SBA Communications Corporation Reports Fourth Quarter 2025 Results; Provides Full Year 2026 Outlook; and Declares Quarterly Cash Dividend

About this update from Sba Communications Corporation

[{"type":"text","content":" BOCA RATON, Fla., February 26, 2026 --( BUSINESS WIRE )--SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended December 31, 2025.","length":208,"tagName":"p"},{"type":"text","content":" Highlights of the fourth quarter include: ","length":41,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Net income of $370.4 million or $3.47 per share ","length":47,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Industry-leading AFFO per share of $3.19 ","length":40,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Repurchased 1.1 million shares throughout the quarter and subsequent to quarter end ","length":83,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Industry leading dividend growth ","length":32,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":202,"olType":false},{"type":"text","content":"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, an increase of approximately 13% over the dividend paid in the fourth quarter. The distribution is payable March 27, 2026 to the shareholders of record at the close of business on March 13, 2026.","length":361,"tagName":"p"},{"type":"text","content":""Today we are pleased to announce a solid finish to 2025, with positive fourth quarter financial and operating results," commented Brendan Cavanagh, President and Chief Executive Officer. "Globally, we continued to see our carrier customers invest in their networks, both densifying and expanding their coverage footprints. The deployment of new spectrum bands, compliance with regulatory requirements and the advancement of 5G use cases like Fixed Wireless Access all contributed to this investment and will continue to drive further organic growth across our portfolio. During the fourth quarter, we also closed on the majority of the remaining sites purchased from Millicom International in Central America, strengthening our position across this region, and our teams are actively working to integrate these sites into our portfolio. In addition, since the date of our last earnings release, we have spent $175 million to repurchase and retire over 916 thousand shares of our common stock at an immediately accretive average price of $191.00 per share. Lastly, in today’s press release, we have provided our initial 2026 full year outlook. Our outlook incorporates the full removal of all contracted revenue from EchoStar. While we intend to pursue our contracted legal rights to these amounts, we believe excluding these revenues provides the cleanest view of our forward expectations given the existing dispute and lack of payment from this customer. Our outlook contemplates continued steady contributions across all of our markets from each of our key customers. This outlook is also supportive of today’s announced dividend increase of 13%. This dividend on an annual basis represents approximately 41% of AFFO in our 2026 outlook, leaving us with significant capital available for potential additional portfolio growth and potential stock repurchases. Our business remains strong, and we are excited about the long-term future of wireless growth."","length":1977,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Operating Results ","length":17,"tagName":"p"},{"type":"text","content":"The table below details select financial results for the three months ended December 31, 2025 and comparisons to the prior year 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SBA also built 164 towers during the fourth quarter of 2025. As of December 31, 2025, SBA owned or operated 46,328 communication sites, 17,394 of which are located in the United States and its territories and 28,934 of which are located internationally. In addition, the Company spent $17.1 million to purchase land and easements and to extend lease terms. 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As of the date of this press release, the Company purchased or is under contract to purchase 48 communication sites for an aggregate consideration of $45.0 million in cash, which it expects to close by the end of the second quarter of 2026.","length":411,"tagName":"p"},{"type":"text","content":"On October 15, 2025, the Company sold substantially all of its operations in Canada.","length":84,"tagName":"p"},{"type":"text","content":" Financing Activities and Liquidity ","length":34,"tagName":"p"},{"type":"text","content":"SBA ended the fourth quarter of 2025 with $13.0 billion of total debt, $10.0 billion of total secured debt, $0.4 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 4.9x, respectively.","length":353,"tagName":"p"},{"type":"text","content":"On January 9, 2026, the Company, using borrowings from the Revolving Credit Facility, repaid the aggregate principal amount of the 2020-1C Tower Securities ($750.0 million) and on January 30, 2026, the Company repaid $39.5 million of the principal amount of the 2020-2R Tower Securities. The remaining balance of the 2020-2R Tower Securities is $31.6 million.","length":359,"tagName":"p"},{"type":"text","content":"As of the date of this press release, the Company had $1.205 billion outstanding under its $2.0 billion Revolving Credit Facility.","length":130,"tagName":"p"},{"type":"text","content":"During the fourth quarter of 2025, the Company repurchased 1.1 million shares of its Class A common stock for $213.0 million at an average price per share of $191.07 under its $1.5 billion stock repurchase plan. Subsequent to the fourth quarter of 2025, the Company repurchased an additional 12 thousand shares of its Class A common stock for $2.2 million at an average price per share of $188.66. The Company has repurchased 2.5 million shares of its Class A common stock for $500.0 million at an average price per share of $200.67 during 2025 and through the date of this press release. After these repurchases, the Company had $1.1 billion of authorization remaining under the plan. Shares repurchased were retired.","length":718,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, the Company declared and paid a cash dividend of $118.2 million.","length":95,"tagName":"p"},{"type":"text","content":" Outlook ","length":7,"tagName":"p"},{"type":"text","content":"The Company is providing its initial 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.","length":437,"tagName":"p"},{"type":"text","content":"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 new debt financings during 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.","length":695,"tagName":"p"},{"type":"text","content":"The Company’s 2026 Outlook assumes an average foreign currency exchange rate of 5.20 Brazilian Reais to 1.0 U.S. Dollar, 2,525 Tanzanian Shillings to 1.0 U.S. Dollar, and 16.40 South African Rand to 1.0 U.S. Dollar throughout 2026. When compared to 2025 actual foreign currency exchange rates, these 2026 foreign currency rate assumptions positively impacted the 2026 full year Outlook by approximately $34.4 million for leasing revenue, $23.9 million for Tower Cash Flow, $21.4 million for Adjusted EBITDA, and $20.2 million for AFFO.","length":535,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:56%;","val":[{"type":"text","content":" (in millions, except per share amounts) 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