Boston Omaha Corp (NASDAQ: BOC) is a diversified holding company that operates outdoor billboard advertising, broadband internet services, surety insurance and brokerage, and an asset management business. Revenue comes from billboard rental fees, broadband subscriber fees, surety insurance premiums and brokerage commissions, and investment income from minority stakes in other businesses. As of March 1, 2025, BOC operated approximately 3,900 billboard structures containing approximately 7,500 advertising faces across 16 states, concentrated in the Midwest and Southeast. The company commenced operations in June 2015 and is headquartered with its primary operating subsidiaries including Link Media Holdings (billboards), AireBeam, UBB and InfoWest (broadband in Arizona, Nevada, and Utah), and United Casualty and Surety Insurance Company. Minority investments include a 15.6% stake in CB&T Holding Corporation (parent of Crescent Bank and Trust), shares in Sky Harbour Group Corporation (private aviation hangars), and positions in other companies. Billboard rentals generated $45.9 million in net revenue for FY2025, with a gross margin of 67.4%.
- Revenue model
- Billboard segment earns rental fees from advertisers on owned and leased structures, generating $45.9 million net billboard rental revenue in FY2025 (67.4% gross margin). Broadband segment earns subscriber fees for rural internet access in Arizona, Nevada, and Utah. Surety insurance segment earns premiums from UCS and brokerage commissions from five acquired brokerage firms. The asset management business and minority investments contribute additional income.
- Products and services
- Outdoor billboard advertising via Link Media Holdings (approximately 3,900 structures, approximately 7,500 advertising faces including over 100 digital displays, as of March 1, 2025). Rural broadband internet services via AireBeam, UBB, and InfoWest, including fiber-to-the-home buildout in underserved communities. Surety insurance underwriting via United Casualty and Surety Insurance Company (UCS), rated A- by A.M. Best, authorized in all 50 states. Insurance brokerage services via five acquired brokerage firms. Asset management operations. Minority equity stakes in CB&T Holding Corporation (15.6% as of FY2025 filing), Sky Harbour Group Corporation (11,671,494 Class A shares and 7,719,779 warrants as of December 31, 2025), and other companies.
- Customers and end markets
- Billboard customers are advertisers across Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin. Broadband customers are residential and business subscribers in rural and underserved communities in Arizona, Nevada, and Utah. Surety insurance customers are small contractors, small and medium-sized businesses, and individuals required to post surety bonds for government contracts, contractual obligations, or regulatory compliance.
- Value-chain role
- Asset acquirer and operator across billboard, broadband, and insurance verticals. BOC acquires smaller businesses through acquisitions and operates them as subsidiaries, while also holding passive minority equity positions in financial services, real estate, and aviation infrastructure companies. The company functions as both an operating holding company and a minority investor.
- Geographic exposure
- Billboard operations across 16 states including Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin, with stated strength in Midwest markets. Broadband operations in Arizona, Nevada, and Utah. Surety insurance underwriting authorized in all 50 states and the District of Columbia. Minority investment in Sky Harbour spans private aviation markets. CB&T/Crescent Bank is located in New Orleans.
