Lamar Advertising Company Class A (LAMR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.58	$1.56	-1.3%	—	—	—
Q2 26	$0.84	$0.88	+4.8%	—	—	—
Q1 26	$1.57	$1.5	-4.5%	—	—	—
Q4 25	$1.48	$1.4	-5.4%	—	—	—
Q3 25	$1.48	$1.48	0.0%	—	—	—
Q2 25	$1.25	$0.73	-41.6%	—	—	—
Q1 25	$1.44	-$0.02	-101.4%	—	—	—
Q4 24	$1.42	$1.41	-0.7%	—	—	—
Q3 24	$1.37	$1.33	-2.9%	—	—	—
Q2 24	$0.79	$0.76	-3.8%	—	—	—
Q1 24	$1.32	$1.43	+8.3%	—	—	—
Q4 23	$1.38	$1.37	-0.7%	—	—	—
Q3 23	$1.4	$1.28	-8.6%	—	—	—
Q2 23	$0.81	$0.74	-8.6%	—	—	—
Q1 23	$1.29	$0.65	-49.6%	—	—	—
Q4 22	$1.35	$1.44	+6.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.78	—	—	$2.3B	—
FY24	—	$3.54	—	—	$2.2B	—
FY23	—	$4.86	—	—	$2.1B	—
FY22	—	$4.32	—	—	$2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$1.5B	$1.6B	$1.8B	$1.6B	$1.8B	$2B	$2.1B	$2.2B	$2.3B
YoY change	+10.9%	+2.73%	+5.58%	+7.77%	-10.5%	+13.9%	+13.7%	+3.88%	+4.55%	+2.68%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.5B	1.5B	1.6B	1.8B	1.6B	1.8B	2B	2.1B	2.2B	2.3B
Cost of revenue	525.6M	540.9M	561.8M	590.1M	557.7M	576.5M	667.3M	696.8M	727.9M	746.9M
Gross profit	974.7M	1B	1.1B	1.2B	1B	1.2B	1.4B	1.4B	1.5B	1.5B
Gross margin	65%	64.9%	65.5%	66.4%	64.5%	67.7%	67.2%	67%	67%	67%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	345.8M	338.6M	372.3M	403M	358.8M	327M	350.6M	344.8M	361.1M	368.7M
Operating expenses	345.8M	338.6M	372.3M	403M	358.8M	420.5M	453.1M	450.8M	490.3M	494.9M
Operating income	423.9M	450.7M	467.8M	510.5M	401.1M	519.1M	562.3M	670M	526M	698.1M
Operating margin	28.3%	29.2%	28.7%	29.1%	25.6%	29%	27.7%	31.7%	23.8%	30.8%
Non-operating income, net	11.9M	4.6M	-22.7M	7.2M	-16.2M	-16.1M	20M	9.1M	10.9M	74.1M
Pretax income	312.2M	326.9M	315.9M	367.9M	248M	397.3M	456.1M	506.6M	367.5M	614.4M
Income tax	13.4M	9.2M	10.7M	-4.2M	4.7M	9.3M	17.5M	9.8M	4.5M	21.3M
Net income	298.8M	317.7M	305.2M	372.1M	243.4M	388.1M	438.6M	496.8M	362.9M	593.1M
Net margin	19.9%	20.6%	18.8%	21.2%	15.5%	21.7%	21.6%	23.5%	16.4%	26.2%
EBITDA	628.9M	661.8M	693.6M	761.3M	653.2M	794.5M	917.3M	969.2M	996.4M	1B
EPS	3.07	3.24	3.09	3.71	2.41	3.83	4.32	4.86	3.54	5.78
Diluted EPS	3.05	3.23	3.08	3.71	2.41	3.83	4.31	4.85	3.52	5.77

