Lamar Advertising (LAMR) Financials

$152.26 -5.67 (-3.59%)

Closing price 04:00 PM Eastern

Extended Trading

$150.57 -1.69 (-1.11%)

As of 05:02 PM Eastern

Annual Income Statements for Lamar Advertising

This table shows Lamar Advertising's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	262	298	317	305	372	243	388	438	495	362	587
Consolidated Net Income / (Loss)	263	299	318	305	372	243	388	439	496	362	593
Net Income / (Loss) Continuing Operations	263	299	318	305	372	243	388	439	497	363	593
Total Pre-Tax Income	285	312	327	316	368	248	397	456	507	367	614
Total Operating Income	383	439	455	461	518	410	521	578	675	532	774
Total Gross Profit	880	975	1,000	1,065	1,164	1,011	1,211	1,365	1,414	1,479	1,519
Total Revenue	1,353	1,500	1,541	1,627	1,754	1,569	1,787	2,032	2,111	2,207	2,266
Operating Revenue	1,353	1,500	1,541	1,627	1,754	1,569	1,787	2,032	2,111	2,207	2,266
Total Cost of Revenue	474	526	541	562	590	558	577	667	697	728	747
Operating Cost of Revenue	474	526	541	562	590	558	577	667	697	728	747
Total Operating Expenses	497	536	545	605	646	601	690	787	739	947	745
Selling, General & Admin Expense	314	346	339	372	318	288	327	351	345	361	369
Depreciation Expense	191	205	211	225	250	251	271	349	293	463	326
Other Operating Expenses / (Income)	-	-	-	-	85	71	94	103	106	129	126
Other Special Charges / (Income)	-8.77	-15	-4.66	7.23	-7.24	-9.03	-2.12	-16	-5.47	-6.06	-76
Total Other Income / (Expense), net	-98	-127	-128	-145	-150	-162	-124	-122	-169	-165	-160
Interest Expense	98	127	128	145	151	163	128	128	175	172	162
Interest & Investment Income	0.03	0.01	0.01	0.53	0.76	0.80	4.15	5.61	5.81	7.41	2.79
Income Tax Expense	22	13	9.23	11	-4.22	4.66	9.26	17	9.78	4.53	21
Preferred Stock Dividends Declared	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	5.92
Basic Earnings per Share	$2.72	$3.07	$3.24	$3.09	$3.71	$2.41	$3.83	$4.32	$4.86	$3.54	$5.78
Weighted Average Basic Shares Outstanding	96.32M	97.13M	97.93M	98.82M	100.13M	100.76M	101.13M	101.53M	101.92M	102.26M	101.55M
Diluted Earnings per Share	$2.72	$3.05	$3.23	$3.08	$3.71	$2.41	$3.83	$4.31	$4.85	$3.52	$5.77
Weighted Average Diluted Shares Outstanding	96.38M	97.69M	98.37M	99.09M	100.32M	100.90M	101.35M	101.63M	102.11M	102.56M	101.63M
Weighted Average Basic & Diluted Shares Outstanding	96.70M	97.43M	98.26M	99.58M	100.52M	100.91M	202.55M	101.75M	102.07M	102.40M	101.33M
Cash Dividends to Common per Share	$2.75	$3.02	$3.32	$3.65	$3.84	$2.50	$4.00	$5.00	$5.00	$5.65	$6.45

This table shows Lamar Advertising's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	131	140	149	78	137	147	-1.29	139	154	142	152
Consolidated Net Income / (Loss)	131	140	149	78	137	147	-1.20	139	154	144	156
Net Income / (Loss) Continuing Operations	131	140	149	78	138	148	-0.98	139	155	144	155
Total Pre-Tax Income	134	144	150	80	140	147	0.33	154	157	147	157
Total Operating Income	177	188	192	125	184	187	37	191	198	189	196
Total Gross Profit	369	367	375	323	382	382	393	325	393	398	404
Total Revenue	541	543	556	498	565	564	580	505	579	586	596
Operating Revenue	541	543	556	498	565	564	580	505	579	586	596
Total Cost of Revenue	172	175	181	176	183	183	186	180	187	188	192
Operating Cost of Revenue	172	175	181	176	183	183	186	180	187	188	192
Total Operating Expenses	193	179	183	198	198	195	357	134	195	209	208
Selling, General & Admin Expense	91	81	88	89	88	91	93	95	89	93	91
Depreciation Expense	75	75	71	75	77	75	235	78	78	86	84
Other Operating Expenses / (Income)	29	24	25	36	33	31	29	31	32	32	32
Other Special Charges / (Income)	-1.68	-0.88	-0.23	-2.19	-0.82	-2.47	-0.57	-70	-4.18	-2.16	0.18
Total Other Income / (Expense), net	-43	-44	-41	-45	-44	-40	-36	-37	-40	-42	-39
Interest Expense	44	45	44	44	44	43	40	38	41	43	40
Interest & Investment Income	0.93	1.32	2.93	-0.09	0.58	3.30	3.62	0.87	0.42	0.76	0.74
Income Tax Expense	3.18	3.84	0.96	1.52	2.87	-1.17	1.31	15	2.39	2.57	1.83
Preferred Stock Dividends Declared	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Basic Earnings per Share	$1.28	$1.37	$1.46	$0.77	$1.34	$1.44	($0.01)	$1.35	$1.52	$1.40	$1.51
Weighted Average Basic Shares Outstanding	101.92M	101.96M	101.92M	102.12M	102.25M	102.31M	102.26M	102.44M	101.27M	101.23M	101.55M
Diluted Earnings per Share	$1.28	$1.37	$1.46	$0.76	$1.34	$1.44	($0.02)	$1.35	$1.52	$1.40	$1.50
Weighted Average Diluted Shares Outstanding	102.10M	102.13M	102.11M	102.45M	102.59M	102.62M	102.56M	102.80M	101.65M	101.31M	101.63M
Weighted Average Basic & Diluted Shares Outstanding	101.96M	102.00M	102.07M	102.24M	102.30M	102.36M	102.40M	102.39M	101.22M	101.28M	101.33M
Cash Dividends to Common per Share	$1.25	$1.25	$1.25	$1.30	$1.30	$1.40	$1.65	$1.55	$1.55	$1.55	$1.80

