At a glance
Lamar Advertising Company is worth $15.75B, about 27 times its fiscal 2025 earnings. It pays a 4.29% dividend yield, and returned $2.85B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +36.3% over the past year with dividends reinvested and +12.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 65.9% in the 2020 crash (S&P 500: 33.7%) and 29.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 15 months after the lows.
The business in plain English
Lamar Advertising rents out advertising space beside roads and on public transit. It has operated under the Lamar name since 1902 and is one of the largest outdoor advertising companies in the United States by number of displays. Advertisers pay to place ads on its billboards, on logo signs near highway exits, and on buses, shelters, benches and airport terminals. Lamar also produces, places and maintains the ads. Most sales are local: local advertising made up about 79% of outdoor net revenues in 2025.
Billboards are the core of the business. As of December 31, 2025, Lamar owned and operated about 159,300 billboards in 45 states and Canada. It also runs about 5,500 digital billboards that rotate ads every 6 to 8 seconds, and these produced about 33% of billboard net revenues. In 2025 the billboard segment brought in about $2.01 billion, compared with about $252 million from Lamar's other operations.
Lamar is also the largest US provider of logo signs, which advertise nearby gas, food, lodging and attractions. It runs 24 of the 28 privatized state logo sign contracts. Its transit business covers about 40,600 displays in over 80 markets. The company is a real estate investment trust (REIT), a tax structure that requires it to pay out at least 90% of its taxable income to shareholders each year.
Price history
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LAMR +36.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Billboard | $2.01B | |
| Other | $252.4M |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $160.7M (+4.1%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 57.3% (lifted by a small equity base, often the result of years of buybacks) good |
|---|---|
| Return on assets (FY2025) | 8.5% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $243.4M | $507.6M |
| FY2021 | — | $388.1M | $608.3M |
| FY2022 | — | $438.6M | $614.5M |
| FY2023 | — | $495.8M | $605.3M |
| FY2024 | — | $361.9M | $748.3M |
| FY2025 | — | $587.2M | $683.2M |
Valuation snapshot
| Market value | $15.75B |
|---|---|
| P/E ratio | 26.9 |
| Dividend yield | 4.29% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LAMR price data to Oct 28, 2026 | +26.8% | +36.3% | +30.7% | +12.1% | +14.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.8% |
| 2025 | +9.7% |
| 2024 | +20.0% |
| 2023 | +18.6% |
| 2022 | -18.0% |
| 2021 | +51.3% |
| 2020 | -3.4% |
| 2019 | +35.3% |
| 2018 | -1.9% |
| 2017 | +15.6% |
| 2016 | +17.7% |
| 2015 | +17.3% |
| 2014 | +7.7% |
| 2013 | +34.8% |
| 2012 | +40.9% |
| 2011 | -31.0% |
| 2010 | +28.1% |
| 2009 | +147.5% |
| 2008 | -73.9% |
| 2007 | -22.6% |
| 2006 | +41.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90.2% over that stretch · deepest drop along the way 90.2%, back to its old high 69 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 65.5% over that stretch · deepest drop along the way 65.9%, back to its old high 11.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.1% over that stretch · deepest drop along the way 29.8%, back to its old high 14.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 0 open-market purchases and 4 sales ($3.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Jay LeCoryelle Johnson CFO, Treasurer, EVP | sell | $1.6M |
| Sep 14, 2026 | Thomas V Reifenheiser Director | sell | $1.2M |
| Mar 23, 2026 | Ross Lamar Reilly EVP, President, Outdoor Div | sell | $768K |
| Mar 5, 2026 | Jay LeCoryelle Johnson CFO, Treasurer, EVP | sell | $173K |
Who owns it
Large shareholders (13G filings)
| Reilly Family, LLC | 11.7% | Dec 31, 2025 |
| BlackRock, Inc. | 11.3% | Mar 31, 2026 |
| Vanguard Portfolio Management | 8.63% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| FMR LLC | 3.9% | Dec 31, 2025 |
ETFs with the most weight in LAMR
| DDIV First Trust Dorsey Wright Momentum & Dividend ETF | 4.1% |
| ABLD Abacus FCF Real Assets Leaders ETF | 3.5% |
| UDI USCF Dividend Income Fund | 2.37% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.08% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.38% |
| FRI First Trust S&P REIT Index Fund | 0.93% |
| IYRI NEOS Real Estate High Income ETF | 0.76% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.76% |
What could go wrong
- Government contracts must be won and renewed. Logo signs depend on contracts that states award and renew, and Lamar runs 24 of the 28 privatized state programs. Transit ads depend on deals with cities and airport authorities that may not be renewed on good terms.
- Billboard rules and advertiser limits. Federal, state and local regulation affects Lamar's operations and results. Governments could also add content-based limits on which kinds of businesses may advertise on its structures, which would shrink the pool of customers.
- Heavy debt and rising interest costs. Lamar Media, its wholly owned subsidiary, had about $3.42 billion of debt at December 31, 2025. Part of it has variable rates, so higher rates raise interest costs. Loan terms also restrict dividends and asset sales.
- Ad budgets shrink when the economy weakens. Revenue depends on how much businesses spend on advertising and how they divide it among media. Advertising is often cut in a weak economy, and Lamar also competes with larger outdoor firms and other media.
- Major holders control shareholder votes. Significant stockholders can decide the outcome of every matter put to a shareholder vote, and their interests may differ from other investors'. The charter and Delaware law may also discourage a takeover.
- REIT rules shape the dividend. Lamar must pay out at least 90% of its REIT taxable income. If it lost REIT status it would owe corporate income tax, and the company says its cash distributions are not guaranteed and may fluctuate.
Recent events
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
Lamar's record of dividend increases is short. Regular dividends per share rose from $2.50 in 2020 to $6.45 in 2025, about 20.9% a year. They held at $5.00 in 2022 and 2023, which leaves a two-year streak of increases. In 2025, dividends equaled about 112% of net income and 96% of free cash flow (cash left after capital spending). REITs often pay out more than their earnings because depreciation lowers reported profit, but the cash cushion is thin. The yield was 4.29% as of October 28, 2026. Buybacks are usually small, though they jumped to about $158 million in 2025.
The shares have fallen hard in downturns. They lost about 90% in the 2008 financial crisis and did not recover until December 2014. They fell about 66% in the 2020 COVID crash and recovered by March 2021. They lost about 30% in the 2022 bear market and recovered by December 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Lamar Advertising make money?
Lamar makes money by renting advertising space on billboards, on logo signs near highway exits, and on transit displays such as buses, shelters and airport terminals. Billboards are the main source. In 2025 the billboard segment brought in about $2.01 billion, compared with about $252 million from other operations. Lamar's roughly 5,500 digital billboards produced about 33% of billboard net revenues, and local advertising made up about 79% of outdoor net revenues.
Why is Lamar Advertising a REIT?
Lamar reorganized in 2014 to qualify as a real estate investment trust (REIT) for federal income tax purposes. A REIT can deduct the dividends it pays when it works out its taxable income, but it must distribute at least 90% of its REIT taxable income each year. In 2022 Lamar became an UPREIT. That structure lets owners of property that has risen in value contribute it to Lamar's operating partnership in exchange for partnership units, without paying tax at that point. Some of its activities are still subject to US and foreign taxes.
Does Lamar Advertising raise its dividend every year?
No. Regular dividends per share held at $5.00 in both 2022 and 2023, then rose to $5.65 in 2024 and $6.45 in 2025. That makes a two-year streak of increases. Over a longer span, the regular dividend grew from $2.50 in 2020, or about 20.9% a year. Lamar's annual report says its cash distributions are not guaranteed and may fluctuate, and its debt agreements restrict dividend payments.
How much debt does Lamar Advertising have?
About $3.42 billion, held by its wholly owned subsidiary Lamar Media as of December 31, 2025. That included about $688.6 million of bank debt, $2.48 billion of senior notes and $249.6 million under an accounts receivable securitization program, which is borrowing backed by money customers owe. Lamar Media also had about $742.2 million available on its revolving credit line. Part of the debt has variable rates, and higher interest rates have already increased interest expense.
Are Lamar Advertising dividends qualified dividends?
Generally not. Lamar is a REIT, and its annual report notes that REIT dividends generally do not qualify for the lower tax rates that apply to dividends from ordinary corporations. In a taxable account, that can mean a higher tax bill on the same income than a dividend from a non-REIT company. The difference matters less in tax-deferred accounts such as IRAs, where dividends are not taxed as they are paid.