LAMAR ADVERTISING CO/NEW
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 5, 2026
LAMR$155.99-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001090425-26-000024
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001090425-26-000030
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 149 current paragraphs.
78 unchanged; 38 reworded; 33 added; 33 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Current report
Net revenues increased $98.9 million, or 5.9%, to $1.77 billion for the nine months ended September 30, 2026 from $1.67 billion for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $101.3 million and an increase in logo net revenues of $1.7 million, offset by a decrease in transit net revenues of $4.0 million over the same period in 2025.
Current report
For the nine months ended September 30, 2026, there was a $92.1 million increase in net revenues as compared to acquisition-adjusted net revenues for the nine months ended September 30, 2025, which represents an increase of 5.5%. See "Reconciliations" below. The $92.1 million increase in net revenues is primarily due to an increase of $78.5 million in billboard net revenues, an increase of $2.2 million in logo net revenues, and an increase in transit net revenues of $11.5 million over the same period in 2025.
Current report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $44.7 million, or 4.8%, to $970.9 million for the nine months ended September 30, 2026 from $926.2 million for the same period in 2025. The $44.7 million increase over the prior year is comprised of a $31.7 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $13.0 million increase in stock-based compensation.
Current report
Depreciation and amortization expense increased $24.8 million to $267.0 million for the nine months ended September 30, 2026 as compared to $242.2 million for the same period in 2025, primarily related to the disposal of previously capitalized software implementation costs, as well as acquisitions and capital expenditures completed in the last twelve months.
Current report
Because acquisitions occurring after December 31, 2024 have contributed to our net revenues results for the periods presented, we provide 2025 acquisition-adjusted net revenues, which adjusts our 2025 net revenues for the nine months ended September 30, 2025 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2026.
Current report
Reconciliations of 2025 reported net revenues to 2025 acquisition-adjusted net revenues for the nine months ended September 30, as well as a comparison of 2025 acquisition-adjusted net revenues to 2026 reported net revenues for the nine months ended September 30, are provided below:
Current report
Adjusted EBITDA for the nine months ended September 30, 2026 increased 8.7% to $836.5 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $79.4 million, offset by an increase in total general and administrative and corporate expenses of $12.2 million, excluding the impact of stock-based compensation expense.
Current report
Adjusted EBITDA for the nine months ended September 30, 2026 increased 8.7% to $836.5 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $60.3 million and an increase in other adjusted EBITDA of $7.4 million, offset by an increase in corporate expenses of $0.5 million, excluding the impact of stock-based compensation expense.
Current report
Net revenues increased $38.9 million or 6.6% to $624.5 million for the three months ended September 30, 2026 from $585.5 million for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $37.5 million, an increase in logo net revenues of $0.1 million, and an increase in transit net revenues of $1.3 million over the same period in 2025.
Current report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $18.9 million, or 6.1%, to $331.3 million for the three months ended September 30, 2026 from $312.3 million for the same period in 2025. The $18.9 million increase over the prior year is comprised of a $13.4 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $5.5 million increase in stock-based compensation.
Current report
Depreciation and amortization expense increased $14.4 million to $100.6 million for the three months ended September 30, 2026 as compared to $86.3 million for the same period in 2025. The increase is primarily related to the disposal of previously capitalized software implementation costs, as well as acquisitions and capital expenditures completed in the last twelve months.
Current report
Interest expense was $41.2 million for both the three months ended September 30, 2026 and 2025.
Current report
Adjusted EBITDA for the three months ended September 30, 2026 increased 9.3% to $306.9 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $30.9 million offset by an increase in total general and administrative and corporate expenses of $4.8 million, excluding the impact of stock-based compensation expense.
Current report
Adjusted EBITDA for the three months ended September 30, 2026 increased 9.3% to $306.9 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $22.6 million, an increase in other adjusted EBITDA of $3.0 million and a decrease in corporate expenses of $0.5 million, excluding the impact of stock-based compensation expense.
Current report
For the three months ended September 30, 2026, FFO was $224.2 million as compared to $219.3 million for the same period in 2025, an increase of 2.2%. AFFO for the three months ended September 30, 2026 increased 10.1% to $249.3 million as compared to $226.5 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $30.9 million, offset by an increase in total general and administrative and corporate expenses of $4.8 million, excluding the impact of stock-based compensation expense.
Current report
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Current report
Net revenues increased $98.9 million, or 5.9%, to $1.77 billion for the nine months ended September 30, 2026 from $1.67 billion for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $101.3 million and an increase in logo net revenues of $1.7 million, offset by a decrease in transit net revenues of $4.0 million over the same period in 2025.
Current report
For the nine months ended September 30, 2026, there was a $92.1 million increase in net revenues as compared to acquisition-adjusted net revenues for the nine months ended September 30, 2025, which represents an increase of 5.5%. See "Reconciliations" below. The $92.1 million increase in net revenues is primarily due to an increase of $78.5 million in billboard net revenues, an increase of $2.2 million in logo net revenues, and an increase in transit net revenues of $11.5 million over the same period in 2025.
