REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Lamar's Q2 FY2026 net revenues rose 6.5% YoY to $616.7M on billboard strength (+7.8%), while adjusted EBITDA grew 9.0% to $303.4M even as stock-based compensation nearly doubled YoY.
Biggest Revenue Drivers
Billboard advertising$552.3M+7.8% YoY
Primary driver of the quarter's revenue increase per management's discussion
Transit advertising$41.0M-6.4% YoY
Decline partially offset gains in billboard and logo revenue
Biggest Revenue Drivers
Total revenue: $616.7M+6.5% YoY
Billboard advertising$552.3M+7.8% YoY
Primary driver of the quarter's revenue increase per management's discussion
Transit advertising$41.0M-6.4% YoY
Decline partially offset gains in billboard and logo revenue
Logo advertising$23.5M+0.9% YoY
Largest Expense Items
Direct advertising expenses$194.2M+4.0% YoY
Excludes depreciation and amortization; tied to operations of outdoor advertising assets
General and administrative expenses$96.2M+7.7% YoY
Part of an $18.2M combined increase in direct, G&A and corporate expenses tied to asset operations
Depreciation and amortization$84.4M+8.1% YoY
Primarily related to acquisitions and capital expenditures completed in the last twelve months
Margins: Adjusted EBITDA increased 9.0% to $303.4M, driven by a $29.9M increase in gross margin (net revenues less direct advertising expense), partly offset by a $5.0M rise in G&A and corporate expenses excluding stock-based compensation.
Watch Items from the Filing
Stock-based compensation expense rose to $14.1M in Q2 2026 from $7.1M in Q2 2025, nearly doubling and weighing on adjusted EBITDA growth despite the increase.
Approximately $1.04 billion (29.3% of long-term debt) bears variable interest rates; a 200bp rate increase would have raised six-month interest expense by ~$9.5 million.
As a REIT, the company must distribute at least 90% of REIT taxable income annually; it expects aggregate 2026 quarterly distributions of at least $6.50 per share.
Working capital deficit improved to $293.4 million at June 30, 2026 from $334.3 million at year-end 2025, driven by higher receivables.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
6 transactions in LAMR reported by 2 members of Congress under the STOCK Act, most recent trade Aug 25, 2026. Reported transactions, not recommendations.
About LAMAR ADVERTISING CO/NEW (LAMR): stock profile, AI score and financials
LAMAR ADVERTISING CO/NEW (LAMR) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores LAMR at 63.4/100 on a composite quality score built from its SEC filings, placing it at rank #42 of 148 stocks — the top half of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), LAMAR ADVERTISING CO/NEW reports quarterly revenue of $616.7M, net income of $160.7M, an operating margin of 33.7%. Top institutional holders of LAMR by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. LAMR trades on the Nasdaq exchange and files with the SEC under CIK 1090425. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate LAMR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for LAMAR ADVERTISING CO/NEW directly from SEC EDGAR.