SBA Communications' Q4 performance fell short of expectations, with domestic site leasing revenue declining

LootboxPhobia · 2026-02-27T05:33:40+00:00

SBA Communications' fourth-quarter results fell short of expectations, with earnings of $3.47 per share and revenue of $719.58 million. Site leasing revenue increased by 3.1% year-over-year, but domestic revenue declined by 1.6%. The company's guidance for fiscal year 2026 revenue was below analyst expectations. The president expressed satisfaction with the performance in 2025. Quarterly dividends increased to $1.25 per share.

LootboxPhobia

2026-02-27 05:33:40

Abstract generation in progress

Boca Raton, Florida - SBA Communications Corporation (NASDAQ: SBAC) reported fourth-quarter results that fell short of analyst expectations, with earnings per share (EPS) of $3.47, compared to the consensus estimate of $3.79, a shortfall of $0.32. Revenue was $719.58 million, also below the analyst forecast of $725.76 million.

This quarter, site leasing revenue reached $666.2 million, a 3.1% year-over-year increase from $646.3 million in Q4 2024. The company reported adjusted AFFO per share of $3.19, down from $3.47 in the same period last year. For fiscal 2026, SBA Communications issued revenue guidance of $2.815 billion to $2.86 billion, with a midpoint of $2.838 billion, below the analyst consensus of $2.853 billion. The 2026 outlook excludes all contract revenue from EchoStar due to ongoing disputes and unpaid amounts.

President and CEO Brendan Cavanagh stated, “We are pleased to report a solid finish to 2025, with strong financial and operational performance in the fourth quarter. Globally, we continue to see wireless carriers investing in their networks, both in expanding coverage and upgrading existing infrastructure.”

The company’s domestic site leasing revenue declined 1.6% to $464.5 million, while international site leasing revenue increased 15.6% to $201.7 million. Net income for the quarter was $370.4 million, or $3.47 per share, compared to $178.4 million in the same period last year. The Q4 2025 results include a $226.3 million gain from the sale of nearly all of its Canadian operations.

SBA Communications announced a quarterly dividend of $1.25 per share, a roughly 13% increase from the previous quarter. During the quarter, the company repurchased 1.1 million shares at an average price of $191.07 per share, totaling $213.0 million. As of December 31, 2025, SBA owns or operates 46,328 communication sites worldwide.

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