LAMR

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 9 a.m. ET Chief Executive Officer - Sean Reilly Executive - Jay Johnson Director of Investor Relations - Buster Kantrow Operator: Excuse me, everyone, we now have Sean Reilly and Jay Johnson in conference. [Operator Instructions] In the course of this discussion, Lamar may make forward-looking statements regarding the company, including statements about its future financial performance, strategic goals, plans and objectives, including with respect to the amount and timing of any distributions to stockholders and the impacts and effects of general economic conditions, including inflationary pressures on the company's business, financial condition and results of operations. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond Lamar's control and which may cause actual results to differ materially from anticipated results. Lamar has identified important factors that could cause actual results to differ materially from those discussed in this call in the company's second quarter 2026 earnings release and its most recent annual report on Form 10-K. Lamar refers you to those documents. Lamar's second quarter 2026 earnings release, which contains information by Regulation G regarding certain non-GAAP financial measures was furnished to the SEC on a Form 8-K this morning and is available on the Investors section of Lamar's website www.lamar.com. I would now like to turn the conference over to Sean Reilly. Mr. Reilly, you may begin. Sean Reilly: Thank you, Katie. Good morning all, and welcome to Lamar's Q2 2026 Earnings Call. Our business is in a terrific place right now. As our second quarter results demonstrate, advertisers clearly value our ability to connect them with their audiences and deliver messages that resonate. We are meeting our customers where they are, including through our growing programmatic sales channel, and we're attracting new advertisers who appreciate out-of-home's NAC for standing out in today's increasingly fragmented media landscape. The vibe out there is good. For the quarter, revenue and EBITDA growth once again exceeded our internal forecast, with increases in revenue across all business offerings, billboards, transit, airports and logos, and all regions and on both the local and national levels. On an acquisition-adjusted basis, consolidated revenue grew 6.1% in the second quarter, while EBITDA increased 7.3%, with a record EBITDA margin of 49.2% in the quarter. It was our highest rate of revenue growth since Q2 2022, and our 21st consecutive quarter of revenue growth overall. The momentum has carried into Q3 and pacing suggests year-over-year revenue growth rates for the balance of 2026 are likely to be in the same range as Q2. With that in mind, we have raised our guidance for full year AFFO to a range of $8.75 to $8.90 per share. At the midpoint, that would represent AFFO per share growth of approximately 7% over 2025. Additionally, management will be recommending a $0.05 increase in our quarterly dividend to $1.65 per share. Back to Q2. Categories of strength included service, political, retail and financial, while real estate and amusements were slightly weaker. Service has been a reliable growth category for several years now, propelled by demand from attorneys. But in the second quarter, we also saw a surge in business from technology service providers, including those within the AI space. Political spend, meanwhile, increased more than $5 million year-over-year in Q2 and is running well ahead of 2024 levels. It will continue to be a tailwind in Q4. About half the political dollars are being spent on our digital platform, which was the biggest driver of our overall growth in Q2. Our digital revenue increased 15.4% year-over-year and now constitutes a full 1/3 of our total billboard revenues. On a same board basis, digital billboard revenue increased 6.5% year-over-year. Growth of more than 50% through our programmatic sales channel once again made it a bright spot, and programmatic accounted for approximately 10% of digital billboard revenue in the quarter. Our national business was particularly strong, helped, of course, by the World Cup. On a consolidated basis, national and programmatic revenue increased nearly 16% in Q2, the sharpest increase since the COVID rebound in 2021. Local and regional revenue, meanwhile, increased 3.4%. We have been active on the M&A front. Through June 30, we had spent more than $100 million on nearly 30 billboard acquisitions as well as on purchases of easements beneath our billboards. We have a healthy pipeline of billboard deals and easements under LOI and should easily exceed $200 million in cash spend for the full year. Meanwhile, we expect to close our second UPREIT transaction in the coming weeks. All in all, I could not be more pleased with how the year is shaping up. I want to commend our team across Lamar land for their efforts so far in 2026. We have been busy. With that, I will turn it over to Jay to walk you through some additional numbers. Jay Johnson: Thanks, Sean. Good morning, everyone, and thank you for joining us. We had a strong second quarter and are extremely pleased with our results, which exceeded internal expectations and consensus estimates across revenue, adjusted EBITDA and AFFO. The airport business continued to outperform with acquisition-adjusted revenue increasing 21.1% in Q2 versus last year, which was an acceleration from last quarter when airports grew a healthy 15.5%. Our billboard regions all experienced mid-single-digit top line growth, led by the Southwest and Atlantic, which were up 7.7% and 6.5%, respectively. In addition, the positive momentum continued in July with revenue increasing 6%, outpacing our original budget. July's strong performance brings acquisition-adjusted revenue to 5.2% through the first 7 months of the year, and we are optimistic about our booking pace for the balance of the third quarter as we approach midterm elections. Acquisition-adjusted consolidated expenses increased 5.1% in the second quarter, which grew 150 basis points more than anticipated, but driven by variable expenses tied to solid revenue growth in the second quarter. Adjusted EBITDA was $303.4 million compared to $278.4 million in 2025, an increase of 9% in the quarter and improving 7.3% on an acquisition-adjusted basis. This was the strongest growth we've seen since resurgence from the COVID-19 pandemic. Adjusted EBITDA margin expanded 110 basis points to 49.2%, the strongest margin in any quarter of the company's history. Adjusted funds from operations totaled $247.9 million in the second quarter compared to $225.3 million last year, an increase of 10.1%. The diluted AFFO per share grew 8.1% to $2.40 per share versus $2.22 in the second quarter of 2025. Local and regional sales grew for the 21st consecutive quarter and accounted for approximately 77% of billboard revenue in Q2. It has been over 5 years since the portfolio last experienced a year-over-year decline in local and regional sales, which was due to COVID. National sales performance was extremely robust and grew to represent 23% of our book, up from 18% last quarter. On the capital expenditure front, total spend