# LAMAR ADVERTISING CO/NEW (LAMR)

Informational only - not investment advice.

CIK: 0001090425
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1090425
Filing source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001090425-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090425.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,266,214,000 USD | 2025 | verified |
| Net income | 587,152,000 USD | 2025 | verified |
| Assets | 6,931,954,000 USD | 2025 | verified |
| Free cash flow | 683,249,000 USD | 2025 | computed |
| Net margin | 25.91% | 2025 | computed |
| Operating margin | 34.16% | 2025 | computed |
| Revenue YoY | +2.68% | 2025 | computed |
| ROE | 57.30% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | LAMR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 25.9% | 16.8% | 64 | 149 |
| Operating margin | 34.2% | 23.2% | 60 | 66 |
| Revenue growth | 2.7% | 3.7% | 44 | 149 |
| FCF margin | 30.1% | 21.8% | 59 | 70 |
| ROE | 57.3% | 5.7% | 98 | 151 |
| ROA | 8.5% | 1.5% | 95 | 155 |
| Liabilities / equity | 5.76 | 1.48 | 85 | 151 |
| Current ratio | 0.58 | 0.80 | 30 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2266214000 | USD | 2025 | 2026-02-20 |
| Net income | 587152000 | USD | 2025 | 2026-02-20 |
| Assets | 6931954000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090425.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,500,294,000 | 1,541,260,000 | 1,627,222,000 | 1,753,644,000 | 1,568,856,000 | 1,787,401,000 | 2,032,140,000 | 2,110,987,000 | 2,207,103,000 | 2,266,214,000 |
| Net income | 298,809,000 | 317,676,000 | 305,232,000 | 372,111,000 | 243,386,000 | 388,090,000 | 438,647,000 | 495,763,000 | 361,867,000 | 587,152,000 |
| Operating income | 439,045,000 | 455,367,000 | 460,556,000 | 517,741,000 | 410,107,000 | 521,187,000 | 578,001,000 | 675,434,000 | 532,040,000 | 774,059,000 |
| Diluted EPS | 3.05 | 3.23 | 3.08 | 3.71 | 2.41 | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 |
| Operating cash flow | 521,823,000 | 507,016,000 | 564,846,000 | 630,865,000 | 569,873,000 | 734,417,000 | 781,612,000 | 783,613,000 | 873,610,000 | 864,049,000 |
| Capital expenditures | 107,612,000 | 109,329,000 | 117,638,000 | 140,956,000 | 62,272,000 | 126,090,000 | 167,078,000 | 178,271,000 | 125,284,000 | 180,800,000 |
| Share buybacks | 6,204,000 | 8,997,000 | 4,112,000 | 8,882,000 | 10,492,000 | 6,066,000 | 10,506,000 | 5,989,000 | 5,341,000 | 157,921,000 |
| Assets | 3,898,884,000 | 4,214,345,000 | 4,544,641,000 | 5,941,155,000 | 5,791,441,000 | 6,047,494,000 | 6,475,214,000 | 6,563,622,000 | 6,586,549,000 | 6,931,954,000 |
| Liabilities | 2,829,356,000 | 3,110,852,000 | 3,412,857,000 | 4,760,849,000 | 4,588,673,000 | 4,830,405,000 | 5,279,840,000 | 5,346,834,000 | 5,538,529,000 | 5,907,175,000 |
| Stockholders' equity |  |  |  |  | 1,202,768,000 | 1,217,089,000 | 1,195,374,000 | 1,216,788,000 | 1,048,020,000 | 1,024,779,000 |
| Cash and cash equivalents | 35,530,000 | 115,471,000 | 21,494,000 | 26,188,000 | 121,569,000 | 99,788,000 | 52,619,000 | 44,605,000 | 49,461,000 | 64,812,000 |
| Free cash flow | 414,211,000 | 397,687,000 | 447,208,000 | 489,909,000 | 507,601,000 | 608,327,000 | 614,534,000 | 605,342,000 | 748,326,000 | 683,249,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 19.92% | 20.61% | 18.76% | 21.22% | 15.51% | 21.71% | 21.59% | 23.48% | 16.40% | 25.91% |
| Operating margin | 29.26% | 29.55% | 28.30% | 29.52% | 26.14% | 29.16% | 28.44% | 32.00% | 24.11% | 34.16% |
| Return on equity |  |  |  |  | 20.24% | 31.89% | 36.70% | 40.74% | 34.53% | 57.30% |
| Return on assets | 7.66% | 7.54% | 6.72% | 6.26% | 4.20% | 6.42% | 6.77% | 7.55% | 5.49% | 8.47% |
| Liabilities / equity |  |  |  |  | 3.82 | 3.97 | 4.42 | 4.39 | 5.28 | 5.76 |
| Current ratio | 1.13 | 1.29 | 0.80 | 0.46 | 0.69 | 0.59 | 0.50 | 0.52 | 0.55 | 0.58 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001090425.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.44 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.74 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.28 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 542,609,000 | 140,017,000 | 1.37 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 555,909,000 | 149,085,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 498,150,000 | 78,224,000 | 0.76 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 565,251,000 | 137,366,000 | 1.34 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 564,135,000 | 147,476,000 | 1.44 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 579,567,000 | -1,199,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 505,430,000 | 138,755,000 | 1.35 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 579,311,000 | 154,355,000 | 1.52 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 585,541,000 | 141,753,000 | 1.40 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 595,932,000 | 152,289,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 528,004,000 | 101,287,000 | 1.00 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 616,749,000 | 160,749,000 | 1.58 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LAMR's latest 10-K: [/company/LAMR/business/](/company/LAMR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LAMR's latest 10-K: [/company/LAMR/risk-factors/](/company/LAMR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000024/lamr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements. Actual results could differ materially from those anticipated by the forward-looking statements due to risks and uncertainties described in the section of this combined report on Form 10-Q entitled “Note Regarding Forward-Looking Statements” and in Item 1A to the 2025 Combined Form 10-K filed on February 20, 2026, and such risk factors as further updated or supplemented, from time to time, in our combined Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should carefully consider each of these risks and uncertainties in evaluating the Company’s and Lamar Media’s financial condition and results of operations. Investors are cautioned not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law.

