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Lamar Advertising (LAMR - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Lamar is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Lamar imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for LamarThis outdoor and transit advertising company is expected to earn $8.93 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Lamar. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.2%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Lamar to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

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.

Key Takeaways Lamar acquired more than 230 AdSource billboard faces across Louisiana, including 30 digital displays.AdSource owners received Lamar LP units that track the value of Lamar's Class A common stock.Lamar's UPREIT structure enables tax-deferred acquisitions by issuing partnership units to billboard owners.
Lamar Advertising Company (LAMR - Free Report) has acquired the assets of AdSource Outdoor Advertising through the billboard industry’s second-ever UPREIT transaction. The acquisition, which closed on Aug. 12, had previously been disclosed during Lamar’s recent earnings call.

Through the acquisition, Lamar is adding more than 230 billboard faces across Louisiana to its portfolio. The newly acquired assets include 30 digital displays, further strengthening the company’s outdoor advertising presence in the state.

AdSource was launched in Lake Charles, LA, in 2003. Over the years, the company expanded its operations and built a broader network of billboard assets throughout Louisiana.

As part of the transaction, AdSource contributed its assets to Lamar Advertising Limited Partnership (“Lamar LP”), the operating partnership subsidiary that holds Lamar’s assets. In return, AdSource’s owners received common units of Lamar LP. These units are structured to track the value of Lamar’s Class A common stock. Holders receive cash distributions on each common unit equal to the per-share dividend paid on Lamar’s common stock. The units may also be converted into cash or shares of Lamar Class A common stock.

The transaction was made possible by Lamar’s UPREIT organization or Umbrella Partnership Real Estate Investment Trust. This allows the company to issue Lamar LP partnership units to billboard owners as part of acquisitions on a tax-deferred basis.

ConclusionThe AdSource acquisition is expected to benefit Lamar by expanding its billboard network in Louisiana. The UPREIT structure also provides a tax-efficient acquisition tool that could help Lamar pursue similar transactions, deepen its market presence and support long-term revenue growth.

In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 7.7% compared with the industry's growth of 2.9%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $11.00, which indicates year-over-year growth of 2.23%.

The Zacks Consensus Estimate for CUZ’s full-year FFO per share is pinned at $2.96, which suggests an increase of 4.23% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

Key Takeaways Lamar raised 2026 AFFO per share to $8.75-$8.90 after Q2 results topped internal expectations.LAMR's digital revenues jumped 15.4%, with programmatic revenue rising more than 50%.Lamar expects over $200 million of 2026 cash deployment while managing advertising and financing risks. Lamar Advertising Company (LAMR - Free Report) raised its 2026 adjusted funds from operations (AFFO) per-share outlook after second-quarter results exceeded internal expectations. The increase reflects firmer revenue growth, better cash generation and accelerating digital demand.

The investor question is whether that momentum can persist through the second half. Current bookings and July trends support the higher outlook, but advertising cyclicality and financing exposure keep the setup balanced.

Lamar Raises Its 2026 AFFO OutlookManagement now expects 2026 AFFO per share of $8.75-$8.90. The revision followed a quarter that came in ahead of Lamar’s internal forecasts and showed broad demand across its advertising platform.

July revenues rose 6%, while booking trends for the balance of 2026 remained strong. That visibility supports the guidance increase, although second-half demand is not fully locked in.

Image Source: Zacks Investment Research

LAMR’s Q2 Results Show Operating LeverageSecond-quarter net revenues increased 6.5% year over year to $616.7 million. Adjusted EBITDA rose faster, climbing 9% to $303.4 million, which indicates that higher revenues translated into stronger operating profitability.

Cash generation improved as well. Operating cash flow advanced 10% to $252.4 million, while free cash flow rose 9.9% to $218.7 million.

Lamar’s Digital Business Drives the Mix ShiftDigital revenues increased 15.4% year over year and represented about one-third of billboard revenues. Same-board digital revenues rose 6.5%, while programmatic revenues increased more than 50% and accounted for roughly 10% of digital billboard revenues.

The broader out-of-home market is also leaning into digital formats. OUTFRONT Media Inc. (OUT - Free Report) reported 10% first-quarter 2026 revenue growth, while Clear Channel Outdoor Holdings, Inc. (CCO - Free Report) said second-quarter digital revenue increased 7.2% in its America segment and 15.6% in Airports.

LAMR Has Capacity to Fund More GrowthLamar ended the quarter with $720.2 million of total liquidity. Total leverage was 2.9 times net debt to EBITDA, and management said investment capacity was well above $1 billion.

Through June 30, Lamar had deployed more than $100 million on nearly 30 billboard acquisitions and easements. Management expects full-year cash deployment to exceed $200 million while continuing digital conversions and other capital spending.

Lamar’s Guidance Still Faces Key RisksAdvertising demand remains sensitive to economic conditions and advertiser budgets. Management said second-half bookings were about 85-90% of goal, leaving some revenue dependent on shorter-lead-time spending.

Financing costs are another consideration. About $1.04 billion, or 29.3% of outstanding long-term debt, carried variable rates at June 30. A 200-basis-point increase in the weighted average rate on those borrowings would have raised first-half 2026 interest expense by about $9.5 million.

LAMR’s Scores Temper the Guidance OptimismThe higher AFFO outlook is supported by improving operating results, digital growth and ample liquidity, but the investment picture remains mixed because advertising demand can weaken and floating-rate debt still creates cost exposure.

LAMR currently carries a Zacks Rank #3 (Hold), along with a Momentum Score of B, Growth Score of C, Value Score of D and VGM Score of D. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Momentum Score points to relatively favorable recent momentum characteristics, while the Growth Score is more middle-of-the-road. The weaker Value and VGM Scores temper that signal, supporting a balanced view rather than a clear-cut bullish conclusion.

Key Takeaways Lamar posted 8.1% AFFO-per-share growth as Q2 revenues rose 6.5% to $616.7 million.Adjusted EBITDA climbed 9% to $303.4 million, while operating cash flow rose 10%.Lamar raised 2026 AFFO-per-share guidance to $8.75-$8.90 after strong Q2 performance. Lamar Advertising Company (LAMR - Free Report) posted second-quarter 2026 adjusted funds from operations (AFFO) per share of $2.40, up 8.1% year over year and above the Zacks Consensus Estimate of $2.30 by 4.3%. Net revenues of $616.7 million rose 6.5% and topped the consensus mark of $608 million by 1.4%.

Results reflected solid revenue growth and stronger profitability. With second-quarter performance exceeding its expectations and strong pacing for the balance of 2026, Lamar raised its full-year AFFO per-share guidance.

LAMR's Revenue Growth Supports Q2 PerformanceOn an acquisition-adjusted basis, revenues rose 6.1%, indicating that growth remained healthy after adjusting the prior-year period for acquisitions and divestitures.

Operating income advanced 5.2% year over year to $208 million from $197.7 million. Net income increased 6.2% to $164.6 million.

LAMR Delivers Stronger EBITDA GrowthAdjusted EBITDA climbed 9% to $303.4 million from $278.4 million in the year-ago period. Outdoor operating income increased 8.4% to $331.3 million, underscoring operating gains alongside the higher revenue base.

Reported direct advertising and general and administrative expenses rose 4.2% to $285.5 million. On an acquisition-adjusted basis, those expenses increased 5.3%. Corporate expenses were $27.9 million, up 3.1%, while acquisition-adjusted consolidated expenses increased 5.1% to $313.4 million.

LAMR's Cash Generation ImprovesCash flow provided by operating activities rose 10% to $252.4 million from $229.5 million. Free cash flow increased 9.9% to $218.7 million. Total capital expenditures were $42.7 million compared with $38.2 million a year ago, including $21.5 million directed toward digital billboards.

LAMR Maintains Ample LiquidityLamar ended the second quarter of 2026 with total liquidity of $720.2 million, comprising $68 million in cash and cash equivalents and $652.2 million available for borrowing under its revolving senior credit facility. The company had $90 million of borrowings outstanding under the revolving credit facility.

The accounts receivable securitization program had $250 million outstanding at quarter-end. As of June 30, 2026, total debt, net of deferred financing costs and including current maturities, was $3.51 billion compared with $3.42 billion at the end of 2025.

LAMR Raises Its 2026 AFFO OutlookManagement raised its 2026 AFFO per-share guidance to $8.75-$8.90. The Zacks Consensus Estimate for AFFO is presently pegged at $8.81 per share.

LAMR’s Zacks RankLamar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other REITsCousins Properties Inc. (CUZ - Free Report) reported second-quarter 2026 FFO of 75 cents per share, beating the Zacks Consensus Estimate of 74 cents. The metric rose 7.1% from the year-ago quarter.

Rental property revenues increased 11.8% year over year to $265.7 million and surpassed the consensus mark of $263.6 million. The results reflected strong leasing momentum, higher rental revenues and solid same-property net operating income (NOI) growth.

BXP, Inc. (BXP - Free Report) reported second-quarter 2026 FFO of $1.78 per share, beating the Zacks Consensus Estimate of $1.71. FFO rose 4.1% from the year-ago period.

Lease revenues increased 3.2% year over year to $831.68 million and surpassed the consensus mark of $812.49 million. Results reflected higher occupancy and same-property NOI growth, which supported the FFO beat.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Lamar Advertising Company (LAMR) Q2 2026 Earnings Call Transcript

Three Month Results

Net revenues were $616.7 millionNet income was $164.6 millionAdjusted EBITDA was $303.4 million Six Month Results

Net revenues were $1.14 billionNet income was $266.5 millionAdjusted EBITDA was $529.7 million
BATON ROUGE, La., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (the “Company” or “Lamar”) (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company’s operating results for the second quarter ended June 30, 2026.

“Our business is in a great place right now. As our results demonstrate, customers appreciate our ability to connect them with their audiences and to deliver messages that resonate,” Lamar chief executive Sean Reilly said. “With second-quarter results that exceeded our expectations and strong pacings for the balance of 2026, we are raising our guidance for full-year diluted AFFO per share to a range of $8.75 to $8.90.”

Second Quarter Highlights

Net revenues increased 6.5%Net income increased 6.2%Adjusted EBITDA increased 9.0%AFFO increased 10.1% Second Quarter Results

Lamar reported net revenues of $616.7 million for the second quarter of 2026 versus $579.3 million for the second quarter of 2025, a 6.5% increase. Operating income for the second quarter of 2026 increased $10.3 million to $208.0 million as compared to $197.7 million for the same period in 2025. Lamar recognized net income of $164.6 million for the second quarter of 2026 as compared to net income of $155.0 million for the same period in 2025, an increase of $9.6 million. Net income per diluted share was $1.58 and $1.52 for the three months ended June 30, 2026 and 2025, respectively.

Adjusted EBITDA for the second quarter of 2026 was $303.4 million versus $278.4 million for the second quarter of 2025, an increase of 9.0%.

Cash flow provided by operating activities was $252.4 million for the three months ended June 30, 2026 versus $229.5 million for the second quarter of 2025, an increase of $22.9 million. Free cash flow for the second quarter of 2026 was $218.7 million as compared to $199.1 million for the same period in 2025, a $19.6 million increase.

For the second quarter of 2026, funds from operations, or FFO, was $236.8 million versus $225.3 million for the same period in 2025, an increase of 5.1%. Adjusted funds from operations, or AFFO, for the second quarter of 2026 was $247.9 million compared to $225.3 million for the same period in 2025, an increase of 10.1%. Diluted AFFO per share increased 8.1% to $2.40 for the three months ended June 30, 2026 as compared to $2.22 for the same period in 2025.

Acquisition-Adjusted Three Months Results

Acquisition-adjusted net revenue for the second quarter of 2026 increased 6.1% over acquisition-adjusted net revenue for the second quarter of 2025. Acquisition-adjusted EBITDA for the second quarter of 2026 increased 7.3% as compared to acquisition-adjusted EBITDA for the second quarter of 2025. Acquisition-adjusted net revenue and acquisition-adjusted EBITDA include adjustments to the 2025 period for acquisitions and divestitures for the same time frame as actually owned in the 2026 period. See “Reconciliation of Reported Basis to Acquisition-Adjusted Results”, which provides reconciliations to GAAP for acquisition-adjusted measures.

Six Month Results

Lamar reported net revenues of $1.14 billion for the six months ended June 30, 2026 versus $1.08 billion for the six months ended June 30, 2025, a 5.5% increase. Operating income for the six months ended June 30, 2026 decreased $34.9 million to $354.0 million as compared to $388.9 million for the same period in 2025. Lamar recognized net income of $266.5 million for the six months ended June 30, 2026 as compared to net income of $294.2 million for the same period in 2025, a decrease of $27.8 million. The 9.4% decrease in net income for the six months ended June 30, 2026 as compared to 2025 was primarily related to the $67.8 million gain recorded for the sale of Lamar’s equity interest in Vistar Media, Inc. (“Vistar”) in 2025, offset by an additional gain of $8.0 million recorded in 2026 for the same sales transaction. Net income per diluted share was $2.58 and $2.87 for the six months ended June 30, 2026 and 2025, respectively.

Adjusted EBITDA for the six months ended June 30, 2026 was $529.7 million versus $488.6 million for the same period in 2025, an increase of 8.4%.

Cash flow provided by operating activities was $399.8 million for the six months ended June 30, 2026 as compared to $357.2 million for the same period in 2025, an increase of $42.6 million. Free cash flow for the six months ended June 30, 2026 was $371.1 million as compared to $320.2 million for the same period in 2025, a $50.9 million increase.

For the six months ended June 30, 2026, funds from operations, or FFO, was $404.6 million versus $381.5 million for the same period in 2025, an increase of 6.0%. Adjusted funds from operations, or AFFO, for the six months ended June 30, 2026 was $425.5 million compared to $389.6 million for the same period in 2025, an increase of 9.2%. Diluted AFFO per share increased 8.1% to $4.12 for the six months ended June 30, 2026 as compared to $3.81 for the same period in 2025.

Liquidity

As of June 30, 2026, Lamar had $720.2 million in total liquidity that consisted of $652.2 million available for borrowing under its revolving senior credit facility and $68.0 million in cash and cash equivalents. There was $90.0 million in borrowings outstanding under the Company’s revolving credit facility and $250.0 million outstanding under the Accounts Receivable Securitization Program as of the same date.