Current report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $44.7 million, or 4.8%, to $970.5 million for the nine months ended September 30, 2026 from $925.8 million for the same period in 2025. The $44.7 million increase over the prior year is comprised of a $31.7 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $13.0 million increase in stock-based compensation.
Current report
Depreciation and amortization expense increased $24.8 million to $267.0 million for the nine months ended September 30, 2026 as compared to $242.2 million for the same period in 2025, primarily related to the disposal of previously capitalized software implementation costs, as well as acquisitions and capital expenditures completed in the last twelve months.
Current report
Because acquisitions occurring after December 31, 2024 have contributed to our net revenues results for the periods presented, we provide 2025 acquisition-adjusted net revenues, which adjusts our 2025 net revenues for the nine months ended September 30, 2025 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the nine months ended September 30, 2026.
Current report
Reconciliations of 2025 reported net revenues to 2025 acquisition-adjusted net revenues for the nine months ended September 30, as well as a comparison of 2025 acquisition-adjusted net revenues to 2026 reported net revenues for the nine months ended September 30, are provided below:
Current report
Adjusted EBITDA for the nine months ended September 30, 2026 increased 8.7% to $837.0 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $79.4 million, offset by an increase in total general and administrative and corporate expenses of $12.2 million, excluding the impact of stock-based compensation expense.
Current report
Adjusted EBITDA for the nine months ended September 30, 2026 increased 8.7% to $837.0 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $60.3 million, and an increase in other adjusted EBITDA of $7.4 million, offset by an increase in corporate expenses of $0.5 million, excluding the impact of stock-based compensation expense.
Current report
Net revenues increased $38.9 million or 6.6% to $624.5 million for the three months ended September 30, 2026 from $585.5 million for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $37.5 million, an increase in logo net revenues of $0.1 million, and an increase in transit net revenues of $1.3 million over the same period in 2025.
Current report
For the three months ended September 30, 2026, there was a $36.6 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended September 30, 2025, which represents an increase of 6.2%. See "Reconciliations" below. The $36.6 million increase in net revenues is primarily due to an increase of $32.2 million in billboard net revenues, an increase of $0.3 million in logo net revenues, and an increase in transit net revenues of $4.1 million over the same period in 2025.
Current report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $18.9 million, or 6.1%, to $331.1 million for the three months ended September 30, 2026 from $312.2 million for the same period in 2025. The $18.9 million increase over the prior year is comprised of a $13.4 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $5.5 million increase in stock-based compensation.
Current report
Depreciation and amortization expense increased $14.4 million to $100.6 million for the three months ended September 30, 2026 as compared to $86.3 million for the same period in 2025. The increase is primarily related to the disposal of previously capitalized software implementation costs, as well as acquisitions and capital expenditures completed in the last twelve months.
Current report
Interest expense was $41.2 million for both the three months ended September 30, 2026 and 2025.
Current report
Adjusted EBITDA for the three months ended September 30, 2026 increased 9.3% to $307.0 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $30.9 million offset by an increase in total general and administrative and corporate expenses of $4.8 million, excluding the impact of stock-based compensation expense.
Current report
Adjusted EBITDA for the three months ended September 30, 2026 increased 9.3% to $307.0 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $22.6 million, an increase in other adjusted EBITDA of $3.0 million and a decrease in corporate expenses of $0.5 million, excluding the impact of stock-based compensation expense.
Current report
For the three months ended September 30, 2026, FFO was $224.3 million as compared to $219.5 million for the same period in 2025, an increase of 2.2%. AFFO for the three months ended September 30, 2026 increased 10.1% to $249.4 million as compared to $226.6 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $30.9 million, offset by an increase in total general and administrative and corporate expenses of $4.8 million, excluding the impact of stock-based compensation expense.
Removed paragraphs (33)
Previous report
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Previous report
Net revenues increased $60.0 million, or 5.5%, to $1.14 billion for the six months ended June 30, 2026 from $1.08 billion for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $63.7 million and an increase in logo net revenues of $1.6 million, offset by a decrease in transit net revenues of $5.3 million over the same period in 2025.
Previous report
For the six months ended June 30, 2026, there was a $55.5 million increase in net revenues as compared to acquisition-adjusted net revenues for the six months ended June 30, 2025, which represents an increase of 5.1%. See "Reconciliations" below. The $55.5 million increase in net revenues is primarily due to an increase of $46.3 million in billboard net revenues, an increase of $1.8 million in logo net revenues, and an increase in transit net revenues of $7.4 million over the same period in 2025.
Previous report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $25.8 million, or 4.2%, to $639.6 million for the six months ended June 30, 2026 from $613.9 million for the same period in 2025. The $25.8 million increase over the prior year is comprised of an $18.2 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $7.5 million increase in stock-based compensation.
Previous report
Depreciation and amortization expense increased $10.5 million to $166.4 million for the six months ended June 30, 2026 as compared to $155.9 million for the same period in 2025, primarily related to acquisitions and capital expenditures completed in the last twelve months.
