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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 RBC Capital Markets 2026 Global Communications and Infrastructure Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.RBC Capital Markets 2026 Global Communications and Infrastructure Conference summary29 Sep, 2026
U.S. market trends and growth drivers
Leasing activity is in a cyclical trough, but growth continues even at low points in the cycle.
6G spectrum auction is expected in early 2027, with deployment likely by late 2028 or early 2029, driving future demand.
Edge data centers at tower sites are emerging, with about half of sites able to accommodate them, supporting AI and low-latency applications.
Demand for edge compute is anticipated to materialize within the next year, though current customer commitments are unclear.
The infrastructure model remains largely passive, with potential to provide power for edge data centers.
Latin America and international operations
Brazil represents 15% of revenue, with strong long-term prospects despite short-term churn from market consolidation.
5G rollout in Brazil is under 50%, with regulatory pressure ensuring continued investment by well-capitalized operators.
Central America growth is supported by a 15-year contract for 7,000 sites, with additional build-to-suit commitments.
Smaller markets in the region are considered non-core and may be divested.
No plans for significant M&A expansion in Brazil; focus remains on organic growth.
Contract structures and customer relationships
Long-term MLAs are in place with major U.S. carriers, providing predictability and ease of deployment.
Verizon activity is high, AT&T steady, and T-Mobile is slowing due to a focus on free cash flow.
MLAs are seen as mutually beneficial for both parties.
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Latest events from SBA Communications
- Strong mobile data growth and disciplined expansion drive high-margin, recurring cash flows.SBAC
Corporate 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
- Verizon leads new revenue growth as 6G and AI prepare to drive the next industry cycle.SBAC47th Annual Raymond James Institutional Investor Conference
- Q2 2024 delivered stable leasing, strong margins, and a 15% dividend hike amid FX risks.SBACQ2 2024
Next SBA Communications earnings date
Q3 20262 Nov, 2026
SBA Communications
Next SBA Communications earnings date
Q3 20262 Nov, 2026
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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.