SBA Communications (SBAC) Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

SBA Communications delivered a mixed fourth quarter, missing Wall Street expectations on both the top and bottom lines as underlying operational pressures overshadowed a large one-time gain. GAAP diluted EPS came in at $3.47, falling 14.33% short of … Read more SBA Communications delivered a mixed fourth quarter, missing Wall Street expectations on both the top and bottom lines as underlying operational pressures overshadowed a large one-time gain. GAAP diluted EPS came in at $3.47, falling 14.33% short of the $4.05 consensus estimate, while revenue of $719.58 million trailed forecasts by 0.86%, even as it grew 3.7% year-over-year. The headline EPS figure was heavily inflated by a $226.30 million gain from the sale of SBA's Canadian operations, which closed in October; strip that away, and the picture dims considerably, with AFFO per share declining 8.1% to $3.19 as net cash interest expense surged 30.4% and asset impairment and decommission costs ballooned to $81.60 million from $20.00 million a year ago. Domestically, site leasing revenue slipped 1.6% to $464.55 million, pressured by Sprint churn and an ongoing EchoStar revenue dispute that management has fully excluded from its 2026 guidance, which calls for AFFO per share of $11.84 to $12.29 on total revenues of $2.81 billion to $2.86 billion. The Board raised the quarterly dividend 13% to $1.25 per share, signaling confidence despite the near-term headwinds.