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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
SBA Communications
SBA Communications (SBAC) investor relations material
SBA Communications Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 Apr, 2026
Executive summary
Raised full-year 2026 outlook for all key metrics due to strong Q1 performance, robust international site leasing growth, and favorable FX rates.
Q1 2026 total revenues were $703.4 million, up 5.9% year-over-year, led by international site leasing despite a decline in domestic site leasing and site development revenues.
Net income for Q1 2026 was $184.9 million, down 15.2% year-over-year, primarily due to higher interest expense and asset impairment costs.
Achieved industry-leading AFFO per share and year-over-year dividend growth, with a declared Q1 dividend of $1.25 per share.
U.S. leasing activity driven by new collocations as carriers expand 5G and Fixed Wireless Access, while international demand remains healthy with strong lease-up of Millicom assets and new tower builds in Central America.
Financial highlights
Company-wide Tower Cash Flow margin was approximately 80% in Q1 2026.
Q1 2026 site leasing revenue rose 6.5% year-over-year to $656.1 million; site development revenue declined 1.6% to $47.3 million.
U.S. added ~$10M in new lease and amendment billings year-over-year; international added ~$4M.
Declared Q1 dividend of $1.25/share, up 13% from Q1 2025, representing ~41% of midpoint AFFO guidance.
Ended quarter with ~$13B total debt and leverage at 6.6x net debt to Adjusted EBITDA.
Outlook and guidance
Increased full-year 2026 guidance for site leasing revenue, Tower Cash Flow, Adjusted EBITDA, AFFO, and AFFO per share.
Full year 2026 site leasing revenue expected between $2,649.0 million and $2,674.0 million, up $24 million from prior guidance.
Expect steady U.S. leasing activity for the remainder of 2026, with backlog replenishing faster than usage.
2026 anticipated as peak year for international churn, with improvement expected in subsequent years.
Guidance assumes only contracted acquisitions and no additional share repurchases or new debt, except for refinancing $1,165 million in tower securities.
Drivers of domestic leasing backlog growth
Millicom build to suit production outlook
Guatemala land rights acquisition strategy
Timeline for mobile edge compute revenue impact
Shift in US MNO demand for new tower builds
Millicom asset lease-up vs initial projections
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Latest events from SBA Communications
- 2026 proxy covers director elections, say-on-pay, auditor ratification, and strong 2025 results.SBAC
Proxy filing9 Apr 2026 - Votes will be cast on directors, executive pay, and auditor ratification at the May 2026 meeting.SBACProxy filing9 Apr 2026
- 2026 marks a churn peak, but new spectrum and international scale set the stage for renewed growth.SBAC34th Annual Media, Internet & Telecom Conference10 Mar 2026
- Co-location, 6G, and AI drive growth, with stable returns from long-term carrier agreements.SBACMorgan Stanley Technology, Media & Telecom Conference 20263 Mar 2026
- Elevated churn clears in 2024, enabling normalized growth and continued capital returns.SBACCiti’s Miami Global Property CEO Conference 20263 Mar 2026
- Verizon leads new growth as 6G and AI drive future tower demand and resilient industry margins.SBAC47th Annual Raymond James Institutional Investor Conference2 Mar 2026
- Q4 2025 saw record net income, international growth, and a 13% dividend hike.SBACQ4 202527 Feb 2026
- Q2 2024 saw stable site leasing, strong margins, and updated guidance amid FX and customer risks.SBACQ2 20242 Feb 2026
- Q3 2025 revenue up 9.2% to $732.3M, net income $240.4M, major asset deals and Verizon agreement.SBACQ3 202526 Jan 2026
Next SBA Communications earnings date
J.P. Morgan 54th Annual Global Technology, Media and Communications Conference20 May, 2026
SBA Communications
Next SBA Communications earnings date
J.P. Morgan 54th Annual Global Technology, Media and Communications Conference20 May, 2026
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Eferix Drawings Google Play
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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