10-Q · May 7, 2026
Lamar Advertising reported net revenues of $528.0 million for Q1 2026, a 4.5% increase compared to $505.4 million in Q1 2025, primarily from billboard and logo segment growth. However, diluted EPS was $1.00, falling…
Earnings analysis · 10-Q
LAMR earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Lamar reported third-quarter diluted EPS of $1.59 and raised full-year 2026 diluted EPS guidance to $6.01-$6.04, with diluted AFFO guidance of $8.87-$8.97. The filing excerpt does not provide sufficient current-quarter…
Read full summary
Lamar reported third-quarter diluted EPS of $1.59 and raised full-year 2026 diluted EPS guidance to $6.01-$6.04, with diluted AFFO guidance of $8.87-$8.97. The filing excerpt does not provide sufficient current-quarter revenue, margin, cash-flow, balance-sheet, or segment figures for quantitative comparison. The principal downside is leverage and floating-rate exposure: $1.02 billion, or 29.0% of long-term debt, was variable-rate debt, with a 200-basis-point rate increase estimated to add $14.4 million to nine-month interest expense.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.59
What stood out
-
Full-year earnings guidance raised
Third-quarter diluted EPS was $1.59, while full-year 2026 diluted EPS guidance was raised to $6.01-$6.04. Diluted AFFO per share guidance was raised to $8.87-$8.97.
-
AdSource expands billboard portfolio
The AdSource Outdoor acquisition added more than 200 billboard displays in one state, with 209,078 Lamar LP Common Units issued at an estimated value of $32.2 million.
-
Disclosure controls remain effective
Management reported that disclosure controls and procedures were effective as of September 30, 2026, and identified no changes in internal controls that materially affected or were reasonably likely to materially affect reporting.
What to watch
-
Variable-rate debt exposure
Approximately $1.02 billion, or 29.0% of outstanding long-term debt, was variable-rate debt at September 30, 2026. The weighted average rate was 5.0%, and a 200-basis-point increase would have raised nine-month 2026 interest expense by approximately $14.4 million.
-
Interest expense sensitivity
Variable-rate borrowings generated $37.6 million of interest expense for the nine months ended September 30, 2026. Higher interest rates could increase expense and reduce net income.
-
Redeemable acquisition consideration
The AdSource transaction issued 209,078 redeemable Lamar LP Common Units valued at approximately $32.2 million. Holders generally may redeem after twelve months, potentially requiring cash or Class A common stock.
Management's outlook
Management raised full-year 2026 diluted EPS guidance to $6.01-$6.04 and diluted AFFO per share guidance to $8.87-$8.97. No quarterly revenue guidance was provided.
Earlier filings 4
10-K · February 20, 2026
Lamar positions itself as a leading, locally-focused out-of-home (OOH) advertising provider, pursuing internal growth, targeted capital reinvestment (notably digital) and bolt-on acquisitions. For 2025 the company…
10-Q · November 6, 2025
Lamar reported third-quarter net revenues of $585,541,000, up versus the nine-month prior-year trend and driving operating income of $189,084,000. Gross margin was essentially flat year-over-year while diluted EPS…
10-Q · August 8, 2025
Lamar reported Q2 net revenues of $579,311 (as presented) and diluted EPS of $1.52, both up versus Q2 2024. Operating income improved to $197,681 (operating margin ~34.1%), supported by gains on dispositions and higher…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.