollari derivante dalla vendita della partecipazione azionaria in Vistar Media.
Lamar Advertising (Nasdaq: LAMR) informó sus resultados financieros del segundo trimestre de 2025, mostrando crecimiento en métricas clave. Los ingresos netos aumentaron un 2,5% hasta 579,3 millones de dólares, mientras que el ingreso neto creció un 12,7% hasta 155,0 millones de dólares. El EBITDA ajustado creció un 2,5% hasta 278,4 millones de dólares.
La compañía completó un hito significativo con la primera transacción UPREIT en la industria de carteleras, adquiriendo en julio de 2025 más de 1,500 caras de carteleras de Verde Outdoor en diez estados. Debido a un crecimiento más lento de lo esperado, Lamar revisó su pronóstico para todo el año 2025, ajustando el AFFO diluido por acción de $8.13-$8.28 a $8.10-$8.20.
En los primeros seis meses de 2025, Lamar alcanzó ingresos netos de $1.08 mil millones, un aumento del 2.0% interanual, con un ingreso neto que subió un 36.2% hasta $294.2 millones, principalmente debido a una ganancia de $67.8 millones por la venta de su participación accionaria en Vistar Media.
Lamar Advertising (나스닥: LAMR)은 2025년 2분기 재무 실적을 발표하며 주요 지표 전반에서 성장을 보였습니다. 순매출은 2.5% 증가한 5억 7,930만 달러를 기록했고, 순이익은 12.7% 증가한 1억 5,500만 달러를 기록했습니다. 조정 EBITDA는 2.5% 증가한 2억 7,840만 달러였습니다.
회사는 광고판 업계 최초의 UPREIT 거래를 성사시키며 2025년 7월에 Verde Outdoor의 10개 주에 걸친 1,500개 이상의 광고판을 인수하는 중요한 이정표를 달성했습니다. 예상보다 성장 속도가 느려짐에 따라 Lamar는 2025년 연간 가이던스를 수정하여 희석된 주당 AFFO 전망을 $8.13-$8.28에서 $8.10-$8.20로 조정했습니다.
2025년 상반기 동안 Lamar는 10억 8천만 달러의 순매출을 기록하며 전년 대비 2.0% 증가했고, 순이익은 36.2% 증가한 2억 9,420만 달러에 달했으며, 이는 주로 Vistar Media 지분 매각으로 인한 6,780만 달러의 이익 덕분이었습니다.
Lamar Advertising (Nasdaq : LAMR) a publié ses résultats financiers du deuxième trimestre 2025, montrant une croissance sur des indicateurs clés. Les revenus nets ont augmenté de 2,5 % pour atteindre 579,3 millions de dollars, tandis que le bénéfice net a progressé de 12,7 % pour atteindre 155,0 millions de dollars. L'EBITDA ajusté a augmenté de 2,5 % pour atteindre 278,4 millions de dollars.
L'entreprise a franchi une étape importante avec la première transaction UPREIT dans le secteur des panneaux publicitaires, acquérant en juillet 2025 plus de 1 500 faces de panneaux Verde Outdoor dans dix États. En raison d'une croissance plus lente que prévu, Lamar a révisé ses prévisions pour l'ensemble de l'année 2025, ajustant l'AFFO dilué par action de 8,13-8,28 $ à 8,10-8,20 $.
Pour les six premiers mois de 2025, Lamar a réalisé des revenus nets de 1,08 milliard de dollars, soit une augmentation de 2,0 % sur un an, avec un bénéfice net en hausse de 36,2 % à 294,2 millions de dollars, principalement grâce à un gain de 67,8 millions de dollars lié à la vente de sa participation dans Vistar Media.
Lamar Advertising (Nasdaq: LAMR) meldete seine Finanzergebnisse für das zweite Quartal 2025 und zeigte Wachstum bei wichtigen Kennzahlen. Die Nettoumsätze stiegen um 2,5 % auf 579,3 Millionen US-Dollar, während der Nettogewinn um 12,7 % auf 155,0 Millionen US-Dollar zunahm. Das bereinigte EBITDA wuchs um 2,5 % auf 278,4 Millionen US-Dollar.
