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Sep 30, 2025
Lamar Q3 2025 Earnings Report
Lamar reported modest growth in revenue and adjusted EBITDA, while net income declined slightly in Q3 2025.
Key Takeaways
Lamar Advertising delivered solid results for Q3 2025, with net revenue reaching $585.5 million and adjusted EBITDA growing to $280.8 million. Net income declined to $144.1 million primarily due to higher expenses, but diluted AFFO per share increased 2.3% to $2.20.
Net revenue rose 3.8% to $585.5 million year-over-year
Net income declined 2.5% to $144.1 million
Adjusted EBITDA increased to $280.8 million, up 3.5%
Diluted AFFO per share grew 2.3% to $2.20
Forward Guidance
Lamar expects to meet its revised full-year diluted AFFO per share guidance, supported by strong national sales and favorable holiday season pacing.
Positive Outlook
- Strong holiday season pacing supports Q4 outlook
- Revised guidance for full-year diluted AFFO per share on track
- National sales showed impressive uptick
- 3.8% revenue growth driven by improved demand
- AFFO per share increased despite expense pressures
Challenges Ahead
- Net income decreased 2.5% from prior year
- Free cash flow declined by 4.5%
- Total capital expenditures increased significantly
- Slight decline in cash and cash equivalents
- Continued elevated corporate expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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