for the quarter was $42.7 million, including $14.7 million of maintenance CapEx. And for the full year, we anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million. As for our balance sheet, we have a well-laddered debt maturity schedule with no maturities until the AR securitization in October 2027 and no senior notes maturity until February 2028. We will likely extend the securitization later this year, assuming market conditions remain favorable. The company currently has approximately $3.5 billion in total consolidated debt and our weighted average interest rate is 4.5% with a weighted average debt maturity of 4 years. As defined under our credit facility, we ended the quarter with total leverage of 2.9x net debt-to-EBITDA, which remains amongst the lowest levels ever for the company. Our secured debt leverage was 0.7x at quarter end, and we are in compliance with both our total debt incurrence and secured debt maintenance test against covenants of 7x and 4.5x, respectively. For the full year, we expect total leverage to hover around 3 turns with secured leverage coming in comfortably below 1x net debt-to-EBITDA. In addition, our latest 12-month interest coverage through June 30 was 7.1x adjusted EBITDA to cash interest, further demonstrating the strength of the company's balance sheet. As Sean mentioned, M&A has been active thus far in 2026. We continue to benefit from an investment capacity well over $1 billion with the ability to deploy this capital while remaining at or below the high end of our target leverage range of 3.5 to 4x net debt-to-EBITDA. Our liquidity and access to capital both remain strong. At quarter end, we had $720 million in total liquidity, comprised of $68 million of cash on hand and $652 million available under our revolver. The AR securitization was fully drawn with $250 million outstanding. Subsequent to quarter end, the company repaid $55 million on the revolving credit facility, and we currently have $35 million outstanding. In this morning's release, we revised our full year outlook and now expect diluted AFFO per share of $8.75 to $8.90, an increase of $0.22 at the midpoint. Cash interest in our guidance totaled $155 million and assumes no change in short-term floating interest rates for the balance of the year. As I touched on earlier, maintenance CapEx is budgeted for $65 million in 2026 and cash taxes are projected to come in around $12 million, which is slightly higher than our original expectations. And finally, our dividend. We paid a cash dividend of $1.60 per share in each of the first and second quarters. Management's recommendation for the third quarter will be to increase the dividend to $1.65 per share, and this recommendation is subject to Board approval, and we will communicate the Board's decision. For the full year, we expect to distribute a regular dividend of at least $6.50 per share. The proposed $6.50 distribution results in a yield of 4.1% at yesterday's closing stock price. However, given our performance in Q1 and Q2 and expectations for the remainder of the year, it is likely that we will request approval for a special dividend at year-end. This is consistent with our practice in years past to ensure distribution of 100% of our taxable income. As a reminder, the company's dividend is based on taxable income, subject to Board approval, and our dividend policy remains to distribute 100% of our taxable income on an annual basis. Again, we are pleased with an extremely strong start to the first half of the year as well as the momentum that has continued into the third quarter, and we look forward to executing on our strategy in the third and fourth quarters. I will now turn the call back over to Sean. Sean Reilly: Thanks, Jay. I'll touch on some familiar metrics and then open it up for questions. While all regions are doing well, I'll give a special shout out to the Southwest and Atlantic regions, which are showing the best growth both in Q2 and year-to-date. As mentioned, Q2 same board digital growth was 6.5%, while total digital revenue growth was 15.4% and digital now comprises 33.3% of total revenues. And has been the case and as has been the case for some time now, the bulk of our growth in static has come from rate. For example, in our Marquee bulletin product, rate was up 3.7% in Q2. We ended Q2 with 5,730 digital units in operation, an increase of 177 units over year-end 2025. Also, as mentioned, national programmatic had an exceptional Q2, increasing nearly 16% and combined comprised 22.7% of our total book of business, while local and regional made up 77.3%. On top categories of business, services continues to set records, up 15.4% in Q2. We also saw strong growth from retail, up 6.5%; financial, up 9.7%; gaming up 9.2%, and building and construction up 10.2%. Finally, political also continues to set records with political pacings for this year running significantly ahead of the 2024 cycle. '24 ended up with approximately $29 million in total political. I'll be disappointed if we don't reach low to mid-30s of millions this year. Katie, I'll now open it up for questions. Operator: [Operator Instructions] Our first question will come from Jonnathan Navarrete with TD Cowen. Jonnathan Navarrete: Could you help us separate what is already booked for the second half from what's still the shorter lead time demand and whether the strength is broad-based across both during the fourth quarter? And the second question I have is, perhaps I heard wrong, but did you say that you guys are weeks away from completing your second UPREIT transaction? Sean Reilly: Yes. I'll hit the second question first. Yes, we have -- we expect to close our second UPREIT transaction sometime next week. We're pleased with the reception we're getting out there to sellers that see that as a very attractive way to really join forces with Lamar, stay in the business, but also in a very tax-efficient way, monetize their billboard assets. So we're encouraged by what we're seeing out there in terms of, again, receptivity for an UPREIT transaction. The first question was regarding bookings... Jonnathan Navarrete: For the second half -- yes, for the second half and like what's already booked versus what still depends on the shorter lead time demand and whether you see this trend pretty equal in the third and fourth quarter? Sean Reilly: Sure. So we're booked to goal, we're booked at about 85% to 90%. So we still have 10% to 15% left to sell in the period for the period to hit all of our goals. And pacings are strong. We feel good about it. Jonnathan Navarrete: Okay. And perhaps one more question is just what kind of -- like how do you guys think about we should do an UPREIT transaction versus, I don't know, other forms of financing transaction? How does -- what's the thought process like? And what's the strategy like going forward? Do you see this becoming a more common occurrence for Lamar? Or is it more like a one-off kind of special occasion? Sean Reilly: We view it as -- number one, we're always going to do transactions that are accretive to AFFO per share. So that's rule #1, right? And so anytime we are issuing shares, we want to make sure that we do so accretively. If we view it as another