Lamar Advertising Past Earnings Performance
Past criteria checks 5/6
Lamar Advertising has been growing earnings at an average annual rate of 5.9%, while the Specialized REITs industry saw earnings growing at 9.7% annually. Revenues have been growing at an average rate of 5.7% per year. Lamar Advertising's return on equity is 56.8%, and it has net margins of 23.9%.
Key information
5.88%
Earnings growth rate
5.76%
EPS growth rate
| Specialized REITs Industry Growth | 18.00% |
| Revenue growth rate | 5.67% |
| Return on equity | 56.79% |
| Net Margin | 23.89% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • Aug 28
Lamar's Acquisition Prowess Outshines Realty Income
Summary Lamar Advertising demonstrates elite acquisition execution, using UPREIT structures to create value and drive consistent AFFO/share growth. LAMR leverages operational advantages and innovative deal structuring to achieve accretive transactions, evidenced by long-term performance and reduced leverage. Realty Income relies on standard spread investing, with large, often sloppy, M&A deals leading to slow AFFO/share growth and diminished premium multiples. I maintain a long position in LAMR, favoring its value-creating acquisitions over O's minimal value-add approach. Read the full article on Seeking Alpha
Narrative Update • Aug 08
LAMR: Broad-Based Ad Demand And Margin Strength Will Support A Fair Outlook
Lamar Advertising's analyst price target has been updated from $155.60 to $162.00 as analysts point to sustained best in class margins, an efficient lease portfolio, and recent price target increases up to $170. These factors suggest limited upside from current levels but support a higher fair value anchor.Narrative Update • Jun 24
LAMR: Broad-Based Ad Demand And Upbeat Management Tone Will Support A Fair View
Analysts have lifted their price target on Lamar Advertising to $170, up $20. They cite a strong first quarter, broad-based demand across local, national, digital, airport, and political segments, and a more upbeat management tone.Narrative Update • Jun 06
LAMR: Broad-Based Ad Recovery And AFFO Outlook Will Support A Fairly Valued View
The analyst fair value estimate for Lamar Advertising has increased from $139.80 to $155.60. This change is linked to recent price target raises and analyst commentary highlighting broad-based strength across local, national, digital, airport, and political advertising.Narrative Update • Apr 29
LAMR: Event Calendar And AFFO Outlook Will Support A Fairly Valued Near Term View
The analyst price target for Lamar Advertising has increased from $140 to $150, with analysts citing steady like-for-like revenue growth in 2025 and expectations for continued momentum into 2026, supported by a robust event calendar and projected AFFO of $8.50 to $8.70 per share. Analyst Commentary Analysts are reacting to the higher US$150 price target by focusing on how Lamar Advertising is executing on its revenue base and what that could mean for cash flow and valuation over the next couple of years.Narrative Update • Apr 12
LAMR: Event Calendar And AFFO Outlook Will Support A Balanced Near Term View
Analysts have raised their price target on Lamar Advertising to $150 from $140, reflecting their view that steady like-for-like revenue growth and expectations for 2026 AFFO in the $8.50 to $8.70 per share range support a slightly higher valuation framework. Analyst Commentary Bullish analysts see the higher US$150 price target as better aligned with Lamar Advertising's recent execution and the outlook for 2026, particularly given the consistency in like-for-like revenue and the visibility around AFFO per share.Narrative Update • Mar 29
LAMR: Event Calendar And AFFO Outlook Will Support A More Constructive View