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	542.6M	555.9M	498.1M	565.3M	564.1M	579.6M	505.4M	579.3M	585.5M	595.9M	528M	616.7M
Cost of revenue	175.2M	181.4M	175.6M	183.3M	182.6M	186.4M	180M	186.8M	187.7M	192.4M	183.3M	194.2M
Gross profit	367.4M	374.5M	322.5M	382M	381.6M	393.2M	325.4M	—	—	—	—	422.5M
Gross margin	67.7%	67.4%	64.7%	67.6%	67.6%	67.8%	64.4%	—	—	—	—	68.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	81.3M	87.8M	89.2M	88.3M	91M	92.6M	95M	89.3M	93M	91.4M	97.6M	96.2M
Operating expenses	105.5M	112.5M	124.9M	121.4M	122.4M	121.7M	126.2M	120.9M	124.6M	123.2M	129.3M	132.8M
Operating income	187.3M	191.5M	122.4M	183.4M	184.1M	36.1M	121.4M	193.5M	186.9M	196.2M	133.5M	205.3M
Operating margin	34.5%	34.4%	24.6%	32.4%	32.6%	6.23%	24%	33.4%	31.9%	32.9%	25.3%	33.3%
Non-operating income, net	1.5M	2.6M	1.6M	828K	4.8M	3.6M	70.2M	4M	143K	-175K	12.6M	2.7M
Pretax income	144.3M	150.3M	80M	140.5M	146.7M	330K	153.8M	157.4M	146.6M	156.6M	105.9M	167.4M
Income tax	3.8M	961K	1.5M	2.9M	-1.2M	1.3M	14.5M	2.4M	2.6M	1.8M	4M	2.7M
Net income	140.4M	149.3M	78.5M	137.6M	147.8M	-976K	139.2M	155M	144.1M	154.7M	101.8M	164.6M
Net margin	25.9%	26.9%	15.8%	24.3%	26.2%	-0.17%	27.5%	26.8%	24.6%	26%	19.3%	26.7%
EBITDA	263.2M	264.9M	197.5M	261.2M	262.5M	275.1M	200.1M	272M	274M	281.1M	215.8M	290.2M
EPS	1.37	1.46	0.77	1.34	1.44	-0.01	1.35	1.52	1.4	1.5	1	1.58
Diluted EPS	1.37	1.46	0.76	1.34	1.44	-0.01	1.35	1.52	1.4	1.5	1	1.58

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.5B	7.3B	6.8B	8.9B	8.4B	12.3B	9.6B	10.8B	12.4B	12.9B	14.7B
Enterprise value	8.8B	9.7B	9.7B	13.2B	12.4B	16.4B	14.1B	15.4B	17B	17.7B	19.5B
Shares outstanding	97.1M	97.9M	98.8M	100.1M	100.8M	101.1M	101.5M	101.9M	102.3M	101.6M	101.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.9	22.9	22.4	24	34.5	31.6	21.8	21.8	34.3	21.7	26.2
P/S	4.35	4.72	4.2	5.1	5.34	6.86	4.72	5.13	5.64	5.67	6.29
P/B	6.11	6.59	6.04	7.57	6.97	10.1	8.02	8.9	11.9	12.5	14.9
EV/EBITDA	14.1	14.7	14	17.3	18.9	20.6	15.4	15.9	17	17.2	18.5
EV/Sales	5.9	6.3	5.96	7.5	7.88	9.17	6.94	7.31	7.68	7.81	8.4
Earnings yield	4.58%	4.37%	4.46%	4.16%	2.9%	3.16%	4.58%	4.59%	2.92%	4.61%	3.81%
FCF yield	6.34%	5.47%	6.54%	5.48%	6.05%	4.96%	6.41%	5.59%	6.01%	5.32%	3.79%
PEG	—	—	—	—	—	—	—	—	—	—	6.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65%	64.9%	65.5%	66.4%	64.5%	67.7%	67.2%	67%	67%	67%	68.5%
Operating margin	28.3%	29.2%	28.7%	29.1%	25.6%	29%	27.7%	31.7%	23.8%	30.8%	33.3%
Net margin	19.9%	20.6%	18.8%	21.2%	15.5%	21.7%	21.6%	23.5%	16.4%	26.2%	23.9%
ROE	27.9%	28.8%	27%	31.5%	20.2%	31.9%	36.7%	40.8%	34.6%	57.9%	59.4%
ROA	7.66%	7.54%	6.72%	6.26%	4.2%	6.42%	6.77%	7.57%	5.51%	8.56%	6.6%
ROIC	12%	12.4%	11.3%	9.46%	7.6%	9.49%	9.46%	11.3%	9.35%	11.5%	12%
Return on tangible assets	-36.1%	-37%	-27.1%	281.6%	176.5%	460.4%	-5.1K%	330.8%	92.8%	123.1%	106.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.13	1.29	0.8	0.46	0.69	0.59	0.5	0.52	0.55	0.58	0.63
Quick ratio	1.13	1.29	0.8	0.46	0.69	0.59	0.5	0.52	0.55	0.58	0.63
Debt / equity	2.2	2.32	2.55	3.6	3.41	3.47	3.82	3.82	4.35	4.8	5
Debt / assets	0.6	0.61	0.64	0.71	0.71	0.7	0.71	0.71	0.69	0.71	0.71
Net debt / EBITDA	3.68	3.69	4.13	5.54	6.08	5.19	4.93	4.74	4.53	4.73	4.63
Interest coverage	3.52	3.55	3.44	3.44	2.8	4.74	4.58	3.9	3.14	4.83	4.54
Effective tax rate	4.28%	2.82%	3.39%	0%	1.88%	2.33%	3.83%	1.93%	1.23%	3.47%	1.94%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.4	15.7	16.5	17.5	15.6	17.7	20	20.7	21.6	22.3	23
EPS (basic)	3.07	3.24	3.09	3.71	2.41	3.83	4.32	4.86	3.54	5.78	5.78
EPS (diluted)	3.05	3.23	3.08	3.71	2.41	3.83	4.31	4.85	3.52	5.77	5.49
Book value per share	11	11.3	11.5	11.8	11.9	12	11.8	11.9	10.2	10.1	9.67
FCF per share	4.26	4.06	4.53	4.89	5.04	6.02	6.05	5.94	7.32	6.73	7.07
Cash per share	0.37	1.18	0.22	0.26	1.21	0.99	0.52	0.44	0.48	0.64	0.67
Capex per share	—	—	—	—	—	—	—	—	—	1.78	1.86

