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Lamar Advertising Co Financials

LAMR
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Lamar Advertising Co (LAMR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LAMR FY2025

Stable gross margins and recurring cash flow reveal a high-fixed-cost business whose reported returns are heavily leverage-amplified.

FY2025’s earnings rebound was more accounting-led than cash-led: net income rose from $361.9M to $587.2M. Depreciation and amortization fell by $136.6M while capex rose to $180.8M, which helps explain why free cash flow did not recover in step with reported profit even though the business still generated substantial operating cash.

Across FY2021-FY2025, gross margin stayed pinned near 67.0% for five straight years. Because operating margin still moved sharply over that span, the bigger earnings swings appear to come from overhead, depreciation, and other below-gross-profit costs rather than weaker core unit economics; that is the shape of a business with steady direct economics but meaningful fixed-cost absorption.

The standout ROE of 57.3% says as much about balance-sheet leverage as about profitability, because common equity is only $1.0B. With $5.9B of liabilities and 3.1x debt-to-equity, a relatively small equity base is carrying a much larger asset structure, which amplifies shareholder returns when income is strong and makes the headline return ratio look richer than it would on a less levered capital base.

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Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 62 / 100
Financial Profile 62/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Lamar Advertising Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
90

Lamar Advertising Co has an operating margin of 34.2%, meaning the company retains $34 of operating profit per $100 of revenue. This strong profitability earns a score of 90/100, reflecting efficient cost management and pricing power. This is up from 24.1% the prior year.

Growth
39

Lamar Advertising Co's revenue grew a modest 2.7% year-over-year to $2.3B. This slow but positive growth earns a score of 39/100.

Leverage
39

Lamar Advertising Co has a moderate D/E ratio of 3.09. This balance of debt and equity financing earns a leverage score of 39/100.

Liquidity
6

Lamar Advertising Co's current ratio of 0.58 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
100

Lamar Advertising Co converts 30.1% of revenue into free cash flow ($683.2M). This strong cash generation earns a score of 100/100.

Returns
100

Lamar Advertising Co earns a strong 57.3% return on equity (ROE), meaning it generates $57 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 34.5% the prior year.

Altman Z-Score Grey Zone
1.93

Lamar Advertising Co scores 1.93, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($15.0B) relative to total liabilities ($5.9B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
6/9

Lamar Advertising Co passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.47x

For every $1 of reported earnings, Lamar Advertising Co generates $1.47 in operating cash flow ($864.0M OCF vs $587.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
4.8x

Lamar Advertising Co earns $4.8 in operating income for every $1 of interest expense ($774.1M vs $160.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.3B
YoY+2.7%
5Y CAGR+7.6%

Lamar Advertising Co generated $2.3B in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.

EBITDA
$1.1B
YoY+10.6%
5Y CAGR+10.7%
10Y CAGR+6.7%

Lamar Advertising Co's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.6% from the prior year.

Net Income
$587.2M
YoY+62.3%
5Y CAGR+19.3%
10Y CAGR+8.4%

Lamar Advertising Co reported $587.2M in net income in fiscal year 2025. This represents an increase of 62.3% from the prior year.

EPS (Diluted)
$5.77
YoY+63.9%
5Y CAGR+19.1%
10Y CAGR+7.8%

Lamar Advertising Co earned $5.77 per diluted share (EPS) in fiscal year 2025. This represents an increase of 63.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$683.2M
YoY-8.7%
5Y CAGR+6.1%
10Y CAGR+6.4%

Lamar Advertising Co generated $683.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.7% from the prior year.

Cash & Debt
$64.8M
YoY+31.0%
5Y CAGR-11.8%
10Y CAGR+11.2%

Lamar Advertising Co held $64.8M in cash against $3.2B in long-term debt as of fiscal year 2025.

Dividends Per Share
$6.45
YoY+14.2%
5Y CAGR+20.9%
10Y CAGR+8.9%

Lamar Advertising Co paid $6.45 per share in dividends in fiscal year 2025. This represents an increase of 14.2% from the prior year.

Shares Outstanding
N/A

Margins & Returns

Gross Margin
67.0%
YoY+0.0pp
5Y CAGR+2.6pp

Lamar Advertising Co's gross margin was 67.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin
34.2%
YoY+10.1pp
5Y CAGR+8.0pp

Lamar Advertising Co's operating margin was 34.2% in fiscal year 2025, reflecting core business profitability. This is up 10.1 percentage points from the prior year.

Net Margin
25.9%
YoY+9.5pp
5Y CAGR+10.4pp

Lamar Advertising Co's net profit margin was 25.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.5 percentage points from the prior year.