This table details how cash moves in and out of Lamar Advertising's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.71	13	80	-94	4.69	95	-22	-47	-8.01	4.86	15
Net Cash From Operating Activities	478	522	507	565	631	570	734	782	784	874	864
Net Cash From Continuing Operating Activities	478	522	507	565	631	570	734	782	784	874	864
Net Income / (Loss) Continuing Operations	263	299	318	305	372	243	388	439	497	363	593
Consolidated Net Income / (Loss)	263	299	318	305	372	243	388	439	497	363	593
Depreciation Expense	191	205	211	225	250	251	271	349	293	463	326
Amortization Expense	4.68	5.33	5.12	4.92	5.37	5.91	5.88	6.16	6.54	6.33	6.28
Non-Cash Adjustments To Reconcile Net Income	24	24	12	60	33	48	58	12	26	42	-31
Changes in Operating Assets and Liabilities, net	-4.67	-11	-39	-31	-30	22	11	-25	-40	-1.04	-31
Net Cash From Investing Activities	-254	-681	-400	-584	-362	-97	-462	-619	-310	-165	-245
Net Cash From Continuing Investing Activities	-254	-681	-400	-584	-362	-97	-462	-619	-310	-165	-245
Purchase of Property, Plant & Equipment	-110	-108	-109	-118	-141	-62	-126	-167	-178	-125	-181
Acquisitions	-154	-585	-297	-477	-226	-46	-312	-480	-139	-45	-191
Sale of Property, Plant & Equipment	10	12	6.05	6.65	5.44	11	6.59	28	7.11	5.77	127
Net Cash From Financing Activities	-225	172	-29	-74	-264	-378	-295	-209	-482	-703	-604
Net Cash From Continuing Financing Activities	-225	172	-29	-74	-264	-378	-295	-209	-482	-703	-604
Repayment of Debt	-297	-734	-746	-1,026	-673	-3,129	-830	-767	-496	-1,006	-1,515
Repurchase of Common Equity	-6.10	-6.20	-9.00	-4.11	-8.88	-10	-6.07	-11	-5.99	-5.34	-158
Payment of Dividends	-267	-294	-245	-444	-386	-254	-406	-509	-512	-581	-662
Issuance of Debt	317	1,183	945	1,337	759	3,004	930	1,060	518	869	1,715
Issuance of Common Equity	28	23	27	63	44	11	19	19	16	21	18
Other Financing Activities, net	-	0.00	0.00	-	0.00	0.00	-1.33	-1.33	-1.33	-1.33	-1.33
Effect of Exchange Rate Changes	-2.67	0.46	1.63	-1.11	0.22	0.31	0.08	-0.39	0.13	-0.42	0.25
Cash Interest Paid	94	109	123	137	140	131	112	120	168	166	148
Cash Income Taxes Paid	11	14	13	8.56	14	4.03	8.39	16	11	8.51	29

This table details how cash moves in and out of Lamar Advertising's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	14	-8.38	5.21	-8.20	42	-48	20	-13	20	-34	43
Net Cash From Operating Activities	198	223	254	111	256	227	279	128	229	236	271
Net Cash From Continuing Operating Activities	198	223	254	111	256	227	279	128	229	236	271
Net Income / (Loss) Continuing Operations	131	140	149	78	138	148	-0.98	139	155	144	155
Consolidated Net Income / (Loss)	131	140	149	78	138	148	-0.98	139	155	144	155
Depreciation Expense	75	75	71	75	77	75	235	78	78	86	84
Amortization Expense	1.65	1.63	1.62	1.63	1.64	1.56	1.50	1.52	1.53	1.54	1.69
Non-Cash Adjustments To Reconcile Net Income	6.44	5.50	7.81	13	12	11	7.11	-58	5.23	11	11
Changes in Operating Assets and Liabilities, net	-16	0.36	25	-58	28	-7.60	36	-32	-10	-7.25	19
Net Cash From Investing Activities	-77	-116	-64	-45	-32	-31	-57	65	-99	-94	-117
Net Cash From Continuing Investing Activities	-77	-116	-64	-45	-32	-31	-57	65	-99	-94	-117
Purchase of Property, Plant & Equipment	-51	-39	-46	-29	-23	-30	-43	-30	-38	-50	-63
Acquisitions	-28	-78	-19	-18	-9.93	-2.89	-14	-22	-65	-47	-57
Sale of Property, Plant & Equipment	1.87	1.43	0.56	2.73	0.93	1.65	0.46	117	3.94	2.38	3.47
Net Cash From Financing Activities	-107	-115	-185	-74	-183	-244	-202	-207	-111	-175	-112
Net Cash From Continuing Financing Activities	-107	-115	-185	-74	-183	-244	-202	-207	-111	-175	-112
Repayment of Debt	-112	-164	-175	-91	-208	-535	-172	-227	-95	-1,117	-76
Payment of Dividends	-128	-128	-128	-134	-133	-145	-169	-160	-158	-160	-185
Issuance of Debt	130	175	113	150	154	430	135	202	269	1,098	145
Issuance of Common Equity	3.48	2.71	5.29	7.07	4.44	5.68	3.80	4.49	4.14	4.33	4.72
Other Financing Activities, net	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33
Effect of Exchange Rate Changes	0.07	-0.06	0.11	-0.12	-0.05	0.05	-0.30	0.01	0.27	-0.13	0.11
Cash Interest Paid	42	43	43	43	43	42	39	37	39	39	33
Cash Income Taxes Paid	3.71	2.20	2.34	2.95	2.25	1.87	1.43	7.03	7.63	7.20	7.24

This table presents Lamar Advertising's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,711	7,781	4,214	4,545	5,941	5,791	0.00	6,475	6,564	6,587	6,932
Total Current Assets	563	628	421	364	310	381	0.00	365	373	425	460
Cash & Equivalents	44	71	115	21	26	122	-	53	45	49	65
Accounts Receivable	349	380	202	236	255	241	-	285	301	335	341
Other Current Assets	78	80	33	26	29	18	-	27	27	41	54
Plant, Property, & Equipment, net	2,190	2,365	1,214	1,295	1,349	1,282	0.00	1,500	1,566	1,601	1,679
Plant, Property & Equipment, gross	6,278	6,589	3,385	3,526	3,660	3,616	-	4,109	4,275	4,575	4,767
Accumulated Depreciation	4,088	4,223	2,171	2,231	2,311	2,334	-	2,609	2,708	2,974	3,088
Total Noncurrent Assets	3,958	4,788	2,580	2,886	4,282	4,129	0.00	4,611	4,624	4,560	4,793
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	20	-	14	11	8.33	5.48
Goodwill	3,083	3,443	1,740	1,919	1,912	1,912	-	2,035	2,035	2,035	2,111
Intangible Assets	805	1,274	796	915	992	914	-	1,207	1,171	1,063	1,114
Other Noncurrent Operating Assets	70	72	43	51	1,377	1,283	-	1,355	1,406	1,454	1,563
Total Liabilities & Shareholders' Equity	6,711	7,781	4,214	4,545	5,941	5,791	219	6,475	6,564	6,587	6,932
Total Liabilities	4,683	5,655	3,111	3,413	4,761	4,589	269	5,280	5,347	5,539	5,907
Total Current Liabilities	469	551	326	455	673	548	0.00	726	714	778	794
Short-Term Debt	33	68	18	204	227	122	-	250	250	250	250
Accounts Payable	35	35	18	21	15	12	-	20	18	22	16
Accrued Expenses	226	266	198	122	107	105	-	118	107	134	139
Current Deferred Revenue	175	183	93	107	127	111	-	132	127	154	155
Other Current Liabilities	-	-	-	0.00	197	197	-	207	212	219	234
Total Noncurrent Liabilities	4,214	5,104	2,785	2,958	4,088	4,041	269	4,554	4,633	4,760	5,113
Long-Term Debt	3,752	4,631	2,539	2,685	2,754	2,764	-	3,063	3,091	2,961	3,169
Capital Lease Obligations	-	-	-	0.00	1,068	19	-	16	15	13	12
Asset Retirement Reserve & Litigation Obligation	412	422	215	223	226	223	269	390	398	615	625
Noncurrent Deferred & Payable Income Tax Liabilities	4.10	0.56	0.88	21	5.71	4.85	-	9.65	12	8.01	0.75
Other Noncurrent Operating Liabilities	45	51	30	30	34	1,030	-	1,075	1,117	1,163	1,307
Total Equity & Noncontrolling Interests	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,217	1,048	1,025
Total Preferred & Common Equity	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,216	1,047	1,012
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,216	1,047	1,012
Common Stock	4,399	4,497	1,763	1,853	1,922	1,964	0.10	2,062	2,103	2,159	2,351
Retained Earnings	-2,362	-2,358	-639	-695	-708	-717	-	-804	-819	-1,037	-1,106
Treasury Stock	-6.10	-12	-21	-25	-34	-45	-51	-61	-67	-73	-231
Accumulated Other Comprehensive Income / (Loss)	-2.36	-1.25	1.30	0.01	0.69	0.93	-	-0.66	-0.43	-2.95	-2.80
Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.41	0.85	13

