Lamar Advertising Company filings document the regulatory record of an outdoor advertising REIT with Class A common stock listed on Nasdaq. Its 8-K reports cover operating results, dividend declarations, repurchase programs, material agreements, and financing activity connected to Lamar Media Corp., its wholly owned subsidiary.
The company’s proxy materials address board governance, shareholder voting matters, and executive compensation. Other disclosures describe Class A and Class B common stock, senior notes, credit agreement amendments, subsidiary obligations, risk factors, and capital-allocation actions related to dividends, stock repurchases, and debt repurchases.
Lamar Advertising Company Chief Executive Officer Sean E. Reilly reported a forfeiture of 20,965 LTIP Units of Lamar Advertising Limited Partnership to the issuer. These incentive units had been granted under Lamar’s 1996 Equity Incentive Plan and were subject to 2025 performance goals. The amount forfeited, including dividend equivalents, reflects the Compensation Committee’s determination of 2025 performance on February 18, 2026. After this disposition, Reilly directly holds 39,035 LTIP Units from this award, and a separate line in the filing shows 126,000 previously issued and vested LTIP Units held directly.
Lamar Advertising Company Executive Chairman Kevin P. Reilly Jr. reported a disposition of 9,224 LTIP Units of Lamar Advertising Limited Partnership to the issuer on February 18, 2026. The disposition occurred at a price of $0.00 per unit and reflects forfeiture tied to 2025 performance goals under Lamar's 1996 Equity Incentive Plan.
According to the disclosure, these LTIP Units were originally awarded subject to forfeiture based on performance results for 2025 as determined by the Compensation Committee. The forfeited portion, including associated dividends, represents the amount shown in the transaction. The filing also notes additional LTIP Units previously issued and vested under the same plan that can convert into partnership units redeemable for cash or Class A common stock on a one-for-one basis.
Lamar Advertising Company CFO Jay LeCoryelle Johnson reported a disposition of 11,740 LTIP Units back to the company’s operating partnership. The Form 4 shows this as a disposition to the issuer, with no price per unit, leaving 21,860 LTIP Units directly owned afterward.
Footnotes explain these LTIP Units were part of a performance-based award tied to 2025 goals under Lamar’s equity incentive plan, and the 11,740-unit amount represents the portion forfeited when 2025 performance results were determined on February 18, 2026. Johnson also has indirect LTIP Unit holdings through Westview Capital Partners, LLC and Blair Road, L.L.C., with 19,800 and 33,600 LTIP Units respectively following the reported date.
Lamar Advertising Company and subsidiary Lamar Media Corp. describe a large, diversified out-of-home advertising business spanning billboards, logo signs and transit displays across the U.S. and Canada. As of December 31, 2025, the company operated about 159,300 billboard displays, 5,500 of which were digital, plus 144,400 logo displays and 40,600 transit displays.
Total 2025 revenues were $2,266.2 million, with billboard, logo and transit activities all contributing. Lamar highlights its REIT structure, capital allocation focus and heavy investment in digital, including $180.8 million of 2025 capital expenditures. The filing also emphasizes substantial leverage at Lamar Media, with about $3.42 billion of debt outstanding, exposure to rising interest rates, regulatory risks around billboards and digital displays, contract renewal risk for logo and transit concessions, and dependence on advertising demand and broader economic conditions.
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.