Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2868.3%
Neutral1331.7%
Bearish00.0%
SBA Communications Corporation · SBAC · FY2025 Q4 · Calendar Q1 2026
SBA Communications Holds 2026 Outlook as Tower Demand Remains Steady
The current analysis supports a measured constructive view of SBA's operating trajectory: management cited steady domestic demand, 5G-related growth drivers, and Millicom integration, while maintaining 2026 guidance. The evidence is balanced by churn, carrier-spending, financing, and litigation risks.
Reported After market closeNASDAQReal Estate
$16.98B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.47
Consensus $3.89
EPS surprise
-10.8%
Reported versus consensus
Reported revenue
$719.6M
Consensus $725.8M
Revenue surprise
-0.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+4.7%
Event window
SPY move
-0.5%
Same window
Abnormal move
+5.2%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
-17.0%
Up to 20 sessions
SBACSPY benchmark
Ask FN2 about SBAC FY2025 Q4
Transcript, numbers and history already loaded
Why did SBAC rise 4.7% after missing EPS estimates in FY2025 Q4?What changed in SBAC's guidance and outlook in FY2025 Q4?Give me the bull and bear case for SBAC after FY2025 Q4 earnings.
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Transcript intelligence
What changed
Relative to the prior quarter, the 2026 outlook remained maintained rather than being raised. The current analysis added emphasis on DISH litigation, EchoStar bad debt, Millicom integration, Central American expansion, and edge-compute development.
Guidance delta
2026 guidance was maintained versus the prior quarter; management expects stable domestic lease growth, modest international expansion, and lower churn.
Key takeaways
- Management described a steady domestic colocation pipeline and linked growth to 5G densification, massive MIMO upgrades, and future spectrum auctions.
- Millicom integration adds roughly 3,900 Central American sites and supports a broader new-build program.
- Management highlighted higher AFFO, a 13% dividend increase, and accelerated share repurchases.
- The outlook balances Central American and Brazilian growth opportunities against churn, carrier-spending, debt, and litigation risks.
Management priorities
- Integrate Millicom assets and expand Central American new builds.
- Pursue additional land acquisitions under existing tower sites.
- Refinance debt, maintain leverage between 6x and 7x, and pursue an investment-grade bond.
- Develop edge-compute capabilities at tower locations for potential AI and 6G workloads.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$158.02Current
$205Low
$276.9Average
$425High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 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 |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 20, 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 $158.02. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $207 | $162.81 | +31.0% | Sep 30, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $177.76 | +29.7% | Sep 21, 2026 |
| Barclays | Brendan Lynch | $208 | $182.43 | +31.6% | Aug 20, 2026 |
| Truist Financial | Analyst unavailable | $238 | $175.01 | +50.6% | Aug 5, 2026 |
| Morgan Stanley | Cameron McVeigh | $215 | $179.54 | +36.1% | Aug 4, 2026 |
| Wells Fargo | Eric Luebchow | $210 | $185.04 | +32.9% | Jul 17, 2026 |
| Goldman Sachs | Analyst unavailable | $205 | $180.95 | +29.7% | Jun 26, 2026 |
| Barclays | Analyst unavailable | $245 | $217.91 | +55.0% | May 5, 2026 |
| Scotiabank | Maher Yaghi | $230 | $219.37 | +45.6% | May 1, 2026 |
| Barclays | Analyst unavailable | $244 | $214.2 | +54.4% | Apr 15, 2026 |
| Morgan Stanley | Analyst unavailable | $225 | $218.46 | +42.4% | Apr 9, 2026 |
| UBS | Analyst unavailable | $260 | $189.25 | +64.5% | Jan 20, 2026 |
| UBS | Analyst unavailable | $233 | $193.52 | +47.4% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $205 | $193.11 | +29.7% | Dec 16, 2025 |