Return on Equity
57.3%
YoY+22.8pp
5Y CAGR+37.1pp
10Y CAGR+31.6pp

Lamar Advertising Co's ROE was 57.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 22.8 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$157.9M
YoY+2856.8%
5Y CAGR+72.0%
10Y CAGR+38.5%

Lamar Advertising Co spent $157.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2856.8% from the prior year.

Capital Expenditures
$180.8M
YoY+44.3%
5Y CAGR+23.8%
10Y CAGR+5.1%

Lamar Advertising Co invested $180.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 44.3% from the prior year.

LAMR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $528.0M-11.4% $595.9M+1.8% $585.5M+1.1% $579.3M+14.6% $505.4M-12.8% $579.6M+2.7% $564.1M-0.2% $565.3M
Cost of Revenue $183.3M-4.7% $192.4M+2.5% $187.7M+0.5% $186.8M+3.8% $180.0M-3.4% $186.4M+2.1% $182.6M-0.4% $183.3M
Gross Profit $344.7M-14.6% $403.6M+1.4% $397.8M+1.3% $392.5M+20.6% $325.4M-17.2% $393.2M+3.0% $381.6M-0.1% $382.0M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $97.6M+6.7% $91.4M-1.7% $93.0M+4.1% $89.3M-6.0% $95.0M+2.6% $92.6M+1.8% $91.0M+3.0% $88.3M
Operating Income $146.1M-25.5% $196.1M+3.7% $189.1M-4.3% $197.7M+3.4% $191.2M+421.7% $36.7M-80.4% $186.6M+1.3% $184.2M
Interest Expense $40.5M+0.8% $40.2M-2.4% $41.2M+1.2% $40.7M+6.2% $38.3M-4.0% $39.9M-7.0% $42.9M-3.2% $44.3M
Income Tax $4.0M+121.4% $1.8M-28.7% $2.6M+7.5% $2.4M-83.6% $14.5M+1013.6% $1.3M+211.7% -$1.2M-140.7% $2.9M
Net Income $101.3M-33.5% $152.3M+7.4% $141.8M-8.2% $154.4M+11.2% $138.8M+11672.6% -$1.2M-100.8% $147.5M+7.4% $137.4M
EPS (Diluted) $1.00 N/A $1.40-7.9% $1.52+12.6% $1.35 N/A $1.44+7.5% $1.34

LAMR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $6.9B-0.3% $6.9B+1.6% $6.8B+2.2% $6.7B+1.9% $6.5B-0.6% $6.6B+1.0% $6.5B-0.9% $6.6B
Current Assets $426.4M-7.3% $459.7M+12.8% $407.6M-10.9% $457.5M+12.9% $405.3M-4.7% $425.3M+3.1% $412.3M-6.4% $440.7M
Cash & Equivalents $39.3M-39.4% $64.8M+194.4% $22.0M-60.5% $55.7M+54.3% $36.1M-27.0% $49.5M+67.6% $29.5M-62.1% $77.9M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $323.6M-5.2% $341.2M+0.1% $340.8M-1.5% $345.9M+12.2% $308.1M-8.0% $334.8M-4.7% $351.2M+10.3% $318.5M
Goodwill $2.1B0.0% $2.1B0.0% $2.1B+3.7% $2.0B0.0% $2.0B0.0% $2.0B0.0% $2.0B0.0% $2.0B
Total Liabilities $5.9B+0.4% $5.9B+2.2% $5.8B+0.2% $5.8B+4.6% $5.5B-0.4% $5.5B+4.4% $5.3B-1.4% $5.4B
Current Liabilities $735.0M-7.4% $794.0M+14.2% $695.1M-11.2% $782.7M+9.1% $717.3M-7.9% $778.5M+5.4% $738.7M-30.6% $1.1B
Long-Term Debt $3.3B+2.7% $3.2B0.0% $3.2B+1.8% $3.1B+5.0% $3.0B+0.1% $3.0B-1.2% $3.0B+9.0% $2.7B
Total Equity $981.7M-4.2% $1.0B-2.0% $1.0B+15.3% $906.9M-12.1% $1.0B-1.6% $1.0B-13.6% $1.2B+1.2% $1.2B
Retained Earnings -$1.2B-5.6% -$1.1B-2.8% -$1.1B-1.5% -$1.1B-0.3% -$1.1B-2.0% -$1.0B-19.7% -$866.1M+0.4% -$870.0M

