Boston Omaha (BOC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues increased 2.4% year-over-year to $22.2 million, driven by growth in billboard and broadband segments.

• Net loss attributable to common stockholders for Q2 2026 was $1.6 million ($0.05 per share), an improvement from $2.3 million loss in Q2 2025.

• Announced agreement to sell insurance subsidiary General Indemnity Group (GIG) for $84.3 million, expected to close in the second half of 2026.

• Share repurchases continued, with 451,281 shares bought back for $5.8 million in Q2 and 826,567 shares for $10.6 million in the first half.

Financial highlights

• Q2 2026 revenues: $22.2M (+2.4% YoY); H1 2026 revenues: $43.9M (+2.7% YoY).

• Billboard segment revenue was $11.7M (+2.5% YoY); broadband segment revenue was $10.5M (+2.4% YoY).

• Net loss from operations was $0.6M in Q2 2026; net loss attributable to common stockholders was $1.6M ($0.05/share).

• Cash from operations in H1 2026 was $10.1M, up from $8.2M in H1 2025.

• Unrestricted cash and equivalents at June 30, 2026: $15.1M; U.S. Treasury securities: $16.4M.

Outlook and guidance

• Sale of General Indemnity Group expected to close in H2 2026, providing significant liquidity and impacting future segment reporting.

• Continued focus on expanding billboard and broadband businesses, with emphasis on organic growth, selective acquisitions, and rural broadband expansion supported by $23M in USDA ReConnect Program grants and loans.