Acquisitions and Investments - As of December 31, 2025, the Company completed acquisitions for a total cash purchase price of approximately $191.1 million[99] - The Company plans to continue pursuing strategic acquisitions and expanding its outdoor advertising display portfolio[244] - Cash flows used in investing activities increased by $79.7 million from $164.9 million in 2024 to $244.6 million in 2025, primarily due to acquisitions and capital expenditures[246] Revenue Generation - The Company generated approximately 4% of its revenues from state-awarded logo sign contracts in 2025[104] - The Company generated approximately 7% of its revenues from transit advertisements in 2025[106] - Net revenues increased by $59.1 million, or 2.7%, to $2.27 billion for the year ended December 31, 2025, compared to $2.21 billion for 2024[257] - Billboard net revenues increased by $57.7 million, while logo net revenues increased by $5.2 million, offset by a decrease in transit net revenues of $3.7 million[257] - Total reported net revenues for the year ended December 31, 2025, were $2,266.2 million, compared to $2,207.1 million in 2024[268] Financial Performance - Operating income as a percentage of net revenues rose to 34.2% in 2025 from 24.1% in 2024[256] - Net income as a percentage of net revenues increased to 26.2% in 2025 from 16.5% in 2024[256] - Operating income increased by $242.0 million to $774.6 million for the year ended December 31, 2025, compared to $532.6 million in 2024[262] - Net income for the year ended December 31, 2025, was $593.6 million, up from $363.5 million in 2024, representing a 63.3% increase[266][269] - Adjusted EBITDA for the year ended December 31, 2025, increased by 2.4% to $1.06 billion, primarily due to a $40.0 million increase in gross margin[269][272] - FFO for the year ended December 31, 2025, was $827.9 million, compared to $799.0 million in 2024, reflecting a 3.6% increase[273] - AFFO for the year ended December 31, 2025, increased by 3.4% to $847.2 million, compared to $819.6 million in 2024[273] Cash Flow and Distributions - Cash flows provided by operating activities decreased by $9.6 million from $873.6 million in 2024 to $864.0 million in 2025[245] - Cash flows used in financing activities decreased by $99.1 million, totaling $604.3 million for 2025 compared to $703.4 million in 2024[247] - The Company's cash distributions are not guaranteed and may fluctuate based on various factors, including operational results and debt covenant restrictions[111] - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which may limit its ability to retain earnings[138] - If the company fails to qualify as a REIT, it could face substantial corporate tax liabilities, reducing cash available for distributions[131] Regulatory and Compliance Issues - The company is subject to federal, state, and local regulations that impact outdoor advertising operations, including the Highway Beautification Act[120] - The company has encountered regulations that restrict or prohibit digital displays, but these have not materially impacted deployment to date[124] - Future studies on digital billboards' impact on driver safety may lead to new regulations that could adversely affect the company's business[125] - The company believes the number of billboards subject to removal as illegal is immaterial, but local governments can require removal of legally erected signs[122] - The Company has determined that it is uneconomical to insure against losses from hurricanes and other natural disasters, which could result in significant losses[107] Operational Challenges - The Company faces competition from larger outdoor advertisers and other media, which could adversely affect its financial performance[118] - The Company may experience increased costs related to its digital platform investments, which may not yield the expected benefits[108] - The Company may face challenges in renewing its expiring contracts, including seven logo sign contracts set to expire in 2026[105] - The company may incur costs related to environmental, social, and governance (ESG) initiatives, which could impact its reputation and business[129] Ownership and Governance - The Reilly family, including key executives, owned approximately 15% of the Company's outstanding common stock, representing about 63% of the voting power as of December 31, 2025[94] - Compliance with REIT requirements may hinder the company's ability to pursue attractive investment opportunities[143] Asset Management - The asset retirement obligation was recorded at $624.9 million as of December 31, 2025[249] - Depreciation and amortization expense decreased by $136.6 million to $326.3 million for the year ended December 31, 2025, from $463.0 million in 2024[260] - Lamar Media recognized a gain on disposition of assets of $75.9 million for the year ended December 31, 2025, compared to $6.1 million in 2024[261]

Reilly outlined category performance, saying strength came from services, healthcare, building and construction, and financial advertising, while telecom and beer and wine were weaker. He later quantified several category moves, including services up 12% in Q4, healthcare up 13%, financial up 17%, and building and construction up 16%, while telecommunications fell 10% and beer and wine fell 20% in the quarter. He also emphasized that Lamar’s largest verticals—services (about 19% of the book) and healthcare ...

Financial Data and Key Metrics Changes - The company ended Q4 2025 with a diluted AFFO per share of $2.24, an increase of 1.4% from $2.21 in Q4 2024 [10] - Full-year AFFO guidance for 2026 is projected to be between $8.50 and $8.70 per share, indicating a year-over-year growth of 4.1% at the midpoint [5][16] - Adjusted EBITDA for Q4 was $288.9 million, up 3.7% from $278.5 million in Q4 2024, with an adjusted EBITDA margin of 48.5%, an expansion of 40 basis points year-over-year [10][11] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% in Q4, while national programmatic revenue grew by 3.3%, marking the third consecutive quarter of growth for national [6] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of total revenue for the quarter [20][21] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [7] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [19] - Political advertising was a headwind in Q4, down approximately $11 million compared to 2024, but is expected to reverse in 2026 [6][19] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as in the previous year [8] - The company is well-positioned for acquisitions, with an investment capacity exceeding $1 billion while maintaining leverage within the target range of 3.5x-4x net debt to EBITDA [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising climate for 2026, citing political tailwinds and increased spending around World Cup venues [29] - The company anticipates a conservative start to Q1 but expects momentum to build throughout the year, particularly in political advertising [42] Other Important Information - The company completed 13 acquisitions in Q4 for approximately $57 million, bringing the total for the year to 50 acquisitions for $191 million [8] - The proposed cash dividend for Q1 2026 is $1.60 per share, with an expected total of $6.40 per share for the year [18] Q&A Session Summary Question: What is the state of the macro in the U.S. ad market? - Management expects to maintain acquisition spending close to $200 million in 2026, with a positive ad spend climate anticipated [28][29] Question: What are the implications of Clear Channel's acquisition? - Management does not foresee significant changes in the industry structure and believes Clear Channel may not need to sell assets [33][34] Question: What are the expectations for acquisition-adjusted growth in Q1? - Management anticipates Q1 growth may be slightly below guidance but expects momentum to increase as the year progresses [40][42] Question: How much benefit is expected from political advertising? - Management estimates around $12 million to $14 million in incremental political advertising revenue compared to the previous year [59]

Financial Data and Key Metrics Changes - The company ended Q4 2025 with a diluted AFFO per share of $2.24, an increase of 1.4% from $2.21 in Q4 2024 [10] - Full-year AFFO guidance for 2026 is projected to be between $8.50 and $8.70 per share, indicating a year-over-year growth of 4.1% at the midpoint [5][16] - Adjusted EBITDA for Q4 was $288.9 million, up 3.7% from $278.5 million in Q4 2024, with an adjusted EBITDA margin of 48.5%, expanding by 40 basis points year-over-year [10][12] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% in Q4, while national programmatic revenue grew by 3.3%, marking the third consecutive quarter of growth for national [6] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of the company's business [20] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [7] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [19] - Political advertising was a headwind in Q4, down approximately $11 million compared to 2024, but is expected to reverse in 2026 [6][58] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as in the previous year [8] - The integration of recent acquisitions is progressing well, with expectations for another active M&A year in 2026 [8] - The company anticipates a cash acquisition spend of at least $200 million in 2026, maintaining a strong ad spend climate [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment for the U.S. ad market in 2026, citing political tailwinds and increased spending around World Cup venues [28] - The company expects to see a gradual increase in growth throughout 2026, with Q1 potentially coming in slightly below guidance [40] Other Important Information - The company has a well-laddered debt maturity schedule with no maturities until October 2027, and total consolidated debt stands at approximately $3.4 billion [14][15] - The proposed cash dividend for Q1 2026 is $1.60 per share, reflecting a yield of 4.8% at the previous closing stock price [18] Q&A Session Summary Question: What is the state of the macro in the U.S. ad market? - Management indicated a strong start to 2026, with expectations for at least $200 million in cash acquisitions and a favorable ad spend climate [27][28] Question: What are the implications of Clear Channel's acquisition? - Management believes there will be no significant changes in the industry structure and does not anticipate asset sales from Clear Channel [32] Question: How should acquisition-adjusted growth be viewed for Q1? - Management expects Q1 growth to be slightly below guidance, with momentum picking up as the year progresses [40] Question: What are the expectations for local versus national growth? - Management anticipates $3 million-$4 million in incremental World Cup business, with positive trends in national advertising [44]

