SBAC
SBA Communications Corporation189.98
-3.15-1.63%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Key Stats
Market Cap
20.24BP/E (TTM)
23.93Basic EPS (TTM)
7.94Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
SBA Communications grew total revenues 5.5% to $2.82B in FY2025 ended December 31, 2025, with site leasing up 2.9% to $2.57B (97.9% of segment operating profit) fueled by 7,266 international tower acquisitions including Millicom's Central America portfolio and 958 new builds, though domestic leasing dipped 0.4% on Sprint churn. Q4 momentum shone in site development, surging 59.9% yearly on carrier activity, while international leasing accelerated 7.7% constant currency via organic escalators and pass-throughs. Adjusted EBITDA rose 1.4% to $1.91B; cash from operations hit $1.29B funding $498M buybacks, $479M dividends, and $1.17B Tower Securities repayments, leaving $13.0B debt. Churn looms from EchoStar and Sprint.
8-K
Q4 beat, dividend up 13%
SBA Communications posted Q4 2025 net income of $370.4M, driven by a $226.3M gain from selling its Canadian operations, while site leasing revenue rose 3.1% to $666.2M. It acquired 2,026 sites for $236.4M, mostly from Millicom, boosting its portfolio to 46,328 sites, repurchased shares for $213M, and hiked its quarterly dividend 13% to $1.25. Full-year 2026 guidance projects AFFO per share of $11.84-$12.29, excluding disputed EchoStar revenue. Portfolio expands steadily.
10-Q
Q3 FY2025 results
SBA Communications posted Q3 revenues of $732.3M, up 9.7% y/y from $667.6M, driven by site leasing growth to $656.4M (+4.9% y/y) and site development jumping to $75.9M (+81.2% y/y), while operating income held steady at $374.2M. Diluted EPS of $2.20 dipped slightly from $2.40 on fewer shares, reconciling cleanly to 107.6M diluted weighted average. Operating cash flow for nine months hit $987.3M (FCF not disclosed in the 10-Q), with cash at $430.3M after $664M in tower acquisitions including 5,090 Millicom sites; total debt fell to $12.8B principal after repaying $1.2B Tower Securities, revolver at $280M drawn. Brazil delivered 13.3% of site leasing revenue. Tower impairments ticked higher on cash flow tests.
8-K
SBA Q3 earnings, Millicom close
SBA Communications posted Q3 2025 net income of $240.4 million and AFFO per share of $3.30, with site leasing revenue up 4.9% to $656.4 million, fueled by carrier network investments and international escalators. The company closed its Millicom acquisition for $360.2 million and sold Canadian towers for CAD$446.0 million on October 15, while inking a long-term Verizon lease and repurchasing $194 million in shares. Updated 2025 guidance holds AFFO per share at $12.76-$12.98, but timing shifts trimmed revenue outlook; leverage targets 6.0x-7.0x for investment-grade push. Portfolio exits sharpen focus.
10-Q
Q2 FY2025 results
SBA Communications posted solid Q2 results, with total revenues climbing 5.8% year-over-year to $699M, fueled by a 97.5% surge in site development to $67M while site leasing held steady at $632M amid organic growth and Millicom acquisitions offset by non-renewals. Operating income dipped 5.6% to $335M, pressured by higher asset impairments and depreciation from new towers, yet diluted EPS jumped 38.4% to $2.09 on stronger other income from currency gains. Cash from operations reached $669M year-to-date, supporting $653M in tower buys including 4,644 Millicom sites; free cash flow stood at $567M after $102M capex (derived). Debt eased to $12.6B post $1.2B Tower Securities repayment, with $275M cash and $1.7B revolver availability. Acquisitions drive portfolio expansion. Churn from carrier consolidation lingers as a risk.
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