Lamar Advertising (LAMR) financial statements
Lamar Advertising reported revenue of $2.3B in fiscal 2025, up 4.7% a year over 9 years.
Net income was $587M and the operating margin 34.2%, against 29.3% in 2016.
Free cash flow was $683M, and the company returned $158M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lamar Advertising's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.5B | $1.6B | $1.8B | $1.6B | $1.8B | $2.0B | $2.1B | $2.2B | $2.3B |
| Cost of revenue | $526M | $541M | $562M | $590M | $558M | $577M | $667M | $697M | $728M | $747M |
| Gross profit | $975M | $1.0B | $1.1B | $1.2B | $1.0B | $1.2B | $1.4B | $1.4B | $1.5B | $1.5B |
| Selling, general and admin | $269M | $276M | $289M | $318M | $288M | $327M | $351M | $345M | $361M | $369M |
| Operating income | $439M | $455M | $461M | $518M | $410M | $521M | $578M | $675M | $532M | $774M |
| Interest expense | $124M | $128M | $130M | $151M | $138M | $106M | $128M | $175M | $172M | $160M |
| Pre-tax income | $312M | $327M | $316M | $368M | $248M | $397M | $456M | $507M | $367M | $614M |
| Income tax | $13M | $9M | $11M | -$4M | $5M | $9M | $17M | $10M | $5M | $21M |
| Net income | $299M | $318M | $305M | $372M | $243M | $388M | $439M | $496M | $362M | $587M |
| EPS (diluted) | $3.05 | $3.23 | $3.08 | $3.71 | $2.41 | $3.83 | $4.31 | $4.85 | $3.52 | $5.77 |
| Diluted shares | 98M | 98M | 99M | 100M | 101M | 101M | 102M | 102M | 103M | 102M |
| Gross margin | 65.0% | 64.9% | 65.5% | 66.4% | 64.5% | 67.7% | 67.2% | 67.0% | 67.0% | 67.0% |
| Operating margin | 29.3% | 29.5% | 28.3% | 29.5% | 26.1% | 29.2% | 28.4% | 32.0% | 24.1% | 34.2% |
| Net margin | 19.9% | 20.6% | 18.8% | 21.2% | 15.5% | 21.7% | 21.6% | 23.5% | 16.4% | 25.9% |
Balance sheet
Fiscal years, from Lamar Advertising's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $36M | $115M | $21M | $26M | $122M | $100M | $53M | $45M | $49M | $65M |
| Receivables | $190M | $202M | $236M | $255M | $241M | $270M | $285M | $301M | $335M | $341M |
| Total current assets | $314M | $421M | $364M | $310M | $381M | $389M | $365M | $373M | $425M | $460M |
| Property, plant and equipment | $1.2B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.6B | $1.6B | $1.7B |
| Goodwill | $1.7B | $1.7B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.1B |
| Total assets | $3.9B | $4.2B | $4.5B | $5.9B | $5.8B | $6.0B | $6.5B | $6.6B | $6.6B | $6.9B |
| Total current liabilities | $277M | $326M | $455M | $673M | $548M | $663M | $726M | $714M | $778M | $794M |
| Long-term debt | $2.3B | $2.5B | $2.7B | $2.8B | $2.8B | $2.8B | $3.1B | $3.1B | $3.0B | $3.2B |
| Total liabilities | $2.8B | $3.1B | $3.4B | $4.8B | $4.6B | $4.8B | $5.3B | $5.3B | $5.5B | $5.9B |
| Shareholders' equity | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.0B | $1.0B |
| Net debt | $2.3B | $2.4B | $2.9B | $3.0B | $2.8B | $2.9B | $3.3B | $3.3B | $3.2B | $3.4B |
Cash flow
Fiscal years, from Lamar Advertising's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $522M | $507M | $565M | $631M | $570M | $734M | $782M | $784M | $874M | $864M |
| Capital spending | $108M | $109M | $118M | $141M | $62M | $126M | $167M | $178M | $125M | $181M |
| Free cash flow | $414M | $398M | $447M | $490M | $508M | $608M | $615M | $605M | $748M | $683M |
| Stock-based compensation | $29M | $10M | $29M | $30M | $19M | $37M | $23M | $23M | $45M | $34M |
| Share buybacks (net) | -$6M | -$9M | -$4M | -$9M | -$10M | -$6M | -$11M | -$6M | -$5M | -$158M |
| Net borrowing | $379M | -$17M | -$27M | -$34M | -$362,000 | -$378,000 | -$365,000 | -$381,000 | -$400,000 | $400M |
| Free cash flow margin | 27.6% | 25.8% | 27.5% | 27.9% | 32.4% | 34.0% | 30.2% | 28.7% | 33.9% | 30.1% |
Questions
What was Lamar Advertising's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lamar Advertising generate?
$683M in fiscal 2025 (operating cash flow minus capital spending).
From Lamar Advertising's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.