Lamar Advertising Co/New
LAMR · NasdaqReal Estate Investment Trusts · Fiscal year ends Dec 31
Lamar Advertising Co/New reported revenue of $2.3B in the fiscal year ended Dec 2025, up 2.7% from the year before. Operating income was $774M, an operating margin of 34.2%, and net income was $587M. Operating cash flow of $864M less capital expenditure of $181M left free cash flow of $683M. Net debt was $3.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2B | $2.1B | $2.2B | $2.3B |
| Cost of revenue | $577M | $667M | $697M | $728M | $747M |
| Gross profit | $1.2B | $1.4B | $1.4B | $1.5B | $1.5B |
| Operating income | $521M | $578M | $675M | $532M | $774M |
| Interest expense | $106M | $128M | $175M | $172M | $160M |
| Pre-tax income | $397M | $456M | $507M | $367M | $614M |
| Income tax | $9M | $17M | $10M | $5M | $21M |
| Net income | $388M | $439M | $496M | $362M | $587M |
| Diluted EPS | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 |
| Diluted shares | 101M | 102M | 102M | 103M | 102M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $100M | $53M | $45M | $49M | $65M |
| Receivables | $270M | $285M | $301M | $335M | $341M |
| Current assets | $389M | $365M | $373M | $425M | $460M |
| Net PP&E | $1.3B | $1.5B | $1.6B | $1.6B | $1.7B |
| Goodwill | $1.9B | $2B | $2B | $2B | $2.1B |
| Total assets | $6B | $6.5B | $6.6B | $6.6B | $6.9B |
| Payables | $16M | $20M | $18M | $22M | $16M |
| Deferred revenue | $137M | $132M | $127M | $154M | $155M |
| Current liabilities | $663M | $726M | $714M | $778M | $794M |
| Short-term debt | $175M | $250M | $250M | $250M | $250M |
| Long-term debt | $2.8B | $3.1B | $3.1B | $3B | $3.2B |
| Total liabilities | $4.8B | $5.3B | $5.3B | $5.5B | $5.9B |
| Shareholders' equity | $1.2B | $1.2B | $1.2B | $1B | $1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $734M | $782M | $784M | $874M | $864M |
| Capital expenditure | $126M | $167M | $178M | $125M | $181M |
| Free cash flow | $608M | $615M | $605M | $748M | $683M |
| Depreciation & amortisation | $271M | $349M | $293M | $463M | $326M |
| Stock-based compensation | $37M | $23M | $23M | $45M | $34M |
| Acquisitions | $312M | $480M | $139M | $45M | $191M |
| Share buybacks | $6M | $11M | $6M | $5M | $158M |
| Dividend per share | 4.00 | 5.00 | 5.00 | 5.65 | 6.45 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | 3.9% | 4.6% | 2.7% |
| Operating income growth (YoY) | – | 10.9% | 16.9% | −21.2% | 45.5% |
| EPS growth (YoY) | – | 12.5% | 12.5% | −27.4% | 63.9% |
| Gross margin | 67.7% | 67.2% | 67.0% | 67.0% | 67.0% |
| Operating margin | 29.2% | 28.4% | 32.0% | 24.1% | 34.2% |
| Net margin | 21.7% | 21.6% | 23.5% | 16.4% | 25.9% |
| Return on equityBlank when equity is negative | 31.9% | 36.7% | 40.7% | 34.5% | 57.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.7% | 10.1% | 11.5% | 9.2% | 12.6% |
| Free cash flow margin | 34.0% | 30.2% | 28.7% | 33.9% | 30.1% |
| Cash conversion (CFO ÷ net income) | 1.89x | 1.78x | 1.58x | 2.41x | 1.47x |
| Receivable days | 55 | 51 | 52 | 55 | 55 |
| Payable days | 10 | 11 | 10 | 11 | 8 |
| Interest cover | 4.90x | 4.53x | 3.87x | 3.10x | 4.82x |
| Debt ÷ equity | 2.48x | 2.77x | 2.75x | 3.06x | 3.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.9B | $3.3B | $3.3B | $3.2B | $3.4B |
| Current ratio | 0.59x | 0.50x | 0.52x | 0.55x | 0.58x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.