EarningsQ2 2026 Earnings Report
MX:SBAC Q2 2026 EPS Results
Actual EPS$34.21
Consensus EPS$33.75
Beat/MissBeat by +$0.46
One Year Ago EPS$38.24
MX:SBAC Q2 2026 Revenue Results
Actual Revenue$13.09B
Expected Revenue$12.92B
Beat/MissBeat by +$169.52M
YoY Revenue Growth+2.33%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:SBAC Upcoming Earnings
SBA Communications's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SBAC Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly constructive view: strong operational margins, solid AFFO per share and dividend growth, successful investment-grade unsecured bond issuance and liquidity improvements, an S&P upgrade, resumed buybacks and identified multi-year tailwinds from spectrum auctions, edge compute and satellite complements. Counterbalancing these positives are elevated international churn, ongoing litigation risk, competitive pressure on U.S. new-build returns, limited near-term M&A activity, and FX/interest-rate sensitivities. Overall, the positive fundamentals, balance sheet actions, and long-term growth drivers outweigh the transitory and manageable challenges discussed.Company Guidance
AFFO and Dividend Performance
AFFO per share of $3.05 for Q2 2026; declared and paid quarterly cash dividend of $1.25 per share (paid Q2) and Board declared $1.25/share payable Sept 17, 2026 — dividend increased ~13% year-over-year and represents an annualized payout of ~41% of the midpoint of full-year AFFO guidance.
Strong Operating Margins
Company-wide tower cash flow margins of just under 80%, reflecting continued cost control and operational efficiency.
Leasing Activity and Net Additions
Second-quarter new lease and amendment billings of approximately $9 million in the U.S. and ~$4 million internationally, driven primarily by new colocations and carrier network densification.
Organic Growth: Tower Builds
Built 99 new towers in the quarter (up from 75 prior quarter, a ~32% quarter-over-quarter increase); management expects roughly ~600 new tower builds for the year, with growth skewed to Central America and Tanzania.
Successful Debt Refinancing and Liquidity
Completed $3.5 billion first unsecured investment-grade bond offering (tranches: $1.35B 2030 @ ~4.87%, $1.35B 2031 @ 5.15%, $800M 2033 @ 5.45%; blended coupon ~5.11%, WAM ~5 years), used proceeds to pay Term Loan B and revolver; put in place $2.5B unsecured revolver; revolver fully paid down; cash on balance sheet ~$570M.
Credit Rating Upgrade
Upgraded by S&P from BBB- to BBB in June 2026, supporting the company's investment-grade issuance strategy and lower secured debt proportion (pro forma secured vs unsecured now below 50%).
Balance Sheet and Leverage Position
Ended the quarter with approximately $13 billion of total debt and net debt to adjusted EBITDA of 6.4x — near historical lows and within the target 6x–7x range, providing capacity for growth and capital returns.
Capital Allocation: Share Buybacks Resumed
Management intends to resume share repurchases in H2 2026 (citing attractive valuation), while continuing to allocate capital to organic builds and selective M&A.
Long-Term Market Drivers Identified
Management highlighted several long-term organic growth drivers: upcoming FCC/NTIA spectrum actions (upper C-band auction creating harmonized 440 MHz and stricter build-out rules; potential repurposing of 2.7 GHz and 4.4 GHz), edge compute demand, and satellite-to-device developments as complementary opportunities for incremental equipment and colocations at tower sites.
MX:SBAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed