Exhibit 99.1 FOR IMMEDIATE RELEASE SBA Communications Corporation Reports Third
Exhibit 99.1 FOR IMMEDIATE RELEASE SBA Communications Corporation Reports Third Quarter 2026 Results; Updates Full Year 2026 Outlook; and Declares Quarterly Cash Dividend Boca Raton, Florida, November 2, 2026 (BUSINESS NEWSWIRE) -- SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended September 30, 2026. Highlights of the third quarter include:
• Sold all towers in Chile and Ecuador and entered into an agreement to sell all towers in Peru
In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $1.25 per share of the Company’s Class A Common Stock. The distribution is payable December 10, 2026 to the shareholders of record at the close of business on November 12, 2026. “Demand for our tower assets remains strong as wireless carriers continue to expand and upgrade their networks,” commented Brendan Cavanagh, President and Chief Executive Officer. “Mobile data traffic continues to grow, and meeting that demand requires more equipment on more towers. Looking ahead, we are excited about the next wave of network investment. The upper C-bandauction, a growing pipeline of new spectrum and the industry’s move toward 6G is expected to drive new deployments on our sites, and we are seeing new opportunities from satellite and edge compute providers that value the reach and infrastructure of our portfolio. Internationally, we continued to sharpen our focus, agreeing to sell our towers in three South American markets, completing our exit from the region outside of Brazil, while more than doubling our new tower builds in the markets where we have scale. Our investment grade balance sheet gives us the flexibility to keep investing in our portfolio while also returning capital through share repurchases. Since our last earnings release, we have bought back $300 million of our stock, reflecting our confidence in the business and our belief that our shares represent great value. With high-quality assets and a talented team, SBA is well positioned for the future.” 1
Operating Results The table below details select financial results for the three months ended September 30, 2026 and comparisons to the prior year period.
(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.
Site leasing contributed 98.0% and 97.5% of the Company’s total (2) operating profit in the third quarter of 2026 and 2025, respectively.
Net income includes a $1.6 million loss and $25.5 million gain, net of taxes, on the (3) currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries’ functional currencies for the third quarter of 2026 and 2025, respectively.
The table below details select financial results by segment for the three months ended September 30, 2026 and comparisons to the prior year period.
(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.
The table below details key margins for the three months ended September 30, 2026 and comparisons to the prior year period.
(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.
Investing Activities During the third quarter of 2026, SBA acquired 7 communication sites for total cash consideration of $10.8 million. SBA also built 213 towers during the third quarter of 2026. As of September 30, 2026, SBA owned or operated 45,252 communication sites, 17,340 of which are located in the United States and its territories and 27,912 of which are located internationally. In addition, the Company spent $13.7 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the third quarter of 2026 were $105.2 million, consisting of $14.1 million of non- discretionarycash capital expenditures (tower maintenance and general corporate) and $91.1 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements). As of the date of this press release, the Company, subsequent to quarter end, purchased or is under contract to purchase 69 communication sites for an aggregate consideration of $17.9 million in cash, which it expects to close by the end of the fourth quarter of 2026. On September 10, 2026, the Company sold all of its towers and related assets held in Chile and Ecuador and entered into an agreement to sell all of its towers and related assets held in Peru. The sale of the Company’s towers and related assets held in Peru is subject to regulatory approval and is expected to close during the fourth quarter of 2026. Given the uncertainty of the closing date, the Company has made no adjustment to its full year 2026 Outlook related to the sale of the Company’s towers and related assets held in Peru. Financing Activities and Liquidity SBA ended the third quarter of 2026 with $13.0 billion of total debt, $6.5 billion of total secured debt, $0.5 billion of cash and cash equivalents, short-term restricted cash, and short-term investments, and $12.5 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 6.4x and 3.1x, respectively. On July 23, 2026, the Company, issued $1.35 billion of 4.875% unsecured senior notes due January 15, 2030, $1.35 billion of 5.150% unsecured senior notes due July 15, 2031, and $0.8 billion of 5.450% unsecured senior notes due July 15, 2033. The 2026 Senior Notes have a blended interest rate of 5.113% and a weighted average maturity of 4.9 years. Net proceeds from this offering were used to repay the aggregate principal amount outstanding on the then-existing revolving credit facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and for general corporate purposes. In connection with the repayment, the Company terminated its then-existing senior credit agreement and entered into a New Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the Revolving Credit Facility accrue interest, at the Company’s election, at either (1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to 37.5 basis points, in each case based on the Company’s credit ratings. In addition, the Company is required to pay a commitment fee of between 0.08% to 0.20% per annum on the amount of unused commitments based on the 3
Company’s credit ratings. Based on the Company’s current credit ratings, borrowings under the Revolving Credit Facility accrue interest at Term SOFR plus 100.0 basis points and the Company is required to pay a commitment fee of 0.11% per annum on the amount of unused commitments.
On September 25, 2026, the Company established a commercial paper program (the “Commercial Paper Program”) pursuant to which it may issue from time to time short-term, unsecured, commercial paper notes (the “CP Notes”) in an aggregate principal amount outstanding at any one time not to exceed $2.5 billion. Amounts available under the Commercial Paper Program may be borrowed, repaid and reborrowed from time to time. The maturities of the CP Notes may vary, but will not exceed 397 days from the date of issue. The proceeds of the CP Notes will be used for general corporate purposes. The CP Notes will be sold on customary terms in the U.S. commercial paper market on a private placement basis. The Commercial Paper Program is backed by unused commitments under the Revolving Credit Facility under the New Senior Credit Agreement. Accordingly, outstanding borrowings under the Commercial Paper Program reduce the amount available under the Revolving Credit Facility.
As of the date of this press release, the Company had no amounts outstanding under the Revolving Credit Facility or the Commercial Paper Program.
During the third quarter of 2026, the Company repurchased 1.7 million shares of its Class A common stock for $300.0 million at an average price per share of $179.68 under its $1.5 billion stock repurchase plan. As of the date of this press release, the Company had $0.8 billion of authorization remaining under the plan. Shares repurchased were retired.
In the third quarter of 2026, the Company declared and paid a cash dividend of $131.3 million.
The Company is updating its full year 2026 Outlook for anticipated results. The 2026 Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.
The Company’s full year 2026 Outlook assumes the acquisitions of only those communication sites under contract which are expected to close in 2026 at the time of this press release. The Company may spend additional capital in 2026 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2026 Outlook. The 2026 Outlook also does not contemplate any additional repurchases of the Company’s stock or additional debt financings during the remainder of 2026 (other than the refinancing of the 2021-1C Tower Securities as discussed below), although the Company may ultimately spend capital to repurchase stock or issue new debt during the remainder of the year.
The Company’s 2026 Outlook assumes an average foreign currency exchange rate of 5.32 Brazilian Reais to 1.0 U.S. Dollar, 2,560 Tanzanian Shillings to 1.0 U.S. Dollar, and 16.40 South African Rand to 1.0 U.S. Dollar for the fourth quarter of 2026.
The sale of the Company’s towers and related assets held in Chile and Ecuador negatively impacted the 2026 full year Outlook by approximately $10.0 million for Site leasing revenue, $6.0 million for Tower Cash Flow, and $4.0 million for Adjusted EBITDA.
(1) See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.”
Net cash interest expense is defined as interest expense less interest (2) income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense.
For purposes of the Outlook, the Company has assumed that the $1,165.0 million 2021-1C Tower Securities (which have an anticipated repayment date of November 9, 2026) would be refinanced in the fourth quarter at (3) a rate of 5.25%; however, the Company has not finalized its refinancing plan and the actual date and rate of the refinancing is subject to market conditions.
Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed (5) weighted average number of diluted common shares of 105.7 million. Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2026.
Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease (6) purchases. Does not include easements or payments to extend lease terms and expenditures for acquisitions of revenue producing assets not under contract at the date of this press release.
(7) Changes from prior outlook are measured based on the midpoint of outlook ranges provided.
Bridge of 2025 Total Site Leasing Revenue to 2026 Outlook The table below presents a bridge of the Company’s 2025 Site Leasing Revenue to the Company’s 2026 Outlook for 2026 Site Leasing Revenue by reportable segment.
Includes pass-through reimbursable expenses, amortization of capital (2) contributions for tower augmentations, managed and non-macro business and other miscellaneous items.
Conference Call Information SBA Communications Corporation will host a conference call on Monday, November 2, 2026 at 5:00 PM (EST) to discuss the quarterly results. The call may be accessed as follows:
Information Concerning Forward-Looking Statements This press release and the Company’s earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) its outlook for financial and operational performance in 2026, the assumptions it made and the drivers contributing to its full year 2026 Outlook, (ii) the drivers of growth for wireless antennae in the U.S. and in each of our international markets, the ability of the Company to capitalize on such growth and the impact on the Company’s future financial and operational outlook, (iii) the ability to execute its growth strategies and the impacts to its financial performance, (iv) the timing of closing for currently pending acquisitions and disposals, including the sale of its assets in Peru, (v) tower portfolio growth and its long-term growth potential, including the drivers of its organic growth, (vi) its capital allocation policy, including the use of capital for portfolio growth, share repurchases, and dividends, (vii) the strength of its balance sheet and ability to generate significant free cash flow, (viii) its customers’ ongoing network investments and new spectrum and future auctions, (ix) domestic and international churn in 2026 and future years, (x) upper c-bandauctions, new spectrum 6
and 6G, (xi) its ability to become a leader in U.S. wireless connectivity, (xii) its leading position in Central America, and (xiii) backlogs and carrier activity for the remainder of 2026.
The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company’s business as well as other important factors that may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company’s expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the impact of macro-economic conditions, including high interest rates, unemployment rates, tariffs, inflation, consumer confidence and financial market volatility on (a) the ability and willingness of wireless service providers to maintain or increase their capital expenditures, (b) the Company’s business and results of operations, and on foreign currency exchange rates and (c) consumer discretionary income and demand for wireless services, (2) the Company’s ability to recognize anticipated revenues, tower cash flows and other anticipated benefits from its acquisitions, (3) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in the United States and in the Company’s other international markets; (4) the Company’s ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (5) the Company’s ability to secure and retain as many site leasing tenants as planned at anticipated lease rates; (6) the Company’s ability to manage expenses and cash capital expenditures at anticipated levels; (7) the impact of continued consolidation among wireless service providers in the U.S. and internationally, on the Company’s leasing revenue, including churn; (8) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (9) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (10) the Company’s ability to acquire land underneath towers on terms that are accretive; (11) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (12) the Company’s ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on obtaining zoning and regulatory approvals, availability and cost of labor and supplies, and other factors beyond the Company’s control that could affect the Company’s ability to build additional towers in 2026; (13) whether technology upgrades, spectrum auctions, consumer demand for fixed wireless and other developments will drive demand in the US and in the Company’s other international markets for wireless services, wireless antennas and towers as anticipated; (14) the ability of the Company’s customers to perform under their financial and contractual obligations; (15) the Company’s ability to maintain its investment grade ratings and the impact of any potential downgrade; and (16) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria.
With respect to its expectations regarding the ability to close, and realize the benefits of, pending acquisitions, these factors also include each party satisfactorily completing due diligence, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and, with respect to the Company’s acquisitions, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition and the availability of cash on hand or availability under the Company’s current credit instruments to fund the consideration, its ability to accurately anticipate the future performance of the acquired towers and any challenges or costs associated with the integration of such towers. With respect to the repurchases under the Company’s stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company’s financial performance or determinations following the date of this announcement in order to use the Company’s funds for other purposes. Furthermore, the Company’s forward-looking statements and its 2026 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company’s business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with
such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K.
This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under “Non-GAAP Financial Measures.”
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 45,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. For more information, please visit: www.sbasite.com.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts)
Includes non-cash compensation of $17,279 and $18,655 for the three (1) months ended September 30, 2026 and 2025, respectively, and $61,616 and $54,569 for the nine months ended September 30, 2026 and 2025, respectively.
September 30, December 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS -unaudited Current assets: Cash and cash $ 417,532 $ 264,568 equivalents Restricted cash 11,143 167,804 Accounts receivable, 151,412 171,256 net Costs and estimated earnings in excess 16,639 28,152 of billings on uncompleted contracts Prepaid expenses and other current 247,847 141,651 assets Total current assets 844,573 773,431 Property and 3,401,814 3,401,799 equipment, net Intangible assets, net 2,794,714 2,882,117 Operating lease right-of-use assets, 2,543,136 2,540,229 net Acquired and other right-of-use assets, 1,309,213 1,325,443 net Other assets 722,908 651,993 Total assets $ 11,616,358 $ 11,575,012 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 65,734 $ 73,034 Accrued expenses 104,041 93,502 Current maturities of 3,557,467 1,935,802 long-term debt Deferred revenue 115,222 117,309 Accrued interest 73,600 65,036 Current lease 293,884 299,604 liabilities Other current 102,107 94,014 liabilities Total current 4,312,055 2,678,301 liabilities Long-term liabilities: Long-term debt, net 9,338,474 10,964,466 Long-term lease 2,051,687 2,119,258 liabilities Other long-term 656,024 588,244 liabilities Total long-term 12,046,185 13,671,968 liabilities Redeemable noncontrolling 92,883 78,262 interests Shareholders’ deficit: Preferred stock - par value $0.01, 30,000 shares authorized, no — — shares issued or outstanding Common stock - Class A, par value $0.01, 400,000 shares authorized, 104,427 shares and 105,666 1,044 1,057 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively Additional paid-in 3,125,244 3,059,427 capital Accumulated deficit (7,336,432 ) (7,249,905 ) Accumulated other comprehensive loss, (624,621 ) (664,098 ) net Total shareholders’ (4,834,765 ) (4,853,519 ) deficit Total liabilities, redeemable noncontrolling $ 11,616,358 $ 11,575,012 interests, and shareholders’ deficit
For the three CASH FLOWS FROM months OPERATING ended September 30, ACTIVITIES: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 232,358 $ 240,431 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, accretion, and 84,432 76,883 amortization Loss (gain) on remeasurement of U.S. 2,494 (37,847 ) denominated intercompany loans Non-cash compensation 17,965 19,323 expense Non-cash asset impairment and 11,248 17,375 decommission costs Loss from extinguishment of 20,082 — debt, net Deferred and non-cash income 1,645 32,776 tax provision Other non-cash items reflected in the Statements (21,991 ) 15,690 of Operations Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in 26,587 (16,517 ) excess of billings on uncompleted contracts, net Prepaid expenses (39,020 ) (10,967 ) and other assets Operating lease right-of-use 36,362 33,657 assets, net Accounts payable and accrued 1,705 14,597 expenses Accrued interest 7,310 (38,001 ) Long-term lease (35,435 ) (32,501 ) liabilities Other liabilities (20,646 ) 3,131 Net cash provided by operating 325,096 318,030 activities CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions (32,393 ) (11,805 ) Capital (72,781 ) (60,053 ) expenditures Proceeds from 145,805 — sale of assets Other investing (578 ) (6,454 ) activities Net cash provided by (used in) 40,053 (78,312 ) investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Net (repayments) borrowings under (1,055,000 ) 200,000 Revolving Credit Facility Proceeds from issuance of 3,445,873 — Senior Notes, net of fees Repayment of Term (2,248,250 ) (11,500 ) Loans Payment of dividends on (131,265 ) (119,140 ) common stock Repurchase and retirement of (300,033 ) (150,835 ) common stock Other financing (2,336 ) 1,673 activities Net cash used in financing (291,011 ) (79,802 ) activities Effect of exchange rate changes on cash, (1,119 ) 4,955 cash equivalents, and restricted cash NET CHANGE IN CASH, CASH EQUIVALENTS, 73,019 164,871 AND RESTRICTED CASH CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
For the three September 30, For the nine September 30, months ended 2026 months ended 2026 ────────────────────────────────────────────────────────────────────────────── -in thousands Construction and related $ 47,528 $ 109,135 costs Augmentation and tower 11,203 31,845 upgrades Non-discret… capital expenditure… Tower 14,107 39,809 maintenance General -57 2,808 corporate Total non-discret… 14,050 42,617 capital expenditures Total capital $ 72,781 $ 183,597 expenditures
Domestic International Total Sites owned at 17,362 29,028 46,390 June 30, 2026 Sites acquired during the 7 — 7 third quarter Sites built during the 3 210 213 third quarter Sites decommissione… -32 -1,326 -1,358 during the third quarter Sites owned at September 30, 17,340 27,912 45,252 2026
Segment Operating Profit and Segment Operating Profit Margin Domestic site leasing and International site leasing are the two segments within our site leasing business. Segment operating profit is a key business metric and one of our two measures of segment profitability. The calculation of Segment operating profit for each of our segments is set forth below.
Non-GAAPFinancial Measures The press release contains non-GAAPfinancial measures including (i) Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin; (ii) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin; (iii) Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and AFFO per share; (iv) Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio (collectively, our “Non-GAAPDebt Measures”); and (v) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our “Constant Currency Measures”). We have included these non-GAAPfinancial measures because we believe that they provide investors additional tools in understanding our financial performance and condition. 12
(1) Cash Site Leasing Revenue and Tower Cash Flow are useful indicators of the performance of our site leasing operations;
(2) Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance;
(3) FFO, AFFO and AFFO per share, which are metrics used by our public company peers in the communication site industry, provide investors useful indicators of the financial performance of our business and permit investors an additional tool to evaluate the performance of our business against those of our two principal competitors. FFO, AFFO, and AFFO per share are also used to address questions we receive from analysts and investors who routinely assess our operating performance on the basis of these performance measures, which are considered industry standards. We believe that FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs). We believe that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt) and (2) sustaining capital expenditures and exclude the impact of (1) our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods and the non-cash portion of our reported tax provision. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. We only use AFFO as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. We believe our definition of FFO is consistent with how that term is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and that our definition and use of AFFO and AFFO per share is consistent with those reported by the other communication site companies;
(4) Our Non-GAAP Debt Measures provide investors a more complete understanding of our net debt and leverage position as they include the full principal amount of our debt which will be due at maturity and, to the extent that such measures are calculated on Net Debt are net of our cash and cash equivalents, short-term restricted cash, and short-term investments; and
(5) Our Constant Currency Measures provide management and investors the ability to evaluate the performance of the business without the impact of foreign currency exchange rate fluctuations.
