EarningsQ2 2026 Earnings Report
MX:LAMR Q2 2026 EPS Results
Actual EPS$28.72
Consensus EPS$28.72
Beat/MissMet expectations
One Year Ago EPS$27.63
MX:LAMR Q2 2026 Revenue Results
Actual Revenue$11.21B
Expected Revenue$11.03B
Beat/MissBeat by +$184.27M
YoY Revenue Growth+6.46%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:LAMR Upcoming Earnings
Lamar Advertising's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LAMR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed broad, multi-channel momentum: revenue, adjusted EBITDA, digital growth, programmatic expansion, airport acceleration, and raised AFFO guidance and dividend, supported by a strong balance sheet and active M&A. Offsetting items include higher-than-expected expense growth (driven by variable costs), some category softness (real estate/amusements), and timing uncertainty for additional cost-savings from software initiatives. Overall the positives—record margins, double-digit digital growth, raised guidance, and healthy liquidity—materially outweigh the manageable headwinds.Company Guidance
Revenue and EBITDA Growth
Acquisition-adjusted consolidated revenue grew 6.1% in Q2 2026; adjusted EBITDA rose 7.3% on an acquisition-adjusted basis and was $303.4M (up 9.0% vs. $278.4M in Q2 2025). Adjusted EBITDA margin expanded 110 bps to a record 49.2%.
Consistent Revenue Momentum
21st consecutive quarter of revenue growth and the highest rate of revenue growth since Q2 2022. Quarterly monthly cadence accelerated within Q2: April +4.8%, May ~+5.5%, June +8%, and July revenue up 6% (acquisition-adjusted growth of 5.2% year-to-date through July).
Raised AFFO Guidance and Dividend Increase
Full-year diluted AFFO per share guidance raised to $8.75–$8.90 (midpoint implies ~7% AFFO/share growth vs. 2025). Management recommended a quarterly dividend increase of $0.05 to $1.65 per share and expects at least $6.50 of regular dividends for the year with the likelihood of a year-end special dividend.
Strong Digital and Programmatic Performance
Digital revenue increased 15.4% year-over-year and now represents ~33.3% of billboard revenue. Same-board digital revenue grew 6.5% YoY. Programmatic sales grew >50% and accounted for ~10% of digital billboard revenue; national+programmatic revenue increased nearly 16% in Q2.
Airport & Regional Strength
Airport acquisition-adjusted revenue accelerated to +21.1% YoY (from +15.5% prior quarter). Billboard regions delivered mid-single-digit growth led by Southwest (+7.7%) and Atlantic (+6.5%). Local/regional sales grew for the 21st consecutive quarter and comprised ~77% of billboard revenue.
Category-Level Wins
Top-performing categories: Services +15.4% (including telecom/AI-related technology services), Financial +9.7%, Gaming +9.2%, Building & Construction +10.2%, and Retail +6.5%. Political spend increased by >$5M YoY in Q2 and is pacing ahead of 2024 (2024 political was ~$29M; management expects low- to mid-$30M this year).
Active, Disciplined M&A and UPREIT Activity
Over $100M deployed through June 30 on nearly 30 billboard acquisitions and easements, with a pipeline under LOI expected to drive >$200M cash spend for the full year. A second UPREIT transaction (mid-$30M size) expected to close imminently.
Balance Sheet and Liquidity
Total consolidated debt ~ $3.5B with a weighted average interest rate of 4.5% and 4-year weighted maturity. Net leverage 2.9x (well within targets), secured leverage 0.7x, 12-month interest coverage 7.1x, and total liquidity of ~$720M (cash $68M + $652M revolver availability). Investment capacity remains >$1B.
Capital Allocation and CapEx
Q2 CapEx $42.7M (including $14.7M maintenance). Full-year CapEx expected ~ $186M with maintenance CapEx ~ $65M. Digital footprint grew to 5,730 digital units (+177 units vs. year-end 2025).
MX:LAMR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed