Lamar Advertising (NASDAQ:LAMR) Announces Quarterly Earnings Results

Lamar Advertising (NASDAQ:LAMR) posted its earnings results on Friday. The real estate investment trust reported $1.50 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.68), Zacks reports. The firm had revenue of $595.93 million during the quarter, compared to analyst estimates of $592.70 million. Lamar Advertising had a return on equity of 43.02% and a net margin of 19.27%. Lamar Advertising updated its FY 2026 guidance to 5.720-5.830 EPS.

Here are the key takeaways from Lamar Advertising’s conference call:

• Full-year AFFO guidance of $8.50–$8.70 per share (midpoint ~4.1% AFFO/share growth) implying ~3.5% acquisition‑adjusted revenue growth and consolidated operating margins of over 47%, the highest in company history.
• Q4 momentum continued into 2026 with acquisition‑adjusted revenue up >4% (ex‑political), programmatic up ~19%, and digital now representing 31.6% of revenues after adding 111 digital units in Q4 (5,553 total), with similar internal digital deployment plans for 2026.
• Active M&A posture — 50 acquisitions in 2025 for $191M (including the Verde UPREIT), 7 deals YTD (~$40M), and management expects to deploy roughly the same ~$200M of cash acquisitions in 2026 with effective post‑synergy economics (~10–11x for Lamar).
• Expense pressures persist as operating expenses are expected to grow ~3% in 2026 driven partly by healthcare inflation and ERP-related costs, with maintenance CapEx budgeted at about $64M (total 2025 CapEx was $180.8M).
• Strong balance sheet and shareholder return optionality with ~$800M liquidity, total debt of ~$3.4B, net leverage ~2.92x, investment capacity >$1B, and a proposed Q1 dividend of $1.60 (annualized $6.40, ~4.8% yield).

Lamar Advertising Price Performance

NASDAQ LAMR opened at $133.98 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 3.04. Lamar Advertising has a 12-month low of $99.84 and a 12-month high of $136.69. The company has a market capitalization of $13.57 billion, a PE ratio of 31.45 and a beta of 1.23. The firm’s 50 day moving average is $129.31 and its 200-day moving average is $126.22.

Lamar Advertising Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, December 22nd. Lamar Advertising’s dividend payout ratio (DPR) is currently 145.54%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LAMR. Glenmede Investment Management LP lifted its position in Lamar Advertising by 3.2% during the 3rd quarter. Glenmede Investment Management LP now owns 2,590 shares of the real estate investment trust’s stock worth $317,000 after buying an additional 81 shares in the last quarter. Prosperity Consulting Group LLC raised its holdings in Lamar Advertising by 4.9% during the third quarter. Prosperity Consulting Group LLC now owns 2,194 shares of the real estate investment trust’s stock worth $269,000 after acquiring an additional 102 shares in the last quarter. Parallel Advisors LLC boosted its position in Lamar Advertising by 10.3% during the third quarter. Parallel Advisors LLC now owns 1,178 shares of the real estate investment trust’s stock valued at $144,000 after purchasing an additional 110 shares during the last quarter. Advisory Services Network LLC grew its stake in Lamar Advertising by 4.9% in the third quarter. Advisory Services Network LLC now owns 2,358 shares of the real estate investment trust’s stock valued at $289,000 after purchasing an additional 111 shares in the last quarter. Finally, Private Advisor Group LLC grew its stake in Lamar Advertising by 0.8% in the third quarter. Private Advisor Group LLC now owns 13,193 shares of the real estate investment trust’s stock valued at $1,615,000 after purchasing an additional 111 shares in the last quarter. Institutional investors own 93.78% of the company’s stock.

Analyst Upgrades and Downgrades

LAMR has been the topic of several recent analyst reports. Morgan Stanley set a $140.00 target price on Lamar Advertising in a report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Lamar Advertising in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Lamar Advertising from $122.00 to $128.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. Finally, Citigroup upped their price target on shares of Lamar Advertising from $135.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, November 13th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Lamar Advertising has an average rating of “Hold” and a consensus target price of $133.00.

Lamar Advertising News Summary

Here are the key news stories impacting Lamar Advertising this week:

• Positive Sentiment: Operational momentum: Q4 net revenues rose 2.8% to $595.9M, adjusted EBITDA increased 3.7% and management said local and national sales showed momentum into 2026 — supports organic revenue/EBITDA stability. GlobeNewswire Release
• Positive Sentiment: FFO/AFFO resilience: Q4 diluted AFFO per share rose to $2.24 (FFO/AFFO roughly in line or beating some estimates), indicating REIT cash metrics held up despite tougher comps. Zacks FFO Note
• Neutral Sentiment: Readouts and transcripts: Management held the scheduled call and transcripts/summaries are available for detail on pacing, digital deployment and capital spending plans — useful for drilling into guidance assumptions. Yahoo Earnings Call Summary
• Negative Sentiment: GAAP EPS miss: Reported EPS for Q4 was $1.50, below analyst consensus (~$2.18), a headline that can pressure near‑term sentiment despite solid revenue/EBITDA. MSN Earnings Note
• Negative Sentiment: Lower FY‑2026 earnings guide vs. Street: Management set net income per diluted share guidance of $5.72–$5.83 (and AFFO guidance $8.50–$8.70) — below many analyst models — which can weigh on valuation and future estimates. GlobeNewswire Release
• Negative Sentiment: Quality of earnings & cash flow softness: Full‑year net income was helped by a one‑time gain (sale of Vistar) and prior-year accounting adjustments; operating cash flow and free cash flow declined modestly year‑over‑year — raises questions about sustainability. Insiders have sold shares recently per filings. QuiverQuant Summary

About Lamar Advertising

Lamar Advertising Company (NASDAQ: LAMR) is one of North America’s largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections.

In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations.