$LAMR · LAMAR ADVERTISING CO/NEW
Lamar Advertising reported Q3 2026 results: net revenue of $624.5M (up 6.6% YoY), net income of $165.0M (up 14.5%), and diluted EPS of $1.59 versus $1.40 a year ago. Adjusted EBITDA rose 9.3% to $306.9M and AFFO rose 10.1% to $249.3M. Management raised full-year 2026 guidance to diluted EPS of $6.01–$6.04 and diluted AFFO per share of $8.87–$8.97, citing national customer demand, digital platform growth, and political spend.
- Net revenue rose 6.6% to $624.5M versus $585.5M in Q3 2025.
- Net income increased 14.5% to $165.0M; diluted EPS was $1.59 vs $1.40.
- Adjusted EBITDA grew 9.3% to $306.9M; AFFO grew 10.1% to $249.3M.
- Full-year 2026 diluted AFFO guidance raised to $8.87–$8.97.
- Free cash flow rose $30.9M to $220.1M for the quarter.
Markets closed — no regular-session reaction yet; extended-hours last trade $158.58, flat versus regular close.
Accelerating sales growth and a full-year AFFO guidance raise signal strengthening out-of-home advertising demand.
Out-of-home advertising demand is being lifted by national accounts, digital billboard expansion (5,900+ displays), and political ad spend.
Significant indebtedness and dependence on continued outdoor advertising demand; REIT qualification and digital deployment execution are key risks.