NEW ORLEANS — Lamar Advertising Co., one of the largest outdoor advertising companies in the world, on Feb. 20 reported a key measure of profitability in its fourth quarter. The Baton Rouge-based real estate investment trust said it had funds from operations of $230.6 million, or $2.24 per share.
“We ended 2025 with encouraging sales momentum, with growth in both local and national in the fourth quarter, even with a tough political comp,” chief executive Sean Reilly said. “That strength continued into 2026, and pacings for the balance of the year remain promising. For the full-year, we anticipate diluted AFFO per share to be between $8.50 and $8.70.”
Funds from operations is a closely watched measure in the Real Estate Investment Trust (REIT) industry. It starts with net income and adds back items such as depreciation and amortization. Because real estate companies typically record large non-cash depreciation expenses on their properties, traditional net income can understate the cash generated by operations. Funds from operations are designed to give investors a clearer picture of a REIT’s operating performance and its ability to generate cash to pay dividends.
Lamar reported that it had net income of $152.2 million, or $1.50 per share, and posted revenue of $595.9 million in the quarter. Revenue represents the total amount brought in from advertising contracts during the quarter before expenses are deducted. Net income reflects profit after operating costs, interest, taxes and accounting charges such as depreciation. Because depreciation reduces net income but does not represent cash leaving the company, funds from operations were higher than net income for the quarter.
For the year, the company reported funds from operations of $846.7 million. Revenue was reported as $2.27 billion. Those annual figures provide a broader view of Lamar’s overall scale and cash-generating capacity across its nationwide billboard and transit advertising network.
Lamar expects full-year funds from operations in the range of $8.50 to $8.70 per share. That forecast gives investors a sense of how management believes the business will perform in the coming year and is often used by analysts to evaluate dividend sustainability and future growth prospects.
Beyond its quarterly results, Lamar remains one of Louisiana’s largest publicly traded companies.
Company Overview and REIT Structure
Founded in 1902, Lamar now has more than 360,000 displays across the United States and Canada, including billboards, interstate logo signs, transit advertising and airport displays. It also operates what’s considered the largest digital billboard network in the U.S., with thousands of digital sites. The company has more than 3,300 employees and operates over 200 locations across North America.
The company converted to a real estate investment trust (REIT) in 2014, a structure common in the outdoor advertising industry that can provide tax efficiencies and appeal to certain investors.
Lamar Leadership Team
Lamar is led by President and Chief Executive Officer Sean Reilly, Executive Vice President and Chief Financial Officer Jay Johnson, and Executive Chairman Kevin Reilly Jr., a leadership group with deep roots in the company.
Market Position
Lamar’s stock trades on the Nasdaq under the ticker LAMR. Market observers regularly track its share price and dividend yield — it has historically been positioned as a dividend-paying specialty REIT with a yield that often appeals to income-oriented investors. Recent figures show market capitalization in the $12–$13 billion range.
New Orleans Regional Presence
Lamar has a dedicated New Orleans billboard office at 629 S. Claiborne Avenue in New Orleans, with a local team that sells and manages advertising inventory in the metro area. The office handles static and digital billboards along major routes into and out of the city and covers parts of the Northshore markets around Lake Pontchartrain.