In addition, Tower Cash Flow, Adjusted EBITDA, and our Non-GAAP Debt Measures are components of the calculations used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and indentures relating to our 2020 Senior Notes, 2021 Senior Notes, and 2026 Senior Notes. These non-GAAP
financial measures are not intended to be an alternative to any of the financial measures provided in our results of operations or our balance sheet as determined in accordance with GAAP. Financial Metrics after Eliminating the Impact of Changes In Foreign Currency Exchange Rates We eliminate the impact of changes in foreign currency exchange rates for each of the financial metrics listed in the table below by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, and by eliminating the impact of the remeasurement of our intercompany loans. The table below provides the reconciliation of the reported year-over-year change of each of such measures to the change after eliminating the impact of changes in foreign currency exchange rates to such measure.
Third quarter 2026 year Foreign Change excluding over year currency foreign change impact currency impact Total site leasing revenue 1.4% 1.0% 0.4% Total cash site leasing 1.0% 1.1% -0.1% revenue Int’l cash site leasing 12.7% 3.5% 9.2% revenue Total site leasing segment operating 0.5% 0.9% -0.4% profit Int’l site leasing segment operating 15.5% 3.6% 11.9% profit Total site leasing tower 0.1% 0.9% -0.8% cash flow Int’l site leasing tower 14.7% 3.7% 11.0% cash flow Net cash interest expense 3.8% -0.2% 4.0% Net income -3.3% -10.6% 7.3% Earnings per share — -0.6% -9.6% 9.0% diluted Adjusted EBITDA -1.1% 0.8% -1.9% AFFO -5.0% 1.2% -6.2% AFFO per share -3.3% 1.2% -4.5%
Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin The table below sets forth the reconciliation of Cash Site Leasing Revenue and Tower Cash Flow to their most comparable GAAP measurement and Tower Cash Flow Margin, which is calculated by dividing Tower Cash Flow by Cash Site Leasing Revenue.
Forecasted Tower Cash Flow for Full Year 2026 The table below sets forth the reconciliation of forecasted Tower Cash Flow set forth in the Outlook section to its most comparable GAAP measurement for the full year 2026:
Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin The table below sets forth the reconciliation of Adjusted EBITDA to its most comparable GAAP measurement.
For the three months ended September 30, 2026 (in thousands) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 232,358 $ 240,431 Non-cash straight-line -4,338 -1,649 leasing revenue Non-cash straight-line ground lease -430 -1,063 expense Non-cash compensation 17,965 19,323 Loss from extinguishment of 20,082 — debt, net Other income, net -15,011 -35,595 Acquisition and new business initiatives 8,763 5,156 related adjustments and expenses Asset impairment and 13,460 20,322 decommission costs Interest income -7,895 -5,517 Total interest expense 115,975 126,198 (1) Depreciation, accretion, and 84,432 76,883 amortization Provision for taxes 22,713 48,813 (2) Adjusted EBITDA $ 488,074 $ 493,302 Annualized Adjusted $ 1,952,296 $ 1,973,208 EBITDA (3)
(1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.
Includes franchise and gross receipts taxes reflected in the Statements (2) of Operations in selling, general and administrative expenses.
(3) Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the most recent quarter multiplied by four.
Forecasted Adjusted EBITDA for Full Year 2026 The table below sets forth the reconciliation of the forecasted Adjusted EBITDA set forth in the Outlook section to its most comparable GAAP measurement for the full year 2026:
Full Year 2026 (in millions) ────────────────────────────────────────────────────────────────────────────── Net income $ 794.0 to $ 839.0 Non-cash straight-line -17.0 to -17.0 leasing revenue Non-cash straight-line ground lease -3.0 to -3.0 expense Non-cash compensation 85.5 to 80.5 Loss from extinguishment of 20.0 to 20.0 debt, net Other income, net -45.0 to -45.0 Acquisition and new business initiatives 31.0 to 26.0 related adjustments and expenses Asset impairment and 87.0 to 82.0 decommission costs Interest income -25.0 to -21.0 Total interest expense (1) 526.5 to 516.5 Depreciation, accretion, and 337.0 to 327.0 amortization Provision for taxes (2) 127.0 to 123.0 Adjusted EBITDA $ 1,918.0 to $ 1,928.0
(1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.
Includes projections for franchise taxes and gross receipts taxes, (2) which will be reflected in the Statement of Operations in Selling, general, and administrative expenses.
Funds from Operations ( “ FFO ” ), Adjusted Funds from Operations ( “ AFFO ” ), and AFFO per share The tables below set forth the reconciliations of FFO, AFFO, and AFFO per share to their most comparable GAAP measurement.
The three months ended September 30, 2025 includes approximately $5.8 million in taxes related to the sale of substantially all of our operations in Canada. We believe that (1) these tax payments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO and AFFO attributable to SBA Communications Corporation excluding these amounts.
Forecasted AFFO for the Full Year 2026 The tables below set forth the reconciliations of the forecasted AFFO and AFFO per share set forth in the Outlook section to their most comparable GAAP measurements for the full year 2026:
Includes $8.6 million in taxes related to the sale of substantially all of our operations in Canada. We believe that these tax payments are nonrecurring, and do not believe (1) these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO and AFFO attributable to SBA Communications Corporation excluding these amounts.
Weighted average number of common shares does not contemplate any (2) additional repurchases of the Company’s stock during 2026.
Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio Net Debt is calculated using the notional principal amount of outstanding debt. Under GAAP policies, the notional principal amount of the Company’s outstanding debt is not necessarily reflected on the face of the Company’s financial statements. The Net Debt and Leverage calculations are as follows:
September 30, 2026 (in thousands) ────────────────────────────────────────────────────────────────────────────── 2020-2C Tower Securities $ 600,000 2021-1C Tower Securities 1,165,000 2021-2C Tower Securities 895,000 2021-3C Tower Securities 895,000 2022-1C Tower Securities 850,000 2024-1C Tower Securities 1,450,000 2024-2C Tower Securities 620,000 Total secured debt 6,475,000 2020 Senior Notes 1,500,000 2021 Senior Notes 1,500,000 2026-1 Senior Notes 1,350,000 2026-2 Senior Notes 1,350,000 2026-3 Senior Notes 800,000 Total unsecured debt 6,500,000 Total debt $ 12,975,000 Leverage Ratio Total debt $ 12,975,000 Less: Cash and cash equivalents, short-term -454,655 restricted cash and short-term investments Net debt $ 12,520,345 Divided by: Annualized Adjusted EBITDA $ 1,952,296 Leverage Ratio 6.4x Secured Leverage Ratio Total secured debt $ 6,475,000 Less: Cash and cash equivalents, short-term -454,655 restricted cash and short-term investments Net Secured Debt $ 6,020,345 Divided by: Annualized Adjusted EBITDA $ 1,952,296 Secured Leverage Ratio 3.1x
Full text with the tables
Exhibit 99.1 FOR IMMEDIATE RELEASE SBA Communications Corporation Reports Third
Quarter 2026 Results; Updates Full Year 2026 Outlook; and Declares Quarterly
Cash Dividend Boca Raton, Florida, November 2, 2026 (BUSINESS NEWSWIRE) -- SBA
Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today
reported results for the quarter ended September 30, 2026. Highlights of the
third quarter include:
• Net income attributable to SBA of $231.3 million or $2.19 per share
• Industry-leading AFFO per share of $3.19
• Repurchased 1.7 million shares throughout the quarter
• Established a $2.5 billion commercial paper program
• Sold all towers in Chile and Ecuador and entered into an agreement to
sell all towers in Peru
In addition, the Company announced today that its Board of Directors has
declared a quarterly cash dividend of $1.25 per share of the Company’s Class A
Common Stock. The distribution is payable December 10, 2026 to the shareholders
of record at the close of business on November 12, 2026. “Demand for our tower
assets remains strong as wireless carriers continue to expand and upgrade their
networks,” commented Brendan Cavanagh, President and Chief Executive Officer.
“Mobile data traffic continues to grow, and meeting that demand requires more
equipment on more towers. Looking ahead, we are excited about the next wave of
network investment. The upper C-bandauction, a growing pipeline of new spectrum
and the industry’s move toward 6G is expected to drive new deployments on our
sites, and we are seeing new opportunities from satellite and edge compute
providers that value the reach and infrastructure of our portfolio.
Internationally, we continued to sharpen our focus, agreeing to sell our towers
in three South American markets, completing our exit from the region outside of
Brazil, while more than doubling our new tower builds in the markets where we
have scale. Our investment grade balance sheet gives us the flexibility to keep
investing in our portfolio while also returning capital through share
repurchases. Since our last earnings release, we have bought back $300 million
of our stock, reflecting our confidence in the business and our belief that our
shares represent great value. With high-quality assets and a talented team, SBA
is well positioned for the future.” 1
Operating Results The table below details select financial results for the three
months ended September 30, 2026 and comparisons to the prior year period.
