SBA Communications Q3 2026: EPS Beat Masked by $110M Churn Drag
As seen on the 24/7 Wall St. homepage on November 2, 2026.
Sprint and EchoStar churn is now worth more than $110 million of domestic headwinds this year, which is why revenue missed expectations and the full-year revenue midpoint came down. Management still raised AFFO per share guidance and bought back stock, betting the cash engine holds while the top line shrinks.
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SBA Communications beat on earnings while revenue missed expectations, and the reason matters more than the quarter: Sprint churn and EchoStar's deterioration are eroding the domestic base.
Sprint and EchoStar account for more than $110 million of expected full-year domestic headwinds in 2026, pressure that international leasing growth did not fully offset.
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Management cut the full-year revenue midpoint while raising AFFO per share guidance, signaling cash generation holds even as the top line contracts.
SBA has exited Chile and Ecuador and agreed to sell its Peru towers, retreating from South America outside Brazil while building almost all new towers abroad.
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Mentioned: SBAC