This table presents Lamar Advertising's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	6,279	6,442	6,521	6,572	6,525	6,582	6,520	6,547	6,674	6,823
Total Current Assets	405	338	405	378	376	441	412	405	458	408
Cash & Equivalents	79	34	48	39	36	78	30	36	56	22
Accounts Receivable	295	259	322	310	299	318	351	308	346	341
Other Current Assets	31	45	35	29	41	44	32	61	56	45
Plant, Property, & Equipment, net	1,399	1,510	1,532	1,545	1,558	1,548	1,544	1,595	1,607	1,652
Plant, Property & Equipment, gross	3,912	4,144	4,194	4,237	4,289	4,312	4,335	4,599	4,639	4,711
Accumulated Depreciation	2,513	2,634	2,663	2,691	2,731	2,765	2,791	3,004	3,032	3,059
Total Noncurrent Assets	4,474	4,593	4,584	4,649	4,591	4,594	4,564	4,547	4,610	4,763
Noncurrent Note & Lease Receivables	15	13	13	12	10	9.76	9.04	7.62	6.91	6.19
Goodwill	2,003	2,035	2,035	2,035	2,035	2,035	2,035	2,035	2,035	2,111
Intangible Assets	1,128	1,181	1,164	1,195	1,150	1,121	1,086	1,047	1,065	1,111
Other Noncurrent Operating Assets	1,328	1,363	1,373	1,406	1,395	1,428	1,433	1,457	1,503	1,535
Total Liabilities & Shareholders' Equity	6,279	6,442	6,521	6,572	6,525	6,582	6,520	6,547	6,674	6,823
Total Liabilities	5,004	5,281	5,351	5,385	5,341	5,384	5,307	5,516	5,767	5,778
Total Current Liabilities	644	660	698	690	993	1,065	739	717	783	695
Short-Term Debt	200	235	235	247	586	600	250	223	250	180
Accounts Payable	17	17	17	18	18	21	23	26	28	26
Accrued Expenses	105	83	87	96	79	96	111	112	112	123
Current Deferred Revenue	141	147	172	143	133	162	171	162	189	162
Other Current Liabilities	181	179	187	186	176	186	185	194	204	204
Total Noncurrent Liabilities	4,360	4,621	4,652	4,695	4,349	4,319	4,568	4,798	4,984	5,082
Long-Term Debt	3,017	3,135	3,154	3,155	2,816	2,749	2,996	2,964	3,114	3,169
Capital Lease Obligations	16	16	15	15	14	14	14	13	13	12
Asset Retirement Reserve & Litigation Obligation	278	391	393	397	397	402	402	616	616	623
Noncurrent Deferred & Payable Income Tax Liabilities	8.30	8.50	9.32	11	12	12	8.69	0.74	0.77	0.17
Other Noncurrent Operating Liabilities	1,041	1,071	1,081	1,118	1,110	1,142	1,148	1,205	1,242	1,278
Total Equity & Noncontrolling Interests	1,274	1,161	1,170	1,187	1,184	1,198	1,213	1,032	907	1,046
Total Preferred & Common Equity	1,274	1,160	1,170	1,187	1,182	1,197	1,212	1,030	905	1,033
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,274	1,160	1,170	1,187	1,182	1,197	1,212	1,030	905	1,033
Common Stock	2,054	2,084	2,091	2,096	2,130	2,141	2,152	2,189	2,198	2,342
Retained Earnings	-718	-856	-853	-841	-874	-870	-866	-1,057	-1,060	-1,075
Treasury Stock	-61	-67	-67	-67	-73	-73	-73	-99	-231	-231
Accumulated Other Comprehensive Income / (Loss)	-0.92	-0.66	-0.26	-0.90	-0.82	-1.25	-1.21	-3.28	-2.26	-2.89
Noncontrolling Interest	-	0.34	0.46	0.07	1.23	1.24	0.65	1.60	1.82	13

