SBA Communications posts Q1 2026 results, lifts outlook

SBA Communications Corporation reported mixed first quarter 2026 results and raised its full-year outlook.

Rhea-AI Filing Summary

SBA Communications Corporation reported mixed first quarter 2026 results and raised its full-year outlook. Total revenues were $703.4 million, up from $664.2 million, driven by site leasing revenue of $656.1 million, a 6.5% increase over 2025. Net income declined to $184.9 million from $217.9 million, with diluted EPS falling to $1.74 from $2.04, while Adjusted EBITDA rose to $475.4 million from $457.3 million. AFFO decreased to $321.7 million from $343.9 million, with AFFO per share at $3.03 versus $3.18. The company now expects full-year 2026 total revenues of $2.839–$2.884 billion and AFFO per share of $11.93–$12.38. The board declared a quarterly cash dividend of $1.25 per share, payable June 17, 2026 to shareholders of record on May 22, 2026.

Insights

REIT and infrastructure analyst

Revenue and international growth improved, but earnings and AFFO softened while leverage stayed elevated.

SBA Communications grew Q1 2026 site leasing revenue 6.5% to $656.1 million, with strong international leasing up 32.6%. Total revenues reached $703.4 million, and Adjusted EBITDA increased 4.0% to $475.4 million, indicating resilient core tower economics.

Profitability metrics weakened: net income fell 15.1% to $184.9 million and diluted EPS declined to $1.74. AFFO dropped 6.5% to $321.7 million, reflecting higher net cash interest expense, which rose 32.1% to $123.3 million, and other cost pressures.

Full-year 2026 guidance was modestly raised, with total revenues guided to $2.839–$2.884 billion and AFFO to $1.269–$1.317 billion. Leverage remains high, with Net Debt of $12.6 billion and a 6.6x leverage ratio as of March 31, 2026, partly offset by a $1.25 quarterly dividend and continued portfolio investment.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenues Q1 2026: $703.4 million Site leasing revenue Q1 2026: $656.1 million Net income Q1 2026: $184.9 million +5 more

8 metrics

Total revenues Q1 2026 $703.4 million Quarter ended March 31, 2026

Site leasing revenue Q1 2026 $656.1 million Up 6.5% year over year

Net income Q1 2026 $184.9 million Down from $217.9 million in Q1 2025

Diluted EPS Q1 2026 $1.74 Down from $2.04 in Q1 2025

Adjusted EBITDA Q1 2026 $475.4 million Up from $457.3 million in Q1 2025

AFFO Q1 2026 $321.7 million Down from $343.9 million in Q1 2025

Quarterly dividend $1.25 per share Payable June 17, 2026; record date May 22, 2026

Leverage ratio 6.6x Net Debt to Annualized Adjusted EBITDA at March 31, 2026

Key Terms

Adjusted EBITDA, AFFO, Tower Cash Flow, Net Debt, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA (2) | | | 475.4 | | | | 457.3"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AFFO financial

"AFFO (2) | | | 321.7 | | | | 343.9"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

Tower Cash Flow financial

"Tower cash flow (2) | | | 519.0 | | | | 497.8"

Tower cash flow is the money a company earns from owning and operating communications towers, mainly rental income from wireless carriers and equipment operators that lease space on those towers. It matters to investors because this revenue tends to be steady and contract-backed—like collecting rent from tenants—so it can provide predictable income, inform valuation, and indicate how well the asset base can support dividends, debt payments, or growth investment.

Net Debt financial

"and $12.6 billion of Net Debt. SBA’s Net Debt and Net Secured Debt"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

leverage ratio financial

"Leverage Ratio | | | 6.6x | Secured Leverage Ratio | | | 5.0x"

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

non-GAAP financial measures financial

"This press release contains non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Total revenues: $703.4 million · Guidance included

Q1 2026

Total revenues $703.4 million

Site leasing revenue $656.1 million +6.5% YoY

Net income $184.9 million -15.1% YoY

Diluted EPS $1.74 -14.7% YoY

Adjusted EBITDA $475.4 million +4.0% YoY

AFFO $321.7 million -6.5% YoY

Guidance

For full-year 2026, SBA guides total revenues to $2.839–$2.884 billion, Tower Cash Flow to $2.092–$2.112 billion, Adjusted EBITDA to $1.921–$1.941 billion, and AFFO per share to $11.93–$12.38.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did SBA Communications (SBAC) perform financially in Q1 2026?

