Lamar Advertising (LAMR) Q4 2025 Earnings
How Did LAMR Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −5.26%.
Did LAMR Beat Earnings? Q4 2025 Results
No. Lamar Advertising reported Q4 2025 earnings of $1.50 a share on Feb 20, 2026, missing the $1.57 consensus estimate by 4.4%. Revenue was $595.9M against a $592.7M estimate.
Lamar Advertising delivered a mixed fourth quarter for fiscal 2025, edging past revenue expectations while falling short on the bottom line. The outdoor advertising giant posted revenue of $595.93 million, a 2.8% year-over-year increase that nudged past the $592.70 million consensus estimate by 0.55%, but earnings per share of $1.50 trailed the $1.57 analyst forecast by 4.42%. The quarter's results reflected steady organic momentum against a difficult comparison, as Q4 2024 had benefited from elevated political advertising spend. Adjusted EBITDA grew 3.7% to $288.87 million, offering a cleaner read on underlying performance, while free cash flow dipped 4.3% to $187.14 million as the company stepped up capital expenditures, particularly for digital billboard conversions, with digital spend rising to $27.45 million from $21.39 million a year earlier. Shares have recently touched a new 52-week high, reflecting broader investor confidence, and management backed that sentiment with FY2026 guidance for diluted AFFO per share of $8.50 to $8.70, citing continued strength in both local and national advertising pacings.
- Growth in both local and national advertising in Q4 despite tough political comp from Q4 2024
- Adjusted EBITDA increased 3.7% in Q4 2025
- Acquisition-adjusted net revenue grew 2.2% in Q4 2025
- Digital billboard capital expenditures increased to $27.5 million in Q4 from $21.4 million in Q4 2024
- Full-year net income benefited from $68.6 million gain on sale of equity interest in Vistar Media
“We ended 2025 with encouraging sales momentum, with growth in both local and national in the fourth quarter, even with a tough political comp. That strength continued into 2026, and pacings for the balance of the year remain promising. For the full-year, we anticipate diluted AFFO per share to be between $8.50 and $8.70.”
Lamar Advertising CEO, on the earnings call
What Was Lamar Advertising's Outlook in Q4 2025?
For fiscal year 2026, Lamar expects net income per diluted share of $5.72 to $5.83, with diluted AFFO per share between $8.50 and $8.70. CEO Sean Reilly noted that sales strength from Q4 2025 has continued into 2026 and pacings for the balance of the year remain promising, with growth in both local and national advertising.
LAMR YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $595.9M | $579.6M | +2.8% |
| Operating Income | $196.1M | $36.7M | +434.9% |
| Net Income | $154.7M | $1.2M | +13,006.4% |
Figures from SEC filings and company reports. Not investment advice.