Previous report
Because acquisitions occurring after December 31, 2024 have contributed to our net revenues results for the periods presented, we provide 2025 acquisition-adjusted net revenues, which adjusts our 2025 net revenues for the six months ended June 30, 2025 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the six months ended June 30, 2026.
Previous report
Reconciliations of 2025 reported net revenues to 2025 acquisition-adjusted net revenues for the six months ended June 30, as well as a comparison of 2025 acquisition-adjusted net revenues to 2026 reported net revenues for the six months ended June 30, are provided below:
Previous report
Adjusted EBITDA for the six months ended June 30, 2026 increased 8.4% to $529.7 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $49.9 million, offset by an increase in total general and administrative and corporate expenses of $7.5 million, excluding the impact of stock-based compensation expense.
Previous report
Adjusted EBITDA for the six months ended June 30, 2026 increased 8.4% to $529.7 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $37.7 million and an increase in other adjusted EBITDA of $4.4 million, offset by an increase in corporate expenses of $1.0 million, excluding the impact of stock-based compensation expense.
Previous report
Net revenues increased $37.4 million or 6.5% to $616.7 million for the three months ended June 30, 2026 from $579.3 million for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $40.0 million and an increase in logo net revenues of $0.2 million, offset by a decrease in transit net revenues of $2.8 million over the same period in 2025.
Previous report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $19.3 million, or 6.3%, to $327.0 million for the three months ended June 30, 2026 from $307.7 million for the same period in 2025. The $19.3 million increase over the prior year is comprised of a $12.4 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $6.9 million increase in stock-based compensation.
Previous report
Depreciation and amortization expense increased $6.3 million to $84.4 million for the three months ended June 30, 2026 as compared to $78.1 million for the same period in 2025, primarily related to acquisitions and capital expenditures completed in the last twelve months.
Previous report
Interest expense increased $0.4 million for the three months ended June 30, 2026 to $41.1 million as compared to $40.7 million for the three months ended June 30, 2025 primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Previous report
Adjusted EBITDA for the three months ended June 30, 2026 increased 9.0% to $303.4 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.9 million offset by an increase in total general and administrative and corporate expenses of $5.0 million, excluding the impact of stock-based compensation expense.
Previous report
Adjusted EBITDA for the three months ended June 30, 2026 increased 9.0% to $303.4 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $24.6 million, an increase in other adjusted EBITDA of $1.2 million and an increase in corporate expenses of $0.8 million, excluding the impact of stock-based compensation expense.
Previous report
For the three months ended June 30, 2026, FFO was $236.8 million as compared to $225.3 million for the same period in 2025 to $236.8 million, an increase of 5.1%. AFFO for the three months ended June 30, 2026 increased 10.1% to $247.9 million as compared to $225.3 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.9 million, offset by an increase in total general and administrative and corporate expenses of $5.0 million, excluding the impact of stock-based compensation expense, as well as a decrease of $0.2 million in equity in earnings of investee.
Previous report
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Previous report
Net revenues increased $60.0 million, or 5.5%, to $1.14 billion for the six months ended June 30, 2026 from $1.08 billion for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $63.7 million and an increase in logo net revenues of $1.6 million, offset by a decrease in transit net revenues of $5.3 million over the same period in 2025.
Previous report
For the six months ended June 30, 2026, there was a $55.5 million increase in net revenues as compared to acquisition-adjusted net revenues for the six months ended June 30, 2025, which represents an increase of 5.1%. See "Reconciliations" below. The $55.5 million increase in net revenues is primarily due to an increase of $46.3 million in billboard net revenues, an increase of $1.8 million in logo net revenues, and an increase in transit net revenues of $7.4 million over the same period in 2025.
Previous report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $25.8 million, or 4.2%, to $639.4 million for the six months ended June 30, 2026 from $613.6 million for the same period in 2025. The $25.8 million increase over the prior year is comprised of an $18.2 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $7.5 million increase in stock-based compensation.
Previous report
Depreciation and amortization expense increased $10.5 million to $166.4 million for the six months ended June 30, 2026 as compared to $155.9 million for the same period in 2025, primarily related to acquisitions and capital expenditures completed in the last twelve months.
Previous report
Because acquisitions occurring after December 31, 2024 have contributed to our net revenues results for the periods presented, we provide 2025 acquisition-adjusted net revenues, which adjusts our 2025 net revenues for the six months ended June 30, 2025 by adding to or subtracting from it the net revenues generated by the acquired or divested assets prior to our acquisition or divestiture of these assets for the same time frame that those assets were owned in the six months ended June 30, 2026.
Previous report
Reconciliations of 2025 reported net revenues to 2025 acquisition-adjusted net revenues for the six months ended June 30, as well as a comparison of 2025 acquisition-adjusted net revenues to 2026 reported net revenues for the six months ended June 30, are provided below:
Previous report
Adjusted EBITDA for the six months ended June 30, 2026 increased 8.4% to $530.0 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $49.9 million, offset by an increase in total general and administrative and corporate expenses of $7.4 million, excluding the impact of stock-based compensation expense.
