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Segment Reporting (Subsidiary) (Tables)
 9 Months Ended
Sep. 30, 2025
Condensed Income Statements, Captions [Line Items]  
Schedule of Reconciliation of Net Income to Adjusted EBITDA
The following table presents our financial performance by segment:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Net revenues:
Billboard$524,769 $502,587 $1,481,983 $1,444,116 
Other60,772 61,548 188,299 183,420 
Total net revenues$585,541 $564,135 $1,670,282 $1,627,536 
Advertising expenses:
Billboard$227,505 $219,887 $666,328 $648,848 
Other50,228 48,941 154,063 146,693 
Total advertising expenses$277,733 $268,828 $820,391 $795,541 
Segmented adjusted EBITDA:
Billboard adjusted EBITDA$297,264 $282,700 $815,655 $795,268 
Other adjusted EBITDA10,544 12,607 34,236 36,727 
Corporate expenses (1)
(27,038)(24,148)(80,517)(77,360)
Adjusted EBITDA$280,770 $271,159 $769,374 $754,635 
(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:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Adjusted EBITDA$280,770 $271,159 $769,374 $754,635 
Stock-based compensation expense(7,580)(12,097)(25,305)(37,713)
Capitalized contract fulfillment costs, net15 132 20 506 
Depreciation and amortization(86,276)(75,112)(242,207)(227,531)
Gain on disposition of assets and investments
2,155 2,474 76,116 5,486 
Equity in earnings of investee— 2,642 206 2,087 
Interest expense, net
(40,431)(42,275)(118,374)(130,060)
Loss on debt extinguishment
(2,012)(270)(2,012)(270)
Income before income tax expense
$146,641 $146,653 $457,818 $367,140 
LAMAR MEDIA CORP. AND SUBSIDIARIES  
Condensed Income Statements, Captions [Line Items]  
Schedule of Reconciliation of Net Income to Adjusted EBITDA
The following table presents our financial performance by segment:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Net revenues:
Billboard$524,769 $502,587 $1,481,983 $1,444,116 
Other60,772 61,548 188,299 183,420 
Total net revenues$585,541 $564,135 $1,670,282 $1,627,536 
Advertising expenses:
Billboard$227,505 $219,887 $666,328 $648,848 
Other50,228 48,941 154,063 146,693 
Total advertising expenses$277,733 $268,828 $820,391 $795,541 
Segmented adjusted EBITDA:
Billboard adjusted EBITDA$297,264 $282,700 $815,655 $795,268 
Other adjusted EBITDA10,544 12,607 34,236 36,727 
Corporate expenses (1)
(26,913)(24,037)(80,133)(76,930)
Adjusted EBITDA$280,895 $271,270 $769,758 $755,065 
(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:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Adjusted EBITDA$280,895 $271,270 $769,758 $755,065 
Stock-based compensation expense(7,580)(12,097)(25,305)(37,713)
Capitalized contract fulfillment costs, net15 132 20 506 
Depreciation and amortization(86,276)(75,112)(242,207)(227,531)
Gain on disposition of assets and investments
2,155 2,474 76,116 5,486 
Equity in (loss) earnings of investee— 2,642 206 2,087 
Interest expense, net
(40,431)(42,275)(118,374)(130,060)
Loss on debt extinguishment
(2,012)(270)(2,012)(270)
Income before income tax expense
$146,766 $146,764 $458,202 $367,570