$ $ $
%
Change
exclu…
Q3 Q3 $ % FX (1)
2026 2025 Change Chan…
-$ in
milli…
Con… except
per
share
amoun…
Site
lea… $ 665.4 $ 656.4 $ 9.0 1.4% 0.4%
rev…
Site
dev… 48.5 75.9 (27.4 ) -36.… -36.0%
rev…
Site
lea…
seg… 531.7 529.1 2.6 0.5% -0.4%
ope…
pro…
(2)
Tow…
cash 526.9 526.4 0.5 0.1% -0.8%
flow
(1)
Net
cash 118.9 114.6 4.3 3.8% 4.0%
int…
exp…
Net
inc… 232.4 240.4 (8.0 ) -3.3% 7.3%
(3)
Ear…
per
sha… 2.19 2.20 (0.01 ) -0.6% 9.0%
—
dil…
Adj…
EBI… 488.1 493.3 (5.2 ) -1.1% -1.9%
(1)
AFFO 337.3 354.9 (17.6 ) -5.0% -6.2%
(1)
AFFO
per 3.19 3.30 (0.11 ) -3.3% -4.5%
sha…
(1)
(1) See the reconciliations and other disclosures under “Non-GAAP
Financial Measures” later in this press release.
Site leasing contributed 98.0% and 97.5% of the Company’s total
(2) operating profit in the third quarter
of 2026 and 2025, respectively.
Net income includes a $1.6 million loss and $25.5 million gain, net of
taxes, on the
(3) currency-related remeasurement of intercompany loans with foreign
subsidiaries which are denominated in a currency other than the
subsidiaries’ functional currencies for the third quarter of 2026 and
2025, respectively.
The table below details select financial results by segment for the three months
ended September 30, 2026 and comparisons to the prior year period.
$ $ $
%
Change
exclu…
Q3 Q3 $ % FX
2026 2025 Chan… Chan…
-$ in
mill…
Dom…
site $ 454.4 $ 470.2 $ ) -3.4% -3.4%
lea… (15.8
rev…
Dom…
cash
site 453.6 470.8 (17.2 ) -3.7% -3.7%
lea…
rev…
(1)
Dom…
site
lea… 382.6 400.0 (17.4 ) -4.4% -4.4%
seg…
ope…
pro…
Dom…
site
lea…
tow… 380.6 398.8 (18.2 ) -4.6% -4.6%
cash
flow
(1)
Int…
site 211.0 186.2 24.8 13.3% 9.8%
lea…
rev…
Int…
cash
site 207.4 184.0 23.4 12.7% 9.2%
lea…
rev…
(1)
Int…
site
lea… 149.1 129.1 20.0 15.5% 11.9%
seg…
ope…
pro…
Int…
site
lea…
tow… 146.3 127.6 18.7 14.7% 11.0%
cash
flow
(1)
(1) See the reconciliations and other disclosures under “Non-GAAP
Financial Measures” later in this press release.
2
The table below details key margins for the three months ended September 30,
2026 and comparisons to the prior year period.
Q3 2026 Q3 2025
Tower Cash Flow Margin (1) 79.7% 80.4%
Adjusted EBITDA Margin (1) 68.8% 67.5%
(1) See the reconciliations and other disclosures under “Non-GAAP
Financial Measures” later in this press release.
Investing Activities During the third quarter of 2026, SBA acquired 7
communication sites for total cash consideration of $10.8 million. SBA also
built 213 towers during the third quarter of 2026. As of September 30, 2026, SBA
owned or operated 45,252 communication sites, 17,340 of which are located in the
United States and its territories and 27,912 of which are located
internationally. In addition, the Company spent $13.7 million to purchase land
and easements and to extend lease terms. Total cash capital expenditures for the
third quarter of 2026 were $105.2 million, consisting of $14.1 million of non-
discretionarycash capital expenditures (tower maintenance and general corporate)
and $91.1 million of discretionary cash capital expenditures (new tower builds,
tower augmentations, acquisitions, and purchasing land and easements). As of the
date of this press release, the Company, subsequent to quarter end, purchased or
is under contract to purchase 69 communication sites for an aggregate
consideration of $17.9 million in cash, which it expects to close by the end of
the fourth quarter of 2026. On September 10, 2026, the Company sold all of its
towers and related assets held in Chile and Ecuador and entered into an
agreement to sell all of its towers and related assets held in Peru. The sale of
the Company’s towers and related assets held in Peru is subject to regulatory
approval and is expected to close during the fourth quarter of 2026. Given the
uncertainty of the closing date, the Company has made no adjustment to its full
year 2026 Outlook related to the sale of the Company’s towers and related assets
held in Peru. Financing Activities and Liquidity SBA ended the third quarter of
2026 with $13.0 billion of total debt, $6.5 billion of total secured debt, $0.5
billion of cash and cash equivalents, short-term restricted cash, and short-term
investments, and $12.5 billion of Net Debt. SBA’s Net Debt and Net Secured Debt
to Annualized Adjusted EBITDA Leverage Ratios were 6.4x and 3.1x, respectively.
On July 23, 2026, the Company, issued $1.35 billion of 4.875% unsecured senior
notes due January 15, 2030, $1.35 billion of 5.150% unsecured senior notes due
July 15, 2031, and $0.8 billion of 5.450% unsecured senior notes due July 15,
2033. The 2026 Senior Notes have a blended interest rate of 5.113% and a
weighted average maturity of 4.9 years. Net proceeds from this offering were
used to repay the aggregate principal amount outstanding on the then-existing
revolving credit facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and
for general corporate purposes. In connection with the repayment, the Company
terminated its then-existing senior credit agreement and entered into a New
Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured
revolving credit facility (the “Revolving Credit Facility”). The Revolving
Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the
Revolving Credit Facility accrue interest, at the Company’s election, at either
(1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis
points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to
37.5 basis points, in each case based on the Company’s credit ratings. In
addition, the Company is required to pay a commitment fee of between 0.08% to
0.20% per annum on the amount of unused commitments based on the 3
Company’s credit ratings. Based on the Company’s current credit ratings,
borrowings under the Revolving Credit Facility accrue interest at Term SOFR plus
100.0 basis points and the
Company is required to pay a commitment fee of 0.11% per annum on the amount of
unused commitments.
On September 25, 2026, the
Company established a commercial paper program (the “Commercial Paper Program”)
pursuant to which it may issue from time to time short-term, unsecured,
commercial paper notes (the “CP Notes”) in an aggregate principal amount
outstanding at any one time not to exceed $2.5 billion. Amounts available under
the Commercial Paper Program may be borrowed, repaid and reborrowed from time to
time. The maturities of the CP Notes may vary, but will not exceed 397 days from
the date of issue. The proceeds of the CP Notes will be used for general
corporate purposes. The CP Notes will be sold on customary terms in the U.S.
commercial paper market on a private placement basis. The Commercial Paper
Program is backed by
unused commitments under the Revolving Credit Facility under the New Senior
Credit Agreement. Accordingly, outstanding borrowings under the Commercial Paper
Program reduce the amount available under the Revolving Credit Facility.
As of the date of this press release, the Company had no amounts outstanding
under the Revolving Credit Facility or the Commercial Paper
Program.
During the third quarter of 2026, the Company repurchased 1.7 million shares of
its Class A common stock for
$300.0 million at an average price per share of $179.68 under its $1.5 billion
stock repurchase plan. As of the date of this press release, the Company had
$0.8 billion of authorization remaining under the plan. Shares repurchased
were retired.
In the third quarter of 2026, the Company declared and paid a cash dividend of
$131.3 million.
The Company is updating its
full year 2026 Outlook for anticipated results. The 2026 Outlook provided is
based on a number of assumptions that the Company believes are reasonable at the
time of this press release. Information regarding potential risks that could
cause the
actual results to differ from these forward-looking statements is set forth
below and in the Company’s filings with the Securities and Exchange Commission.
The Company’s full year 2026 Outlook assumes the acquisitions of only those
communication sites under contract which are expected to
close in 2026 at the time of this press release. The Company may spend
additional capital in 2026 on acquiring revenue producing assets not yet
identified or under contract, the impact of which is not reflected in the 2026
Outlook. The 2026 Outlook
also does not contemplate any additional repurchases of the Company’s stock or
additional debt financings during the remainder of 2026 (other than the
refinancing of the 2021-1C Tower Securities as
discussed below), although the Company may ultimately spend capital to
repurchase stock or issue new debt during the remainder of the year.
The Company’s 2026 Outlook assumes an average foreign currency exchange rate of
5.32 Brazilian Reais to 1.0 U.S. Dollar, 2,560
Tanzanian Shillings to 1.0 U.S. Dollar, and 16.40 South African Rand to 1.0 U.S.
Dollar for the fourth quarter of 2026.
4
The sale of the Company’s towers and related assets held in Chile and Ecuador
negatively impacted the 2026 full year Outlook by approximately $10.0 million
for Site leasing revenue, $6.0 million for Tower Cash Flow, and $4.0 million for
Adjusted EBITDA.
