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Jun 30, 2025
Lamar Q2 2025 Earnings Report
Lamar Advertising posted higher Q2 2025 revenue and earnings, with steady ad demand driving growth in both net income and Adjusted EBITDA.
Key Takeaways
Lamar Advertising reported Q2 2025 revenue of $579.3M, up 2.5% year-over-year. Net income rose 12.7% to $155.0M, while Adjusted EBITDA increased 2.5% to $278.4M. Diluted AFFO per share grew 6.7% to $2.22. The company slightly revised its full-year AFFO guidance and completed a milestone acquisition in July.
Net revenues increased 2.5% YoY to $579.3M.
Net income rose 12.7% YoY to $155.0M.
Adjusted EBITDA reached $278.4M, up 2.5% YoY.
Diluted AFFO per share increased 6.7% to $2.22.
Forward Guidance
Lamar revised its 2025 guidance, now expecting diluted AFFO per share between $8.10 and $8.20, with net income per diluted share between $6.09 and $6.11.
Positive Outlook
- Full-year diluted AFFO per share guidance of $8.10–$8.20.
- Full-year net income per diluted share guidance of $6.09–$6.11.
- Completion of first-ever UPREIT transaction in the billboard industry.
- Steady ad demand expected to support second-half revenue growth.
- Solid liquidity position with $363M in total liquidity.
Challenges Ahead
- Slight reduction in AFFO per share guidance range from prior outlook.
- Cash flow from operating activities decreased compared to last year.
- Free cash flow slightly down 2.2% YoY.
- Revenue growth in the second half expected to be slower than initially anticipated.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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