Lamar Advertising Co

lamar.com

What Do They Do?

Rents billboard advertising space to advertisers, and also rents space on highway logo signs and transit displays.

How Do They Make Money?

Advertisers rent outdoor display space under contracts, and Lamar earns the rental over the contract term. It also earns fees for making and printing ad copy when that work is completed, typically in less than a week.

revenue

Segment	Share	Revenue	How money arrives
Billboard Recurring	89% FY2022: 89%		Recurring
Other Recurring	11% FY2022: 11%		Recurring

Who Are Their Customers?

Advertisers rent space on Lamar’s displays, with local account executives providing sales and service in local markets. Its advertisers include service, health care, restaurant, retail and automotive businesses.

Do Revenues Turn Into Profits?

Yes. It kept 26 cents of every revenue dollar as net income in FY2025 and turned 30 cents into free cash flow.

Operating income, FY2025

34% of revenue

▲ +45% vs FY2024 ($532M, 24%)

Net income, FY2025

26% of revenue

▲ +62% vs FY2024 ($361.9M, 16%)

Free cash flow, FY2025

30% of revenue

▼ −9% vs FY2024 ($748.3M, 34%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $579.3M in Q2 FY2025
Net income: ▲ +4%; vs $154.4M in Q2 FY2025

Billboard share of revenue vs 88.4% in Q2 FY2025

Growing. Revenue grew 27% in 4 years, from $1.8B in FY2021 to $2.3B in FY2025, about 6% a year.

Revenue over time

Billboard Other

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Clear Channel Outdoor Holdings and Outfront Media

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