Lamar Advertising Company (LAMR) Q4 2025 Financial Results Summary

Baton Rouge, LA – February 20, 2026 – Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the fourth quarter and year ended December 31, 2025.

Key Financial Results:

Fourth Quarter Highlights:

• Net Revenues: $595.9 million, a 2.8% increase from $579.6 million in Q4 2024.
• Net Income: $154.7 million compared to a net loss of $1.0 million in Q4 2024, an increase of $155.7 million.
• Adjusted EBITDA: $288.9 million, an increase of 3.7% from $278.5 million in Q4 2024.
• AFFO (Adjusted Funds from Operations): Increased 1.8% to $230.6 million, compared to $226.5 million in Q4 2024.

Annual Results (12 Months):

• Net Revenues: $2.27 billion, a 2.7% increase from $2.21 billion in 2024.
• Net Income: $593.1 million, 63.4% increase from net income of $362.9 million in 2024.
• Adjusted EBITDA: $1.06 billion, an increase of 2.4% from $1.03 billion in 2024.

Cash Flow Metrics:

• Quarterly Cash Flow from Operating Activities: $271.2 million, a decrease of 3.0% compared to $279.3 million in Q4 2024.
• Free Cash Flow: $187.1 million, a decrease of 4.3% from $195.6 million in Q4 2024.
• Annual Cash Flow from Operating Activities: $864.0 million vs. $873.6 million in 2024, a decrease of 1.6%.
• Annual Free Cash Flow: $696.6 million, a 5.3% decrease from $735.9 million in 2024.

Funds from Operations (FFO) & AFFO:

• FFO for Q4 2025: $226.5 million, a decrease of 0.1% from $226.7 million in Q4 2024.
• AFFO for Q4 2025: Increased 1.8% to $230.6 million from $226.5 million in Q4 2024.
• Diluted AFFO per share: Increased 1.4% to $2.24 compared to $2.21 in Q4 2024.

Balance Sheet & Liquidity:

• Total liquidity as of December 31, 2025: $807.0 million, including $742.2 million available for borrowing.
• Cash and cash equivalents: $64.8 million.
• No borrowings under the revolving credit facility; $250.0 million outstanding under the Accounts Receivable Securitization Program.

Key Guidance for Fiscal Year 2026:

• Net Income per Diluted Share anticipated between $5.72 and $5.83.
• Diluted AFFO per Share expected to be between $8.50 and $8.70.

Dividends and Share Repurchase:

• No mention of a declared quarterly dividend or any share repurchase program in the provided report.

Notable Changes:

• Operating Income for Q4 2025: Increased 434.9% to $196.1 million compared to $36.7 million in Q4 2024.
• Significant year-over-year changes in depreciation and amortization expense due to revisions in estimated asset retirement obligations from 2024.

Overall, Lamar experienced a positive financial performance in Q4 2025 with notable increases across revenues, income, and EBITDA, alongside a robust outlook for 2026. The ongoing momentum supports management’s confidence in continuing strong performance moving forward.

Note: The amounts in the following tables are in thousands.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

	Three Months Ended		Year Ended
	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2024
Net revenues	$595,932	$579,567	$2,266,214	$2,207,103
Operating expenses (income)
Direct advertising expenses	$192,515	$186,191	$747,024	$728,192
General and administrative expenses	$88,143	$89,687	$354,025	$343,227
Corporate expenses	$26,405	$25,166	$106,922	$102,526
Stock-based compensation	$8,654	$6,812	$33,959	$44,525
Capitalized contract fulfillment costs, net	$-146	$189	$-166	$-317
Depreciation and amortization	$84,125	$235,436	$326,332	$462,967
Loss (gain) on disposition of assets and investments	$175	$-571	$-75,941	$-6,057
Total operating expense	$399,871	$542,910	$1,492,155	$1,675,063
Operating income	$196,061	$36,657	$774,059	$532,040
Other expense (income)
Loss on extinguishment of debt	$—	$—	$2,012	$270
Interest income	$-737	$-614	$-2,584	$-2,315
Interest expense	$40,221	$39,948	$160,442	$171,709
Equity in earnings of investee	$—	$-3,007	$-206	$-5,094
	$39,484	$36,327	$159,664	$164,570
Income before income tax expense	$156,577	$330	$614,395	$367,470
Income tax expense	$1,829	$1,306	$21,327	$4,531
Net income (loss)	$154,748	$-976	$593,068	$362,939
Net income attributable to non-controlling interest	$2,459	$223	$5,916	$1,072
Net income (loss) attributable to controlling interest	$152,289	$-1,199	$587,152	$361,867
Preferred stock dividends	$92	$92	$365	$365
Net income (loss) applicable to common stock	$152,197	$-1,291	$586,787	$361,502
Earnings per share:
Basic earnings (loss) per share	$1.50	$-0.01	$5.78	$3.54
Diluted earnings (loss) per share	$1.50	$-0.01	$5.77	$3.52
Weighted average common shares outstanding:
Basic	101,289,056	102,362,530	101,554,181	102,258,760
Diluted	101,361,942	102,641,605	101,634,142	102,561,151
OTHER DATA
Free Cash Flow Computation:
Adjusted EBITDA	$288,869	$278,523	$1,058,243	$1,033,158
Interest, net	$-37,795	$-37,832	$-151,576	$-163,062
Current tax expense	$-976	$-1,985	$-28,950	$-8,567
Preferred stock dividends	$-92	$-92	$-365	$-365
Total capital expenditures	$-62,862	$-43,014	$-180,800	$-125,284
Free cash flow	$187,144	$195,600	$696,552	$735,880

SELECTED BALANCE SHEET AND CASH FLOW DATA

(IN THOUSANDS)

	December 31, 2025	December 31, 2024
Selected Balance Sheet Data:
Cash and cash equivalents	$64,812	$49,461
Working capital deficit	$-334,320	$-353,206
Total assets	$6,931,954	$6,586,549
Total debt, net of deferred financing costs	$3,418,907	$3,210,864
(including current maturities)
Total stockholders’ equity	$1,024,779	$1,048,020
Selected Cash Flow Data:
Cash flows provided by operating activities	$271,160	$279,313
Cash flows used in investing activities	$116,575	$56,860
Cash flows used in financing activities	$111,894	$202,203