SBA Communications delivered higher revenue but lower earnings in Q1 2026. Total revenues reached $703.4 million, up from $664.2 million, while net income fell to $184.9 million from $217.9 million. Diluted EPS declined to $1.74 compared with $2.04 a year earlier.

What were SBAC’s key non-GAAP metrics like Adjusted EBITDA and AFFO in Q1 2026?

Adjusted EBITDA rose to $475.4 million in Q1 2026, up from $457.3 million, showing solid operating profitability. AFFO declined to $321.7 million from $343.9 million, with AFFO per share decreasing to $3.03 from $3.18 as higher interest costs weighed on cash flow.

What full-year 2026 outlook did SBA Communications (SBAC) provide?

For full-year 2026, SBA expects total revenues of $2.839–$2.884 billion and AFFO of $1.269–$1.317 billion. AFFO per share guidance is $11.93–$12.38, modestly higher than the prior February outlook, reflecting improved leasing trends and foreign exchange assumptions.

What dividend did SBA Communications declare for shareholders in 2026?

SBA Communications’ board declared a quarterly cash dividend of $1.25 per share on its Class A common stock. The dividend is payable on June 17, 2026 to shareholders of record as of the close of business on May 22, 2026.

How leveraged is SBA Communications (SBAC) after Q1 2026?

At March 31, 2026, SBA Communications had total debt of $13.0 billion and Net Debt of $12.6 billion. Based on Annualized Adjusted EBITDA of $1.90 billion, the company reported a 6.6x leverage ratio and a 5.0x secured leverage ratio for the quarter.

How did SBAC’s domestic and international site leasing segments perform?

Domestic site leasing revenue declined to $450.3 million from $461.0 million, while international site leasing revenue grew strongly to $205.8 million from $155.2 million. International tower cash flow rose to $142.5 million, up from $108.3 million, highlighting faster growth outside the U.S.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/29/2026 - 04:09 PM Learn about SEC filing dates

SBA COMMUNICATIONS CORP false 0001034054 0001034054 2026-04-29 2026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) April 29, 2026

SBA Communications Corporation

(Exact Name of Registrant as Specified in its Charter)

Florida		001-16853		65-0716501
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

8051 Congress Avenue Boca Raton, FL		33487
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (561) 995-7670

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share		SBAC		The NASDAQ Stock Market LLC
Indicate by check mark				(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, SBA Communications Corporation issued a press release announcing its financial and operational results for the first quarter ended March 31, 2026, updating its full year 2026 guidance, and announcing its quarterly dividend. A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

As described in Item 2.02 of this Current Report on Form 8-K, the following exhibits are furnished as part of this Current Report.

Exhibit No.		Description
99.1		Press release issued by SBA Communications Corporation on April 29, 2026.
104		Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SBA COMMUNICATIONS CORPORATION
By:		/s/ Marc Montagner
		Marc Montagner
		Executive Vice President and Chief Financial Officer

Date: April 29, 2026

Exhibit 99.1

FOR IMMEDIATE RELEASE

SBA Communications Corporation Reports First Quarter 2026 Results;

Updates Full Year 2026 Outlook; and Declares Quarterly Cash Dividend

Boca Raton, Florida, April 29, 2026 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) (“SBA” or the “Company”) today reported results for the quarter ended March 31, 2026.

Highlights of the first quarter include:

• Net income attributable to SBA of $184.8 million or $1.74 per share

• Industry-leading AFFO per share of $3.03

• Increased full year 2026 outlook across all key metrics

• Company-wide Tower Cash Flow margin of approximately 80%

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend of $1.25 per share of the Company’s Class A Common Stock. The distribution is payable June 17, 2026 to the shareholders of record at the close of business on May 22, 2026.