Das Unternehmen erreichte einen bedeutenden Meilenstein mit der ersten UPREIT-Transaktion in der Billboard-Branche und erwarb im Juli 2025 über 1.500 Billboard-Flächen von Verde Outdoor in zehn Bundesstaaten. Aufgrund eines langsamer als erwarteten Wachstums korrigierte Lamar seine Prognose für das Gesamtjahr 2025 und passte das verwässerte AFFO je Aktie von 8,13-8,28 US-Dollar auf 8,10-8,20 US-Dollar an.
Für die ersten sechs Monate des Jahres 2025 erzielte Lamar Nettoumsätze von 1,08 Milliarden US-Dollar, ein Plus von 2,0 % gegenüber dem Vorjahr, während der Nettogewinn um 36,2 % auf 294,2 Millionen US-Dollar stieg, hauptsächlich aufgrund eines Gewinns von 67,8 Millionen US-Dollar aus dem Verkauf der Beteiligung an Vistar Media.
- Net income increased 12.7% to $155.0 million in Q2 2025
- Net revenues grew 2.5% to $579.3 million in Q2 2025
- Adjusted EBITDA rose 2.5% to $278.4 million
- Diluted AFFO per share increased 6.7% to $2.22
- Strategic expansion through Verde Outdoor acquisition adding 1,500+ billboard faces
- 36.2% increase in six-month net income, boosted by $67.8 million Vistar Media sale gain
- Free cash flow decreased 2.2% to $199.1 million in Q2 2025
- Operating cash flow declined by $26.9 million to $229.5 million
- Downward revision of full-year 2025 AFFO guidance
- Six-month free cash flow dropped 6.4% to $320.2 million
Insights
Lamar reports modest 2.5% revenue growth, lowers full-year guidance despite completing milestone UPREIT acquisition in billboard industry.
Lamar Advertising delivered mixed Q2 2025 results with revenues increasing
The quarter showed some bright spots, with net income climbing
A concerning sign was the
The most significant strategic development was Lamar's first-ever UPREIT transaction in the billboard industry, acquiring Verde Outdoor in early July. This transaction added 1,500+ billboard faces across ten states and was structured through issuing partnership units rather than cash, which preserves liquidity and offers tax advantages to the sellers.
The revised full-year guidance now projects diluted AFFO per share between
With
Three Month Results
- Net revenues were
$579.3 million - Net income was
$155.0 million - Adjusted EBITDA was
$278.4 million
Six Month Results
- Net revenues were
$1.08 billion - Net income was
$294.2 million - Adjusted EBITDA was
$488.6 million
BATON ROUGE, La., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the second quarter ended June 30, 2025.
"Revenue growth accelerated slightly in the second quarter, with increases on both the national and local levels. Meanwhile, in early July we completed a milestone acquisition, with the first-ever UPREIT transaction in the billboard industry," Lamar chief executive Sean Reilly said. "Our pacings indicate further year-over-year improvement in revenues is likely in the second half of 2025, though perhaps not to the degree that we'd anticipated entering the year. As a result, we've slightly revised our guidance for full-year diluted AFFO per share from a range of
Second Quarter Highlights
- Net revenues increased
2.5% - Net income increased
12.7% - Adjusted EBITDA increased
2.5% - AFFO increased
5.5%
Second Quarter Results
Lamar reported net revenues of
Adjusted EBITDA for the second quarter of 2025 was
Cash flow provided by operating activities was
For the second quarter of 2025, funds from operations, or FFO, was
Acquisition-Adjusted Three Months Results
Acquisition-adjusted net revenue for the second quarter of 2025 increased
Six Month Results
Lamar reported net revenues of
Adjusted EBITDA for the six months ended June 30, 2025 was
Cash flow provided by operating activities was
For the six months ended June 30, 2025, funds from operations, or FFO, was
Liquidity
As of June 30, 2025, Lamar had
Recent Developments
On July 2, 2025, Lamar Advertising Limited Partnership ("Lamar LP"), the subsidiary operating partner of the Company, issued a total of 1,187,500 Common Units of Lamar LP (the "Common Units"). The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with an acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states.
Pursuant to the terms of the Limited Partnership Agreement of Lamar LP, the Common Units are redeemable by the holder after a holding period, which is generally twelve months, for a cash amount per Common Unit equal to the market value of an equivalent number of shares of common stock of the Company. At the Company’s option, in lieu of cash, the redemption obligation may be satisfied by issuing shares of Class A common stock of the Company in exchange for Common Units tendered for redemption.
Revised Guidance
We are updating our 2025 guidance issued in February 2025. We now expect net income per diluted share for fiscal year 2025 to be between
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.
Use of Non-GAAP Financial Measures
The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense. Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.
Our Non-GAAP financial measures are determined as follows:
- We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net.
- Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues.
- Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.
- We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.
- We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.
- Diluted AFFO per share is defined as AFFO divided by weighted average diluted common shares outstanding.
- Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments.
- Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”.
- Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period.
Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies.
Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein.
Conference Call Information
A conference call will be held to discuss the Company’s operating results on Friday, August 8, 2025 at 8:00 a.m. central time. Instructions for the conference call and Webcast are provided below:
Conference Call
| All Callers: | 1-800-420-1271 or 1-785-424-1634 |
| Passcode: | 63104 |
| Live Webcast: | ir.lamar.com |
| Webcast Replay: | ir.lamar.com |
| Available through Friday, August 15, 2025 at 11:59 p.m. eastern time | |
| Company Contact: | Buster Kantrow |
| Director of Investor Relations | |
| (225) 926-1000 | |
| bkantrow@lamar.com |
General Information
Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 366,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,200 displays.
| LAMAR ADVERTISING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net revenues | $ | 579,311 | $ | 565,251 | $ | 1,084,741 | $ | 1,063,401 | |||||||
| Operating expenses (income) | |||||||||||||||
| Direct advertising expenses | 187,156 | 183,455 | 366,778 | 359,284 | |||||||||||
| General and administrative expenses | 86,679 | 84,334 | 175,880 | 167,429 | |||||||||||
| Corporate expenses | 27,093 | 25,908 | 53,479 | 53,212 | |||||||||||
| Stock-based compensation | 7,148 | 11,150 | 17,725 | 25,616 | |||||||||||
| Capitalized contract fulfillment costs, net | (380 | ) | (190 | ) | (5 | ) | (374 | ) | |||||||
| Depreciation and amortization | 78,110 | 77,191 | 155,931 | 152,419 | |||||||||||
| Gain on disposition of assets and investments | (4,176 | ) | (824 | ) | (73,961 | ) | (3,012 | ) | |||||||
| Total operating expense | 381,630 | 381,024 | 695,827 | 754,574 | |||||||||||
| Operating income | 197,681 | 184,227 | 388,914 | 308,827 | |||||||||||
| Other expense (income) | |||||||||||||||
| Interest income | (597 | ) | (572 | ) | (1,089 | ) | (1,039 | ) | |||||||
| Interest expense | 40,700 | 44,337 | 79,032 | 88,824 | |||||||||||
| Equity in loss (earnings) of investee | 174 | (4 | ) | (206 | ) | 555 | |||||||||
| 40,277 | 43,761 | 77,737 | 88,340 | ||||||||||||
| Income before income tax expense | 157,404 | 140,466 | 311,177 | 220,487 | |||||||||||
| Income tax expense | 2,388 | 2,872 | 16,932 | 4,394 | |||||||||||
| Net income | 155,016 | 137,594 | 294,245 | 216,093 | |||||||||||
| Net income attributable to non-controlling interest | 661 | 228 | 1,135 | 503 | |||||||||||
| Net income attributable to controlling interest | 154,355 | 137,366 | 293,110 | 215,590 | |||||||||||
| Preferred stock dividends | 91 | 91 | 182 | 182 | |||||||||||
| Net income applicable to common stock | $ | 154,264 | $ | 137,275 | $ | 292,928 | $ | 215,408 | |||||||
| Earnings per share: | |||||||||||||||
| Basic earnings per share | $ | 1.52 | $ | 1.34 | $ | 2.88 | $ | 2.11 | |||||||
| Diluted earnings per share | $ | 1.52 | $ | 1.34 | $ | 2.87 | $ | 2.10 | |||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 101,271,391 | 102,248,621 | 101,851,428 | 102,181,890 | |||||||||||
