LAMR Nasdaq Russell 1000 Earnings call
Lamar Advertising (LAMR) · Q2 2026 results and valuation
Share price: $162.62 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income up 57.8% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+57.8%
Net income vs Q1 2026
Outlook given
Net income 160.7M vs 101.8M
Revenue +16.8%
Against the same quarter last year (Q2 2025) it is +4.1% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Similar to last call.
3 · What stood out
New
The company expects to close its second UPREIT transaction next week following positive seller interest in the transaction structure.
Valuation
Is Lamar Advertising undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 3.7% growth a year (3-year revenue growth), the model's fair value is $66.34 a share — the stock trades 145% above it. Today's price assumes 12.9% growth a year.
Current price
$162.62
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+12.9% for 10 yrs
Fair value / share
$66.34
Buy below
$49.75
Price vs fair value
Overvalued 145%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Full-year regular dividend of at least $6.50 per share expected.
Source quote
“For the full year, we expect to distribute a regular dividend of at least $6.50 per share.”
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Guidance
The company updated its full-year guidance to anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million.
Source quote
“And for the full year, we anticipate total CapEx of approximately $186 million with maintenance CapEx comprising $65 million.”
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Figure
Programmatic sales grew by more than 50%, making it a bright spot for the company's revenue drivers this quarter.
Source quote
“Growth of more than 50% through our programmatic sales channel once again made it a bright spot, and programmatic accounted...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Acquisition-adjusted consolidated expenses increased 5.1% in the second quarter, which grew 150 basis points more than anticipated, but driven by variable expenses tied to solid revenue growth in the second...”
“No, Alexey, if you look at expense growth, we grew 5.1%, about 150 basis points of that was all tied to variable expenses like revenue share leases or sales commissions...”
“The airport business continued to outperform with acquisition-adjusted revenue increasing 21.1% in Q2 versus last year, which was an acceleration from last quarter when airports grew a healthy 15.5%.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 616.7M | 528.0M | +16.8% | 579.3M | +6.5% |
| Gross profit | 422.5M | 344.7M | +22.6% | 392.5M | +7.6% |
| Operating income | 208.0M | 146.1M | +42.4% | 197.7M | +5.2% |
| Net income | 160.7M | 101.8M | +57.8% | 154.4M | +4.1% |
| EPS | 1.58 | 1.00 | +58.0% | 1.52 | +3.9% |
| P/E today 26.3 | 28.5 | 23.4 | +5.1 | 28.3 | +0.2 |
Topics
Most discussed now
- New They're increasingly getting comfortable with Lamar Advertising's ability to track results when they spend with it.
- The momentum has carried into Q3 and pacing suggests year-over-year revenue growth rates for the balance of 2026 are likely...
- On an acquisition-adjusted basis, consolidated revenue grew 6.1% in the second quarter, while EBITDA increased 7.3%, with a record EBITDA...
- Acquisition-adjusted consolidated expenses increased 5.1% in the second quarter, which grew 150 basis points more than anticipated, but…
- Adjusted EBITDA margin expanded 110 basis points to 49.2%, the strongest margin in any quarter of the company's history.
Faded since Q1 2026
- Fading In general, to the tone of the question, Lamar Advertising is seeing the book build nicely as it looks at its pacings...
- Fading Lamar Advertising has had several inbound inquiries, and it is hopeful that it will it can get a couple of UPREIT deals done this...
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K