This table displays calculated financial ratios and metrics derived from Lamar Advertising's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.15%	10.85%	2.73%	5.58%	7.77%	-10.54%	13.93%	13.69%	3.88%	4.55%	2.68%
EBITDA Growth	7.68%	12.12%	3.43%	2.85%	11.93%	-13.69%	19.64%	16.94%	4.48%	2.66%	10.52%
EBIT Growth	39.48%	14.63%	3.72%	1.14%	12.42%	-20.79%	27.09%	10.90%	16.86%	-21.23%	45.49%
NOPAT Growth	-28.27%	18.94%	5.29%	0.55%	17.69%	-23.16%	26.50%	9.20%	19.16%	-20.67%	42.19%
Net Income Growth	3.57%	13.80%	6.31%	-3.92%	21.91%	-34.59%	59.45%	13.03%	13.02%	-27.01%	63.89%
EPS Growth	2.26%	12.13%	5.90%	-4.64%	20.45%	-35.04%	58.92%	12.53%	12.53%	-27.42%	63.92%
Operating Cash Flow Growth	5.55%	9.25%	-2.84%	11.41%	11.69%	-9.67%	28.87%	6.43%	0.26%	11.48%	-1.09%
Free Cash Flow Firm Growth	-642.22%	78.23%	746.84%	-100.25%	-7,206.14%	338.10%	194.39%	-187.83%	114.48%	37.08%	-30.29%
Invested Capital Growth	104.38%	17.07%	-47.51%	12.82%	30.09%	-23.38%	-106.76%	1,760.00%	1.26%	-6.74%	3.98%
Revenue Q/Q Growth	1.44%	0.00%	0.00%	1.84%	2.02%	0.00%	3.84%	2.06%	0.98%	1.08%	0.73%
EBITDA Q/Q Growth	1.44%	216.84%	216.14%	1.85%	2.08%	0.00%	1.35%	4.70%	0.51%	0.98%	0.75%
EBIT Q/Q Growth	4.45%	0.00%	0.00%	2.36%	2.13%	0.00%	1.70%	-6.46%	13.75%	-22.57%	25.93%
NOPAT Q/Q Growth	-34.37%	0.00%	0.00%	1.54%	2.17%	0.00%	1.47%	-7.80%	16.22%	-22.90%	27.35%
Net Income Q/Q Growth	-33.35%	0.00%	0.00%	2.87%	1.93%	0.00%	3.91%	-11.54%	20.10%	-29.34%	36.03%
EPS Q/Q Growth	-33.66%	0.00%	0.00%	2.33%	1.92%	0.00%	3.79%	-11.86%	20.35%	-29.60%	35.76%
Operating Cash Flow Q/Q Growth	3.21%	3.95%	0.47%	1.51%	4.67%	0.00%	5.42%	-0.21%	1.25%	2.96%	-0.93%
Free Cash Flow Firm Q/Q Growth	-2,165.69%	-123.31%	3,369.42%	-102.94%	38.06%	824.43%	205.51%	-2,366.50%	39.84%	3.47%	-10.19%
Invested Capital Q/Q Growth	-0.88%	98.71%	0.97%	10.10%	-0.76%	-21.33%	-106.72%	0.99%	-0.79%	-4.95%	0.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.99%	64.97%	64.91%	65.47%	66.35%	64.45%	67.75%	67.16%	66.99%	67.02%	67.04%
EBITDA Margin	42.79%	43.28%	43.57%	42.45%	44.09%	42.53%	44.67%	45.94%	46.21%	45.37%	48.83%
Operating Margin	28.30%	29.26%	29.55%	28.30%	29.52%	26.14%	29.16%	28.44%	32.00%	24.11%	34.16%
EBIT Margin	28.30%	29.26%	29.55%	28.30%	29.52%	26.14%	29.16%	28.44%	32.00%	24.11%	34.16%
Profit (Net Income) Margin	19.40%	19.92%	20.61%	18.76%	21.22%	15.51%	21.71%	21.59%	23.48%	16.40%	26.17%
Tax Burden Percent	92.25%	95.72%	97.18%	96.61%	101.15%	98.12%	97.67%	96.17%	97.86%	98.48%	96.53%
Interest Burden Percent	74.31%	71.10%	71.79%	68.60%	71.06%	60.48%	76.24%	78.91%	75.01%	69.07%	79.37%
Effective Tax Rate	7.75%	4.28%	2.82%	3.39%	-1.15%	1.88%	2.33%	3.83%	1.93%	1.23%	3.47%
Return on Invested Capital (ROIC)	8.23%	6.71%	8.59%	11.80%	11.38%	8.76%	27.39%	26.46%	14.72%	12.01%	17.35%
ROIC Less NNEP Spread (ROIC-NNEP)	4.97%	3.81%	5.06%	6.53%	6.98%	4.09%	17.96%	18.79%	9.66%	6.96%	12.64%
Return on Net Nonoperating Assets (RNNOA)	9.22%	7.67%	11.08%	15.51%	20.81%	11.67%	39.99%	50.19%	26.38%	19.95%	39.87%
Return on Equity (ROE)	17.45%	14.39%	19.67%	27.31%	32.19%	20.43%	67.38%	76.64%	41.11%	31.96%	57.22%
Cash Return on Invested Capital (CROIC)	-60.36%	-9.02%	70.91%	-0.25%	-14.78%	35.23%	0.00%	-93.59%	13.47%	18.99%	13.45%
Operating Return on Assets (OROA)	7.64%	6.06%	7.59%	10.52%	9.88%	6.99%	18.00%	17.85%	10.36%	8.09%	11.45%
Return on Assets (ROA)	5.24%	4.12%	5.30%	6.97%	7.10%	4.15%	13.40%	13.55%	7.60%	5.50%	8.77%
Return on Common Equity (ROCE)	17.45%	14.39%	19.67%	27.31%	32.19%	20.43%	67.38%	76.64%	41.10%	31.94%	56.84%
Return on Equity Simple (ROE_SIMPLE)	12.95%	14.06%	28.79%	26.97%	31.53%	20.24%	-764.71%	36.70%	40.76%	34.56%	0.00%
Net Operating Profit after Tax (NOPAT)	353	420	443	445	524	402	509	556	662	525	747
NOPAT Margin	26.11%	28.01%	28.71%	27.34%	29.86%	25.65%	28.48%	27.35%	31.38%	23.81%	32.97%
Net Nonoperating Expense Percent (NNEP)	3.25%	2.90%	3.53%	5.26%	4.40%	4.67%	9.43%	7.67%	5.06%	5.05%	4.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.29%	14.49%	12.30%	16.77%
Cost of Revenue to Revenue	35.01%	35.03%	35.09%	34.53%	33.65%	35.55%	32.25%	32.84%	33.01%	32.98%	32.96%
SG&A Expenses to Revenue	23.20%	23.05%	21.97%	22.88%	18.16%	18.35%	18.29%	17.25%	16.33%	16.36%	16.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.69%	35.70%	35.36%	37.17%	36.83%	38.31%	38.59%	38.72%	35.00%	42.92%	32.89%
Earnings before Interest and Taxes (EBIT)	383	439	455	461	518	410	521	578	675	532	774
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	579	649	672	691	773	667	798	934	975	1,001	1,107
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	2.18	4.91	4.74	6.21	5.93	0.00	7.28	8.51	11.90	12.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.89	3.09	3.51	3.30	4.18	4.54	6.06	4.28	4.90	5.65	5.66
Price to Earnings (P/E)	14.90	15.51	17.07	17.61	19.73	29.32	27.92	19.86	20.89	34.47	21.85
Dividend Yield	6.80%	6.35%	6.03%	6.76%	5.26%	3.54%	3.27%	5.49%	4.93%	4.64%	5.10%
Earnings Yield	6.71%	6.45%	5.86%	5.68%	5.07%	3.41%	3.58%	5.04%	4.79%	2.90%	4.58%
Enterprise Value to Invested Capital (EV/IC)	1.33	1.37	2.22	2.06	2.18	2.49	0.00	2.68	3.02	3.70	3.69
Enterprise Value to Revenue (EV/Rev)	5.65	6.17	5.10	5.06	6.48	6.32	6.06	5.89	6.47	7.08	7.15
Enterprise Value to EBITDA (EV/EBITDA)	13.20	14.26	11.70	11.92	14.69	14.85	13.56	12.83	14.01	15.62	14.64
Enterprise Value to EBIT (EV/EBIT)	19.96	21.09	17.25	17.88	21.93	24.16	20.77	20.72	20.23	29.39	20.93
Enterprise Value to NOPAT (EV/NOPAT)	21.64	22.03	17.75	18.51	21.68	24.63	21.27	21.55	20.62	29.76	21.68
Enterprise Value to Operating Cash Flow (EV/OCF)	16.01	17.74	15.50	14.58	18.00	17.39	14.74	15.33	17.43	17.90	18.75
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2.15	0.00	0.00	6.12	2.27	0.00	22.54	18.82	27.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.87	2.21	2.32	2.55	3.43	2.42	0.00	2.78	2.76	3.08	3.35
Long-Term Debt to Equity	1.85	2.18	2.30	2.37	3.24	2.31	0.00	2.58	2.55	2.84	3.10
Financial Leverage	1.85	2.01	2.19	2.37	2.98	2.86	2.23	2.67	2.73	2.86	3.16
Leverage Ratio	3.33	3.49	3.71	3.92	4.54	4.92	5.03	5.66	5.41	5.81	6.52
Compound Leverage Factor	2.48	2.48	2.67	2.69	3.22	2.98	3.83	4.46	4.05	4.01	5.18
Debt to Total Capital	65.11%	68.85%	69.85%	71.85%	77.43%	70.72%	0.00%	73.58%	73.39%	75.47%	77.00%
Short-Term Debt to Total Capital	0.57%	0.99%	0.48%	5.08%	4.33%	2.98%	0.00%	5.52%	5.47%	5.85%	5.61%
Long-Term Debt to Total Capital	64.54%	67.85%	69.37%	66.77%	73.09%	67.74%	0.00%	68.06%	67.92%	69.62%	71.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.02%	0.30%
Common Equity to Total Capital	34.89%	31.15%	30.15%	28.15%	22.57%	29.28%	100.00%	26.42%	26.60%	24.51%	22.70%
Debt to EBITDA	6.54	7.24	3.81	4.18	5.24	4.35	0.00	3.57	3.44	3.22	3.10
Net Debt to EBITDA	6.46	7.13	3.64	4.15	5.20	4.17	0.00	3.51	3.39	3.17	3.04
Long-Term Debt to EBITDA	6.48	7.13	3.78	3.89	4.94	4.17	0.00	3.30	3.18	2.97	2.87
Debt to NOPAT	10.71	11.18	5.78	6.49	7.73	7.22	0.00	5.99	5.07	6.14	4.59
Net Debt to NOPAT	10.59	11.01	5.52	6.44	7.68	6.92	0.00	5.89	5.00	6.04	4.50
Long-Term Debt to NOPAT	10.62	11.02	5.74	6.03	7.30	6.92	0.00	5.54	4.69	5.66	4.26
Altman Z-Score	0.41	0.46	1.58	1.40	1.27	1.23	0.00	1.36	1.59	1.67	1.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.06%	0.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.14	1.29	0.80	0.46	0.69	0.00	0.50	0.52	0.55	0.58
Quick Ratio	0.84	0.82	0.97	0.56	0.42	0.66	0.00	0.47	0.48	0.49	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,593	-565	3,652	-9.30	-680	1,618	4,765	-4,185	606	831	579
Operating Cash Flow to CapEx	477.67%	543.85%	490.93%	508.92%	465.52%	1,110.78%	614.56%	561.08%	457.83%	730.97%	1,613.39%
Free Cash Flow to Firm to Interest Expense	-26.34	-4.45	28.42	-0.06	-4.51	9.94	37.23	-32.82	3.47	4.83	3.56
Operating Cash Flow to Interest Expense	4.85	4.11	3.95	3.89	4.19	3.50	5.74	6.13	4.49	5.08	5.32
Operating Cash Flow Less CapEx to Interest Expense	3.84	3.36	3.14	3.13	3.29	3.18	4.80	5.04	3.51	4.38	4.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.21	0.26	0.37	0.33	0.27	0.62	0.63	0.32	0.34	0.34
Accounts Receivable Turnover	5.22	4.12	5.30	7.44	7.15	6.33	0.00	0.00	7.20	6.94	6.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.83	0.66	0.86	1.30	1.33	1.19	0.00	0.00	1.38	1.39	1.38
Accounts Payable Turnover	18.48	14.97	20.31	28.66	32.58	41.32	0.00	0.00	36.79	36.55	39.25
Days Sales Outstanding (DSO)	69.91	88.64	68.86	49.04	51.05	57.67	0.00	0.00	50.68	52.59	54.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	19.75	24.38	17.97	12.74	11.20	8.83	0.00	0.00	9.92	9.99	9.30
Cash Conversion Cycle (CCC)	50.15	64.26	50.89	36.31	39.84	48.84	0.00	0.00	40.76	42.60	45.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,769	6,754	3,545	3,999	5,202	3,986	-269	4,472	4,528	4,223	4,391
Invested Capital Turnover	0.32	0.24	0.30	0.43	0.38	0.34	0.96	0.97	0.47	0.50	0.53
Increase / (Decrease) in Invested Capital	2,946	985	-3,209	454	1,203	-1,216	-4,256	4,741	56	-305	168
Enterprise Value (EV)	7,647	9,257	7,857	8,237	11,355	9,910	10,827	11,979	13,662	15,637	16,200
Market Capitalization	3,906	4,630	5,415	5,369	7,333	7,126	10,827	8,703	10,350	12,461	12,820
Book Value per Share	$21.00	$21.84	$11.21	$11.37	$11.75	$11.94	($0.50)	$11.76	$11.93	$10.23	$9.99
Tangible Book Value per Share	($19.26)	($26.62)	($14.56)	($17.12)	($17.17)	($16.12)	($0.50)	($20.13)	($19.51)	($20.03)	($21.85)
Total Capital	5,813	6,824	3,660	4,020	5,229	4,108	-51	4,524	4,573	4,272	4,456
Total Debt	3,785	4,698	2,557	2,889	4,048	2,905	0.00	3,329	3,356	3,224	3,431
Total Long-Term Debt	3,752	4,631	2,539	2,685	3,822	2,783	0.00	3,079	3,106	2,974	3,181
Net Debt	3,741	4,628	2,441	2,867	4,022	2,784	0.00	3,276	3,311	3,175	3,366
Capital Expenditures (CapEx)	100	96	103	111	136	51	120	139	171	120	54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	83	74	-3.28	91	-162	-166	0.00	-164	-135	-153	-149
Debt-free Net Working Capital (DFNWC)	127	144	112	113	-136	-45	0.00	-112	-91	-103	-84
Net Working Capital (NWC)	94	77	95	-91	-363	-167	0.00	-361	-341	-353	-334
Net Nonoperating Expense (NNE)	91	121	125	140	152	159	121	117	167	164	154
Net Nonoperating Obligations (NNO)	3,741	4,628	2,441	2,867	4,022	2,784	-219	3,276	3,311	3,175	3,366
Total Depreciation and Amortization (D&A)	196	210	216	230	255	257	277	356	300	469	333
Debt-free, Cash-free Net Working Capital to Revenue	6.11%	4.93%	-0.21%	5.61%	-9.26%	-10.61%	0.00%	-8.09%	-6.41%	-6.93%	-6.58%
Debt-free Net Working Capital to Revenue	9.37%	9.63%	7.28%	6.93%	-7.76%	-2.86%	0.00%	-5.50%	-4.30%	-4.68%	-3.72%
Net Working Capital to Revenue	6.93%	5.11%	6.13%	-5.61%	-20.68%	-10.66%	0.00%	-17.79%	-16.14%	-16.00%	-14.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.72	$3.07	$3.24	$3.09	$3.71	$2.41	$3.83	$4.32	$4.86	$3.54	$5.78
Adjusted Weighted Average Basic Shares Outstanding	96.32M	97.13M	97.93M	98.82M	100.13M	100.76M	101.13M	101.53M	101.92M	102.26M	101.55M
Adjusted Diluted Earnings per Share	$2.72	$3.05	$3.23	$3.08	$3.71	$2.41	$3.83	$4.31	$4.85	$3.52	$5.77
Adjusted Weighted Average Diluted Shares Outstanding	96.38M	97.69M	98.37M	99.09M	100.32M	100.90M	101.35M	101.63M	102.11M	102.56M	101.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.70M	97.43M	98.26M	99.58M	100.52M	100.91M	202.55M	101.75M	102.07M	102.40M	101.33M
Normalized Net Operating Profit after Tax (NOPAT)	345	406	438	452	357	394	507	541	657	519	674
Normalized NOPAT Margin	25.51%	27.05%	28.42%	27.77%	20.38%	25.08%	28.36%	26.61%	31.12%	23.54%	29.74%
Pre Tax Income Margin	21.03%	20.81%	21.21%	19.42%	20.98%	15.81%	22.23%	22.44%	24.00%	16.65%	27.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.89	3.46	3.54	3.17	3.44	2.52	4.07	4.53	3.87	3.09	4.76
NOPAT to Interest Expense	3.59	3.31	3.44	3.07	3.48	2.47	3.98	4.36	3.79	3.06	4.60
EBIT Less CapEx to Interest Expense	2.88	2.70	2.74	2.41	2.54	2.20	3.14	3.44	2.89	2.40	4.44
NOPAT Less CapEx to Interest Expense	2.57	2.56	2.64	2.30	2.58	2.16	3.04	3.27	2.81	2.36	4.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	101.55%	98.52%	77.09%	145.34%	103.68%	104.29%	104.56%	116.14%	103.21%	160.52%	111.71%
Augmented Payout Ratio	103.87%	100.60%	79.92%	146.69%	106.07%	108.60%	106.12%	118.53%	104.42%	162.00%	138.33%

