10-K · February 27, 2026
SBA Communications emphasizes expanding its site leasing business via organic densification and selective acquisitions, positioning itself as a scale leader with 46,328 towers and an average of 1.8 tenants per site as…
Earnings analysis · 10-Q
SBAC earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
SBA Communications reported solid Q1 2026 results with revenue of $703.4 million, up 4.1% year-over-year, despite a decline in operating income. EPS came in at $1.74, below expectations, resulting in a negative EPS…
Read full summary
SBA Communications reported solid Q1 2026 results with revenue of $703.4 million, up 4.1% year-over-year, despite a decline in operating income. EPS came in at $1.74, below expectations, resulting in a negative EPS surprise of 35.8%. While domestic leasing faced challenges, international site leasing performed strongly, contributing to the overall revenue growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.74
- Segment
- Domestic site leasing
- Segment
- International site leasing
- Segment
- Site development
What stood out
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Revenue Growth of 4.1%
Total revenues increased to $703.4 million from $664.2 million year-over-year, reflecting a 4.1% rise.
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Domestic vs. International Performance
Domestic site leasing revenues fell by $10.7 million, down 2.3%, while international revenues surged by $50.6 million, up 24.8%.
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Operating Cash Flow
Operating cash flow was reported at $255.1 million, though reduced from $301.2 million from the previous year.
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Strong Segment Profit in International Leasing
International site leasing segment operating profit rose to $144.6 million, a 26.2% increase compared to last year.
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Cash Reserves Decrease
Cash, cash equivalents, and restricted cash decreased to $332.5 million, down from $664.1 million a year ago.
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Increased Capital Expenditures
Estimated discretionary capex for 2026 is projected between $430 million and $450 million, reflecting ongoing investment in network expansion.
What to watch
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Churn from Major Operators
Projected churn due to lease terminations from Sprint and EchoStar represents between $132 million and $136 million in revenue.
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High Interest Rate Environment
The impact of rising interest rates potentially hinders capital expenditure from wireless providers.
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Increased Debt Costs
Interest expense rose by $24.4 million year-over-year, indicating higher costs of servicing debt.
Management's outlook
Management anticipates core leasing revenue to grow on a currency neutral basis over 2025 levels.
Earlier filings 4
10-Q · November 1, 2024
SBA Communications reported Q3 revenue of $667,595,000 (down from $682,544,000 a year ago) and delivered diluted EPS of $2.40, beating estimates. Operating income rose to $375,596,000 (versus $248,604,000 YoY) largely…
10-Q · August 2, 2024
SBA Communications reported Q2 2024 results with a revenue of $660.5 million, which is slightly down from $679 million in Q2 2023, reflecting a 2.1% decrease year-over-year. The diluted EPS of $1.51 represents a notable…
10-Q · August 3, 2023
SBA reported quarterly revenue of $678.5M (up from $652.0M in Q2 2022) and operating income of $241.2M, with diluted EPS rising to $1.87 from $0.64 a year ago. Site leasing drove the top-line (site leasing revenue…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.