Revised Guidance

We are updating our 2026 guidance issued in February 2026. We now expect diluted earnings per share for fiscal year 2026 to be between $5.95 and $5.99, with diluted AFFO per share between $8.75 and $8.90. See “Supplemental Schedules Unaudited REIT Measures and Reconciliations to GAAP Measures” for reconciliation to GAAP.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding sales trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others: (1) our significant indebtedness; (2) the state of the economy and financial markets generally, and the effect of the broader economy on the demand for advertising, including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions, including war and armed conflicts; (3) the continued popularity of outdoor advertising as an advertising medium; (4) our need for and ability to obtain additional funding for operations, debt refinancing or acquisitions; (5) our ability to continue to qualify as a Real Estate Investment Trust (“REIT”) and maintain our status as a REIT; (6) the regulation of the outdoor advertising industry by federal, state and local governments; (7) the integration of companies and assets that we acquire and our ability to recognize cost savings or operating efficiencies as a result of these acquisitions; (8) changes in accounting principles, policies or guidelines; (9) changes in tax laws applicable to REITs or in the interpretation of those laws; (10) our ability to renew expiring contracts at favorable rates; (11) our ability to successfully implement our digital deployment strategy; and (12) the market for our Class A common stock. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Use of Non-GAAP Financial Measures

The Company has presented the following measures that are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”): adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), free cash flow, funds from operations (“FFO”), adjusted funds from operations (“AFFO”), diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense.  Our management reviews our performance by focusing on these key performance indicators not prepared in conformity with GAAP. We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for their most directly comparable GAAP financial measures.

Our Non-GAAP financial measures are determined as follows:

We define adjusted EBITDA as net income before income tax expense (benefit), interest expense (income), loss (gain) on extinguishment of debt and investments, equity in (earnings) loss of investee, stock-based compensation, depreciation and amortization, loss (gain) on disposition of assets and investments, transaction expenses and investments and capitalized contract fulfillment costs, net.Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues.Free cash flow is defined as adjusted EBITDA less interest, net of interest income and amortization of deferred financing costs, current taxes, preferred stock dividends and total capital expenditures.We use the National Association of Real Estate Investment Trusts definition of FFO, which is defined as net income before (gain) loss from the sale or disposal of real estate assets and investments, net of tax, and real estate related depreciation and amortization and including adjustments to eliminate unconsolidated affiliates and non-controlling interest.We define AFFO as FFO before (i) straight-line income and expense; (ii) capitalized contract fulfillment costs, net; (iii) stock-based compensation expense; (iv) non-cash portion of tax expense (benefit); (v) non-real estate related depreciation and amortization; (vi) amortization of deferred financing costs; (vii) loss on extinguishment of debt; (viii) transaction expenses; (ix) non-recurring infrequent or unusual losses (gains); (x) less maintenance capital expenditures; and (xi) an adjustment for unconsolidated affiliates and non-controlling interest.Diluted AFFO per share is defined as AFFO divided by adjusted weighted average diluted common shares/units outstanding.  Adjusted weighted average diluted common shares/units outstanding is calculated by adjusting the Company’s weighted average diluted common shares to add the weighted average outstanding units of Lamar Advertising Limited Partnership (“Lamar LP”), the Company’s operating partnership, that are held by limited partners of Lamar LP other than the Company’s wholly owned subsidiary, Lamar Media Corp.  Upon the satisfaction of certain conditions, these units of Lamar LP are redeemable for cash or, at the Company’s option, shares of the Company’s Class A common stock on a one-for-one basis.Outdoor operating income is defined as operating income before corporate expenses, stock-based compensation, capitalized contract fulfillment costs, net, transaction expenses, depreciation and amortization and loss (gain) on disposition of assets and investments.Acquisition-adjusted results adjusts our net revenue, direct and general and administrative expenses, outdoor operating income, corporate expense and EBITDA for the prior period by adding to, or subtracting from, the corresponding revenue or expense generated by the acquired or divested assets before our acquisition or divestiture of these assets for the same time frame that those assets were owned in the current period. In calculating acquisition-adjusted results, therefore, we include revenue and expenses generated by assets that we did not own in the prior period but acquired in the current period. We refer to the amount of pre-acquisition revenue and expense generated by or subtracted from the acquired assets during the prior period that corresponds with the current period in which we owned the assets (to the extent within the period to which this report relates) as “acquisition-adjusted results”.Acquisition-adjusted consolidated expense adjusts our total operating expense to remove the impact of stock-based compensation, depreciation and amortization, transaction expenses, capitalized contract fulfillment costs, net, and loss (gain) on disposition of assets and investments. The prior period is also adjusted to include the expense generated by the acquired or divested assets before our acquisition or divestiture of such assets for the same time frame that those assets were owned in the current period. Adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are not intended to replace other performance measures determined in accordance with GAAP. Free cash flow, FFO and AFFO do not represent cash flows from operating activities in accordance with GAAP and, therefore, these measures should not be considered indicative of cash flows from operating activities as a measure of liquidity or of funds available to fund our cash needs, including our ability to make cash distributions. Adjusted EBITDA, free cash flow, FFO, AFFO, diluted AFFO per share, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense are presented as we believe each is a useful indicator of our current operating performance. Specifically, we believe that these metrics are useful to an investor in evaluating our operating performance because (1) each is a key measure used by our management team for purposes of decision making and for evaluating our core operating results; (2) adjusted EBITDA is widely used in the industry to measure operating performance as it excludes the impact of depreciation and amortization, which may vary significantly among companies, depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved; (3) adjusted EBITDA, FFO, AFFO, diluted AFFO per share and acquisition-adjusted consolidated expense each provides investors with a meaningful measure for evaluating our period-over-period operating performance by eliminating items that are not operational in nature and reflect the impact on operations from trends in occupancy rates, operating costs, general and administrative expenses and interest costs; (4) acquisition-adjusted results is a supplement to enable investors to compare period-over-period results on a more consistent basis without the effects of acquisitions and divestitures, which reflects our core performance and organic growth (if any) during the period in which the assets were owned and managed by us; (5) free cash flow is an indicator of our ability to service debt and generate cash for acquisitions and other strategic investments; (6) outdoor operating income provides investors a measurement of our core results without the impact of fluctuations in stock-based compensation, depreciation and amortization and corporate expenses; and (7) each of our Non-GAAP measures provides investors with a measure for comparing our results of operations to those of other companies.

Our measurement of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense may not, however, be fully comparable to similarly titled measures used by other companies. Reconciliations of adjusted EBITDA, FFO, AFFO, diluted AFFO per share, free cash flow, outdoor operating income, acquisition-adjusted results and acquisition-adjusted consolidated expense to the most directly comparable GAAP measures have been included herein.

Conference Call Information

A conference call will be held to discuss the Company’s operating results on Thursday, August 6, 2026 at 8:00 a.m. central time.  Instructions for the conference call and Webcast are provided below:

Conference Call

All Callers:1-800-420-1271 or 1-785-424-1634Passcode:63104  Live Webcast:ir.lamar.com  Webcast Replay:ir.lamar.com Available through Thursday, August 13, 2026 at 11:59 p.m. Eastern Time  Company Contact:Buster Kantrow Director of Investor Relations (225) 926-1000 [email protected]
General Information

Founded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 360,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,700 displays.

