SBAC

SBA CommunicationsNASDAQ · Telecom Tower REITs · Real Estate

Previous close

187.15

Change

+2.27 / +1.23%

FinDog View

Neutral

52-Week Range ?

156.60 – 224.46

P/E (TTM) ?

20.3

Forward P/E ?

21.4

Based on consensus earnings for the next 12 months

Market Cap

$20.1B

+16.88%

S&P 500 −0.91% over same period

Volume / Avg Volume

935K / 1.3M

0.71× average

Latest earnings analysisFY2026 Q2Reported 2026-08-03

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.

Read the full analysis →

Revenue$0.05BYoY −92.60%

EPS$1.87Missest. $1.92

Next-quarter revenue guidance$2.86B ±0.8%YoY +5472.20%

Next-day move+4.66%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 20.61M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-08-03	$51.4M	1.87 / 1.92	+4.66%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-04-29	$47.3M	1.74 / 1.82	+2.42%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-26	$244M	3.47 / 3.87	+4.68%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-11-03	$75.9M	2.20 / 2.24	+1.38%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-08-04	$67.2M	2.09 / —	−4.88%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-04-28	$48.0M	2.04 / —	+6.82%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2026-11-02

Tomorrow · time TBD

Consensus EPS

$2.16

Last quarter EPS $1.87

Avg. next-day move over the last 6 reports

±4.1%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 14 of its 5-year rangeCheap

5-year range 19.1 – 51.8 · Median 31.6

Last 4 quarters: $367M in buybacks + $505M in dividends, 4.34% of market cap combined

P/E (TTM)

20.3

P/B

—

P/S

7.0

Dividend Yield

1.46%

Earnings Reaction

Over the last 6 reports, the stock moved ±4.1% on average on the first trading day after, rising 5 times

Most recent +4.66%

Volatility & Correlation

1-year beta 0.13 · Correlation with S&P 500 0.05Low beta

Annualized volatility 36% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 1 · $0.05MNet selling $0.05M

08-17Krouse George R JrDirectorSell$0.05M300 shares · Avg price 182.67

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q2	0.05	−23.5%	-242.5%	0.35	0.20	0.34	1.87
FY2026 Q1	0.05	−1.6%	-262.3%	0.34	0.18	0.21	1.74
FY2025 Q4	0.72	+3.7%	—	0.30	0.37	0.24	3.47
FY2025 Q3	0.73	+9.7%	74.1%	0.37	0.24	0.26	2.20
FY2025 Q2	0.07	−89.8%	-156.1%	0.33	0.23	0.31	2.09
FY2025 Q1	0.05	−92.7%	-219.9%	0.33	0.22	0.26	2.04
FY2024 Q4	0.69	+2.8%	—	0.38	0.17	0.25	1.61
FY2024 Q3	0.67	−2.2%	77.5%	0.38	0.26	0.24	2.40
FY2024 Q2	0.66	−2.7%	78.6%	0.35	0.16	0.38	1.51
FY2024 Q1	0.66	−2.6%	79.0%	0.32	0.15	0.24	1.42
FY2023 Q4	0.68	−1.6%	—	0.21	0.11	0.37	1.01
FY2023 Q3	0.68	+1.0%	78.1%	0.25	0.09	0.25	0.80

Peers

Largest by market cap in the sector · Latest quarterView Real Estate sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
SBAC	SBA Communications	$20.1B	20.3	−23.5%	-242.5%	+16.88%	Neutral
WELL	Welltower	$171B	99.1	+51.4%	28.0%	+1.89%	Bullish	Compare
PLD	Prologis	$125B	29.2	+7.4%	—	−1.43%	Bullish	Compare
EQIX	Equinix	$100B	62.0	+11.0%	51.1%	+0.21%	Bullish	Compare
AMT	American Tower	$88.1B	26.5	−17.8%	—	+14.72%	Neutral	Compare
SPG	Simon Property Group	$70.6B	15.3	+19.5%	—	+8.46%	Neutral	Compare
DLR	Digital Realty	$66.2B	83.4	+16.2%	—	+2.95%	Bullish	Compare
PSA	Public Storage	$60.9B	32.0	+11.6%	—	+14.82%	Neutral	Compare
O	Realty Income	$54.2B	42.8	+9.7%	—	+4.84%	Bullish	Compare

Earnings Preview · Reports 11-02

SBA Q3 preview: can new leases offset churn?

