Lamar Advertising Co (LAMR) financial statements: income statement, balance sheet and cash flow

Lamar Advertising Co's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lamar Advertising Co reported revenue of $2.3B (+2.7% year on year) and net income of $593.1M (+63.4% year on year).

Income statement

Lamar Advertising Co income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net Revenues	$2.3B	$2.2B	$2.1B	$2.0B
Direct advertising expenses (exclusive of depreciation and amortization)	$746.9M	$727.9M	$696.8M	$667.3M
General and administrative expenses (exclusive of depreciation and amortization)	$368.7M	$361.1M	$344.8M	$350.6M
Corporate expenses (exclusive of depreciation and amortization)	$126.2M	$129.1M	$106.0M	$102.5M
Depreciation and amortization (note 11)	$326.3M	$463.0M	$293.4M	$349.4M
Gain on disposition of assets and investments	($75.9M)	($6.1M)	($5.5M)	($15.7M)
Total operating expenses	$1.5B	$1.7B	$1.4B	$1.5B
Operating income	$774.1M	$532.0M	$675.4M	$578.0M
Loss on extinguishment of debt	$2.0M	$270.0K	$115.0K	$0
Interest income	($2.6M)	($2.3M)	($2.1M)	($1.3M)
Interest expense	$160.4M	$171.7M	$174.5M	$127.5M
Equity in earnings of investee	($206.0K)	($5.1M)	($3.7M)	($4.3M)
Total other expense (income)	$159.7M	$164.6M	$168.8M	$121.9M
Income before income tax expense	$614.4M	$367.5M	$506.6M	$456.1M
Income tax expense (note 12)	$21.3M	$4.5M	$9.8M	$17.5M
Net income attributable to controlling interest	$587.2M	$361.9M	$495.8M	$438.6M
Preferred stock dividends	$365.0K	$365.0K	$365.0K	$365.0K
Net income applicable to common stock	$586.8M	$361.5M	$495.4M	$438.3M
Basic earnings per share (in usd per share)	$5.78	$3.54	$4.86	$4.32
Diluted earnings per share (in usd per share)	$5.77	$3.52	$4.85	$4.31
Cash dividends declared per share of common stock (in usd per share)	$6.45	$5.65	$5.00	$5.00
Weighted average number of shares outstanding basic (in shares)	101.6M	102.3M	101.9M	101.5M
Weighted average common shares outstanding diluted (in shares)	101.6M	102.6M	102.1M	101.6M
Net income	$593.1M	$362.9M	$496.8M	$438.6M
Foreign currency translation adjustments	$108.0K	($2.5M)	$231.0K	($1.5M)
Comprehensive income	$593.2M	$360.4M	$497.1M	—
Net income attributable to non-controlling interest	$5.9M	$1.1M	$1.1M	—
Comprehensive income attributable to controlling interest	$587.3M	$359.3M	$496.0M	$437.1M

