“Early 2025 economic uncertainty hurt our overall growth for the year, but we did end the year with stronger results (organic revenue growth was 2.7% in the 2nd half of the year) and a starting order book for 2026 that looks promising” was how Boston Omaha’s 2025 Shareholder Letter described Link Media Outdoor’s 2025 performance.  Here’s a review of Link Media Outdoor’s fourth quarter 2025 financials, sponsored and analyzed by SignValue.

• Revenues increased by 1.5% to $45.9 million in 2025.  The revenue increase was muted by the fact that 2024 results included election spending.
• Operating expenses increased by 1.2% to $27.9 million in 2025.  Commissions declined and employee costs increased due to a change in management compensation.  Ground rents increased slightly and were 18.5% of total revenues for 2025.
• Cashflow (EBITDA) increased 2.1% to a record $18 million in 2025.  The company’s cashflow margin (EBIDTA) improved from 39% in 2024 to 39.2% in 2025.  Link Media’s cashflow margin has improved for 7 straight years.
• Link Media reported a low Debt to EBIDTA ratio of $1.9 million at December 2025.  The company has a $25.7 million in borrowings from First National Bank of Omaha.
• Capital Expenditures totaled $2 million in 2025, down from $2.5 million in 2024.  Link Media Outdoor closed no major acquisitions in 2025.
• Link Media Outdoor ended 2025 with 109 digital displays up from 104 digital displays in 2024.

Here’s the raw data.

SignValue’s take: A year of subdued growth for Link during 2025 but cashflow and the cashflow margin improved due to careful expense control.

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