Loading...
•
Dec 31, 2025
SBA Q4 2025 Earnings Report
SBA Communications reported strong fourth quarter 2025 results with higher net income and solid tower cash flow margins.
Key Takeaways
SBA generated solid Q4 2025 performance driven by 3.1% site leasing revenue growth, significant net income expansion supported by a gain on Canadian asset sale, and maintained strong tower cash flow margins above 80%.
Site leasing revenue increased 3.1% year-over-year to 666217000.
Net income more than doubled to 370426000 driven by asset sale gains.
Tower Cash Flow reached 532212000 with an 80.2% margin.
AFFO per share was 3.19 despite lower AFFO year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, SBA expects site leasing revenue between 2625000000 and 2650000000 and AFFO between 1260000000 and 1308000000, supported by steady leasing activity and margin resilience.
Positive Outlook
- 2026 site leasing revenue guidance between 2625000000 and 2650000000.
- 2026 Tower Cash Flow guidance between 2082000000 and 2102000000.
- 2026 Adjusted EBITDA guidance between 1912000000 and 1932000000.
- 2026 AFFO per share guidance between 11.84 and 12.29.
- Dividend increase of approximately 13% year-over-year.
Challenges Ahead
- EchoStar contracted revenue fully removed from 2026 outlook.
- Net cash interest expense projected between 492000000 and 500000000.
- Non-discretionary capital expenditures projected between 67000000 and 77000000.
- Discretionary capital expenditures projected between 430000000 and 450000000.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...