Lamar Advertising Revenue Rises 2.8% in Q4 2025

Outdoor advertising company sees growth in key categories despite economic headwinds.

Published on Feb. 23, 2026

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Lamar Advertising, a leading outdoor advertising company, reported a 2.8% increase in net revenues to $596 million in the fourth quarter of 2025. The company saw strong performance in service, healthcare, building and construction, and financial categories, with local revenues up 1.7% and national/programmatic revenues growing 3.3%. Adjusted EBITDA also increased 3.7% to $289 million, with the company maintaining a healthy EBITDA margin of 47% for the full year.

Why it matters

Lamar's solid financial results in Q4 2025 demonstrate the resilience of the outdoor advertising industry, even in the face of broader economic challenges. The company's ability to grow revenues and maintain profitability highlights the continued demand for physical advertising formats like billboards, which can effectively reach local and national audiences.

The details

Lamar Advertising added 111 new digital billboards in Q4 2025, ending the year with 5,553 operating units. The company also completed 13 acquisitions in Q4 for $57 million in cash, bringing the full-year total to 50 acquisitions for $191 million. Lamar CEO Sean Reilly expects another active M&A year in 2026, with the company already completing 7 acquisitions for $40 million since the start of the year. Reilly noted that selling cashflow multiples are in the low teens, with Lamar able to achieve synergies that bring the effective multiple down to the 10-11 range.

  • Lamar Advertising reported its Q4 2025 earnings on February 23, 2026.
  • The company added 111 new digital billboards in Q4 2025, ending the year with 5,553 operating units.

The players

Lamar Advertising

A leading outdoor advertising company that operates billboards and other physical advertising formats across the United States.

Sean Reilly

The CEO of Lamar Advertising, who led the company's Q4 2025 earnings call and discussed the financial results and acquisition strategy.

Jay Johnson

The CFO of Lamar Advertising, who provided details on the company's debt, leverage, and investment capacity.

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What they’re saying

“We ended 2025 with encouraging sales momentum,”

— Sean Reilly, CEO, Lamar Advertising (billboardinsider.com)

“I anticipate another active M&A year in 2026. We're actually off to a good start. As of yesterday we had completed 7 acquisitions since January 1 for a total purchase price of approximately $40 million.”

— Sean Reilly, CEO, Lamar Advertising (billboardinsider.com)

“Because of the synergies...the multiple from the sellers point of view might look something slightly below the mid teen-ish range but by the time we bring our synergies to bear it's...something between 10-11 going forward...”

— Sean Reilly, CEO, Lamar Advertising (billboardinsider.com)

What’s next

Lamar Advertising is expected to continue its active acquisition strategy in 2026, having already completed 7 deals worth $40 million since the start of the year.

The takeaway

Lamar Advertising's solid financial performance in Q4 2025, marked by revenue growth, EBITDA expansion, and continued M&A activity, underscores the resilience of the outdoor advertising industry in the face of broader economic challenges. The company's ability to drive synergies and achieve attractive acquisition multiples positions it well for further growth and consolidation in the sector.