SBA Communications (SBAC) Q3 2025 earnings summary

Executive summary

• Delivered strong Q3 2025 financial and operational results, with industry-leading AFFO per share of $3.30 and robust leasing demand across U.S. and international markets.

• Revenues for Q3 2025 increased 9.2% year-over-year to $732.3 million, driven by growth in site leasing and an 81.2% rise in site development revenues.

• Net income for Q3 2025 was $240.4 million, down 6% year-over-year, primarily due to higher interest expense and operating costs.

• Completed final closing of Central American assets from Millicom and closed the sale of the Canadian tower business earlier than expected.

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

Financial highlights

• Q3 2025 total revenues: $732.3 million (+9.2% YoY); site leasing revenue rose 4.9% to $656.4 million; site development revenue up 81.2% to $75.9 million.

• Adjusted EBITDA for Q3 2025: $493.3 million (+4.4% YoY); AFFO per share $3.30, slightly down 0.6% YoY.

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

• Repurchased 958,000 shares for $194 million in Q3 and Q4 at an average price of $202.85 per share; $1.3 billion remains under repurchase authorization.

• Declared and paid a $1.11 per share dividend, up 13% YoY, representing 35% of the midpoint of full-year AFFO outlook.

Outlook and guidance

• Raised full-year outlook for new leasing activity, escalations, and site development revenue, with 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.