LAMAR ADVERTISING COMPANY

The following is a discussion of the consolidated financial condition and results of operations of the Company for the three and six months ended June 30, 2026 and 2025. This discussion should be read in conjunction with the condensed consolidated financial statements of the Company and the related notes thereto.

Overview

The Company’s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. We manage our business through three operating segments – billboard, logo and transit advertising. Revenue growth is based on many factors that include the Company’s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays. Its operating results are therefore affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions, which affect the rates the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays.

Acquisitions and capital expenditures

Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under the senior credit facility and the Accounts Receivable Securitization Program or through the issuance of debt or equity securities. See “Liquidity and Capital Resources- Sources of Cash,” for more information.

During the six months ended June 30, 2026, the Company completed multiple acquisitions for a total cash purchase price of approximately $101.9 million. See Uses of Cash – Acquisitions for more information. The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","Three Months EndedJune 30,","","Six Months EndedJune 30,"],["","2026","","2025","","2026","","2025"],["Total capital expenditures:"],["Billboard \u2014 traditional","$","9,015","","","$","8,887","","","$","14,943","","","$","14,933"],["Billboard \u2014 digital","21,537","","","22,242","","","34,668","","","38,318"],["Logos","4,953","","","3,379","","","9,394","","","5,985"],["Transit","730","","","370","","","1,232","","","958"],["Land and buildings","2,293","","","1,360","","","3,419","","","1,670"],["Operating equipment","4,191","","","1,963","","","12,203","","","6,224"],["Total capital expenditures","$","42,719","","","$","38,201","","","$","75,859","","","$","68,088"]]
[[/GREPCENT_TABLE]]

33

Non-GAAP Financial Measures

Our management reviews our performance by focusing on several key performance indicators not prepared in conformity with Generally Accepted Accounting Principles in the United States (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, Adjusted Funds From Operations (“AFFO”) and acquisition-adjusted net revenues.

We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), equity in (earnings) loss of investee, loss (gain) on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments.

FFO is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.

We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.

Acquisition-adjusted net revenues adjusts our net revenues for the prior period by adding to it the net revenues generated by the acquired assets before our acquisition of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted revenue, therefore, we include revenue generated by assets that we did not own in the period but acquired in the current period. We refer to the amount of pre-acquisition revenue generated by the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition net revenues”. In addition, we adjust the prior period to subtract revenue generated by the assets that have been divested since the prior period and, therefore, no revenue derived from those assets is reflected in the current period.

Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are not intended to replace net income or any other performance measures determined in accordance with GAAP. Neither FFO nor AFFO represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Rather, adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision-making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as depreciation and amortization may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) acquisition-adjusted net revenues is a supplement to net revenues to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (4) adjusted EBITDA, FFO and AFFO each provide investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (5) each provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues to net income, the most directly comparable GAAP measure, have been included herein.

34

RESULTS OF OPERATIONS

Six months ended June 30, 2026 compared to six months ended June 30, 2025

Net revenues increased $60.0 million, or 5.5%, to $1.14 billion for the six months ended June 30, 2026 from $1.08 billion for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $63.7 million and an increase in logo net revenues of $1.6 million, offset by a decrease in transit net revenues of $5.3 million over the same period in 2025.

For the six months ended June 30, 2026, there was a $55.5 million increase in net revenues as compared to acquisition-adjusted net revenues for the six months ended June 30, 2025, which represents an increase of 5.1%. See "Reconciliations" below. The $55.5 million increase in net revenues is primarily due to an increase of $46.3 million in billboard net revenues, an increase of $1.8 million in logo net revenues, and an increase in transit net revenues of $7.4 million over the same period in 2025.

Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $25.8 million, or 4.2%, to $639.6 million for the six months ended June 30, 2026 from $613.9 million for the same period in 2025. The $25.8 million increase over the prior year is comprised of an $18.2 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $7.5 million increase in stock-based compensation.

Depreciation and amortization expense increased $10.5 million to $166.4 million for the six months ended June 30, 2026 as compared to $155.9 million for the same period in 2025, primarily related to acquisitions and capital expenditures completed in the last twelve months.

For the six months ended June 30, 2026, the Company recognized a gain on disposition of assets and investments of $15.3 million as compared to $74.0 million for the same period in 2025. The $58.7 million decrease is primarily related to the gain associated with the sale of Lamar's equity interest in Vistar Media, Inc. during the six months ended June 30, 2025.

Due to the above factors, operating income decreased by $34.9 million to $354.0 million for the six months ended June 30, 2026 as compared to $388.9 million for the same period in 2025.

Interest expense increased $2.6 million for the six months ended

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm
Complete FY 2025 MD&A: /company/LAMR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report contains forward-looking statements. These statements are subject to risks and uncertainties including those described in Item 1A under the heading “Risk Factors,” and elsewhere in this Annual Report, that could cause actual results to differ materially from those projected in these forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law.

LAMAR ADVERTISING COMPANY

The following is a discussion of the consolidated financial condition and results of operations of the Company for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements of the Company and the related notes.

Discussion of our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

OVERVIEW

The Company’s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. We manage our business through three operating segments – billboard, logo and transit advertising. Revenue growth is based on many factors that include the Company’s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays and its operating results are therefore affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions, which affect the rates the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays.

Acquisitions and capital expenditures

Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under the senior credit facility and the Accounts Receivable Securitization Program or through the issuance of debt or equity securities. See “Liquidity and Capital Resources- Sources of Cash,” for more information.

During the year ended December 31, 2025, the Company completed multiple acquisitions for a total cash purchase price of approximately $191.1 million.  See “Uses of Cash-Acquisitions,” for more information. Additionally, Lamar Advertising Limited Partnership (“Lamar LP”), the subsidiary operating partnership of the Company and Lamar Media, acquired Verde Outdoor at a value of $147.6 million through the issuance of 1,187,500 Common Units of Lamar LP. The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with the acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states.

The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the past two years:

[[GREPCENT_TABLE]]
[["(In thousands)","2025","","2024"],["Billboard \u2014 Traditional","$","34,967","","","$","28,490"],["Billboard \u2014 Digital","90,937","","","60,697"],["Logos","18,887","","","11,371"],["Transit","2,136","","","2,626"],["Land and buildings","12,392","","","7,324"],["PP&E","21,481","","","14,776"],["Total capital expenditures","$","180,800","","","$","125,284"]]
[[/GREPCENT_TABLE]]

29

Table of Contents

We expect our 2026 capital expenditures to be approximately $186 million.

NON-GAAP FINANCIAL MEASURES

Our management reviews our performance by focusing on several key performance indicators not prepared in conformity with Generally Accepted Accounting Principles in the United States (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.

Included in our analysis of our results of operations are discussions regarding earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), Funds From Operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts, Adjusted Funds From Operations (“AFFO”) and acquisition-adjusted net revenues.

