SBA Communications
Leases multi-tenant tower space and builds sites for wireless carriers.
Something off on this page? Send us feedback.
Profile
Leases antenna space on owned and managed towers and rooftops under long-term contracts, with site development services for U.S. wireless carriers. Site leasing generates nearly all segment operating profit across the United States, South and Central America, and Africa, while revenue is concentrated among major carriers.
Leases antenna space on multi-tenant towers and rooftops under long-term contracts, while managing selected third-party sites. Domestic Site Leasing covers the United States and its territories; International Site Leasing spans South and Central America and Africa. Site Development handles acquisition, zoning, construction, and equipment installation for U.S. carriers.
Owns 46,328 towers, with more abroad than domestically after expanding in Central America and exiting Canada, Colombia, and the Philippines. Uses available capacity and regional carrier relationships to add tenants where location and market density support demand.
Site leasing supplies nearly all segment operating profit. Revenue is concentrated among T-Mobile, AT&T Wireless, and Verizon Wireless, while demand follows carrier network investment. Tower construction and operation remain subject to FCC, FAA, zoning, permitting, environmental, lighting, and marking rules.
Company facts
Categories
Key statistics
Year to date −0.8% · Average volume (30d) 990.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Barclays | Reiterate | Overweight | $245 | $208 | |
| Aug 5, 2026 | Truist Financial | Target | $350 | $238 | ||
| Aug 4, 2026 | Morgan Stanley | Reiterate | Equal Weight | $225 | $215 | |
| Aug 4, 2026 | Wolfe Research | Upgrade | Outperform | |||
| Jul 17, 2026 | Wells Fargo | Upgrade | Equal-Weight | Overweight | $205 | $210 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $1.85 | $1.87 | +1.1% | $706.0M | $715.3M | +1.3% | +4.66% |
| Apr 29, 2026Q1 FY26 | $1.78 | $1.74 | −2.2% | $696.2M | $703.4M | +1.0% | +2.42% |
| Feb 26, 2026Q4 FY25 | $3.89 | $3.47 | −10.8% | $725.8M | $719.6M | −0.9% | +4.68% |
| Nov 3, 2025Q3 FY25 | $3.04 | $3.32 | +9.2% | $725.8M | $732.3M | +0.9% | +1.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $664.2M | $699.0M | $732.3M | $719.6M | $703.4M | $715.3M | |
| Gross profit | $503.2M | $521.0M | $542.5M | $220.2M | $532.1M | $539.3M | |
| Operating income | $334.9M | $334.8M | $374.2M | $307.8M | $342.8M | $433.2M | |
| Net income | $220.7M | $225.8M | $236.8M | $370.3M | $184.8M | $198.8M | |
| Diluted EPS | $2.04 | $2.09 | $2.21 | $3.47 | $1.74 | $1.87 | |
| Gross margin | 75.8% | 74.5% | 74.1% | 30.6% | 75.6% | 75.4% | |
| Operating margin | 50.4% | 47.9% | 51.1% | 42.8% | 48.7% | 60.6% |
Fiscal years (4-quarter sums)FY21 $2.31B · FY22 $2.63B · FY23 $2.71B · FY24 $2.68B · FY25 $2.82B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $327.1M · Total debt $15.21B · Total assets $11.74B · Shareholders' equity −$4.63B
Dividends
Raised for 5 straight years — most recently to $1.25 from $1.11 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 20, 2026 | Aug 20 | Sep 17 | $1.25 | |
| May 22, 2026 | May 22 | Jun 17 | $1.25 | |
| Mar 13, 2026 | Mar 13 | Mar 27 | $1.25 | raised from $1.11 |
| Nov 13, 2025 | Nov 13 | Dec 11 | $1.11 | |
| Aug 21, 2025 | Aug 21 | Sep 18 | $1.11 | |
| May 22, 2025 | May 22 | Jun 17 | $1.11 | |
| Mar 13, 2025 | Mar 13 | Mar 27 | $1.11 | raised from $0.98 |
| Nov 14, 2024 | Nov 14 | Dec 12 | $0.98 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 106.06M · Float 105.27M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Dodge & Cox | 12.32M | 11.62% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 10.14M | 9.56% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 9.82M | 9.26% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 6.94M | 6.54% | 13F | Aug 13, 2026 |
| State Street Corp | 5.12M | 4.83% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | George R. Jr Krouse | director | −300 | $182.67 |
Peers
- American Tower
Global tower REIT with U.S., Latin America, and Africa overlap
- Crown Castle
U.S. tower REIT concentrated in domestic carrier colocation
- IHS
Emerging-markets tower peer across Africa and recent LatAm exposure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| SBA Communications | $191.37 | +0.25% | $20.25B | 20.6 | 24.0 | 7.1 | +2.3% |
| American Tower | $176.00 | −0.14% | $82.12B | 24.2 | 26.0 | 7.5 | +4.7% |
| Crown Castle | $76.14 | 0.00% | $33.27B | 31.0 | 28.6 | 8.0 | −4.9% |
| IHS | $8.36 | −0.06% | $2.81B | 20.7 | 7.9 | 1.8 | +8.7% |
| Median | 24.2 | 26.0 | 7.5 | +4.7% |