Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2868.3%
Neutral1331.7%
Bearish00.0%
SBA Communications Corporation · SBAC · FY2026 Q1 · Calendar Q2 2026
SBAC Beats Revenue, Misses EPS, Raises Full-Year Guidance on 5G and Edge Compute Strength
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…
Reported After market closeNASDAQReal Estate
$19.29B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.74
Consensus $2
EPS surprise
-2.2%
Reported versus consensus
Reported revenue
$703.4M
Consensus $696.2M
Revenue surprise
+1.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$181.9Current
$205Low
$286.52Average
$425High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 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 |
|---|---|---|---|---|
| Wells Fargo | Overweight | Equal Weight | Upgrade | Jul 17, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 10, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 5, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | May 1, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Apr 30, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 9, 2026 |
| UBS | Buy | Buy | Maintain | Jan 20, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jan 12, 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 $181.9. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Eric Luebchow | $210 | $185.04 | +15.4% | Jul 17, 2026 |
| Goldman Sachs | Analyst unavailable | $205 | $180.95 | +12.7% | Jun 26, 2026 |
| Barclays | Analyst unavailable | $245 | $217.91 | +34.7% | May 5, 2026 |
| Scotiabank | Maher Yaghi | $230 | $219.37 | +26.4% | May 1, 2026 |
| Barclays | Analyst unavailable | $244 | $214.2 | +34.1% | Apr 15, 2026 |
| Morgan Stanley | Analyst unavailable | $225 | $218.46 | +23.7% | Apr 9, 2026 |
| UBS | Analyst unavailable | $260 | $189.25 | +42.9% | Jan 20, 2026 |
| UBS | Analyst unavailable | $233 | $193.52 | +28.1% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $205 | $193.11 | +12.7% | Dec 16, 2025 |
| Barclays | Analyst unavailable | $212 | $194.27 | +16.5% | Dec 1, 2025 |
| Williams Trading | Gregory Williams | $237 | $197.66 | +30.3% | Nov 4, 2025 |
| BMO Capital | Ari Klein | $210 | $193.52 | +15.4% | Nov 4, 2025 |
| Wells Fargo | Analyst unavailable | $215 | $196.26 | +18.2% | Oct 20, 2025 |
| UBS | Analyst unavailable | $275 | $191.37 | +51.2% | Oct 14, 2025 |
| Raymond James | Ric Prentiss | $265 | $219.16 | +45.7% | Aug 5, 2025 |
| JMP Securities | Analyst unavailable | $280 | $219.16 | +53.9% | Aug 5, 2025 |
| JMP Securities | Greg Miller | $250 | $196.83 | +37.4% | Jan 27, 2025 |
| BMO Capital | Ari Klein | $230 | $201.06 | +26.4% | Dec 18, 2024 |
| Williams Trading | Gregory Williams | $261 | $239.94 | +43.5% | Oct 29, 2024 |
| Jefferies | Jonathan Petersen | $225 | $239.94 | +23.7% | Oct 29, 2024 |
| KeyBanc | Brandon Nispel | $280 | $236.38 | +53.9% | Oct 14, 2024 |
| Deutsche Bank | Matt Niknam | $240 | $217.07 | +31.9% | Aug 14, 2024 |
| BMO Capital | Ari Klein | $245 | $217.94 | +34.7% | Jul 30, 2024 |
| Wells Fargo | Eric Luebchow | $220 | $212.83 | +20.9% | Jul 15, 2024 |
| RBC Capital | Jonathan Atkin | $235 | $197.22 | +29.2% | May 9, 2024 |
| Deutsche Bank | Matthew Niknam | $230 | $189.12 | +26.4% | May 2, 2024 |
| KeyBanc | Brandon Nispel | $227 | $201.89 | +24.8% | Apr 30, 2024 |
| Wells Fargo | Eric Luebchow | $230 | $201.89 | +26.4% | Apr 30, 2024 |
| Barclays | Brendan Lynch | $255 | $195.06 | +40.2% | Apr 17, 2024 |
| MoffettNathanson | Nick Del Deo | $262 | $213.4 | +44.0% | Apr 8, 2024 |
| Loop Capital Markets | Ari Klein | $260 | $241.83 | +42.9% | Jul 13, 2023 |
| Truist Financial | Analyst unavailable | $350 | $305.78 | +92.4% | Jan 13, 2023 |
| Barclays | Analyst unavailable | $336 | $304.82 | +84.7% | Jan 12, 2023 |
| Raymond James | Analyst unavailable | $334 | $296.48 | +83.6% | Nov 23, 2022 |
| Barclays | Analyst unavailable | $341 | $297.98 | +87.5% | Nov 14, 2022 |
| Morgan Stanley | Analyst unavailable | $366 | $311.23 | +101.2% | Sep 16, 2022 |
| Barclays | Analyst unavailable | $380 | $338.95 | +108.9% | Aug 26, 2022 |
| RBC Capital | Analyst unavailable | $390 | $347.64 | +114.4% | Aug 8, 2022 |