We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), equity in (earnings) loss of investee, loss (gain) on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments.

FFO is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.

We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.

Acquisition-adjusted net revenues adjusts our net revenues for the prior period by adding to it the net revenues generated by the acquired assets before our acquisition of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted revenue, therefore, we include revenue generated by assets that we did not own in the period but acquired in the current period. We refer to the amount of pre-acquisition revenue generated by the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition net revenues”. In addition, we adjust the prior period to subtract revenue generated by the assets that have been divested since the prior period and, therefore, no revenue derived from those assets is reflected in the current period.

Adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are not intended to replace net income or any other performance measures determined in accordance with GAAP. Neither FFO nor AFFO represents cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Rather, adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues are presented as we believe each is a useful indicator of our current operating performance. We believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision-making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as depreciation and amortization may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) acquisition-adjusted net revenues is a supplement to net revenues to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (4) adjusted EBITDA, FFO and AFFO each provide investors with a meaningful measure for evaluating our period-to-period operating performance by eliminating items that are not operational in nature; and (5) each provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO and acquisition-adjusted net revenues to net income, the most directly comparable GAAP measure, have been included herein.

30

Table of Contents

RESULTS OF OPERATIONS

The following table presents certain items in the Consolidated Statements of Income as a percentage of net revenues for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024"],["Net revenues","100.0","%","","100.0","%"],["Operating expenses:"],["Direct advertising expenses","33.0","%","","33.0","%"],["General and administrative expenses","16.3","%","","16.4","%"],["Corporate expenses","5.6","%","","5.9","%"],["Depreciation and amortization","14.4","%","","21.0","%"],["Operating income","34.2","%","","24.1","%"],["Loss on extinguishment of debt","0.1","%","","\u2014","%"],["Interest expense","7.1","%","","7.8","%"],["Income tax expense","0.9","%","","0.2","%"],["Net income","26.2","%","","16.4","%"]]
[[/GREPCENT_TABLE]]

Year ended December 31, 2025 compared to Year ended December 31, 2024

Net revenues increased $59.1 million or 2.7% to $2.27 billion for the year ended December 31, 2025 from $2.21 billion for the same period in 2024. This increase was attributable to an increase in billboard net revenues of $57.7 million and an increase in logo net revenues of $5.2 million over the prior year, offset by a decrease in transit net revenues of $3.7 million.

Net revenues for the year ended December 31, 2025, as compared to acquisition-adjusted net revenues for the comparable period in 2024, increased $45.6 million, or 2.1%. This increase was attributable to an increase of $47.8 million in billboard net revenues and an increase of $3.9 million in logo net revenues, offset by a decrease of $2.7 million in transit net revenues. See “Reconciliations” below.

Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $23.6 million, or 1.9% to $1.24 billion for the year ended December 31, 2025 from $1.22 billion in the same period in 2024. The $23.6 million increase over the prior year is primarily comprised of an increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation expense) of $34.2 million primarily related to the operations of our outdoor advertising assets, offset by a decrease in stock-based compensation expense of $10.6 million.

Depreciation and amortization expense decreased $136.6 million to $326.3 million for the year ended December 31,

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LAMR/mda/fy2025/
All MD&A years: /company/LAMR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LAMR/mda/fy2024/): filed 2025-02-20; accession 0001628280-25-006706 (https://www.sec.gov/Archives/edgar/data/1090425/000162828025006706/lamr-20241231.htm)
- [FY 2023 MD&A](/company/LAMR/mda/fy2023/): filed 2024-02-23; accession 0001628280-24-006537 (https://www.sec.gov/Archives/edgar/data/1090425/000162828024006537/lamr-20231231.htm)
- [FY 2022 MD&A](/company/LAMR/mda/fy2022/): filed 2023-02-24; accession 0001628280-23-004975 (https://www.sec.gov/Archives/edgar/data/1090425/000162828023004975/lamr-20221231.htm)
- [FY 2021 MD&A](/company/LAMR/mda/fy2021/): filed 2022-02-25; accession 0001628280-22-003948 (https://www.sec.gov/Archives/edgar/data/1090425/000162828022003948/lamr-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LAMR.md · JSON record: /company/LAMR.json · verified financials: /company/LAMR/financials.json / /company/LAMR/financials.csv · machine TOC for the whole site: /llms.txt