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How Lamar Advertising (LAMR) makes money
Lamar Advertising (LAMR) made $624M of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Billboard advertising brought in $562M (90%); Transit advertising brought in $39.9M (6%); Logo advertising brought in $22.3M (4%). Of every dollar of revenue, 34¢ was left as operating profit, 26¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Billboard advertising | $562M | 90.0% | +2% | +7% |
| Transit advertising | $39.9M | 6.4% | -3% | +3% |
| Logo advertising | $22.3M | 3.6% | -5% | +0.4% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $624M | 100.0% |
| Operating profit | $209M | 33.5% |
| Income tax | $3.6M | 0.6% |
| Net earnings | $162M | 25.9% |
| Operating cash flow | $284M | 45.5% |
| Free cash flow | $239M | 38.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $624M | +7% |
| Q2 2026 | $617M | +6% |
| Q1 2026 | $528M | +4% |
| Q4 2025 | $596M | +3% |
| Q3 2025 | $586M | +4% |
| Q2 2025 | $579M | +2% |
| Q1 2025 | $505M | +2% |
From Lamar Advertising's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Lamar Advertising make money?
Lamar Advertising (LAMR) made $624M of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Billboard advertising brought in $562M (90%); Transit advertising brought in $39.9M (6%); Logo advertising brought in $22.3M (4%). Of every dollar of revenue, 34¢ was left as operating profit, 26¢ was left as net earnings.
What is Lamar Advertising's biggest business?
Billboard advertising: $562M in the third quarter 2026, 90% of revenue, +7% from a year earlier.
What is Lamar Advertising's profit margin?
Net earnings were $162M, 25.9% of revenue, in the third quarter 2026; the operating margin was 33.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.