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Lamar Advertising cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$210M in Q2 2026 · $718M over twelve months

Operating cash flow$252M
Capital spending−$42.7M
Free cash flow+$210M
Cash / net income1.5×
Cash conversion cycle44 days

Analysis

In Q2 2026, Lamar Advertising generated $252M of operating cash flow and spent $42.7M on capital projects, leaving free cash flow of $210M. That is $18.4M more than in Q2 2025 ($191M).

Over the twelve months to Jun 30, 2026, operating cash flow was $907M; the largest uses were dividends ($666M), acquisitions ($206M), capital spending ($189M); besides operations, cash came from other financing ($73.4M), net borrowing (+) / repaid (−) ($55.2M); the cash balance rose by $12.2M.

Operating cash flow was $252M against net income of $165M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$84.4M, receivables −$56.7M, other liabilities +$24.3M.

Its cash conversion cycle was 44 days (receivables 52 + inventory 0 − payables 8).

Free cash flow

Lamar Advertising: free cash flow by quarterLamar Advertising: free cash flow by quarter$197MQ3 2024$236MQ4 2024$97.9MQ1 2025$191MQ2 2025$186MQ3 2025$208MQ4 2025$114MQ1 2026$210MQ2 2026
Operating cash flow less capital spending.
Lamar Advertising: operating cash flow against capital spendingLamar Advertising: operating cash flow against capital spendingOperating cash flowCapital spending$227M$30.1MQ3 2024$279M$43.0MQ4 2024$128M$29.9MQ1 2025$229M$38.2MQ2 2025$236M$49.9MQ3 2025$271M$62.9MQ4 2025$147M$33.1MQ1 2026$252M$42.7MQ2 2026
Latest (Q2 2026): Operating cash flow $252M, Capital spending $42.7M.

Capital allocation, year by year

Lamar Advertising: where the cash came from (up) and went (down), by fiscal yearLamar Advertising: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $734MFY2021: Net borrowing $173MFY2021: Shares issued $19.0MFY2021: Asset sales $6.5MFY2021: Capital spending −$126MFY2021: Acquisitions −$312MFY2021: Buybacks −$6.1MFY2021: Dividends −$405M$933MFY2021FY2022: Operating cash flow $782MFY2022: Net borrowing −$132MFY2022: Shares issued $18.9MFY2022: Asset sales $15.6MFY2022: Capital spending −$167MFY2022: Acquisitions −$480MFY2022: Buybacks −$10.5MFY2022: Dividends −$509M$816MFY2022FY2023: Operating cash flow $784MFY2023: Net borrowing $23.3MFY2023: Shares issued $15.7MFY2023: Asset sales $7.1MFY2023: Capital spending −$178MFY2023: Acquisitions −$139MFY2023: Buybacks −$6.0MFY2023: Dividends −$511M$830MFY2023FY2024: Operating cash flow $874MFY2024: Net borrowing $212MFY2024: Shares issued $21.0MFY2024: Asset sales $5.7MFY2024: Capital spending −$125MFY2024: Acquisitions −$45.4MFY2024: Buybacks −$5.3MFY2024: Dividends −$579M$1.1BFY2024FY2025: Operating cash flow $864MFY2025: Net borrowing −$485MFY2025: Shares issued $17.7MFY2025: Asset sales $127MFY2025: Capital spending −$181MFY2025: Acquisitions −$191MFY2025: Buybacks −$158MFY2025: Dividends −$656M$1.0BFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were dividends ($2.7B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$68.0M
Debt$3.5B
Net debt$3.4B
Due within a year$250M

Lamar Advertising funds itself: free cash flow was $718M over the last twelve months, and $68.0M of cash and investments stands against $3.5B of debt ($250M due within a year, 0.3× covered by cash).

Where the cash came from and went

Lamar Advertising: sources (+) and uses (−) of cash, Q2 2026Lamar Advertising: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$252MDividends−$163MAcquisitions−$43.4MCapital spending−$42.7MCash drawn (+) / kept (−)−$28.7MNet borrowing (+) / repaid (−)$9.6MShares issued$7.3MOther financing$5.4MAsset & business sales$2.9MExchange rates−$40K
Lamar Advertising: sources (+) and uses (−) of cash, TTM to Q2 2026Lamar Advertising: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$907MDividends−$666MAcquisitions−$206MCapital spending−$189MOther financing$73.4MNet borrowing (+) / repaid (−)$55.2MShares issued$22.2MAsset & business sales$21.0MCash drawn (+) / kept (−)−$12.2MBuybacks−$6.1MExchange rates−$174KOther investing$69K

From profit to cash

Lamar Advertising: net income to operating cash flow, Q2 2026Lamar Advertising: net income to operating cash flow, Q2 2026Net income$165MDepreciation & amortization$84.4MStock-based pay$14.1MDeferred taxes−$217KGains on disposals−$2.7MReceivables−$56.7MPayables−$4.7MAccrued liabilities$6.7MPrepaid and other assets$14.7MOther liabilities$24.3MOperating cash flow$252M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202652—844
Q1 202657—849
Q4 202553—1042
Q3 202554—1341
Q2 202551—1338
Q1 202557—1245
Q4 202454—1143
Q3 202455—1143

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$252M−$42.7M−$43.4M—−$163M$9.6M$7.3M−$28.7M$210M
Q1 2026$147M−$33.1M−$58.6M−$6.1M−$163M$80.0M$5.8M$25.5M$114M
Q4 2025$271M−$62.9M−$57.2M—−$182M−$333K$4.7M−$42.8M$208M
Q3 2025$236M−$49.9M−$46.8M—−$157M−$34.4M$4.3M$33.7M$186M
Q2 2025$229M−$38.2M−$64.9M−$132M−$157M$148M$4.1M−$19.6M$191M
Q1 2025$128M−$29.9M−$22.1M−$26.4M−$159M$1.6M$4.5M$13.3M$97.9M
Q4 2024$279M−$43.0M−$14.3M$1K−$169M−$36.4M$3.8M−$20.0M$236M
Q3 2024$227M−$30.1M−$2.9M−$1K−$143M$245M$5.7M$48.4M$197M

Lamar Advertising: income statement and cash flow

Lamar Advertising, Q3 2026: revenue $624M (+7% year over year), operating margin 33.5%. The chart follows the revenue to costs, profit and cash.

Lamar Advertising: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.