Revenue: As of FY2025 Q4, the actual value is USD 595.93 M, beating the estimate of USD 592.7 M.EPS: As of FY2025 Q4, the actual value is USD 1.5, missing the estimate of USD 1.6223.EBIT: As of FY2025 Q4, the actual value is USD 235.55 M.<h4>Fourth Quarter 2025 Financial Performance (vs. Fourth Quarter 2024)</h4><ul><li>Net Revenues: Lamar Advertising Company reported net revenues of $595.9 million, an increase of 2.8% from $579.6 million in the prior year period . Acquisition-adjusted net revenue increased by 2.2% to $595.9 million from $583.0 million .</li><li>Net Income: Net income was $154.7 million, a significant increase of $155.7 million compared to a net loss of -$1.0 million in the fourth quarter of 2024 . This increase was primarily due to a revision in the estimate of asset retirement obligations in Q4 2024, which resulted in an additional $159.7 million recorded to depreciation and amortization expense .</li><li>Operating Income: Operating income increased by $159.4 million to $196.1 million, up from $36.7 million in the same period of 2024 .</li><li>Adjusted EBITDA: Adjusted EBITDA increased by 3.7% to $288.9 million from $278.5 million . Acquisition-adjusted EBITDA increased by 2.1% to $288.9 million from $282.8 million .</li><li>Outdoor Operating Income: Outdoor operating income increased by 3.8% to $315.274 million from $303.689 million . Acquisition-adjusted outdoor operating income increased by 2.4% to $315.274 million from $307.976 million .</li><li>Cash Flow from Operating Activities: Cash flow provided by operating activities decreased by $8.2 million to $271.2 million from $279.3 million .</li><li>Free Cash Flow: Free cash flow was $187.1 million, a 4.3% decrease from $195.6 million .</li><li>Funds From Operations (FFO): FFO was $226.5 million, a 0.1% decrease from $226.7 million .</li><li>Adjusted Funds From Operations (AFFO): AFFO increased by 1.8% to $230.6 million from $226.5 million . Diluted AFFO per share increased by 1.4% to $2.24 from $2.21 .</li></ul><h4>Full Year 2025 Financial Performance (vs. Full Year 2024)</h4><ul><li>Net Revenues: Lamar Advertising Company reported net revenues of $2.27 billion, a 2.7% increase from $2.21 billion in the prior year . Acquisition-adjusted net revenue increased by 2.1% to $2.266 billion from $2.221 billion .</li><li>Net Income: Net income was $593.1 million, a 63.4% increase from $362.9 million in 2024 . This increase was primarily driven by a $68.6 million gain from the sale of Lamar’s equity interest in Vistar Media, Inc. in 2025, as well as the revision in asset retirement obligations in 2024 .</li><li>Operating Income: Operating income increased by $242.0 million to $774.1 million from $532.0 million in 2024 .</li><li>Adjusted EBITDA: Adjusted EBITDA increased by 2.4% to $1.06 billion from $1.03 billion . Acquisition-adjusted EBITDA increased by 1.4% to $1.058 billion from $1.043 billion .</li><li>Outdoor Operating Income: Outdoor operating income increased by 2.6% to $1.165 billion from $1.136 billion . Acquisition-adjusted outdoor operating income increased by 1.7% to $1.165 billion from $1.146 billion .</li><li>Cash Flow from Operating Activities: Cash flow provided by operating activities decreased by $9.6 million to $864.0 million from $873.6 million .</li><li>Free Cash Flow: Free cash flow was $696.6 million, a 5.3% decrease from $735.9 million .</li><li>Funds From Operations (FFO): FFO increased by 3.6% to $827.3 million from $798.4 million .</li><li>Adjusted Funds From Operations (AFFO): AFFO increased by 3.4% to $846.7 million from $819.0 million . Diluted AFFO per share increased by 3.4% to $8.26 from $7.99 .</li></ul><h4>Liquidity (as of December 31, 2025)</h4><ul><li>Lamar Advertising Company had total liquidity of $807.0 million . This included $742.2 million available for borrowing under its revolving senior credit facility and $64.8 million in cash and cash equivalents . There were no borrowings outstanding under the revolving credit facility, and $250.0 million was outstanding under the Accounts Receivable Securitization Program .</li></ul><h4>Capital Expenditures</h4><ul><li>For the fourth quarter of 2025, total capital expenditures were $62.862 million, up from $43.014 million in Q4 2024 . For the full year 2025, total capital expenditures were $180.800 million, compared to $125.284 million in 2024 . Capital expenditures for the full year 2025 included $34.967 million for traditional billboards, $90.937 million for digital billboards, $18.887 million for logo, $2.136 million for transit, $12.392 million for land and buildings, and $21.481 million for operating equipment .</li></ul><h4>Outlook / Guidance for Fiscal Year 2026</h4>Lamar Advertising Company anticipates diluted AFFO per share for fiscal year 2026 to be between $8.50 and $8.70 . The company expects net income per diluted share for fiscal year 2026 to range from $5.72 to $5.83 . Management noted encouraging sales momentum continued into 2026, with promising pacings for the balance of the year .

Lamar Advertising | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 595.93 M