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SBA Communications

No base rate yet — SBAC has 1 graded print on the record, and the bar is 3.Website
Ticker
SBAC
Beat
datacenters
Size
Public Company
Revenue
$715M
as of Jun 2026
Cash
$327M
as of Jun 2026
Researched · Fresh
7 days ago

A best-in-class tower compounder having its worst year in a decade — 2026 AFFO/share is guided DOWN on DISH+Oi+Sprint churn and refinancing, and the M&A premium has fully bled out of the stock; structurally bullish for 3Y, but no rush at 15.5x AFFO with the churn cliff still in front of it.

Orbit · who it trades with and competes with
2 on the rings · 2 trade · 2 rival
4 mentions across our dossiers
Focus · Datacenters
SBA Communications
SBAC · public
No published house view
Trades and competes with
Links · 2 companies · 2 trade · 2 rival
“Competitors: Crown Castle (CCI), SBA Communications (SBAC), Cellnex, Vertical Bridge, Telesites.”American Tower · BOTH · from American Tower’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

SBAC · weekly close
187.15 USD+1.3%
Friday 30 Oct 2026 · last 52 Fridays 158.49–223.75
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 3,400,692 sh · 3.3 days to cover, FINRA · settled 15 Oct 2026
  2. Insiders bought, 90 days: 963 sh · 1 filing, Form 4 · 17 Oct 2026
  3. Next print: in 113 days, Scheduled · 24 Feb 2027, scheduled
187.15USD+1.3%datacenters +1.3%SBAC · 112 weekly closes to 2026-10-30

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 17 Oct 2026
1 filing · 963.1 shares
Shares sold shortFINRA · settled 15 Oct 2026
3,400,692 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
3.3
see the whole series
Financials

The reported figures

Revenue · quarterly
$715M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$715M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
SBA Communications, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$683M USD36.4% share of revenue$252M USD$61.4M USD$191M USD107.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$675M USD31.1% share of revenue$370M USD$62.7M USD$209M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$658M USD49.2% share of revenue$237M USD$57.9M USD$240M USD107.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$660M USD53.7% share of revenue$376M USD$50.0M USD$221M USD107.5M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$668M USD56.3% share of revenue$240M USD$64.8M USD$186M USD107.5M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$694M USD55.1% share of revenue$255M USD$55.5M USD$190M USD107.6M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$664M USD50.4% share of revenue$255M USD$46.2M USD$636M USD107.5M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$699M USD47.9% share of revenue$312M USD$55.9M USD$275M USD107.4M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$732M USD51.1% share of revenue$258M USD$60.1M USD$430M USD106.5M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$720M USD41.5% share of revenue$241M USD$62.7M USD$265M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$703M USD48.7% share of revenue$207M USD$48.4M USD$269M USD106.1M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$715M USD49.2% share of revenue$345M USD$62.4M USD$327M USD106.1M sharesFiled · primarysec.gov

