SBA Communications Corporation (SBAC) Q3 2025 Earnings Call Transcript
Services Business Revenue Increased by 81% in Q3 compared to the prior year period, primarily from construction-related projects focused on network expansion.
Millicom Acquisition Impact The slight delay in closing of Millicom impacted the third quarter by $4 million in site leasing revenue and $3 million in total cash flow.
Domestic Organic Leasing Revenue Growth 5.3% growth on a gross basis and 1.6% on a net basis year-over-year, including 3.7% churn. $11 million of the churn was related to Sprint consolidation.
International Organic Leasing Revenue Growth 8.5% growth on a gross basis year-over-year, calculated on a constant currency basis. Total international churn remained elevated due to ongoing carrier consolidation.
Site Acquisitions Acquired 447 sites for $143 million in Q3, mostly related to the acquisition of sites from Millicom.
Share Repurchases Spent $153 million to repurchase and retire 776,000 shares in Q3 at an average cost of $196.99 per share. Total for 2025 so far is $325 million for 1.6 million shares.
Debt and Leverage Ended Q3 with $12.8 billion of total debt and $12.3 billion of net debt. Current leverage is 6.2x net debt to adjusted EBITDA, near historical lows.
Dividend Declared and paid a cash dividend of $119.1 million or $1.11 per share in Q3, representing a 13% increase over Q4 2024 and 35% of the midpoint of the full year AFFO outlook.
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SBA Communications to Release Q4 2025 Results on February 26, 2026
- Earnings Release Schedule: SBA Communications Corporation will release its fourth quarter 2025 results after market close on February 26, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call at 5:00 PM (EST) on the same day, providing an opportunity for investors to interact directly with management, enhancing market understanding of the company's performance.
- Replay Information: The replay of the earnings call will be available starting at 12:01 AM on February 27, 2026, and will last until March 28, ensuring that investors who cannot participate live can access key information.
- Company Overview: SBA Communications is a leading independent operator of wireless communications infrastructure with over 46,000 communication sites, and as a member of the S&P 500, it underscores its significant position in the market.
SBA Communications to Release Q4 2025 Results on February 26, 2026
- Earnings Release Schedule: SBA Communications Corporation is set to release its fourth quarter financial results for 2025 after market close on February 26, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call at 5:00 PM (EST) on the same day, providing an opportunity for investors to interact directly with management, thereby enhancing market confidence.
- Replay Availability: A replay of the conference call will be available starting at 12:01 AM on February 27, 2026, and will last until March 28, ensuring that investors who cannot participate live can access key information.
- Company Background: SBA Communications is a leading independent owner and operator of wireless communications infrastructure with over 46,000 communication sites, and as a member of the S&P 500, it underscores its significant position in the market.
Oversold Real Estate Stocks Present Investment Opportunities: HPP, MMI, SBAC
- HPP Stock Decline: Hudson Pacific Properties has an RSI of 25.2, with its stock falling approximately 20% over the past month; on January 9, BMO Capital downgraded its rating to Market Perform and cut the price target from $16 to $11, indicating significant market pressure on the company.
- MMI Steady Performance: Marcus & Millichap reported in-line earnings for Q3, despite a 6% drop in stock price over the past month and an RSI of 28.1; the CEO noted the company's strength in navigating complex market conditions, reflecting resilience in the industry.
- SBAC Rating Adjustment: SBA Communications has an RSI of 28.3, with a 5% decline in stock price over the past five days; Wells Fargo lowered its price target from $215 to $205, indicating cautious market sentiment regarding its future performance.
- Market Trend Analysis: Benzinga Pro's charting tool has identified trends in these oversold stocks, allowing investors to leverage this data to assess potential investment opportunities, particularly amid volatility in the real estate sector.
SBA Communications CFO to Speak at UBS Global Media Conference on December 9, 2025
- Conference Schedule: Marc Montagner, CFO of SBA Communications, is set to speak at the UBS Global Media and Communications Conference on December 9, 2025, at 2:15 PM ET, highlighting the company's leadership in wireless communications infrastructure.
- Company Background: SBA Communications is an independent owner and operator of wireless communications infrastructure with over 46,000 communication sites across the Americas and Africa, underscoring its significant market presence and influence.
- Industry Position: As a component of the S&P 500, SBA Communications ranks among the top Real Estate Investment Trusts (REITs) by market capitalization, reflecting its recognition and trust among investors.
- Information Access: Attendees can access the audio presentation by visiting SBA's official website, further enhancing communication channels between the company and its investors.
SBA Communications Corporation to Present at the BofA Securities 2025 Leveraged Finance Conference
Upcoming Conference Appearance: Marc Montagner, CFO of SBA Communications Corporation, will speak at the BofA Securities 2025 Leveraged Finance Conference on December 2, 2025, at 10:50 AM (ET) in Boca Raton, Florida.
Company Overview: SBA Communications Corporation is a prominent independent owner and operator of wireless communications infrastructure, including over 46,000 sites across the Americas and Africa, and is listed on NASDAQ as SBAC.
Market Position: SBA is part of the S&P 500 and ranks among the top Real Estate Investment Trusts (REITs) by market capitalization.