LAMAR ADVERTISING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
     Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Net revenues$       616,749  $       579,311  $    1,144,753  $    1,084,741 Operating expenses (income):       Direct advertising expenses          194,652            187,156            378,242            366,778 General and administrative expenses            90,817              86,679            182,313            175,880 Corporate expenses            27,922              27,093              54,512              53,479 Stock-based compensation            14,066                 7,148              25,269              17,725 Capitalized contract fulfillment costs, net                (429)                 (380)                 (704)                      (5)Depreciation and amortization            84,446              78,110            166,385            155,931 Gain on disposition of assets and investments             (2,685)              (4,176)            (15,287)            (73,961)Total operating expense          408,789            381,630            790,730            695,827 Operating income          207,960            197,681            354,023            388,914 Other (income) expense:       Interest income                (528)                 (597)                 (899)              (1,089)Interest expense            41,105              40,700              81,644              79,032 Equity in loss (earnings) of investee                    —                    174                      —                  (206)             40,577              40,277              80,745              77,737 Income before income tax expense          167,383            157,404            273,278            311,177 Income tax expense               2,743                 2,388                 6,793              16,932 Net income          164,640            155,016            266,485            294,245 Net income attributable to non-controlling interest               3,891                    661                 4,449                 1,135 Net income attributable to controlling interest          160,749            154,355            262,036            293,110 Preferred stock dividends                    91                      91                    182                    182 Net income applicable to common stock$       160,658  $       154,264  $       261,854  $       292,928 Earnings per share:       Basic earnings per share$              1.58  $              1.52  $              2.58  $              2.88 Diluted earnings per share$              1.58  $              1.52  $              2.58  $              2.87 Weighted average common shares outstanding:       Basic 101,493,028   101,271,391   101,433,763   101,851,428 Diluted 101,592,453   101,653,373   101,525,836   102,233,863 OTHER DATA       Free Cash Flow Computation:       Adjusted EBITDA$       303,358  $       278,383  $       529,686  $       488,604 Interest, net           (38,883)            (38,570)            (77,358)            (74,887)Current tax expense             (2,960)              (2,439)              (5,232)            (25,251)Preferred stock dividends                  (91)                   (91)                 (182)                 (182)Total capital expenditures           (42,719)            (38,201)            (75,859)            (68,088)Free cash flow$       218,705  $       199,082  $       371,055  $       320,196  SUPPLEMENTAL SCHEDULES
SELECTED BALANCE SHEET AND CASH FLOW DATA
(IN THOUSANDS)
     June 30,
2026 December 31,
2025Selected Balance Sheet Data:   Cash and cash equivalents$         67,950  $         64,812 Working capital deficit$     (293,417) $     (334,320)Total assets$    6,991,597  $    6,931,954 Total debt, net of deferred financing costs (including current maturities)$    3,514,545  $    3,418,907 Total stockholders’ equity$       995,470  $    1,024,779   Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025  2026  2025Selected Cash Flow Data:       Cash flows provided by operating activities$       252,417 $       229,487 $       399,807 $       357,232Cash flows used in investing activities$         83,148 $         99,202 $       162,542 $         33,776Cash flows used in financing activities$       140,552 $       110,947 $       233,979 $       317,469 SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)
     Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Reconciliation of Cash Flows Provided By Operating Activities to Free Cash Flow:       Cash flows provided by operating activities$       252,417  $       229,487  $       399,807  $       357,232 Changes in operating assets and liabilities            12,142              10,346              52,785              34,513 Total capital expenditures           (42,719)            (38,201)            (75,859)            (68,088)Preferred stock dividends                  (91)                   (91)                 (182)                 (182)Capitalized contract fulfillment costs, net                (429)                 (380)                 (704)                      (5)Other             (2,615)              (2,079)              (4,792)              (3,274)Free cash flow$       218,705  $       199,082  $       371,055  $       320,196         Reconciliation of Net Income to Adjusted EBITDA:       Net income$       164,640  $       155,016  $       266,485  $       294,245 Interest income                (528)                 (597)                 (899)              (1,089)Interest expense            41,105              40,700              81,644              79,032 Equity in loss (earnings) of investee                    —                    174                      —                  (206)Income tax expense               2,743                 2,388                 6,793              16,932 Operating income          207,960            197,681            354,023            388,914 Stock-based compensation            14,066                 7,148              25,269              17,725 Capitalized contract fulfillment costs, net                (429)                 (380)                 (704)                      (5)Depreciation and amortization            84,446              78,110            166,385            155,931 Gain on disposition of assets and investments             (2,685)              (4,176)            (15,287)            (73,961)Adjusted EBITDA$       303,358  $       278,383  $       529,686  $       488,604         Capital expenditure detail by category:       Billboards - traditional$           9,015  $           8,887  $         14,943  $         14,933 Billboards - digital            21,537              22,242              34,668              38,318 Logo               4,953                 3,379                 9,394                 5,985 Transit                  730                    370                 1,232                    958 Land and buildings               2,293                 1,360                 3,419                 1,670 Operating equipment               4,191                 1,963              12,203                 6,224 Total capital expenditures$         42,719  $         38,201  $         75,859  $         68,088  SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)
     Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025  % Change  2026  2025  % ChangeReconciliation of Reported Basis to Acquisition-Adjusted Results(a):           Net revenue$     616,749 $     579,311  6.5% $1,144,753 $1,084,741  5.5%Acquisitions and divestitures                  —             1,731                      —             4,496   Acquisition-adjusted net revenue        616,749         581,042  6.1%      1,144,753      1,089,237  5.1%Reported direct advertising and G&A expenses        285,469         273,835  4.2%         560,555         542,658  3.3%Acquisitions and divestitures                  —           (2,679)                     —           (4,886)  Acquisition-adjusted direct advertising and G&A expenses        285,469         271,156  5.3%         560,555         537,772  4.2%Outdoor operating income        331,280         305,476  8.4%         584,198         542,083  7.8%Acquisition and divestitures                  —             4,410                      —             9,382   Acquisition-adjusted outdoor operating income        331,280         309,886  6.9%         584,198         551,465  5.9%Reported corporate expense          27,922           27,093  3.1%           54,512           53,479  1.9%Acquisitions and divestitures                  —                 (51)                     —               (100)  Acquisition-adjusted corporate expenses          27,922           27,042  3.3%           54,512           53,379  2.1%Adjusted EBITDA        303,358         278,383  9.0%         529,686         488,604  8.4%Acquisitions and divestitures                  —             4,461                      —             9,482   Acquisition-adjusted EBITDA$     303,358 $     282,844  7.3% $     529,686 $     498,086  6.3%      (a)Acquisition-adjusted net revenue, direct advertising and general and administrative expenses, outdoor operating income, corporate expenses and EBITDA include adjustments to 2025 for acquisitions and divestitures for the same time frame as actually owned in 2026.       
 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025  % Change  2026   2025  % ChangeReconciliation of Net Income to Outdoor Operating Income:           Net income$     164,640  $     155,016  6.2% $     266,485  $     294,245  (9.4) %Interest expense, net          40,577            40,103              80,745            77,943   Equity in loss (earnings) of investee                  —                  174                      —                (206)  Income tax expense            2,743              2,388                6,793            16,932   Operating income        207,960          197,681  5.2%         354,023          388,914  (9.0) %Corporate expenses          27,922            27,093              54,512            53,479   Stock-based compensation          14,066              7,148              25,269            17,725   Capitalized contract fulfillment costs, net              (429)               (380)                 (704)                   (5)  Depreciation and amortization          84,446            78,110            166,385          155,931   Gain on disposition of assets and investments          (2,685)           (4,176)           (15,287)         (73,961)  Outdoor operating income$     331,280  $     305,476  8.4% $     584,198  $     542,083  7.8% SUPPLEMENTAL SCHEDULES
UNAUDITED RECONCILIATIONS OF NON-GAAP MEASURES
(IN THOUSANDS)
 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025  % Change  2026   2025  % ChangeReconciliation of Total Operating Expenses to Acquisition-Adjusted Consolidated Expense:           Total operating expenses$     408,789  $     381,630  7.1% $     790,730  $     695,827  13.6%Gain on disposition of assets and investments            2,685              4,176              15,287            73,961   Depreciation and amortization        (84,446)         (78,110)         (166,385)       (155,931)  Capitalized contract fulfillment costs, net                429                  380                    704                      5   Stock-based compensation        (14,066)           (7,148)           (25,269)         (17,725)  Acquisitions and divestitures                  —            (2,730)                     —            (4,986)  Acquisition-adjusted consolidated expense$     313,391  $     298,198  5.1% $     615,067  $     591,151  4.0% SUPPLEMENTAL SCHEDULES
UNAUDITED REIT MEASURES
AND RECONCILIATIONS TO GAAP MEASURES
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
     Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Adjusted Funds from Operations:       Net income$       164,640  $       155,016  $       266,485  $       294,245 Depreciation and amortization related to real estate            78,655              74,015            155,728            147,651 Gain from sale or disposal of real estate assets and investments, net of tax             (2,649)              (4,145)            (13,210)            (60,742)Adjustments for unconsolidated affiliates and non-controlling interest             (3,891)                   456               (4,449)                   330 Funds from operations$       236,755  $       225,342  $       404,554  $       381,484 Straight-line expense               1,109                 1,372                 2,273                 2,381 Capitalized contract fulfillment costs, net                (429)                 (380)                 (704)                      (5)Stock-based compensation expense            14,066                 7,148              25,269              17,725 Non-cash portion of tax provision                (215)                   (95)                 (408)                 (339)Non-real estate related depreciation and amortization               5,791                 4,095              10,657                 8,280 Amortization of deferred financing costs               1,694                 1,533                 3,387                 3,056 Capitalized expenditures-maintenance           (14,714)            (13,277)            (24,011)            (22,662)Adjustments for unconsolidated affiliates and non-controlling interest               3,891                  (456)                4,449                  (330)Adjusted funds from operations$       247,948  $       225,282  $       425,466  $       389,590         Weighted average diluted common shares outstanding (1) 101,592,453   101,653,373   101,525,836   102,233,863 Adjusted weighted average diluted common shares/units outstanding(2) 103,213,969   101,653,373   103,144,015   102,233,863 Diluted AFFO per share$              2.40  $              2.22  $              4.12  $              3.81 
(1) Utilized to calculate earnings per share in accordance with GAAP.
(2) Utilized to calculate AFFO per share. Includes the weighted average outstanding units of Lamar LP (the Company’s operating partnership) that are held by limited partners of Lamar LP other than the Company’s wholly owned subsidiary, Lamar Media Corp. Upon the satisfaction of certain conditions, these units of Lamar LP are redeemable for cash or, at the Company’s option, shares of the Company’s Class A common stock on a one-for-one basis.

