SBA Communications Corporation

Latest Results (07.06.2026):

SBA Communications Corporation — Fourth Quarter 2025: SBA reported a strong finish to Q4 2025 with net income of $370.4 million ($3.47 diluted EPS), AFFO of $340.4 million (AFFO per share $3.19), and announced a 13% increase to its quarterly cash dividend. The quarter included significant portfolio activity (2,026 sites acquired, 164 towers built), a $226.3 million gain on the sale of its Canadian operations, and ongoing share repurchases.

Net income and margins

Q4 2025 net income was $370.4 million versus $178.8 million in Q4 2024 (EPS diluted $3.47 vs $1.61). Adjusted EBITDA was $486.0 million (Adjusted EBITDA margin 67.8%). Tower Cash Flow was $532.2 million with a Tower Cash Flow margin of 80.2%.

Revenue and segment performance

Total site leasing revenue in Q4 2025 was $666.2 million (+3.1% YoY). Site development revenue was $53.4 million (+12.7% YoY). International site leasing grew notably (to $201.7 million, +15.6% YoY) while U.S. site leasing declined slightly to $464.5 million (-1.6% YoY).

AFFO and per‑share metrics

AFFO for Q4 2025 was $340.4 million (AFFO per share $3.19), down versus Q4 2024 (AFFO $375.1M; $3.47 per share). The company provided a 2026 AFFO outlook of $1,260.0M to $1,308.0M (AFFO per share $11.84 to $12.29, based on 106.4M diluted shares).

Dividend and share repurchases

The Board declared a quarterly cash dividend of $1.25 per Class A share (payable March 27, 2026), a ~13% increase. During Q4 2025 the company repurchased 1.1 million Class A shares for $213.0 million (avg. $191.07); subsequent repurchases included ~12k shares for $2.2M. Management also reported $175M repurchased (over ~916k shares) since the prior release at an avg. $191.00.

Portfolio growth and dispositions

SBA acquired 2,026 communication sites in Q4 2025 (including 2,020 from the Millicom transaction) for $236.4 million, built 164 towers, and ended the quarter with 46,328 sites (17,394 U.S.; 28,934 international). Subsequent close: rights to land under ~3,900 sites in Guatemala for $109.0M. The company sold substantially all Canadian operations (closed Oct 15, 2025), recording a $226.3M gain in Q4.

Capital spending and cash flow

Total cash capital expenditures in Q4 2025 were $457.1 million (discretionary $441.4M; non‑discretionary $15.7M). Operating cash flow provided $304.0M in the quarter. Q4 investing included $236.4M for site purchases and continued tower builds/augmentations.

Balance sheet and leverage

At December 31, 2025 total debt was ~$13.0 billion with cash and equivalents and short‑term restricted cash/investments of ~$0.4 billion. Net Debt was $12.5B and Net Debt / Annualized Adjusted EBITDA was 6.4x (Net Secured Debt / Annualized Adjusted EBITDA 4.9x). The company had $1.205B outstanding under a $2.0B Revolver as of the release date.

2026 outlook and key assumptions

SBA provided initial full‑year 2026 guidance: site leasing revenue $2,625–$2,650M; total revenues $2,815–$2,860M; Tower Cash Flow $2,082–$2,102M; Adjusted EBITDA $1,912–$1,932M; AFFO $1,260–$1,308M (AFFO/share $11.84–$12.29). The outlook excludes contracted EchoStar revenues due to a payment dispute and assumes FX rate assumptions and limited acquisition closings only for sites under contract.