Dividend and $500M repurchase capacity at Lamar (NASDAQ: LAMR)
Rhea-AI Filing Summary
Lamar Advertising Company declared a quarterly cash dividend of $1.60 per share, payable on March 31, 2026, to stockholders of record on March 16, 2026, for both its Class A and Class B common stock. The company expects aggregate quarterly distributions to stockholders in 2026, including this payment, to total at least $6.40 per common share.
The board also extended its capital return programs. The stock repurchase program allows repurchases of up to an additional $250 million of Class A common stock, while a debt repurchase program authorizes Lamar Media Corp. to repurchase up to $250 million of its senior notes and other indebtedness. These programs, previously expiring March 31, 2026, now run through September 30, 2027 and may be extended, suspended or discontinued at any time. Lamar has already repurchased $150 million under the stock program, which was increased to an overall size of $400 million, leaving $250 million available.
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Insights
Lamar reinforces shareholder returns via steady dividends and extended repurchase capacity.
Lamar Advertising is pairing a predictable cash return with flexible balance sheet management. A quarterly dividend of $1.60 per share, with expected 2026 distributions of at least $6.40 per share, signals an ongoing commitment to returning cash to equity holders.
In parallel, the company maintains sizeable authorization for both equity and debt repurchases. The stock repurchase program permits up to an additional $250 million in Class A buybacks, and the debt repurchase program authorizes up to $250 million of senior notes and other indebtedness. Actual activity will depend on management’s assessment of market conditions and capital needs.
The extension of both programs through September 30, 2027 gives management a long window to act opportunistically in either the equity or credit markets. Future disclosures in periodic reports and subsequent announcements will clarify how much of this authorization is ultimately used and at what pace.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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| Item 8.01 | Other Events. |
On February 26, 2026, Lamar Advertising Company (the “Company”) issued a press release announcing that its Board of Directors declared a quarterly cash dividend of $1.60 per share payable on March 31, 2026, to holders of record of the Company’s Class A common stock and Class B common stock on March 16, 2026.
Also on February 26, 2026, the Board of Directors of the Company authorized the extension of the Company’s existing (i) stock repurchase program, which has remaining availability for the repurchase of up to $250 million of its Class A common stock and (ii) debt repurchase program, which provides for the repurchase by Lamar Media Corp., its wholly owned subsidiary, of up to $250 million of Lamar Media Corp.’s outstanding senior notes and other indebtedness outstanding from time to time under Lamar Media Corp.’s credit agreement. The repurchase programs, which were previously set to expire on March 31, 2026, have been extended through September 30, 2027. The repurchase programs may be further extended, suspended or discontinued at any time.
Such repurchases may be made on the open market or in privately negotiated transactions. The timing and amount of any repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors. The Company may also establish 10b5-1 trading plans from time to time that will provide flexibility if and when it buys back securities.
As of the date hereof, no repurchases have been made under the debt repurchase program. The Company previously repurchased $150 million under its stock repurchase program, and increased the overall size of the stock repurchase program to $400 million, of which $250 million remains available for future repurchases.
A copy of the press release relating to the quarterly dividend and the extension of the stock repurchase authorization is filed herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press Release of Lamar Advertising Company dated February 26, 2026. | |
| 104.1 | Cover Page Interactive Data File - (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 26, 2026 | LAMAR ADVERTISING COMPANY | |||||
| By: | /s/ Jay L. Johnson | |||||
| Jay L. Johnson | ||||||
| EVP, Chief Financial Officer & Treasurer | ||||||
Exhibit 99.1
5321 Corporate Boulevard
Baton Rouge, LA 70808
Lamar Advertising Company Announces
Cash Dividend on Common Stock & Extension of Stock and Debt Repurchase Programs
Baton Rouge, LA – February 26, 2026 – Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces that its board of directors has declared a quarterly cash dividend of $1.60 per share payable on March 31, 2026 to stockholders of record of Lamar’s Class A common stock and Class B common stock on March 16, 2026. Subject to the approval of its board of directors, Lamar expects aggregate quarterly distributions to stockholders in 2026, including the dividend payable on March 31, 2026, will total at least $6.40 per common share.
In addition, Lamar announces that its board of directors has authorized the extension of its existing (1) stock repurchase program, which provides for the repurchase of up to an additional $250 million of its Class A common stock and (ii) debt repurchase program, which provides for the repurchase by Lamar Media Corp., its wholly owned subsidiary, of up to $250 million of Lamar Media Corp.’s outstanding senior notes and other indebtedness outstanding from time to time under Lamar Media Corp.’s credit agreement. The repurchase programs, which were previously set to expire on March 31, 2026, have been extended through September 30, 2027. The repurchase programs may be further extended, suspended or discontinued at any time.
Such repurchases may be made on the open market or in privately negotiated transactions. The timing and amount of any repurchases will be determined by the company’s management based on its evaluation of market conditions and other factors. The company may also establish 10b5-1 trading plans from time to time that will provide flexibility if and when it buys back securities.
As of the date hereof, no repurchases have been made under the debt repurchase program. Lamar previously repurchased $150 million under its stock repurchase program, and increased the overall size of the stock repurchase program to $400 million, of which $250 million remains available for future repurchases.
Forward-Looking Statements
This press release contains “forward-looking statements” concerning Lamar Advertising Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in our forward-looking statements as a result of various factors, including those factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 360,000 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 5,500 displays.
5321 Corporate Boulevard
Baton Rouge, LA 70808
Company Contact:
Buster Kantrow
Director of Investor Relations
Lamar Advertising Company
(225) 926-1000
bkantrow@lamar.com