SBA Communications’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$715M+2.3% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $683M, as of Sep 2023Revenue Q4 ’23: $675M, as of Dec 2023Revenue Q1 ’24: $658M, as of Mar 2024Revenue Q2 ’24: $660M, as of Jun 2024Revenue Q3 ’24: $668M, as of Sep 2024Revenue Q4 ’24: $694M, as of Dec 2024Revenue Q1 ’25: $664M, as of Mar 2025Revenue Q2 ’25: $699M, as of Jun 2025Revenue Q3 ’25: $732M, as of Sep 2025Revenue Q4 ’25: $720M, as of Dec 2025Revenue Q1 ’26: $703M, as of Mar 2026Revenue Q2 ’26: $715M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
49.2%+1.3 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 36.4%, as of Sep 2023Operating margin Q4 ’23: 31.1%, as of Dec 2023Operating margin Q1 ’24: 49.2%, as of Mar 2024Operating margin Q2 ’24: 53.7%, as of Jun 2024Operating margin Q3 ’24: 56.3%, as of Sep 2024Operating margin Q4 ’24: 55.1%, as of Dec 2024Operating margin Q1 ’25: 50.4%, as of Mar 2025Operating margin Q2 ’25: 47.9%, as of Jun 2025Operating margin Q3 ’25: 51.1%, as of Sep 2025Operating margin Q4 ’25: 41.5%, as of Dec 2025Operating margin Q1 ’26: 48.7%, as of Mar 2026Operating margin Q2 ’26: 49.2%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$345M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $252M, as of Sep 2023Free cash flow Q4 ’23: $370M, as of Dec 2023Free cash flow Q1 ’24: $237M, as of Mar 2024Free cash flow Q2 ’24: $376M, as of Jun 2024Free cash flow Q3 ’24: $240M, as of Sep 2024Free cash flow Q4 ’24: $255M, as of Dec 2024Free cash flow Q1 ’25: $255M, as of Mar 2025Free cash flow Q2 ’25: $312M, as of Jun 2025Free cash flow Q3 ’25: $258M, as of Sep 2025Free cash flow Q4 ’25: $241M, as of Dec 2025Free cash flow Q1 ’26: $207M, as of Mar 2026Free cash flow Q2 ’26: $345M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$327Mdebt $12.7B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $191M, as of Sep 2023Cash Q4 ’23: $209M, as of Dec 2023Cash Q1 ’24: $240M, as of Mar 2024Cash Q2 ’24: $221M, as of Jun 2024Cash Q3 ’24: $186M, as of Sep 2024Cash Q4 ’24: $190M, as of Dec 2024Cash Q1 ’25: $636M, as of Mar 2025Cash Q2 ’25: $275M, as of Jun 2025Cash Q3 ’25: $430M, as of Sep 2025Cash Q4 ’25: $265M, as of Dec 2025Cash Q1 ’26: $269M, as of Mar 2026Cash Q2 ’26: $327M, as of Jun 2026Debt Q3 ’23: $12.5B, as of Sep 2023Debt Q4 ’23: $12.3B, as of Dec 2023Debt Q1 ’24: $12.4B, as of Mar 2024Debt Q2 ’24: $12.3B, as of Jun 2024Debt Q3 ’24: $12.3B, as of Sep 2024Debt Q4 ’24: $13.6B, as of Dec 2024Debt Q1 ’25: $12.4B, as of Mar 2025Debt Q2 ’25: $12.5B, as of Jun 2025Debt Q3 ’25: $12.7B, as of Sep 2025Debt Q4 ’25: $12.9B, as of Dec 2025Debt Q1 ’26: $13.0B, as of Mar 2026Debt Q2 ’26: $12.7B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
106.1M-1.7% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 107.9M, as of Sep 2023Shares outstanding Q1 ’24: 107.4M, as of Mar 2024Shares outstanding Q2 ’24: 107.5M, as of Jun 2024Shares outstanding Q3 ’24: 107.5M, as of Sep 2024Shares outstanding Q4 ’24: 107.6M, as of Dec 2024Shares outstanding Q1 ’25: 107.5M, as of Mar 2025Shares outstanding Q2 ’25: 107.4M, as of Jun 2025Shares outstanding Q3 ’25: 106.5M, as of Sep 2025Shares outstanding Q1 ’26: 106.1M, as of Mar 2026Shares outstanding Q2 ’26: 106.1M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02guidance8-K item 2.02: Q3 2026 net income $231.3m, AFFO/share $3.19Q3 2026 net income attributable to SBA $231.3m ($2.19 diluted/sh); AFFO/sh $3.19; quarterly dividend $1.25/sh; FY2026 site leasing revenue outlook $2,643m-$2,658m.agent:company-events · SEC EDGAR 8-K
2026-10-27editorial noteSources added: 0 → 4The dossier's cited-link count grew from 0 to 4 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 41% → 79.5%Margin moved from 41% (deep-dive-2026-06-20.md) to 79.5% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: $2,570.6M → $663.9MRevenue moved from $2,570.6M (deep-dive-2026-06-20.md) to $663.9M (deep-dive-2026-10-27.md).dossier
2026-09-25filing8-K Item 2.03: SBA Communications establishes $2.5bn commercial paper programOn 25 Sep 2026 established a commercial paper program for up to $2.5bn outstanding at any time, maturities up to 397 days, for general corporate purposes.agent:company-events · SEC EDGAR 8-K
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 17 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 654 words, 14 filing mentions
  2. The dossier: What held, 68 words, 3 filing mentions
Research