Narrative Update on Lamar Advertising Analysts have raised their price target on Lamar Advertising to $150 from $140, pointing to steady 4% like for like revenue growth in 2025, as well as expectations for a supportive 2026 event calendar and AFFO in the $8.50 to $8.70 per share range. Analyst Commentary Analysts recently adjusted their view on Lamar Advertising, focusing on the company’s recent revenue trends and projected AFFO range for the upcoming period.Narrative Update • Mar 12
LAMR: Event Calendar And AFFO Outlook Will Shape A Balanced View
Analysts have raised their price target on Lamar Advertising to $150 from $140, citing steady like-for-like revenue growth and expectations for 2026 AFFO in the $8.50 to $8.70 per share range, supported by a busy event calendar. Analyst Commentary Bullish analysts see the higher US$150 price target as grounded in recent operating trends and the visibility they have into near term cash flow.Narrative Update • Feb 25
LAMR: Event Calendar And Special Dividends Will Shape A Balanced Outlook
Analysts have lifted their price target for Lamar Advertising by $5 to $150, citing steady like-for-like revenue trends, an updated fair value of $139.80, and expectations for AFFO in the $8.50 to $8.70 per share range, supported by a robust 2026 event calendar. Analyst Commentary Analysts are reacting to Lamar Advertising's updated outlook by fine tuning their expectations for both growth and valuation, with a close eye on how the company executes into 2026.Narrative Update • Feb 11
LAMR: Special Dividends And Stable Assumptions Will Support A Balanced Outlook
Analysts have maintained their price target for Lamar Advertising at $134.80, with only slight adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects a broadly consistent view of the stock's valuation drivers.Narrative Update • Jan 24
LAMR: Election And World Cup Tailwinds Will Support Resilient Yet Balanced Outlook
Analysts lifted their price target on Lamar Advertising to $128, up $6 from $122. They pointed to what they view as resilient out-of-home advertising trends and potential cyclical tailwinds from the 2026 midterm elections and FIFA World Cup.Narrative Update • Jan 10
LAMR: Political And World Cup Tailwinds Support Resilient Yet Balanced Sector Position
Analysts have raised their price target on Lamar Advertising to $128 from $122, citing what they view as a resilient out-of-home ad channel and potential cyclical support from upcoming political and sporting events. Analyst Commentary JPMorgan lifted its price target on Lamar Advertising to $128 and kept a Neutral rating, framing the move around the relative strength of the out of home ad market and the potential boost from upcoming macro events such as U.S. midterm elections and the FIFA World Cup.Narrative Update • Dec 25
LAMR: Political And World Cup Tailwinds Will Shape Resilient But Balanced Outlook
Lamar Advertising's analyst price target has inched higher by $1 to $128, as analysts point to the out of home channel's resilient momentum, a favorable 2026 sector backdrop, and expected cyclical tailwinds from political advertising and global sporting events. Analyst Commentary Recent commentary from JPMorgan highlights both supportive and cautionary factors for Lamar Advertising's valuation and growth outlook, shaping a nuanced risk reward profile at current levels.Narrative Update • Dec 11
LAMR: Event Tailwinds And Sector Resilience Will Shape Balanced Forward Outlook
Analysts have modestly raised their price target on Lamar Advertising to $128, reflecting confidence in the out of home advertising sector's resilience and the potential cyclical tailwinds from the 2026 midterm elections and FIFA World Cup. Analyst Commentary Analysts view the latest price target revision as a balanced reflection of Lamar Advertising's solid fundamentals and the evolving competitive landscape within out of home media.Narrative Update • Nov 27
