Jun 2026 (Q2 FY26) — Aug 3, 2026
SBA Communications Q2 FY26 — Strong Debt Refinancing and Resumption of Share Buybacks
Read the full callSBA Communications (SBAC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
SBA Communications earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 715 | +2.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 49.2 | +1.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 199 | −12.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Inaugural investment-grade bond issuance | at some point in 2026, depending on market conditions | Dec 2025 | in July, we issued our first unsecured investment-grade bonds. The total amount raised was $3.5 billion | Achieved |
| International churn — timing of peak / inflection | we believe 2026 will be the peak year for international churn | Mar 2026 | I don't want to commit as it relates to next year because, frankly, we're having a lot of those conversations today, and I don't know for sure what the timing will be. | Diluted |
| Domestic new leases and amendments revenue (FY26 outlook) | $35 million | Dec 2025 | We didn't change that outlook at all. | On Track |
20 of SBA COMMUNICATIONS CORP's 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Modest increase in full-year outlook for site leasing revenue, AFFO, and AFFO per share.
- Successful issuance of $3.5 billion in unsecured investment-grade bonds with a blended cash coupon of 5.11% and 5-year weighted average maturity.
- S&P credit rating upgraded from BBB- to BBB in June 2026, marking a positive step in the investment-grade journey.
- Resumption of share buybacks in H2 FY26, following full repayment of the $2.5 billion revolving credit facility.
- Built 99 new towers internationally in Q2 FY26, up from 75 in the prior quarter, with expectations for steady increase.
Qualified
- International churn remains elevated due to carrier consolidations, bankruptcies, restructuring, and network rationalizations.
- U.S. application volumes remained consistent with H1 FY26, with no significant uptick, implying a lesser contribution from new leasing in H2 FY26.
- M&A opportunities in the U.S. are limited due to high valuations of available assets compared to the company's stock, making acquisitions dilutive.
Price
$183.72 +1.67% · +$3.01
Performance −3.8% 1Y
1Y: $191.07 on 14 Oct 2025 → $183.72. High $223.75 (10 Apr 2026), low $158.02 (1 Oct 2026).
- Previous close
- $180.71
- 52-week range
- $158.02 – $223.75
- One year
- −5.52%
Overview
- Symbol
- SBAC
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Inaugural investment-grade bond issuance | at some point in 2026, depending on market conditions | Dec 2025 | in July, we issued our first unsecured investment-grade bonds. The total amount raised was $3.5 billion | Achieved |
| International churn — timing of peak / inflection | we believe 2026 will be the peak year for international churn | Mar 2026 | I don't want to commit as it relates to next year because, frankly, we're having a lot of those conversations today, and I don't know for sure what the timing will be. | Diluted |
| Domestic new leases and amendments revenue (FY26 outlook) | $35 million | Dec 2025 | We didn't change that outlook at all. | On Track |
Claimed
- Modest increase in full-year outlook for site leasing revenue, AFFO, and AFFO per share.
- Successful issuance of $3.5 billion in unsecured investment-grade bonds with a blended cash coupon of 5.11% and 5-year weighted average maturity.
- S&P credit rating upgraded from BBB- to BBB in June 2026, marking a positive step in the investment-grade journey.
- Resumption of share buybacks in H2 FY26, following full repayment of the $2.5 billion revolving credit facility.
- Built 99 new towers internationally in Q2 FY26, up from 75 in the prior quarter, with expectations for steady increase.
Qualified
- International churn remains elevated due to carrier consolidations, bankruptcies, restructuring, and network rationalizations.
- U.S. application volumes remained consistent with H1 FY26, with no significant uptick, implying a lesser contribution from new leasing in H2 FY26.
- M&A opportunities in the U.S. are limited due to high valuations of available assets compared to the company's stock, making acquisitions dilutive.
The full ledger
Open SBA COMMUNICATIONS CORP’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
SBA Communications Q1 FY26 — Strong Start and Increased Full-Year Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
SBA Communications Q4 FY25 — Strong FFO Growth and Strategic Capital Allocation
Read the full callEvery analysed call
SBA Communications earnings calls (SBAC)
Financials
What the filings say
Net profit, year on year: −12% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 668 | 694 | 664 | 699 | 732 | 720 | 703 | 715 |
| Expenses | 292 | 311 | 329 | 364 | 358 | 421 | 361 | 363 |
| Operating profit | 376 | 382 | 335 | 335 | 374 | 299 | 343 | 352 |
| Operating margin | 56.3% | 55.1% | 50.4% | 47.9% | 51.1% | 41.5% | 48.7% | 49.2% |
| Other income | -77 | -226 | -75 | -74 | -85 | 133 | -107 | -119 |
| Profit before tax | 298 | 156 | 260 | 261 | 289 | 432 | 236 | 232 |
| Tax rate | 14.2% | −14.7% | 16.2% | 13.4% | 16.8% | 14.3% | 21.7% | 15.5% |
| Net profit | 259 | 174 | 221 | 226 | 237 | 370 | 185 | 199 |
| EPS ($ per share) | 2.41 | 1.61 | 2.05 | 2.10 | 2.21 | 3.48 | 1.75 | 1.87 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -5,136 | -5,561 | -6,604 | -7,204 | -7,482 | -7,451 | -7,326 | -7,250 |
| Total liabilities | 10,591 | 13,427 | 13,982 | 15,085 | 15,861 | 15,349 | 16,527 | 16,429 |
| Fixed assets | 2,786 | 2,795 | 2,677 | 2,575 | 2,714 | 2,712 | 2,792 | 3,402 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 | 255 | 7 |
| Total assets | 7,214 | 9,760 | 9,158 | 9,802 | 10,585 | 10,178 | 11,417 | 11,575 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 851 | 970 | 1,126 | 1,190 | 1,286 | 1,544 | 1,335 | 1,291 |
| Cash from investing | -618 | -947 | -446 | -1,423 | -1,394 | -468 | -809 | -602 |
| Cash from financing | -149 | -62 | -469 | 339 | -135 | -1,017 | 646 | -1,664 |
| Net cash flow | 74 | -37 | 202 | 93 | -246 | 62 | 1,150 | -964 |
| Capital expenditure | -150 | -154 | -129 | -134 | -214 | -237 | -228 | -225 |
| Free cash flow | 701 | 816 | 997 | 1,056 | 1,071 | 1,308 | 1,107 | 1,067 |
SBAC revenue by segment
Domestic Site Leasing Revenue shrank from 70% to 63% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Domestic Site Leasing Revenue | 70% | 68% | 69% | 67% | 64% | 65% | 64% | 63% | -3.7% |
| International Site Leasing Revenue | 24% | 25% | 23% | 23% | 25% | 28% | 29% | 30% | +30.5% |
| Site Development Construction | 6% | 7% | 7% | 10% | 10% | 7% | 7% | 7% | -23.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- BR 13%
As SBAC cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
119 filings between Oct 17, 2025 and Aug 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$54.8K
1 sale by 1 insider
Compensation
not trading decisions- 68
- Option exercise — converted options into shares
- 47
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Krouse George R Jr | — | $54.8K | Aug 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 17, 2026 | Krouse George R Jr Director | Sale | 300 | $54.8K |
| Aug 1, 2026 | DAY DONALD EVP - SITE LEASING | Option exercise | 457 | $0 |
| Aug 1, 2026 | DAY DONALD EVP - SITE LEASING | Tax withheld | 171 | $30.9K |
| May 13, 2026 | Krouse George R Jr Director | Option exercise | 501 | $106.4K |
| May 13, 2026 | LANGER JACK Director | Option exercise | 1,501 | $318.7K |
| May 13, 2026 | BEEBE KEVIN L Director | Option exercise | 1,501 | $318.7K |