SUPPLEMENTAL SCHEDULES
UNAUDITED REIT MEASURES
AND RECONCILIATIONS TO GAAP MEASURES
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

Revised projected 2026 Adjusted Funds From Operations:    Year ended December 31, 2026 Low HighNet income$           604,380  $           609,380 Depreciation and amortization related to real estate               310,000                 310,000 Gain from sale or disposal of real estate assets and investments, net of tax               (18,760)                (18,760)Adjustments for unconsolidated affiliates and non-controlling interest               (10,000)                (10,000)Funds from operations$           885,620  $           890,620 Straight-line expense                   4,800                     4,800 Capitalized contract fulfillment costs, net                      750                        750 Stock-based compensation expense                 45,000                   55,000 Non-cash portion of tax provision                    (100)                     (100)Non-real estate related depreciation and amortization                 15,000                   15,000 Amortization of deferred financing costs                   6,900                     6,900 Capitalized expenditures-maintenance               (65,000)                (65,000)Adjustments for unconsolidated affiliates and non-controlling interest                 10,000                   10,000 Adjusted funds from operations$           902,970  $           917,970     Weighted average diluted common shares outstanding       101,650,000         101,650,000 Adjusted weighted average diluted common shares/units outstanding       103,185,000         103,185,000 Diluted earnings per share$                  5.95  $                  5.99 Diluted AFFO per share$                  8.75  $                  8.90 
The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of August 6, 2026. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding “forward-looking statements” included in the press release when considering this information.

Posted by Defense World Staff on Jul 26th, 2026

Dimensional Fund Advisors LP raised its position in shares of Lamar Advertising Company (NASDAQ:LAMR – Free Report) by 0.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,307,093 shares of the real estate investment trust’s stock after buying an additional 11,586 shares during the quarter. Dimensional Fund Advisors LP owned 1.29% of Lamar Advertising worth $165,549,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in LAMR. Sivia Capital Partners LLC acquired a new position in shares of Lamar Advertising in the 2nd quarter valued at about $510,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Lamar Advertising by 250.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 47,604 shares of the real estate investment trust’s stock worth $5,777,000 after purchasing an additional 34,002 shares during the period. Amundi grew its position in Lamar Advertising by 224.6% during the second quarter. Amundi now owns 2,048 shares of the real estate investment trust’s stock valued at $255,000 after purchasing an additional 1,417 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in Lamar Advertising during the second quarter valued at approximately $873,000. Finally, Cerity Partners LLC increased its stake in Lamar Advertising by 39.0% in the 2nd quarter. Cerity Partners LLC now owns 37,166 shares of the real estate investment trust’s stock valued at $4,510,000 after buying an additional 10,423 shares during the period. 93.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of brokerages have weighed in on LAMR. Wells Fargo & Company boosted their price target on Lamar Advertising from $136.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $153.00 price objective on shares of Lamar Advertising in a report on Wednesday. Morgan Stanley set a $145.00 price objective on Lamar Advertising in a report on Thursday, May 7th. TD Cowen raised their price objective on Lamar Advertising from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Citigroup lowered Lamar Advertising from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $145.00 to $160.00 in a report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Lamar Advertising has a consensus rating of “Hold” and an average price target of $154.67.

View Our Latest Stock Analysis on LAMR

Lamar Advertising Trading Up 1.1% Shares of Lamar Advertising stock opened at $159.46 on Friday. The company’s fifty day simple moving average is $154.55 and its 200-day simple moving average is $140.64. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 29.42 and a beta of 1.19. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 3.33. Lamar Advertising Company has a 1 year low of $113.66 and a 1 year high of $164.38.

Lamar Advertising (NASDAQ:LAMR – Get Free Report) last released its earnings results on Thursday, May 7th. The real estate investment trust reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.18. Lamar Advertising had a net margin of 24.01% and a return on equity of 55.53%. The business had revenue of $528.00 million during the quarter, compared to analysts’ expectations of $522.86 million. As a group, sell-side analysts expect that Lamar Advertising Company will post 8.41 EPS for the current year.

Lamar Advertising Announces Dividend The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $1.60 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $6.40 annualized dividend and a yield of 4.0%. Lamar Advertising’s payout ratio is currently 118.08%.

Lamar Advertising Profile (Free Report)

Lamar Advertising Company (NASDAQ: LAMR) is one of North America’s largest outdoor advertising firms, specializing in out-of-home media solutions. Since its founding in 1902, the company has grown through a combination of organic expansion and strategic acquisitions to offer a broad portfolio of advertising products. Its core business centers on billboard advertising, encompassing traditional static billboards and a rapidly expanding network of digital displays. These assets enable advertisers to reach consumers with high-impact messaging along highways, in urban centers, and at high-traffic intersections.

In addition to highway billboards, Lamar offers a variety of supplemental out-of-home formats, including transit advertising on buses and shelters, and logo signage at travel plazas and gas stations.

