SBA Communications (SBAC) Q3 2026 earnings summary

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%.