| Barclays | Analyst unavailable | $212 | $194.27 | +34.2% | Dec 1, 2025 |
| Williams Trading | Gregory Williams | $237 | $197.66 | +50.0% | Nov 4, 2025 |
| BMO Capital | Ari Klein | $210 | $193.52 | +32.9% | Nov 4, 2025 |
| Wells Fargo | Analyst unavailable | $215 | $196.26 | +36.1% | Oct 20, 2025 |
| UBS | Analyst unavailable | $275 | $191.37 | +74.0% | Oct 14, 2025 |
| Raymond James | Ric Prentiss | $265 | $219.16 | +67.7% | Aug 5, 2025 |
| JMP Securities | Analyst unavailable | $280 | $219.16 | +77.2% | Aug 5, 2025 |
| JMP Securities | Greg Miller | $250 | $196.83 | +58.2% | Jan 27, 2025 |
| BMO Capital | Ari Klein | $230 | $201.06 | +45.6% | Dec 18, 2024 |
| Williams Trading | Gregory Williams | $261 | $239.94 | +65.2% | Oct 29, 2024 |
| Jefferies | Jonathan Petersen | $225 | $239.94 | +42.4% | Oct 29, 2024 |
| KeyBanc | Brandon Nispel | $280 | $236.38 | +77.2% | Oct 14, 2024 |
| Deutsche Bank | Matt Niknam | $240 | $217.07 | +51.9% | Aug 14, 2024 |
| BMO Capital | Ari Klein | $245 | $217.94 | +55.0% | Jul 30, 2024 |
| Wells Fargo | Eric Luebchow | $220 | $212.83 | +39.2% | Jul 15, 2024 |
| RBC Capital | Jonathan Atkin | $235 | $197.22 | +48.7% | May 9, 2024 |
| Deutsche Bank | Matthew Niknam | $230 | $189.12 | +45.6% | May 2, 2024 |
| KeyBanc | Brandon Nispel | $227 | $201.89 | +43.7% | Apr 30, 2024 |
| Wells Fargo | Eric Luebchow | $230 | $201.89 | +45.6% | Apr 30, 2024 |
| Barclays | Brendan Lynch | $255 | $195.06 | +61.4% | Apr 17, 2024 |
| MoffettNathanson | Nick Del Deo | $262 | $213.4 | +65.8% | Apr 8, 2024 |
| Loop Capital Markets | Ari Klein | $260 | $241.83 | +64.5% | Jul 13, 2023 |
| Truist Financial | Analyst unavailable | $350 | $305.78 | +121.5% | Jan 13, 2023 |
| Barclays | Analyst unavailable | $336 | $304.82 | +112.6% | Jan 12, 2023 |
| Raymond James | Analyst unavailable | $334 | $296.48 | +111.4% | Nov 23, 2022 |
| Barclays | Analyst unavailable | $341 | $297.98 | +115.8% | Nov 14, 2022 |
| Morgan Stanley | Analyst unavailable | $366 | $311.23 | +131.6% | Sep 16, 2022 |
| Barclays | Analyst unavailable | $380 | $338.95 | +140.5% | Aug 26, 2022 |
| RBC Capital | Analyst unavailable | $390 | $347.64 | +146.8% | Aug 8, 2022 |
| UBS | Analyst unavailable | $410 | $340.7 | +159.5% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $408 | $332.85 | +158.2% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $361 | $319.53 | +128.5% | Jul 20, 2022 |
| Wells Fargo | Analyst unavailable | $355 | $313.51 | +124.7% | Jul 19, 2022 |
| Goldman Sachs | Analyst unavailable | $381 | $323.47 | +141.1% | Jul 12, 2022 |
| Jefferies | Jonathan Petersen | $347 | $330.46 | +119.6% | Jul 5, 2022 |
| Morgan Stanley | Simon Flannery | $389 | $292.04 | +146.2% | Jun 19, 2022 |
| Barclays | Analyst unavailable | $385 | $365.5 | +143.6% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $405 | $369.96 | +156.3% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $410 | $371.89 | +159.5% | Apr 26, 2022 |
| Barclays | Analyst unavailable | $378 | $360.91 | +139.2% | Apr 19, 2022 |
| Deutsche Bank | Matthew Niknam | $365 | $326.03 | +131.0% | Mar 3, 2022 |
| Bank of America Securities | David Barden | $425 | $379.04 | +169.0% | Jan 3, 2022 |
| UBS | Batya Levi | $400 | $356.96 | +153.1% | Nov 2, 2021 |
| Citigroup | Michael Rollins | $404 | $357.88 | +155.7% | Aug 19, 2021 |
| Truist Financial | Gregory P Miller | $400 | $344.12 | +153.1% | 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
All SBAC earningsLatest beats and misses
Who reports nextBeat on EPS
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
- MUFY2026 Q4 · September 30, 2026+5.4% EPS+0.0% move
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
Get the SBAC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T23:46:06.661558+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T23:46:06.658483+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 2026-10-01. For educational purposes only; not investment advice.