| Diluted | 101,653,373 | 102,594,217 | 102,233,863 | 102,522,569 | |||||||||||
| OTHER DATA | |||||||||||||||
| Free Cash Flow Computation: | |||||||||||||||
| Adjusted EBITDA | $ | 278,383 | $ | 271,554 | $ | 488,604 | $ | 483,476 | |||||||
| Interest, net | (38,570 | ) | (42,125 | ) | (74,887 | ) | (84,514 | ) | |||||||
| Current tax expense | (2,439 | ) | (3,182 | ) | (25,251 | ) | (4,458 | ) | |||||||
| Preferred stock dividends | (91 | ) | (91 | ) | (182 | ) | (182 | ) | |||||||
| Total capital expenditures | (38,201 | ) | (22,648 | ) | (68,088 | ) | (52,130 | ) | |||||||
| Free cash flow | $ | 199,082 | $ | 203,508 | $ | 320,196 | $ | 342,192 | |||||||
| SUPPLEMENTAL SCHEDULES SELECTED BALANCE SHEET AND CASH FLOW DATA (IN THOUSANDS) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| Selected Balance Sheet Data: | |||||||
| Cash and cash equivalents | $ | 55,726 | $ | 49,461 | |||
| Working capital deficit | $ | (325,124 | ) | $ | (353,206 | ) | |
| Total assets | $ | 6,673,968 | $ | 6,586,549 | |||
| Total debt, net of deferred financing costs (including current maturities) | $ | 3,363,713 | $ | 3,210,864 | |||
| Total stockholders’ equity | $ | 906,883 | $ | 1,048,020 | |||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| (Unaudited) | |||||||||||
| Selected Cash Flow Data: | |||||||||||
| Cash flows provided by operating activities | $ | 229,487 | $ | 256,342 | $ | 357,232 | $ | 366,904 | |||
| Cash flows used in investing activities | $ | 99,202 | $ | 31,645 | $ | 33,776 | $ | 76,661 | |||
| Cash flows used in financing activities | $ | 110,947 | $ | 183,118 | $ | 317,469 | $ | 256,744 | |||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow: | |||||||||||||||
| Cash flows provided by operating activities | $ | 229,487 | $ | 256,342 | $ | 357,232 | $ | 366,904 | |||||||
| Changes in operating assets and liabilities | 10,346 | (28,574 | ) | 34,513 | 29,617 | ||||||||||
| Total capital expenditures | (38,201 | ) | (22,648 | ) | (68,088 | ) | (52,130 | ) | |||||||
| Preferred stock dividends | (91 | ) | (91 | ) | (182 | ) | (182 | ) | |||||||
| Capitalized contract fulfillment costs, net | (380 | ) | (190 | ) | (5 | ) | (374 | ) | |||||||
| Other | (2,079 | ) | (1,331 | ) | (3,274 | ) | (1,643 | ) | |||||||
| Free cash flow | $ | 199,082 | $ | 203,508 | $ | 320,196 | $ | 342,192 | |||||||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||
| Net income | $ | 155,016 | $ | 137,594 | $ | 294,245 | $ | 216,093 | |||||||
| Interest income | (597 | ) | (572 | ) | (1,089 | ) | (1,039 | ) | |||||||
| Interest expense | 40,700 | 44,337 | 79,032 | 88,824 | |||||||||||
| Equity in loss (earnings) of investee | 174 | (4 | ) | (206 | ) | 555 | |||||||||
| Income tax expense | 2,388 | 2,872 | 16,932 | 4,394 | |||||||||||
| Operating income | 197,681 | 184,227 | 388,914 | 308,827 | |||||||||||
| Stock-based compensation | 7,148 | 11,150 | 17,725 | 25,616 | |||||||||||
| Capitalized contract fulfillment costs, net | (380 | ) | (190 | ) | (5 | ) | (374 | ) | |||||||
| Depreciation and amortization | 78,110 | 77,191 | 155,931 | 152,419 | |||||||||||
| Gain on disposition of assets and investments | (4,176 | ) | (824 | ) | (73,961 | ) | (3,012 | ) | |||||||
| Adjusted EBITDA | $ | 278,383 | $ | 271,554 | $ | 488,604 | $ | 483,476 | |||||||
| Capital expenditure detail by category: | |||||||||||||||
| Billboards - traditional | $ | 8,887 | $ | 3,865 | $ | 14,933 | $ | 11,013 | |||||||
| Billboards - digital | 22,242 | 11,195 | 38,318 | 24,608 | |||||||||||
| Logo | 3,379 | 1,800 | 5,985 | 3,136 | |||||||||||
| Transit | 370 | 1,034 | 958 | 1,385 | |||||||||||
| Land and buildings | 1,360 | 2,364 | 1,670 | 4,680 | |||||||||||
