Lamar Advertising Posts 2.8% Q4 Revenue Growth and Raises 2026 AFFO Guidance
Fourth quarter net revenues rose 2.8% to $595.9 million with net income swinging to $154.7 million and Adjusted EBITDA up 3.7% at $288.9 million. Full-year net income climbed 63.4% to $593.1 million on $2.27 billion revenues, while diluted AFFO per share guidance for 2026 sits at $8.50-$8.70.
1. Fourth Quarter Financial Results
In the fourth quarter of 2025, Lamar delivered net revenues of $595.9 million, up 2.8% year-over-year, and swung to net income of $154.7 million from a $1.0 million loss. Adjusted EBITDA increased 3.7% to $288.9 million, and diluted AFFO per share rose 1.4% to $2.24.
2. Full-Year Performance
For the full year 2025, net revenues reached $2.27 billion, a 2.7% increase, while net income climbed 63.4% to $593.1 million. Adjusted EBITDA grew 2.4% to $1.06 billion and diluted AFFO per share increased 3.4% to $8.26.
3. Liquidity and Cash Flow
As of December 31, 2025, total liquidity stood at $807.0 million, including $742.2 million available under the revolving credit facility and $64.8 million in cash. There were no borrowings on the revolver and $250.0 million outstanding under the accounts receivable securitization program.
4. 2026 AFFO Guidance
Management expects diluted AFFO per share for fiscal 2026 to range between $8.50 and $8.70, reflecting ongoing sales momentum across local and national segments despite challenging political year-over-year comparisons.