arrow in our arsenal to do attractive, accretive acquisitions. It's really up to the seller. It's -- again, it's a very attractive way for sellers in a very tax-efficient manner to sell their inventory, yet also hitch their wagon to Lamar and enjoy the upside that we've delivered for folks that do UPREIT transactions with us. So we do see it happening more and more, and we're getting more and more inbound queries from folks in the billboard business that want to explore it. Operator: Our next question will come from Alexey Philippov with JPMorgan. Alexey Philippov: Sean, you called out revenue was up almost 5% acquisition adjusted in April on the prior call, and the second result came in much stronger at 6%. Can you help us unpack the monthly cadence through May to June? And what you've seen so far in July and August? And then with the guidance upgrade, what's the underlying organic growth that you assume for the full year? I think you started with 3.6% in February. And what's the number that you have in mind right now? And the final one on UPREIT, is it fair to expect a similar size to were there? And also, do you include this deal in your new guidance? Sean Reilly: So last question first. No, this is a smaller UPREIT transaction. It's in the sort of mid-30s-ish. And at the end of the day, we are encouraged to actually be able to roll out an UPREIT transaction with a smaller asset size. It means we can do more of them. We're not -- I'm not going to guide to a specific pro forma growth number for the year, but it will be north of 5-ish, right? If you did pencil out what we laid out there in terms of the rest of the year looking much like Q2, that's the arithmetic -- you'll get to that arithmetic. Same board digital is a bright spot. And I would encourage that you hold us accountable to same board digital growing faster than the static base because we're deploying a lot of capital to grow that platform. And if it's not showing same board growth, then we have to question whether or not it's capital well spent. Right now, we're extremely encouraged, and we are putting up digital as fast as we can. Jay Johnson: Well, Alexey, in terms of the cadence on top line growth in Q2, we just saw an acceleration in each month. We were at 4.8% in April. We went to about 5.5% in May and June was 8% top line growth. So that's how you saw the acceleration go from 5% to 6% for the quarter. So it was an excellent quarter. Alexey Philippov: Great. And if I may, to follow up on costs. I think acquisition-adjusted expenses were up 5% in second quarter, which is above your roughly 3% full year expense growth framework. Is there any like specific to this quarter? Or we should expect a higher expense growth in the back half of the year? Jay Johnson: No, Alexey, if you look at expense growth, we grew 5.1%, about 150 basis points of that was all tied to variable expenses like revenue share leases or sales commissions that were tied to solid top line growth. So it's actually -- it was a positive from our perspective. For the full year, because we are outpacing the 3.5% that we thought top line, we're going to be closer to the mid. You're probably going to see expense growth kind of in the 4% range because of that. Operator: Our next question will come from Cameron McVeigh with Morgan Stanley. Cameron McVeigh: Just from a high level, Sean, I'm curious just why you think you're seeing such strength recently, both at Lamar and what we're seeing across the industry? And do you think you're taking share from other mediums, like is this the AI industry advertising more? Is it more political? I'm just curious your high-level thoughts on how you see it. Sean Reilly: So I think there is something secular going on in terms of what's happening to our competitors out there in other local media, for example, what's going on, clearly with radio, what's going on with print, and what is increasingly going on with local network affiliate television. Some of that is coming our way as they experience a drop in their audience, some of their spend is coming our way. What we're also increasingly hearing from advertisers, and I think you're hearing this from our peers at OUTFRONT and Clear Channel as well, digital ad spend, while it's still the gorilla in the room, there is some disaffection with what's going on in the sort of what many people believe is the vast wasteland of what's going on with the panoply of digital products out there. And so some advertisers are coming to us in the out-of-home world because they know exactly what they're getting. There's no bot fraud. There's no chance that they're going to show up in a place that they don't want to be. And they're increasingly getting comfortable with our ability to track results when they spend with us. So it's all good out there for out-of-home. It's -- you heard this from OUTFRONT. Yesterday, you saw it in the Clear Channel numbers. and a rising tide is lifting all boats because we're feeling it as well. Cameron McVeigh: Got it. That's great. And then just secondly, Sean and Jay, I'd be curious what the latest is on your cost savings initiatives? And is this the year we might see the 48% margins? Sean Reilly: We're going to be close. I don't know that we're going to get all the way to 48%, but we will set a record, and we should be at least 1 point better than last year. So we've successfully gone through Phase 1 of our enterprise software and upgrades, mostly back office and financial and with some savings accompanying those efforts. We're somewhat hitting the pause button on Phase 2. We've had some wins that are going to result in some cost savings in out years. But as you're hearing from other companies, the sands are shifting around software deployment and options for functionality. So we're evaluating those things. And what we're seeing out there are some more elegant and more cost-effective ways to get the functionality we're looking for. So on some of those cost savings, it's stay tuned, maybe not get to 48% this year, but quite possibly in '27 or '28, probably. Operator: [Operator Instructions] Our next question will come from Steven Cahall with Wells Fargo. Steven Cahall: I was wondering if we could go one level deeper into that acceleration you saw through the second quarter. I know there was a lot of sports going on in that time, but it sounds like your pacings continue to improve. Were there particular categories of strength that you see persisting into the back half and maybe even into '27? I'm curious if AI, which has become obviously a much bigger sector is showing up as a bigger advertiser as well. And then just on your M&A plans, I was wondering how you're thinking about valuations in the marketplace right now. It seems like one of your competitors is going to have a better balance sheet than it has historically. Sector multiples are a little higher. So just wondering how competitive that market looks for valuations. Sean Reilly: Sure. I'll hit the second question first. So we do basically 3 types of acquisitions. There are ones that are 100% fill in, in our existing footprint, we have, by far and away, the largest footprint nationwide of any operator. So for many of these transactions that we do that are sort of cookie-cutter fill-in transactions, we're the highest and best buyer and sometimes we're the only buyer, and we just sit down and meet with a seller, and we get to yes. So some of them are actually not competitive processes. As the transactions get larger, more parties come to the table and there is more of a competitive dynamic, sometimes those transactions are in DMAs where we don't already have operations. and that can attract some attention. We just remain disciplined, and we have our valuation metrics, and we stick to them. Regarding the other 2 publics, it's interesting. Their footprints are different. Oftentimes, they're shopping in places we're not, just given their geographical profile. So we run into them sometimes and sometimes we don't. And I would describe it as we're frenemies when it comes to that. And we're going to win our fair share as will they. Business, as I mentioned, services is a pretty big catch basin, and it's just growing really fast. And we saw the advent of telecom and technology services, particularly around -- in the AI space, augment that whole category of business. And that's been a good thing to see. And then don't forget political. We've got nice political tailwinds that we're enjoying this year. It has been somewhat unusual to have a mid-cycle outpace a presidential cycle, but that's what's going on in 2026 over 2024. And that, again, has certainly been one of the nice things to see this year. Operator: This does conclude our Q&A session. I would now like to turn the meeting back to Sean Reilly for any closing remarks. Sean Reilly: Well, thank you all for listening, and we look forward to catching up again next quarter. Operator: Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Lamar Advertising, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lamar Advertising wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Lamar Advertising (LAMR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Lamar Advertising (LAMR) is back in focus after second quarter 2026 results topped internal and analyst expectations, accompanied by higher full year earnings guidance and plans to recommend a larger quarterly dividend. See our latest analysis for Lamar Advertising. Lamar Advertising shares have climbed strongly over the longer term, with a year to date share price return of 28.91% and a 5 year total shareholder return of 87.60%. This suggests momentum remains firm despite recent short term fluctuations around the latest earnings and guidance update. If Lamar Advertising’s move has you curious about other opportunities in listed infrastructure and related plays, this could be a good moment to scan 36 power grid technology and infrastructure stocks Lamar Advertising now has stronger guidance, rising earnings and a bigger dividend proposal on the table. After the latest share price move, is this quality out of home platform still priced on your side today? The most followed narrative places Lamar Advertising’s fair value at $155.60, slightly below the recent $160.00 close, which implies a small valuation premium that hinges on specific growth and margin assumptions playing out over time. Read the complete narrative. Read the complete narrative. Want to see what sits behind that digital buildout story? The narrative leans on steady revenue growth, higher margins, and a future earnings multiple that depends on those assumptions. The full breakdown shows how those moving parts link back into the $155.60 fair value tag. Result: Fair Value of $155.60 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Lamar Advertising’s story could look different if contract renewals disappoint or if softer advertiser demand in key categories weighs more heavily on revenue and earnings expectations. Find out about the key risks to this Lamar Advertising narrative. The headline narrative says Lamar Advertising trades about 2.8% above a $155.60 fair value, based on analyst earnings projections and a future P/E of 27.1x. Our DCF model points the other way. It values the stock at $228.75 per share, which is well above the recent $160.00 price. Which set of assumptions do you find more realistic for the long haul? Look into how the SWS DCF model arrives at its fair value. If this mix of optimism and concern around Lamar Advertising feels familiar, now is the time to review the details and form your own view with 3 key rewards and 3 important warning signs If you stop with Lamar Advertising, you could miss other stocks that fit what you want. Use the screener tools to line up your next moves thoughtfully. Target resilient companies that aim to hold up when conditions get choppy by running the 77 resilient stocks with low risk scores. Spot potential value opportunities before the crowd catches on by checking the screener containing 19 high quality undiscovered gems. Build a shortlist of financially robust stocks that focus on cleaner balance sheets and fundamentals using the solid balance sheet and fundamentals stocks screener (49 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LAMR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Three Month Results Six Month Results BATON ROUGE, La., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the second quarter ended June 30, 2026. “Our business is in a great place right now. As our results demonstrate, customers appreciate our ability to connect them with their audiences and to deliver messages that resonate,” Lamar chief executive Sean Reilly said. “With second-quarter results that exceeded our expectations and strong pacings for the balance of 2026, we are raising our guidance for full-year diluted AFFO per share to a range of $8.75 to $8.90.” Second Quarter Highlights Second Quarter Results Lamar reported net revenues of $616.7 million for the second quarter of 2026 versus $579.3 million for the second quarter of 2025, a 6.5% increase. Operating income for the second quarter of 2026 increased $10.3 million to $208.0 million as compared to $197.7 million for the same period in 2025. Lamar recognized net income of $164.6 million for the second quarter of 2026 as compared to net income of $155.0 million for the same period in 2025, an increase of $9.6 million. Net income per diluted share was $1.58 and $1.52 for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA for the second quarter of 2026 was $303.4 million versus $278.4 million for the second quarter of 2025, an increase of 9.0%. Cash flow provided by operating activities was $252.4 million for the three months ended June 30, 2026 versus $229.5 million for the second quarter of 2025, an increase of $22.9 million. Free cash flow for the second quarter of 2026 was $218.7 million as compared to $199.1 million for the same period in 2025, a $19.6 million increase. For the second quarter of 2026, funds from operations, or FFO, was $236.8 million versus $225.3 million for the same period in 2025, an increase of 5.1%. Adjusted funds from operations, or AFFO, for the second quarter of 2026 was $247.9 million compared to $225.3 million for the same period in 2025, an increase of 10.1%. Diluted AFFO per share increased 8.1% to $2.40 for the three months ended June 30, 2026 as compared to $2.22 for the same period in 2025. Acquisition-Adjusted Three Months Results Acquisition-adjusted net revenue for the second quarter of 2026 increased 6.1% over acquisition-adjusted net revenue for the second quarter of 2025. Acquisition-adjusted EBITDA for the second quarter of 2026 increased 7.3% as compared to acquisition-adjusted EBITDA for the second quarter of 2025. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2025 period for acquisitions and divestitures for the same time frame as actually owned in the 2026 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures. Six Month Results Lamar reported net revenues of $1.14 billion for the six months ended June 30, 2026 versus $1.08 billion for the six months ended June 30, 2025, a 5.5% increase. Operating income for the six months ended June 30, 2026 decreased $34.9 million to $354.0 million as compared to $388.9 million for the same period in 2025. Lamar recognized net income of $266.5 million for the six months ended June 30, 2026 as compared to net income of $294.2 million for the same period in 2025, a decrease of $27.8 million. The 9.4% decrease in net income for the six months ended June 30, 2026 as compared to 2025 was primarily related to the $67.8 million gain recorded for the sale of Lamar’s equity interest in Vistar Media, Inc. (“Vistar”) in 2025, offset by an additional gain of $8.0 million recorded in 2026 for the same sales transaction. Net income per diluted share was $2.58 and $2.87 for the six months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA for the six months ended June 30, 2026 was $529.7 million versus $488.6 million for the same period in 2025, an increase of 8.4%. Cash flow provided by operating activities was $399.8 million for the six months ended June 30, 2026 as compared to $357.2 million for the same period in 2025, an increase of $42.6 million. Free cash flow for the six months ended June 30, 2026 was $371.1 million as compared to $320.2 million for the same period in 2025, a $50.9 million increase. For the six months ended June 30, 2026, funds from operations, or FFO, was $404.6 million versus $381.5 million for the same period in 2025, an increase of 6.0%. Adjusted funds from operations, or AFFO, for the six months ended June 30, 2026 was $425.5 million compared to $389.6 million for the same period in 2025, an increase of 9.2%. Diluted AFFO per share increased 8.1% to $4.12 for the six months ended June 30, 2026 as compared to $3.81 for the same period in 2025. Liquidity As of June 30, 2026, Lamar had $720.2 million in total liquidity that consisted of $652.2 million available for borrowing under its revolving senior credit facility and $68.0 million in cash and cash equivalents. There was $90.0 million in borrowings outstanding under the Company’s revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date. Revised Guidance We are updating our 2026 guidance issued in February 2026. We now expect diluted earnings per share for fiscal year 2026 to be between $5.95 and $5.99, with diluted AFFO per share between $8.75 and $8.90. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures” for reconciliation to GAAP. Forward-Looking Statements This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, including war and armed conflicts; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law. Use of Non-GAAP Financial Measures The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense.  Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures. Our Non-GAAP financial measures are determined as follows: We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net. Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues. Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures. We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest. We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest. Diluted AFFO per share is defined as AFFO divided by adjusted weighted average diluted common shares/units outstanding.  Adjusted weighted average diluted common shares/units outstanding is calculated by adjusting the Company’s weighted average diluted common shares to add the weighted average outstanding units of Lamar Advertising Limited Partnership (“Lamar LP”), the Company’s operating partnership, that are held by limited partners of Lamar LP other than the Company’s wholly owned subsidiary, Lamar Media Corp.  Upon the satisfaction of certain conditions, these units of Lamar LP are redeemable for cash or, at the Company’s option, shares of the Company’s Class A common stock on a one-for-one basis. Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments. Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”. Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period. Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies. Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein. Conference Call Information A conference call will be held to discuss the Company’s operating results on Thursday, August 6, 2026 at 8:00 a.m. central time.  Instructions for the conference call and Webcast are provided below: Conference Call General Information Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 360,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,700 displays. (1) Utilized to calculate earnings per share in accordance with GAAP.(2) Utilized to calculate AFFO per share. Includes the weighted average outstanding units of Lamar LP (the Company’s operating partnership) that are held by limited partners of Lamar LP other than the Company’s wholly owned subsidiary, Lamar Media Corp. Upon the satisfaction of certain conditions, these units of Lamar LP are redeemable for cash or, at the Company’s option, shares of the Company’s Class A common stock on a one-for-one basis. The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of August 6, 2026. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding “forward-looking statements” included in the press release when considering this information.

Interested in Lamar Advertising Company? Here are five stocks we like better. Strong Q2 performance: Acquisition-adjusted revenue grew 6.1% year over year and adjusted EBITDA rose 7.3%, with a record 49.2% adjusted EBITDA margin. Digital revenue increased 15.4%, while programmatic sales grew more than 50%. Growth broad-based across businesses: Airport revenue surged 21.1%, and Lamar cited strength in services, political, retail, financial, gaming, and construction advertising. Political revenue was more than $5 million above last year and is tracking ahead of the 2024 election cycle. Outlook and shareholder returns improved: Lamar raised its 2026 diluted AFFO-per-share outlook to $8.75–$8.90 and plans to recommend a $0.05 quarterly dividend increase to $1.65, while continuing acquisitions and expecting more than $200 million in acquisition and easement spending for the year. Lamar Advertising (NASDAQ:LAMR) reported second-quarter 2026 results that exceeded its internal forecasts, driven by broad-based growth across its billboard, transit, airport and logo businesses, as well as continued strength in digital, programmatic and political advertising. Chief Executive Officer and President Sean Reilly said acquisition-adjusted consolidated revenue increased 6.1% from a year earlier, while acquisition-adjusted EBITDA rose 7.3%. The company posted a record adjusted EBITDA margin of 49.2% for the quarter and marked its 21st consecutive quarter of revenue growth. → 3 Drone Stocks That Should Soar After the Summer Slump “Our business is in a terrific place right now,” Reilly said, citing advertiser demand for out-of-home media amid a fragmented broader media environment. He said the company’s revenue and EBITDA growth exceeded internal expectations, with gains across all regions and at both local and national levels. Digital revenue increased 15.4% year over year in the second quarter and accounted for one-third of total billboard revenue. On a same-board basis, digital billboard revenue rose 6.5%. Lamar ended the quarter with 5,730 digital units in operation, up 177 from year-end 2025. