SBA Communications Q2 2026: leasing up 5.1%, EPS misses at $1.87
SBA Communications delivered a steady but unexciting quarter: revenue rose 2.3% to $715.3 million, EPS of $1.87 came in 2.4% below the $1.9156 consensus, and AFFO per share slipped to $3.05. Full-year guidance was barely touched, with the revenue midpoint up only $2.0 million to $3.0 million. The real swing factor was churn and a smaller currency gain, not operations. View: Neutral.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $1.87 missed the $1.9156 consensus by $0.0456, or 2.4%, and fell 10.7% from $2.09 a year ago. Reported net income included an $8.0 million currency-related gain versus a $30.4 million gain a year earlier, so most of the decline is a smaller accounting gain rather than weaker operations. AFFO per share, the cash metric tower REITs are judged on, was $3.05, down 3.8%.
Total revenue was $715.3 million, up 2.3% from $699.0 million a year ago, as site leasing grew 5.1% to $663.9 million while site development fell 23.5% to $51.4 million. Strip out currency moves and site leasing growth was only 3.0%. Note that the $51.4 million revenue figure in the filing data is just the site development segment, not company revenue.
The company nudged full-year 2026 total revenue guidance to $2.841 billion to $2.886 billion, a $2.8635 billion midpoint that is only $2.0 million to $3.0 million above the April 29 outlook. AFFO per share guidance is $11.95 to $12.40. The revenue range is tight, at roughly ±0.8% around the midpoint.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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