Cash Flow Statement

Operating Cash Flow

+11%

+52%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(91)	(70)	(52)	(36)	(52)	(54)	(87)	(80)	(51)	(42)	5	13	22	33	37	42	38	38	43	44	51	51	49	41	29	23	10	2	(16)	(41)	(47)	(58)	(61)	(58)	(53)	(40)	(29)	(8)	(5)	7	(3)	(0)	7	8	25	32	35	40	41	36	56	254	299	343	394	263	273	296	295	299	289	300	311	318	291	299	297	305	341	359	365	372	361	274	237	243	241	329	374	388	442	457	496	439	423	419	414	497	499	506	513	363	424	441	437	593
Depreciation & Amortization	337	318	299	272	272	272	274	285	288	291	293	294	293	293	292	287	291	293	295	302	302	301	299	307	311	317	324	332	340	344	347	337	329	324	318	313	308	303	300	300	298	299	297	296	298	297	296	301	296	295	284	258	238	216	200	191	194	197	200	205	205	205	207	211	217	220	223	225	230	236	245	250	251	253	250	251	250	246	270	271	279	286	268	349	354	361	370	293	296	298	298	463	466	466	478	326
Change in Deffered Taxes	(35)	(28)	(22)	(16)	(24)	(24)	(26)	(24)	(14)	(9)	2	8	14	20	23	24	15	15	7	6	16	6	7	3	(4)	5	12	20	12	(7)	(5)	(20)	(23)	(22)	(30)	(25)	(16)	(5)	2	3	(14)	(6)	(3)	6	23	21	20	19	18	11	29	(122)	(118)	(109)	(138)	11	12	1	1	(0)	(1)	(1)	0	1	1	1	2	2	2	(14)	(15)	(14)	(15)	(0)	(2)	(1)	(1)	2	2	2	2	1	2	3	2	2	2	2	4	3	(2)	(4)	(13)	(12)	(9)	(8)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	27	29	35	37	9	9	8	10	12	14	14	15	18	17	15	12	12	12	14	15	14	23	25	27	25	18	18	18	24	24	25	26	26	25	26	28	29	28	22	16	10	15	19	25	29	24	23	25	30	31	28	23	19	19	22	30	37	35	37	29	23	29	26	25	23	29	36	44	45	41	37	32	34
Other Non-Cash Items	8	9	8	21	43	48	94	87	63	63	18	12	12	7	11	15	18	20	15	18	10	13	20	26	33	39	38	30	32	32	31	34	38	51	55	56	50	31	30	28	64	63	65	66	43	48	48	56	58	75	71	62	51	33	28	28	22	21	30	29	35	30	21	17	48	50	59	65	31	32	35	38	61	61	60	54	56	55	56	64	40	44	36	18	25	21	22	33	39	45	50	49	(23)	(29)	(29)	(24)
Cash Taxes Paid	1	2	1	1	1	(1)	1	1	1	1	1	2	3	3	3	3	5	9	10	29	27	31	42	34	34	27	16	4	3	3	3	3	4	4	4	4	4	3	2	3	3	3	3	2	2	2	3	4	4	12	12	13	13	11	12	11	14	11	12	14	14	14	13	13	10	11	11	9	10	12	13	14	13	8	6	4	4	6	8	8	11	10	10	16	16	17	17	11	11	10	9	9	13	18	23	29
Cash Interest Paid	119	115	110	105	102	87	85	81	77	83	79	70	72	72	75	78	90	85	99	98	111	125	130	158	162	157	164	149	150	148	155	170	173	194	171	176	155	158	155	154	150	149	143	144	128	138	127	140	138	120	134	95	110	94	94	94	95	96	108	109	120	120	122	123	129	137	129	137	127	129	140	140	143	141	142	131	131	125	103	112	94	102	109	120	134	149	161	168	171	172	170	166	160	156	154	148
Change in Working Capital	(18)	(20)	(7)	(0)	5	16	3	(8)	(10)	(24)	(20)	(4)	(29)	(18)	(27)	(21)	(4)	9	30	(6)	(17)	(20)	(29)	(22)	(28)	(43)	(36)	(38)	(21)	3	(26)	1	(0)	(24)	2	19	27	20	28	(18)	(16)	(13)	(17)	0	3	(4)	18	(21)	(8)	(0)	(37)	1	(25)	(15)	(21)	(16)	(26)	(14)	(24)	(11)	(24)	(28)	(35)	(40)	(43)	(42)	(25)	(32)	(20)	(28)	(28)	(16)	(25)	17	39	22	45	12	(5)	10	(10)	(26)	(18)	(28)	(15)	(28)	(34)	(42)	(52)	(7)	(10)	3	37	(2)	(5)	(23)
