LAMAR ADVERTISING CO/NEW LAMR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5.78 | 3.54 | 4.86 | 4.32 | 3.83 | 2.41 | 3.71 | 3.09 | 3.24 | 3.07 |
| EPS, diluted | 5.77 | 3.52 | 4.85 | 4.31 | 3.83 | 2.41 | 3.71 | 3.08 | 3.23 | 3.05 |
| Shares, diluted (wtd. avg.) | $101.6M | $102.6M | $102.1M | $101.6M | $101.3M | $100.9M | $100.3M | $99.1M | $98.4M | $97.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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