Lamar Advertising, Q3 2026 Earnings Call Transcript

Lamar Advertising reported 6.2% acquisition-adjusted revenue growth in Q3, supported by national advertisers, political spending and digital billboards; adjusted EBITDA margin widened to 49.1%. October revenue rose more than 14% year over year, or nearly 7% excluding political advertising. Management raised its 2026 AFFO-per-share outlook to $8.87–$8.97 and expects a year-end special dividend of $0.30–$0.35, subject to board approval. Digital and programmatic advertising remained strong, while airport and transit revenue also grew. Management said advertiser demand and renewals heading into 2027 are strong, and described a shift in share toward Lamar from other local media.

The company cited an active acquisition pipeline and substantial capacity for further investment, but said private-market pricing is frothy and it will remain disciplined, pursuing deals it considers accretive. Management expects operating expense growth of 4.25%–4.75% for the year and total leverage around 3x. It also highlighted a strong balance sheet and expects momentum to continue into Q4.