Segment Reporting (Subsidiary) (Tables)

9 Months Ended

Sep. 30, 2025

Condensed Income Statements, Captions [Line Items]

Schedule of Reconciliation of Net Income to Adjusted EBITDA

The following table presents our financial performance by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenues:
Billboard	$	524,769	$	502,587	$	1,481,983	$	1,444,116
Other	60,772		61,548		188,299		183,420
Total net revenues	$	585,541	$	564,135	$	1,670,282	$	1,627,536

Advertising expenses:
Billboard	$	227,505	$	219,887	$	666,328	$	648,848
Other	50,228		48,941		154,063		146,693
Total advertising expenses	$	277,733	$	268,828	$	820,391	$	795,541

Segmented adjusted EBITDA:
Billboard adjusted EBITDA	$	297,264	$	282,700	$	815,655	$	795,268
Other adjusted EBITDA	10,544		12,607		34,236		36,727
Corporate expenses (1)	(27,038)		(24,148)		(80,517)		(77,360)
Adjusted EBITDA	$	280,770	$	271,159	$	769,374	$	754,635

(1)Corporate operations are not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.

Reconciliation of adjusted EBITDA to income before income tax expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Adjusted EBITDA	$	280,770	$	271,159	$	769,374	$	754,635
Stock-based compensation expense	(7,580)		(12,097)		(25,305)		(37,713)
Capitalized contract fulfillment costs, net	15		132		20		506
Depreciation and amortization	(86,276)		(75,112)		(242,207)		(227,531)
Gain on disposition of assets and investments	2,155		2,474		76,116		5,486
Equity in earnings of investee	—		2,642		206		2,087
Interest expense, net	(40,431)		(42,275)		(118,374)		(130,060)
Loss on debt extinguishment	(2,012)		(270)		(2,012)		(270)


Income before income tax expense	$	146,641	$	146,653	$	457,818	$	367,140

LAMAR MEDIA CORP. AND SUBSIDIARIES

Condensed Income Statements, Captions [Line Items]

Schedule of Reconciliation of Net Income to Adjusted EBITDA

The following table presents our financial performance by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenues:
Billboard	$	524,769	$	502,587	$	1,481,983	$	1,444,116
Other	60,772		61,548		188,299		183,420
Total net revenues	$	585,541	$	564,135	$	1,670,282	$	1,627,536

Advertising expenses:
Billboard	$	227,505	$	219,887	$	666,328	$	648,848
Other	50,228		48,941		154,063		146,693
Total advertising expenses	$	277,733	$	268,828	$	820,391	$	795,541

Segmented adjusted EBITDA:
Billboard adjusted EBITDA	$	297,264	$	282,700	$	815,655	$	795,268
Other adjusted EBITDA	10,544		12,607		34,236		36,727
Corporate expenses (1)	(26,913)		(24,037)		(80,133)		(76,930)
Adjusted EBITDA	$	280,895	$	271,270	$	769,758	$	755,065

Reconciliation of adjusted EBITDA to income before income tax expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Adjusted EBITDA	$	280,895	$	271,270	$	769,758	$	755,065
Stock-based compensation expense	(7,580)		(12,097)		(25,305)		(37,713)
Capitalized contract fulfillment costs, net	15		132		20		506
Depreciation and amortization	(86,276)		(75,112)		(242,207)		(227,531)
Gain on disposition of assets and investments	2,155		2,474		76,116		5,486
Equity in (loss) earnings of investee	—		2,642		206		2,087
Interest expense, net	(40,431)		(42,275)		(118,374)		(130,060)
Loss on debt extinguishment	(2,012)		(270)		(2,012)		(270)


Income before income tax expense	$	146,766	$	146,764	$	458,202	$	367,570

LAMAR ADVERTISING CO/NEW 10-Q