Recommended Stories Five stocks we like better than Lamar Advertising Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding LAMR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lamar Advertising Company (NASDAQ:LAMR – Free Report).

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July 06, 2026 16:15 ET  | Source: Lamar Advertising Company

BATON ROUGE, La., July 06, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) will release its second quarter ended June 30, 2026 earnings report before the market opens on Thursday, August 6, 2026. Lamar will host a conference call on Thursday, August 6, 2026 at 8:00 a.m. (Central time) to discuss the Company’s results and answer questions relating to company operations.

Instructions for dialing into Lamar’s conference call are provided below:

All Callers:1-800-420-1271 or 1-785-424-1634  Passcode:63104  Live Webcast:ir.lamar.com  Webcast Replay:ir.lamar.com   Available through Thursday, August 13, 2026 at 11:59 p.m. Eastern time  Company Contact:Buster Kantrow Director of Investor Relations (225) 926-1000 [email protected] 

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Lamar Advertising (LAMR - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Lamar Advertising currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if LAMR is a promising momentum pick, let's examine some Momentum Style elements to see if this outdoor and transit advertising company holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For LAMR, shares are up 4.31% over the past week while the Zacks REIT and Equity Trust - Other industry is up 3.44% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 3.93% compares favorably with the industry's 5.95% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Lamar Advertising have risen 21.99%, and are up 28.86% in the last year. In comparison, the S&P 500 has only moved 17.14% and 21.85%, respectively.

Investors should also take note of LAMR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now LAMR is averaging 655,874 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with LAMR.

Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost LAMR's consensus estimate, increasing from $8.23 to $8.41 in the past 60 days. Looking at the next fiscal year, 2 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that LAMR is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Lamar Advertising on your short list.

Warren Buffett stepped down as CEO of Berkshire Hathaway (NYSE: BRK-B | BRK-B Price Prediction) on December 31, 2025, after six decades leading the conglomerate he transformed from a struggling textile mill into a $1 trillion empire. The “Oracle of Omaha” left his successor, Greg Abel, with a very concentrated portfolio: more than 65% of Berkshire’s $381 billion portfolio is invested in just six stocks. Abel, who has served as vice chair overseeing non-insurance operations, officially took over as chief executive on January 1, 2026. At 95 years old, Buffett isn’t fully retiring—he will remain board chair and plans to continue coming to the Omaha headquarters as much as before. However, he has stated he will be “going quiet” and leaving all decision-making to Abel.

Given that the Berkshire Hathaway portfolio is the epitome of a “buy and hold” strategy, it makes sense for investors to review the stocks it holds and identify which are currently the highest yielding. One is a consumer staples giant that may eventually cut its dividend, but could be a contrarian home run if it doesn’t. Another is one of the world’s largest alcoholic beverage companies, and in an age when Gen Z has cut its alcohol intake in a big way, it could also be a contrarian winner this year.

Why do we cover Berkshire Hathaway stocks?

Few investors have the results and reputation that Buffett has garnered over the past 60 years. Though he has stepped away from the CEO chair, his impact and investment guidelines are likely to remain in place long after he is gone. While investing has evolved since Buffett took control of Berkshire Hathaway in 1965, buying good companies with products and services recognized worldwide and paying dividends will always remain a timeless approach and never go out of style.

Kraft Heinz Kraft Heinz (NYSE: KHC) is North America’s third-largest food and beverage company and fifth-largest globally. Even in difficult times, everybody needs to eat, and this company consistently benefits while paying a substantial 7.20% dividend. The company was formed via the merger of H.J. Heinz and Kraft Foods, and it manufactures and markets food and beverage products worldwide through its eight consumer-driven product platforms:

Taste Elevation Easy Ready Meals Hydration Meats Cheeses Substantial Snacking Desserts Coffee and other grocery products The company has two reportable segments defined by geographic region: North America and International Developed Markets. Its other segments, West and East Emerging Markets (WEEM) and Asia Emerging Markets (AEM), are combined and reported as Emerging Markets.

Kraft Heinz brands include:

Kraft Oscar Mayer Heinz Philadelphia Lunchables Velveeta Ore-Ida Capri Sun Maxwell House Kool-Aid Jell-O Golden Circle Wattie’s Plasmon ABC Master Quero Pudliszki The company manufactures its products from a wide variety of raw materials, and its products are sold through its sales organizations and independent brokers, agents, and distributors.

In February 2026, Kraft Heinz scrapped its planned corporate split. New CEO Steve Cahillane cited worsening conditions in the food industry, while emphasizing that the company’s challenges are “fixable and within our control.”  Rather than breaking up, the company is intensifying its turnaround efforts. It is committing $600 million to marketing, sales, and research and development to drive the strategy. The decision follows a 3.5% decline in net sales in 2025, with further declines expected in 2026. By canceling the split, Kraft Heinz is now fully focused on stabilizing and rebuilding the business. Abel indicated Berkshire Hathaway is no longer planning to sell its stake in Kraft Heinz.

The swift reversal is being viewed as a reflection of Abel’s more hands-on management approach, as he reportedly expressed dissatisfaction, prompting the company to change direction quickly. For now, Berkshire appears committed to holding its position, although the registered shares could still be sold if conditions shift. If they don’t, and the transition is successful, this could be a contrarian home run.

Lamar Advertising One of the strongest companies in a very competitive industry, shareholders will gladly accept a 4.59% dividend payout. Lamar Advertising (NASDAQ: LAMR) is an outdoor advertising company with over 363,000 displays across the United States and Canada.

The company offers advertisers a variety of billboard, interstate, transit, and airport advertising formats. It offers its customers a network of digital billboards in the United States with approximately 5,100 displays. Lamar Advertising operates three types of outdoor advertising displays:

Billboards Logo signs Transit advertising displays Under Billboards, it rents most of its advertising space on two types: bulletins and posters. In addition to traditional billboards, it rents space on digital billboards located on major traffic arteries and city streets. Under Logo signs, it rents advertising space on logo signs located near highway exits. The Transit advertising displays rent advertising space on the exteriors and interiors of public vehicles, in airport terminals, and on transit shelters and benches.

Diageo Diageo (NYSE: DEO) is a British multinational alcoholic beverage company headquartered in London. This company is one of the world’s largest producers of alcoholic beverages, it markets and sells alcoholic beverages worldwide, and it pays a solid dividend of 4.07%. While alcohol consumption has dropped among younger consumers, a pivot to the products they do enjoy could help this top company regain its footing.

Diageo offers:

Scotch whiskey, gin, vodka, rum, beer, and spirits Irish cream liqueurs Wine, raki, tequila, Canadian and American whiskey Cachaça and brandy, as well as adult beverages and ready-to-drink products The company’s premium brands include Johnnie Walker, Smirnoff, Captain Morgan, Baileys, Tanqueray, and Guinness. Its reserve brands include:

Johnnie Walker Blue Label Johnnie Walker Green Label Johnnie Walker Gold Label 18-year-old Johnnie Walker Gold Label Reserve Johnnie Walker Platinum Label 18-year-old John Walker & Sons Collection Johnnie Walker The Gold Route Johnnie Walker The Royal Route The Johnnie Walker super premium brands include The Singleton, Cardhu, Talisker, and Lagavulin.

Sirius XM The satellite radio was first added to the Berkshire Hathaway portfolio in 2016, and Buffett has continued to increase his stake over the past few years, which has proven to be genius. Sirius XM (NASDAQ: SIRI) is an audio entertainment company in North America that pays shareholders a dividend yield of 3.97%.

The company has a portfolio of audio businesses, including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions.

