Boston Omaha Narrows Q3 Loss to $192K, Lifts Buyback to $85M

Boston Omaha Corporation reported a third-quarter net loss attributable to common stockholders of $192,000, or $0.01 per basic and diluted share, narrowing from a $2.59 million loss, or $0.08 per share, in the same quarter of 2025, the company announced on November 13, 2026. Total revenues for the quarter ended September 30, 2026 rose to $22.18 million from $21.94 million a year earlier, and the board increased the company's share repurchase authorization to $85 million from $30 million.

Context — why Boston Omaha's narrowed loss and buyback increase matter now

The quarter's headline number is the swing in income attributable to common stockholders, which improved by roughly $2.4 million year over year. That move came even as total revenues grew only modestly, so the improvement is traceable to the lines below revenue rather than to topline acceleration.

The company's three majority-owned businesses are outdoor advertising, broadband telecommunications services, and asset management, per its own description. Billboard Rentals, Net generated $12.08 million of revenue in the quarter, up from $11.79 million a year earlier. Broadband Services produced $10.10 million, essentially flat against $10.15 million in the prior-year quarter.

The buyback change is the second catalyst. Boston Omaha said it announced a new $30 million program in September 2026 to take effect in November 2026, and that on November 11, 2026 the board voted to raise the authorization to $85 million. The program expires on the earlier of December 31, 2027 or when $85 million of Class A stock has been repurchased.

Management's decision to expand the authorization coincides with a quarter in which the company's book value per share was nearly unchanged, at $16.64 on September 30, 2026 versus $16.63 on December 31, 2025. A flat book value alongside a shrinking share count implies the per-share metric is being supported by retirement of stock rather than by retained earnings growth.

Data — what Boston Omaha's third-quarter numbers show

For the nine months ended September 30, 2026, total revenues were $66.10 million against $64.72 million in the comparable 2025 period. The nine-month net loss attributable to common stockholders was $3.95 million, or $0.13 per share, compared with $5.58 million, or $0.18 per share, a year earlier.

Metric	Q3 2026	Q3 2025
Total revenues	$22.18M	$21.94M
Net loss from operations	$(0.997)M	$(0.689)M
Net other expense	$(3.611)M	$(4.224)M
Net loss attributable to common stockholders	$(0.192)M	$(2.588)M
Basic and diluted net loss per share	$(0.01)	$(0.08)

Depreciation and amortization expense rose to $6.54 million in the quarter from $6.19 million a year earlier, and to $19.17 million from $18.06 million over nine months.

The largest single swing factor was noncontrolling interest in subsidiary loss, which was $3.83 million in the quarter versus $1.77 million a year earlier. Boston Omaha attributes noncontrolling interests primarily to third-party capital raised within its Build for Rent Fund and 24th Street commercial real estate funds, meaning a larger share of the quarter's losses was absorbed by outside investors rather than by Boston Omaha shareholders.

Balance sheet totals declined over the nine months. Total assets fell to $672.16 million from $713.07 million at December 31, 2025, and total Boston Omaha stockholders' equity slipped to $495.73 million from $516.14 million. Total unrestricted cash and investments stood at $29.74 million, down from $36.73 million.

Cash inflow from continuing operations for the nine months ended September 30, 2026 was $16.6 million, up from $13.0 million in the same 2025 period.

Analysis — what the numbers mean for Boston Omaha holders

The composition of the quarterly loss matters more than its size. Boston Omaha's operating loss widened to $997,000 from $689,000, so the improvement at the bottom line came from a $613,000 reduction in net other expense and a $2.06 million increase in the loss allocated to noncontrolling interests.

Within net other expense for the quarter, the company reported $5.0 million of losses within BOAM tied to fair-value changes in the underlying assets of the 24th Street Funds and BFR Fund, plus a $2.2 million unrealized loss on Sky Harbour warrants. Those were partly offset by $2.6 million of income from unconsolidated affiliates, mainly the equity-method Sky Harbour position, $1.4 million of realized gains on the sale of 360,000 Sky Harbour Class A shares, and $0.2 million of interest and dividend income.

The Sky Harbour stake is the key valuation asymmetry. Boston Omaha carried its Sky Harbour Class A common stock and warrants at $71.6 million on the September 30, 2026 balance sheet. It said that if the Class A stock were marked at its quoted market price instead of equity-method accounting, the combined stake would be valued at $105.3 million — a gap of $33.7 million. The company holds a 13.4% Sky Harbour stake as measured at September 30, 2026.

The counter-argument is that the buyback is funded from a shrinking cash pile. Unrestricted cash and investments fell $6.98 million over nine months, and the company said it intends to finance repurchases from available cash and cash equivalents. If the BOAM fund losses persist, the buyback competes with the funds' capital needs.

Boston Omaha repurchased 457,308 Class A shares for $6.4 million during the third quarter. It had 29,208,443 Class A and 580,558 Class B shares outstanding at September 30, 2026, and 28,999,265 Class A and 580,558 Class B shares outstanding as of November 13, 2026 — a reduction of about 209,000 Class A shares in the weeks since quarter-end.

Outlook — what to watch for Boston Omaha

The buyback is the dominant near-term variable. With $85 million authorized and a program running through December 31, 2027, the pace of repurchases will show up in the Class A share count each quarter. The company is not obligated to repurchase any specific number of shares, and it said the board may modify, suspend, extend, expand or terminate the program at any time.

Watch the BOAM fund marks. The 24th Street Funds and BFR Fund drove $5.0 million of quarterly losses, and their fair-value changes will keep flowing through net other expense until those portfolios stabilize. The Build for Rent Fund and 24th Street funds also sit behind the noncontrolling interest line that flattered the quarter.

Sky Harbour is the third catalyst. The realized gains from selling 360,000 Class A shares show the company is willing to monetize the position, and the gap between the $71.6 million carrying value and the $105.3 million market-based value is a live question for book value calculations. The report gives no target date for further sales.

Frequently Asked Questions

Why did Boston Omaha's net loss shrink in Q3 2026?

The improvement came from below the operating line. The operating loss actually widened to $997,000 from $689,000. Net other expense fell to $3.61 million from $4.22 million, and the loss attributed to noncontrolling interests rose to $3.83 million from $1.77 million, shifting more of the quarter's losses onto outside fund investors rather than Boston Omaha shareholders.

What does the $85 million buyback mean for Boston Omaha's share count?

It gives the company authorization to retire Class A stock through December 31, 2027, or until $85 million has been spent. Boston Omaha repurchased 457,308 Class A shares for $6.4 million in Q3 2026 and retired roughly 209,000 more Class A shares between September 30 and November 13. The company is not committed to any specific volume.