Lamar Advertising Company Stock Earnings Reports

Lamar reported a strong start to 2026 with Q1 results beating internal expectations across revenue, adjusted EBITDA and AFFO. Consolidated acquisition-adjusted revenue rose 3.9% (national up 5.8%, programmatic up ~25%), same-board digital revenue increased 5% and digital represented ~31% of billboard billings. Adjusted EBITDA improved 5.2% on an acquisition-adjusted basis with margin expansion of ~130 bps to 42.9%. Diluted AFFO per share was $1.72, up 7.5% year-over-year. Airports (+15.5%) and logos (+6.3%) led segment performance; local/regional sales remain durable (82% of billboard revenue, growing for 20 consecutive quarters). M&A activity is active (19 deals YTD, ~$80M), easement monetization efforts are ramping, and capital deployment capacity remains >$1B while maintaining target leverage (~3x net debt/EBITDA). Balance sheet liquidity is strong (~$700M available), weighted average interest rate ~4.5%, no major note maturities until 2027–2028. Management affirmed full-year AFFO guidance of $8.50–$8.70 and recommended a Q2 dividend of $1.60 (maintaining at least $6.40 expected for the year), while noting potential to raise the dividend later in the year if momentum continues. Management indicated bookings are the strongest since COVID (75% of revenue goal booked as of May 1) and expects revenue growth and margin expansion to continue, with possible upward guidance revision at the August call.