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Lamar Advertising logo

Lamar Advertising Business Segments

Business, geographic, and product segment breakdowns

Lamar Advertising generates $2.3B in annual revenue across 1 key segments: Reportable Segment ($34.6M). The company-wide operating margin is 31.85%. Based on the Q1 2026 filing.

Reportable Segment (TTM)$34.6M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$15.5B
P/E Ratio28.15
ROE54.61%

Products & Services

Direct advertising expenses (exclusive of depreciation and amortization)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising$2.6M$2.6M$2.5M$2.6M$2.7M$2.8M

Net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Billboard advertising—$444.9M$512.3M$524.8M—$468.6M
Transit advertising—$38.9M$43.7M$38.6M—$36.4M
Logo advertising—$21.6M$23.3M$22.2M—$23M

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Long-Lived Assets$14M$13.8M$14.4M$9.9M$9.7M$9.1M
Revenue from external customers$10M$8.4M$8.9M$5.2M$3.8M$3.4M

Business Segments

Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Billboard$290.3M$228M$290.4M$297.3M$301M$241.1M
Other$13.4M$8.6M$15.1M$10.5M$14.2M$11.8M

Net revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Billboard$512.1M$444.9M$512.3M$524.8M$531.9M$468.6M
Other$67.5M$60.5M$67M$60.8M$64.1M$59.4M

Total advertising expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Billboard$221.8M$216.9M$221.9M$227.5M$230.8M$227.5M
Other$54.1M$51.9M$51.9M$50.2M$49.8M$47.6M

Capitalized contract fulfillment costs, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment—-$375K$380K$15K$146K$275K

Compensation expense related to performance based compensation agreements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$6.8M$10.6M$7.1M$7.6M$8.7M$11.2M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$235.4M$77.8M$78.1M$86.3M$84.1M$81.9M

Equity in earnings of investee

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$3M$380K-$174K$0$0$0

Gain on disposition of assets and investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$571K$69.8M$4.2M$2.2M$0$12.6M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment$468K$153.9M$157.6M$146.8M$156.7M$106M

Net Interest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Reportable Segment-$39.3M-$37.8M-$40.1M-$40.4M-$39.5M-$40.2M