Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2868.3%
Neutral1331.7%
Bearish00.0%
SBA Communications Corporation · SBAC · FY2025 Q1 · Calendar Q2 2025
SBA Communications raises outlook as leasing backlog expands
The supplied analysis supports a constructive near-term operating picture: stronger leasing and services activity, backlog growth and raised full-year guidance reinforce demand. The durability of that trajectory depends on carrier spending, international churn and execution of the Millicom integration.
Reported After market closeNASDAQReal Estate
$19.36B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.11
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $662.0M
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+6.8%
Event window
SPY move
+0.6%
Same window
Abnormal move
+6.2%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-4.0%
Up to 20 sessions
SBACSPY benchmark
Ask FN2 about SBAC FY2025 Q1
Transcript, numbers and history already loaded
What drove SBAC's +6.8% move after FY2025 Q1 earnings?What changed in SBAC's guidance and outlook in FY2025 Q1?Give me the bull and bear case for SBAC after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, management moved from maintained to raised guidance. The current analysis also highlights an expanded backlog, a greater mix of new U.S. colocation leases, partial early Millicom closing and completed exits from the Philippines and Colombia.
Guidance delta
Management raised its full-year outlook for site leasing revenue, tower cash flow, Adjusted EBITDA, AFFO and AFFO per share.
Key takeaways
- Q1 leasing and services performance exceeded internal expectations, according to the supplied analysis.
- The leasing backlog expanded, with new colocation leases representing about 75% of new U.S. leasing revenue.
- Management highlighted continued carrier investment tied to 5G, fixed wireless access and mid-band upgrades.
- International churn remains elevated, while carrier consolidation is expected to improve conditions over the next few years.
- Capital allocation includes buybacks, dividend growth and selective asset investments.
Management priorities
- Improve operating efficiency through a new ERP and AI-enabled systems.
- Complete the remaining Millicom site closings and integrate the acquired assets.
- Pursue strategic M&A when valuations align, particularly in Canada.
- Balance buybacks, debt repayment and targeted asset investments.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$182.49Current
$205Low
$274.8Average
$425High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Sep 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 21, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 4, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Jul 17, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 10, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | May 1, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Apr 30, 2026 |
| UBS | Buy | Buy | Maintain | Jan 20, 2026 |
| TD Cowen | Buy | Buy | Maintain | Nov 4, 2025 |
| BMO Capital | Market Perform | Market Perform | Maintain | Nov 4, 2025 |
| Citigroup | Buy | Buy | Maintain | Oct 16, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 1, 2025 |
| B of A Securities | Neutral | Buy | Downgrade | Aug 27, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Aug 5, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Apr 29, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Feb 25, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 14, 2024 |
| MoffettNathanson | Outperform | Market Perform | Upgrade | Mar 30, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 22, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 22, 2023 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jan 25, 2023 |
| Jefferies | Hold | Hold | Maintain | Jun 30, 2022 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Feb 24, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jul 15, 2019 |
| Moffett Nathanson | Neutral | Buy | Downgrade | Jul 8, 2019 |
| Guggenheim | Neutral | Buy | Downgrade | Feb 22, 2019 |
| Macquarie | Neutral | Neutral | Maintain | Aug 29, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 3, 2016 |
| Stifel | Buy | Buy | Maintain | May 3, 2016 |
| Evercore ISI Group | Hold | Buy | Downgrade | Nov 5, 2015 |
| BTIG Research | Buy | Buy | Maintain | Jun 18, 2015 |
| Canaccord Genuity | Buy | Buy | Maintain | Nov 6, 2014 |
| Pacific Crest | Outperform | Outperform | Maintain | May 5, 2014 |
| Nomura | Buy | Buy | Maintain | May 5, 2014 |
| Evercore Partners | Overweight | Overweight | Maintain | May 5, 2014 |
| PiperJaffray | Overweight | Overweight | Maintain | Aug 3, 2012 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 3, 2012 |
| Benchmark | Buy | Buy | Maintain | Aug 3, 2012 |
| Bank oferica | Buy | Buy | Maintain | May 2, 2012 |
| Wedbush | Outperform | Outperform | Maintain | Apr 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $182.49. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Analyst unavailable | $271 | $160.74 | +48.5% | Oct 5, 2026 |
| Barclays | Analyst unavailable | $207 | $162.81 | +13.4% | Sep 30, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $177.76 | +12.3% | Sep 21, 2026 |
