Lamar Advertising
Rents billboard, highway-logo, transit, and airport advertising space across the United States and Canada.
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Profile
Rents billboard, interstate logo-sign, transit, and airport advertising space across the United States and Canada. Billboards provide the economic center, local advertisers dominate the customer mix, and acquisitions plus digital conversion expand the network. The REIT structure, land-use rules, and advertising budgets shape how the business operates.
Rents advertising space across billboards, interstate logo signs, transit vehicles and infrastructure, and airport terminals. The network spans the United States and Canada, with billboards at its economic center and digital faces extending the roadside inventory.
A decentralized sales force serves mostly local advertisers, while acquisitions add displays that can share local creative, installation, and administrative capacity. Static-to-digital conversion raises the earning capacity of existing billboard sites.
Operates as a family-controlled REIT, with acquisition-led expansion and digital conversion shaping the asset base. New construction and face changes depend on permits, zoning, and highway rules; advertising demand follows business activity and marketing budgets. REIT qualification also depends on continuing asset, income, and distribution tests.
Company facts
Categories
Key statistics
Year to date +21.1% · Average volume (30d) 638.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Wells Fargo | Reiterate | Equal Weight | $151 | ||
| Aug 7, 2026 | Morgan Stanley | Target | $160 | $170 | ||
| Jul 10, 2026 | Citigroup | Downgrade | Buy | Neutral | ||
| Jul 9, 2026 | Citigroup | Downgrade | Buy | Neutral | ||
| May 8, 2026 | Morgan Stanley | Target | $145 | $160 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $1.58 | $1.58 | 0.0% | $606.6M | $616.7M | +1.7% | +1.15% |
| May 7, 2026Q1 FY26 | $0.84 | $1.72 | +105.3% | $522.9M | $528.0M | +1.0% | +4.45% |
| Feb 20, 2026Q4 FY25 | $1.58 | $2.24 | +41.8% | $592.7M | $595.9M | +0.6% | −1.46% |
| Nov 6, 2025Q3 FY25 | $2.14 | $2.20 | +2.8% | $592.0M | $585.5M | −1.1% | +5.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $505.4M | $579.3M | $585.5M | $595.9M | $528.0M | $616.7M | |
| Gross profit | $325.4M | $392.5M | $279.9M | −$131.4M | $180.8M | $616.7M | |
| Operating income | $191.2M | $197.7M | $186.9M | $122.3M | $133.5M | $208.0M | |
| Net income | $138.8M | $154.4M | $141.8M | $152.3M | $101.3M | $160.7M | |
| Diluted EPS | $1.35 | $1.52 | $1.40 | $1.50 | $1.00 | $1.58 | |
| Gross margin | 64.4% | 67.8% | 47.8% | -22.0% | 34.2% | 100.0% | |
| Operating margin | 37.8% | 34.1% | 31.9% | 20.5% | 25.3% | 33.7% |
Fiscal years (4-quarter sums)FY21 $1.79B · FY22 $2.03B · FY23 $2.11B · FY24 $2.21B · FY25 $2.27B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $68.0M · Total debt $4.98B · Total assets $7.00B · Shareholders' equity $995.5M
Dividends
Raised for 5 straight years — most recently to $1.60 from $1.55 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $1.60 | |
| Mar 16, 2026 | Mar 16 | Mar 31 | $1.60 | raised from $1.55 |
| Dec 22, 2025 | Dec 22 | Dec 31 | $1.80 | special dividend |
| Sep 19, 2025 | Sep 19 | Sep 30 | $1.55 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $1.55 | |
| Mar 14, 2025 | Mar 14 | Mar 28 | $1.55 | raised from $1.40 |
| Dec 18, 2024 | Dec 18 | Dec 30 | $1.65 | special dividend |
| Sep 18, 2024 | Sep 18 | Sep 30 | $1.40 | raised from $1.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 101.48M · Float 86.28M · 85.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.61M | 9.47% | 13F | Aug 7, 2026 |
| Reilly Family, LLC | 9.00M | 8.90% | 13G | Feb 13, 2026 |
| Vanguard Portfolio Management LLC | 7.51M | 7.40% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.93M | 3.87% | 13F | Aug 13, 2026 |
| FMR LLC | 3.17M | 3.12% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 11, 2026 | Jay LeCoryelle Johnson | officer: CFO, Treasurer, EVP | −10,000 | $157.02 |
| Mar 23, 2026 | Ross Lamar Reilly | officer: EVP, President, Outdoor Div | −5,969 | $128.65 |
| Mar 5, 2026 | Jay LeCoryelle Johnson | officer: CFO, Treasurer, EVP | −1,260 | $137.56 |
Peers
- OUTFRONT Media
U.S. out-of-home media operator focused on billboards and transit displays
- Clear Channel Outdoor
U.S. OOH operator spanning roadside, digital and airport advertising
- Boston Omaha
Diversified U.S. holding company with a regional billboard business
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lamar Advertising | $150.38 | +0.02% | $15.26B | 27.4 | 24.7 | 6.6 | +6.5% |
| OUTFRONT Media | $29.60 | −0.03% | $5.21B | 21.0 | 21.7 | 2.7 | +13.5% |
| Clear Channel Outdoor | $2.34 | −0.21% | $1.19B | — | — | 0.7 | +8.8% |
| Boston Omaha | $13.85 | 0.00% | $418.5M | — | — | 3.8 | −21.3% |
| Median | 21.0 | 21.7 | 2.7 | +8.8% |