Q3 2026 Revenue up 7% year over year to $624M · 26¢ of every $1 of revenue kept as net profit · operating margin 33.5%
Lamar Advertising made $624M in Q3 2026 (+7% Y/Y): Billboard advertising $562M, Transit advertising $39.9M, Logo advertising $22.3M. Operating margin 33.5%, net earnings $162M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$624M
Year over year+7%
Operating margin33.5%
Net earnings$162M
Operating cash flow$284M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $624.5M in Q3 2026, up 7% year over year and up 1% from the previous quarter. Billboard advertising was the largest line at 90% of revenue. Billboard advertising added $37.5M year over year (up 7%), 96% of the total change.
Operating profit was $209.4M, a 33.5% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 52% reached operating profit, above the 32% margin then. Total costs grew 5% against revenue growth of 7%. Net earnings were $161.9M, up 14% year over year. The effective tax rate was 2.2%.
Operating cash flow was $284.1M (up 21% year over year), 172% of net earnings. Non-cash charges added back $100.6M of depreciation and amortization and $13.1M of share-based compensation. Capital expenditures of $45.0M left free cash flow of $239.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$624M
+7%
33.5%
$162M
$284M
Q2 2026
10-Q
Aug 6, 2026
$617M
+6%
33.7%
$161M
$252M
Q1 2026
10-Q
May 7, 2026
$528M
+4%
27.7%
$101M
$147M
Q4 2025
10-K
Feb 20, 2026
$596M
+3%
32.9%
$152M
$271M
Q3 2025
10-Q
Nov 6, 2025
$586M
+4%
32.3%
$142M
$236M
Q2 2025
10-Q
Aug 8, 2025
$579M
+2%
34.1%
$154M
$229M
Q1 2025
10-Q
May 8, 2025
$505M
+2%
37.8%
$139M
$128M
Charts
Latest (Q3 2026): Y/Y +7%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $165M, Operating cash flow $252M.+0.7% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902. We manage our business through three operating segments –billboard, logo and transit advertising. We rent space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. We offer our customers a fully integrated service, satisfying all aspects of their display requirements from ad copy production to placement and maintenance.
In its own words, from its 10-K, filed Feb 20, 2026.
Lamar Advertising against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +11%. Operating margin: 33.5% against the peers' median 20.6%.