SBA COMMUNICATIONS (SBAC) Company Report

Lease-up momentum reached $9 M in Q1, $8 M in Q2 and $10 M in Q3, driven by a carrier’s coverage requirement ahead of 2Q 2026 and ongoing 5G capacity roll-outs.
5G use cases such as fixed wireless access (FWA) consume 20–25× more capacity than handset traffic, fueling network expansion and rural coverage growth, with satellite-to-cell entrants like SpaceX viewed as industry positives.
Entered master lease agreements (MLAs) with Verizon and AT&T to secure volume commitments, standardized pricing and a minimum growth floor, enhancing both cost control and scalability.
Closed the Millicom towers acquisition in Central America at 11× EBITDA, under a 15-year, USD-denominated lease with escalators and BTS commitments, targeting mid- to high-single-digit revenue growth.
Lowered net leverage target to 6.0–7.0×, pursuing investment-grade status; plans to refinance ABS notes in January 2026 and deploy ~$700 M of annual free cash flow toward dividends, buybacks and opportunistic M&A.

2 days ago

Transcript

SBA Communications outlines growth strategy at BofA 2025 Leveraged Finance Conference

SBAC

M&A

Debt Issuance

Share Buyback

Site development remains robust, with $9 M, $8 M, and $10 M of lease-up in Q1, Q2, and Q3 2025, driven by carriers’ 5G coverage requirements and rising fixed wireless access demand.
Signed long-term agreements with Verizon and AT&T, exchanging volume commitments for preferred pricing and establishing minimum growth floors to streamline future site additions.
Minimal exposure to DISH, representing approximately $55 M of annual lease revenue, with no expected service revenue in 2026 and limited churn through 2028.
Completed acquisition of Millicom’s tower portfolio across five Central American countries under 15-year USD leases with escalators paid at ~11× EBITDA, positioning SBA as the region’s largest tower operator.
Maintaining net leverage of 6–7×, initiating a shift to investment-grade status, planning to refinance ~$750 M of ABS into unsecured debt in early 2026, and generating ~$700 M of annual discretionary cash for share buybacks, M&A, or debt reduction.

2 days ago

Transcript

SBA Communications outlines 2026 outlook and investment-grade strategy at BofA conference

SBAC

M&A

Debt Issuance

Share Buyback

Announced a new net leverage target of 6.0–7.0x, aiming to secure an investment-grade rating by refinancing $1.9 billion of securitized debt into unsecured bonds and revolver borrowings in 2026.
Projected mid-single-digit organic revenue growth in the U.S. (3% escalator + 3% lease-up − 1% churn), with Central America and Brazil each expected to deliver mid- to high-single-digit growth beyond near-term churn.
Completed the Millicom towers acquisition across five Central American countries for 11× EBITDA, under 15-year U.S. dollar leases with escalators and BTS commitments, targeting mid-high single-digit growth in the region.
Generates approximately $700 million of annual excess free cash (after dividends, interest, and CapEx), with $325 million deployed in share buybacks YTD and continued focus on dividend increases and selective M&A.

2 days ago

Transcript

SBA Communications reports Q3 2025 results and updates financial policy

SBAC

Earnings

Share Buyback

Dividends

SBA modestly raised its full-year outlook for new leasing activity and site development revenue after strong Q3 performance; services revenue grew 81% YoY in Q3 2025.
Completed final closing of Central American assets from Millicom and accelerated sale of its Canadian tower business; now owns >46,000 towers, a 40% increase since 2020.
Repurchased $325 million of shares YTD (1.6 million shares) and spent $153 million in Q3 (776 k shares at $196.99 avg. price), with $1.3 billion remaining authorization.
Announced new financial policy targeting 6.0–7.0× net debt/EBITDA, secured first Fitch BBB– rating, and ended Q3 at 6.2× leverage.
Declared a $1.11/share quarterly dividend (13% YoY increase), representing 35% of full-year AFFO midpoint; Q3 payout was $119.1 million.

Nov 3, 2025, 10:00 PM

Transcript

SBA Communications reports Q3 2025 results

SBAC

Earnings

Guidance Update

Share Buyback

Delivered another quarter of positive results with industry-leading AFFO per share, strong U.S. and international leasing demand, and an 81% YoY increase in services revenue; raised full-year site development revenue outlook by $20 million.
Completed acquisition of remaining Central American assets from Millicom and sold Canadian tower business ahead of schedule; pro forma portfolio now exceeds 46,000 towers, a 40% increase since 2020.
Signed a new 10-year agreement with Verizon that includes a minimum commitment on colocations and amendments, providing predictable multi-year leasing growth.
Repurchased $325 million of stock for 1.6 million shares YTD, including $153 million for 776,000 shares in Q3 at an average price of $196.99; $1.3 billion remains under the current authorization.
Updated financial policy to target 6–7× net debt/EBITDA, positioning the company for investment-grade debt (Fitch BBB–); CFO Mark DeRussy to retire year-end.

