SBAC earnings analysis
What we found in SBAC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 4.1%
- Total revenues increased to $703.4 million from $664.2 million year-over-year, reflecting a 4.1% rise.
- 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%.
- Operating Cash Flow
- Operating cash flow was reported at $255.1 million, though reduced from $301.2 million from the previous year.
- 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.
- Cash Reserves Decrease
- Cash, cash equivalents, and restricted cash decreased to $332.5 million, down from $664.1 million a year ago.
- Increased Capital Expenditures
- Estimated discretionary capex for 2026 is projected between $430 million and $450 million, reflecting ongoing investment in network expansion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Churn from Major Operators
- Projected churn due to lease terminations from Sprint and EchoStar represents between $132 million and $136 million in revenue.
- High Interest Rate Environment
- The impact of rising interest rates potentially hinders capital expenditure from wireless providers.
- Increased Debt Costs
- Interest expense rose by $24.4 million year-over-year, indicating higher costs of servicing debt.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.74
- Segment
- Domestic site leasing
- Segment
- International site leasing
- Segment
- Site development
What they said about what is next.
Management anticipates core leasing revenue to grow on a currency neutral basis over 2025 levels.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SBAC makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever