SBA Communications Corporation earnings overview

SBAC FY2026 Q1 · Calendar Q2 2026

SBA Communications Corporation

SBA Communications reported Q1 2026 revenue of $703.4M, beating the $696.2M consensus by ~1%, while EPS of $1.74 missed the $1.78 estimate by ~2%. Despite the EPS shortfall, the core leasing business showed strength with cash flow margins near 80%, prompting management to raise full-year guidance across revenue, adjusted EBITDA, AFFO, and dividend — a notable shift from the prior quarter when 2026 guidance was merely maintained. Growth drivers include ongoing 5G densification, massive MIMO deployments, Millicom site integration in Central America, and an emerging mobile edge compute opportunity tied to AI and low-latency demand. The company also sold its Canadian tower portfolio and purchased land underlying Guatemalan towers at approximately a 7x cap rate. With leverage comfortably within the 6–7x net-debt-to-EBITDA target, SBA is positioning for its inaugural investment-grade bond…