Lamar Advertising Company (NASDAQ:LAMR) reported first-quarter results on Thursday that exceeded Wall Street expectations, supported by healthy demand from both local and national advertisers.
The company posted adjusted earnings of $1.00 per share, surpassing the analyst consensus estimate of $0.90 by $0.10.
Shares gained 1.33% in premarket trading following the earnings release.
Revenue and EBITDA continue to grow
Quarterly revenue reached $528.0 million, ahead of analyst estimates of $525.0 million and up 4.5% from $505.4 million in the same quarter last year.
Adjusted EBITDA increased 7.7% year-over-year to $226.3 million, compared with $210.2 million in the first quarter of 2025.
CEO Sean Reilly said demand trends remained strong across the company’s customer base.
“our first-quarter results surpassed our internal forecasts, and our pacings have us trending at the top end of our previously provided guidance for full-year AFFO per diluted share.”
Net income declines due to prior-year one-time gain
Net income fell 26.9% to $101.8 million from $139.2 million in the year-earlier quarter.
The decline was largely attributed to a one-time gain of $67.7 million recorded in 2025 related to the sale of Lamar’s equity stake in Vistar Media, Inc.
Excluding that item, the company said operating performance improved across several key financial metrics.
AFFO and free cash flow improve
Adjusted funds from operations rose 8.0% to $177.5 million from $164.3 million a year earlier.
Diluted AFFO per share increased 7.5% to $1.72 from $1.60.
Free cash flow climbed 25.8% year-over-year to $152.4 million, compared with $121.1 million in the prior-year quarter.
On an acquisition-adjusted basis, net revenue increased 3.9%, while acquisition-adjusted EBITDA advanced 5.2%.
Liquidity position remains solid
As of March 31, 2026, Lamar Advertising reported total liquidity of $701.5 million.
That figure included $662.2 million available under the company’s revolving credit facility and $39.3 million in cash.
The company also said it subsequently reduced outstanding borrowings under its revolving credit facility by $40.0 million.
More about Lamar Advertising
Lamar Advertising is one of the largest outdoor advertising companies in North America. The company operates billboard, transit, and digital display advertising networks across the United States and Canada, serving local, regional, and national advertisers through a broad portfolio of outdoor media assets.