| UBS | Analyst unavailable | $410 | $340.7 | +125.4% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $408 | $332.85 | +124.3% | Aug 2, 2022 |
| Morgan Stanley | Analyst unavailable | $361 | $319.53 | +98.5% | Jul 20, 2022 |
| Wells Fargo | Analyst unavailable | $355 | $313.51 | +95.2% | Jul 19, 2022 |
| Goldman Sachs | Analyst unavailable | $381 | $323.47 | +109.5% | Jul 12, 2022 |
| Jefferies | Jonathan Petersen | $347 | $330.46 | +90.8% | Jul 5, 2022 |
| Morgan Stanley | Simon Flannery | $389 | $292.04 | +113.9% | Jun 19, 2022 |
| Barclays | Analyst unavailable | $385 | $365.5 | +111.7% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $405 | $369.96 | +122.6% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $410 | $371.89 | +125.4% | Apr 26, 2022 |
| Barclays | Analyst unavailable | $378 | $360.91 | +107.8% | Apr 19, 2022 |
| Deutsche Bank | Matthew Niknam | $365 | $326.03 | +100.7% | Mar 3, 2022 |
| Bank of America Securities | David Barden | $425 | $379.04 | +133.6% | Jan 3, 2022 |
| UBS | Batya Levi | $400 | $356.96 | +119.9% | Nov 2, 2021 |
| Citigroup | Michael Rollins | $404 | $357.88 | +122.1% | Aug 19, 2021 |
| Truist Financial | Gregory P Miller | $400 | $344.12 | +119.9% | Aug 3, 2021 |
Track every rating change on SBAC the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+2.4%
Event window
SPY move
+1.0%
Same window
Abnormal move
+1.4%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
-8.2%
Up to 20 sessions
SBACSPY benchmark
Follow SBAC with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Compared to Q4 2025 when 2026 guidance was maintained, Q1 2026 saw management raise the full-year outlook across all key financial metrics. New developments include the sale of the Canadian tower portfolio, the purchase of land underlying Guatemalan towers at a ~7x cap rate, and the emergence of mobile edge compute as a strategic initiative with AI and edge-compute partner collaborations. The prior quarter's DISH lawsuit and revenue removal carried into Q1, with litigation now referenced against EchoStar. Speculative PE takeover rumors surfaced as a new source of shareholder uncertainty.
Guidance delta
Guidance sentiment improved from 'maintained' in Q4 2025 to 'raised' in Q1 2026. Management lifted the full-year outlook for revenue, adjusted EBITDA, AFFO, and dividend, signaling confidence in the leasing pipeline and international growth trajectory. The prior quarter had assumed stable domestic lease growth with modest international expansion and declining churn; the raised guidance suggests these assumptions are tracking ahead of plan.
Key takeaways
- Full-year 2026 outlook raised across all key financial metrics — revenue, adjusted EBITDA, AFFO, and dividend — a clear upgrade from the maintained guidance issued in Q4 2025.
- Revenue of $703.4M beat the $696.2M consensus by ~1%, while EPS of $1.74 missed the $1.78 estimate by ~2%, reflecting elevated costs and international churn headwinds.
- Cash flow margin remained high at approximately 80%, and the dividend was increased 13% year-over-year, reinforcing the shareholder return focus.
- International growth accelerated through Millicom site integration and new tower builds in Central America and Guatemala, with a land purchase at a ~7x cap rate.
- Edge compute emerged as a new strategic revenue stream tied to AI and low-latency demand, with deployment plans at tower sites.
- Leverage stayed within the 6–7x net-debt-to-EBITDA target, positioning SBA for its inaugural investment-grade bond issuance in 2026.
Management priorities
- Deploy mobile edge compute solutions at tower sites in collaboration with AI and edge-compute partners
- Accelerate new tower builds in Central America and Guatemala, including integration of Millicom assets
- Prepare for the first investment-grade bond issuance in 2026 to refinance and optimize the capital structure
- Maintain dividend growth and resume share repurchases later in 2026
- Continue integration of Millicom assets and pursue further strategic acquisitions
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T05:11:56.536878+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T05:11:56.534191+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 . For educational purposes only; not investment advice.