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	7.98%	8.11%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	20.9%	20.8%
Payout ratio	98.4%	76.9%	145.2%	103.5%	103.7%	104.4%	—	—	159.6%	110.6%	115%
Dividend yield	4.5%	3.36%	6.48%	4.31%	3.01%	3.3%	—	—	4.65%	5.1%	4.56%

Yield

4.56%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.65

ex-dividend Sep 21, 2026

Payout ratio

115%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 21, 2026	$1.65
Jun 16, 2026	$1.60
Mar 16, 2026	$1.60
Dec 22, 2025	$1.80
Sep 19, 2025	$1.55

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$542.6M	$555.9M	$498.1M	$565.3M	$564.1M	$579.6M	$505.4M	$579.3M	$585.5M	$595.9M	$528M	$616.7M
YoY change	+2.89%	+3.81%	+5.69%	+4.46%	+3.97%	+4.26%	+1.46%	+2.49%	+3.79%	+2.82%	+4.47%	+6.46%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	35.5M	115.5M	21.5M	26.2M	121.6M	99.8M	52.6M	44.6M	49.5M	64.8M
Receivables	189.9M	201.7M	235.6M	254.9M	240.9M	269.9M	285M	301.2M	334.8M	341.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	314.3M	420.5M	363.7M	310.2M	380.6M	388.6M	364.6M	373.2M	425.3M	459.7M
Property, plant & equipment	1B	1.1B	1.1B	2.5B	2.3B	2.4B	2.6B	2.7B	2.7B	2.9B
Goodwill & intangibles	4.7B	5.1B	5.7B	5.8B	5.7B	6B	6.5B	6.4B	6.2B	6.5B
Total assets	3.9B	4.2B	4.5B	5.9B	5.8B	6B	6.5B	6.6B	6.6B	6.9B
Accounts payable	17.7M	18M	21.2M	15M	12M	16.4M	19.6M	18.2M	21.6M	16.5M
Short-term debt	33.9M	17.7M	204.1M	423.4M	319.2M	374.4M	457M	461.9M	469.2M	483.8M
Total current liabilities	277.3M	326M	455M	672.8M	547.9M	663M	726M	713.9M	778.5M	794M
Long-term debt	2.3B	2.5B	2.7B	3.8B	3.8B	3.9B	4.1B	4.2B	4.1B	4.4B
Total liabilities	2.8B	3.1B	3.4B	4.8B	4.6B	4.8B	5.3B	5.3B	5.5B	5.9B
Shareholders' equity	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1B	1B
Total debt	2.3B	2.6B	2.9B	4.2B	4.1B	4.2B	4.6B	4.6B	4.6B	4.9B
Net debt	2.3B	2.4B	2.9B	4.2B	4B	4.1B	4.5B	4.6B	4.5B	4.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	22M	64.8M	39.3M	68M
Receivables	—	—	—	—	—	—	—	—	340.8M	341.2M	323.6M	377.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	407.6M	459.7M	426.4M	493.7M
Property, plant & equipment	—	—	—	—	—	—	—	—	3.1B	2.9B	3.2B	3.2B
Goodwill & intangibles	—	—	—	—	—	—	—	—	6.4B	6.5B	6.5B	6.5B
Total assets	—	—	—	—	—	—	—	—	6.8B	6.9B	6.9B	7B
Accounts payable	—	—	—	—	—	—	—	—	26.2M	16.5M	16M	16.9M
Short-term debt	—	—	762M	785.7M	434.6M	—	—	453.7M	383.5M	483.8M	440.8M	456.8M
Total current liabilities	—	—	—	—	—	—	—	—	695.1M	794M	735M	787.1M
Long-term debt	—	—	—	—	—	—	—	—	4.4B	4.4B	4.5B	4.5B