LAMR: Event-Driven Tailwinds And Sector Resilience Will Shape Near-Term Performance
Analysts have raised their price target for Lamar Advertising from $122 to $128 per share. They cite the resilience of the out-of-home advertising sector and expectations for improved momentum leading up to major events such as the midterm elections and the FIFA World Cup.Narrative Update • Nov 13
LAMR: Sector Resilience And Upcoming Events Will Shape Outlook Amid Competitive Pressures
Analysts have modestly increased their price target for Lamar Advertising, raising it from $130.20 to $133.80 per share. They cite resilience in the out-of-home advertising sector and anticipated cyclical tailwinds supporting the company's outlook.Narrative Update • Sep 04
Digital Billboard Expansion Will Open Future Advertising Opportunities
Analysts have adopted a more cautious outlook for Lamar Advertising due to softer second-half growth expectations and potential Q2 EBITDA downside, resulting in the consensus price target holding steady at $130.20. Analyst Commentary Moderating forecasts due to a softer outlook for the back half of the year.Seeking Alpha • Feb 24
Lamar Advertising: Pullback Provides Opportunity (Rating Upgrade)
Summary Lamar Advertising Company shares have dipped due to disappointing guidance, but the pullback presents a buying opportunity given the company's strong fundamentals and attractive valuation. Despite a penny loss in Q4, Lamar's core business remains solid with a 4% revenue increase and robust EBITDA margins, driven by local advertising. The company's focus on digital billboard upgrades and potential M&A, supported by a strong balance sheet, positions it for future growth beyond the current 3-4% range. With a 6.7% AFFO yield and a 5% dividend yield, Lamar offers a compelling long-term return potential, justifying a "buy" rating on LAMR stock. Read the full article on Seeking AlphaSeeking Alpha • Dec 13
Lamar Advertising: Steady Performance But The Price Is Too High On The Billboard
Summary Lamar Advertising's Q3'24 results showed strong local and regional advertising, record political ad spending, and significant growth in programmatic sales, despite national advertiser weakness. The company’s balance sheet is robust with low leverage, ample liquidity, and a low cost of debt, positioning it well for future growth. Lamar's outlook is promising with raised 2024 AFFO guidance, plans for digital unit expansion, and potential growth from programmatic advertising and M&A activity. Despite steady growth and profitability, Lamar's current valuation seems fairly priced, leading to a 'hold' rating due to limited upside and expense growth concerns. Read the full article on Seeking AlphaSeeking Alpha • Oct 03
Lamar Advertising: Solid Fundamentals Are Increasingly In The Price (Rating Downgrade)
Summary Lamar shares have performed well, given solid business results and declining bond yields. LAMR's focus on local advertising and ongoing conversion to digital billboards are sources of strength, though Hurricane Helene may dampen results. Long-term yields may have bottomed, meaning this tailwind is already in the price, and with a 6% FFO yield, shares are not unattractive and also not particularly compelling. Read the full article on Seeking Alpha
New Narrative • Aug 22
Elevated Growth And Calculated Acquisitions Propel Media Giant Forward Amid Ad Challenges
Solid local and regional demand, alongside programmatic advertising in digital out-of-home media, promises sustained revenue growth.Seeking Alpha • Jul 15
Lamar Advertising: A Unique REIT With Margin Expansion And AFFO Growth Potential