The Sirius XM segment offers a variety of content, including music, sports, entertainment, comedy, talk, news, traffic, and other channels, as well as podcasts and infotainment services, in the United States for a subscription-based fee. Sirius XM’s packages include live, curated, and specific exclusive and on-demand programming.

The Pandora and Off-platform segment operates a music, comedy, and podcast streaming discovery platform, offering a personalized experience for each listener, wherever and whenever they want to listen, across mobile devices, vehicle speakers, and connected devices.

Chevron Chevron (NYSE: CVX) is an American multinational energy company primarily focused on oil and gas, and it has been on fire as oil prices have skyrocketed. This integrated giant is a safer option for investors looking to position themselves in the energy sector, and it pays a substantial 3.70% dividend, which was raised by 5% earlier this year. Chevron operates integrated energy and chemicals businesses worldwide. Berkshire Hathaway bought a very well-timed 8 million additional shares in the fourth quarter and now owns 130,156,362 shares, which equals 6.5% of the float and 8.0% of the portfolio.

The company operates in two segments. The Upstream segment is involved in the following:

Exploration, development, production, and transportation of crude oil and natural gas Processing, liquefaction, transportation, and regasification associated with liquefied natural gas Transportation of crude oil through pipelines, and transportation, storage Marketing of natural gas, as well as operating a gas-to-liquids plant The Downstream segment engages in:

Refining crude oil into petroleum products Marketing crude oil, refined products, and lubricants Manufacturing and marketing renewable fuels Transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car Manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives It also involves cash management, debt financing, insurance operations, real estate, and technology businesses.

Lamar Advertising (LAMR) came out with quarterly funds from operations (FFO) of $1.72 per share, beating the Zacks Consensus Estimate of $1.57 per share. This compares to FFO of $1.6 per share a year ago.

Lamar Advertising remains a "Buy," supported by resilient business fundamentals and robust Q1 results, with shares at a 52-week high. Q1 revenue grew 4% to $528 million, AFFO rose 7.5% to $1.72, and digital billboards now comprise 30% of LAMR's business. A strong balance sheet (3x leverage) enables $1.3 billion in M&A capacity, supporting ongoing bolt-on acquisitions and potential buybacks.

Key Takeaways LAMR Q1 2026 AFFO per share hit $1.72, up 7.5% and 9.6% above consensus.Lamar net revenues rose 4.5% to $528M; national revenues 5.8% and programmatic nearly 25%.Lamar expanded EBITDA margin 130 bps to 42.9% and lifted free cash flow 25.8% to $152.4M. Lamar Advertising Company (LAMR - Free Report) posted first-quarter 2026 AFFO per share of $1.72, up 7.5% year over year and ahead of the Zacks Consensus Estimate of $1.57 by 9.6%. Quarterly net revenues of $528.0 million rose 4.5% from the prior-year period and topped the consensus mark of $525.9 million by 0.4%.

Reflecting upbeat sentiments, LAMR shares were up more than 7% during yesterday’s trading and also rose during the pre-market hours.

Results benefited from broad-based advertising demand, with management pointing to particular strength from national customers. Digital continued to play a meaningful role, accounting for almost 31% of billboard billing in the quarter.

LAMR's National Demand Fuels Top-Line BeatNet revenues increased 4.5% from the year-ago quarter, reflecting steady demand across Lamar’s formats and geographies. On an acquisition-adjusted basis, consolidated revenues advanced 3.9%, with growth across the company’s billboards, airports, transit and logos businesses.

Management highlighted a rebound on the national side. National revenues increased 5.8% versus the first quarter of 2025, with programmatic sales up nearly 25% to approximately $11 million. Excluding programmatic, national revenues still rose 4.1%. Local revenues grew 3%, extending a multiyear trend of expanding local and regional sales.

Lamar Expands Margins as EBITDA ClimbsAdjusted EBITDA increased 7.7% year over year to $226.3 million. The adjusted EBITDA margin expanded 130 basis points to 42.9%, supported by higher revenues and cost discipline. Acquisition-adjusted consolidated expenses increased 3% in the quarter, which management said came in better than expected.

Management also pointed to portfolio factors that aided margin performance, including the absence of a low-margin business exited last year and contributions from acquisitions that typically carry attractive incremental margins. Management indicated it expects to deliver full-year margin expansion versus 2025.

LAMR's Business Shows Cash GenerationThe quarter also produced stronger cash generation, with cash flow provided by operating activities rising to $147.4 million from $127.7 million a year ago. Free cash flow improved to $152.4 million, up 25.8% year over year. Total capital expenditures were $33.1 million, including $9.3 million of maintenance CapEx. For the full year, management expects total capex of approximately $186 million, with maintenance capex comprising $64 million.

Lamar Keeps Leverage Low With Ample LiquidityLamar exited the quarter with approximately $3.5 billion of total consolidated debt and a weighted average interest rate of 4.5%. The company’s weighted average debt maturity was 4.3 years, and management emphasized a well-laddered maturity schedule with no maturities until its accounts receivable securitization in October 2027 and no senior notes maturity until February 2028.

Total leverage ended the quarter at 3.0X net debt to EBITDA, with secured leverage at 0.7X. Liquidity totaled $701.5 million, consisting of $39.3 million of cash on hand and $662.2 million available under the revolver. Subsequent to quarter-end, the company repaid $40 million on the revolver and reported that the accounts receivable securitization was fully drawn at $250 million.

LAMR's Outlook Reaffirmed, Dividend Steady With UpsideIn its release, Lamar reaffirmed full-year diluted AFFO per share guidance of $8.50 to $8.70. Management noted that the first-quarter performance and forward bookings have the company pacing toward the top end, and potentially above, the previously provided range if trends continue. The Zacks Consensus Estimate presently stands at $8.62.

The dividend remained a key shareholder return lever. Lamar paid a cash dividend of $1.60 per share in the first quarter, and management said that it plans to recommend another $1.60 per share dividend for the second quarter, subject to board approval.

For the full year, the company continues to expect a regular dividend of at least $6.40 per share, with management signaling that improving performance could support an increase in the back half of 2026, depending on taxable income and board action.

LAMR’s Zacks RankLamar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other REITsOUTFRONT Media Inc. (OUT - Free Report) posted first-quarter 2026 adjusted funds from operations (AFFO) of 34 cents per share, beating the Zacks Consensus Estimate of 28 cents by 21.43%. Revenues rose 10% year over year to $429.6 million and topped expectations by 2.32%.

OUTFRONT Media’s results reflected stronger pricing and demand across the portfolio, with transit revenues rising strongly and billboard yield improving in double digits. Digital revenues also remained a meaningful contributor, with automated channels supporting revenue quality and mix of OUTFRONT Media.

Cousins Properties Incorporated (CUZ - Free Report) posted first-quarter 2026 FFO per share of $0.73, topping the Zacks Consensus Estimate of $0.71 by 2.8%. The metric slipped 1.4% year over year. Cousins Properties noted that the prior-year period benefited from a gain tied to the sale of a bankruptcy claim with SVB Financial Group.

Rental property revenues came in at $261.1 million, up 7.4% from the year-ago quarter and ahead of the consensus estimate of $253.7 million by 2.9%. Cash-basis same-property NOI of Cousins Properties increased 5.5%, reflecting healthier in-place performance.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Key Takeaways Lamar Advertising shares jumped 20.3% in three months, far outpacing the industry's 2.8% gain.LAMR growth is driven by acquisitions, digital expansion, and a diversified advertiser base.LAMR benefits from strong OOH ad trends, high entry barriers, and consistent dividend growth. Lamar Advertising (LAMR - Free Report) shares have risen 20.3% in the past three months compared with the industry’s growth of 2.8%.