Total liabilities	—	—	—	—	—	—	—	—	5.8B	5.9B	5.9B	6B
Shareholders' equity	—	—	—	—	—	—	—	—	1B	1B	981.7M	995.5M
Total debt	—	—	762M	785.7M	434.6M	—	—	453.7M	4.8B	4.9B	5B	5B
Net debt	—	—	—	—	—	—	—	—	4.8B	4.9B	4.9B	4.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	298.8M	317.7M	305.2M	372.1M	243.4M	388.1M	438.6M	496.8M	362.9M	593.1M
Depreciation & amortization	205M	211.1M	225.3M	250M	251.3M	271.3M	—	—	463M	326.3M
Stock-based compensation	28.6M	9.6M	29.4M	29.6M	18.8M	37.4M	23.1M	22.6M	44.5M	34M
Change in working capital	-26.1M	-34.9M	-11.8M	1.4M	-10.9M	5.5M	-16.3M	-41.3M	-13.3M	-28.3M
Operating cash flow	511.2M	509.4M	554.6M	644.4M	772.4M	985.1M	756.3M	729.5M	859.5M	864M
Capital expenditure	—	—	—	—	—	—	—	—	—	-180.8M
Investing cash flow	-573.4M	-290.7M	-466.5M	-221.1M	-80.2M	-677.9M	-452M	-131.8M	-39.6M	-244.6M
Dividends paid	-294M	-244.2M	-443.1M	-385.2M	-252.3M	-405.2M	—	—	-579.2M	-656.2M
Share repurchases	-6.2M	-9M	-4.1M	-8.9M	-10.5M	-6.1M	-10.5M	-6M	-5.3M	-157.9M
Financing cash flow	-531.1M	-753.1M	-554.6M	-889.4M	-2.5B	-657.1M	-427.6M	-851.6M	-703.4M	-604.3M
Net change in cash	-593.2M	-534.5M	-466.5M	-466M	-1.8B	-349.9M	-123.3M	-254M	116.4M	15.1M
Free cash flow	414.2M	397.7M	447.2M	489.9M	507.6M	608.3M	614.5M	605.3M	748.3M	683.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	140.4M	149.3M	78.5M	137.6M	147.8M	-976K	139.2M	155M	144.1M	154.7M	101.8M	164.6M
Depreciation & amortization	74.6M	—	75.2M	77.2M	75.1M	235.4M	77.8M	78.1M	86.3M	84.1M	81.9M	84.4M
Stock-based compensation	3.9M	6.3M	14.5M	11.2M	12.1M	6.8M	10.6M	7.1M	7.6M	8.7M	11.2M	14.1M
Change in working capital	-13.7M	14.9M	-31.1M	14.6M	-17.7M	21M	-10.9M	-10.9M	-15.8M	9.3M	-17.7M	-19.7M
Operating cash flow	208.1M	416M	139M	241.8M	215.6M	263.1M	210M	229.5M	235.7M	271.2M	147.4M	252.4M
Capital expenditure	—	—	—	—	—	—	—	-38.2M	-49.9M	-62.9M	-33.1M	-42.7M
Investing cash flow	-76.8M	-138.4M	-15.5M	-9M	-1.2M	-13.8M	95.3M	-99.2M	-94.3M	-116.6M	-79.4M	-83.1M
Dividends paid	-127.7M	—	-133.1M	-133.2M	-143.6M	-169.3M	-159.2M	-157.2M	-157.4M	-182.5M	-162.7M	-162.9M
Share repurchases	-43K	0	-5.3M	0	-1K	1K	-26.4M	-131.6M	0	0	-6.1M	0
Financing cash flow	-446M	-604.8M	-73.6M	-183.1M	-892.5M	445.8M	-206.5M	-110.9M	-617M	330.1M	-93.4M	-140.6M
Net change in cash	-314.6M	-327.2M	49.8M	49.7M	-678.2M	695.1M	98.7M	19.3M	-475.6M	484.7M	-25.4M	28.7M
Free cash flow	183.4M	208.1M	81.1M	233.7M	197.3M	236.3M	97.9M	191.3M	185.8M	208.3M	114.3M	209.7M

Lamar Advertising Company Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history