Lamar Advertising Co income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net revenues	$616.7M	$528.0M	$585.5M	$579.3M
Direct advertising expenses (exclusive of depreciation and amortization)	$194.2M	$183.3M	$187.7M	$186.8M
General and administrative expenses (exclusive of depreciation and amortization)	$96.2M	$97.6M	$93.0M	$89.3M
Corporate expenses (exclusive of depreciation and amortization)	$36.6M	$31.7M	$31.6M	$31.6M
Depreciation and amortization	$84.4M	$81.9M	$86.3M	$78.1M
Gain on disposition of assets and investments	($2.7M)	($12.6M)	($2.2M)	($4.2M)
Costs and expenses, total	$408.8M	$381.9M	$396.5M	$381.6M
Operating income	$208.0M	$146.1M	$189.1M	$197.7M
Interest income	($528.0K)	($371.0K)	($758.0K)	($597.0K)
Interest expense	$41.1M	$40.5M	$41.2M	$40.7M
Equity in loss (earnings) of investee	$0	$0	$0	$174.0K
Total other (income) expense	$40.6M	$40.2M	$42.4M	$40.3M
Income before income tax expense	$167.4M	$105.9M	$146.6M	$157.4M
Income tax expense	$2.7M	$4.0M	$2.6M	$2.4M
Net income attributable to controlling interest	$160.7M	$101.3M	$141.8M	$154.4M
Cash dividends declared and paid on preferred stock	$91.0K	$91.0K	$91.0K	$91.0K
Net income applicable to common stock	$160.7M	$101.2M	$141.7M	$154.3M
Basic earnings per share (in dollars per share)	$1.58	$1.00	$1.40	$1.52
Diluted earnings per share (in dollars per share)	$1.58	$1.00	$1.40	$1.52
Cash dividends declared per share of common stock (in dollars per share)	$1.60	$1.60	$1.55	$1.55
Weighted average common shares outstanding, Basic (in shares)	101.5M	101.4M	101.2M	101.3M
Weighted average common shares outstanding, Diluted (in shares)	101.6M	101.5M	101.3M	101.7M
Net income	$164.6M	$101.8M	$144.1M	$155.0M
Foreign currency translation adjustments	($424.0K)	($448.0K)	($672.0K)	$1.0M
Comprehensive income	$164.2M	$101.4M	$143.4M	$156.0M
Net income attributable to non-controlling interest	$3.9M	$558.0K	$2.3M	$661.0K
Comprehensive income attributable to controlling interest	$160.3M	$100.8M	$141.1M	$155.4M

Balance sheet

Lamar Advertising Co balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$64.8M	$49.5M	$44.6M	$52.6M
Receivables, net of allowance for doubtful accounts of $11,856 and $12,404 as of 2025 and 2024, respectively	$341.2M	$334.8M	$301.2M	$285.0M
Other current assets	$53.7M	$41.0M	$27.4M	$26.9M
Total current assets	$459.7M	$425.3M	$373.2M	$364.6M
Property, plant and equipment (note 5)	$4.8B	$4.6B	$4.3B	$4.1B
Less accumulated depreciation and amortization	($3.1B)	($3.0B)	($2.7B)	($2.6B)
Net property, plant and equipment	$1.7B	$1.6B	$1.6B	$1.5B
Operating lease right of use assets	$1.5B	$1.4B	$1.3B	$1.3B
Financing lease right of use assets	$5.5M	$8.3M	$11.2M	$14.0M
Goodwill (note 6)	$2.1B	$2.0B	$2.0B	$2.0B
Intangible assets, net (note 6)	$1.1B	$1.1B	$1.2B	$1.2B
Other assets	$58.6M	$99.2M	$90.6M	$83.4M
Total assets	$6.9B	$6.6B	$6.6B	$6.5B
Trade accounts payable	$16.5M	$21.6M	$18.2M	$19.6M
Current maturities of long-term debt, net of deferred financing costs of $396 and $611 in 2025 and 2024, respectively (note 9)	$250.0M	$249.8M	$250.0M	$249.8M
Current operating lease liabilities (note 7)	$232.5M	$218.1M	$210.6M	$205.8M
Current financing lease liabilities (note 7)	$1.3M	$1.3M	$1.3M	$1.3M
Accrued expenses (note 8)	$138.7M	$133.9M	$107.2M	$117.6M
Deferred income	$155.1M	$153.7M	$126.5M	$131.8M
Total current liabilities	$794.0M	$778.5M	$713.9M	$726.0M
Long-term debt, net of deferred financing costs of $29,517 and $22,826 in 2025 and 2024, respectively (note 9)	$3.2B	$3.0B	$3.1B	$3.1B
Operating lease liabilities (note 7)	$1.3B	$1.1B	$1.1B	$1.0B
Financing lease liabilities (note 7)	$12.0M	$13.3M	$14.6M	$15.9M
Noncurrent deferred tax liabilities	$749.0K	$8.0M	$12.0M	$9.7M
Asset retirement obligation (note 10)	$624.9M	$614.7M	$398.0M	$390.4M
Other liabilities	$52.6M	$48.6M	$41.9M	$39.1M
Total liabilities	$5.9B	$5.5B	$5.3B	$5.3B
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2025 and 2024	0	0	0	0
Common stock, value	$103.0K	$103.0K	$102.0K	$102.0K
Additional paid-in-capital	$2.4B	$2.2B	$2.1B	$2.1B
Accumulated comprehensive loss	($2.8M)	($3.0M)	($428.0K)	($659.0K)
Accumulated deficit	($1.1B)	($1.0B)	($819.2M)	($804.4M)
Cost of shares held in treasury, 2,338,692 and 890,558 shares at 2025 and 2024, respectively	-230.6M	-72.7M	-67.3M	-61.4M
Non-controlling interest	$13.2M	$849.0K	$414.0K	—
Stockholders’ equity	$1.0B	$1.0B	$1.2B	$1.2B
Total liabilities and stockholders’ equity	$6.9B	$6.6B	$6.6B	$6.5B

