One of the largest outdoor advertisers in the U.S., this company puts up billboards, digital signs, logo signs along highways, and transit advertising in dozens of U.S. and Canadian markets, with local businesses making up most of its customers. It traces back to a 1902 Pensacola poster shop started to promote a local opera house. In 1908 founder Charles Lamar's partner won a coin toss and took the opera house, leaving Lamar with what was seen as the lesser prize — the advertising business, which he named after himself and which grew into an industry giant.
Lamar's Q2 revenue rose 6.5% to $616.7M as acquisition-adjusted growth accelerated to 6.1%, its fastest rate in over two years.
re-accelerated sharply. rose 6.5% to $616.7M and climbed 3.9% to $1.58, driven by a 6.1% increase in — the highest quarterly rate since early 2023. The company raised its 2026 distribution to at least $6.50 per share.
Key takeaways
grew 6.1% in Q2 2026, up from 3.9% in Q1 2026 and 1.9% in Q2 2025, as organic billboard demand accelerated to a $31.1M increase.
Net rose 6.5% to $616.7M, the highest quarterly revenue in the reported series, with billboard contributing a $40.0M increase partially offset by a $2.8M decline in transit.
rose 9.0% to $303.4M, while increased 10.1% to $247.9M, as growth outpaced a 6.3% rise in operating expenses excluding and .
Section summaries
Management's Discussion and Analysis
Lamar's Q2 2026 net revenue rose 6.5% to $616.7M, driven by billboard growth, while adjusted EBITDA increased 9.0% to $303.4M.
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Net revenues for Q2 2026 increased 6.5% to $616.7M, primarily from a $40.0M increase in billboard net revenues, partially offset by a $2.8M decline in transit.
rose 9.6% to $209.7M, and increased 10.0% to $252.4M, reflecting higher cash generation from the core business.
The company completed $101.9M in acquisitions during the first half of 2026 and expects full-year of approximately $186.0M.
The Board declared a $1.60 quarterly and now expects aggregate 2026 distributions of at least $6.50 per share, up from the prior of at least $6.40.
What changed
Q1 2026 flagged whether acquisition-adjusted re-acceleration would hold into Q2: it did, rising to 6.1% from Q1's 3.9%, confirming the organic demand inflection.
Variable-rate debt moved to $1.04B (29.3% of total ) at Q2 2026, up from $1.02B (29.0%) at Q1 2026 and $948.3M (27.5%) at year-end 2025, continuing the upward drift in interest-rate exposure.
The 2026 distribution was raised to at least $6.50 per share from the $6.40 guided in Q1 2026, reflecting confidence in cash generation despite the elevated plan.
of $209.7M in Q2 2026 represents a 9.6% increase, reversing the 18.1% decline reported in Q2 2025 when spending first ramped under the higher investment plan.
What to watch
Q3 2026 acquisition-adjusted against Q2's 6.1% to see whether the acceleration is sustained through the seasonal peak.
Movement in variable-rate debt from the $1.04B (29.3%) Q2 base and any rate-lock elections, given the three-quarter upward trend from the 27.5% year-end 2025 low.
Full-year 2026 against the ~$186M plan and the $6.50 annualized , which at approximately $660M in distributions would nearly consume all of 2025's $683.2M free cash flow.
Integration and contribution from the $101.9M in H1 2026 acquisitions, and whether acquisition-adjusted growth continues to benefit as those assets are absorbed.
Acquisition-adjusted net grew 6.1% for Q2 2026, with billboard contributing $31.1M of the $35.7M increase.
Total operating expenses (excluding D&A) rose 6.3% to $327.0M, driven by a $12.4M increase in direct, G&A, and corporate costs and a $6.9M rise in .
for Q2 2026 grew 9.0% to $303.4M, with billboard adjusted EBITDA up $24.6M, while AFFO increased 10.1% to $247.9M.
The company completed $101.9M in acquisitions during H1 2026 and expects full-year 2026 total of approximately $186.0M.
Total liquidity was $720.2M as of June 30, 2026, and the company declared quarterly dividends of $1.60 per share, expecting at least $6.50 per share in aggregate 2026 distributions.
Quantitative and Qualitative Disclosures About Market Risk
Lamar faces interest rate risk on $1.04B of variable-rate debt; a 200bps rise would have increased H1 2026 interest by ~$9.5M.
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At June 30, 2026, $1.04B of variable-rate debt (29.3% of total ) was outstanding under the and .
The on these variable-rate borrowings was 5.0% during the first half of 2026, with aggregate of $24.8M.
A hypothetical 200-basis-point increase in the weighted average rate (to 7.0%) would have raised by approximately $9.5M for the six months ended June 30, 2026.
The company manages interest rate risk by issuing fixed-rate debt and maintaining a balance between fixed- and variable-rate indebtedness over time.
Under the , Lamar can fix rates for up to twelve months using Adjusted Term SOFR or Adjusted Base Rate plus margin, though it cannot guarantee these actions will be feasible or effective.
Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our combined Annual Report on Form 10-K for the year ended December 31, 2025, which could adversely affect our business, financial…
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Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in our combined Annual Report on Form 10-K for the year ended December 31, 2025, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our Class A common stock. There have been no material changes to our risk factors since our combined Annual Report on Form 10-K for the year ended December 31, 2025.