LAMRHIGH SIGNALFINANCIAL10-K

LAMR reported substantially higher net income alongside meaningful expansion in operating income, while significantly increasing capital expenditures and interest expense.

The company's profitability improved dramatically year-over-year, indicating strong operational performance and revenue generation capabilities. However, the substantial increase in interest expense suggests higher debt servicing costs, while elevated capital expenditures reflect continued investment in infrastructure expansion.

Comparing 2026-02-20 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

LAMR delivered robust financial performance with substantially higher net income and meaningful operating income growth, demonstrating strong underlying business fundamentals. Interest expense grew notably, indicating increased borrowing costs or debt levels, while capital expenditures increased significantly as the company continued investing in its billboard and digital display infrastructure. The overall financial picture signals a company generating substantially stronger profitability while actively investing in growth, though at higher financing costs.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+62.3%
$361.9M$587.2M

Net income grew 62.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+45.5%
$532.0M$774.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+44.3%
$125.3M$180.8M

Capital expenditure jumped 44.3% — major investment cycle underway; assess returns on deployment.

Interest Expense
P&L
+36.9%
$127.5M$174.5M

Interest expense surged 36.9% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+31%
$49.5M$64.8M

Cash position surged 31% — strong cash generation or capital raise providing significant financial cushion.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-20
ADDED
As of June 30, 2025, the aggregate market value of the voting stock held by nonaffiliates of Lamar Media Corp.
Class Outstanding at February 1, 2026 Lamar Advertising Company Class A common stock, $0.001 par value per share 86,910,542 shares Lamar Advertising Company Class B common stock, $0.001 par value per share 14,420,085 shares Lamar Media Corp.
Management s Discussion and Analysis of Financial Condition and Results of Operations 29 Lamar Advertising Company 29 Overview 29 Non-GAAP Financial Measures 30 Results of Operations: Years Ended December 31, 202 5 and 20 2 4 31 Liquidity and Capital Resources 34 Critical Accounting Estimates 40 Accounting Standards and Regulatory Update 41 Lamar Media 42 Results of Operations: Years Ended December 31, 202 5 and 202 4 42 ITEM 7A.
As of December 31, 2025, we owned and operated approximately 159,300 billboard advertising displays in 45 states and Canada.
As of December 31, 2025, we owned and operated approximately 5,500 digital billboard advertising displays in 43 states and Canada.
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REMOVED
As of June 28, 2024, the aggregate market value of the voting stock held by nonaffiliates of Lamar Media Corp.
Class Outstanding at February 1, 2025 Lamar Advertising Company Class A common stock, $0.001 par value per share 87,976,923 shares Lamar Advertising Company Class B common stock, $0.001 par value per share 14,420,085 shares Lamar Media Corp.
Management s Discussion and Analysis of Financial Condition and Results of Operations 28 Lamar Advertising Company 28 Overview 28 Non-GAAP Financial Measures 29 Results of Operations: Years Ended December 31, 202 4 and 20 2 3 30 Liquidity and Capital Resources 33 Critical Accounting Estimates 39 Accounting Standards and Regulatory Update 40 Lamar Media 41 Results of Operations: Years Ended December 31, 202 4 and 20 23 41 ITEM 7A.
As of December 31, 2024, we owned and operated approximately 159,000 billboard advertising displays in 45 states and Canada.
As of December 31, 2024, we owned and operated approximately 5,000 digital billboard advertising displays in 43 states and Canada.
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