Whether domestic leasing revenue stops declining and offsets about $110 million of churn from the Sprint-EchoStar merger
Whether full-year guidance of $2.84-2.89 billion is raised again or has peaked
Whether per-share earnings and AFFO keep falling, and whether free cash flow still covers the dividend

No consensus estimate available; last quarter's full-year revenue guidance was $2.84-2.89 billion, with EPS of $1.87 last quarter.

Over the past 6 reports, shares moved ±4.1% on average, rising 5 times, with the latest up 4.7%.

Watch out for：Domestic leasing revenue keeps shrinking; if new leases and rent escalators fail to offset churn, full-year guidance could shift from a slight raise to a cut.

The View in One Line

Revenue down 23.5% YoY, EPS $1.87 below $1.92 estimate, domestic leasing down 3.7%; whether Sprint churn is offset remains unclear, stay neutral.

Updated 2026-10-30

Notable Institutional Holders

Citadel Advisors · Ken Griffin$228MAdded +219%
Bridgewater Associates · Ray Dalio$1.1MReduced −56%

As of 2026-06-30

ETFs holding it

XLRE Real Estate Select Sector SPDR Fund2.22%
RSP Invesco S&P 500 Equal Weight ETF0.17%
JEPI JPMorgan Equity Premium Income ETF0.14%
SCHG Schwab U.S. Large-Cap Growth ETF0.08%
VUG Vanguard Growth ETF0.07%
SPY SPDR S&P 500 ETF Trust0.03%
VOO Vanguard S&P 500 ETF0.03%
IVV iShares Core S&P 500 ETF0.03%

Weights estimated at latest prices

Key Events

09-25Capital Actions
SBA Communications Establishes $2.5 Billion Commercial Paper Program
On September 25, 2026, SBA Communications established a commercial paper program to issue up to $2.5 billion in short-term unsecured notes for general corporate purposes.Source ↗
07-24Capital Actions
SBA Communications Issues $3.5 Billion of Senior Notes
On July 23, 2026, SBA Communications completed the issuance of $3.5 billion of senior notes in three tranches maturing in 2030, 2031 and 2033, to repay term loans and revolving credit.Source ↗
07-23Capital Actions
SBA Communications Completes $3.5 Billion Senior Notes Offering
On July 23, 2026, SBA Communications completed the issuance of senior notes due 2030, 2031 and 2033, with an aggregate principal amount of $3.5 billion.Source ↗
07-15Capital Actions
SBA Communications Issues $3.5 Billion of Senior Notes
On July 14, 2026, SBA Communications reached an underwriting agreement to issue three tranches of senior notes totaling $3.5 billion, to repay term loan and revolving credit borrowings.Source ↗
05-22Governance
SBA Communications Annual Meeting Voting Results Announced
On May 22, 2026, SBA Communications' annual meeting elected three directors, approved an advisory say-on-pay proposal, and ratified EY as auditor for fiscal 2026.Source ↗
03-27Management Change
EVP of U.S. Operations Ciarfella to Retire at Year-End
Mark Ciarfella, Executive Vice President of U.S. Operations at SBA Communications, notified on March 24, 2026 that he will retire on December 31, 2026, and will remain as a non-executive employee until March 7, 2027.Source ↗

Key Financial Trends

Quarterly Revenue ($B)0.1

Gross Margin-242.5%

Free Cash Flow ($B)0.3