| Operating equipment | 1,963 | 2,390 | 6,224 | 7,308 | |||||||||||
| Total capital expenditures | $ | 38,201 | $ | 22,648 | $ | 68,088 | $ | 52,130 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||
| Reconciliation of Reported Basis to Acquisition-Adjusted Results(a): | |||||||||||||||||
| Net revenue | $ | 579,311 | $ | 565,251 | 2.5 | % | $ | 1,084,741 | $ | 1,063,401 | 2.0 | % | |||||
| Acquisitions and divestitures | — | 3,131 | — | 5,021 | |||||||||||||
| Acquisition-adjusted net revenue | 579,311 | 568,382 | 1.9 | % | 1,084,741 | 1,068,422 | 1.5 | % | |||||||||
| Reported direct advertising and G&A expenses | 273,835 | 267,789 | 2.3 | % | 542,658 | 526,713 | 3.0 | % | |||||||||
| Acquisitions and divestitures | — | 1,744 | — | 3,316 | |||||||||||||
| Acquisition-adjusted direct advertising and G&A expenses | 273,835 | 269,533 | 1.6 | % | 542,658 | 530,029 | 2.4 | % | |||||||||
| Outdoor operating income | 305,476 | 297,462 | 2.7 | % | 542,083 | 536,688 | 1.0 | % | |||||||||
| Acquisition and divestitures | — | 1,387 | — | 1,705 | |||||||||||||
| Acquisition-adjusted outdoor operating income | 305,476 | 298,849 | 2.2 | % | 542,083 | 538,393 | 0.7 | % | |||||||||
| Reported corporate expense | 27,093 | 25,908 | 4.6 | % | 53,479 | 53,212 | 0.5 | % | |||||||||
| Acquisitions and divestitures | — | — | — | — | |||||||||||||
| Acquisition-adjusted corporate expenses | 27,093 | 25,908 | 4.6 | % | 53,479 | 53,212 | 0.5 | % | |||||||||
| Adjusted EBITDA | 278,383 | 271,554 | 2.5 | % | 488,604 | 483,476 | 1.1 | % | |||||||||
| Acquisitions and divestitures | — | 1,387 | — | 1,705 | |||||||||||||
| Acquisition-adjusted EBITDA | $ | 278,383 | $ | 272,941 | 2.0 | % | $ | 488,604 | $ | 485,181 | 0.7 | % | |||||
| __________________________________ | |
| (a) | Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2024 for acquisitions and divestitures for the same time frame as actually owned in 2025. |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||
| Reconciliation of Net Income to Outdoor Operating Income: | |||||||||||||||||||||
| Net income | $ | 155,016 | $ | 137,594 | 12.7 | % | $ | 294,245 | $ | 216,093 | 36.2 | % | |||||||||
| Interest expense, net | 40,103 | 43,765 | 77,943 | 87,785 | |||||||||||||||||
| Equity in loss (earnings) of investee | 174 | (4 | ) | (206 | ) | 555 | |||||||||||||||
| Income tax expense | 2,388 | 2,872 | 16,932 | 4,394 | |||||||||||||||||
| Operating income | 197,681 | 184,227 | 7.3 | % | 388,914 | 308,827 | 25.9 | % | |||||||||||||
| Corporate expenses | 27,093 | 25,908 | 53,479 | 53,212 | |||||||||||||||||
| Stock-based compensation | 7,148 | 11,150 | 17,725 | 25,616 | |||||||||||||||||
| Capitalized contract fulfillment costs, net | (380 | ) | (190 | ) | (5 | ) | (374 | ) | |||||||||||||
| Depreciation and amortization | 78,110 | 77,191 | 155,931 | 152,419 | |||||||||||||||||
| Gain on disposition of assets and investments | (4,176 | ) | (824 | ) | (73,961 | ) | (3,012 | ) | |||||||||||||
| Outdoor operating income | $ | 305,476 | $ | 297,462 | 2.7 | % | $ | 542,083 | $ | 536,688 | 1.0 | % | |||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES (IN THOUSANDS) | ||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||
| Reconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense: | ||||||||||||||||||||||
| Total operating expenses | $ | 381,630 | $ | 381,024 | 0.2 | % | $ | 695,827 | $ | 754,574 | (7.8 | ) | % | |||||||||
| Gain on disposition of assets and investments | 4,176 | 824 | 73,961 | 3,012 | ||||||||||||||||||
| Depreciation and amortization | (78,110 | ) | (77,191 | ) | (155,931 | ) | (152,419 | ) | ||||||||||||||
| Capitalized contract fulfillment costs, net | 380 | 190 | 5 | 374 | ||||||||||||||||||
