Boston Omaha Corporation reported a total revenue of $114.4 million for the fiscal year ending December 31, 2025, marking a 5.6% increase from $108.3 million in 2024. The revenue growth was driven by increases in all major business segments, including billboard rentals, broadband services, and surety insurance. Billboard rentals generated $45.9 million, a slight increase of 1.5% from the previous year, while broadband services saw a 5.4% rise to $41.2 million. Premiums earned from the surety insurance segment increased by 17.3% to $23.2 million, reflecting a boost in gross written premium production.
Despite the revenue growth, Boston Omaha reported a net loss attributable to common stockholders of $12.4 million, or $0.40 per share, compared to a loss of $1.3 million, or $0.04 per share, in 2024. The increase in net loss was primarily attributed to higher expenses in the insurance segment, including increased commissions and loss adjustment expenses, as well as significant investment losses. Total costs and expenses rose to $118.3 million, up from $116.7 million in the prior year, with employee costs decreasing due to one-time severance payments in 2024.
Strategically, Boston Omaha has continued to expand its operations through acquisitions and investments. In May 2023, the company acquired 100% of the membership interests in 24th Street Asset Management, enhancing its asset management capabilities. The company also reported a significant increase in its broadband customer base, reaching approximately 49,500 customers, with 19,900 of those being fiber customers. The company aims to continue expanding its broadband services in underserved markets across Arizona, Florida, Nevada, and Utah.
Operationally, Boston Omaha's employee headcount stood at 422 as of March 1, 2026, with the majority employed in broadband operations. The company has also implemented a share repurchase program, authorizing the repurchase of up to $30 million of its Class A common stock, which is set to run until December 31, 2026. The company’s outlook remains focused on growth through strategic acquisitions and investments, although it acknowledges the challenges posed by market conditions and the need for ongoing capital management.
About BOSTON OMAHA Corp
Boston Omaha Corporation operates in four main segments: outdoor billboard advertising, broadband services, surety insurance and brokerage, and asset management. It owns approximately 4,000 billboards across the U.S., provides high-speed internet primarily in rural areas, and offers surety bonds nationwide. The company also holds minority investments in real estate, banking, and private aviation infrastructure. Its business model focuses on acquiring durable, cash-generating assets with growth potential in fragmented markets.
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