LAMAR ADVERTISING CO/NEW LAMR

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902. We manage our business through three operating segments –billboard, logo and transit advertising. We rent space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. We offer our customers a fully integrated service, satisfying all aspects of their display requirements from ad copy production to placement and maintenance.

We operate three types of outdoor advertising displays: billboards, logo signs and transit advertising displays.

Billboards. As of December 31, 2025, we owned and operated approximately 159,300 billboard advertising displays in 45 states and Canada. We rent most of our advertising space on two types of billboards: bulletins and posters.

Last close 155.02 2026-10-23
Market cap $15.73B estimated share count
52-week range 114.45 - 166.33

Valuation FY2025 figures against the last close

P/S6.9x
P/E26.9x
P/FCF23.0x
EV/EBITDA17.3x
Dividend yield—
Diluted EPS5.77

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Billboard
  • Other
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Billboard, FY2025: 2B (88.9%) 89% Billboard Other, FY2025: 252.4M (11.1%) 11% Other FY2024 Billboard, FY2024: 2B (88.6%) 89% Other, FY2024: 250.9M (11.4%) 11% FY2023 Billboard, FY2023: 1.9B (89.0%) 89% Other, FY2023: 233.2M (11.0%) 11%
Segment FY2025FY2024FY2023
Billboard $2.01B $1.96B $1.88B
Other $252.4M $250.9M $233.2M

As the company reported it, from the “Segment Reporting - Summary of Financial Performance by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.27B$2.21B$2.11B$2.03B$1.79B$1.57B$1.75B$1.63B$1.54B$1.50B
Cost of revenue $746.9M$727.9M$696.8M$667.3M$576.5M$557.7M$590.1M$561.8M$540.9M$525.6M
Gross profit $1.52B$1.48B$1.41B$1.36B$1.21B$1.01B$1.16B$1.07B$1.00B$974.7M
SG&A $368.7M$361.1M$344.8M$350.6M$327.0M$287.9M$318.4M$289.4M$276.2M$269.4M
Total operating expenses $1.49B$1.68B$1.44B$1.45B$1.27B$1.16B$1.24B$1.17B$1.09B$1.06B
Operating income $774.1M$532.0M$675.4M$578.0M$521.2M$410.1M$517.7M$460.6M$455.4M$439.0M
Interest expense $160.4M$171.7M$174.5M$127.5M$106.4M$137.6M$150.6M$129.7M$128.4M$123.7M
Pre-tax income $614.4M$367.5M$506.6M$456.1M$397.3M$248.0M$367.9M$315.9M$326.9M$312.2M
Income tax $21.3M$4.5M$9.8M$17.5M$9.3M$4.7M$4.2M$10.7M$9.2M$13.4M
Net income $587.2M$361.9M$495.8M$438.6M$388.1M$243.4M$372.1M$305.2M$317.7M$298.8M
EPS, basic 5.783.544.864.323.832.413.713.093.243.07
EPS, diluted 5.773.524.854.313.832.413.713.083.233.05
Shares, diluted (wtd. avg.) 101.6M102.6M102.1M101.6M101.3M100.9M100.3M99.1M98.4M97.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $64.8M$49.5M$44.6M$52.6M$99.8M$121.6M$26.2M$21.5M$115.5M$35.5M
Receivables $341.2M$334.8M$301.2M$285.0M$269.9M$240.9M$254.9M$235.6M$201.7M$189.9M
Total current assets $459.7M$425.3M$373.2M$364.6M$388.6M$380.6M$310.2M$363.7M$420.5M$314.3M
Property, plant and equipment $1.68B$1.60B$1.57B$1.50B$1.34B$1.28B$1.35B$1.30B$1.21B$1.18B
Goodwill $2.11B$2.04B$2.04B$2.04B$1.94B$1.91B$1.91B$1.92B$1.74B$1.73B
Other intangibles $1.11B$1.06B$1.17B$1.21B$1.05B$914.4M$992.2M$915.5M$796.3M$637.2M
Total assets $6.93B$6.59B$6.56B$6.48B$6.05B$5.79B$5.94B$4.54B$4.21B$3.90B
Accounts payable $16.5M$21.6M$18.2M$19.6M$16.4M$12.0M$15.0M$21.2M$18.0M$17.7M
Short-term debt $250.0M$249.8M$250.0M$249.8M$174.8M$122.4M$226.5M$204.1M$17.7M$33.9M
Total current liabilities $794.0M$778.5M$713.9M$726.0M$663.0M$547.9M$672.8M$455.0M$326.0M$277.3M
Long-term debt $3.17B$2.96B$3.09B$3.06B$2.84B$2.76B$2.75B$2.68B$2.54B$2.32B
Total liabilities $5.91B$5.54B$5.35B$5.28B$4.83B$4.59B$4.76B$3.41B$3.11B$2.83B
Retained earnings -$1.11B-$1.04B-$819.2M-$804.4M-$734.4M-$717.3M-$708.4M-$695.3M-$639.1M-$631.0M
Total equity $1.02B$1.05B$1.22B$1.20B$1.22B$1.20B$1.18B$1.13B$1.10B$1.07B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $864.0M$873.6M$783.6M$781.6M$734.4M$569.9M$630.9M$564.8M$507.0M$521.8M
Depreciation and amortisation $326.3M$463.0M$293.4M$349.4M$271.3M$251.3M$250.0M$225.3M$211.1M$205.0M
Stock-based compensation $34.0M$44.5M$22.6M$23.1M$37.4M$18.8M$29.6M$29.4M$9.6M$28.6M
Capital expenditure $180.8M$125.3M$178.3M$167.1M$126.1M$62.3M$141.0M$117.6M$109.3M$107.6M
Investing cash flow -$244.6M-$164.9M-$310.1M-$619.1M-$461.8M-$96.9M-$362.0M-$584.1M-$400.1M-$681.0M
Financing cash flow -$604.3M-$703.4M-$481.6M-$209.3M-$294.5M-$377.9M-$264.4M-$73.6M-$28.6M$171.9M
Buybacks $157.9M$5.3M$6.0M$10.5M$6.1M$10.5M$8.9M$4.1M$9.0M$6.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001090425-26-000008.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 1.5B Gross profit, FY2016: 974.7M Net income, FY2016: 298.8M Revenue, FY2017: 1.5B Gross profit, FY2017: 1B Net income, FY2017: 317.7M Revenue, FY2018: 1.6B Gross profit, FY2018: 1.1B Net income, FY2018: 305.2M Revenue, FY2019: 1.8B Gross profit, FY2019: 1.2B Net income, FY2019: 372.1M Revenue, FY2020: 1.6B Gross profit, FY2020: 1B Net income, FY2020: 243.4M Revenue, FY2021: 1.8B Gross profit, FY2021: 1.2B Net income, FY2021: 388.1M Revenue, FY2022: 2B Gross profit, FY2022: 1.4B Net income, FY2022: 438.6M Revenue, FY2023: 2.1B Gross profit, FY2023: 1.4B Net income, FY2023: 495.8M Revenue, FY2024: 2.2B Gross profit, FY2024: 1.5B Net income, FY2024: 361.9M Revenue, FY2025: 2.3B Gross profit, FY2025: 1.5B Net income, FY2025: 587.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.50B $1.54B $1.63B $1.75B $1.57B $1.79B $2.03B $2.11B $2.21B $2.27B
Gross profit $974.7M $1.00B $1.07B $1.16B $1.01B $1.21B $1.36B $1.41B $1.48B $1.52B
Net income $298.8M $317.7M $305.2M $372.1M $243.4M $388.1M $438.6M $495.8M $361.9M $587.2M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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