This table displays calculated financial ratios and metrics derived from Lamar Advertising's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.50%	2.89%	3.81%	5.69%	4.46%	3.97%	4.26%	1.46%	2.49%	3.79%	2.82%
EBITDA Growth	7.58%	6.44%	1.90%	4.08%	3.73%	-0.44%	3.70%	34.31%	5.42%	5.19%	3.03%
EBIT Growth	6.18%	3.95%	74.20%	4.88%	4.21%	-0.84%	-80.88%	53.48%	7.30%	1.36%	434.85%
NOPAT Growth	6.32%	3.29%	95.27%	5.31%	4.56%	2.69%	-156.92%	41.66%	7.88%	-1.21%	278.73%
Net Income Growth	-2.67%	-4.22%	125.53%	2.87%	5.16%	5.33%	-100.80%	77.38%	12.37%	-2.31%	13,101.08%
EPS Growth	-3.03%	-4.86%	128.13%	2.70%	4.69%	5.11%	-101.37%	77.63%	13.43%	-2.78%	7,600.00%
Operating Cash Flow Growth	-5.90%	-0.86%	3.96%	1.70%	29.36%	2.18%	9.88%	15.54%	-10.48%	3.63%	-2.92%
Free Cash Flow Firm Growth	118.61%	119.30%	102.89%	150.58%	330.32%	565.12%	46.80%	657.23%	101.57%	-21.19%	-86.97%
Invested Capital Growth	2.74%	3.09%	1.26%	1.13%	-0.95%	-2.66%	-6.74%	-8.04%	-5.71%	-1.31%	3.98%
Revenue Q/Q Growth	14.81%	0.27%	2.45%	-10.39%	13.47%	-0.20%	2.74%	-12.79%	14.62%	1.08%	1.77%
EBITDA Q/Q Growth	31.01%	4.26%	-0.21%	-23.64%	30.58%	0.06%	3.94%	-1.10%	2.49%	-0.15%	1.80%
EBIT Q/Q Growth	48.81%	6.42%	1.90%	-35.01%	47.85%	1.26%	-80.35%	421.68%	3.37%	-4.35%	3.69%
NOPAT Q/Q Growth	48.71%	6.10%	4.02%	-35.83%	47.64%	4.20%	-157.65%	259.71%	12.44%	-4.58%	4.30%
Net Income Q/Q Growth	71.78%	7.19%	6.48%	-47.53%	75.61%	7.36%	-100.81%	11,672.56%	11.24%	-6.66%	8.20%
EPS Q/Q Growth	72.97%	7.03%	6.57%	-47.95%	76.32%	7.46%	-101.39%	6,850.00%	12.59%	-7.89%	7.14%
Operating Cash Flow Q/Q Growth	82.28%	12.31%	14.22%	-56.50%	131.85%	-11.29%	22.83%	-54.26%	79.64%	2.69%	15.07%
Free Cash Flow Firm Q/Q Growth	136.87%	-10.50%	188.21%	-46.83%	213.71%	38.34%	-36.39%	174.29%	-16.49%	-45.91%	-89.48%
Invested Capital Q/Q Growth	0.33%	0.82%	-0.79%	0.77%	-1.74%	-0.91%	-4.95%	-0.63%	0.75%	3.72%	0.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.26%	67.71%	67.37%	64.74%	67.58%	67.63%	67.84%	64.39%	67.76%	67.94%	67.72%
EBITDA Margin	46.86%	48.73%	47.46%	40.44%	46.54%	46.66%	47.21%	53.53%	47.87%	47.29%	47.30%
Operating Margin	32.67%	34.67%	34.49%	25.01%	32.59%	33.07%	6.32%	37.84%	34.12%	32.29%	32.90%
EBIT Margin	32.67%	34.67%	34.49%	25.01%	32.59%	33.07%	6.32%	37.84%	34.12%	32.29%	32.90%
Profit (Net Income) Margin	24.14%	25.80%	26.82%	15.70%	24.30%	26.14%	-0.21%	27.45%	26.64%	24.61%	26.16%
Tax Burden Percent	97.43%	97.05%	99.20%	97.75%	97.79%	100.56%	-363.33%	90.23%	98.06%	98.25%	99.56%
Interest Burden Percent	75.83%	76.68%	78.39%	64.22%	76.25%	78.61%	0.90%	80.41%	79.63%	77.55%	79.86%
Effective Tax Rate	2.37%	2.66%	0.64%	1.90%	2.04%	-0.80%	395.76%	9.46%	1.52%	1.75%	1.17%
Return on Invested Capital (ROIC)	14.82%	15.69%	16.08%	11.56%	15.32%	16.16%	-9.44%	17.32%	17.19%	16.17%	17.11%
ROIC Less NNEP Spread (ROIC-NNEP)	13.53%	14.37%	14.82%	10.25%	14.02%	14.93%	-6.13%	16.27%	15.97%	14.90%	15.95%
Return on Net Nonoperating Assets (RNNOA)	36.62%	38.14%	40.47%	29.44%	39.31%	41.11%	-17.56%	48.06%	50.12%	43.34%	50.33%
Return on Equity (ROE)	51.44%	53.83%	56.54%	41.00%	54.63%	57.28%	-26.99%	65.38%	67.31%	59.51%	67.44%
Cash Return on Invested Capital (CROIC)	9.94%	9.64%	13.47%	13.61%	15.97%	17.83%	18.99%	21.50%	19.41%	14.61%	13.45%
Operating Return on Assets (OROA)	10.59%	11.28%	11.17%	8.25%	10.75%	11.03%	2.12%	12.82%	11.47%	10.89%	11.03%
Return on Assets (ROA)	7.83%	8.40%	8.68%	5.18%	8.02%	8.72%	-0.07%	9.30%	8.96%	8.30%	8.77%
Return on Common Equity (ROCE)	51.43%	53.83%	56.53%	40.97%	54.59%	57.26%	-26.98%	65.30%	67.21%	59.15%	66.99%
Return on Equity Simple (ROE_SIMPLE)	35.81%	34.78%	0.00%	42.11%	42.16%	42.25%	0.00%	41.01%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	173	183	190	122	180	188	-108	173	195	186	194
NOPAT Margin	31.90%	33.75%	34.27%	24.54%	31.93%	33.33%	-18.71%	34.26%	33.61%	31.73%	32.52%
Net Nonoperating Expense Percent (NNEP)	1.29%	1.32%	1.26%	1.31%	1.30%	1.23%	-3.31%	1.05%	1.22%	1.27%	1.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.17%	-	-	-	-2.54%	4.09%	4.55%	4.22%	4.35%
Cost of Revenue to Revenue	31.74%	32.29%	32.63%	35.26%	32.42%	32.37%	32.16%	35.61%	32.24%	32.06%	32.28%
SG&A Expenses to Revenue	16.73%	14.98%	15.80%	17.90%	15.63%	16.13%	15.98%	18.79%	15.42%	15.88%	15.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.58%	33.04%	32.88%	39.73%	34.99%	34.57%	61.52%	26.55%	33.64%	35.65%	34.82%
Earnings before Interest and Taxes (EBIT)	177	188	192	125	184	187	37	191	198	189	196
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	254	264	264	201	263	263	274	271	277	277	282
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.24	6.86	8.51	10.18	10.21	11.27	11.90	11.31	13.73	12.00	12.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.64	3.89	4.90	5.63	5.65	6.26	5.65	5.26	5.58	5.51	5.66
Price to Earnings (P/E)	23.03	19.73	20.89	24.20	24.23	26.71	34.47	27.61	28.30	28.60	21.85
Dividend Yield	5.18%	6.20%	4.93%	4.28%	4.27%	3.93%	4.64%	5.19%	5.07%	5.15%	5.10%
Earnings Yield	4.34%	5.07%	4.79%	4.13%	4.13%	3.74%	2.90%	3.62%	3.53%	3.50%	4.58%
Enterprise Value to Invested Capital (EV/IC)	2.87	2.52	3.02	3.38	3.46	3.80	3.70	3.53	3.73	3.59	3.69
Enterprise Value to Revenue (EV/Rev)	6.26	5.51	6.47	7.21	7.17	7.74	7.08	6.69	7.07	7.00	7.15
Enterprise Value to EBITDA (EV/EBITDA)	13.61	11.87	14.01	15.68	15.62	17.04	15.62	13.84	14.52	14.33	14.64
Enterprise Value to EBIT (EV/EBIT)	22.15	19.39	20.23	22.64	22.52	24.59	29.39	24.75	25.73	25.61	20.93
Enterprise Value to NOPAT (EV/NOPAT)	23.02	20.21	20.62	23.07	22.93	24.79	29.76	25.78	26.72	26.83	21.68
Enterprise Value to Operating Cash Flow (EV/OCF)	16.75	14.88	17.43	19.63	18.38	19.92	17.90	16.63	18.23	18.05	18.75
Enterprise Value to Free Cash Flow (EV/FCFF)	29.28	26.58	22.54	24.97	21.55	21.05	18.82	15.74	18.63	24.42	27.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.91	2.88	2.76	2.89	2.81	2.69	3.08	3.10	3.72	3.21	3.35
Long-Term Debt to Equity	2.71	2.67	2.55	2.39	2.31	2.48	2.84	2.89	3.45	3.04	3.10
Financial Leverage	2.71	2.65	2.73	2.87	2.80	2.75	2.86	2.95	3.14	2.91	3.16
Leverage Ratio	5.31	5.22	5.41	5.53	5.53	5.46	5.81	5.90	6.30	5.91	6.52
Compound Leverage Factor	4.03	4.00	4.24	3.55	4.22	4.29	0.05	4.75	5.01	4.58	5.21
Debt to Total Capital	74.41%	74.22%	73.39%	74.26%	73.73%	72.88%	75.47%	75.63%	78.83%	76.27%	77.00%
Short-Term Debt to Total Capital	5.13%	5.37%	5.47%	12.74%	13.15%	5.59%	5.85%	5.28%	5.84%	4.08%	5.61%
Long-Term Debt to Total Capital	69.28%	68.85%	67.92%	61.53%	60.58%	67.29%	69.62%	70.35%	72.99%	72.19%	71.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.00%	0.01%	0.03%	0.03%	0.01%	0.02%	0.04%	0.04%	0.30%	0.30%
Common Equity to Total Capital	25.58%	25.78%	26.60%	25.71%	26.24%	27.11%	24.51%	24.34%	21.13%	23.43%	22.70%
Debt to EBITDA	3.57	3.52	3.44	3.47	3.39	3.29	3.22	2.99	3.11	3.06	3.10
Net Debt to EBITDA	3.52	3.48	3.39	3.44	3.31	3.26	3.17	2.96	3.06	3.04	3.04
Long-Term Debt to EBITDA	3.32	3.27	3.18	2.88	2.78	3.03	2.97	2.78	2.88	2.90	2.87
Debt to NOPAT	6.03	5.99	5.07	5.11	4.97	4.78	6.14	5.57	5.73	5.73	4.59
Net Debt to NOPAT	5.95	5.93	5.00	5.05	4.86	4.74	6.04	5.51	5.63	5.69	4.50
Long-Term Debt to NOPAT	5.62	5.56	4.69	4.23	4.09	4.42	5.66	5.18	5.31	5.42	4.26
Altman Z-Score	1.25	1.08	1.34	1.44	1.48	1.73	1.42	1.42	1.44	1.44	1.44
Noncontrolling Interest Sharing Ratio	0.02%	0.00%	0.02%	0.07%	0.07%	0.03%	0.06%	0.13%	0.15%	0.61%	0.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.58	0.55	0.52	0.38	0.41	0.56	0.55	0.57	0.58	0.59	0.58
Quick Ratio	0.53	0.51	0.48	0.34	0.37	0.52	0.49	0.48	0.51	0.52	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	52	47	134	71	224	309	197	540	451	244	26
Operating Cash Flow to CapEx	405.65%	590.09%	557.97%	413.30%	1,180.32%	798.04%	656.43%	0.00%	669.74%	496.44%	456.58%
Free Cash Flow to Firm to Interest Expense	1.19	1.03	3.02	1.60	5.04	7.16	4.93	14.08	11.08	5.64	0.64
Operating Cash Flow to Interest Expense	4.54	4.93	5.73	2.49	5.78	5.26	6.99	3.33	5.64	5.45	6.74
Operating Cash Flow Less CapEx to Interest Expense	3.42	4.09	4.70	1.88	5.29	4.60	5.93	5.62	4.80	4.36	5.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.33	0.32	0.33	0.33	0.33	0.34	0.34	0.34	0.34	0.34
Accounts Receivable Turnover	6.64	6.91	7.20	7.66	6.75	6.60	6.94	7.30	6.71	6.50	6.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.43	1.42	1.38	1.39	1.40	1.41	1.39	1.40	1.41	1.41	1.38
Accounts Payable Turnover	41.26	40.41	36.79	39.85	37.20	35.74	36.55	33.14	30.14	30.18	39.25
Days Sales Outstanding (DSO)	55.01	52.82	50.68	47.63	54.08	55.28	52.59	50.00	54.41	56.13	54.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.85	9.03	9.92	9.16	9.81	10.21	9.99	11.01	12.11	12.09	9.30
Cash Conversion Cycle (CCC)	46.16	43.78	40.76	38.47	44.27	45.07	42.60	38.98	42.30	44.04	45.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,527	4,564	4,528	4,563	4,484	4,443	4,223	4,196	4,227	4,385	4,391
Invested Capital Turnover	0.46	0.47	0.47	0.47	0.48	0.48	0.50	0.51	0.51	0.51	0.53
Increase / (Decrease) in Invested Capital	121	137	56	51	-43	-121	-305	-367	-256	-58	168
Enterprise Value (EV)	12,995	11,516	13,662	15,422	15,507	16,898	15,637	14,817	15,748	15,743	16,200
Market Capitalization	9,638	8,139	10,350	12,041	12,221	13,668	12,461	11,651	12,426	12,391	12,820
Book Value per Share	$11.48	$11.64	$11.93	$11.58	$11.71	$11.85	$10.23	$10.06	$8.84	$10.20	$9.99
Tangible Book Value per Share	($19.91)	($20.05)	($19.51)	($19.61)	($19.16)	($18.66)	($20.03)	($20.04)	($21.44)	($21.64)	($21.85)
Total Capital	4,575	4,603	4,573	4,599	4,562	4,472	4,272	4,232	4,283	4,407	4,456
Total Debt	3,404	3,417	3,356	3,416	3,363	3,259	3,224	3,201	3,376	3,361	3,431
Total Long-Term Debt	3,169	3,170	3,106	2,830	2,763	3,009	2,974	2,977	3,126	3,181	3,181
Net Debt	3,356	3,377	3,311	3,379	3,285	3,230	3,175	3,165	3,321	3,339	3,366
Capital Expenditures (CapEx)	49	38	46	27	22	28	43	-88	34	47	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-106	-104	-135	-67	-102	-106	-153	-125	-131	-130	-149
Debt-free Net Working Capital (DFNWC)	-58	-65	-91	-31	-24	-76	-103	-89	-75	-108	-84
Net Working Capital (NWC)	-293	-312	-341	-617	-624	-326	-353	-312	-325	-288	-334
Net Nonoperating Expense (NNE)	42	43	41	44	43	41	-107	34	40	42	38
Net Nonoperating Obligations (NNO)	3,356	3,377	3,311	3,379	3,285	3,230	3,175	3,165	3,321	3,339	3,366
Total Depreciation and Amortization (D&A)	77	76	72	77	79	77	237	79	80	88	86
Debt-free, Cash-free Net Working Capital to Revenue	-5.11%	-4.99%	-6.41%	-3.14%	-4.71%	-4.85%	-6.93%	-5.63%	-5.88%	-5.76%	-6.58%
Debt-free Net Working Capital to Revenue	-2.81%	-3.11%	-4.30%	-1.44%	-1.11%	-3.50%	-4.68%	-4.00%	-3.37%	-4.78%	-3.72%
Net Working Capital to Revenue	-14.12%	-14.93%	-16.14%	-28.84%	-28.85%	-14.95%	-16.00%	-14.09%	-14.59%	-12.78%	-14.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.28	$1.37	$1.46	$0.77	$1.34	$1.44	($0.01)	$1.35	$1.52	$1.40	$1.51
Adjusted Weighted Average Basic Shares Outstanding	101.92M	101.96M	101.92M	102.12M	102.25M	102.31M	102.26M	102.44M	101.27M	101.23M	101.55M
Adjusted Diluted Earnings per Share	$1.28	$1.37	$1.46	$0.76	$1.34	$1.44	($0.02)	$1.35	$1.52	$1.40	$1.50
Adjusted Weighted Average Diluted Shares Outstanding	102.10M	102.13M	102.11M	102.45M	102.59M	102.62M	102.56M	102.80M	101.65M	101.31M	101.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.96M	102.00M	102.07M	102.24M	102.30M	102.36M	102.40M	102.39M	101.22M	101.28M	101.33M
Normalized Net Operating Profit after Tax (NOPAT)	171	182	190	120	180	129	25	110	191	184	194
Normalized NOPAT Margin	31.59%	33.59%	34.22%	24.11%	31.78%	22.84%	4.36%	21.76%	32.90%	31.37%	32.54%
Pre Tax Income Margin	24.78%	26.59%	27.03%	16.06%	24.85%	26.00%	0.06%	30.42%	27.17%	25.04%	26.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	4.16	4.32	2.80	4.16	4.32	0.92	4.99	4.86	4.38	4.87
NOPAT to Interest Expense	3.95	4.05	4.30	2.75	4.07	4.35	-2.71	4.52	4.78	4.30	4.82
EBIT Less CapEx to Interest Expense	2.93	3.33	3.30	2.20	3.67	3.66	-0.15	7.27	4.02	3.28	3.40
NOPAT Less CapEx to Interest Expense	2.84	3.22	3.27	2.15	3.58	3.69	-3.78	6.80	3.94	3.20	3.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	126.81%	130.01%	103.21%	103.93%	103.66%	105.28%	160.52%	143.70%	143.64%	148.40%	111.71%
Augmented Payout Ratio	128.25%	131.46%	104.42%	105.01%	104.72%	106.32%	162.00%	149.94%	179.59%	184.63%	138.33%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from Lamar Advertising's quarterly statements over the last four years, focusing on how the business is evolving and what this could mean for investors.