| Stock-based compensation | (7,148 | ) | (11,150 | ) | (17,725 | ) | (25,616 | ) | ||||||||||||||
| Acquisitions and divestitures | — | 1,744 | — | 3,316 | ||||||||||||||||||
| Acquisition-adjusted consolidated expense | $ | 300,928 | $ | 295,441 | 1.9 | % | $ | 596,137 | $ | 583,241 | 2.2 | % | ||||||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Adjusted Funds from Operations: | |||||||||||||||
| Net income | $ | 155,016 | $ | 137,594 | $ | 294,245 | $ | 216,093 | |||||||
| Depreciation and amortization related to real estate | 74,015 | 72,393 | 147,651 | 144,122 | |||||||||||
| Gain from sale or disposal of real estate and investments, net of tax | (4,145 | ) | (726 | ) | (60,742 | ) | (2,820 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | 456 | 12 | 330 | 384 | |||||||||||
| Funds from operations | $ | 225,342 | $ | 209,273 | $ | 381,484 | $ | 357,779 | |||||||
| Straight-line expense | 1,372 | 794 | 2,381 | 2,067 | |||||||||||
| Capitalized contract fulfillment costs, net | (380 | ) | (190 | ) | (5 | ) | (374 | ) | |||||||
| Stock-based compensation expense | 7,148 | 11,150 | 17,725 | 25,616 | |||||||||||
| Non-cash portion of tax provision | (95 | ) | (310 | ) | (339 | ) | (64 | ) | |||||||
| Non-real estate related depreciation and amortization | 4,095 | 4,799 | 8,280 | 8,297 | |||||||||||
| Amortization of deferred financing costs | 1,533 | 1,640 | 3,056 | 3,271 | |||||||||||
| Capitalized expenditures-maintenance | (13,277 | ) | (13,627 | ) | (22,662 | ) | (24,454 | ) | |||||||
| Adjustments for unconsolidated affiliates and non-controlling interest | (456 | ) | (12 | ) | (330 | ) | (384 | ) | |||||||
| Adjusted funds from operations | $ | 225,282 | $ | 213,517 | $ | 389,590 | $ | 371,754 | |||||||
| Divided by weighted average diluted common shares outstanding | 101,653,373 | 102,594,217 | 102,233,863 | 102,522,569 | |||||||||||
| Diluted AFFO per share | $ | 2.22 | $ | 2.08 | $ | 3.81 | $ | 3.63 | |||||||
| SUPPLEMENTAL SCHEDULES UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | |||||||
| Revised projected 2025 Adjusted Funds From Operations: | |||||||
| Year ended December 31, 2025 | |||||||
| Low | High | ||||||
| Net income | $ | 625,400 | $ | 627,400 | |||
| Depreciation and amortization related to real estate | 293,000 | 293,000 | |||||
| Gain from sale or disposal of real estate, net of tax | (77,600 | ) | (77,600 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | (1,500 | ) | (1,500 | ) | |||
| Funds from operations | $ | 839,300 | $ | 841,300 | |||
| Straight-line expense | 4,500 | 4,500 | |||||
| Capitalized contract fulfillment costs, net | 500 | 500 | |||||
| Stock-based compensation expense | 27,000 | 35,000 | |||||
| Non-cash portion of tax provision | 500 | 500 | |||||
| Non-real estate related depreciation and amortization | 12,000 | 12,000 | |||||
| Amortization of deferred financing costs | 6,200 | 6,200 | |||||
| Capitalized expenditures-maintenance | (60,000 | ) | (60,000 | ) | |||
| Adjustments for unconsolidated affiliates and non-controlling interest | 1,500 | 1,500 | |||||
| Adjusted funds from operations | $ | 831,500 | $ | 841,500 | |||
| Weighted average diluted common shares outstanding | 102,615,000 | 102,615,000 | |||||
| Diluted earnings per share | $ | 6.09 | $ | 6.11 | |||
| Diluted AFFO per share | $ | 8.10 | $ | 8.20 | |||
The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of August 8, 2025. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding “forward-looking statements” included in the press release when considering this information.
FAQ
What were Lamar Advertising's (LAMR) key financial results for Q2 2025?
How did Lamar Advertising revise its 2025 guidance?
What major acquisition did LAMR complete in July 2025?
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