Lamar Advertising (LAMR)
Lamar Advertising (LAMR) owns more than 362,000 billboards and outdoor displays across North America. In ETFpedia it represents the Heavy Asset Low Obsolescence (HALO) concept, because those locations are physical real estate. An AI can generate the ad, but it cannot own the roadside spot where millions of drivers will see it.
| Ticker | LAMR |
|---|---|
| Exchange | NASDAQ |
| Sector | Real Estate · Outdoor Advertising (REIT) |
| Country | United States |
| Held by ETF | Roundhill HALO ETF (LOHA) |
| Wikidata | Q6481983 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Date is calendar-estimated from prior-year timing; confirm on Lamar IR. Last report: Q1 2026 on 2026-05-07. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-07)
Lamar reported net revenues of $528.0 million, up 4.5% year over year, with adjusted funds from operations (AFFO) of $177.5 million, up 8.0%, and diluted AFFO per share of $1.72, up 7.5%. Billboard demand led the gain.
| Net revenue | $528.0M+4.5%YoY |
|---|---|
| AFFO | $177.5M+8.0%YoY · adjusted funds from operations, the key REIT cash metric |
| Diluted AFFO per share | $1.72+7.5%YoY |
| Adjusted EBITDA | $226.3M+7.7%YoY |
| Net income | $101.8M · down vs $139.2M as 2025 included a Vistar Media gain |
Revenue by segment
| Billboard advertising | $468.6M · 88.8%of revenue+5.3% YoY |
|---|---|
| Transit advertising | $36.4M · 6.9%of revenue-6.4% YoY |
| Logo advertising | $23.0M · 4.4%of revenue+6.5% YoY |
Guidance:Full-year 2026
| Diluted AFFO per share | $8.50–$8.70 · trending to the top end per Q1 2026 pacings; vs $8.26 in 2025 |
|---|
Recent & upcoming events
- · Q1 2026 results; AFFO up 8.0%.Net revenue $528.0M (+4.5%); diluted AFFO per share $1.72 (+7.5%); CEO said pacings trend to the top end of full-year AFFO guidance. (source)
- · Q4 and full-year 2025 results; 2026 guidance set.Full-year 2025 diluted AFFO per share of $8.26; introduced 2026 diluted AFFO-per-share guidance of $8.50–$8.70. (source)
Lamar is a REIT, so AFFO (adjusted funds from operations) is the headline profitability metric rather than EPS; net income swings on one-off items such as the 2025 Vistar Media sale. Category revenues sum to total net revenues of $528.0M.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Lamar do?
Lamar runs one of the biggest out-of-home advertising businesses in North America. It owns and leases more than 362,000 billboards, digital screens, and transit and airport displays (Lamar 10-K), then rents that space to advertisers. The company is set up as a REIT, so at its heart it is a landlord for high-traffic physical locations. Billboards do the heavy lifting: they brought in $468.6 million of the $528.0 million in net revenue in the first quarter of 2026, with transit and roadside logo signs making up the rest (Lamar 10-Q). The medium is bigger than it looks: U.S. out-of-home advertising hit a record $9.1 billion in 2024, with digital displays now about 34% of spend (OAAA).
U.S. out-of-home advertising revenue reached a record $9.1 billion in 2024 — the first time the medium has surpassed $9 billion.
Why is Lamar a HALO company?
Digital advertising has been reshaped by software for years, but the roadside billboard has not. Its value is the location, and good locations are scarce and owned. Lamar puts its displays on land it owns or controls through long-term ground leases, so the business is closer to real estate than to media. AI can write or place the ad, yet it cannot manufacture a new spot on a packed commuter route. That is the kind of physical, hard-to-copy asset the Heavy Asset Low Obsolescence (HALO) concept looks for. Owning and maintaining physical sites is also hands-on work that scores low on AI task exposure (Eloundou et al., Science 2024).
What did Lamar report most recently?
Because Lamar is a REIT, the number that matters most is adjusted funds from operations, or AFFO, which strips out non-cash items to show the cash the portfolio actually throws off. In Q1 2026 (the quarter ended March 31, 2026), AFFO was $177.5 million, up 8.0% year over year, and diluted AFFO per share rose 7.5% to $1.72 (Lamar). Net revenue grew 4.5% to $528.0 million and Adjusted EBITDA rose 7.7% to $226.3 million, led by billboard demand. Net income came in at $101.8 million, down from a year earlier only because the 2025 figure carried a one-time gain on the sale of Lamar’s stake in Vistar Media (Form 8-K).