Lamar Advertising Co balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$68.0M	$39.3M	$22.0M	$55.7M
Receivables, net of allowance for doubtful accounts of $12,775 and $11,856 in 2026 and 2025, respectively	$377.5M	$323.6M	$340.8M	$345.9M
Other current assets	$48.2M	$63.6M	$44.8M	$55.9M
Total current assets	$493.7M	$426.4M	$407.6M	$457.5M
Property, plant and equipment	$4.8B	$4.8B	$4.7B	$4.6B
Less accumulated depreciation and amortization	($3.1B)	($3.1B)	($3.1B)	($3.0B)
Net property, plant and equipment	$1.7B	$1.7B	$1.7B	$1.6B
Operating lease right of use assets	$1.5B	$1.5B	$1.5B	$1.4B
Financing lease right of use assets	$4.1M	$4.8M	$6.2M	$6.9M
Goodwill	$2.1B	$2.1B	$2.1B	$2.0B
Intangible assets, net	$1.1B	$1.1B	$1.1B	$1.1B
Other assets	$63.2M	$59.0M	$57.9M	$56.3M
Total assets	$7.0B	$6.9B	$6.8B	$6.7B
Trade accounts payable	$16.9M	$16.0M	$26.2M	$27.5M
Current maturities of long-term debt, net of deferred financing costs of $288 and $396 in 2026 and 2025, respectively	$250.2M	$242.2M	$180.0M	$249.9M
Current operating lease liabilities	$205.3M	$197.2M	$202.2M	$202.5M
Current financing lease liabilities	$1.3M	$1.3M	$1.3M	$1.3M
Accrued expenses	$122.2M	$113.2M	$123.4M	$112.3M
Deferred income	$191.3M	$165.0M	$162.0M	$189.1M
Total current liabilities	$787.1M	$735.0M	$695.1M	$782.7M
Long-term debt, net of deferred financing costs of $25,908 and $29,517 in 2026 and 2025, respectively	$3.3B	$3.3B	$3.2B	$3.1B
Operating lease liabilities	$1.2B	$1.3B	$1.2B	$1.2B
Financing lease liabilities	$11.3M	$11.6M	$12.3M	$12.6M
Deferred income tax liabilities	$2.0M	$2.2M	$165.0K	$774.0K
Asset retirement obligation	$628.4M	$626.5M	$623.4M	$615.5M
Other liabilities	$56.9M	$53.2M	$55.3M	$51.1M
Total liabilities	$6.0B	$5.9B	$5.8B	$5.8B
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, 5,720 shares authorized; 5,720 shares issued and outstanding at 2026 and 2025	0	0	0	0
Common stock, value	$104.0K	$103.0K	$103.0K	$103.0K
Additional paid-in capital	$2.4B	$2.4B	$2.3B	$2.2B
Accumulated comprehensive loss	($3.7M)	($3.2M)	($2.9M)	($2.3M)
Accumulated deficit	($1.2B)	($1.2B)	($1.1B)	($1.1B)
Cost of shares held in treasury, 2,384,228 and 2,338,692 shares at 2026 and 2025, respectively	-236.7M	-236.7M	-230.6M	-230.6M
Non-controlling interest	$13.4M	$11.9M	$13.1M	$1.8M
Stockholders’ equity	$995.5M	$981.7M	$1.0B	$906.9M
Total liabilities and stockholders’ equity	$7.0B	$6.9B	$6.8B	$6.7B

