Lamar Advertising (NASDAQ:LAMR) delivered mixed fourth-quarter results on Friday, narrowly missing profit expectations while exceeding revenue forecasts and highlighting strengthening sales momentum heading into 2026.
Shares slipped 0.41% in pre-market trading following the announcement.
For the quarter, the company reported earnings per share of $1.50, falling $0.07 short of the $1.57 consensus estimate. Revenue increased 2.8% year over year to $595.9 million, topping analyst expectations of $591.9 million. Net income reached $154.7 million, compared with a net loss in the same period a year earlier, while adjusted EBITDA rose 3.7% to $288.9 million.
For full-year 2025, revenue advanced 2.7% to $2.27 billion, with net income improving to $593.1 million. Adjusted EBITDA totaled $1.06 billion for the year, and diluted adjusted funds from operations (AFFO) per share climbed 3.4% to $8.26.
“We ended 2025 with encouraging sales momentum, with growth in both local and national in the fourth quarter, even with a tough political comp,” said CEO Sean Reilly. “That strength continued into 2026, and pacings for the balance of the year remain promising.”
Looking to 2026, Lamar projected earnings per share in the range of $5.72 to $5.83, below the current consensus estimate of $5.91. However, the company expects diluted AFFO per share of between $8.50 and $8.70, reflecting confidence in its cash flow outlook.
With a portfolio of more than 360,000 advertising displays across North America — including over 5,500 digital billboards — Lamar continues to expand its digital footprint while focusing on organic growth and disciplined capital deployment. Market participants will be watching closely to see whether the improving sales trends can offset the slightly softer earnings guidance for 2026.