LAMAR ADVERTISING CO/NEWLAMR

LAMAR ADVERTISING CO/NEW Segments Disclosure

10-KFiled Feb 20, 20263 min read
Information about Geographic Areas
Revenues from external customers attributable to foreign countries totaled $26,253, $36,465 and $30,568 for the years ended December 31, 2025, 2024 and 2023, respectively. Net carrying value of long-lived assets located in foreign countries totaled $9,653 and $13,972 as of December 31, 2025 and 2024, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.
Segment Reporting
The Company revised its segment information to reflect the adoption of ASU 2023-07 and certain changes resulting from our periodic review of factors relevant to how the chief operating decision maker (CODM) assesses performance and allocates resources in accordance with FASB ASC 280, Segment Reporting. As described in Note 1, we currently manage our operations through three operating segments - billboard, logo, and transit advertising. Logo and transit advertising do not meet the criteria to be reportable segments, and accordingly, are included in Other.
We define the term CODM to be our executive management group, which consists of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Net revenues, advertising expenses and segmented adjusted EBITDA are used to monitor expected versus actual results. Total advertising expenses is the expense category regularly provided to the CODM. There are no other expenses regularly provided to the CODM that are used to manage the segment's operations. Total advertising expenses are defined as direct advertising expenses and general and administrative expenses excluding stock-based compensation expense and capitalized contract fulfillment costs. Segment Adjusted EBITDA is the profitability metric reported to the Company's CODM for purposes of assessing the performance of each operating segment as well as to make decisions related to invested capital, personnel, operational improvement or training, or to allocate other company resources. We define adjusted EBITDA as net income before income tax (expense) benefit, interest (expense) income, equity in earnings (loss) of investee, (loss) gain on extinguishment of debt and investments, stock-based compensation, depreciation and amortization, (loss) gain on disposition of assets and investments, transaction expenses and capitalized contract fulfillment costs, net. Segment information for total assets is not presented as this information is not used by the Company’s CODM in measuring segment performance or allocating resources between segments.

The following table presents our financial performance by segment:

202520242023
Net revenues:
Billboard$2,013,850 $1,956,176 $1,877,823 
Other252,364 250,927 233,164 
Total net revenues$2,266,214 $2,207,103 $2,110,987 
Advertising expenses:
Billboard$897,148 $870,629 $852,912 
Other203,901 200,790 176,985 
Total advertising expenses$1,101,049 $1,071,419 $1,029,897 
Segmented adjusted EBITDA:
Billboard adjusted EBITDA$1,116,702 $1,085,547 $1,024,911 
Other adjusted EBITDA48,463 50,137 56,179 
Corporate expenses (1)
(106,922)(102,526)(95,366)
Adjusted EBITDA$1,058,243 $1,033,158 $985,724 
(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:

202520242023
Adjusted EBITDA$1,058,243 $1,033,158 $985,724 
Stock-based compensation expense(33,959)(44,525)(22,649)
Capitalized contract fulfillment costs, net166 317 308 
Depreciation and amortization(326,332)(462,967)(293,423)
Gain on disposition of assets
75,941 6,057 5,474 
Equity in earnings of investee206 5,094 3,696 
Interest expense, net
(157,858)(169,394)(172,397)
Loss on debt extinguishment
(2,012)(270)(115)
Income before income tax expense
$614,395 $367,470 $506,618 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 20, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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