Lamar Advertising Q1 2026 Revenue Rises 4.5%, AFFO Up 8%
Lamar Advertising Company has reported solid financial results for the first quarter ended March 31, 2026, driven by strong demand from both local and national advertisers and continued momentum in digital out-of-home advertising.
The outdoor advertising giant posted first-quarter net revenues of $528 million, marking a 4.5% increase compared to $505.4 million in the same period last year. Adjusted EBITDA climbed 7.7% year-over-year to $226.3 million, while adjusted funds from operations (AFFO) rose 8% to $177.5 million.
According to CEO Sean Reilly, the company exceeded internal expectations during the quarter and is currently trending toward the upper end of its full-year AFFO guidance range.
Despite revenue gains, net income declined 26.9% to $101.8 million, compared to $139.2 million in Q1 2025. The decline was mainly attributed to a one-time gain recorded last year from the sale of Lamar’s stake in Vistar Media.
Diluted AFFO per share increased 7.5% to $1.72, up from $1.60 in the prior-year quarter, reflecting improved operating performance and strong cash generation. Free cash flow surged 25.8% to $152.4 million, while cash flow from operations increased to $147.4 million.
On an acquisition-adjusted basis, revenue grew 3.9%, while acquisition-adjusted EBITDA increased 5.2%, indicating continued organic strength across the company’s billboard and digital advertising network.
Lamar also maintained a strong liquidity position, ending the quarter with total liquidity of $701.5 million, including $662.2 million available under its revolving credit facility and $39.3 million in cash and cash equivalents.
Following the quarter, the company reduced outstanding revolving credit borrowings by $40 million, strengthening its balance sheet further.
Founded in 1902, Lamar Advertising operates more than 359,000 displays across the United States and Canada, including over 5,600 digital billboards, making it one of North America’s largest outdoor advertising companies.