Our first-quarter results surpassed our internal forecasts, and our pacings have us trending at the top end of our previously provided guidance for full-year AFFO per diluted share.
— Sean Reilly, CEO, Lamar Advertising (Q1 2026 results)
What is Lamar’s guidance?
For full-year 2026, Lamar guides to diluted AFFO per share of $8.50 to $8.70, up from $8.26 in 2025 (Lamar Q4 2025 8-K). After the strong first quarter, management said pacings have the company trending toward the top end of that range (Lamar).
What are the risks for Lamar?
- Advertising cyclicality. Out-of-home spending tracks the economy, so revenue and AFFO soften in a downturn.
- Interest rates and leverage. As a REIT that must pay out most of its income, Lamar carries debt and refinancing costs that rise with rates.
- Zoning and permitting. Local rules limit where new billboards can go, capping new-build supply.
- Format mix. Transit revenue slipped year over year in Q1 2026, so growth leans on billboards and digital conversions.
Related securities, concepts & terms
Related indices & ETFs
- Roundhill HALO ETF (LOHA) · Roundhill InvestmentsTracks the Akros U.S. HALO Index, which includes this company.
Frequently asked questions about Lamar Advertising
What does Lamar Advertising do?
Lamar is one of the largest outdoor advertising companies in North America, with more than 362,000 billboards and displays. It operates as a REIT, so much of its value sits in the physical sites it owns and leases, which it then rents to advertisers across billboard, transit, logo, and airport formats. Billboards are the core: they generated $468.6 million of Lamar's $528.0 million of Q1 2026 net revenue.
Why is Lamar Advertising part of the HALO concept?
Out-of-home advertising depends on owning real, scarce physical locations. AI can design or even buy the ad, but it cannot reproduce a billboard on a busy highway, which makes Lamar resilient to AI disruption. The value is the location, and good roadside locations are limited and owned. The medium is large and growing: U.S. out-of-home ad revenue hit a record $9.1 billion in 2024, with digital displays now about 34% of spend.
When does Lamar Advertising report its next earnings?
Lamar is expected to report Q2 2026 results around August 14, 2026, before the market opens. That date is calendar-estimated from prior-year timing, so confirm it on Lamar's investor-relations site. The company last reported Q1 2026 on May 7, 2026.
What was Lamar Advertising's latest AFFO and revenue?
In Q1 2026, Lamar reported net revenues of $528.0 million, up 4.5% year over year, and adjusted funds from operations (AFFO) of $177.5 million, up 8.0%. Diluted AFFO per share rose 7.5% to $1.72. Billboard advertising drove the gain at $468.6 million (+5.3%), while transit slipped to $36.4 million (-6.4%); net income of $101.8 million was down only because 2025 carried a one-time Vistar Media gain.
What is Lamar Advertising's 2026 guidance?
For full-year 2026, Lamar guides to diluted AFFO per share of $8.50 to $8.70, up from $8.26 in 2025. After a strong first quarter, management said pacings have the company trending toward the top end of that range. AFFO is the key REIT metric here, not EPS.
Sources & references
- Lamar Advertising Company Announces First Quarter Ended March 31, 2026 Operating Results · Lamar Advertising Company, 2026-05-07
- Lamar Advertising Q1 2026 results (Form 8-K, Exhibit 99.1) · Lamar Advertising Company / SEC EDGAR, 2026-05-07
- Lamar Advertising Q1 2026 Form 10-Q (revenue by category) · Lamar Advertising Company / SEC EDGAR, 2026-05-07
- Lamar Advertising Q4 and full-year 2025 results (Form 8-K, Exhibit 99.1) · Lamar Advertising Company / SEC EDGAR, 2026-02-20
- Lamar Advertising · investor relations, events and earnings calendar · Lamar Advertising Company, 2026-06-04
- Lamar Advertising Company · 2025 Annual Report (Form 10-K) · Lamar Advertising Company, 2026-02-20
- Nasdaq listed company information · LAMR · Nasdaq, 2026-06-02
- Out of Home Advertising Revenue Surpasses $9 Billion (2024) · Out of Home Advertising Association of America, 2025-03-07
- GPTs are GPTs: Labor market impact potential of LLMs · Eloundou, Manning, Mishkin & Rock · Science, 2024-06-21