Financial Data and Key Metrics Changes - The company ended Q4 2025 with diluted AFFO per share increasing 1.4% to $2.24 compared to $2.21 in Q4 2024 [9] - Full-year AFFO guidance is projected to be between $8.50 and $8.70 per share, reflecting a year-over-year growth of 4.1% at the midpoint [4][14] - Adjusted EBITDA for Q4 was $288.9 million, an increase of 3.7% from $278.5 million in Q4 2024 [9] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% while national programmatic revenue grew by 3.3% in Q4, marking the third consecutive quarter of growth for national [5] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of total business [18][19] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [5][19] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [18] - Political advertising was a headwind in Q4, down about $11 million compared to 2024, but is expected to reverse in 2026 [5][56] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as last year [6] - The integration of acquired assets, including the Verde deal, is progressing well, with expectations for another active M&A year in 2026 [6][14] - The company has an investment capacity exceeding $1 billion while maintaining a target leverage range of 3.5-4 times net debt to EBITDA [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising climate for 2026, citing political tailwinds and increased spending around World Cup venues [27] - The company anticipates a conservative growth pace in Q1, with expectations for momentum to build throughout the year [38] - Management highlighted the positive impact of changes in FDA rules on pharmaceutical advertising, which could enhance revenue from this vertical [51] Other Important Information - The company plans to declare a regular cash dividend of $1.60 per share for Q1, with an expected total of $6.40 per share for 2026 [17] - Total consolidated debt stands at approximately $3.4 billion, with a weighted average interest rate of 4.5% [13] Q&A Session Summary Question: What is the state of the macro U.S. ad market as we enter 2026? - Management expects to maintain acquisition spending close to $200 million, with a positive ad spend climate anticipated for 2026 [26][27] Question: What are the implications of Clear Channel's acquisition for Lamar? - Management does not foresee significant changes in the industry structure and believes Clear Channel may not need to sell assets to deleverage [31][32] Question: How should acquisition-adjusted growth be viewed for Q1? - Management indicated that Q1 growth may be slightly below guidance but expects momentum to increase as the year progresses [38] Question: What are the expectations for local versus national growth and the impact of the World Cup? - Management anticipates $3 million-$4 million in incremental World Cup business, with positive trends in national advertising [42] Question: What is the expected benefit from political advertising in 2026? - Management estimates a conservative increase of around $12 million to $14 million in political advertising revenue compared to the previous year [56]

分组1 - Lamar Advertising reported quarterly funds from operations (FFO) of $2.24 per share, exceeding the Zacks Consensus Estimate of $2.18 per share, and showing a slight increase from $2.21 per share a year ago, resulting in an FFO surprise of +2.75% [1] - The company achieved revenues of $595.93 million for the quarter ended December 2025, which was 0.24% below the Zacks Consensus Estimate, compared to $579.57 million in the same quarter last year [2] - Over the last four quarters, Lamar has surpassed consensus FFO estimates four times but has only topped revenue estimates once [2] 分组2 - The stock has gained approximately 4.9% since the beginning of the year, outperforming the S&P 500, which has gained 0.2% [3] - The future performance of Lamar's stock will depend on management's commentary during the earnings call and the outlook for FFO expectations [4][6] - The current consensus FFO estimate for the upcoming quarter is $1.66 on revenues of $529.49 million, and for the current fiscal year, it is $8.83 on revenues of $2.38 billion [7] 分组3 - The REIT and Equity Trust - Other industry, to which Lamar belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The estimate revisions trend for Lamar was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6]

5321 Corporate Boulevard Baton Rouge, LA 70808 Lamar Advertising Company Announces Fourth Quarter and Year Ended December 31, 2025 Operating Results Three Month Results Twelve Month Results Baton Rouge, LA – February 20, 2026 - Lamar Advertising Company (the "Company" or "Lamar") (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the Company's operating results for the fourth quarter and year ended December 31, 2025. "We ended 2025 with encouraging sales mo ...