Previous report
Adjusted EBITDA for the six months ended June 30, 2026 increased 8.4% to $530.0 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $37.7 million, and an increase in other adjusted EBITDA of $4.4 million, offset by an increase in corporate expenses of $1.0 million, excluding the impact of stock-based compensation expense.
Previous report
Net revenues increased $37.4 million or 6.5% to $616.7 million for the three months ended June 30, 2026 from $579.3 million for the same period in 2025. This increase was primarily attributable to an increase in billboard net revenues of $40.0 million and an increase in logo net revenues of $0.2 million, offset by a decrease in transit net revenues of $2.8 million over the same period in 2025.
Previous report
For the three months ended June 30, 2026, there was a $35.7 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended June 30, 2025, which represents an increase of 6.1%. See "Reconciliations" below. The $35.7 million increase in net revenues is primarily due to an increase of $31.1 million in billboard net revenues, an increase of $0.5 million in logo net revenues, and an increase in transit net revenues of $4.2 million over the same period in 2025.
Previous report
Total operating expenses, exclusive of depreciation and amortization and gain on disposition of assets and investments, increased $19.3 million, or 6.3%, to $326.9 million for the three months ended June 30, 2026 from $307.5 million for the same period in 2025. The $19.3 million increase over the prior year is comprised of a $12.4 million increase in total direct, general and administrative and corporate expenses (excluding stock-based compensation) primarily related to the operations of our outdoor advertising assets, as well as a $6.9 million increase in stock-based compensation.
Previous report
Depreciation and amortization expense increased $6.3 million to $84.4 million for the three months ended June 30, 2026 as compared to $78.1 million for the same period in 2025, primarily related to acquisitions and capital expenditures completed in the last twelve months.
Previous report
Interest expense increased $0.4 million for the three months ended June 30, 2026 to $41.1 million as compared to $40.7 million for the three months ended June 30, 2025 primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Previous report
Adjusted EBITDA for the three months ended June 30, 2026 increased 9.0% to $303.5 million. The increase in adjusted EBITDA was primarily attributable to an increase in our gross margin (net revenues less direct advertising expense, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.9 million offset by an increase in total general and administrative and corporate expenses of $5.0 million, excluding the impact of stock-based compensation expense.
Previous report
Adjusted EBITDA for the three months ended June 30, 2026 increased 9.0% to $303.5 million. The increase in adjusted EBITDA was primarily attributable to the increase in our billboard advertising adjusted EBITDA of $24.6 million, an increase in other adjusted EBITDA of $1.2 million and an increase in corporate expenses of $0.8 million, excluding the impact of stock-based compensation expense.
Previous report
For the three months ended June 30, 2026, FFO was $236.9 million as compared to $225.5 million for the same period in 2025, an increase of 5.1%. AFFO for the three months ended June 30, 2026 increased 10.1% to $248.1 million as compared to $225.4 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $29.9 million, offset by an increase in total general and administrative and corporate expenses of $5.0 million, excluding the impact of stock-based compensation expense, as well as a decrease of $0.2 million in equity in earnings of investee.
Reworded paragraphs (38)
Previous wording
The following is a discussion of the consolidated financial condition and results of operations of the Company for the three and six months ended June 30, 2026 and 2025. This discussion should be read in conjunction with the condensed consolidated financial statements of the Company and the related notes thereto.
Current wording
The following is a discussion of the consolidated financial condition and results of operations of the Company for the three and nine months ended September 30, 2026 and 2025. This discussion should be read in conjunction with the condensed consolidated financial statements of the Company and the related notes thereto.
Previous wording
During the six months ended June 30, 2026, the Company completed multiple acquisitions for a total cash purchase price of approximately $101.9 million. See Uses of Cash – Acquisitions for more information. The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the three and six months ended June 30, 2026 and 2025:
Current wording
During the nine months ended September 30, 2026, the Company completed multiple acquisitions for a total cash purchase price of approximately $187.2 million. See Uses of Cash – Acquisitions for more information. The Company’s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the three and nine months ended September 30, 2026 and 2025:
Previous wording
For the six months ended June 30, 2026, the Company recognized a gain on disposition of assets and investments of $15.3 million as compared to $74.0 million for the same period in 2025. The $58.7 million decrease is primarily related to the gain associated with the sale of Lamar's equity interest in Vistar Media, Inc. during the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, the Company recognized a gain on disposition of assets and investments of $32.2 million as compared to $76.1 million for the same period in 2025. The $44.0 million decrease is primarily related to the gain associated with the sale of Lamar's equity interest in Vistar Media, Inc. during the nine months ended September 30, 2025.
Previous wording
Due to the above factors, operating income decreased by $34.9 million to $354.0 million for the six months ended June 30, 2026 as compared to $388.9 million for the same period in 2025.
Current wording
Due to the above factors, operating income decreased by $14.5 million to $563.5 million for the nine months ended September 30, 2026 as compared to $578.0 million for the same period in 2025.
Previous wording
Interest expense increased $2.6 million for the six months ended June 30, 2026 to $81.6 million as compared to $79.0 million for the six months ended June 30, 2025. The increase was primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Current wording
Interest expense increased $2.6 million for the nine months ended September 30, 2026 to $122.8 million as compared to $120.2 million for the nine months ended September 30, 2025. The increase was primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Previous wording
The decrease in operating income, as well as the increase in interest expense, resulted in a $37.9 million decrease in income before income tax expense for the six months ended June 30, 2026 as compared to the same period in 2025. The effective tax rate for the six months ended June 30, 2026 was 2.5%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Current wording
The decrease in operating income, as well as the increase in interest expense, resulted in a $15.9 million decrease in income before income tax expense for the nine months ended September 30, 2026 as compared to the same period in 2025. The effective tax rate for the nine months ended September 30, 2026 was 2.4%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Previous wording
As a result of the above factors, the Company recognized net income for the six months ended June 30, 2026 of $266.5 million, as compared to net income of $294.2 million for the same period in 2025.
Current wording
As a result of the above factors, the Company recognized net income for the nine months ended September 30, 2026 of $431.5 million, as compared to net income of $438.3 million for the same period in 2025.
Previous wording
For the six months ended June 30, 2026, FFO was $404.6 million as compared to $381.5 million for the same period in 2025, an increase of 6.0%. AFFO for the six months ended June 30, 2026 increased 9.2% to $425.5 million as compared to $389.6 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $49.9 million, offset by an increase in interest expense of $2.6 million and an increase in total general and administrative and corporate expenses of $7.5 million for the six months ended June 30, 2026.
Current wording
For the nine months ended September 30, 2026, FFO was $628.8 million as compared to $600.8 million for the same period in 2025, an increase of 4.6%. AFFO for the nine months ended September 30, 2026 increased 9.5% to $674.8 million as compared to $616.1 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $79.4 million, offset by an increase in interest expense of $2.6 million and an increase in total general and administrative and corporate expenses of $12.2 million for the nine months ended September 30, 2026.
Previous wording
For the three months ended June 30, 2026, there was a $35.7 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended June 30, 2025, which represents an increase of 6.1%. See "Reconciliations" below. The $35.7 million increase in net revenues is primarily due to an increase of $31.1 million in billboard net revenues, an increase of $0.5 million in logo net revenues, and an increase of $4.2 million in transit net revenues over the same period in 2025.
Current wording
For the three months ended September 30, 2026, there was a $36.6 million increase in net revenues as compared to acquisition-adjusted net revenues for the three months ended September 30, 2025, which represents an increase of 6.2%. See "Reconciliations" below. The $36.6 million increase in net revenues is primarily due to an increase of $32.2 million in billboard net revenues, an increase of $0.3 million in logo net revenues, and an increase of $4.1 million in transit net revenues over the same period in 2025.
Previous wording
For the three months ended June 30, 2026, the Company recognized a gain on disposition of assets and investments of $2.7 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Current wording
For the three months ended September 30, 2026, the Company recognized a gain on disposition of assets and investments of $16.9 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Previous wording
Due to the above factors, operating income increased by $10.3 million to $208.0 million for the three months ended June 30, 2026 as compared to $197.7 million for the same period in 2025.
Current wording
Due to the above factors, operating income increased by $20.4 million to $209.4 million for the three months ended September 30, 2026 as compared to $189.1 million for the same period in 2025.
Previous wording
The increase in operating income, offset by the increase in interest expense, resulted in an increase in income before income tax expense of $10.0 million for the three months ended June 30, 2026 as compared to the same period in 2025. The effective tax rate for the three months ended June 30, 2026 was 1.6%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Current wording
The increase in operating income resulted in an increase in income before income tax expense of $22.0 million for the three months ended September 30, 2026 as compared to the same period in 2025. The effective tax rate for the three months ended September 30, 2026 was 2.2%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Previous wording
As a result of the above factors, the Company recognized net income for the three months ended June 30, 2026 of $164.6 million, as compared to net income of $155.0 million for the same period in 2025.
Current wording
As a result of the above factors, the Company recognized net income for the three months ended September 30, 2026 of $165.0 million, as compared to net income of $144.1 million for the same period in 2025.
Previous wording
Total Liquidity. As of June 30, 2026 we had $720.2 million of total liquidity, which is comprised of $68.0 million in cash and cash equivalents and $652.2 million of availability under the revolving portion of Lamar Media’s senior credit facility. We expect our total liquidity to be adequate for the Company to meet its operational requirements for the next twelve months. We are currently in compliance with the maintenance covenant included in the senior credit facility and we would remain in compliance after accounting for borrowing the full amount available to us under the revolving portion of the senior credit facility.
Current wording
Total Liquidity. As of September 30, 2026 we had $721.1 million of total liquidity, which is comprised of $54.1 million in cash and cash equivalents and $667.0 million of availability under the revolving portion of Lamar Media’s senior credit facility. We expect our total liquidity to be adequate for the Company to meet its operational requirements for the next twelve months. We are currently in compliance with the maintenance covenant included in the senior credit facility and we would remain in compliance after accounting for borrowing the full amount available to us under the revolving portion of the senior credit facility.
