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Sentiment · FY2026 Q2
On July 23, 2026, the company closed a $3.5 billion senior unsecured notes offering: $1.35 billion of 4.875% notes due 2030, $1.35 billion of 5.150% notes due 2031 and $800.0 million of 5.450% notes due 2033. Proceeds repaid in full the senior secured term loan that would have matured January 25, 2031 and all borrowings under the senior secured revolving credit facility that would have matured January 25, 2029. Concurrently the company entered a new $2.5 billion senior unsecured revolving credit facility maturing July 23, 2031.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ric Prentiss | Raymond James | 12 (8%) |
| Mike Rollins | Citigroup | 10 (0%) |
| Nick Del Deo | MoffettNathanson | 9 (0%) |
| Batya Levi | UBS | 8 (0%) |
| Jim Schneider | Goldman Sachs | 8 (0%) |
| Eric Luebchow | Wells Fargo | 7 (0%) |
| Brendan Lynch | Barclays | 7 (0%) |
| Richard Choe | JPMorgan | 6 (17%) |
| Ben Swinburne | Morgan Stanley | 5 (0%) |
| Aryeh Klein | BMO Capital Markets | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Raymond James | 1 | 12 (8%) |
| Citigroup | 1 | 10 (0%) |
| MoffettNathanson | 1 | 9 (0%) |
| Goldman Sachs | 2 |
| 9 (0%) |
| UBS | 1 | 8 (0%) |
| Wells Fargo | 1 | 7 (0%) |
| Barclays | 1 | 7 (0%) |
| Morgan Stanley | 3 | 7 (0%) |
Revenue grew 5.9% as SBAC raised its full-year 2026 outlook across all key metrics including AFFO per share, driven by Q1 outperformance, higher straight-line revenue, and favorable foreign exchange. The Millicom integration exceeded lease-up projections while mobile edge computing gained traction with AI inference workloads, creating a new revenue stream for tower infrastructure. Leverage remained within the target range at 6.6x net debt-to-EBITDA, and domestic backlog continued increasing steadily despite the EchoStar litigation that removed that tenant from the revenue base.
Demand | Revenue Growth | M&A | Capital Allocation | Regulation Policy | Competitive Dynamics | Credit | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 7 | 1 | 2 | 2 | 3 | 2 | 2 |
| 2025Q1 | 10 | 8 | 2 | 1 | 2 | 2 | ||
| 2025Q2 | 7 | 5 | 3 | 2 | 2 | 2 | 1 | 1 |
| 2025Q3 | 13 | 11 | 4 | 2 | 4 | 2 | 1 | |
| 2025Q4 | 5 | 6 | 1 | 1 | 1 | 2 | ||
| 2026Q1 | 3 | 2 | 3 | 6 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 10 | 7 | 13 | 5 | 3 |
| Revenue Growth | 7 | 8 | 5 | 11 | 6 | 2 |
| M&A | 1 | 2 | 3 | 4 | 1 | 3 |
| Capital Allocation | 2 | 1 | 2 | 2 | 1 | 6 |
| Regulation Policy | 2 | 2 | 2 | 4 | 1 | |
| Competitive Dynamics | 3 | 2 | 2 | |||
| Credit | 2 | 1 | 2 | 2 | ||
| Cloud & AI | 2 | 1 | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $694M | +2.8% | $1.61 | +59.4% | 77.1% | 55.1% | 25.0% | $255M |
| FY2025 Q1 | $664M | +1.0% | $2.04 | +43.7% | 75.8% | 50.4% | 33.2% | $255M |
| FY2025 Q2 | $699M | +5.8% | $2.09 |
| +38.4% |
| 74.5% |
| 47.9% |
| 32.3% |
| $312M |
| FY2025 Q3 | $732M | +9.7% | $2.21 | -7.9% | 74.1% | 51.1% | 32.3% | $258M |
| FY2025 Q4 | $720M | +3.7% | $3.47 | +115.5% | 30.6% | 42.8% | 51.5% | $241M |
| FY2026 Q1 | $703M | +5.9% | $1.74 | -14.7% | 75.6% | 48.7% | 26.3% | $207M |
| FY2026 Q2 | $715M | +2.3% | $1.87 | -10.5% | 75.4% | 60.6% | 27.8% | $345M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What SBAC and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“What does it mean if SBA gets taken private?”
An analyst probes the industry implications of rumored take-private interest in competitor SBA Communications and what valuation multiple it might command.
“We've made tremendous progress integrating the Millicom assets and are seeing healthy colocation demand for these sites, exceeding our initial lease-up projections.”
SBA's acquisition of Millicom's Central American tower assets is integrating well, with colocation demand exceeding initial lease-up projections.
“With regard to EchoStar, we continue to litigate the matter in federal court and believe strongly in our contractual rights.”
SBA removed all EchoStar revenue as of January 1 and is litigating a contract dispute with EchoStar in federal court, a churn and legal overhang for both parties.
“our prior outlook for both Sprint and EchoStar-related churn for the year remains unchanged”
Legacy Sprint network decommissioning continues to drive tenant churn on SBA's U.S. towers, a known headwind that remains in the 2026 outlook.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SBAC SBA Communications | 7 | +5.9% | |
| AMT American Tower | 6 | +6.8% | |
| CCI Crown Castle | 3 | -4.8% | |
| EQIX Equinix | 8 | +9.8% | |
| IRM Iron Mountain | 9 | +21.6% | |
| WY Weyerhaeuser | 5 | -2.0% |