| May 13, 2026 | BERNSTEIN STEVEN E Director | Tax withheld | 1,496 | $319.6K |
| May 13, 2026 | Krouse George R Jr Director | Tax withheld | 500 | $106.8K |
| May 13, 2026 | BERNSTEIN STEVEN E Director | Option exercise | 1,501 | $318.7K |
| May 13, 2026 | LANGER JACK Director | Tax withheld | 1,496 | $319.6K |
| May 13, 2026 | BEEBE KEVIN L Director | Tax withheld | 1,492 | $318.7K |
| May 1, 2026 | Chan Mary S Director | Option exercise | 248 | — |
| May 1, 2026 | BERNSTEIN STEVEN E Director | Option exercise | 302 | — |
| May 1, 2026 | BERNSTEIN STEVEN E Director | Option exercise | 331 | — |
| May 1, 2026 | Krouse George R Jr Director | Option exercise | 331 | — |
| May 1, 2026 | BERNSTEIN STEVEN E Director | Option exercise | 248 | — |
| May 1, 2026 | Krouse George R Jr Director | Option exercise | 248 | — |
| May 1, 2026 | LANGER JACK Director | Tax withheld | 326 | $72.1K |
| May 1, 2026 | STOOPS JEFFREY Director | Option exercise | 302 | — |
| May 1, 2026 | Krouse George R Jr Director | Option exercise | 302 | — |
| May 1, 2026 | LANGER JACK Director | Option exercise | 248 | — |
| May 1, 2026 | LANGER JACK Director | Option exercise | 331 | — |
| May 1, 2026 | BOWEN LAURIE Director | Option exercise | 302 | — |
| May 1, 2026 | BEEBE KEVIN L Director | Option exercise | 331 | — |
| May 1, 2026 | LANGER JACK Director | Option exercise | 302 | — |
| May 1, 2026 | Krouse George R Jr Director | Tax withheld | 326 | $72.1K |
| May 1, 2026 | BEEBE KEVIN L Director | Option exercise | 302 | — |
| May 1, 2026 | Chan Mary S Director | Option exercise | 302 | — |
| May 1, 2026 | Chan Mary S Director | Option exercise | 331 | — |
| May 1, 2026 | Chan Mary S Director | Tax withheld | 326 | $72.1K |
| May 1, 2026 | Wilson Amy E Director | Option exercise | 248 | — |
| May 1, 2026 | BEEBE KEVIN L Director | Option exercise | 248 | — |
| May 1, 2026 | Johnson Jay LeCoryelle Director | Tax withheld | 326 | $72.1K |
| May 1, 2026 | Johnson Jay LeCoryelle Director | Option exercise | 331 | — |
| May 1, 2026 | Johnson Jay LeCoryelle Director | Option exercise | 302 | — |
| May 1, 2026 | Wilson Amy E Director | Option exercise | 302 | — |
| May 1, 2026 | Wilson Amy E Director | Option exercise | 331 | — |
| May 1, 2026 | BOWEN LAURIE Director | Option exercise | 248 | — |
| May 1, 2026 | Johnson Jay LeCoryelle Director | Option exercise | 248 | — |
| May 1, 2026 | BOWEN LAURIE Director | Option exercise | 331 | — |
| May 1, 2026 | STOOPS JEFFREY Director | Option exercise | 331 | — |
| May 1, 2026 | BOWEN LAURIE Director | Tax withheld | 326 | $72.1K |
| Apr 13, 2026 | Chan Mary S Director | Tax withheld | 1,453 | $325.1K |
| Apr 13, 2026 | Chan Mary S Director | Option exercise | 1,501 | $318.7K |
| Mar 6, 2026 | Cavanagh Brendan Thomas PRESIDENT AND CEO | Tax withheld | 1,561 | $305.4K |
| Mar 6, 2026 | Montagner Marc EVP - CHIEF FINANCIAL OFFICER | Tax withheld | 815 | $159.6K |
| Mar 6, 2026 | Montagner Marc EVP - CHIEF FINANCIAL OFFICER | Option exercise | 2,072 | $0 |
| Mar 6, 2026 | Cavanagh Brendan Thomas PRESIDENT AND CEO | Tax withheld | 1,969 | $385.3K |
| Mar 6, 2026 | Montagner Marc EVP - CHIEF FINANCIAL OFFICER | Option exercise | 2,451 | $0 |
| Mar 6, 2026 | Cavanagh Brendan Thomas PRESIDENT AND CEO | Option exercise | 5,003 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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