Lamar holds a significant market share in the U.S. outdoor advertising business. Its diversified tenant base, opportunistic acquisitions and efforts to upgrade its portfolio are key growth drivers.

Analysts seem optimistic about this Zacks Rank #2 (Buy) company. The Zacks Consensus Estimate for its 2026 FFO per share has moved marginally northward over the past week to $8.63. It also suggests an increase of 4.5% from year over year.

Image Source: Zacks Investment Research

Factors Behind LAMR Stock Price Rise: Will This Continue?Lamar is among the largest owners and operators of outdoor advertising structures in the United States, with a broad nationwide presence. The company holds a leading position in logo signs and benefits from a well-diversified advertiser base across services, healthcare, restaurants, retail, automotive, insurance and gaming. A significant portion of Lamar’s revenue is generated from local and regional businesses, which further diversifies its tenant mix and helps reduce revenue volatility.

The company's increased focus on bolstering its digital capabilities augurs well for long-term growth. Particularly, the growing digital platform allows Lamar to tap into expanding programmatic advertising channels. The company has added a large number of digital screens through acquisitions and internal conversions over the past several years. In the first quarter of 2026, Lamar completed multiple acquisitions for a total cash purchase price of approximately $58.6 million. It offers customers one of the largest networks of digital billboards in the United States, with more than 5,600 displays as of the end of the first quarter of 2026.

Out of Home (OOH) advertising has been growing at a rapid pace and continues to increase its market share in comparison with other forms of media. Moreover, fragmentation across other advertising media and technological advancements in the OOH segment are aiding the shift to outdoor advertising. In the upcoming years, higher technology investments are expected to provide further support to OOH advertising. Therefore, the company’s expansion activities over the recent years bode well for long-term growth.

Lamar operates in an industry that is characterized by high barriers to entry due to permitting restrictions. Moreover, as there is a control on the permits, inventory, as well as an intrusion from other market players, both local and national, are restricted. Hence, this provides the company with a solid competitive edge.

Solid dividend payouts remain the biggest attraction for REIT investors, and Lamar has been committed to the same. In the last five years, the company has raised its dividend eight times. Its five-year annualized dividend growth rate is 12.97%, which is encouraging. Management expects to generate cash flows from operations during 2026 in excess of its cash needs for operations, capital expenditures and dividends. Such efforts raise investors’ optimism about the stock.

Key Risks for Lamar AdvertisingThe uncertain macroeconomic situation and competition from other outdoor advertisers and other forms of media are major concerns for Lamar. High debt burden acts as a deterrent for the company.

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Prologis Inc. (PLD - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $10.95. This implies year-over-year growth of 3.5%.

The Zacks Consensus Estimate for PLD’s 2026 FFO per share is pinned at $6.17. This calls for year-over-year growth of 6.2%.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

May 14, 2026 16:15 ET  | Source: Lamar Advertising Company

BATON ROUGE, La., May 14, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces that its board of directors has declared a quarterly cash dividend of $1.60 per share payable on June 30, 2026 to stockholders of record of Lamar’s Class A common stock and Class B common stock on June 16, 2026. Subject to the approval of its board of directors, Lamar expects aggregate quarterly distributions to stockholders in 2026, including the dividend payable on June 30, 2026, will total at least $6.40 per common share.

Forward-Looking Statements
This press release contains “forward-looking statements” concerning Lamar Advertising Company’s goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Actual results may differ materially from those indicated in our forward-looking statements as a result of various factors, including those factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K‎. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

About Lamar Advertising Company
Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 359,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,600 displays.

Company Contact:

Buster Kantrow
Director of Investor Relations
Lamar Advertising Company
(225) 926-1000
[email protected]

I focus on HALO investing: Heavy Assets, Low Obsolescence - owning irreplaceable physical assets with durable moats against technological disruption. Top recommendations include American Tower, Brookfield Infrastructure, Prologis, Rexford Industrial, Lineage, Americold, VICI Properties, and Lamar Advertising. AMT, COLD, and VICI currently offer attractive entry points based on discounted multiples, robust dividend yields, and resilient, monopoly-like asset bases.

Key Takeaways LAMR has rallied 19.2% YTD, topping the out-of-home advertising industry's 11.2% gain.Lamar's Q1 net revenues rose 4.5% to $528M; adjusted EBITDA grew 7.7% and AFFO/share hit $1.72.LAMR was 75% booked to its full-year revenue goal by May 1; it targets 2026 dividends of at least $6.40/share. Lamar Advertising (LAMR - Free Report) has been a notable gainer in out-of-home advertising this year, with LAMR stock rallying 19.2% year to date, outperforming the industry’s growth of 11.2%. The move reflects stronger investor confidence after a solid first-quarter performance, better booking trends and signs that national advertising demand is improving.

For a stock tied closely to ad spending, the price action suggests the market is paying more attention to Lamar’s cash flow profile. It is one of North America’s largest outdoor advertising companies, operating billboards, interstate logo signs, transit displays and airport advertising assets across the United States and Canada.

Its business sits in the out-of-home advertising industry, where digital displays, programmatic buying and high-traffic locations are becoming more important. A large local customer base gives it stability, while national brands add growth when broader ad budgets improve.

Image Source: Zacks Investment Research

Factors Behind LAMR Stock Price Rise: Will This Trend Continue?The biggest reason behind Lamar’s stock strength is that first-quarter results topped expectations. Net revenues rose 4.5% year over year to $528 million, while adjusted EBITDA increased 7.7% to $226.3 million. AFFO grew 8% to $177.5 million, and AFFO per share improved to $1.72 from $1.60 a year ago. These numbers showed Lamar is not just growing sales, but also turning that growth into stronger cash flow.

Demand trends also look encouraging. Management said local and regional sales grew for the 20th straight quarter, while national revenue rose 5.8% in the first quarter. Programmatic revenues were especially strong, rising nearly 25% to about $11 million. That matters because it shows Lamar’s digital inventory is becoming more useful to advertisers who want flexible buying options.

Margins are another reason investors have warmed up to the stock. Lamar’s adjusted EBITDA margin expanded about 130 basis points to 42.9%. Management expects at least a full percentage point of margin expansion for the full year, helped by revenue growth, acquisitions and portfolio improvements. If expenses stay controlled while revenue accelerates, earnings momentum should remain healthy.

The balance sheet and dividend story also support the bullish case. Lamar ended the quarter with about $701.5 million in liquidity and leverage near 3 times net debt-to-EBITDA. It expects to distribute at least $6.40 per share in regular dividends for 2026, and management suggested a dividend increase could be considered in the second half.

View on LAMR StockThe setup looks favorable. Lamar was 75% booked to its full-year revenue goal as of May 1, the strongest booking position since COVID, and management said the next three quarters are pacing well. Political advertising, the World Cup and national brand demand could provide support.

While ad spending can slow if the economy weakens, Lamar’s local strength, digital growth and disciplined balance sheet make the 19.2% YTD gain look supported by fundamentals. Hence, our outlook remains bullish.

Currently, LAMR carries a Zacks Rank #2 (Buy).

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are Prologis, Inc. (PLD - Free Report) and Stag Industrial (STAG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Prologis’ 2026 FFO per share suggests a 6.37% increase year over year.

The consensus mark for Stag Industrial’s 2026 FFO per share calls for 3.1% growth year over year.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.