Why did AFFO and Adjusted EBITDA decline year over year in Q3 2026?

Site development revenue fell to $48.5 million from $75.9 million, and cost of site development decreased less than revenue. Adjusted EBITDA declined to $488.1 million from $493.3 million, and AFFO fell to $337.3 million from $354.9 million. The filing shows that the prior-year AFFO excluded certain nonrecurring Canada-related taxes, and that Q3 2026 benefited from higher international site leasing revenue, which partly offset domestic declines.

How is the domestic business performing compared with international?

Domestic site leasing revenue was $454.4 million, down from $470.2 million, and domestic segment operating profit fell to $382.6 million from $400.0 million. International site leasing revenue rose to $211.0 million from $186.2 million, and international segment operating profit increased to $149.1 million from $129.1 million. Constant-currency international site leasing revenue grew 9.8%.

What is SBA's leverage and liquidity position after the debt activity?

At September 30, 2026, total debt was $13.0 billion, including $6.5 billion of secured debt, and cash and equivalents plus short-term restricted cash and investments totaled $0.5 billion. The Net Debt leverage ratio was 6.4x and the Net Secured Debt ratio was 3.1x. The $2.5 billion revolver and commercial paper program were undrawn as of the release date.

What drove the change in the full-year 2026 outlook?

Compared with the August 3, 2026 outlook, the midpoint of site leasing revenue was lowered by $13.0 million, Tower Cash Flow by $10.5 million, and Adjusted EBITDA by $7.0 million, with the company citing the Chile and Ecuador sales as negative impacts. AFFO midpoint was raised by $2.0 million. Excluding FX and the Chile and Ecuador sales, site leasing revenue midpoint was raised by $2.0 million.

What are the pending portfolio and capital return actions?

The Peru tower sale is subject to regulatory approval and is expected to close in Q4 2026, and the outlook does not reflect it. Subsequent to quarter end, SBA purchased or contracted to purchase 69 communication sites for $17.9 million, expected to close by year end. The $1,165.0 million 2021-1C Tower Securities, with an anticipated repayment date of November 9, 2026, are assumed in the outlook to be refinanced at 5.25%. The quarterly dividend of $1.25 per share is payable December 10, 2026 to holders of record on November 12, 2026.

SBAC 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 2, 2026. Cited figures are marked; the original filing is the authoritative source.

SBA Communications Corporation reported third-quarter 2026 results on November 2, 2026, with net income attributable to SBA of $231.3 million^a, or $2.19 per share, and AFFO per share of $3.19.

Site leasing revenue rose to $665.4 million^b from $656.4 million in the prior-year quarter, while site development revenue fell to $48.5 million from $75.9 million. Adjusted EBITDA was $488.1 million versus $493.3 million a year earlier, and AFFO was $337.3 million versus $354.9 million. International site leasing revenue grew to $211.0 million from $186.2 million, while domestic site leasing revenue declined to $454.4 million from $470.2 million.

The company repurchased 1.7 million shares for $300.0 million^c during the quarter and, after quarter end, had $0.8 billion of authorization remaining under its $1.5 billion repurchase plan. It also established a $2.5 billion commercial paper program, sold its towers in Chile and Ecuador, and agreed to sell its towers in Peru, with that closing expected in the fourth quarter of 2026. Total debt stood at $13.0 billion at quarter end, with a Net Debt leverage ratio of 6.4x and a Net Secured Debt ratio of 3.1x.

The company declared a quarterly dividend of $1.25^d per share, payable December 10, 2026. For full year 2026, SBA updated its outlook, now projecting site leasing revenue of $2,643.0 million to $2,658.0 million, Adjusted EBITDA of $1,918.0 million to $1,928.0 million, and AFFO per share of $12.15 to $12.37. Compared with the August 3, 2026 outlook, the midpoint of site leasing revenue was lowered by $13.0 million, and AFFO was raised by $2.0 million at the midpoint, with the Chile and Ecuador sales cited as a negative factor on several lines.

02—Key points

Key Highlights

Q3 2026 net income attributable to SBA of $231.3 million, or $2.19 per share, versus $236.8 million in Q3 2025
AFFO per share of $3.19 in Q3 2026, down from $3.30, with AFFO of $337.3 million versus $354.9 million
International site leasing revenue rose to $211.0 million (up 13.3%, or 9.8% excluding FX), while domestic site leasing revenue fell to $454.4 million (down 3.4%)
Repurchased 1.7 million shares for $300.0 million in Q3 at an average price of $179.68; $0.8 billion of authorization remains
Established a $2.5 billion commercial paper program and a $2.5 billion revolving credit facility maturing July 23, 2031
Issued $3.5 billion of senior notes in July 2026 at a blended rate of 5.113%, using proceeds to repay the revolver and the 2024 Term Loan
Full-year 2026 outlook: site leasing revenue of $2,643.0 million to $2,658.0 million and AFFO per share of $12.15 to $12.37; declared a $1.25 quarterly dividend

03—Questions

Frequently Asked Questions

Why did AFFO and Adjusted EBITDA decline year over year in Q3 2026?
Site development revenue fell to $48.5 million from $75.9 million, and cost of site development decreased less than revenue. Adjusted EBITDA declined to $488.1 million from $493.3 million, and AFFO fell to $337.3 million from $354.9 million. The filing shows that the prior-year AFFO excluded certain nonrecurring Canada-related taxes, and that Q3 2026 benefited from higher international site leasing revenue, which partly offset domestic declines.
How is the domestic business performing compared with international?
Domestic site leasing revenue was $454.4 million, down from $470.2 million, and domestic segment operating profit fell to $382.6 million from $400.0 million. International site leasing revenue rose to $211.0 million from $186.2 million, and international segment operating profit increased to $149.1 million from $129.1 million. Constant-currency international site leasing revenue grew 9.8%.
What is SBA's leverage and liquidity position after the debt activity?
At September 30, 2026, total debt was $13.0 billion, including $6.5 billion of secured debt, and cash and equivalents plus short-term restricted cash and investments totaled $0.5 billion. The Net Debt leverage ratio was 6.4x and the Net Secured Debt ratio was 3.1x. The $2.5 billion revolver and commercial paper program were undrawn as of the release date.
What drove the change in the full-year 2026 outlook?
Compared with the August 3, 2026 outlook, the midpoint of site leasing revenue was lowered by $13.0 million, Tower Cash Flow by $10.5 million, and Adjusted EBITDA by $7.0 million, with the company citing the Chile and Ecuador sales as negative impacts. AFFO midpoint was raised by $2.0 million. Excluding FX and the Chile and Ecuador sales, site leasing revenue midpoint was raised by $2.0 million.
What are the pending portfolio and capital return actions?
The Peru tower sale is subject to regulatory approval and is expected to close in Q4 2026, and the outlook does not reflect it. Subsequent to quarter end, SBA purchased or contracted to purchase 69 communication sites for $17.9 million, expected to close by year end. The $1,165.0 million 2021-1C Tower Securities, with an anticipated repayment date of November 9, 2026, are assumed in the outlook to be refinanced at 5.25%. The quarterly dividend of $1.25 per share is payable December 10, 2026 to holders of record on November 12, 2026.

04—Continue

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