Core Insights - Lamar Advertising Company reported strong financial results for the fourth quarter and full year of 2025, with significant increases in net income and adjusted EBITDA, indicating robust operational performance and growth momentum [2][3][4]. Fourth Quarter Highlights - Net revenues for Q4 2025 were $595.9 million, a 2.8% increase from $579.6 million in Q4 2024 [4][9]. - Operating income surged to $196.1 million, up from $36.7 million in the same quarter of 2024, reflecting a substantial operational improvement [4][11]. - The company achieved net income of $154.7 million in Q4 2025, compared to a net loss of $1.0 million in Q4 2024, marking an increase of $155.7 million [4][9]. - Adjusted EBITDA for Q4 2025 was $288.9 million, a 3.7% increase from $278.5 million in Q4 2024 [5][9]. - Free cash flow decreased by 4.3% to $187.1 million from $195.6 million in Q4 2024 [5][9]. Twelve Month Results - For the full year 2025, net revenues reached $2.27 billion, a 2.7% increase from $2.21 billion in 2024 [11][12]. - Operating income for the year increased by $242.0 million to $774.1 million compared to $532.0 million in 2024 [11][12]. - Net income for 2025 was $593.1 million, up from $362.9 million in 2024, representing a 63.4% increase [11][12]. - Adjusted EBITDA for the year was $1.06 billion, a 2.4% increase from $1.03 billion in 2024 [12][13]. - Free cash flow for the year decreased by 5.3% to $696.6 million from $735.9 million in 2024 [12][13]. Liquidity and Guidance - As of December 31, 2025, the company had total liquidity of $807.0 million, including $742.2 million available for borrowing [14]. - The company expects diluted AFFO per share for fiscal year 2026 to be between $8.50 and $8.70 [15].

Core Viewpoint - Berkshire Hathaway disclosed its Q4 2025 U.S. stock holdings report, marking the last quarter under CEO Warren Buffett, showing significant reductions in key positions while also establishing a new position in The New York Times [1] Group 1: Holdings Summary - As of the end of Q4 2025, Berkshire's total holdings value was approximately $274.16 billion, up from $267.33 billion at the end of Q3 2025 [1] - The top five holdings included Apple, American Express, Bank of America, Coca-Cola, and Chevron, with Apple representing 22.6% of the portfolio [2][4] Group 2: Reductions in Holdings - In Q4 2025, Berkshire reduced its Apple shares by approximately 10.3 million, marking a 4.32% decrease, with total Apple shares held at 227.9 million, valued at about $61.96 billion [5] - The company also reduced its Bank of America shares by about 50.8 million, a decrease of 8.94%, leaving it with 517.3 million shares [5] - A significant reduction in Amazon shares was noted, with a decrease of 772.4 thousand shares, representing a 77% reduction [4][5] Group 3: New Investments - Berkshire initiated a new position in The New York Times, acquiring approximately 5.07 million shares valued at about $352 million, marking a re-entry into the media sector after selling its newspaper assets in 2020 [6] - The New York Times reported strong performance in Q4 2025, with total subscription users exceeding 12.78 million and a 10.2% increase in operating profit year-over-year [6]

Core Viewpoint - Berkshire Hathaway has made significant adjustments to its investment portfolio in the fourth quarter, including new positions and changes in existing holdings [1] Group 1: New Investments - Berkshire Hathaway has initiated a position in The New York Times [1] Group 2: Increased Holdings - The company has increased its stakes in Chubb, Chevron, Domino's Pizza, and Lamar [1] Group 3: Reduced Holdings - Berkshire Hathaway has reduced its investments in Amazon, Bank of America, DaVita, Pool Corp., and Aon Plc [1] Group 4: Major Holdings - The company continues to hold significant positions in Apple, American Express, US Bank, Coca-Cola, and Chevron [1]