Accessing the Presentation: The audio presentation for SBA at the conference can be accessed through their official website, www.sbasite.com.
Barclays Keeps Overweight Rating on SBA Communications, Reduces Price Target to $219
Real-time Intelligence: Benzinga Pro offers the fastest news alerts for traders to stay updated on market movements.
Exclusive Content: The platform provides exclusive stories and insights generated by Benzinga reporters for its users.
Community Engagement: Over 10,000 serious traders are part of the Benzinga Pro community, sharing strategies and information.
Market Winning Tools: Benzinga Pro is designed to help traders win in the markets every day with accurate stock market intelligence.
SBA Communications to Release Q4 2025 Results on February 26, 2026
- Earnings Release Schedule: SBA Communications Corporation will release its fourth quarter 2025 results after market close on February 26, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call at 5:00 PM (EST) on the same day, providing an opportunity for investors to interact directly with management, enhancing market understanding of the company's performance.
- Replay Information: The replay of the earnings call will be available starting at 12:01 AM on February 27, 2026, and will last until March 28, ensuring that investors who cannot participate live can access key information.
- Company Overview: SBA Communications is a leading independent operator of wireless communications infrastructure with over 46,000 communication sites, and as a member of the S&P 500, it underscores its significant position in the market.
SBA Communications to Release Q4 2025 Results on February 26, 2026
- Earnings Release Schedule: SBA Communications Corporation is set to release its fourth quarter financial results for 2025 after market close on February 26, 2026, reflecting the company's commitment to transparency and investor communication.
- Conference Call Details: The company will host a conference call at 5:00 PM (EST) on the same day, providing an opportunity for investors to interact directly with management, thereby enhancing market confidence.
- Replay Availability: A replay of the conference call will be available starting at 12:01 AM on February 27, 2026, and will last until March 28, ensuring that investors who cannot participate live can access key information.
- Company Background: SBA Communications is a leading independent owner and operator of wireless communications infrastructure with over 46,000 communication sites, and as a member of the S&P 500, it underscores its significant position in the market.
Oversold Real Estate Stocks Present Investment Opportunities: HPP, MMI, SBAC
- HPP Stock Decline: Hudson Pacific Properties has an RSI of 25.2, with its stock falling approximately 20% over the past month; on January 9, BMO Capital downgraded its rating to Market Perform and cut the price target from $16 to $11, indicating significant market pressure on the company.
- MMI Steady Performance: Marcus & Millichap reported in-line earnings for Q3, despite a 6% drop in stock price over the past month and an RSI of 28.1; the CEO noted the company's strength in navigating complex market conditions, reflecting resilience in the industry.
- SBAC Rating Adjustment: SBA Communications has an RSI of 28.3, with a 5% decline in stock price over the past five days; Wells Fargo lowered its price target from $215 to $205, indicating cautious market sentiment regarding its future performance.
- Market Trend Analysis: Benzinga Pro's charting tool has identified trends in these oversold stocks, allowing investors to leverage this data to assess potential investment opportunities, particularly amid volatility in the real estate sector.
SBA Communications CFO to Speak at UBS Global Media Conference on December 9, 2025
- Conference Schedule: Marc Montagner, CFO of SBA Communications, is set to speak at the UBS Global Media and Communications Conference on December 9, 2025, at 2:15 PM ET, highlighting the company's leadership in wireless communications infrastructure.
- Company Background: SBA Communications is an independent owner and operator of wireless communications infrastructure with over 46,000 communication sites across the Americas and Africa, underscoring its significant market presence and influence.
- Industry Position: As a component of the S&P 500, SBA Communications ranks among the top Real Estate Investment Trusts (REITs) by market capitalization, reflecting its recognition and trust among investors.
- Information Access: Attendees can access the audio presentation by visiting SBA's official website, further enhancing communication channels between the company and its investors.
SBA Communications Corporation to Present at the BofA Securities 2025 Leveraged Finance Conference
Upcoming Conference Appearance: Marc Montagner, CFO of SBA Communications Corporation, will speak at the BofA Securities 2025 Leveraged Finance Conference on December 2, 2025, at 10:50 AM (ET) in Boca Raton, Florida.
Company Overview: SBA Communications Corporation is a prominent independent owner and operator of wireless communications infrastructure, including over 46,000 sites across the Americas and Africa, and is listed on NASDAQ as SBAC.
Market Position: SBA is part of the S&P 500 and ranks among the top Real Estate Investment Trusts (REITs) by market capitalization.
Accessing the Presentation: The audio presentation for SBA at the conference can be accessed through their official website, www.sbasite.com.
Barclays Keeps Overweight Rating on SBA Communications, Reduces Price Target to $219
Real-time Intelligence: Benzinga Pro offers the fastest news alerts for traders to stay updated on market movements.
Exclusive Content: The platform provides exclusive stories and insights generated by Benzinga reporters for its users.
Community Engagement: Over 10,000 serious traders are part of the Benzinga Pro community, sharing strategies and information.
Market Winning Tools: Benzinga Pro is designed to help traders win in the markets every day with accurate stock market intelligence.