Cash from Operating Activities	202 N/A	208 +3%	226 +8%	240 +6%	244 +2%	258 +6%	258 0%	260 +1%	275 +6%	279 +2%	299 +7%	323 +8%	312 -3%	335 +7%	336 +0%	347 +3%	358 +3%	375 +5%	389 +4%	365 -6%	363 0%	351 -3%	346 -1%	355 +2%	341 -4%	342 +0%	347 +1%	347 0%	346 0%	332 -4%	300 -9%	294 -2%	282 -4%	271 -4%	293 +8%	323 +10%	341 +6%	340 0%	355 +5%	319 -10%	330 +3%	342 +4%	349 +2%	376 +8%	391 +4%	394 +1%	417 +6%	395 -5%	406 +3%	416 +3%	403 -3%	453 +12%	445 -2%	467 +5%	463 -1%	478 +3%	475 -1%	501 +5%	502 +0%	522 +4%	505 -3%	506 +0%	505 0%	507 +0%	513 +1%	528 +3%	557 +5%	565 +1%	585 +4%	586 +0%	603 +3%	631 +5%	633 +0%	605 -5%	584 -3%	570 -2%	590 +4%	645 +9%	697 +8%	734 +5%	753 +3%	762 +1%	783 +3%	782 0%	788 +1%	776 -2%	774 0%	784 +1%	785 +0%	844 +7%	849 +1%	874 +3%	891 +2%	864 -3%	872 +1%	864 -1%
Investing Cash Flow
Capital Expenditures	(84)	(85)	(82)	(78)	(82)	(83)	(83)	(78)	(76)	(73)	(75)	(82)	(87)	(98)	(100)	(121)	(147)	(184)	(219)	(223)	(227)	(220)	(223)	(221)	(221)	(218)	(206)	(198)	(158)	(112)	(68)	(39)	(37)	(33)	(38)	(44)	(64)	(83)	(99)	(107)	(98)	(102)	(102)	(106)	(112)	(109)	(106)	(106)	(102)	(107)	(112)	(108)	(114)	(110)	(105)	(110)	(102)	(106)	(108)	(108)	(106)	(104)	(103)	(109)	(113)	(114)	(117)	(118)	(120)	(126)	(133)	(141)	(141)	(117)	(88)	(62)	(53)	(67)	(89)	(126)	(139)	(161)	(171)	(167)	(181)	(184)	(183)	(178)	(165)	(137)	(128)	(125)	(126)	(141)	(161)	(181)
Other Items	(234)	(127)	(99)	(77)	(46)	(124)	(128)	(132)	(146)	(78)	(133)	(182)	(221)	(208)	(178)	(147)	(153)	(181)	(178)	(216)	(182)	(164)	(141)	(121)	(152)	(250)	(261)	(239)	(170)	(47)	(13)	10	4	5	2	2	2	(0)	(6)	(10)	(15)	(20)	(55)	(198)	(197)	(218)	(228)	(86)	(86)	(60)	(54)	(56)	(68)	(107)	(124)	(144)	(625)	(589)	(547)	(573)	(93)	(100)	(172)	(291)	(280)	(274)	(212)	(467)	(526)	(534)	(640)	(221)	(166)	(166)	(32)	(35)	(26)	(37)	(143)	(336)	(389)	(545)	(490)	(452)	(408)	(256)	(280)	(132)	(137)	(119)	(44)	(40)	71	19	(24)	(64)
Cash from Investing Activities	(318) N/A	(212) +33%	(181) +15%	(156) +14%	(128) +18%	(207) -62%	(210) -2%	(210) +0%	(222) -6%	(151) +32%	(208) -38%	(264) -27%	(308) -17%	(306) +1%	(278) +9%	(268) +3%	(300) -12%	(365) -22%	(397) -9%	(439) -11%	(408) +7%	(384) +6%	(365) +5%	(341) +6%	(373) -9%	(468) -25%	(468) +0%	(437) +6%	(328) +25%	(159) +52%	(80) +49%	(29) +64%	(33) -15%	(28) +15%	(35) -24%	(42) -18%	(62) -49%	(83) -34%	(105) -26%	(117) -12%	(113) +4%	(122) -8%	(157) -28%	(303) -94%	(309) -2%	(327) -6%	(333) -2%	(192) +42%	(188) +2%	(167) +11%	(166) +1%	(164) +1%	(183) -11%	(217) -19%	(229) -6%	