LAMAR ADVERTISING CO/NEW financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LAMAR ADVERTISING CO/NEW files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,500	1,541	1,627	1,754	1,569	1,787	2,032	2,111	2,207	2,266
Cost of revenue	526	541	562	590	558	577	667	697	728	747
Gross profit	975	1,000	1,065	1,164	1,011	1,211	1,365	1,414	1,479	1,519
General and administrative	269	276	289	318	288	327	351	345	361	369
Operating income	439	455	461	518	410	521	578	675	532	774
Interest expense	124	128	130	151	138	106	128	175	172	160
Interest income	0.01	0.01	0.53	0.76	0.8	0.76	1.29	2.12	2.32	2.58
Other non-operating income	-127	-128	-145	-150	-162	-124	-122	-169	-165	-160
Pre-tax income	312	327	316	368	248	397	456	507	367	614
Income tax	13.4	9.23	10.7	-4.22	4.66	9.26	17.5	9.78	4.53	21.3
Net income to minority interests						0	0	1.07	1.07	5.92
Net income	299	318	305	372	243	388	439	496	362	587
EBITDA	644	666	686	768	661	792	927	969	995	1,100
EPS, basic	3.07	3.24	3.09	3.71	2.41	3.83	4.32	4.86	3.54	5.78
EPS, diluted	3.05	3.23	3.08	3.71	2.41	3.83	4.31	4.85	3.52	5.77
Shares, basic (weighted)	97.1	97.9	98.8	100	101	101	102	102	102	102
Shares, diluted (weighted)	97.7	98.4	99.1	100	101	101	102	102	103	102
Dividend per share	3.02	3.32	3.65	3.84	2.50	4.00	5.00	5.00	5.65	6.45

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.5	115	21.5	26.2	122	99.8	52.6	44.6	49.5	64.8
Receivables	190	202	236	255	241	270	285	301	335	341
Other current assets	40	32.6	25.9	29.1	18.1	18.9	26.9	27.4	41	53.7
Total current assets	314	421	364	310	381	389	365	373	425	460
Property, plant and equipment	1,183	1,214	1,295	1,349	1,282	1,337	1,500	1,566	1,601	1,679
Lease right-of-use assets				1,321	1,222	1,225	1,272	1,315	1,355	1,504
Goodwill	1,726	1,740	1,919	1,912	1,912	1,936	2,035	2,035	2,035	2,111
Intangible assets	637	796	915	992	914	1,045	1,207	1,171	1,063	1,114
Other non-current assets	38.4	42.9	51.1	56.6	60.6	98.4	83.4	90.6	99.2	58.6
Total assets	3,899	4,214	4,545	5,941	5,791	6,047	6,475	6,564	6,587	6,932
Accounts payable	17.7	18	21.2	15	12	16.4	19.6	18.2	21.6	16.5
Accrued liabilities	134	198	122	107	105	135	118	107	134	139
Deferred revenue	91.3	92.7	107	127	111	137	132	127	154	155
Short-term debt	33.9	17.7	204	227	122	175	250	250	250	250
Total current liabilities	277	326	455	673	548	663	726	714	778	794
Long-term debt	2,315	2,539	2,685	2,754	2,764	2,839	3,063	3,091	2,961	3,169
Lease liabilities				1,068	994	995	1,036	1,075	1,114	1,254
Other non-current liabilities	25.6	29.9	29.5	34.4	36.6	40.2	39.1	41.9	48.6	52.6
Total liabilities	2,829	3,111	3,413	4,761	4,589	4,830	5,280	5,347	5,539	5,907
Total debt	2,349	2,557	2,889	2,980	2,887	3,014	3,313	3,341	3,211	3,419
Paid-in capital	1,713	1,762	1,852	1,922	1,964	2,001	2,062	2,103	2,159	2,351
Retained earnings	-631	-639	-695	-708	-717	-734	-804	-819	-1,037	-1,106
Treasury stock	-12.3	-21.3	-25.4	-34.3	-44.8	-50.9	-61.4	-67.3	-72.7	-231
Other comprehensive income	-0.62	1.3	0.01	0.69	0.93	0.86	-0.66	-0.43	-2.95	-2.8
Shareholders' equity	1,070	1,103	1,132	1,180	1,203	1,217	1,195
Minority interests							0	0.41	0.85	13.2
Total equity	1,070	1,103	1,132	1,180	1,203	1,217	1,195	1,217	1,048	1,025
Total liabilities and equity	3,899	4,214	4,545	5,941	5,791	6,047	6,475	6,564	6,587	6,932