Previous wording
As of June 30, 2026 and December 31, 2025, the Company had a working capital deficit of $293.4 million and $334.3 million, respectively. The decrease in working capital deficit of $40.9 million is primarily due to an increase in our receivables balance as of June 30, 2026.
Current wording
As of September 30, 2026 and December 31, 2025, the Company had a working capital deficit of $324.7 million and $334.3 million, respectively. The decrease in working capital deficit of $9.6 million is primarily due to an increase in our receivables balance and a decrease in current operating lease liabilities, offset by an increase in deferred income as of September 30, 2026.
Previous wording
Cash Generated by Operations. For the six months ended June 30, 2026 and 2025, our cash provided by operating activities was $399.8 million and $357.2 million, respectively. We expect to generate cash flows from operations during 2026 in excess of our cash needs for operations, capital expenditures and dividends, as described herein. We believe we have sufficient liquidity available under our revolving credit facility to meet our operating cash needs for the next twelve months.
Current wording
Cash Generated by Operations. For the nine months ended September 30, 2026 and 2025, our cash provided by operating activities was $683.9 million and $592.9 million, respectively. We expect to generate cash flows from operations during 2026 in excess of our cash needs for operations, capital expenditures and dividends, as described herein. We believe we have sufficient liquidity available under our revolving credit facility to meet our operating cash needs for the next twelve months.
Previous wording
The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.
Current wording
The Accounts Receivable Securitization Program was set to mature on July 21, 2025, but was subsequently extended to October 15, 2027 by the Seventh Amendment to the Receivables Financing Agreement dated October 15, 2024 and was further extended after September 30, 2026. See Note 20, Subsequent Events, for further amendment information. Lamar Media may amend the facility to further extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.
Previous wording
“At-the-Market” Offering Program. On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering Agreement, (the "2024 Sales Agreement"), with J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2024 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400.0 million through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be conducted in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the 2024 Sales Agreement and may at any time suspend solicitations and offers under the 2024 Sales Agreement. The Company intends to use the net proceeds, if any, from the sale of the Class A common stock pursuant to the 2024 Sales Agreement for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness, working capital, capital expenditures, acquisition of outdoor advertising assets and businesses and other related investments. The Company did not issue any shares under the 2024 Sales Agreement or the prior sales agreement during the year ended December 31, 2025 and the six months ended June 30, 2026.
Current wording
“At-the-Market” Offering Program. On July 24, 2024, the Company entered into an equity distribution agreement, or At-the-Market Offering Agreement, (the "2024 Sales Agreement"), with J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2024 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400.0 million through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be conducted in negotiated transactions or transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the 2024 Sales Agreement and may at any time suspend solicitations and offers under the 2024 Sales Agreement. The Company intends to use the net proceeds, if any, from the sale of the Class A common stock pursuant to the 2024 Sales Agreement for general corporate purposes, which may include the repayment, refinancing, redemption or repurchase of existing indebtedness, working capital, capital expenditures, acquisition of outdoor advertising assets and businesses and other related investments. The Company did not issue any shares under the 2024 Sales Agreement or the prior sales agreement during the year ended December 31, 2025 and the nine months ended September 30, 2026.
Previous wording
As of June 30, 2026, the aggregate balance outstanding under the senior credit facility was $790.0 million, consisting of $700.0 million in Term B loans aggregate principal balance and $90.0 million in outstanding borrowings under our revolving credit facility. Lamar Media had approximately $652.2 million of unused capacity under the revolving credit facility.
Current wording
As of September 30, 2026, the aggregate balance outstanding under the senior credit facility was $775.0 million, consisting of $700.0 million in Term B loans aggregate principal balance and $75.0 million in outstanding borrowings under our revolving credit facility. Lamar Media had approximately $667.0 million of unused capacity under the revolving credit facility.
Previous wording
Capital Expenditures. Capital expenditures, excluding acquisitions, were approximately $75.9 million for the six months ended June 30, 2026. We anticipate our 2026 total capital expenditures will be approximately $186.0 million.
Current wording
Capital Expenditures. Capital expenditures, excluding acquisitions, were approximately $120.8 million for the nine months ended September 30, 2026. We anticipate our 2026 total capital expenditures will be approximately $186.0 million.
Previous wording
Acquisitions. During the six months ended June 30, 2026, the Company completed acquisitions for an aggregate cash purchase price of approximately $101.9 million, which were financed using available cash on hand and borrowings on the senior credit facility.
Current wording
Acquisitions. During the nine months ended September 30, 2026, the Company completed acquisitions for an aggregate cash purchase price of approximately $187.2 million, which were financed using available cash on hand and borrowings on the senior credit facility.
Previous wording
Dividends. On February 26, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on March 31, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on March 16, 2026. On May 14, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on June 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on June 16, 2026. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2026 will be at least $6.50 per share of common stock, including the dividends paid on March 31, 2026 and June 30, 2026.
