Here are the financial results for Link Media Outdoor for the second quarter of 2026  sponsored and analyzed by SignValue.  The numbers come from the Boston Omaha 2Q 2026 10Q and investor presentation.

• Billboard revenues increased 3% to $11.7 million during the second quarter of 2026 due to increases in occupancy and rate.
• Lease expense declined by 8% to $1.9 million in the first quarter of 2026 due to the implementation of a new accounting standard (ASC 842 lease accounting).  Lease costs totalled 16.2% for the 3 months ended June 2026 down from 18.2% of revenue during the second quarter o0f 2025.  We consider lease costs of less than 20% to be outstanding.
• Employee costs increased 6.7% to $2.2 million.
• As a result of the above adjusted cashflow (EBIDTA) increased by 15% to $4.8 million in the second quarter of 2026.
• Capital expenditures totaled $1.0 million during the second quarter of 2026 up from $653,000 during the second quarter of 2025.  The company made no major acquisitions and had 110 digital faces at June 2026, versus 107 digital faces at June 2025.
• The number of total faces declined from 7,600 at June 2025 to 7,500 at June 2026 due to the loss of billboards to storms and the removal of uneconomical signs.  The company’s average monthly revenue per face is approximately $521, reflecting the rural nature of the plant.
• Link Media’s Debt/EBIDTA was 1.8 times at June 2026.  This is the lowest of the public out of home companies and reflects the conservative view of Boston Omaha’s management towards debt.

SignValue’s take:  Muted revenue growth but a nice increase in cashflow, although it should be kept in mind that  most of the cashflow increase comes from a one-time change in an accounting standard. Revenue and cashflow growth occured despite the fact that Link Media finished the quarter with 100 fewer faces.  Link Media and Lamar periodically cull their underperforming faces.  Do you?

If you have questions, contact one of SignValue’s experienced analyst for a free and confidential consultation at info@signvalue.com or call 480–657–8400.

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