Change
from
August
3,
2026
Outlo…
Exclu…
FX and
Chan… The
(in from Sales
mil… Augu… of
exc… 3, Chile
per Full 2026 and
sha… Year Outl… Ecuad…
amo… 2026 (7) (7)
──────────────────────────────────────────────────────────────────────────────
Site
lea… $ 2,64… to $ 2,65… $ (13.0 ) $ 2.0
rev…
Site
dev… $ 190.0 to $ 200.0 $ (5.0 ) $ (5.0 )
rev…
Tot… $ 2,83… to $ 2,85… $ (18.0 ) $ (3.0 )
rev…
Tow…
Cash $ 2,08… to $ 2,09… $ (10.5 ) $ —
Flow
(1)
Adj…
EBI… $ 1,91… to $ 1,92… $ (7.0 ) $ —
(1)
Net
cash
int… $ 487.0 to $ 493.0 $ (4.0 ) $ (1.5 )
exp…
(2)…
Non…
cash
cap… $ 61.0 to $ 65.0 $ (7.0 ) $ (6.0 )
exp…
(4)
AFFO $ 1,28… to $ 1,30… $ 2.0 $ 5.0
(1)
AFFO
per
sha… $ 12.15 to $ 12.37 $ 0.08 $ 0.11
(1)
(5)
Dis…
cash
cap… $ 480.0 to $ 490.0 $ 20.0 $ 20.0
exp…
(6)
(1) See the reconciliation of this non-GAAP financial measure presented
below under “Non-GAAP Financial Measures.”
Net cash interest expense is defined as interest expense less interest
(2) income. Net cash interest expense
does not include amortization of deferred financing fees or non-cash
interest expense.
For purposes of the Outlook, the Company has assumed that the $1,165.0
million 2021-1C Tower Securities (which have an anticipated repayment
date of November 9, 2026) would be refinanced in the fourth quarter at
(3) a rate of 5.25%; however, the Company has not finalized its refinancing
plan
and the actual date and rate of the refinancing is subject to market
conditions.
(4) Consists of tower maintenance and general corporate capital
expenditures.
Outlook for AFFO per share is calculated by dividing the Company’s
outlook for AFFO by an assumed
(5) weighted average number of diluted common shares of 105.7 million.
Outlook does not include the impact of any potential future repurchases
of the Company’s stock during 2026.
Consists of new tower builds, tower augmentations, communication site
acquisitions and ground lease
(6) purchases. Does not include easements or payments to extend lease terms
and expenditures for acquisitions of revenue producing assets not under
contract at the date of this press release.
(7) Changes from prior outlook are measured based on the midpoint of
outlook ranges provided.
5
Bridge of 2025 Total Site Leasing Revenue to 2026 Outlook The table below
presents a bridge of the Company’s 2025 Site Leasing Revenue to the Company’s
2026 Outlook for 2026 Site Leasing Revenue by reportable segment.
(in Cons… Dome… Inte…
mil…
2025
Tot… $ $ $
Site 2,571 1,866 705
Lea…
Rev…
(+)
New
Lea… 53 to 56 34 to 35 19 to 21
and
Ame…
(+) 72 to 74 51 to 52 21 to 22
Esc…
(-)
Spr… -56 to -55 -56 to -55 — to —
Con…
Chu…
(-)
Ech… -56 to -56 -56 to -56 — to —
Chu…
(-)
Reg… -63 to -59 -24 to -22 -39 to -37
Chu…
(+)
Non… 81 to 81 4 to 4 77 to 77
Rev…
(1)
(+ /
-) 10 to 12 4 to 6 6 to 6
Str…
Rev…
(+ /
-) 34 to 34 — to — 34 to 34
FX
(+ /
-) -3 to — -8 to -5 5 to 5
Oth…
(2)
2026
Tot… $ $ $ $
Site 2,643 to 2,658 1,815 to 1,825 $ 828 to $ 833
Lea…
Rev…
(1) Includes contributions from acquisitions and new infrastructure builds.
Includes pass-through reimbursable expenses, amortization of capital
(2) contributions for tower augmentations,
managed and non-macro business and other miscellaneous items.
Conference Call Information SBA Communications Corporation will host a
conference call on Monday, November 2, 2026 at 5:00 PM (EST) to discuss the
quarterly results. The call may be accessed as follows:
When: Monday, November 2, 2026 at 5:00 PM (EST)
──────────────────────────────────────────────────────────────────────────────
Dial-in Number: (202) 735-3323
Access Code: 5175064
Conference Name: SBA Third quarter 2026 results
Replay Available: November 3, 2026 at 12:01 AM to December 3, 2026 at
12:00 AM (TZ: Eastern)
Replay Number: (855) 932-4996
Internet Access: www.sbasite.com
Information Concerning Forward-Looking Statements This press release and the
Company’s earnings call include forward-looking statements, including statements
regarding the Company’s expectations or beliefs regarding (i) its outlook for
financial and operational performance in 2026, the assumptions it made and the
drivers contributing to its full year 2026 Outlook, (ii) the drivers of growth
for wireless antennae in the U.S. and in each of our international markets, the
ability of the Company to capitalize on such growth and the impact on the
Company’s future financial and operational outlook, (iii) the ability to execute
its growth strategies and the impacts to its financial performance, (iv) the
timing of closing for currently pending acquisitions and disposals, including
the sale of its assets in Peru, (v) tower portfolio growth and its long-term
growth potential, including the drivers of its organic growth, (vi) its capital
allocation policy, including the use of capital for portfolio growth, share
repurchases, and dividends, (vii) the strength of its balance sheet and ability
to generate significant free cash flow, (viii) its customers’ ongoing network
investments and new spectrum and future auctions, (ix) domestic and
international churn in 2026 and future years, (x) upper c-bandauctions, new
spectrum 6
and 6G, (xi) its ability to become a leader in U.S. wireless connectivity, (xii)
its leading position in Central America, and (xiii) backlogs and carrier
activity for the remainder
of 2026.
The Company wishes to caution readers that these forward-looking statements may
be affected by the risks and uncertainties in
the Company’s business as well as other important factors that may have affected
and could in the future affect the Company’s actual results and could cause the
Company’s actual results for subsequent periods to differ materially
from those expressed in any forward-looking statement made by or on behalf of
the Company. With respect to the Company’s expectations regarding all of these
statements, including its financial and operational guidance, such risk factors
include, but are not limited to: (1) the impact of macro-economic conditions,
including high interest rates, unemployment rates, tariffs, inflation, consumer
confidence and financial market volatility on (a) the ability and willingness of
wireless service providers to maintain or increase their capital expenditures,
(b) the Company’s business and results of operations, and on foreign currency
exchange rates and (c) consumer discretionary income and demand for wireless
services, (2) the Company’s ability to recognize anticipated revenues, tower
cash flows and other anticipated benefits from its acquisitions, (3) the
economic climate for the wireless communications industry in general and the
wireless communications infrastructure providers in the United States and in the
Company’s other international markets; (4) the Company’s ability to accurately
identify and manage any risks associated with its acquired sites, to
effectively integrate such sites into its business and to achieve the
anticipated financial results; (5) the Company’s ability to secure and retain as
many site leasing tenants as planned at anticipated lease rates; (6) the
Company’s ability to manage expenses and cash capital expenditures at
anticipated levels; (7) the impact of continued consolidation among wireless
service providers in the U.S. and internationally, on the Company’s leasing
revenue,
including churn; (8) the Company’s ability to successfully manage the risks
associated with international operations, including risks associated with
foreign currency exchange rates; (9) the Company’s ability to secure and
deliver anticipated services business at contemplated margins; (10) the
Company’s ability to acquire land underneath towers on terms that are accretive;
(11) the Company’s ability to obtain future financing at commercially
reasonable rates or at all; (12) the Company’s ability to achieve the new builds
targets included in its anticipated annual portfolio growth goals, which will
depend, among other things, on obtaining zoning and regulatory approvals,
availability and cost of labor and supplies, and other factors beyond the
Company’s control that could affect the Company’s ability to build additional
towers in 2026; (13) whether technology upgrades, spectrum auctions, consumer
demand
for fixed wireless and other developments will drive demand in the US and in the
Company’s other international markets for wireless services, wireless antennas
and towers as anticipated; (14) the ability of the Company’s customers
to perform under their financial and contractual obligations; (15) the Company’s
ability to maintain its investment grade ratings and the impact of any potential
downgrade; and (16) the Company’s ability to meet its total
portfolio growth, which will depend, in addition to the new build risks, on the
Company’s ability to identify and acquire sites at prices and upon terms that
will provide accretive portfolio growth, competition from third parties for such
acquisitions and our ability to negotiate the terms of, and acquire, these
potential tower portfolios on terms that meet our internal return criteria.
With respect to its expectations regarding the ability to close, and realize the
benefits of, pending acquisitions, these factors also include
each party satisfactorily completing due diligence, the ability to receive
required regulatory approval, the ability and willingness of each party to
fulfill their respective closing conditions and their contractual obligations
and, with respect to
the Company’s acquisitions, the amount and quality of due diligence that the
Company is able to complete prior to closing of any acquisition and the
availability of cash on hand or availability under the Company’s current credit
instruments to fund the consideration, its ability to accurately anticipate the
future performance of the acquired towers and any challenges or costs associated
with the integration of such towers. With respect to the repurchases under the
Company’s stock repurchase program, the amount of shares repurchased, if any,
and the timing of such repurchases will depend on, among other things, the
trading price of the Company’s common stock, which may be positively or
negatively
impacted by the repurchase program, market and business conditions, the
availability of stock, the Company’s financial performance or determinations
following the date of this announcement in order to use the Company’s funds for
other
purposes. Furthermore, the Company’s forward-looking statements and its 2026
outlook assumes that the Company continues to qualify for treatment as a REIT
for U.S. federal income tax purposes and that the Company’s business is
currently
operated in a manner that complies with the REIT rules and that it will be able
to continue to comply with and conduct its business in accordance with
7
such rules. In addition, these forward-looking statements and the information in
this press release is qualified in its entirety by cautionary statements and
risk factor disclosures contained in
the Company’s Securities and Exchange Commission filings, including the
Company’s most recently filed Annual Report on Form 10-K.
This press release contains non-GAAP financial measures. Reconciliation of each
of these non-GAAP financial measures and the other Regulation G information is
presented below under “Non-GAAP Financial Measures.”
This press release will be available on our website at
www.sbasite.com.
SBA Communications Corporation is a leading independent owner and operator of
wireless communications infrastructure including towers, buildings, rooftops,
distributed antenna systems (DAS) and small cells. With a portfolio of more than
45,000 communications sites throughout the Americas and in Africa, SBA is listed
on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one
of
the top Real Estate Investment Trusts (REITs) by market capitalization. For more
information, please visit: www.sbasite.com.
Louis Friend, CFA
VP, Finance & Capital Markets
561-322-7850
Maria Alexandra Velez
VP, Corporate Affairs
561-981-7352
8
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per
share amounts)
For For
the the
three nine
mont… mont…
ended ended
Sept… Sept…
30, 30,
Rev… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Site $ 665,… $ 656… $ 1,9… $ 1,90…
lea…
Site 48,5… 75,… 147… 191,…
dev…
Tot… 713,… 732… 2,1… 2,09…
rev…
Ope…
exp…
Cost
of
rev…
(ex…
of
dep…
acc…
and
amo…
sho…
bel…
Cost
of 133,… 127… 399… 361,…
site
lea…
Cost
of 37,8… 62,… 119… 154,…
site
dev…
Sel…
gen…
and 68,0… 66,… 216… 203,…
adm…
exp…
(1)
Acq…
and
new
bus…
ini… 8,763 5,1… 22,… 18,4…
rel…
adj…
and
exp…
Ass…
imp…
and 13,4… 20,… 65,… 102,…
dec…
cos…
Dep…
acc… 84,4… 76,… 247… 211,…
and
amo…
Tot…
ope… 346,… 358… 1,0… 1,05…
exp…
Ope… 367,… 374… 1,0… 1,04…
inc…
Oth…
inc…
(ex…
Int… 7,895 5,5… 18,… 24,4…
inc…
Int… (126… ) (12… ) (38… ) (343… )
exp…
Non…
int… 16,4… (567 ) 13,… (10,… )
inc…
(ex…
Amo…
of
def… (5,5… ) (5,… ) (16… ) (16,… )
fin…
fees
Loss
from
ext… (20,… ) — (20… ) —
of
deb…
net
Oth…
inc… 15,0… 35,… 48,… 111,…
net
Tot…
oth… (113… ) (85… ) (33… ) (234… )
exp…
net
Inc…
bef… 254,… 289… 723… 809,…
inc…
tax…
Pro…
for (22,… ) (48… ) (10… ) (125… )
inc…
tax…
Net 232,… 240… 613… 684,…
inc…
Net
(in…
loss
att… (1,0… ) (3,… ) 1,1… (689 )
to
non…
int…
Net
inc…
att…
to $ 231,… $ 236… $ 614… $ 683,…
SBA
Com…
Cor…
Net
inc…
per
com…
sha…
att…
to
SBA
Com…
Cor…
Bas… $ 2.19 $ 2.21 $ 5.81 $ 6.36
Dil… $ 2.19 $ 2.20 $ 5.80 $ 6.34
Wei…
num…
of
com…
sha…
Bas… 105,… 107… 105… 107,…
Dil… 105,… 107… 106… 107,…
Includes non-cash compensation of $17,279 and $18,655 for the three
(1) months ended September 30, 2026 and 2025, respectively, and $61,616 and
$54,569 for the nine months ended September 30, 2026 and 2025,
respectively.
9
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS -unaudited
Current assets:
Cash and cash $ 417,532 $ 264,568
equivalents
Restricted cash 11,143 167,804
Accounts receivable, 151,412 171,256
net
Costs and estimated
earnings in excess 16,639 28,152
of billings on
uncompleted contracts
Prepaid expenses and
other current 247,847 141,651
assets
Total current assets 844,573 773,431
Property and 3,401,814 3,401,799
equipment, net
Intangible assets, net 2,794,714 2,882,117
Operating lease
right-of-use assets, 2,543,136 2,540,229
net
Acquired and other
right-of-use assets, 1,309,213 1,325,443
net
Other assets 722,908 651,993
Total assets $ 11,616,358 $ 11,575,012
LIABILITIES,
REDEEMABLE
NONCONTROLLING
INTERESTS, AND
SHAREHOLDERS’
DEFICIT
Current liabilities:
Accounts payable $ 65,734 $ 73,034
Accrued expenses 104,041 93,502
Current maturities of 3,557,467 1,935,802
long-term debt
Deferred revenue 115,222 117,309
Accrued interest 73,600 65,036
Current lease 293,884 299,604
liabilities
Other current 102,107 94,014
liabilities
Total current 4,312,055 2,678,301
liabilities
Long-term liabilities:
Long-term debt, net 9,338,474 10,964,466
Long-term lease 2,051,687 2,119,258
liabilities
Other long-term 656,024 588,244
liabilities
Total long-term 12,046,185 13,671,968
liabilities
Redeemable
noncontrolling 92,883 78,262
interests
Shareholders’ deficit:
Preferred stock - par
value $0.01, 30,000
shares authorized, no — —
shares issued or
outstanding
Common stock - Class
A, par value $0.01,
400,000 shares
authorized, 104,427
shares and 105,666 1,044 1,057
shares issued and
outstanding at
September 30, 2026 and
December 31, 2025,
respectively
Additional paid-in 3,125,244 3,059,427
capital
Accumulated deficit (7,336,432 ) (7,249,905 )
Accumulated other
comprehensive loss, (624,621 ) (664,098 )
net
Total shareholders’ (4,834,765 ) (4,853,519 )
deficit
Total liabilities,
redeemable
noncontrolling $ 11,616,358 $ 11,575,012
interests, and
shareholders’ deficit
10
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
For the three
CASH FLOWS FROM months
OPERATING ended September 30,
ACTIVITIES: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 232,358 $ 240,431
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation,
accretion, and 84,432 76,883
amortization
Loss (gain) on
remeasurement of
U.S. 2,494 (37,847 )
denominated
intercompany
loans
Non-cash
compensation 17,965 19,323
expense
Non-cash asset
impairment and 11,248 17,375
decommission
costs
Loss from
extinguishment of 20,082 —
debt, net
Deferred and
non-cash income 1,645 32,776
tax
provision
Other non-cash
items reflected
in the Statements (21,991 ) 15,690
of
Operations
Changes in
operating assets
and
liabilities, net
of acquisitions:
Accounts
receivable and
costs and
estimated
earnings in 26,587 (16,517 )
excess of
billings on
uncompleted
contracts, net
Prepaid expenses (39,020 ) (10,967 )
and other assets
Operating lease
right-of-use 36,362 33,657
assets, net
Accounts payable
and accrued 1,705 14,597
expenses
Accrued interest 7,310 (38,001 )
Long-term lease (35,435 ) (32,501 )
liabilities
Other liabilities (20,646 ) 3,131
Net cash provided
by operating 325,096 318,030
activities
CASH FLOWS FROM
INVESTING
ACTIVITIES:
Acquisitions (32,393 ) (11,805 )
Capital (72,781 ) (60,053 )
expenditures
Proceeds from 145,805 —
sale of assets
Other investing (578 ) (6,454 )
activities
Net cash provided
by (used in) 40,053 (78,312 )
investing
activities
CASH FLOWS FROM
FINANCING
ACTIVITIES:
Net (repayments)
borrowings under (1,055,000 ) 200,000
Revolving Credit
Facility
Proceeds from
issuance of 3,445,873 —
Senior Notes,
net of fees
Repayment of Term (2,248,250 ) (11,500 )
Loans
Payment of
dividends on (131,265 ) (119,140 )
common stock
Repurchase and
retirement of (300,033 ) (150,835 )
common
stock
Other financing (2,336 ) 1,673
activities
Net cash used in
financing (291,011 ) (79,802 )
activities
Effect of
exchange rate
changes on cash, (1,119 ) 4,955
cash equivalents,
and restricted
cash
NET CHANGE IN
CASH, CASH
EQUIVALENTS, 73,019 164,871
AND RESTRICTED
CASH
CASH, CASH
EQUIVALENTS, AND
RESTRICTED
CASH:
Beginning of 360,759 300,523
period
End of period $ 433,778 $ 465,394
11
Selected Capital Expenditure Detail
For the three September 30, For the nine September 30,
months ended 2026 months ended 2026
──────────────────────────────────────────────────────────────────────────────
-in thousands
Construction
and related $ 47,528 $ 109,135
costs
Augmentation
and tower 11,203 31,845
upgrades
Non-discret…
capital
expenditure…
Tower 14,107 39,809
maintenance
General -57 2,808
corporate
Total
non-discret… 14,050 42,617
capital
expenditures
Total
capital $ 72,781 $ 183,597
expenditures
Communication Site Portfolio Summary
Domestic International Total
Sites owned at 17,362 29,028 46,390
June 30, 2026
Sites acquired
during the 7 — 7
third quarter
Sites built
during the 3 210 213
third quarter
Sites
decommissione… -32 -1,326 -1,358
during the
third quarter
Sites owned at
September 30, 17,340 27,912 45,252
2026
Segment Operating Profit and Segment Operating Profit Margin Domestic site
leasing and International site leasing are the two segments within our site
leasing business. Segment operating profit is a key business metric and one of
our two measures of segment profitability. The calculation of Segment operating
profit for each of our segments is set forth below.
Do…
Si…
Le… In…
For Si… Site
the Le… Dev…
th… For For
mo… the the
en… th… thr…
Se… mo… mon…
30, en… end…
20… Se… Sep…
(in 30, 30,
th… 20… 20… 20… 2026 2025
──────────────────────────────────────────────────────────────────────────────
S… $ 45… $ 47… $ 21… $ 18… $ 48… $ 75…
r…
S…
c…
of
r…
(… -7… -7… -6… -5… -3… -6…
d…
a…
a…
a…
S…
o… $ 38… $ 40… $ 14… $ 12… $ 10… $ 13…
p…
S…
o… 84… 85… 70… 69… 22… 17…
p…
m…
Non-GAAPFinancial Measures The press release contains non-GAAPfinancial measures
including (i) Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow
Margin; (ii) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA
Margin; (iii) Funds from Operations (“FFO”), Adjusted Funds from Operations
(“AFFO”), and AFFO per share; (iv) Net Debt, Net Secured Debt, Leverage Ratio,
and Secured Leverage Ratio (collectively, our “Non-GAAPDebt Measures”); and (v)
certain financial metrics after eliminating the impact of changes in foreign
currency exchange rates (collectively, our “Constant Currency Measures”). We
have included these non-GAAPfinancial measures because we believe that they
provide investors additional tools in understanding our financial performance
and condition. 12
Specifically, we believe that:
(1) Cash Site Leasing Revenue and Tower Cash Flow are useful indicators of the
performance of our site leasing operations;
(2) Adjusted EBITDA is useful to investors or other interested parties in
evaluating our financial performance. Adjusted EBITDA
is the primary measure used by management (1) to evaluate the economic
productivity of our operations and (2) for purposes of making decisions about
allocating resources to, and assessing the performance of, our operations.
Management
believes that Adjusted EBITDA helps investors or other interested parties
meaningfully evaluate and compare the results of our operations (1) from period
to period and (2) to our competitors, by excluding the impact of our capital
structure (primarily interest charges from our outstanding debt) and asset base
(primarily depreciation, amortization and accretion) from our financial results.
Management also believes Adjusted EBITDA is frequently used by investors or
other
interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is
similar to the measure of current financial performance generally used in our
debt covenant calculations. Adjusted EBITDA should be considered only as a
supplement to net
income computed in accordance with GAAP as a measure of our performance;
(3) FFO, AFFO and AFFO per share, which are metrics
used by our public company peers in the communication site industry, provide
investors useful indicators of the financial performance of our business and
permit investors an additional tool to evaluate the performance of our business
against those
of our two principal competitors. FFO, AFFO, and AFFO per share are also used to
address questions we receive from analysts and investors who routinely assess
our operating performance on the basis of these performance measures, which are
considered
industry standards. We believe that FFO helps investors or other interested
parties meaningfully evaluate financial performance by excluding the impact of
our asset base (primarily depreciation, amortization and accretion and asset
impairment and
decommission costs). We believe that AFFO and AFFO per share help investors or
other interested parties meaningfully evaluate our financial performance as they
include (1) the impact of our capital structure (primarily interest expense on
our
outstanding debt) and (2) sustaining capital expenditures and exclude the impact
of (1) our asset base (primarily depreciation, amortization and accretion and
asset impairment and decommission costs) and (2) certain non-cash items,
including straight-lined revenues and expenses related to fixed escalations and
rent free periods and the non-cash portion of our reported tax provision. GAAP
requires rental revenues and expenses related to leases that contain specified
rental increases over the life of the lease to be recognized evenly over the
life of the lease. In accordance with GAAP, if payment terms call for fixed
escalations, or
rent free periods, the revenue or expense is recognized on a straight-lined
basis over the fixed, non-cancelable term of the contract. We only use AFFO as a
performance measure. AFFO should be considered only
as a supplement to net income computed in accordance with GAAP as a measure of
our performance and should not be considered as an alternative to cash flows
from operations or as residual cash flow available for discretionary investment.
We believe
our definition of FFO is consistent with how that term is defined by the
National Association of Real Estate Investment Trusts (“NAREIT”) and that our
definition and use of AFFO and AFFO per share is consistent with those reported
by the
other communication site companies;
(4) Our Non-GAAP Debt Measures provide investors
a more complete understanding of our net debt and leverage position as they
include the full principal amount of our debt which will be due at maturity and,
to the extent that such measures are calculated on Net Debt are net of our cash
and cash
equivalents, short-term restricted cash, and short-term investments; and
(5) Our Constant Currency Measures provide
management and investors the ability to evaluate the performance of the business
without the impact of foreign currency exchange rate fluctuations.
In addition, Tower Cash Flow, Adjusted EBITDA, and our Non-GAAP Debt Measures
are components of the
calculations used by our lenders to determine compliance with certain covenants
under our Senior Credit Agreement and indentures relating to our 2020 Senior
Notes, 2021 Senior Notes, and 2026 Senior Notes. These
non-GAAP
13
financial measures are not intended to be an alternative to any of the financial
measures provided in our results of operations or our balance sheet as
determined in accordance with GAAP. Financial Metrics after Eliminating the
Impact of Changes In Foreign Currency Exchange Rates We eliminate the impact of
changes in foreign currency exchange rates for each of the financial metrics
listed in the table below by dividing the current period’s financial results by
the average monthly exchange rates of the prior year period, and by eliminating
the impact of the remeasurement of our intercompany loans. The table below
provides the reconciliation of the reported year-over-year change of each of
such measures to the change after eliminating the impact of changes in foreign
currency exchange rates to such measure.
Third quarter
2026 year Foreign Change excluding
over year currency foreign
change impact currency impact
Total site leasing revenue 1.4% 1.0% 0.4%
Total cash site leasing 1.0% 1.1% -0.1%
revenue
Int’l cash site leasing 12.7% 3.5% 9.2%
revenue
Total site leasing segment
operating 0.5% 0.9% -0.4%
profit
Int’l site leasing segment
operating 15.5% 3.6% 11.9%
profit
Total site leasing tower 0.1% 0.9% -0.8%
cash flow
Int’l site leasing tower 14.7% 3.7% 11.0%
cash flow
Net cash interest expense 3.8% -0.2% 4.0%
Net income -3.3% -10.6% 7.3%
Earnings per share — -0.6% -9.6% 9.0%
diluted
Adjusted EBITDA -1.1% 0.8% -1.9%
AFFO -5.0% 1.2% -6.2%
AFFO per share -3.3% 1.2% -4.5%
Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin The table
below sets forth the reconciliation of Cash Site Leasing Revenue and Tower Cash
Flow to their most comparable GAAP measurement and Tower Cash Flow Margin, which
is calculated by dividing Tower Cash Flow by Cash Site Leasing Revenue.
Do…
Si…
Le… In… Tot…
For Si… Site
the Le… Lea…
th… For For
mo… the the
en… th… thr…
Se… mo… mon…
30, en… end…
20… Se… Sep…
(in 30, 30,
th… 20… 20… 20… 2026 2025
──────────────────────────────────────────────────────────────────────────────
S…
l… $ 45… $ 47… $ 21… $ 18… $ 66… $ 65…
r…
N…
s… -8… 540 -3… -2… -4… -1…
l…
r…
C…
s… 45… 47… 20… 18… 66… 65…
l…
r…
S…
l…
c…
of
r… -7… -7… -6… -5… -1… -1…
(…
d…
a…
a…
a…
N…
s…
g… -1… -1… 708 618 -4… -1…
l…
e…
T…
C… $ 38… $ 39… $ 14… $ 12… $ 52… $ 52…
F…
T…
C… 83… 84… 70… 69… 79… 80…
F…
M…
14
Forecasted Tower Cash Flow for Full Year 2026 The table below sets forth the
reconciliation of forecasted Tower Cash Flow set forth in the Outlook section to
its most comparable GAAP measurement for the full year 2026:
Full Year 2026
(in millions)
──────────────────────────────────────────────────────────────────────────────
Site leasing revenue $ 2,643.0 to $ 2,658.0
Non-cash straight-line -17.0 to -17.0
leasing revenue
Cash site leasing revenue 2,626.0 to 2,641.0
Site leasing cost of revenues
(excluding -540.0 to -540.0
depreciation, accretion, and
amortization)
Non-cash straight-line ground
lease -3.0 to -3.0
expense
Tower Cash Flow $ 2,083.0 to $ 2,098.0
Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin The
table below sets forth the reconciliation of Adjusted EBITDA to its most
comparable GAAP measurement.
