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SBA Communications Corporation entered a $2.0 billion senior unsecured term loan agreement on November 6, 2026, with $1.165 billion initially funded and $835.0 million in delayed-draw commitments. It intends to use the initial proceeds to repay $1.165 billion of 2021-1C Tower Securities.
Sba Communications Corp reported nine months ended September 30, 2026 revenue of $2,132,635 thousand, up 0.2%. Domestic site leasing revenue fell 3.1%, while international site leasing rose 18.5% and segment operating profit increased 20.2%.
SBA agreed to sell approximately 1,800 sites in three South American markets, representing $43 million of annual leasing revenue and $20.5 million of annual adjusted EBITDA; it also repurchased 1.7 million shares for $300 million and declared a $1.25 per share dividend.
SBA Communications Corporation reported third quarter ended September 30, 2026: net income attributable to SBA of $231.3 million, AFFO per share of $3.19, full-year AFFO per share guidance of $12.15-$12.37, and a declared $1.25 quarterly dividend payable December 10, 2026.
SBA Communications says 6G spectrum auctions in the first half of next year may restart the U.S. investment cycle from a 15% of revenue trough, and estimates about 50% of sites could support edge data centers of 200 or 300 megawatts.
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| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $483.8M | Q2 2026 | — |
| Adjusted EBITDA Margin non-GAAP | 68% | Q2 2026 | — |
| AFFO non-GAAP | $324.4M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP FFO 298.56M
-3.29M Non-cash straight-line leasing revenue
-1.66M Non-cash straight-line ground lease expense
+26.8M Non-cash compensation
+14.77M Adjustment for non-cash portion of tax provision and other tax adjustments
+1.85M Non-real estate related depreciation, amortization, and accretion
+7.76M Amortization of deferred financing costs and debt discounts and non-cash interest expense
-10.48M Other income, net
+5.93M Acquisition and new business initiatives related adjustments and expenses
-15.84M Non-discretionary cash capital expenditures
= AFFO 324.37M
|
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| AFFO attributable to SBA Communications Corporation non-GAAP | 322.52M | three months ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP AFFO 324.37M
-1.85M Adjustments for joint venture partner interest
= AFFO attributable to SBA Communications Corporation 322.52M
|
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| Annualized Adjusted EBITDA non-GAAP | 1.94B | For the three months ended June 30, 2026 | — |
| FFO non-GAAP | 298.56M | For the three months ended June 30, 2026 | — |
| FFO per share non-GAAP | $2.81 | For the three months ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income per share $1.85
+$0.75 Real estate related depreciation, amortization, and accretion
+$0.21 Asset impairment and decommission costs
= FFO per share $2.81
|
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| Industry-leading AFFO per share | $3.05 | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP FFO per share $2.81
-$0.03 Non-cash straight-line leasing revenue
-$0.02 Non-cash straight-line ground lease expense
+$0.25 Non-cash compensation
+$0.14 Adjustment for non-cash portion of tax provision and other tax adjustments
+$0.02 Non-real estate related depreciation, amortization, and accretion
+$0.07 Amortization of deferred financing costs and debt discounts and non-cash interest expense
-$0.1 Other income, net
+$0.06 Acquisition and new business initiatives related adjustments and expenses
-$0.15 Non-discretionary cash capital expenditures
= AFFO per share $3.05
|
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| Segment operating profit margin (Domestic Site Leasing) | 84.2% | the three months ended June 30, 2026 | — |
| Segment operating profit margin (International Site Leasing) | 70.4% | the three months ended June 30, 2026 | — |
| Segment operating profit margin (Site Development) | 18.4% | the three months ended June 30, 2026 | — |
| Sites acquired during the second quarter | 6 | the second quarter | — |
| Sites built during the second quarter | 109 | the second quarter | — |
| Sites owned or operated | 46,390 | As of June 30, 2026 | — |
| Tower Cash Flow non-GAAP | 524.86M | For the three months ended June 30, 2026 (Total Site Leasing) | — |
| Tower Cash Flow Margin non-GAAP | 79.5% | Q2 2026 | — |
| Towers built | 109 | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SBAC
this stock
Sba Communications Corp
|
$19.77B | -2.1% | +5.1% | 20.4 | 3.2% |
|
EQIX
Equinix Inc
|
$104.31B | +37.5% | +7.8% | 63.3 | 1.8% |
|
AMT
American Tower Corp
|
$88.88B | +9.2% | +5.1% | 27.0 | 1.4% |
|
DLR
Digital Realty Trust, Inc.
|
$63.25B | +16.3% | +10.0% | 71.4 | 2.2% |
|
CCI
Crown Castle Inc.
|
$38.65B | +2.2% | -4.4% | 47.8 | 2.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
SBA Communications Corporation entered a $2.0 billion senior unsecured term loan agreement on November 6, 2026, with $1.165 billion initially funded and $835.0 million in delayed-draw commitments. It intends to use the initial proceeds to repay $1.165 billion of 2021-1C Tower Securities.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SBAC | 0.0% | +1.2% | -6.1% | +1.2% | -2.1% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -2.6% | +2.4% | -6.6% | +1.4% | -12.7% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
