S&P 500
7,787.00
+0.47%
Dow Jones
53,728.20
-0.12%
Nasdaq 100
30,098.70
+1.26%
Russell 2000
3,049.15
+0.07%
FTSE 100
10,766.00
-0.84%
Nikkei 225
69,310.70
+1.12%
SBA Communications

SBA Communications (SBAC) Q2 2026 Earnings

Reported Aug 3, 2026 at 4:23 PM ET · SEC Source

Q2 26 EPS

$1.87

MISS 1.23%

Est. $1.89

Q2 26 Revenue

$715.3M

BEAT +1.40%

Est. $705.4M

Did SBAC Beat Earnings? Q2 2026 Results

SBA Communications delivered a mixed second quarter for 2026, with revenue clearing the bar but earnings coming in just short. Total revenue rose 2.3% year over year to $715.27 million, edging past the $705.42 million consensus by 1.40%, as a 5.1% ga… Read more SBA Communications delivered a mixed second quarter for 2026, with revenue clearing the bar but earnings coming in just short. Total revenue rose 2.3% year over year to $715.27 million, edging past the $705.42 million consensus by 1.40%, as a 5.1% gain in site leasing revenue to $663.88 million more than offset a sharp 23.5% contraction in site development revenue. Earnings per diluted share landed at $1.87, missing the $1.89 consensus by 1.23%, weighed down by a notably smaller currency-related gain on intercompany loan remeasurement compared to a year ago and higher interest expense that pressured net income 12.9% lower to $198.78 million. The quarter's defining development, however, was SBA's transition to an investment grade capital structure, anchored by a $3.50 billion unsecured notes offering and a new $2.50 billion unsecured revolving credit facility. Looking ahead, the company raised its full-year AFFO per share guidance midpoint to a range of $11.95 to $12.40 and lifted its total revenue outlook to $2.84 billion to $2.89 billion, reflecting confidence in continued international tower construction momentum.

Key Takeaways

  • • Steady carrier activity with customers upgrading sites and expanding through new colocations
  • • International site leasing revenue grew 30.5% YoY (22.4% excluding FX), driven by acquisitions and new tower builds
  • • Built 109 towers in Q2 2026, with 99 internationally, primarily in Central America for Millicom and others
  • • Site leasing contributed 98.2% of total operating profit
  • • Domestic site leasing revenue declined 3.7% due to Sprint consolidation churn and EchoStar churn
  • • Site development revenue declined 23.5% YoY

SBAC Forward Guidance & Outlook

SBA updated its full year 2026 outlook: total revenues of $2,841M–$2,886M (up $2M at midpoint from prior outlook), site leasing revenue of $2,651M–$2,676M, site development revenue of $190M–$210M, Tower Cash Flow of $2,091M–$2,111M (down $1M at midpoint), Adjusted EBITDA of $1,920M–$1,940M (down $1M at midpoint), net cash interest expense of $490M–$498M, AFFO of $1,270M–$1,318M (up $1M at midpoint), and AFFO per share of $11.95–$12.40 (up $0.02 at midpoint). Discretionary cash capital expenditures were raised by $25M at midpoint to $455M–$475M. The outlook assumes FX rates of 5.10 BRL/USD, 2,560 TZS/USD, and 16.40 ZAR/USD for the last two quarters and assumes refinancing of the $1,165M 2021-1C Tower Securities at 5.25%.

24/7 Wall St

SBAC YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

SBAC Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
24/7 Wall St

SBAC Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 26 Q2 26

“We had another solid quarter, with financial and operating results in line with our expectations. Carrier activity remained steady, with our customers both upgrading sites and expanding their networks through new colocations. With Auction 115 around the corner, we're excited about future network deployments and partnering with our customers to cement the U.S. as a leader in wireless connectivity and 6G.”

— Brendan Cavanagh, Q2 2026 Earnings Press Release

Back to SBAC Stock Page