For the three months
ended September 30,
2026
(in thousands) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 232,358 $ 240,431
Non-cash straight-line -4,338 -1,649
leasing revenue
Non-cash straight-line
ground lease -430 -1,063
expense
Non-cash compensation 17,965 19,323
Loss from
extinguishment of 20,082 —
debt, net
Other income, net -15,011 -35,595
Acquisition and new
business initiatives 8,763 5,156
related adjustments
and expenses
Asset impairment and 13,460 20,322
decommission costs
Interest income -7,895 -5,517
Total interest expense 115,975 126,198
(1)
Depreciation,
accretion, and 84,432 76,883
amortization
Provision for taxes 22,713 48,813
(2)
Adjusted EBITDA $ 488,074 $ 493,302
Annualized Adjusted $ 1,952,296 $ 1,973,208
EBITDA (3)
(1) Total interest expense includes interest expense, non-cash interest
expense, and amortization of deferred financing fees.
Includes franchise and gross receipts taxes reflected in the Statements
(2) of Operations in selling, general
and administrative expenses.
(3) Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the
most recent quarter multiplied by four.
The calculation of Adjusted EBITDA Margin is as follows:
For the three months
ended September 30,
2026
(in thousands) 2025
──────────────────────────────────────────────────────────────────────────────
Total revenues $ 713,924 $ 732,327
Non-cash straight-line -4,338 -1,649
leasing revenue
Total revenues minus
non-cash straight-line $ 709,586 $ 730,678
leasing
revenue
Adjusted EBITDA $ 488,074 $ 493,302
Adjusted EBITDA Margin 68.8% 67.5%
15
Forecasted Adjusted EBITDA for Full Year 2026 The table below sets forth the
reconciliation of the forecasted Adjusted EBITDA set forth in the Outlook
section to its most comparable GAAP measurement for the full year 2026:
Full Year 2026
(in millions)
──────────────────────────────────────────────────────────────────────────────
Net income $ 794.0 to $ 839.0
Non-cash straight-line -17.0 to -17.0
leasing revenue
Non-cash straight-line ground
lease -3.0 to -3.0
expense
Non-cash compensation 85.5 to 80.5
Loss from extinguishment of 20.0 to 20.0
debt, net
Other income, net -45.0 to -45.0
Acquisition and new business
initiatives 31.0 to 26.0
related adjustments and
expenses
Asset impairment and 87.0 to 82.0
decommission costs
Interest income -25.0 to -21.0
Total interest expense (1) 526.5 to 516.5
Depreciation, accretion, and 337.0 to 327.0
amortization
Provision for taxes (2) 127.0 to 123.0
Adjusted EBITDA $ 1,918.0 to $ 1,928.0
(1) Total interest expense includes interest expense, non-cash interest
expense, and amortization of deferred financing fees.
Includes projections for franchise taxes and gross receipts taxes,
(2) which will be reflected in the Statement
of Operations in Selling, general, and administrative expenses.
16
Funds from Operations ( “ FFO ” ), Adjusted Funds from Operations ( “ AFFO ” ),
and AFFO per share The tables below set forth the reconciliations of FFO, AFFO,
and AFFO per share to their most comparable GAAP measurement.
For
the
three
months
ended
Septe…
30,
2026 2025 ($
(in ($ per (in per
thous… share) thous… shar…
──────────────────────────────────────────────────────────────────────────────
Net $ 232,3… $ 2.20 $ 240,4… $ 2.24
inco…
Real
esta…
rela…
depr… 82,732 0.78 75,162 0.70
amor…
and
accr…
Asset
impa…
and 13,460 0.13 20,322 0.19
deco…
costs
FFO $ 328,5… $ 3.11 $ 335,9… $ 3.13
Adju…
to
FFO:
Non-…
stra… -4,338 -0.04 -1,649 -0.02
leas…
reve…
Non-…
stra…
grou… -430 — -1,063 -0.01
lease
expe…
Non-… 17,965 0.17 19,323 0.18
comp…
Adju…
for
non-…
port…
of
tax 4,933 0.05 39,478 0.37
prov…
and
other
tax
adju…
(1)
Non-…
esta…
rela…
depr… 1,700 0.02 1,721 0.02
amor…
and
accr…
Amor…
of
defe…
fina…
costs
and -10,8… -0.10 6,044 0.06
debt
disc…
and
non-…
inte…
expe…
Loss
from
exti… 20,082 0.19 — —
of
debt,
net
Other
inco… -15,0… -0.16 -35,5… -0.35
net
Acqu…
and
new
busi…
init… 8,763 0.08 5,156 0.05
rela…
adju…
and
expe…
Non-…
cash -14,0… -0.13 -14,4… -0.13
capi…
expe…
AFFO $ 337,2… $ 3.19 $ 354,9… $ 3.30
Adju…
for
joint -1,699 -0.02 -1,972 -0.02
vent…
part…
inte…
AFFO
attr…
to $ 335,6… $ 3.17 $ 352,9… $ 3.28
SBA
Comm…
Corp…
Dilu…
weig…
aver…
numb… 105,6… 107,5…
of
comm…
shar…
The three months ended September 30, 2025 includes approximately $5.8
million in taxes related to the
sale of substantially all of our operations in Canada. We believe that
(1) these tax payments are nonrecurring, and do not believe these are an
indication of our operating performance. Accordingly, we believe it is
more meaningful to present AFFO and
AFFO attributable to SBA Communications Corporation excluding these
amounts.
17
Forecasted AFFO for the Full Year 2026 The tables below set forth the
reconciliations of the forecasted AFFO and AFFO per share set forth in the
Outlook section to their most comparable GAAP measurements for the full year
2026:
(in
mill… Full
exce… Year
per 2026
share (in ($ per
amou… milli… share)
──────────────────────────────────────────────────────────────────────────────
Net $ 794.0 to $ 839.0 $ 7.51 to $ 7.94
inco…
Real
esta…
rela…
depr… 326.5 to 321.5 3.09 to 3.04
amor…
and
accr…
Asset
impa…
and 87.0 to 82.0 0.82 to 0.78
deco…
costs
FFO $ 1,207… to $ 1,24… $ 11.42 to $ 11.76
Adju…
to
FFO:
Non-…
stra… -17.0 to -17.0 -0.16 to -0.16
leas…
reve…
Non-…
stra…
grou… -3.0 to -3.0 -0.03 to -0.03
lease
expe…
Non-… 85.5 to 80.5 0.81 to 0.76
comp…
Adju…
for
non-…
port…
of
tax 51.0 to 51.0 0.48 to 0.48
prov…
and
other
tax
adju…
(1)
Non-…
esta…
rela…
depr… 10.5 to 5.5 0.10 to 0.05
amor…
and
accr…
Amor…
of
defe…
fina…
costs
and 8.5 to 8.5 0.08 to 0.08
debt
disc…
and
non-…
inte…
expe…
Loss
from
exti… 20.0 to 20.0 0.19 to 0.19
of
debt,
net
Other
inco… -45.0 to -45.0 -0.43 to -0.43
net
Acqu…
and
new
busi…
init… 31.0 to 26.0 0.29 to 0.25
rela…
adju…
and
expe…
Non-…
cash -65.0 to -61.0 -0.60 to -0.58
capi…
expe…
AFFO $ 1,284… to $ 1,30… $ 12.15 to $ 12.37
Adju…
for
joint -7.0 to -7.0 -0.07 to -0.07
vent…
part…
inte…
AFFO
attr…
to $ 1,277… to $ 1,30… $ 12.08 to $ 12.30
SBA
Comm…
Corp…
Dilu…
weig…
aver…
numb… 105.7 to 105.7
of
comm…
shar…
(2)
Includes $8.6 million in taxes related to the sale of substantially all
of our operations in Canada. We
believe that these tax payments are nonrecurring, and do not believe
(1) these are an indication of our operating performance. Accordingly, we
believe it is more meaningful to present AFFO and AFFO attributable to
SBA Communications Corporation
excluding these amounts.
Weighted average number of common shares does not contemplate any
(2) additional repurchases of the
Company’s stock during 2026.
18
Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio Net Debt
is calculated using the notional principal amount of outstanding debt. Under
GAAP policies, the notional principal amount of the Company’s outstanding debt
is not necessarily reflected on the face of the Company’s financial statements.
The Net Debt and Leverage calculations are as follows:
September 30,
2026
(in thousands)
──────────────────────────────────────────────────────────────────────────────
2020-2C Tower Securities $ 600,000
2021-1C Tower Securities 1,165,000
2021-2C Tower Securities 895,000
2021-3C Tower Securities 895,000
2022-1C Tower Securities 850,000
2024-1C Tower Securities 1,450,000
2024-2C Tower Securities 620,000
Total secured debt 6,475,000
2020 Senior Notes 1,500,000
2021 Senior Notes 1,500,000
2026-1 Senior Notes 1,350,000
2026-2 Senior Notes 1,350,000
2026-3 Senior Notes 800,000
Total unsecured debt 6,500,000
Total debt $ 12,975,000
Leverage Ratio
Total debt $ 12,975,000
Less:
Cash and cash equivalents, short-term -454,655
restricted
cash and short-term investments
Net debt $ 12,520,345
Divided by: Annualized Adjusted EBITDA $ 1,952,296
Leverage Ratio 6.4x
Secured Leverage Ratio
Total secured debt $ 6,475,000
Less:
Cash and cash equivalents, short-term -454,655
restricted
cash and short-term investments
Net Secured Debt $ 6,020,345
Divided by: Annualized Adjusted EBITDA $ 1,952,296
Secured Leverage Ratio 3.1x
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