The SBA Communications dossier

The verdict

A best-in-class tower compounder having its worst year in a decade — 2026 AFFO/share is guided DOWN on DISH+Oi+Sprint churn and refinancing, and the M&A premium has fully bled out of the stock; structurally bullish for 3Y, but no rush at 15.5x AFFO with the churn cliff still in front of it.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Site leasing revenue $663.9M (+5.1%; +3.0% excluding FX), site development revenue $51.4M (-23.5%), total revenues $715.3M. Net income attributable to SBA $198.8M ($1.87 per diluted share). Adjusted EBITDA $483.8M (+1.8%). AFFO $324.4M (-5.2%) and AFFO per share $3.05 vs $3.17 (-3.8%; -6.0% excluding FX). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-03, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1034054/000119312526330639/d154311dex991.htm; quarter ended 2026-06-30]
  2. Domestic versus international. Domestic site leasing revenue $452.5M vs $469.8M (-3.7%); the Form 10-QThe quarterly version of the annual report. Lighter, and not audited. attributes the domestic decline mainly to Sprint, EchoStar and other lease non-renewals. International site leasing revenue $211.4M vs $162.0M (+30.5%; +22.4% excluding FX). Tower cash flow margin 79.5% (Q2 2025: 81.0%). [sec.gov: 8-K filed 2026-08-03, exhibit 99.1, same URL as item 1; 10-Q filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1034054/000103405426000011/sbac-20260630x10q.htm]
  3. Updated FY2026 outlook. Site leasing revenue $2,651.0M to $2,676.0M; Adjusted EBITDA $1,920.0M to $1,940.0M; net cash interest expense $490.0M to $498.0M; AFFO $1,270.0M to $1,318.0M; AFFO per share $11.95 to $12.40 on an assumed 106.3M diluted shares. Against the 2026-04-29 outlook ($11.93 to $12.38) the range moved up $0.02 at both ends ($0.03 excluding FX), per the release's change columns. The outlook assumes the $1,165.0M 2021-1C Tower Securities (anticipated repayment date 2026-11-09) are refinanced before Q4 at a fixed 5.25%. [sec.gov: 8-K filed 2026-08-03, exhibit 99.1, same URL as item 1]
  4. Churn guide. The 10-Q expects domestic churn of $132.0M to $136.0M of cash site leasing revenue in 2026 (due in part to Sprint and EchoStar) and international churn of $36.0M to $40.0M (due in part to Oi wireline). [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
  5. Inaugural investment-grade notes. On 2026-07-23 the company closed $1.35bn of 4.875% senior notes due 2030, $1.35bn of 5.150% notes due 2031 and $0.8bn of 5.450% notes due 2033 (blended rate 5.113%, weighted average maturity 4.9 years), all senior unsecured. The release calls it the company's first investment-grade bond offering and reports an S&P ratings upgrade to BBB. Proceeds repaid the $1.0bn revolver and the $2.2bn 2024 term loan. [sec.gov: 8-K filed 2026-07-24, https://www.sec.gov/Archives/edgar/data/1034054/000119312526315142/d130705d8k.htm; 8-K filed 2026-08-03, exhibit 99.1, same URL as item 1]
  6. New credit facility. A new $2.5bn senior unsecured revolver maturing 2031-07-23, priced at Term SOFR plus 100.0 bp with an 0.11% commitment fee at current ratings; covenants cap Consolidated Total Net Leverage at 7.50x and Senior Secured Leverage at 3.50x; nothing was drawn as of the release. [sec.gov: 8-K filed 2026-07-24, same URL as item 5; 8-K filed 2026-08-03, exhibit 99.1, same URL as item 1]
  7. Commercial paper. On 2026-09-25 the company established a commercial paper program of up to $2.5bn outstanding at any time, maturities up to 397 days, proceeds for general corporate purposes. [sec.gov: 8-K filed 2026-09-25, https://www.sec.gov/Archives/edgar/data/1034054/000119312526402918/d152825d8k.htm]
  8. Leverage, buyback and shares. Net debt $12.4bn and net debt to annualised Adjusted EBITDA 6.4x (net secured 4.9x) at 2026-06-30; $1.1bn of buyback authorisation remaining; quarterly dividend of $1.25 declared. 106,088,110 Class A shares outstanding at 2026-07-28. [sec.gov: 8-K filed 2026-08-03, exhibit 99.1, same URL as item 1; 10-Q filed 2026-08-06, same URL as item 2]
  9. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2 2026 print — does the FY guide hold and does domestic churn drag stabilize": the FY2026 AFFO per share guide moved up to $11.95 to $12.40 (item 3) while domestic site leasing revenue fell 3.7% (item 2). The carried catalyst "Inaugural investment-grade bond issuance" meets item 5. The carried bear case cites "a 2%→5% multi-year refi wall"; the new notes carry 4.875% to 5.450% coupons (item 5) and the outlook assumes 5.25% for the 2021-1C refinancing (item 3). The carried leverage reference "6.6x" compares with 6.4x at 2026-06-30 (item 8). The carried catalysts on the EchoStar/DISH litigation, FCC escrow and any take-private are not addressed by the filings read, which mention EchoStar only as churn and as a risk factor. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • Domestic site leasing revenue is shrinking on Sprint and EchoStar churn while international grows (item 2). [sec.gov: 10-Q filed 2026-08-06]
  • AFFO per share is down year on year in Q2 (item 1), consistent with the carried "declining AFFO/share year" framing. [sec.gov: 8-K filed 2026-08-03, exhibit 99.1]
  • Leverage stays inside the company's stated 6.0x to 7.0x target range (item 8). [sec.gov: 8-K filed 2026-08-03, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on SBA Communications, newest first.

  1. current

    A best-in-class tower compounder having its worst year in a decade

  2. A best-in-class tower compounder having its worst year in a decade

Research trail

The research around SBA Communications

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company
WebsiteVisit SBA Communications

Others in datacenters

5 names

Where SBA Communications sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.