---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-036183"
form_type: "8-K"
ticker: "LAMR"
cik: "0001090425"
company_name: "LAMAR ADVERTISING CO/NEW"
filed_at: "2023-11-02T23:59:59+00:00"
generated_at: "2026-06-08T23:20:18.884500+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Lamar Advertising Q3 net revenue $542.6M (+2.9%); adjusted EBITDA $265.7M (+5.8%)

## Summary
- Net revenue $542.6M (+2.9% YoY); net income $140.4M vs $146.2M, down on $11.5M higher interest expense.
- Adjusted EBITDA $265.7M (+5.8%); diluted AFFO per share $2.04 (+0.5% YoY).
- CEO cites challenging ad environment but pacing to upper end of revised full-year AFFO guidance.
- Acquisition-adjusted net revenue +1.6%, EBITDA +4.5% YoY.
- Total liquidity $645.7M; paid down $70M revolver post-quarter, leaving $65M outstanding.

## SEC filing metadata
- accession: 0001628280-23-036183
- form_type: 8-K
- ticker: LAMR
- cik: 0001090425
- company_name: LAMAR ADVERTISING CO/NEW
- filed_at: 2023-11-02T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1090425/000162828023036183/0001628280-23-036183-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1090425/000162828023036183/lamr-20231102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-036183
- JSON: https://secwatch.observer/filing/0001628280-23-036183.json
- Plain text: https://secwatch.observer/filing/0001628280-23-036183.txt

## Key facts
- Earnings Releases
  LAMAR ADVERTISING CO/NEW reported the third quarter ended September 30, 2023 results: revenue $542.6 million, net income $140.4 million, EPS $1.37. Guidance raised.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $542.6 million
  - Net income: $140.4 million
  - EPS: $1.37
  - Guidance: raised
  - Result: reported results
  source text: Lamar reported net revenues of $542.6 million for the third quarter of 2023 versus $527.4 million for the third quarter of 2022, a 2.9% increase. Operating income for the third quarter of 2023 increased $7.1 million to $188.1 million as compared to $181.0 million for the same period in 2022. Lamar recognized net income of $140.4 million for the third quarter of 2023 as compared to net income of $146.2 million for the same period in 2022, a decrease of $5.8 million, primarily related to an increase in interest expense of $11.5 million over the same period in 2022. Net income per diluted share was $1.37 and $1.44 for the three months ended September 30, 2023 and 2022, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090425/000162828023036183/0001628280-23-036183-index.htm
- Earnings Releases
  LAMAR ADVERTISING CO/NEW reported the nine months ended September 30, 2023 results: revenue $1.56 billion, net income $347.5 million, EPS $3.39. Guidance raised.
  - Period: the nine months ended September 30, 2023
  - Revenue: $1.56 billion
  - Net income: $347.5 million
  - EPS: $3.39
  - Guidance: raised
  - Result: reported results
  source text: Lamar reported net revenues of $1.56 billion for the nine months ended September 30, 2023 versus $1.50 billion for the nine months ended September 30, 2022, a 3.9% increase. Operating income for the nine months ended September 30, 2023 increased $15.8 million to $483.7 million as compared to $467.9 million for the same period in 2022. Lamar recognized net income of $347.5 million for the nine months ended September 30, 2023 as compared to net income of $372.5 million for the same period in 2022, a decrease of $25.0 million, primarily related to an increase in interest expense of $40.3 million over the same period in 2022. Net income per diluted share was $3.39 and $3.66 for the nine months ended September 30, 2023 and 2022, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1090425/000162828023036183/0001628280-23-036183-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.