Nov 3, 2025, 10:00 PM

Transcript

SBAC reports Q3 2025 results

SBAC

Earnings

M&A

Share Buyback

AFFO per share remained industry-leading; services revenue grew 81% YoY, prompting a $20 million full-year site development revenue outlook raise.
Completed final closing of Millicom’s Central American assets and an accelerated sale of Canadian towers; now owns >46,000 sites worldwide, up 40% since 2020.
Signed a long-term master leasing agreement with Verizon, including a 10-year minimum colocation commitment to support future leasing growth.
Spent $325 million year-to-date on buybacks (1.6 million shares) with $1.3 billion remaining; Q3 alone repurchased $153 million at $196.99 per share.
Adopted a new financial policy targeting 6–7× net debt/EBITDA and received a BBB- Fitch rating, paving the way for investment-grade debt issuance.

Nov 3, 2025, 10:00 PM

Transcript

SBA Communications reports Q3 2025 results

SBAC

Earnings

Guidance Update

Share Buyback

Achieved net income of $240.4 million ($2.20 diluted EPS) and AFFO per share of $3.30, with site leasing revenue up 4.9% to $656.4 million
Declared a quarterly cash dividend of $1.11 per share, payable December 11, 2025 to shareholders of record on November 13, 2025
Repurchased 958 thousand shares for $194 million (748 thousand for $154.1 million in Q3 and 210 thousand for $40.2 million post-quarter)
Updated full-year 2025 outlook to $2.568 billion–$2.578 billion in site leasing revenue and AFFO per share of $12.76–$12.98

Nov 3, 2025, 9:31 PM

8-K

SBA Communications reports Q3 2025 results and updates outlook

SBAC

Earnings

Guidance Update

Dividends

Net income of $240.4 million (diluted EPS $2.20) and AFFO per share of $3.30 for Q3 2025.
Closed on remaining Millicom sites, completed sale of Canadian towers for CAD $446.0 million, and signed a long-term master lease with Verizon.
Repurchased 958 thousand shares (~$194 million) during and subsequent to the quarter.
Declared a quarterly cash dividend of $1.11 per share, payable December 11, 2025.
Updated full year 2025 outlook: site leasing revenue $2.568–2.578 billion, AFFO $1.373–1.397 billion.

Nov 3, 2025, 9:01 PM

Press Release

SBA Communications outlines opportunistic capital allocation and growth outlook

SBAC

M&A

Share Buyback

Guidance Update

$675–700 M annual free cash flow available for allocation after dividends, interest, taxes, and maintenance CapEx, deployed into share buybacks, debt paydown, dividends, and opportunistic M&A; signed a $975 M Central America deal at 11× EBITDA adding 0.2× leverage
Portfolio optimization underway with exits from the Philippines, Colombia, Argentina and the sale of ~400 towers in Canada to focus on markets where SBA has scale and strategic operator relationships
Domestic leasing momentum has built for six consecutive quarters; with a 6–9 month book-to-bill lag, expect stronger lease-up in H2 and mid-single-digit annual U.S. revenue growth (3% escalators, 3% lease-up, <1% churn)
EchoStar exposure represents $55 M (2% of global) run-rate revenue at risk, with an estimated $25 M churn in both 2027 and 2028; the impact of transferred spectrum on lease agreements remains unclear
International outlook positive on Brazil’s long-term growth despite $20 M OiWireless churn; Tanzania and South Africa operations delivering strong returns and expansion opportunities

Sep 3, 2025, 6:06 PM

SBA Communications reports Q2 2025 results and updates full year outlook

SBAC

Earnings

Guidance Update

Dividends

Net income of $225.7 million ($2.09 per share) and AFFO per share of $3.17 for Q2 2025
Acquired 4,329 communication sites (including 4,323 Millicom sites) for $562.9 million, bringing total sites to 44,065
Declared a quarterly cash dividend of $1.11 per share payable September 18, 2025
Repurchased 799 thousand shares during and subsequent to the quarter
Raised full-year 2025 outlook, including site leasing revenue to $2,565–$2,590 million and AFFO per share to $12.65–$13.02

Aug 4, 2025, 8:01 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for SBA COMMUNICATIONS.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Brendan T. Cavanagh say about margins?What are SBA COMMUNICATIONS's strategic priorities?How is SBA COMMUNICATIONS positioned vs competitors?How did SBA COMMUNICATIONS do last quarter?

Let Fintool AI Agent track SBA COMMUNICATIONS's earnings for you

Get instant analysis when filings drop