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Mar 31, 2025
Lamar Q1 2025 Earnings Report
Lamar reported Q1 2025 results with modest revenue growth and a substantial increase in net income driven by a one-time gain.
Key Takeaways
Lamar Advertising posted $505.4 million in revenue and a $139.2 million net income in Q1 2025, with net income growth primarily due to the $67.7 million gain from the Vistar Media stake sale, while Adjusted EBITDA slightly declined.
Net revenues rose 1.5% year-over-year to $505.4 million.
Net income increased 77.4% to $139.2 million due to the Vistar Media gain.
Adjusted EBITDA was $210.2 million, down 0.8% YoY.
Diluted AFFO per share grew 3.9% to $1.60.
Forward Guidance
Lamar affirmed its full-year guidance for diluted AFFO per share, supported by stable revenue growth and consistent execution.
Positive Outlook
- 16th consecutive quarter of acquisition-adjusted revenue growth.
- AFFO increased 3.8% YoY, signaling strong core performance.
- Net income more than doubled due to the Vistar Media gain.
- Operating cash flow improved to $127.7 million.
- Company executed significant share repurchases totaling $150M.
Challenges Ahead
- Free cash flow decreased 12.7% year-over-year.
- Adjusted EBITDA declined slightly by 0.8%.
- Acquisition-adjusted EBITDA also dropped by 1.0%.
- Cash and cash equivalents dropped to $36.1 million.
- Working capital deficit remained large at over $311 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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