SBA Communications (SBAC) Q2 2026 earnings summary

Executive summary

• Second quarter results met expectations, with net income attributable to shareholders of $198.8 million, or $1.87 per share, and AFFO per share at $3.05.

• Issued $3.5 billion in investment grade senior notes and secured a new $2.5 billion revolving credit facility, strengthening the balance sheet.

• S&P upgraded credit rating from BBB- to BBB; quarterly cash dividend of $1.25 per share declared.

• U.S. activity driven by new co-locations and network densification, with $9 million in new lease and amendment billings; international demand remains healthy, with $4 million in new lease and amendment billings, though churn is elevated.

• Carrier activity remained steady, with increased new tower construction, especially in Central America, and integration of Millicom assets.

Financial highlights

• Q2 2026 site leasing revenue was $663.9 million, up 5.1% year-over-year; site development revenue was $51.4 million.

• FFO per share for Q2 was $3.05; cash dividend paid was $1.25 per share, totaling $132.7 million, a 13% increase year-over-year.

• Adjusted EBITDA for Q2 2026 was $483.8 million, up 1.8% year-over-year; AFFO was $324.4 million.

• Tower Cash Flow Margin was 79.5% and Adjusted EBITDA Margin was 68.0% for Q2 2026.

• Ended the quarter with $570 million in cash and $13 billion in total debt.

Outlook and guidance

• Full-year outlook for site leasing revenue, FFO, and FFO per share modestly increased, with site leasing revenue expected at $2,651–$2,676 million and AFFO per share at $11.95–$12.40.

• Adjusted EBITDA guidance: $1,920–$1,940 million; AFFO: $1,270–$1,318 million.

• Guidance changes primarily reflect FX impacts and interest expense adjustments from recent financing.

• Application volumes for U.S. leasing remain consistent with the first half; no significant acceleration expected next year.

• Outlook assumes only contracted acquisitions and no additional stock repurchases or new debt financings in 2026.