(254) -11%	(727) -186%	(695) +4%	(655) +6%	(681) -4%	(199) +71%	(204) -2%	(275) -35%	(400) -46%	(394) +2%	(388) +1%	(329) +15%	(584) -77%	(646) -11%	(660) -2%	(774) -17%	(362) +53%	(307) +15%	(283) +8%	(120) +58%	(97) +19%	(79) +18%	(104) -31%	(232) -124%	(462) -99%	(527) -14%	(706) -34%	(661) +6%	(619) +6%	(589) +5%	(441) +25%	(463) -5%	(310) +33%	(302) +2%	(257) +15%	(172) +33%	(165) +4%	(54) +67%	(122) -124%	(185) -52%	(245) -32%
Financing Cash Flow
Net Issuance of Common Stock	65	22	21	14	9	7	7	9	15	24	25	24	19	13	14	(7)	(100)	(187)	(234)	(339)	(372)	(350)	(448)	(370)	(295)	(275)	(128)	(80)	(29)	9	6	5	5	6	7	9	6	6	3	2	6	6	11	13	14	17	16	17	19	18	19	18	22	25	23	22	15	15	16	17	19	16	16	18	14	31	35	59	60	44	62	35	27	24	2	1	9	12	13	13	6	4	8	8	12	13	8	10	13	14	17	16	(8)	(140)	(141)	(140)
Net Issuance of Debt	76	21	(12)	172	(135)	223	(96)	(323)	(66)	(444)	(108)	(45)	(21)	(40)	(61)	(92)	48	168	234	410	736	716	794	735	344	394	253	111	191	(16)	(179)	(153)	(403)	(348)	(242)	(278)	(253)	(271)	(250)	(261)	(204)	(131)	(193)	(37)	(47)	(55)	54	(243)	(227)	(254)	(232)	(55)	(9)	13	27	20	518	484	442	459	(18)	(1)	69	204	190	155	79	319	399	408	508	91	526	190	(88)	(92)	(730)	(396)	(146)	107	284	451	373	293	233	141	180	23	27	(45)	(164)	(138)	(221)	7	107	212
Cash Paid for Dividends	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(319)	(319)	(319)	(319)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(79)	(159)	(239)	(304)	(292)	(279)	(266)	(273)	(279)	(287)	(294)	(303)	(311)	(318)	(244)	(334)	(343)	(351)	(443)	(368)	(374)	(380)	(385)	(390)	(344)	(298)	(252)	(227)	(253)	(304)	(405)	(441)	(487)	(508)	(509)	(525)	(530)	(536)	(511)	(516)	(522)	(538)	(579)	(605)	(629)	(643)	(656)
Other	(1)	(1)	(2)	(268)	(8)	(310)	(10)	257	(3)	299	(2)	(2)	(1)	(1)	(4)	(5)	0	0	(5)	(4)	(6)	(7)	(4)	(8)	(6)	(5)	(5)	(0)	(8)	(20)	(20)	(20)	(12)	(33)	(33)	(33)	(33)	(0)	(0)	0	(14)	(14)	(14)	(23)	(9)	(9)	(8)	(0)	(13)	(18)	(18)	(19)	(6)	(1)	(1)	(1)	(10)	(10)	(10)	(10)	(1)	(6)	(6)	(6)	(12)	(7)	(7)	(8)	(6)	(6)	(6)	(5)	(26)	(31)	(34)	(35)	(18)	(12)	(9)	(9)	(1)	(1)	(3)	(2)	(3)	(3)	(4)	(4)	(4)	(4)	(2)	(2)	(2)	(2)	(17)	(20)
Cash from Financing Activities	139 N/A	41 -70%	7 -82%	(82) N/A	(136) -66%	(81) +40%	(100) -23%	(58) +42%	(54) +7%	(121) -124%	(85) +30%	(23) +73%	(3) +88%	(28) -941%	(52) -83%	(104) -102%	(58) +44%	(24) +59%	(4) +83%	67 N/A	39 -42%	40 +4%	23 -44%	39 +75%	43 +10%	114 +163%	120 +6%	30 -75%	154 +413%	(27) N/A	(193) -626%	(168) +13%	(411) -144%	(375) +9%	(268) +28%	(302) -13%	(280) +7%	(266) +5%	(247) +7%	(259) -5%	(213) +18%	(140) +34%	(197) -41%	(47) +76%	(42) +11%	(47) -10%	61 N/A	(227) N/A	(222) +2%	(333) -50%	(391) -17%	(294) +25%	(297) -1%	(256) +14%	(230) +10%	(225) +2%	249 N/A	209 -16%	161 -23%	172 +7%	(302) N/A	(301) +0%	(239) +21%	(29) +88%	(142) -398%	(163) -15%	(245) -50%	(74) +70%	85 N/A	72 -16%	184 +156%	(264) N/A	138 N/A	(162) N/A	(419) -159%	(378) +10%	(966) -156%	(650) +33%	(446) +31%	(295) +34%	(153) +48%	(33) +78%	(130) -292%	(209) -61%	(282) -35%	(379) -34%	(351) +7%	(482) -37%	(480) +0%	(557) -16%	(686) -23%	(703) -3%	(836) -19%	(764) +9%	(695) +9%	(604) +13%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(1)	(0)	12	8	12	12	(1)	3	(1)	(1)	2	2	2	2	1	1	1	(0)	(0)	(0)	(1)	1	0	(0)	(1)	(1)	(1)	(2)	(1)	(1)	(1)	(2)	(2)	(3)	(3)	(1)	(1)	0	1	(0)	0	1	2	1	0	(1)	(1)	(1)	(0)	(0)	0	(0)	(0)	0	0	1	1	1	0	0	(0)	(0)	(0)	(1)	(0)	(0)	0	0	(0)	0	(0)	(0)	0	(0)	0
Net Change in Cash	23 N/A	38 +66%	53 +39%	3 -95%	(19) N/A	(30) -56%	(52) -74%	(8) +85%	(2) +78%	7 N/A	6 -20%	37 +540%	2 -96%	2 -6%	7 +367%	(25) N/A	(1) +98%	(14) -2 640%	(12) +12%	(8) +37%	(7) +11%	7 N/A	4 -43%	64 +1 592%	19 -71%	0 N/A	11 N/A	(62) N/A	175 N/A	146 -17%	26 -82%	98 +276%	(161) N/A	(131) +19%	(9) +93%	(21) -126%	(1) +97%	(8) -1 300%	3 N/A	(58) N/A	3 N/A	80 +2 259%	(3) N/A	25 N/A	39 +55%	20 -49%	144 +618%	(26) N/A	(7) +75%	(85) -1 200%	(155) -83%	(7) +95%	(36) -404%	(7) +81%	1 N/A	(4) N/A	(4) -14%	14 N/A	8 -42%	13 +59%	3 -75%	1 -64%	(8) N/A	80 N/A	(22) N/A	(23) -8%	(19) +20%	(94) -400%	23 N/A	(2) N/A	13 N/A	5 -63%	464 +9 768%	160 -66%	45 -72%	95 +111%	(454) N/A	(108) +76%	19 N/A	(22) N/A	73 N/A	23 -69%	(8) N/A	(47) -476%	(83) -75%	(44) +47%	(40) +9%	(8) +80%	3 N/A	30 +908%	(10) N/A	5 N/A	(0) N/A	(22) -7 610%	(7) +66%	15 N/A
Free Cash Flow
Free Cash Flow	118 N/A	124 +5%	144 +16%	162 +13%	162 +0%	175 +8%	175 +0%	182 +4%	198 +9%	206 +4%	224 +8%	241 +8%	226 -7%	237 +5%	236 -1%	226 -4%	211 -7%	191 -9%	170 -11%	141 -17%	136 -4%	132 -3%	123 -6%	134 +9%	120 -10%	124 +3%	140 +13%	148 +6%	188 +27%	220 +17%	232 +6%	255 +10%	245 -4%	238 -3%	255 +7%	279 +10%	277 -1%	258 -7%	256 0%	212 -17%	232 +9%	241 +4%	248 +3%	270 +9%	279 +3%	285 +2%	312 +9%	289 -7%	303 +5%	309 +2%	291 -6%	345 +18%	330 -4%	358 +8%	358 +0%	367 +3%	373 +1%	395 +6%	394 0%	414 +5%	399 -4%	402 +1%	401 0%	398 -1%	400 +1%	414 +4%	439 +6%	447 +2%	464 +4%	460 -1%	470 +2%	490 +4%	492 +1%	488 -1%	497 +2%	508 +2%	537 +6%	577 +7%	607 +5%	608 +0%	615 +1%	601 -2%	612 +2%	615 +0%	608 -1%	592 -3%	591 0%	605 +2%	620 +2%	706 +14%	720 +2%	748 +4%	765 +2%	723 -6%	711 -2%	683 -4%

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Lamar Advertising Co
NASDAQ:LAMR

Cash Flow Statement

Cash Flow Statement
Lamar Advertising Co

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Lamar Advertising Co NASDAQ:LAMR

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Lamar Advertising Co
NASDAQ:LAMR

Cash Flow Statement
Lamar Advertising Co