)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SBA Communications
SBA Communications (SBAC) investor relations material
SBA Communications Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 AFFO per share was $3.19; Adjusted EBITDA was $488.1M, down 1.9% on a constant-currency basis, and approximately $430M was returned to shareholders.
U.S. leasing demand focused on new leases, coverage infill, capacity and 5G upgrades; activity was slightly below H1 but in line with expectations.
Chile and Ecuador tower sales were completed and a Peru sale was agreed, advancing the exit from South America outside Brazil pending regulatory approval.
Financial highlights
Q3 revenue was $713.9M versus $732.3M YoY; net income attributable to shareholders was $231.3M versus $236.8M, and diluted EPS was $2.19 versus $2.20.
Adjusted EBITDA was $488.1M, down 1.9% excluding FX; AFFO was $337.3M, down 6.2% excluding FX, or $3.19 per share.
Tower Cash Flow was $526.9M versus $526.4M; its margin was 79.7%, while Adjusted EBITDA margin was 68.8%.
Site development revenue fell to $48.6M from $75.9M; 9M revenue was $2.133B versus $2.096B, with 9M Adjusted EBITDA of $1.447B, up 0.1% on a constant-currency basis.
Outlook and guidance
FY 2026 guidance: site leasing revenue $2.643B–$2.658B, total revenue $2.833B–$2.858B, Tower Cash Flow $2.083B–$2.098B, Adjusted EBITDA $1.918B–$1.928B, and AFFO $1.284B–$1.308B, or $12.15–$12.37/share.
AFFO guidance midpoint rose by $2M and $0.08/share; excluding FX and Chile/Ecuador sales, increases were $5M and $0.11/share.
Chile and Ecuador sales reduced FY 2026 outlook by $10M in site leasing revenue, $6M in Tower Cash Flow and $4M in Adjusted EBITDA; Peru sale effects are excluded.
FY 2026 cash site leasing revenue churn forecast was $133M–$136M domestically and $37M–$39M internationally; Sprint churn was expected at $55M–$56M and EchoStar churn at $36M.
Non-discretionary cash capex forecast was $61M–$65M and discretionary cash capex $480M–$490M; $1.165B of Tower Securities was expected to be refinanced in Q4 at an assumed 5.25%.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from SBA Communications
- 6G, edge data centers, and share buybacks shape growth amid cyclical and regional shifts.SBAC
RBC Capital Markets 2026 Global Communications and Infrastructure Conference - Strong mobile data growth and disciplined expansion drive high-margin, recurring cash flows.SBACCorporate presentation
- Steady lease-up, disciplined capital allocation, and international growth set the stage for 6G-driven upside.SBACBank of America 2026 Media,Communications & Entertainment Conference
- Core market focus, edge computing, and spectrum auctions set the stage for future growth.SBACGoldman Sachs Communacopia + Technology Conference 2026
- Growth is fueled by steady U.S. lease-up, international expansion, and 6G-driven opportunities.SBACCiti’s 2026 Global TMT Conference
- Strong mobile data growth and disciplined expansion drive high-margin, recurring cash flows.SBACInvestor presentation
- Q2 2026 revenue up 2.3% on international growth; $3.5B in new notes and share repurchases.SBACQ2 2026
- 5G expansion, strategic MLAs, and investment-grade transition drive long-term growth outlook.SBACBofA Securities Leveraged Finance Conference 2025
- Q2 2024 delivered stable leasing, strong margins, and a 15% dividend hike amid FX risks.SBACQ2 2024
Next SBA Communications earnings date
Q4 202622 Feb, 2027
SBA Communications
Next SBA Communications earnings date
Q4 202622 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
Communications Infrastructure REIT
SBA Communications is an American Real Estate Investment Trust (REIT) that owns and operates wireless communications infrastructure. This includes towers, buildings, distributed antenna systems (DAS), small cells, and other related infrastructure. Its operations are primarily found in the Americas, but the company also has activities in Africa and Asia. The company operates in two primary segments: Site Leasing and Site Development. It is headquartered in Boca Raton, Florida, and its shares are listed on the Nasdaq.
Expansion of Services
SBA Communications was founded in 1989 and initially focused on on-site management for wireless service providers. Over time, it expanded its services to include the development and operation of wireless communications towers. The company played a significant role in the expansion and enhancement of wireless networks, particularly in the United States. In the late 1990s, SBA Communications started owning and operating its towers, a diversification that marked a significant evolution in its business model. This move positioned SBA as a key player in the wireless infrastructure industry, especially with the rapid growth of mobile telephony and data services in the early 21st century. The company has provided services for customers such as AT&T, Verizon, T-Mobile, and several other large communications companies.
The two Business Segments
Site Leasing: This involves leasing antenna space on multi-tenant communication towers to a variety of wireless service providers under long-term lease contracts. These tenants typically include cellular, PCS, wireless data, and video companies. The leasing model provides a steady income for SBA, as these spaces are crucial for wireless providers to maintain and expand their network coverage. SBA manages a vast portfolio of tower sites, offering its clients the necessary infrastructure to ensure robust wireless communication services.
Site Development: This segment focuses on offering services related to the development of wireless communication sites. It encompasses activities like site identification, acquiring zoning approvals, and providing construction services for wireless communication towers. SBA's expertise in site development helps in minimizing the challenges and delays often associated with the construction and activation of new sites, thereby facilitating the expansion of wireless networks.
SBA Communications is an REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate. Among other rules, REITs are legally required to distribute at least 90% of their taxable income to shareholders in the form of dividends. This structure allows individual investors to earn dividends from real estate investments without needing to buy, manage, or finance any properties themselves.