LAMR · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

Lamar Advertising

20 named things its latest annual report says its results depend on, each in the company's own words. 6 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

State logo sign contracts

earns from · approximately 4% of its revenuesnamed as a risk

In 2025, the Company generated approximately 4% of its revenues from state-awarded logo sign contracts.Risk factors (Item 1A)

Municipal and airport authority transit contracts

earns from · approximately 7% of its revenuesnamed as a risk

In 2025, the Company generated approximately 7% of its revenues from transit advertisements, which requires the Company to obtain, support, and renew its transit contracts.Risk factors (Item 1A)

Suppliers

Third-party AI providers

depends onnamed as a risk

We also rely to a significant extent on third‑party AI providers; issues with their systems, security, compliance, or contractual performance could expose us to similar risks.Risk factors (Item 1A)

Also named by SPGI

Partners and platforms

Programmatic advertising partners

earns from · 2% of our existing outdoor business

While the programmatic out-of-home channel is 2% of our existing outdoor business and relatively new, we believe it represents a growth area for our industry and our business.Business (Item 1)

Other companies

Lamar Media senior credit facility

depends on · approximately $688.6 million in bank debt outstandingnamed as a risk

In the event of such a default under the senior credit facility, the lenders under the senior credit facility could accelerate all of the debt outstanding, could elect to institute foreclosure proceedings against Lamar Media’s assets, and the Company could be forced into bankruptcy or liquidation.Risk factors (Item 1A)

Reilly family

approximately 63% of the voting powernamed as a risk

As of that date, their combined holdings represented approximately 63% of the voting power of Lamar Advertising’s outstanding capital stock, which would give the Reilly family and their affiliates the power to:Risk factors (Item 1A)

Verde Outdoor

1,187,500 Common Units

Additionally, Lamar LP issued 1,187,500 Common Units to the owners of Verde Outdoor as the consideration in connection with an acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP.Risk factors (Item 1A)

Competitors

Clear Channel Outdoor Holdings, Inc.

competes withnamed as a risk

Larger outdoor advertising providers, such as (i) Clear Channel Outdoor Holdings, Inc., which operates billboards, street furniture displays, transit displays and other out-of-home advertising displays and (ii) Outfront Media, Inc., which operates traditional outdoor, street furniture and transit advertising properties.Business (Item 1)

Outfront Media, Inc.

competes withnamed as a risk

Places

Canada

operates in · 1.1 %

As of December 31, 2025, we operated over 144,400 logo sign advertising displays in 24 states and the province of Ontario, Canada.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Las Vegas, NV

concentrated in · 2.9 %

Our advertising displays are geographically diversified across the United States and Canada.Business (Item 1)

Hazards

Hurricanes

named as a risk

The Company has determined that it is uneconomical to insure against losses resulting from hurricanes and other natural disasters for its outdoor or logo structure assets.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

SOFR

exposed to its price · approximately $21.8 millionnamed as a risk

Assuming that the weighted average interest rate was 200 basis points higher (that is 7.6% rather than 5.6%), then the Company’s 2025 interest expense would have increased by approximately $21.8 million for the year ended December 31, 2025.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

LED digital display components

exposed to its pricenamed as a risk

Additionally, we may experience increased costs related to our deployment of digital billboards, if the technological components used in our digital billboards increase in cost or if there are shortages of such components.Risk factors (Item 1A)

Laws and programs

REIT qualification (U.S. Internal Revenue Code)

subject to · at least 90% of its REIT taxable incomenamed as a risk

If Lamar Advertising fails to remain qualified as a REIT, both Lamar Advertising and Lamar Media would be taxed as regular C corporations and would not be able to deduct distributions to the stockholders of Lamar Advertising when computing their taxable income.Risk factors (Item 1A)

Also named by ABR, AMT, CCI, DLR, ENSG, FPI, KIM, O and 6 more

Accounts Receivable Securitization Program

depends on · $249.6 millionnamed as a risk

At December 31, 2025 there was approximately $948.3 million of indebtedness outstanding under the senior credit facility and Accounts Receivable Securitization Program, or approximately 27.5% of the Company’s outstanding long-term debt (including current maturities) on that date, bearing interest at variable rates.Market risk (Item 7A)

Also named by SNX

Digital billboard regulation

subject to · approximately 33% of billboard advertising net revenuesnamed as a risk

Any new restrictions on digital billboards could have a material adverse effect on both our existing inventory of digital billboards and our plans to expand our digital deployment, which could have a material adverse effect on our business, results of operations and financial condition.Business (Item 1)

Highway Beautification Act of 1965

subject tonamed as a risk

Federal law, principally the Highway Beautification Act of 1965 (the “HBA”), regulates outdoor advertising on Federal — Aid Primary, Interstate and National Highway System roads.Business (Item 1)

Tobacco advertising restrictions

subject tonamed as a risk

For instance, the use of billboards to advertise certain types of tobacco products is effectively banned in our markets, and in certain cases, state and local governments also prohibit or restrict the use of outdoor advertising for other types of products or services.Risk factors (Item 1A)

Eminent domain and amortization

subject tonamed as a risk

Under the power of eminent domain, state or municipal governments have laid claim to property and forced the removal of billboards.Risk factors (Item 1A)