Revenue growth and margin stability: Q4 2025 operating revenue was $595.9M, up from Q4 2024 ($579.6M). Gross margins have stayed strong in the ~67–68% range across recent quarters (e.g., Q4 2025 gross profit $403.6M on $595.9M revenue).
Consistent profitability to equity holders: 2025 quarters show net income attributable to common shareholders in the roughly $138–152M range, with Q4 2025 at $152.2M, indicating sustained profitability.
Solid cash generation from operations: Net cash from continuing operating activities was strong in 2025, including $271.2M in Q4 2025 (Q3 2025: $235.7M; Q2 2025: $229.5M; Q1 2025: $127.7M).
Cash returns to shareholders rising: Q4 2025 per-share cash dividends of $1.80 indicate continued, potentially higher cash return to shareholders compared with earlier quarters.
Leverage remains sizable but manageable: Long-term debt sits around $3.0B with quarterly interest expense roughly $40–43M, signaling ongoing leverage risk rather than a clear deleveraging trend.
Ongoing capital investments: The company continues to invest in PPE and occasional acquisitions, typical for a brand media operator, which supports growth but uses cash in the near term.
Cash balance fluctuates: Cash and equivalents showed quarter‑to‑quarter swings (e.g., lower in some 2025 quarters, higher in others), reflecting working capital dynamics and financing activity.
Net financing outflows pressuring cash: 2025 quarters generally show negative net cash from financing activities (for example around -$112M in Q4 2025 and larger in Q3 2025), driven by dividends and debt activity that reduce cash reserves.
Investing cash outflows and debt servicing: Investing activities were negative in 2025 due to capex and acquisitions, and ongoing debt repayments, which reduces free cash flow availability for other uses.

