SBA Communications (SBAC) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong financial and operational results, with site leasing and services revenue growth across domestic and international markets, and industry-leading AFFO per share.

• Net income for Q3 2025 was $240.4 million, down 6% YoY, while Adjusted EBITDA rose 4.4% to $493.3 million, reflecting robust operating profit and margin strength.

• Completed major asset transactions, including the acquisition of Millicom sites and sale of Canadian, Philippines, and Colombia towers.

• Entered a new long-term master lease agreement with Verizon to support network modernization and next-generation wireless rollout.

• Repurchased 1.6 million shares YTD for $325 million, declared a quarterly dividend of $1.11 per share, and maintained leverage below the low end of the target range.

Financial highlights

• Q3 2025 total revenues were $732.3 million, up 9.2% YoY; site leasing revenue was $656.4 million (+4.9% YoY), and site development revenue was $75.9 million (+81.2% YoY).

• Adjusted EBITDA for Q3 2025 was $493.3 million (+4.4% YoY); AFFO per share was $3.30.

• Net income for Q3 2025 was $240.4 million; EPS (diluted) was $2.21.

• Ended Q3 with $12.8 billion total debt, $12.3 billion net debt, and leverage at 6.2x net debt to adjusted EBITDA.

• Paid $360.8 million in dividends YTD; quarterly dividend maintained at $1.11 per share.

Outlook and guidance

• Raised full-year outlook for new leasing activity, escalations, and site development revenue, with 2025 site leasing revenue expected between $2,568–$2,578 million and Adjusted EBITDA between $1,909–$1,919 million.

• AFFO per share guidance updated to $12.76–$12.98; discretionary capital expenditures forecasted at $1,290–$1,300 million.

• New long-term Verizon agreement expected to provide steady, predictable growth over the next decade.

• Dividend expected to grow over time, with financial policy adjusted to protect against interest rate fluctuations.

• Outlook reflects earlier-than-expected closing of Canadian tower sale and Millicom site acquisitions, reducing full-year revenue and EBITDA by $11 million and $7 million, respectively.