| Barclays | Brendan Lynch | $208 | $182.43 | +14.0% | Aug 20, 2026 |
| Truist Financial | Analyst unavailable | $238 | $175.01 | +30.4% | Aug 5, 2026 |
| Morgan Stanley | Cameron McVeigh | $215 | $179.54 | +17.8% | Aug 4, 2026 |
| Wells Fargo | Eric Luebchow | $210 | $185.04 | +15.1% | Jul 17, 2026 |
| Goldman Sachs | Analyst unavailable | $205 | $180.95 | +12.3% | Jun 26, 2026 |
| Barclays | Analyst unavailable | $245 | $217.91 | +34.3% | May 5, 2026 |
| Scotiabank | Maher Yaghi | $230 | $219.37 | +26.0% | May 1, 2026 |
| Barclays | Analyst unavailable | $244 | $214.2 | +33.7% | Apr 15, 2026 |
| Morgan Stanley | Analyst unavailable | $225 | $218.46 | +23.3% | Apr 9, 2026 |
| UBS | Analyst unavailable | $260 | $189.25 | +42.5% | Jan 20, 2026 |
| UBS | Analyst unavailable | $233 | $193.52 | +27.7% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $205 | $193.11 | +12.3% | Dec 16, 2025 |
| Barclays | Analyst unavailable | $212 | $194.27 | +16.2% | Dec 1, 2025 |
| Williams Trading | Gregory Williams | $237 | $197.66 | +29.9% | Nov 4, 2025 |
| BMO Capital | Ari Klein | $210 | $193.52 | +15.1% | Nov 4, 2025 |
| Wells Fargo | Analyst unavailable | $215 | $196.26 | +17.8% | Oct 20, 2025 |
| UBS | Analyst unavailable | $275 | $191.37 | +50.7% | Oct 14, 2025 |
| Raymond James | Ric Prentiss | $265 | $219.16 | +45.2% | Aug 5, 2025 |
| JMP Securities | Analyst unavailable | $280 | $219.16 | +53.4% | Aug 5, 2025 |
| JMP Securities | Greg Miller | $250 | $196.83 | +37.0% | Jan 27, 2025 |
| BMO Capital | Ari Klein | $230 | $201.06 | +26.0% | Dec 18, 2024 |
| Williams Trading | Gregory Williams | $261 | $239.94 | +43.0% | Oct 29, 2024 |
| Jefferies | Jonathan Petersen | $225 | $239.94 | +23.3% | Oct 29, 2024 |
| KeyBanc | Brandon Nispel | $280 | $236.38 | +53.4% | Oct 14, 2024 |
| Deutsche Bank | Matt Niknam | $240 | $217.07 | +31.5% | Aug 14, 2024 |
| BMO Capital | Ari Klein | $245 | $217.94 | +34.3% | Jul 30, 2024 |
| Wells Fargo | Eric Luebchow | $220 | $212.83 | +20.6% | Jul 15, 2024 |
| RBC Capital | Jonathan Atkin | $235 | $197.22 | +28.8% | May 9, 2024 |
| Deutsche Bank | Matthew Niknam | $230 | $189.12 | +26.0% | May 2, 2024 |
| KeyBanc | Brandon Nispel | $227 | $201.89 | +24.4% | Apr 30, 2024 |
| Wells Fargo | Eric Luebchow | $230 | $201.89 | +26.0% | Apr 30, 2024 |
| Barclays | Brendan Lynch | $255 | $195.06 | +39.7% | Apr 17, 2024 |
| MoffettNathanson | Nick Del Deo | $262 | $213.4 | +43.6% | Apr 8, 2024 |
| Loop Capital Markets | Ari Klein | $260 | $241.83 | +42.5% | Jul 13, 2023 |
| Truist Financial | Analyst unavailable | $350 | $305.78 | +91.8% | Jan 13, 2023 |
| Barclays | Analyst unavailable | $336 | $304.82 | +84.1% | Jan 12, 2023 |
| Raymond James | Analyst unavailable | $334 | $296.48 | +83.0% | Nov 23, 2022 |
| Barclays | Analyst unavailable | $341 | $297.98 | +86.9% | Nov 14, 2022 |
| Morgan Stanley | Analyst unavailable | $366 | $311.23 | +100.6% | Sep 16, 2022 |
| Barclays | Analyst unavailable | $380 | $338.95 | +108.2% | Aug 26, 2022 |
| RBC Capital | Analyst unavailable | $390 | $347.64 | +113.7% | Aug 8, 2022 |
| UBS | Analyst unavailable | $410 | $340.7 | +124.7% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $408 | $332.85 | +123.6% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $361 | $319.53 | +97.8% | Jul 20, 2022 |
| Wells Fargo | Analyst unavailable | $355 | $313.51 | +94.5% | Jul 19, 2022 |
| Goldman Sachs | Analyst unavailable | $381 | $323.47 | +108.8% | Jul 12, 2022 |
| Jefferies | Jonathan Petersen | $347 | $330.46 | +90.1% | Jul 5, 2022 |
| Morgan Stanley | Simon Flannery | $389 | $292.04 | +113.2% | Jun 19, 2022 |
| Barclays | Analyst unavailable | $385 | $365.5 | +111.0% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $405 | $369.96 | +121.9% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $410 | $371.89 | +124.7% | Apr 26, 2022 |
| Barclays | Analyst unavailable | $378 | $360.91 | +107.1% | Apr 19, 2022 |
| Deutsche Bank | Matthew Niknam | $365 | $326.03 | +100.0% | Mar 3, 2022 |
| Bank of America Securities | David Barden | $425 | $379.04 | +132.9% | Jan 3, 2022 |
| UBS | Batya Levi | $400 | $356.96 | +119.2% | Nov 2, 2021 |
| Citigroup | Michael Rollins | $404 | $357.88 | +121.4% | Aug 19, 2021 |
| Truist Financial | Gregory P Miller | $400 | $344.12 | +119.2% | Aug 3, 2021 |
Track every rating change on SBAC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, in addition to South Africa. Guided by its mission to 'Build Better Wireless,' the company primarily earns revenue from two core business areas: the leasing of antenna space and providing comprehensive site development services. Its central activity revolves around renting out capacity on its shared communication towers to various wireless service providers through long-term contractual agreements. For further details, please visit www.sbasite.com.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-14T00:04:42.211827+00:00
- Polygon adjusted daily market bars · 2026-10-12T02:40:44.490123+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T02:40:44.487398+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-12. For educational purposes only; not investment advice.