Lamar Advertising Q1 revenues up 4.5%, EBITDA up 7.7%, AFFO/share at $1.72
Lamar Advertising reported Q1 net revenues of $528.0 million, up 4.5%, with adjusted EBITDA rising 7.7% to $226.3 million, while net income fell 26.9% to $101.8 million year-over-year. CEO Sean Reilly said results surpassed forecasts and AFFO per share increased 7.5% to $1.72, trending at the top end of full-year guidance.
1. First Quarter Financial Results
Lamar Advertising reported net revenues of $528.0 million for Q1 2026, a 4.5% increase from $505.4 million in Q1 2025. Net income fell 26.9% to $101.8 million, and adjusted EBITDA rose 7.7% to $226.3 million.
2. Funds From Operations and AFFO
Operating cash flow increased to $147.4 million from $127.7 million in the prior year, and free cash flow jumped 25.8% to $152.4 million. Funds from operations rose 7.5% to $167.8 million, while adjusted funds from operations climbed 8.0% to $177.5 million, with diluted AFFO per share at $1.72.
3. Liquidity and Debt
As of March 31, 2026, Lamar held $701.5 million in total liquidity, including $662.2 million available under its revolving credit facility and $39.3 million in cash. The company reduced revolver borrowings by $40.0 million, leaving $40.0 million outstanding, and maintains $250.0 million under its accounts receivable securitization program.
4. Management Commentary and Guidance
CEO Sean Reilly attributed first-quarter performance to strong demand from local and national advertisers, noting results surpassed internal forecasts. The pacing positions AFFO per share at the top end of full-year guidance, reflecting confidence in continued growth.