Cash flow statement

Lamar Advertising Co cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$593.1M	$362.9M	$496.8M	$438.6M
Depreciation and amortization	$326.3M	$463.0M	$293.4M	$349.4M
Stock-based compensation	$34.0M	$44.5M	$22.6M	$23.1M
Amortization included in interest expense	$6.3M	$6.3M	$6.5M	$6.2M
Gain on disposition of assets	($75.9M)	($6.1M)	($5.5M)	($15.7M)
Loss on extinguishment of debt	$2.0M	$270.0K	$115.0K	$0
Equity in earnings of investee	($206.0K)	($5.1M)	($3.7M)	($4.3M)
Deferred tax (benefit) expense	($7.6M)	($4.0M)	$2.4M	$3.2M
Provision for doubtful accounts	$9.4M	$8.8M	$12.7M	$9.0M
Receivables	($15.5M)	($43.0M)	($28.7M)	($22.5M)
Prepaid expenses	($3.0M)	($2.7M)	$1.1M	($906.0K)
Other assets	($13.1M)	($7.4M)	($3.4M)	$2.7M
Trade accounts payable	($773.0K)	$3.3M	($307.0K)	$1.2M
Accrued expenses	$8.1M	$18.9M	($1.7M)	($10.8M)
Operating lease liabilities	$11.3M	$7.5M	$2.5M	$7.2M
Other liabilities	($10.2M)	$26.4M	($11.4M)	($4.9M)
Cash flows provided by operating activities	$864.0M	$873.6M	$783.6M	$781.6M
Capital expenditures	($180.8M)	($125.3M)	($178.3M)	($167.1M)
Acquisitions	($191.1M)	($45.4M)	($139.0M)	($479.8M)
Decrease in notes receivable	$69.0K	$65.0K	$62.0K	$12.1M
Proceeds from disposition of assets and investments	$127.2M	$5.7M	$7.1M	$15.6M
Cash flows used in investing activities	($244.6M)	($164.9M)	($310.1M)	($619.1M)
Net proceeds from issuance of common stock	$17.7M	$21.0M	$15.7M	$18.9M
Cash used for purchase of treasury shares	-157.9M	-5.3M	-6.0M	-10.5M
Proceeds received from revolving credit facility	$442.0M	$783.0M	$403.0M	$445.0M
Payments on revolving credit facility	($726.0M)	($569.0M)	($378.0M)	($575.0M)
Principal payments on long-term debt	($420.0K)	($400.0K)	($381.0K)	($365.0K)
Principal payments on financing leases	($1.3M)	($1.3M)	($1.3M)	($1.3M)
Payments on senior credit facility term loans	($600.0M)	($350.0M)	—	$0
Proceeds from senior credit facility term loans	$698.3M	—	—	—
Proceeds received from accounts receivable securitization program	$174.4M	$86.4M	$114.9M	$265.0M
Payments on accounts receivable securitization program	($174.4M)	($86.4M)	($114.9M)	($190.0M)
Proceeds received from note offering	$400.0M	—	$0	$0
Debt issuance costs	($14.1M)	($464.0K)	($3.0M)	($1.6M)
Distributions to non-controlling interest	($6.3M)	($1.7M)	($1.1M)	($814.0K)
Dividends/distributions	($656.2M)	($579.2M)	($510.6M)	($508.6M)
Cash flows used in financing activities	($604.3M)	($703.4M)	($481.6M)	($209.3M)
Effect of exchange rate changes in cash and cash equivalents	$252.0K	($423.0K)	$127.0K	($391.0K)
Net increase (decrease) in cash and cash equivalents	$15.4M	$4.9M	($8.0M)	($47.2M)
Cash and cash equivalents at beginning of year	$49.5M	$44.6M	$52.6M	$99.8M
Cash and cash equivalents at end of year	$64.8M	$49.5M	—	—
Cash paid for interest	$148.3M	$165.8M	$168.0M	$120.0M
Cash paid for state, federal, and foreign income taxes	$29.1M	$8.5M	$11.4M	$16.3M

