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Lamar Advertising Company reported steady growth for the quarter and year ended December 31, 2025 and issued 2026 guidance. Fourth-quarter net revenues were $595.9 million, up 2.8% from 2024, with net income of $154.7 million versus a $1.0 million loss, helped by favorable comparisons to a prior asset-retirement charge. Adjusted EBITDA rose 3.7% to $288.9 million, while diluted AFFO per share increased 1.4% to $2.24.
For 2025, net revenues reached $2.27 billion, up 2.7%, and net income was $593.1 million, a 63.4% increase driven by a $68.6 million gain on the sale of Lamar’s Vistar Media stake and the prior-year depreciation impact. Adjusted EBITDA grew to $1.06 billion, and AFFO rose to $846.7 million, with diluted AFFO per share up 3.4% to $8.26. Free cash flow declined 5.3% to $696.6 million as capital spending increased, particularly on digital billboards.
As of December 31, 2025, Lamar had $807.0 million in liquidity, including $64.8 million of cash and $742.2 million available on its revolving credit facility, with $3.42 billion of total debt. For 2026, the company expects net income per diluted share between $5.72 and $5.83 and diluted AFFO per share between $8.50 and $8.70.
Lamar Advertising Company received an updated ownership report from the Reilly family group. Reilly Family, LLC reports beneficial ownership of 9,000,000 shares, representing 8.9% of the Class A common stock on an as-converted basis. Kevin P. Reilly, Jr. reports beneficial ownership of 11,845,257 shares, or 11.7% of the Class A common stock, including Class A shares, Class B shares and partnership units. The filing explains that Class B common stock is convertible into Class A common stock on a one-for-one basis and that Reilly holds interests through several entities, including Reilly Family, LLC, Grand Pass, L.L.C., and Ninemile, L.L.C.
FMR LLC has filed an amended ownership report showing it beneficially owns 3,421,312.46 shares of Lamar Advertising Company Class A common stock, representing 3.9% of the class as of the event date December 31, 2025.
The filing notes sole voting power over 3,284,356.36 shares and sole dispositive power over 3,421,312.46 shares for FMR LLC, with no shared voting or dispositive power. Abigail P. Johnson is reported with sole dispositive power over the same 3,421,312.46 shares, but no voting power.
The securities are stated to be acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Lamar Advertising, nor in connection with any transaction intended to have that effect.
Lamar Advertising executive Reilly Ross Lamar filed an initial ownership report showing his equity stake in the company. He directly holds 11,663 shares of Class A common stock and stock options for 9,000 shares of Class A common stock at an exercise price of $65.82 per share, expiring on October 3, 2026; these options were fully vested as of October 3, 2020. He also reports indirect ownership of 566,211 shares of Class B common stock through Ninemile, L.L.C. and 1,796,039 shares of Class B common stock through Grand Pass, L.L.C. He is a non-manager member or trustee-related party in these entities and disclaims beneficial ownership of the indirectly reported shares except to the extent of his pecuniary interest. The filing notes it was submitted late due to delays in obtaining EDGAR codes.
Lamar Advertising Company announced that its board of directors has declared a quarterly cash dividend of $1.55 per share and a special cash dividend of $0.25 per share. Both dividends apply to the company’s Class A and Class B common stock.
The dividends are payable on December 31, 2025 to shareholders of record as of December 22, 2025. This combination of a quarterly dividend and an additional special dividend delivers cash returns to shareholders.
Lamar Advertising Company reported Q3 results with steady top-line growth and active portfolio expansion. Net revenues were $585,541 for the quarter, up from $564,135 a year ago. Quarterly net income was $144,075 and diluted EPS was $1.40. The company declared a common dividend of $1.55 per share.
By category, Q3 billboard advertising reached $524,769 (from $502,587), logo advertising was $22,195 (from $20,698), and transit advertising was $38,577 (from $40,850). Year‑to‑date, net revenues were $1,670,282 and net income was $438,320, helped by a $76,116 gain on disposition of assets and investments. Cash flow from operations for the nine months was $592,889.
Lamar completed over 30 asset acquisitions for $133,894 in cash and acquired Verde Outdoor on July 2, 2025 for $147,642 via 1,187,500 Lamar LP Common Units, adding more than 1,500 billboard faces across ten states. Long‑term debt, net, was $3,168,713 as of September 30, 2025. On September 23, 2025, Lamar Media established $700,000 in Term B loans and had $742,222 of availability under its $750,000 revolving credit facility. The Accounts Receivable Securitization Program had $180,000 outstanding and is extended to October 15, 2027.
Lamar Advertising Company filed a Form 8-K to announce that it released financial results for the quarter ended September 30, 2025. The company stated that a detailed press release has been furnished to the SEC as Exhibit 99.1 and incorporated by reference. This report was submitted under Item 2.02 (Results of Operations and Financial Condition), providing public notice that the quarterly results are available via the attached exhibit.
Lamar Advertising Company filed an 8-K disclosing an indenture dated September 25, 2025, for notes issued by Lamar Media and guaranteed by certain guarantors, with U.S. Bank Trust Company, N.A., as trustee. The filing describes redemption features that allow Lamar Media to redeem up to 40% of the notes prior to November 1, 2028, at 105.375% of principal using net proceeds of qualifying public equity offerings, provided at least 60% of original notes remain outstanding and redemption occurs within 120 days of the offering.
Prior to November 1, 2028, Lamar Media may also redeem notes at 100% of principal plus accrued interest and a make-whole premium. On or after November 1, 2028, cash redemptions may occur at specified prices. The indenture also requires Lamar Media to offer to purchase notes at 101% of principal plus accrued interest if a change of control occurs and a rating reduction follows. The filing includes signatures dated October 1, 2025.
Lamar Advertising Company disclosed that it executed Amendment No. 5 dated September 23, 2025 to the Fourth Amended and Restated Credit Agreement originally dated February 6, 2020. The amendment involves Lamar Media as borrower, the company and Lamar Media's subsidiary guarantors, and identifies JPMorgan Chase Bank, N.A. as Administrative Agent with certain lenders party to the agreement. The filing characterizes this action as the creation of a direct financial obligation or an obligation under an amendment to the credit agreement. The filing was attested by Jay L. Johnson, Executive Vice President and Chief Financial Officer, with signatures dated September 24, 2025.
Lamar Advertising Company announced that its wholly owned subsidiary, Lamar Media Corp., has agreed to sell $400.0 million in aggregate principal amount of 5.375% Senior Notes due 2033 through an institutional private placement. The closing of this notes offering is expected to occur on or about September 25, 2025, subject to customary closing conditions. The company furnished a press release with further details as an exhibit to this current report.