LAMAR ADVERTISING CO/NEW
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Notes to Condensed Consolidated Financial Statements
(1)Significant Accounting Policies
The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2024 Combined Form 10-K.
Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 14, 16, 17, and 18 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.
(2)Summarized Financial Information of Subsidiaries
Summarized financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries is presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following summarized financial information. The following summarized financial information should be read in conjunction with the accompanying consolidated financial statements and notes. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantors are each a consolidated subsidiary of Lamar Media, Lamar Media’s consolidated financial statements have been filed, and the guaranteed securities are debt securities with Lamar Media as the issuer. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.
Summarized Balance Sheet as of September 30, 2025
| LamarMedia Corp. | GuarantorSubsidiaries | Non-GuarantorSubsidiaries | Eliminations | Lamar MediaConsolidated | |
|---|---|---|---|---|---|
| Current assets | $12,808 | $50,437 | $343,842 | $— | $407,087 |
| Noncurrent assets | 4,453,449 | 6,642,644 | 220,658 | (4,917,278) | 6,399,473 |
| Current liabilities | 45,871 | 440,687 | 197,223 | — | 683,781 |
| Noncurrent liabilities | 3,393,154 | 1,852,597 | 409,971 | (573,261) | 5,082,461 |
| Non-controlling interest | — | 14,100 | (1,014) | — | 13,086 |
Summarized Balance Sheet as of December 31, 2024
| Lamar MediaCorp. | GuarantorSubsidiaries | Non-GuarantorSubsidiaries | Eliminations | Lamar MediaConsolidated | |
|---|---|---|---|---|---|
| Current assets | $38,950 | $52,617 | $333,201 | $— | $424,768 |
| Noncurrent assets | 4,302,475 | 6,368,402 | 297,831 | (4,823,669) | 6,145,039 |
| Current liabilities | 50,707 | 444,841 | 272,265 | — | 767,813 |
| Noncurrent liabilities | 3,249,628 | 1,738,404 | 384,695 | (612,672) | 4,760,055 |
| Non-controlling interest | — | 1,770 | (921) | — | 849 |
for the Three Months Ended September 30, 2025
| Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |
|---|---|---|---|---|---|
| Net revenues | $— | $576,915 | $8,743 | $(117) | $585,541 |
| Operating expenses (income) | — | 381,588 | 14,861 | (117) | 396,332 |
| Operating income (loss) | — | 195,327 | (6,118) | — | 189,209 |
| Net income (loss) | 141,878 | 190,163 | (8,350) | (179,491) | 144,200 |
| Net income (loss) attributable to controlling interest | 141,878 | 188,119 | (8,628) | (179,491) | 141,878 |
for the Three Months Ended September 30, 2024
| Lamar Media Corp. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Lamar Media Consolidated | |
|---|---|---|---|---|---|
| Net revenues | $— | $552,011 | $12,864 | $(740) | $564,135 |
| Operating expenses (income) | — | 365,892 | 12,316 | (740) | 377,468 |
| Operating income (loss) | — | 186,119 | 548 | — | 186,667 |
| Net income (loss) | 147,587 | 185,249 | 1,751 | (186,654) | 147,933 |
| Net income (loss) attributable to controlling interest | 147,587 | 185,000 | 1,654 | (186,654) | 147,587 |
for the Nine Months Ended September 30, 2025
| Lamar MediaCorp. | GuarantorSubsidiaries | Non-GuarantorSubsidiaries | Eliminations | Lamar MediaConsolidated | |
|---|---|---|---|---|---|
| Net revenues | $— | $1,638,106 | $32,719 | $(543) | $1,670,282 |
| Operating expenses (income) | — | 1,052,916 | 39,527 | (543) | 1,091,900 |
| Operating income (loss) | — | 585,190 | (6,808) | — | 578,382 |
| Net income (loss) | 435,247 | 564,355 | (15,920) | (544,978) | 438,704 |
| Net income (loss) attributable to controlling interest | 435,247 | 561,711 | (16,733) | (544,978) | 435,247 |
for the Nine Months Ended September 30, 2024
| Lamar MediaCorp. | GuarantorSubsidiaries | Non-GuarantorSubsidiaries | Eliminations | Lamar MediaConsolidated | |
|---|---|---|---|---|---|
| Net revenues | $— | $1,592,981 | $36,253 | $(1,698) | $1,627,536 |
| Operating expenses (income) | — | 1,096,444 | 36,977 | (1,698) | 1,131,723 |
| Operating income (loss) | — | 496,537 | (724) | — | 495,813 |
| Net income (loss) | 363,496 | 491,782 | (7,381) | (483,552) | 364,345 |
| Net income (loss) attributable to controlling interest | 363,496 | 491,201 | (7,649) | (483,552) | 363,496 |
(3) Segment Reporting
The following table presents our financial performance by segment:
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net revenues: | ||||
| Billboard | $524,769 | $502,587 | $1,481,983 | $1,444,116 |
| Other | 60,772 | 61,548 | 188,299 | 183,420 |
| Total net revenues | $585,541 | $564,135 | $1,670,282 | $1,627,536 |
| Advertising expenses: | ||||
| Billboard | $227,505 | $219,887 | $666,328 | $648,848 |
| Other | 50,228 | 48,941 | 154,063 | 146,693 |
| Total advertising expenses | $277,733 | $268,828 | $820,391 | $795,541 |
| Segmented adjusted EBITDA: | ||||
| Billboard adjusted EBITDA | $297,264 | $282,700 | $815,655 | $795,268 |
| Other adjusted EBITDA | 10,544 | 12,607 | 34,236 | 36,727 |
| Corporate expenses (1) | (26,913) | (24,037) | (80,133) | (76,930) |
| Adjusted EBITDA | $280,895 | $271,270 | $769,758 | $755,065 |
(1)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
Reconciliation of adjusted EBITDA to income before income tax expense:
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Adjusted EBITDA | $280,895 | $271,270 | $769,758 | $755,065 |
| Stock-based compensation expense | (7,580) | (12,097) | (25,305) | (37,713) |
| Capitalized contract fulfillment costs, net | 15 | 132 | 20 | 506 |
| Depreciation and amortization | (86,276) | (75,112) | (242,207) | (227,531) |
| Gain on disposition of assets and investments | 2,155 | 2,474 | 76,116 | 5,486 |
| Equity in (loss) earnings of investee | — | 2,642 | 206 | 2,087 |
| Interest expense, net | (40,431) | (42,275) | (118,374) | (130,060) |
| Loss on debt extinguishment | (2,012) | (270) | (2,012) | (270) |
| Income before income tax expense | $146,766 | $146,764 | $458,202 | $367,570 |
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