LAMR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $147.4M-45.6% $271.2M+15.1% $235.7M+2.7% $229.5M+79.6% $127.7M-54.3% $279.3M+22.8% $227.4M-11.3% $256.3M
Capital Expenditures $33.1M-47.3% $62.9M+26.1% $49.9M+30.5% $38.2M+27.8% $29.9M-30.5% $43.0M+42.7% $30.1M+33.1% $22.6M
Free Cash Flow $114.3M-45.2% $208.3M+12.1% $185.8M-2.9% $191.3M+95.5% $97.9M-58.6% $236.3M+19.8% $197.3M-15.6% $233.7M
Investing Cash Flow -$79.4M+31.9% -$116.6M-23.6% -$94.3M+5.0% -$99.2M-251.6% $65.4M+215.1% -$56.9M-81.2% -$31.4M+0.8% -$31.6M
Financing Cash Flow -$93.4M+16.5% -$111.9M+36.0% -$175.0M-57.7% -$110.9M+46.3% -$206.5M-2.1% -$202.2M+17.3% -$244.5M-33.5% -$183.1M
Dividends Paid $162.6M N/A $157.3M+0.2% $157.1M-1.3% $159.1M N/A $143.5M+7.8% $133.1M
Share Buybacks $6.1M $0 $0-100.0% $131.6M+398.9% $26.4M+2636900.0% -$1K-200.0% $1K $0

LAMR Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 65.3%-2.4pp 67.7%-0.2pp 67.9%+0.2pp 67.8%+3.4pp 64.4%-3.4pp 67.8%+0.2pp 67.6%+0.1pp 67.6%
Operating Margin 27.7%-5.2pp 32.9%+0.6pp 32.3%-1.8pp 34.1%-3.7pp 37.8%+31.5pp 6.3%-26.7pp 33.1%+0.5pp 32.6%
Net Margin 19.2%-6.4pp 25.6%+1.3pp 24.2%-2.4pp 26.6%-0.8pp 27.5%+27.7pp -0.2%-26.4pp 26.1%+1.8pp 24.3%
Return on Equity 10.3%-4.5pp 14.9%+1.3pp 13.6%-3.5pp 17.0%+3.6pp 13.5%+13.6pp -0.1%-12.3pp 12.2%+0.7pp 11.5%
Return on Assets 1.5%-0.7pp 2.2%+0.1pp 2.1%-0.2pp 2.3%+0.2pp 2.1%+2.1pp -0.0%-2.3pp 2.3%+0.2pp 2.1%
Current Ratio 0.580.0 0.580.0 0.590.0 0.58+0.0 0.57+0.0 0.55-0.0 0.56+0.1 0.41
Debt-to-Equity 3.31+0.2 3.09+0.1 3.03-0.4 3.43+0.6 2.87+0.0 2.83+0.4 2.47+0.2 2.29
FCF Margin 21.6%-13.3pp 34.9%+3.2pp 31.7%-1.3pp 33.0%+13.7pp 19.4%-21.4pp 40.8%+5.8pp 35.0%-6.4pp 41.3%

Note: The current ratio is below 1.0 (0.58), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Lamar Advertising Co (LAMR) reported $2.3B in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Lamar Advertising Co (LAMR) revenue grew by 2.7% year-over-year, from $2.2B to $2.3B in fiscal year 2025.

Yes, Lamar Advertising Co (LAMR) reported a net income of $587.2M in fiscal year 2025, with a net profit margin of 25.9%.

Lamar Advertising Co (LAMR) reported diluted earnings per share of $5.77 for fiscal year 2025. This represents a 63.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lamar Advertising Co (LAMR) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Lamar Advertising Co (LAMR) had $64.8M in cash and equivalents against $3.2B in long-term debt.

Lamar Advertising Co (LAMR) had a gross margin of 67.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Lamar Advertising Co (LAMR) had an operating margin of 34.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Lamar Advertising Co (LAMR) had a net profit margin of 25.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Lamar Advertising Co (LAMR) paid $6.45 per share in dividends during fiscal year 2025.

Lamar Advertising Co (LAMR) has a return on equity of 57.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Lamar Advertising Co (LAMR) generated $683.2M in free cash flow during fiscal year 2025. This represents a -8.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Lamar Advertising Co (LAMR) generated $864.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Lamar Advertising Co (LAMR) had $6.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Lamar Advertising Co (LAMR) invested $180.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Lamar Advertising Co (LAMR) spent $157.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Lamar Advertising Co (LAMR) had a current ratio of 0.58 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Lamar Advertising Co (LAMR) had a debt-to-equity ratio of 3.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Lamar Advertising Co (LAMR) had a return on assets of 8.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Lamar Advertising Co (LAMR) has an Altman Z-Score of 1.93, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Lamar Advertising Co (LAMR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Lamar Advertising Co (LAMR) has an earnings quality ratio of 1.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Lamar Advertising Co (LAMR) has an interest coverage ratio of 4.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Lamar Advertising Co (LAMR) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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