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Programmatic sales grew by more than 50% and represented about 10% of the company’s digital billboard revenue during the quarter. Reilly said national and programmatic revenue combined increased nearly 16%, marking the sharpest increase in that category since the post-pandemic rebound in 2021. National sales represented 23% of Lamar’s business, compared with 18% in the prior quarter. Local and regional sales increased 3.4% and accounted for approximately 77% of billboard revenue. Chief Financial Officer Jay Johnson said local and regional sales have now grown for 21 consecutive quarters. → Jersey Mike's Serves Fresh Gains After IPO Stumble Johnson said revenue growth accelerated through the second quarter, rising from 4.8% in April to about 5.5% in May and 8% in June. Acquisition-adjusted revenue rose 6% in July, bringing year-to-date growth through the first seven months of 2026 to 5.2%. The airport business continued to outperform, with acquisition-adjusted revenue rising 21.1% from the prior year, accelerating from 15.5% growth in the first quarter. All billboard regions posted mid-single-digit top-line growth, led by the Southwest, up 7.7%, and Atlantic regions, up 6.5%. Among advertising categories, Lamar cited strength in services, political, retail, financial, gaming, and building and construction. Services revenue rose 15.4%, supported by demand from attorneys and technology-service providers, including companies in the artificial intelligence space. Retail increased 6.5%, financial rose 9.7%, gaming advanced 9.2%, and building and construction climbed 10.2%. Political advertising increased by more than $5 million year over year in the second quarter and is pacing well ahead of the 2024 election cycle, according to Reilly. About half of political advertising dollars are being spent on Lamar’s digital platform. The company generated about $29 million in political revenue during 2024, and Reilly said he would be disappointed if political revenue does not reach the low-to-mid-$30 million range in 2026. Reilly attributed some of the industry’s momentum to challenges facing other local media channels, including radio, print and local network-affiliate television. He also said some advertisers have become dissatisfied with portions of the digital advertising market and are turning to out-of-home platforms for clearer placement and measurement. Adjusted EBITDA totaled $303.4 million, up 9% from $278.4 million a year earlier. The 49.2% adjusted EBITDA margin expanded 110 basis points and was the strongest quarterly margin in Lamar’s history, Johnson said. Adjusted funds from operations rose 10.1% to $247.9 million. Diluted AFFO per share increased 8.1% to $2.40, compared with $2.22 in the second quarter of 2025. Lamar raised its full-year outlook for diluted AFFO per share to a range of $8.75 to $8.90, an increase of $0.22 at the midpoint of the prior outlook. At the midpoint, the outlook would represent approximately 7% growth from 2025, Reilly said. Management expects the revenue growth rate during the rest of 2026 to remain in a range similar to the second quarter, and Reilly said the company’s implied pro forma growth outlook is “north of 5-ish.” The company said it is booked to its goals for the second half, with about 85% to 90% of the required business already booked and 10% to 15% remaining to sell to reach those goals. Management plans to recommend that the board increase the quarterly dividend by $0.05 to $1.65 per share for the third quarter, subject to board approval. Lamar paid dividends of $1.60 per share in each of the first two quarters and expects regular full-year distributions of at least $6.50 per share. Johnson also said the company may seek approval for a special dividend at year-end to distribute 100% of taxable income. Through June 30, Lamar had spent more than $100 million on nearly 30 billboard acquisitions and purchases of easements beneath billboards. Reilly said the company has a healthy pipeline of additional deals and expects cash spending on acquisitions and easements to exceed $200 million for the full year. The company expects to close its second UPREIT transaction the following week. Reilly described the transaction as smaller than the company’s previous UPREIT deal, with an asset value in the mid-$30 million range. He said Lamar views UPREIT structures as another option for completing AFFO-accretive acquisitions, particularly for sellers seeking tax-efficient monetization while retaining participation in Lamar’s upside. Lamar reported approximately $3.5 billion in total consolidated debt at quarter-end, with a weighted average interest rate of 4.5% and weighted average maturity of four years. Total leverage stood at 2.9 times net debt to EBITDA, while secured debt leverage was 0.7 times. The company had $720 million in total liquidity, including $68 million in cash and $652 million available under its revolving credit facility. Total capital expenditures were $42.7 million in the quarter, including $14.7 million of maintenance capital expenditures. Lamar expects approximately $186 million of total capital expenditures in 2026, including $65 million of maintenance spending. Lamar Advertising Company (NASDAQ: LAMR) is one of North America's largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections. In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lamar Advertising Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SBA Communications Corporation SBAC is scheduled to report second-quarter 2026 results on Aug. 3, after market close. While the company’s quarterly results might display a rise in revenues year over year, adjusted funds from operations (AFFO) per share is expected to decline. In the last reported quarter, this Boca Raton, FL-based communications tower REIT reported an AFFO per share of $3.01, beating the Zacks Consensus Estimate of $2.86. Results reflected a growth in revenues during the quarter. However, higher costs and interest expenses undermined the performance to some extent. Over the preceding four quarters, SBAC’s AFFO per share surpassed the Zacks Consensus Estimate on three occasions and missed in the remaining period, the average beat being 2.11%. The graph below depicts this surprising history: SBA Communications Corporation price-eps-surprise | SBA Communications Corporation Quote In