“We ended 2025 with encouraging sales momentum,” was how Lamar Advertising CEO Sean Reilly lead off the company’s 4Q 2025 earnings call.  Here are the results of Lamar Advertising’s 4th quarter 2025 earnings releaase and earnings call, sponsored and analyzed by SignValue.

• Net revenues increased by 2.8% to $596 million.  Strong categories were services, healthcare, building and construction and financial.  Local was up 1.7%.  National and programmatic grew 3.3%
• Adjusted EBIDTA increased 3.7% to $289 million. The company’s adjusted EBIDTA margin was 47% for the full year 2025.
• Lamar finished 2025 with $3.4 billion in total consolidated debt, a weighted average interest rate of 4.5% and a weighted average debt maturity of 4.6 years. Net debt to EBIDTA was a low 2.92 times.  Lamar CFO Jay Johnson said the company has $1 billion in investment capacity based on low leverage, undrawn credit lines and a target debt to EBIDTA of 3.5 to 4 times.
• Capital expenditures were $63 million for the fourth quarter of 2025 including $21 million of maintenance capexp and $42 million of growth capital. Lamar added 111 new digital billboards in Q4, ending of the year with 5,553 operating units.

Lamar CEO Sean Reilly says acquisitions have picked up.

We closed 13 acquisitions in Q4 for approximately $57 million in cash bringing the full year total to 50 acquisitions for $191 million… I anticipate another active M&A year in 2026. We’re actually off to a good start. As of yesterday we had completed 7 acquisitions since January 1 for a total purchase price of approximately $40 million.

Selling cashflow multiples are in the low teens.

Because of the synergies…the multiple from the sellers point of view might look something slightly below the mid teen-ish range but by the time we bring our synergies to bear it’s…something between 10-11 going forward…

Reilly doesn’t expect to see any asset spinnoffs by Mubadala after the Clear Channel acquisition

I think…as they get financially more healthy that’s a good thing for the industry. Looking at the structure…and the work that they’re going to do to shore up the balance sheet…it looks to us like they don’t need to sell assets to delever so I would I would put it as in the probably not likely category for now…

SignValue’s Take:  Solid but not spectacular.  Lamar stock finished the day up 0.87%.  OUTFRONT was up 3.4%.  The S&P 500 increased 0.69%.  Clear Channel Outdoor declined 0.41%.  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.