Current wording
Dividends. On February 26, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on March 31, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on March 16, 2026. On May 14, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on June 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on June 16, 2026. On September 1, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.65 per common share of the Company, paid on September 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on September 21, 2026. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2026 will be at least $6.50 per share of common stock, including the dividends paid on March 31, 2026, June 30, 2026, and September 30, 2026.
Previous wording
Stock and Debt Repurchasing Program. Prior to May 15, 2025, the Company’s Board of Directors had authorized the repurchase of up to $250.0 million of the Company’s Class A common stock. Additionally, the Board of Directors has authorized Lamar Media to repurchase up to $250.0 million in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its senior credit agreement. On May 15, 2025, the Company's Board of Directors approved the increase of the amount authorized under the Stock Repurchase Program by $150.0 million, bringing the total amount authorized under the Program to $400.0 million. On February 26, 2026, the Board of Directors authorized the extension of the Stock Repurchase Program through September 30, 2027. The Company’s management may opt not to make any repurchases under the program, or may make aggregate purchases less than the total amount authorized. During the year ended December 31, 2025, the Company repurchased 1,388,091 shares of the Company's Class A common stock outstanding for a total purchase price of $150.0 million. There were no repurchases made during the six months ended June 30, 2026.
Current wording
Stock and Debt Repurchasing Program. Prior to May 15, 2025, the Company’s Board of Directors had authorized the repurchase of up to $250.0 million of the Company’s Class A common stock. Additionally, the Board of Directors has authorized Lamar Media to repurchase up to $250.0 million in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its senior credit agreement. On May 15, 2025, the Company's Board of Directors approved the increase of the amount authorized under the Stock Repurchase Program by $150.0 million, bringing the total amount authorized under the Program to $400.0 million. On February 26, 2026, the Board of Directors authorized the extension of the Stock Repurchase Program through September 30, 2027. The Company’s management may opt not to make any repurchases under the program, or may make aggregate purchases less than the total amount authorized. During the year ended December 31, 2025, the Company repurchased 1,388,091 shares of the Company's Class A common stock outstanding for a total purchase price of $150.0 million. There were no repurchases made during the nine months ended September 30, 2026.
Previous wording
Required Annual Distributions. As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). On February 26, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on March 31, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on March 16, 2026. On May 14, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on June 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on June 16, 2026. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2026 will be at least $6.50 per share of common stock, including the dividends paid on March 31, 2026 and June 30, 2026.
Current wording
Required Annual Distributions. As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). On February 26, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on March 31, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on March 16, 2026. On May 14, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.60 per common share of the Company, paid on June 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on June 16, 2026. On September 1, 2026, the Company's Board of Directors declared a quarterly cash dividend of $1.65 per common share of the Company, paid on September 30, 2026 to its stockholders of record of its Class A common stock, Class B common stock, and holders of common/LTIP units of Lamar LP, on September 21, 2026. Subject to approval of the Company's Board of Directors, the Company expects aggregate quarterly distributions to stockholders in 2026 will be at least $6.50 per share of common stock, including the dividends paid on March 31, 2026, June 30, 2026, and September 30, 2026.
Previous wording
The Company's cash flows provided by operating activities increased $42.6 million from $357.2 million for the six months ended June 30, 2025 to $399.8 million for the six months ended June 30, 2026.
Current wording
The Company's cash flows provided by operating activities increased $91.0 million from $592.9 million for the nine months ended September 30, 2025 to $683.9 million for the nine months ended September 30, 2026. This increase was primarily due to the increase in net revenues offset by an increase in the receivables balance during the period.
Previous wording
Cash flows used in investing activities increased $128.8 million from $33.8 million for the six months ended June 30, 2025 to $162.5 million for the six months ended June 30, 2026. This change was primarily due to increases in acquisitions and capital expenditures during 2026, offset by the net change in proceeds received from the sale of the Company's equity investment in Vistar Media, Inc. of $115.9 million during 2025 as compared to $8.0 million received during 2026.
Current wording
Cash flows used in investing activities increased $149.1 million from $128.1 million for the nine months ended September 30, 2025 to $277.2 million for the nine months ended September 30, 2026. This change was primarily due to increases in acquisitions and capital expenditures during 2026 as well as a decrease in proceeds from dispositions of assets and investments.
Previous wording
The Company's cash flows used in financing activities were $234.0 million for the six months ended June 30, 2026 as compared to $317.5 million for the six months ended June 30, 2025. The cash flows used in financing activities of $234.0 million for the six months ended June 30, 2026 were primarily due to cash paid for dividends and distributions, offset by borrowings on the revolving credit facility.
Current wording
The Company's cash flows used in financing activities were $417.3 million for the nine months ended September 30, 2026 as compared to $492.4 million for the nine months ended September 30, 2025. The cash flows used in financing activities of $417.3 million for the nine months ended September 30, 2026 were primarily due to cash paid for dividends and distributions, offset by borrowings on the revolving credit facility.
