SBA Communications (SBAC) Q4 2025 earnings summary

Executive summary

• Q4 2025 results were solid, with net income of $370.4 million ($3.47 per share), AFFO per share of $3.19, and a 13% dividend increase to $1.25 per share, despite higher bad debt expenses from EchoStar.

• Significant share buybacks totaled $500 million for 2.5 million shares in 2025.

• Closed on most remaining Millicom International site acquisitions in Central America, strengthening regional presence.

• Domestic new leases and abandoned buildings added $10 million in revenue, while international segment saw $6 million in new leases but faced $8 million in churn from consolidation and restructuring.

• Announced and paid $118.2 million in Q4 2025 dividends.

Financial highlights

• Q4 2025 total revenues were $719.6 million, up 3.7% year-over-year; site leasing revenue grew 3.1% to $666.2 million.

• Net income more than doubled year-over-year to $370.4 million, driven by a $226.3 million gain on the sale of Canadian operations.

• Adjusted EBITDA for Q4 2025 was $486.0 million, down 0.7% year-over-year; AFFO was $340.4 million, down 9.2%.

• Service business revenue grew 13% year-over-year in Q4 2025.

• Q4 2025 AFFO per share was $3.19, down 8.1% year-over-year.

Outlook and guidance

• 2026 site leasing revenue expected between $2.625 billion and $2.650 billion; total revenues $2.815–$2.860 billion.

• AFFO projected at $1.26–$1.31 billion ($11.84–$12.29 per share); Adjusted EBITDA forecasted at $1.91–$1.93 billion.

• Guidance excludes all contracted revenue from EchoStar due to ongoing dispute and non-payment; legal action ongoing.

• International outlook includes full-year contribution from Millicom sites and $19–$21 million in new leases/abandonments.

• No further share repurchases or acquisitions assumed in outlook beyond those under contract; refinancing $1.165 billion in tower securities expected.