Boston Omaha (BOC) Q4 2025 earnings summary

Executive summary

• Achieved consolidated revenue growth across key business segments in 2025, with total revenues reaching $114.4 million, up from $108.3 million in 2024.

• Highest ever Adjusted EBITDA of ~$18.0 million for Link Media Outdoor, and strong broadband expansion with ~8.4k new fiber passings.

• Net loss attributable to common stockholders was $12.4 million for 2025, compared to $1.3 million in 2024.

• Repurchased 444,753 shares of Class A common stock for ~$5.8 million during 2025.

• Cash inflow from operations was $17.9 million in 2025, down from $21.2 million in 2024.

Financial highlights

• Link Media Outdoor revenue grew 1.5% YoY to $45.9M; Adjusted EBITDA reached $18.0M, up 2.1% YoY.

• Boston Omaha Broadband revenue increased 2.1% YoY to $38.4M; Adjusted EBITDA rose 20.2% to $13.3M.

• General Indemnity Group revenue up 14.2% YoY to $27.2M, but Adjusted EBITDA declined to -$0.7M due to higher loss ratios.

• Fiber Fast Homes revenue surged 89.6% YoY to $2.8M, with net loss narrowing to -$5.8M.

• Depreciation and amortization expense rose to $24.8 million from $22.2 million year-over-year.

Outlook and guidance

• Focus remains on expanding broadband fiber passings and subscribers, cost efficiencies, and strategic partnerships.

• Fiber Fast Homes aims to grow its subscriber base and secure additional contracted backlog in scalable geographies.

• Management emphasizes ongoing evaluation of market opportunities and potential changes in strategy due to economic developments.