“We delivered solid results in the third quarter” was how Lamar Advertising CEO Sean Reilly lead off the company’s earnings release. Here are the results of the company’s third quarter earnings release and conference call, sponsored and analyzed by SignValue.
- Revenues increased 3.8% to $585 million due to acquisitions and increased national and airport sales. Static billboard revenues were up 2%. Digital and programmatic was up 5%. Airports were up 6%. Acquisition adjusted revenues increased 2.8%.
- Adjusted EBIDTA increased 3.5% to $281 million.
- Capital spending totalled $50 million for the third quarter of 2025, with $25 million devoted to digital billboards. In addition the company spent $47 million on acquisitions in the third quarter of 2025.
Lamar CEO Sean Reilly on acquisitions
The integration of the Verde assets which we acquired in an UPREIT transaction in early July – the first ever in the out of home space – is going very well. We closed another 18 purchases for nearly $47 million in Q3 bringing the year-to-date cash spend to nearly $134 million as the end of September. For the full year…including Verde we’ll end the year spending $300 million…
Lamar CFO Jay Johnson on the company’s excellent financial condition
We ended the quarter with total leverage of three times net debt to EBITDA as defined under our credit facility which remains amongst the lowest level ever for the company..we had approximately $3.4 billion in total consolidated debt and our weighted average interest rate was 4.6% with a weighted average debt maturity of approximately 5 years as a result of the focus on our balance sheet the company is well positioned with an investment capacity well over $1 billion…
Reilly says AI will benefit Lamar
AI is certainly good at two things #1 is words and #2 is pictures and when you think about what we do in the out of home space that’s what it is – it’s words and pictures…
SignValue’s take: Nice to see national and airport revenues growing. Lamar has a $1 billion war chest and is well positioned if Clear Channel Outdoor chooses to shed assets. Lamar finished the day up 0.7%. OUTFRONT was up 0.1%. Clear Channel declined 0.3%. The S&P 500 declined 1%.
If you have questions, contact one of SignValue’s experienced analysts for a free and confidential consultation at info@signvalue.com or call 480-657-8400
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