Lamar Advertising Co cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$266.5M	$101.8M	$438.3M	$294.2M
Depreciation and amortization	$166.4M	$81.9M	$242.2M	$155.9M
Stock-based compensation	$25.3M	$11.2M	$25.3M	$17.7M
Amortization included in interest expense	$3.4M	$1.7M	$4.6M	$3.1M
Gain on disposition of assets and investments	($15.3M)	($12.6M)	($76.1M)	($74.0M)
Equity in earnings of investee	$0	$0	($206.0K)	($206.0K)
Deferred tax expense (benefit)	$1.6M	$1.8M	($8.5M)	($8.3M)
Provision for doubtful accounts	$4.8M	$2.2M	$6.9M	$3.3M
Receivables	($41.2M)	$15.5M	($12.6M)	($14.0M)
Prepaid expenses	($988.0K)	($1.9M)	$263.0K	($4.6M)
Other assets	$5.7M	($9.0M)	($5.3M)	($10.6M)
Trade accounts payable	($490.0K)	$4.2M	$17.0K	$759.0K
Accrued expenses	($14.4M)	($21.1M)	($4.2M)	($8.1M)
Operating lease liabilities	($33.8M)	($36.3M)	($21.6M)	($28.3M)
Other liabilities	$32.3M	$7.9M	$1.8M	$30.2M
Cash flows provided by operating activities	$399.8M	$147.4M	$592.9M	$357.2M
Acquisitions	($101.9M)	($58.6M)	($133.9M)	($87.1M)
Capital expenditures	($75.9M)	($33.1M)	($117.9M)	($68.1M)
Proceeds from disposition of assets and investments	$15.3M	$12.3M	$123.7M	$121.4M
Cash flows used in investing activities	($162.5M)	($79.4M)	($128.1M)	($33.8M)
Cash used for purchase of treasury stock	($6.1M)	($6.1M)	($157.9M)	($157.9M)
Net proceeds from issuance of common stock	$13.1M	$5.8M	$13.0M	$8.6M
Principal payments on long-term debt	($243.0K)	($133.0K)	($313.0K)	($208.0K)
Principal payments on financing leases	($666.0K)	($333.0K)	($998.0K)	($666.0K)
Payments on revolving credit facility	($80.0M)	$0	($726.0M)	($292.0M)
Proceeds received from revolving credit facility	$170.0M	$80.0M	$442.0M	$442.0M
Payments on accounts receivable securitization program	($135.0M)	($75.0M)	($99.4M)	($29.4M)
Proceeds received from accounts receivable securitization program	$135.0M	$67.1M	$29.4M	$29.4M
Debt issuance costs	$494.0K	$494.0K	$400.0M	$0
Distributions to non-controlling interest	($5.0M)	($2.6M)	($4.0M)	($995.0K)
Dividends/distributions	($325.6M)	($162.7M)	($473.7M)	($316.3M)
Cash flows used in financing activities	($234.0M)	($93.4M)	($492.4M)	($317.5M)
Effect of exchange rate changes in cash and cash equivalents	($148.0K)	($108.0K)	$147.0K	$278.0K
Net increase in cash and cash equivalents	$3.1M	($25.5M)	($27.4M)	$6.3M
Cash and cash equivalents at beginning of period	$64.8M	$64.8M	$49.5M	$49.5M
Cash and cash equivalents at end of period	$68.0M	$39.3M	$22.0M	$55.7M
Cash paid for interest	$80.8M	$33.5M	$114.9M	$76.0M
Cash paid for foreign, state and federal income taxes	$5.8M	$2.9M	$21.9M	$14.7M

Lamar Advertising Co score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.