Previous wording
The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the three and six months ended June 30, 2026 and 2025. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes thereto.
Current wording
The following is a discussion of the consolidated financial condition and results of operations of Lamar Media for the three and nine months ended September 30, 2026 and 2025. This discussion should be read in conjunction with the consolidated financial statements of Lamar Media and the related notes thereto.
Previous wording
For the six months ended June 30, 2026, Lamar Media recognized a gain on disposition of assets and investments of $15.3 million as compared to $74.0 million for the same period in 2025. The $58.7 million decrease is primarily related to the gain associated with the sale of Lamar's equity interest in Vistar Media, Inc. during the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, Lamar Media recognized a gain on disposition of assets and investments of $32.2 million as compared to $76.1 million for the same period in 2025. The $44.0 million decrease is primarily related to the gain associated with the sale of Lamar's equity interest in Vistar Media, Inc. during the nine months ended September 30, 2025.
Previous wording
Due to the above factors, operating income decreased by $34.9 million to $354.3 million for the six months ended June 30, 2026 as compared to $389.2 million for the same period in 2025.
Current wording
Due to the above factors, operating income decreased by $14.5 million to $563.9 million for the nine months ended September 30, 2026 as compared to $578.4 million for the same period in 2025.
Previous wording
Interest expense increased $2.6 million for the six months ended June 30, 2026 to $81.6 million as compared to $79.0 million for the six months ended June 30, 2025. The increase was primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Current wording
Interest expense increased $2.6 million for the nine months ended September 30, 2026 to $122.8 million as compared to $120.2 million for the nine months ended September 30, 2025. The increase was primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.
Previous wording
The decrease in operating income, as well as the increase in interest expense, resulted in a $37.9 million decrease in income before income tax expense for the six months ended June 30, 2026 as compared to the same period in 2025. The effective tax rate for the six months ended June 30, 2026 was 2.5%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Current wording
The decrease in operating income, as well as the increase in interest expense, resulted in a $15.9 million decrease in income before income tax expense for the nine months ended September 30, 2026 as compared to the same period in 2025. The effective tax rate for the nine months ended September 30, 2026 was 2.4%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Previous wording
As a result of the above factors, Lamar Media recognized net income for the six months ended June 30, 2026 of $266.8 million, as compared to net income of $294.5 million for the same period in 2025.
Current wording
As a result of the above factors, Lamar Media recognized net income for the nine months ended September 30, 2026 of $431.9 million, as compared to net income of $438.7 million for the same period in 2025.
Previous wording
For the six months ended June 30, 2026, FFO was $404.8 million as compared to $381.7 million for the same period in 2025, an increase of 6.0%. AFFO for the six months ended June 30, 2026 increased 9.2% to $425.7 million as compared to $389.8 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $49.9 million, offset by an increase in interest expense of $2.6 million and an increase in total general and administrative and corporate expenses of $7.4 million, excluding the impact of stock-based compensation, for the six months ended June 30, 2026.
Current wording
For the nine months ended September 30, 2026, FFO was $629.2 million as compared to $601.2 million for the same period in 2025, an increase of 4.6%. AFFO for the nine months ended September 30, 2026 increased 9.5% to $675.2 million as compared to $616.4 million for the same period in 2025. The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $79.4 million, offset by an increase in interest expense of $2.6 million and an increase in total general and administrative and corporate expenses of $12.2 million, excluding the impact of stock-based compensation, for the nine months ended September 30, 2026.
Previous wording
For the three months ended June 30, 2026, Lamar Media recognized a gain on disposition of assets and investments of $2.7 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Current wording
For the three months ended September 30, 2026, Lamar Media recognized a gain on disposition of assets and investments of $16.9 million, primarily resulting from transactions related to the sale of real estate and billboard locations and displays.
Previous wording
Due to the above factors, operating income increased by $10.3 million to $208.1 million for the three months ended June 30, 2026 as compared to $197.8 million for the same period in 2025.
Current wording
Due to the above factors, operating income increased by $20.4 million to $209.6 million for the three months ended September 30, 2026 as compared to $189.2 million for the same period in 2025.
Previous wording
The increase in operating income, offset by the increase in interest expense, resulted in an increase in income before income tax expense of $10.0 million for the three months ended June 30, 2026 as compared to the same period in 2025. The effective tax rate for the three months ended June 30, 2026 was 1.6%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Current wording
The increase in operating income resulted in an increase in income before income tax expense of $22.0 million for the three months ended September 30, 2026 as compared to the same period in 2025. The effective tax rate for the three months ended September 30, 2026 was 2.1%, which differs from the federal statutory rate primarily due to our qualification for taxation as a REIT and adjustments for foreign items.
Previous wording
As a result of the above factors, Lamar Media recognized net income for the three months ended June 30, 2026 of $164.8 million, as compared to net income of $155.2 million for the same period in 2025.
Current wording
As a result of the above factors, Lamar Media recognized net income for the three months ended September 30, 2026 of $165.2 million, as compared to net income of $144.2 million for the same period in 2025.