SBA Communications (SBAC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and SBA Communications published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. SBA Communications reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• SBA Communications is a REIT. Revenue here is its GAAP total revenues (site leasing plus site development), and EPS is diluted net income attributable to SBA Communications Corporation. The adjusted figure is AFFO (adjusted funds from operations) per share, the per-share measure SBA leads with. The release reports in thousands; this page shows millions.
• On September 10, 2026 SBA sold all its towers in Chile and Ecuador and agreed to sell its towers in Peru, which it expects to close in Q4 2026.

Source: SBA Communications Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How SBA Communications splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• SBA Communications's Domestic site leasing revenue was $454 million in Q3 2026, down 3% from $470 million in Q3 2025, 64% of total revenue.
• SBA Communications's International site leasing revenue was $211 million in Q3 2026, up 13% from $186 million in Q3 2025, 30% of total revenue.
• SBA Communications's Site development revenue was $48.6 million in Q3 2026, down 36% from $75.9 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

SBA's outlook is a table of ranges in the release, updated from its August 3, 2026 outlook. It excludes the pending sale of its towers in Peru and any further share repurchases.

In its Q3 2026 release, SBA Communications said:

“Site leasing revenue $2,643.0 to $2,658.0”

“Total revenues $2,833.0 to $2,858.0”

“Adjusted EBITDA (1) $1,918.0 to $1,928.0”

“AFFO per share (1) (5) $12.15 to $12.37”

Source: SBA Communications Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SBAC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues in millions and diluted net income per share attributable to SBA Communications Corporation, each as first reported in that quarter's release.

We do not hold a confirmed date for SBA Communications's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

SBA Communications' Q3 2026 total revenues were $713.9 million, down from $732.3 million. Site leasing, the rent wireless carriers pay to put equipment on SBA's towers, was $665.4 million, up 1.4%. Site development, the U.S.-only business of helping carriers plan and build on sites, fell 36.0% to $48.5 million, which SBA attributed to decreased carrier activity. Site leasing contributed 98.0% of total operating profit. (SBA Communications Q3 2026 release, Nov 2, 2026; SBA Communications Form 10-Q, Q3 2026, Nov 5, 2026)

Domestic site leasing revenue fell 3.4% to $454.4 million, primarily because of Sprint, EchoStar and other lease non-renewals, partly offset by contractual rent escalators, new leases and amendments. SBA's 2026 outlook bridge counts $56 million of Sprint consolidation churn and $56 million of EchoStar churn against 2025 site leasing revenue of $2,571 million. (SBA Communications Q3 2026 release, Nov 2, 2026; SBA Communications Form 10-Q, Q3 2026, Nov 5, 2026)

International site leasing revenue rose 13.3% to $211.0 million, or 9.8% excluding currency, mainly from 2,467 towers acquired (2,466 of them in the Millicom transaction) and 685 towers built since July 1, 2025. Brazil was 14.2% of total site leasing revenue in the quarter, and no other international market was more than 5%. (SBA Communications Q3 2026 release, Nov 2, 2026; SBA Communications Form 10-Q, Q3 2026, Nov 5, 2026)

SBA depends on three U.S. carriers. In 2025, T-Mobile accounted for 31.1% of total revenues, AT&T Wireless 20.3% and Verizon Wireless 15.1%. At September 30, 2026 SBA owned or operated 45,252 communication sites: 17,340 in the United States and its territories and 27,912 internationally. (SBA Communications Form 10-K, 2025, Feb 27, 2026; SBA Communications Q3 2026 release, Nov 2, 2026)

SBA Communications' diluted EPS was $2.19 in Q3 2026, against $2.20 a year earlier, on net income attributable to SBA of $231.3 million. The quarter included a $20.1 million loss from extinguishment of debt and a $1.6 million loss on the currency-related remeasurement of intercompany loans, against a $25.5 million gain on that remeasurement in Q3 2025. The provision for income taxes fell to $22.2 million from $48.7 million. (SBA Communications Q3 2026 release, Nov 2, 2026)

AFFO per share, the REIT measure SBA leads with, was $3.19, down 3.3% from $3.30. AFFO was $337.3 million, against $354.9 million, and net cash interest expense rose 3.8% to $118.9 million. (SBA Communications Q3 2026 release, Nov 2, 2026)

SBA repurchased 1.7 million Class A shares in the quarter for $300.0 million, at an average price of $179.68, and retired them; $0.8 billion of its $1.5 billion plan remained. Diluted weighted-average shares were 105,662 thousand, against 107,559 thousand a year earlier. The board declared a quarterly dividend of $1.25 per share. (SBA Communications Q3 2026 release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

SBA Communications updates a full-year outlook in each release. For 2026 it now expects site leasing revenue of $2,643.0 to $2,658.0 million, total revenues of $2,833.0 to $2,858.0 million, Adjusted EBITDA of $1,918.0 to $1,928.0 million and AFFO per share of $12.15 to $12.37. Against the August 3, 2026 outlook, the total revenues midpoint is $18.0 million lower and AFFO per share $0.08 higher. (SBA Communications Q3 2026 release, Nov 2, 2026)

SBA said the sale of its towers in Chile and Ecuador cut the full-year outlook by about $10.0 million of site leasing revenue and $4.0 million of Adjusted EBITDA. The outlook assumes the $1,165.0 million 2021-1C Tower Securities are refinanced in Q4 at 5.25%, and leaves out the pending sale in Peru. (SBA Communications Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover SBA Communications, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones SBA Communications's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SBAC is on is SBAC a buy or a sell?, what analysts expect next is on the SBAC forecast, and what the company does is on the SBA Communications (SBAC) stock page.

Every number on this page can be traced to a document SBA Communications published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.