SBA Communications Corp (SBAC.O): SBAC Reports In-Line 2Q Results, as Domestic Leasing Activity Supports the FY26 Outlook

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SBA Communications Corp (SBAC.O): SBAC Reports In-Line 2Q Results, as Domestic Leasing Activity Supports the FY26 Outlook

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03 Aug 2026 17:23:56 ET │ 13 pages

SBA Communications Corp (SBAC.O)

SBAC Reports In-Line 2Q Results, as Domestic Leasing Activity

Supports the FY26 Outlook

CITI'S TAKE Buy

Price (03 Aug 26 16:00) US$179.54 SBAC reported generally in-line 2Q results with slightly better headline

Target price US$235.00 financials than our estimates and organic growth generally in line with our

estimates. Domestic leasing was in-line with our estimate at $9 million Expected share price return 30.9%

and ahead of consensus at $8 million, while overall domestic organic Expected dividend yield 2.8%

revenue was down 3.3% yoy vs our estimate of 2.9% and consensus of Expected total return 33.7%

3.0% on slightly higher churn. International activity of $4 million, which Market Cap US$19,043M

was slightly lower than our estimate and consensus of $5 million, while

International organic growth of 1.7% outperformed our estimate and

consensus. Revenue and EBITDA growth of ~2% yoy were ahead of our

estimate and consensus, while normalized AFFOPS of $3.05 also Michael Rollins, CFAAC

outperformed. Management commentary highlighted steady global carrier +1-212-816-1116

activity with customers continuing both site upgrades and new michael.rollins@citi.com

colocation. We maintain our Buy on SBAC and believe shares can trade Nick Joseph

higher near-term on the in-line print and stabilizing leasing environment. +1-212-816-1909

nicholas.joseph@citi.com

By The Numbers — Revenue growth of 2.3% YoY was better than our estimate of Roberta Versiani

0.8% and consensus of 1%. Site rental revenue increase of 5.1% YoY was above our +1-212-816-5071

estimate of 3.4% and consensus of 4.0%.