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	299	318	305	372	243	388	439	497	363	593
Depreciation and amortization	205	211	225	250	251	271	349	293	463	326
Stock-based compensation	28.6	9.6	29.4	29.6	18.8	37.4	23.1	22.6	44.5	34
Deferred income tax	-0.34	0.8	1.54	-14.1	-0.8	1.57	3.21	2.38	-4.04	-7.62
Change in receivables	-22.7	-17.5	-33.3	-28.4	1.29	-24.7	-22.5	-28.7	-43	-15.5
Cash from operations	522	507	565	631	570	734	782	784	874	864
Capital expenditures	-108	-109	-118	-141	-62.3	-126	-167	-178	-125	-181
Acquisitions	-585	-297	-477	-226	-45.6	-312	-480	-139	-45.4	-191
Cash from investing	-681	-400	-584	-362	-96.9	-462	-619	-310	-165	-245
Debt issued	400			0	8.75	0	0	0	0	400
Debt repaid	-21.1	-17	-27.3	-34.5	-9.11	-0.38	-0.37	-0.38	-0.4	-600
Stock issued	23.1	26.7	62.7	44.3	11.1	19	18.9	15.7	21	17.7
Share buybacks	-6.2	-9	-4.11	-8.88	-10.5	-6.07	-10.5	-5.99	-5.34	-158
Dividends paid	-294	-244	-443	-385	-252	-405	-509	-511	-579	-656
Cash from financing	172	-28.6	-73.6	-264	-378	-295	-209	-482	-703	-604
Exchange rate effect	0.46	1.63
Net change in cash	13.2	79.9	-94	4.69	95.4	-21.8	-47.2	-8.01	4.86	15.4
Free cash flow	414	398	447	490	508	608	615	605	748	683
Interest paid	109	123	137	140	131	112	120	168	166	148
Income taxes paid	14.2	12.6	8.56	14.4	4.03	8.39	16.3	11.4	8.51	29.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $143.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.4%	Gross profit / revenue.
Operating margin	31.8%	Operating income / revenue.
EBITDA margin	46.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.8%	Pre-tax income / revenue.
Net margin	23.9%	Net income / revenue.
FCF margin	30.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	39.0%	Cash from operations / revenue.
Effective tax rate	1.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.0%	Net income / average total assets.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.1%	Capital expenditures / revenue.
D&A / revenue	14.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	45.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	62.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	63.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	19.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-8.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	20.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.63x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / assets	50.3%	Total debt / total assets.
Liabilities / assets	85.8%	Total liabilities / total assets.
Net debt	$3.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.53x	Operating income / interest expense.
Working capital	-$293.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	1.37x	Revenue / average property, plant and equipment.
Receivables turnover	6.16x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
FCF conversion	129.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.47	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.90	Revenue / diluted weighted shares.
FCF per share	$7.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.92	Cash from operations / diluted weighted shares.
Cash per share	$0.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	119.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	92.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.62B	Share price x shares outstanding.
Enterprise value	$18.07B	Market cap + total debt - cash - short-term investments.
P/E	26.3x	Market cap / net income. Only when net income is positive.
P/S	6.29x	Market cap / revenue.
P/FCF	20.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.1x	Market cap / cash from operations, when positive.
EV/Sales	7.77x	Enterprise value / revenue.
EV/EBIT	24.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	25.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.6%	Dividends paid over the period / market cap.
Shareholder yield	4.6%	(Dividends paid + share buybacks) / market cap.
PEG	2.57x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LAMAR ADVERTISING CO/NEW's revenue in fiscal 2025?

LAMAR ADVERTISING CO/NEW reported revenue of $2.27B for fiscal 2025, 2.7% higher than the year before.

Was LAMAR ADVERTISING CO/NEW profitable in fiscal 2025?

Yes. Net income was $587.2M, a net margin of 25.9%.

How much free cash flow did LAMAR ADVERTISING CO/NEW generate in fiscal 2025?

Cash from operations of $864.0M minus capital expenditures of $180.8M left free cash flow of $683.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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