05/11/26 03:02 PM ETAI Generated. May Contain Errors.

Lamar Advertising Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lamar Advertising's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lamar Advertising's net income appears to be on an upward trend, with a most recent value of $593.07 million in 2025, rising from $262.57 million in 2015. The previous period was $361.87 million in 2024. Check out Lamar Advertising's forecast to explore projected trends and price targets.

Lamar Advertising's total operating income in 2025 was $774.06 million, based on the following breakdown:

Total Gross Profit: $1.52 billion
Total Operating Expenses: $745.30 million

Over the last 10 years, Lamar Advertising's total revenue changed from $1.35 billion in 2015 to $2.27 billion in 2025, a change of 67.4%.

Lamar Advertising's total liabilities were at $5.91 billion at the end of 2025, a 6.7% increase from 2024, and a 26.1% increase since 2015.

In the past 10 years, Lamar Advertising's cash and equivalents has ranged from $0.00 in 2021 to $121.57 million in 2020, and is currently $64.81 million as of their latest financial filing in 2025.

Over the last 10 years, Lamar Advertising's book value per share changed from 21.00 in 2015 to 9.99 in 2025, a change of -52.4%.

Related Companies

Financial statements for NASDAQ:LAMR last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lamar Advertising (LAMR) Financials

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Lamar Advertising (LAMR) Financials

Annual Income Statements for Lamar Advertising

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Quarterly Cash Flow Statements for Lamar Advertising

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Quarterly Balance Sheets for Lamar Advertising

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Quarterly Metrics And Ratios for Lamar Advertising

Financials Breakdown Chart

Key Financial Trends

Lamar Advertising Financials - Frequently Asked Questions

When does Lamar Advertising's financial year end?

How has Lamar Advertising's net income changed over the last 10 years?

What is Lamar Advertising's operating income?

How has Lamar Advertising's revenue changed over the last 10 years?

How much debt does Lamar Advertising have?

How much cash does Lamar Advertising have?

How has Lamar Advertising's book value per share changed over the last 10 years?

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