Summary Lamar Advertising is one of the largest outdoor advertising companies in the U.S. and owns several billboards and large physical displays. Over the last decade, the company has shown consistent growth on both the top and bottom line, with revenue and EBITDA growing at CAGRs of 5.4% and 6.4%, respectively. The latest quarter missed expectations, but management appears to be optimistic about the outlook, given their upward revision of full-year AFFO guidance and plans for increased distributions to shareholders. While I'm bullish on the company's outlook, I don't find a compelling margin of safety at current prices, hence my 'hold' rating for now. Read the full article on Seeking AlphaSeeking Alpha • May 06
Lamar Advertising: A Solid Q1 With Dividend Hikes Likely To Come
Summary Lamar Advertising has generated moderate performance, gaining 13% in the past year and offering a secure 4% dividend. Q1 results showed revenue growth of 5.7% and adjusted funds from operations rose by 9.2%. The company's focus on local advertising and diverse customer base reduces risk, and the ongoing recovery in travel and increased commuting bode well for billboard advertising. Management communicated a dividend hike is likely, and I anticipate further guidance increases. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Lamar Advertising makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 2,326 | 556 | 510 | 0 |
| 31 Mar 26 | 2,289 | 549 | 498 | 0 |
| 31 Dec 25 | 2,266 | 587 | 495 | 0 |
| 30 Sep 25 | 2,253 | 433 | 493 | 0 |
| 30 Jun 25 | 2,234 | 439 | 491 | 0 |
| 31 Mar 25 | 2,220 | 422 | 492 | 0 |
| 31 Dec 24 | 2,212 | 362 | 490 | 0 |
| 30 Sep 24 | 2,188 | 512 | 481 | 0 |
| 30 Jun 24 | 2,164 | 504 | 464 | 0 |
| 31 Mar 24 | 2,141 | 498 | 462 | 0 |
| 31 Dec 23 | 2,115 | 495 | 451 | 0 |
| 30 Sep 23 | 2,094 | 412 | 456 | 0 |
| 30 Jun 23 | 2,079 | 419 | 463 | 0 |
| 31 Mar 23 | 2,056 | 422 | 462 | 0 |
| 31 Dec 22 | 2,036 | 438 | 453 | 0 |
| 30 Sep 22 | 1,996 | 495 | 457 | 0 |
| 30 Jun 22 | 1,945 | 456 | 457 | 0 |
| 31 Mar 22 | 1,872 | 442 | 435 | 0 |
| 31 Dec 21 | 1,791 | 388 | 421 | 0 |
| 30 Sep 21 | 1,722 | 373 | 389 | 0 |
| 30 Jun 21 | 1,631 | 329 | 361 | 0 |
| 31 Mar 21 | 1,533 | 241 | 349 | 0 |
| 31 Dec 20 | 1,569 | 243 | 359 | 0 |
| 30 Sep 20 | 1,603 | 237 | 375 | 0 |
| 30 Jun 20 | 1,675 | 274 | 394 | 0 |
| 31 Mar 20 | 1,776 | 361 | 407 | 0 |
| 31 Dec 19 | 1,754 | 372 | 403 | 0 |
| 30 Sep 19 | 1,719 | 365 | 394 | 0 |
| 30 Jun 19 | 1,680 | 359 | 385 | 0 |
| 31 Mar 19 | 1,651 | 341 | 377 | 0 |
| 31 Dec 18 | 1,627 | 305 | 372 | 0 |
| 30 Sep 18 | 1,598 | 296 | 359 | 0 |
| 30 Jun 18 | 1,579 | 299 | 348 | 0 |
| 31 Mar 18 | 1,556 | 291 | 341 | 0 |
| 31 Dec 17 | 1,541 | 317 | 339 | 0 |
| 30 Sep 17 | 1,530 | 311 | 345 | 0 |
| 30 Jun 17 | 1,518 | 299 | 348 | 0 |
| 31 Mar 17 | 1,508 | 289 | 352 | 0 |
| 31 Dec 16 | 1,500 | 298 | 346 | 0 |
| 30 Sep 16 | 1,470 | 294 | 339 | 0 |
| 30 Jun 16 | 1,433 | 295 | 328 | 0 |
| 31 Mar 16 | 1,389 | 273 | 322 | 0 |
| 31 Dec 15 | 1,353 | 262 | 314 | 0 |
| 30 Sep 15 | 1,334 | 394 | 310 | 0 |
Quality Earnings: LAMR has high quality earnings.
Growing Profit Margin: LAMR's current net profit margins (23.9%) are higher than last year (19.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: LAMR's earnings have grown by 5.9% per year over the past 5 years.
Accelerating Growth: LAMR's earnings growth over the past year (26.6%) exceeds its 5-year average (5.9% per year).
Earnings vs Industry: LAMR earnings growth over the past year (26.6%) exceeded the Specialized REITs industry 13.8%.
Return on Equity
High ROE: Whilst LAMR's Return on Equity (56.79%) is outstanding, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 23:20 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Lamar Advertising Company is covered by 24 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| George Hawkey | Barclays |
| Anthony DiClemente | Barclays |
| Christopher Li | BofA Global Research |