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Dec 31, 2025
Lamar Q4 2025 Earnings Report
Lamar reported higher revenue and returned to profitability in Q4 2025, with growth in adjusted EBITDA and AFFO.
Key Takeaways
Lamar Advertising delivered solid fourth quarter 2025 results, with revenue growth, strong operating income expansion, and net income of $154.7 million, compared to a net loss in the prior year period.
Revenue increased to $595.9 million in Q4 2025.
Net income improved to $154.7 million from a net loss in Q4 2024.
Adjusted EBITDA rose to $288.9 million.
Diluted AFFO per share increased to $2.24.
Forward Guidance
For fiscal year 2026, the company expects diluted earnings per share between $5.72 and $5.83 and diluted AFFO per share between $8.50 and $8.70.
Positive Outlook
- Projected 2026 diluted EPS range of $5.72 to $5.83.
- Projected 2026 diluted AFFO per share range of $8.50 to $8.70.
- Expected funds from operations between $872.2 million and $883.2 million.
- Adjusted funds from operations projected between $877.0 million and $898.0 million.
- Management indicated encouraging sales momentum entering 2026.
Challenges Ahead
- Guidance is subject to macroeconomic and advertising demand risks.
- Exposure to regulatory changes in outdoor advertising.
- Potential volatility from interest expenses and indebtedness.
- Forward-looking statements are subject to uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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