Boston Omaha (BOC 0.81%), a diversified holding company with businesses in outdoor advertising, broadband services, and insurance, posted its second quarter 2025 results on Aug. 13, 2025. Revenue rose to $28.2 million, up just over 4 % from the prior year, but missed Wall Street’s GAAP estimate of $29.4 million. Earnings per share (GAAP) were a loss of $(0.07) in Q2 2025, falling below analysts’ GAAP expectation of a $0.03 profit. The company narrowed its operating loss on a GAAP basis in Q2 2025 versus Q2 2024, but persistent net losses and investment volatility remain. Management offered no guidance for the coming quarter or year.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.07) | $0.03 | $(0.07) | N/A |
| Revenue (GAAP) | $28.2 million | $29.4 million | $27.1 million | 4.1% |
| Net Loss from Operations | $(0.8 million) | $(4.4 million) | N/A | |
| Total Unrestricted Cash & Investments | $48.9 million | $41.7 million | 17.4% |
Source: Boston Omaha. Note: Analyst estimates for the quarter provided by FactSet.
About Boston Omaha: A Look at the Business Model
Boston Omaha operates as a holding company with interests across several industries. Its main business activities include billboard advertising, broadband telecommunications, and surety insurance. The company also engages in asset management and maintains a portfolio of strategic investments.
This multi-pronged approach provides both diversification and potential exposure to growth, supporting strategic investments, and maintaining a strong liquidity position.
Quarter in Review: Financial Results and Key Developments
Total revenue (GAAP) rose 4.1% in Q2 2025 versus Q2 2024, Broadband services revenue (GAAP) increased 4.5% in Q2 2025 versus Q2 2024, reaching $10.2 million. Insurance premiums earned climbed 17% in Q2 2025 versus Q2 2024, reaching $5.6 million. However, billboard advertising revenue was flat at $11.4 million in Q2 2025, and insurance commissions and investment income both declined by double digits. These trends suggest that while newer segments are expanding, the more established billboard segment saw no top-line growth (GAAP).
Operating profitability remained elusive, though Operating losses (GAAP) narrowed substantially in Q2 2025 versus Q2 2024. Net loss from operations (GAAP) was $(0.8 million) in Q2 2025 versus $(4.4 million) in Q2 2024, reflecting increased depreciation. Net loss attributable to shareholders was $(2.3 million) (GAAP) in Q2 2025, slightly higher than the same period last year. Depreciation and amortization expenses were $6.2 million in Q2 2025, up 12% versus Q2 2024.
Much of the company's bottom-line volatility continues to come from its investments, especially in Sky Harbour, an aviation infrastructure business. Boston Omaha recorded $4.5 million in net other expense in Q2 2025, largely due to an unrealized loss of $10.7 million on Sky Harbour warrants and further investment-related losses from its 24th Street Funds. Other items partly offset these results, including $6.1 million in earnings from unconsolidated affiliates—driven by Sky Harbour holdings—and nearly $2.9 million in realized gains from sales of Sky Harbour stock. The value of Boston Omaha’s equity in Sky Harbour was $84.8 million as of June 30, 2025, though the market value was much higher if adjusted for fair value accounting.
Unrestricted cash and investments totaled $48.9 million as of Q2 2025. Total assets were $730.6 million as of June 30, 2025. Cash flow from operations was $7.1 million for the first six months of 2025. BOC does not currently pay a dividend.
Looking Ahead: No Guidance Issued
Management did not issue any financial guidance for the next quarter or the remainder of fiscal 2025. As a result, investors and analysts do not have a forward-looking view of revenue, margin, or earnings expectations from company leadership. The earnings release only included standard caution about the unpredictability of future performance.
In the quarters ahead, trends in operating loss reduction, the performance of core business lines, and ongoing swings tied to major investments—especially Sky Harbour—are key points of interest. The company’s liquidity is strong, but until management provides updates on its near-to-medium-term strategy or timeline for profitability, future visibility remains limited.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