the second quarter, SBA Communications is likely to have benefited from steady carrier spending on network expansion and 5G deployments, supporting leasing activity through new colocations and site upgrades. Its long-term contracts with built-in escalators are likely to have ensured stable site-leasing revenues, while services tied to network construction may have added to growth. However, SBAC’s performance may have been affected by customer concentration and tenant churn, potentially pressuring leasing activity and growth. Higher interest expenses and a leveraged balance sheet are likely to have been additional headwinds. The Zacks Consensus Estimate for second-quarter site-leasing revenues, which account for the lion’s share of total revenues, is pegged at $658 million, indicating an increase from the year-ago quarter’s $631.8 million. Site-development revenues are expected to decrease in the second quarter. The consensus mark stands at $49.9 million, implying a fall from $67.2 million reported in the year-ago period. The Zacks Consensus Estimate for total quarterly revenues is pegged at $703.4 million, calling for year-over-year growth of 0.6%. The company’s activities in the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has increased two cents to $2.96 over the past three months. However, the figure implies a year-over-year decline of 6.6%. Our proven model does not conclusively predict a surprise in terms of AFFO per share for SBA Communications this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here. SBA Communications currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT industry — Host Hotels & Resorts HST and Lamar Advertising LAMR — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter. Host Hotels is slated to report quarterly numbers on Aug. 5. HST has an Earnings ESP of +1.73% and carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. LAMR, which is scheduled to report quarterly numbers on Aug. 6, has an Earnings ESP of +0.22% and a Zacks Rank of 3. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SBA Communications Corporation (SBAC) : Free Stock Analysis Report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report Lamar Advertising Company (LAMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Management attributed the Q1 outperformance to continued momentum in national advertising, which grew 5.8% following a recovery that began in 2025 after a period of volatility in 2023 and 2024. The company is seeing a strategic shift where big brands are increasingly valuing out-of-home's scale and affordability in an 'algorithm-driven' digital landscape. Programmatic revenue surged nearly 25% to approximately $11 million, serving as a high-growth engine within the broader national segment. Operational efficiency improved as EBITDA margins expanded by 130 basis points, partially driven by the strategic exit from the low-margin Vancouver franchise. Local and regional sales remain the company's bedrock, marking 20 consecutive quarters of growth and accounting for 82% of billboard revenue. Management highlighted a pivot toward securing easements beneath high-performing locations as a strategic and accretive use of capital for 2026. Management indicated they are pacing toward the top end or above current AFFO guidance, with a formal revision likely during the August earnings call. Revenue growth is expected to accelerate into Q2, with pacings for the remainder of 2026 currently trending roughly the same as current pro forma revenue growth. Full-year margin expansion is targeted at approximately 100 basis points, with management aiming for a 47.7% margin for the full year. Political advertising is pacing well ahead of 2024 levels; if trends hold, it could mark the first time a midterm year outperforms a presidential cycle. The company anticipates total CapEx of approximately $186 million for 2026, with $64 million dedicated to maintenance. Lamar completed 19 acquisitions in early 2026 for $80 million, maintaining an active M&A pipeline with over $1 billion in investment capacity. The company maintains a conservative leverage profile at 3x net debt-to-EBITDA, which is among the lowest levels in its history. Management intends to recommend a dividend increase in the second half of the year, contingent on taxable income and Board approval. The airport division showed exceptional strength with 15.5% acquisition-adjusted revenue growth, significantly outperforming other segments. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management reported health across all top 10 verticals, which collectively grew 5.4% in Q1. Revenue growth is expected to be consistent across Q2, Q3, and Q4 based on current booking pacings. World Cup revenue is already contracted and meeting expectations within the national segment. Political spend is the primary upside surprise, currently pacing ahead of the 2024 presidential election year. Management confirmed receiving several inbound inquiries regarding UPREIT deals following the successful Verde transaction. The structure is viewed as a strategic tool to attract private sellers due to its tax efficiency and diversification benefits. Current AFFO per share guidance does not factor in future unannounced acquisitions. Completed Q1 acquisitions are estimated to add roughly 20 to 25 basis points to top-line pro forma growth for the year. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Interested in Lamar Advertising Company? Here are five stocks we like better. Lamar beat Q1 expectations on revenue and profitability, with adjusted EBITDA of $226.3M, diluted AFFO per share up 7.5% to $1.72, and margins expanding ~130 bps; management says the company is pacing to the top end (or above) of full-year AFFO guidance ($8.50–$8.70) and may revisit guidance in August. National demand improved — national revenue rose 5.8% helped by a nearly 25% increase in programmatic to about $11M — and Lamar was 75% booked to its total revenue goal as of May 1, its strongest laid-down bookings since COVID. Capital allocation remains active: the company closed 19 acquisitions for $80M, has investment capacity of over $1B while net leverage was about 3.0x, and it paid a $1.60 quarterly dividend and will ask the board to approve another $1.60 with a likely dividend increase in H2. Lamar Advertising (NASDAQ:LAMR) reported first-quarter 2026 results that exceeded internal expectations on both revenue and profitability, supported by strength in local advertising and a notable pickup from national customers, according to executives on the company’s earnings call. CEO Sean Riley said the company is “pacing to the top end, if not above” its previously issued full-year adjusted funds from operations (AFFO) per share guidance range, adding that if current trends continue, Lamar may revisit that outlook during its August call. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Riley highlighted improving national demand after what he described as a “bumpy” period through 2023 and 2024. National revenue rose 5.8% versus the first quarter of 2025, helped by a sharp gain in programmatic. Programmatic revenue increased by nearly 25% to approximately $11 million in the quarter. Excluding programmatic, national revenue increased 4.1%. Riley said pacings for the balance of 2026 are “even stronger” than the first-quarter growth rate, driven by increased spending from longtime national customers as well as activity from new accounts and categories. During Q&A, Riley told Morgan Stanley analyst Cameron McVeigh that the outlook for Q2, Q3, and Q4 is “very good,” with each quarter “pacing at roughly the same pro forma revenue growth.” → Years in the Making, AMD’s Upside Movement Has Just Begun In response to a question from JPMorgan’s Alexei Papalexopoulos about what drove the quarterly upside, Riley said, “National was the surprise that led to the beat,” citing large buys that were not previously contracted as well as political advertising that “came in better and continues to come in better than we anticipated at the beginning of the year.” Lamar’s consolidated revenue increased 3.9% on an acquisition-adjusted basis, with growth reported across billboards, airports, transit, and logos, and across all regions. Riley said the company’s pacing suggests revenue growth will accelerate into the second quarter. → Light Speed Returns: Corning Cashes In on NVIDIA Growth EVP and CFO Jay Johnson said the airport business led divisional performance, with acquisition-adjusted revenue up 15.5% in the quarter versus last year. Logos revenue increased 6.3%. By region, Johnson said Lamar’s billboard markets posted “low to mid single digit” growth overall, with the Midwest and Atlantic regions up 5.7% and 4.8%, respectively. Riley added that the Gulf Coast was the weakest region in Q1, up 1%, but said all regions are “pacing well at up mid-single digits” looking forward. Johnson also pointed to continued momentum after quarter-end, noting April revenue grew 4.8% and exceeded the company’s original budget. Through the first four months of the year, acquisition-adjusted revenue growth was 4.1%, he said. For the quarter, EBITDA grew 5.2% on an acquisition-adjusted basis, and Lamar’s margin improved by about 130 basis points versus the prior-year quarter, Riley said. Johnson reported adjusted EBITDA of $226.3 million, up from $210.2 million in 2025, representing a 7.7% increase (5.2% on an acquisition-adjusted basis). Adjusted EBITDA margin expanded 130 basis points to 42.9%. Adjusted funds from operations totaled $177.5 million, compared with $164.3 million last year, an 8% increase. Diluted AFFO per share grew 7.5% to $1.72, up from $1.60 in the first quarter of 2025, Johnson said. During Q&A with Wells Fargo analyst Daniel Ostly, Riley attributed margin strength to several factors, including revenue growth and portfolio changes. He noted that Lamar lost the Vancouver franchise last year, which he described as “essentially a no-margin business,” and said its removal aided margins. He also said acquisitions generally contribute margins of about 65%, which helped results, though he noted Lamar will lap some of that acquisition activity in the back half of the year. Riley said he would be “disappointed” if Lamar does not generate at least a full percentage point of margin expansion for the full year, adding that with last year at 46.7%, he is looking for “something in the 47.7% range” this year. Digital revenue again led performance. Riley said same-board digital revenue increased 5% and accounted for more than 30% of revenue in the quarter. He later said digital represented almost 31% of billboard billing in Q1. Lamar ended the quarter with 5,657 digital spaces, up 104 from year-end 2025. Riley said rates on analog bulletins and posters grew 3%. He also described local growth of 3% in the quarter. Johnson said local and regional sales accounted for about 82% of billboard revenue in Q1 and grew for the 20th consecutive quarter. He added it has been five years since Lamar last experienced a year-over-year decline in local and regional sales, which occurred during COVID. Riley cited categories of strength including services, restaurants, gaming, political, and insurance, while education and telecom were “a tad weaker.” He also said Lamar’s top 10 verticals—together generating 75% of Q1 revenue—were collectively up 5.4%. Bookings were another highlight. Riley said that as of May 1, Lamar was 75% booked to its total revenue goal for the year, calling it the strongest laid-down bookings the company has seen since COVID. On event-driven and political tailwinds, Riley told Morgan Stanley the World Cup impact is “in our book and it’s done and it’s contracted for,” and is helping national results “give or take where we expect it.” He added that political advertising has been the bigger surprise: Lamar is pacing “well ahead of 2024,” which he noted was a presidential year, and said if that continues it would be the first time the company has seen that dynamic in a midterm year. Lamar reported an active start to M&A in 2026. Riley said the company completed 19 acquisitions for a total cash purchase price of $80 million and has a “solid pipeline” with potential for additional accretive billboard deals. Johnson said Lamar has investment capacity “well over $1 billion” while remaining at or below the high end of its leverage target range of 3.5 to 4 times net debt to EBITDA. Riley also said Lamar has ramped up efforts to secure easements beneath its best-performing locations, calling that a “great use of our capital,” and said the company is optimistic about what it can accomplish in 2026. On the balance sheet, Johnson said Lamar ended the quarter with about $3.5 billion in total consolidated debt, a weighted average interest rate of 4.5%, and a weighted average debt maturity of 4.3 years. He said the company has no maturities until its accounts receivable securitization in October 2027 and no senior notes maturity until February 2028, adding Lamar will likely extend the securitization later this year if market conditions remain favorable. Under the credit facility definition, total leverage was three times net debt to EBITDA at quarter-end, which Johnson said is among the lowest levels for the company. Guidance was affirmed. Johnson said Lamar maintained full-year AFFO guidance of $8.50 to $8.70 per share. During Q&A, Riley noted that when Lamar provides AFFO per share guidance it does not anticipate layering in acquisitions. Johnson added that from an “actual versus pro forma” perspective, acquisitions are likely to add roughly 20 to 25 basis points to top-line pro forma growth this year. On dividends, Johnson said Lamar paid a $1.60 per share cash dividend in the first quarter and that management will recommend a second-quarter dividend of $1.60 per share as well, subject to board approval. For the full year, Johnson said the company still expects to distribute a regular dividend of at least $6.40 per share. He also said that given the Q1 outperformance and expectations for Q2, management is likely to ask the board to approve an increased dividend in the back half of the year. Lamar Advertising Company (NASDAQ: LAMR) is one of North America's largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections. In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations. The article "Lamar Advertising Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.