SBA Communications Corporation

Latest Results (29.08.2026):

SBA Communications Corporation — fourth quarter (Q4) 2025: SBA reported a strong finish to 2025 with net income of $370.4 million ($3.47 diluted EPS), industry‑leading AFFO per share of $3.19, continued share repurchases and a 13% dividend increase; results were supported by international lease growth and a $226.3 million gain on the sale of its Canadian operations.

Profit and EPS

Net income for Q4 2025 was $370.4 million, or $3.47 per diluted share, versus $178.8 million ($1.61) in Q4 2024 (Q4 2025 included a $226.3 million gain on the sale of substantially all Canadian operations).

AFFO and Adjusted EBITDA

AFFO was $340.4 million (AFFO per share $3.19) in Q4 2025, down versus the prior year; Adjusted EBITDA was $486.0 million, essentially flat year‑over‑year (‑0.7%).

Revenue and Tower Cash Flow

Total site leasing revenue was $666.2 million (+3.1% year‑over‑year) and Tower Cash Flow was $532.2 million (+0.8% year‑over‑year). Domestic leasing softened slightly while international leasing grew materially.

Segment Performance — Domestic vs International

Domestic site leasing revenue: $464.5 million (‑1.6% YoY); International site leasing revenue: $201.7 million (+15.6% YoY). International segment drove the consolidated revenue improvement.

Capital deployment and acquisitions

In Q4 SBA acquired 2,026 communication sites (2,020 from Millicom) for $236.4 million, built 164 towers, and reported total cash capital expenditures of $457.1 million (mostly discretionary). Post‑quarter, SBA closed on land rights under ~3,900 sites in Guatemala for $109.0 million.

Share repurchases and dividend

SBA repurchased 1.1 million Class A shares in Q4 2025 for $213.0 million and an additional small amount post‑quarter; the Board declared a quarterly dividend of $1.25 per share (approx. +13% vs prior quarter), payable March 27, 2026.

Balance sheet and liquidity

As of Dec 31, 2025 total debt was about $13.0 billion (total secured debt ~$10.0 billion), cash approx. $0.4 billion, Net Debt ~$12.5 billion. Reported leverage metrics: Net Debt / annualized Adjusted EBITDA 6.4x and Net Secured Debt / annualized Adjusted EBITDA 4.9x. Post‑period activity included revolver borrowings to repay $750 million of Tower Securities in January 2026.

2026 Outlook and guidance notes

Initial full‑year 2026 outlook: site leasing revenue $2,625–2,650M; Tower Cash Flow $2,082–2,102M; Adjusted EBITDA $1,912–1,932M; AFFO $1,260–1,308M (AFFO per share $11.84–$12.29). Management excluded contracted EchoStar revenue from the outlook given an ongoing dispute.