“We had a solid start to 2026, with positive first quarter financial and operating results,” commented Brendan Cavanagh, President and Chief Executive Officer. “Carrier activity remained steady globally, as our customers continued to focus on expanding and densifying their networks, as well as upgrading sites with new spectrum bands and technologies. In addition, our domestic leasing backlogs increased during the quarter. These favorable results and positive movement in foreign exchange rates have allowed us to increase our full year outlook for each of our key financial metrics from the levels we provided in late February. During the quarter, we also continued to invest in expanding our portfolio through new tower builds across our markets, with increasing production particularly under our Central America build to suit agreement with Millicom International. We anticipate seeing this production grow steadily throughout 2026. Our balance sheet also remains strong as we ended the quarter with net debt to Adjusted EBITDA of 6.6x, in the middle of our target range of 6.0x to 7.0x, notwithstanding the full removal of all EchoStar revenue from our reported results as of the beginning of the year. Our solid operating results and strong balance sheet have allowed us to continue growing our dividend at the highest pace in the industry. Our declared second quarter dividend still only represents approximately 41% of AFFO in our 2026 outlook, leaving us with significant capital available for additional investment into the business. Our company continues to perform well, and we are excited about the rest of 2026.”

1

Operating Results

The table below details select financial results for the three months ended March 31, 2026 and comparisons to the prior year period.

		Q1 2026				Q1 2025				$ Change				% Change				% Change excluding FX (1)
Consolidated		($ in millions, except per share amounts)
Site leasing revenue		$	656.1			$	616.2			$	39.9				6.5	%			4.5	%
Site development revenue			47.3				48.0				(0.7	)			(1.6	%)			(1.6	%)
Site leasing segment operating profit (1)			524.2				500.7				23.5				4.7	%			3.1	%
Tower cash flow (2)			519.0				497.8				21.2				4.3	%			2.5	%
Net cash interest expense			123.3				93.4				29.9				32.1	%			32.3	%
Net income (3)			184.9				217.9				(33.0	)			(15.1	%)			(6.7	%)
Earnings per share — diluted			1.74				2.04				(0.30	)			(14.7	%)			(4.7	%)
Adjusted EBITDA (2)			475.4				457.3				18.1				4.0	%			2.3	%
AFFO (2)			321.7				343.9				(22.2	)			(6.5	%)			(8.6	%)
AFFO per share (2)			3.03				3.18				(0.15	)			(4.7	%)			(6.9	%)

(1) Site leasing contributed 98.5% and 98.1% of the Company’s total operating profit in the first quarter of 2026 and 2025, respectively.

(2) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

(3) Net income includes a $10.1 million gain and $36.0 million gain, net of taxes, on the currency-related remeasurement of intercompany loans with foreign subsidiaries which are denominated in a currency other than the subsidiaries’ functional currencies for the first quarter of 2026 and 2025, respectively.

The table below details select financial results by segment for the three months ended March 31, 2026 and comparisons to the prior year period.

		Q1 2026				Q1 2025				$ Change				% Change				% Change excluding FX
		($ in millions)
Domestic site leasing revenue		$	450.3			$	461.0			$	(10.7	)			(2.3	%)			(2.3	%)
Domestic cash site leasing revenue (1)			448.7				459.9				(11.2	)			(2.4	%)			(2.4	%)
Domestic site leasing segment operating profit			379.7				392.7				(13.0	)			(3.3	%)			(3.3	%)
Domestic site leasing tower cash flow (1)			376.5				389.5				(13.0	)			(3.3	%)			(3.3	%)
Int’l site leasing revenue			205.8				155.2				50.6				32.6	%			24.8	%
Int’l cash site leasing revenue (1)			202.0				155.0				47.0				30.3	%			22.2	%
Int’l site leasing segment operating profit			144.5				108.0				36.5				33.8	%			26.2	%
Int’l site leasing tower cash flow (1)			142.5				108.3				34.2				31.6	%			23.7	%

(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

2

The table below details key margins for the three months ended March 31, 2026 and comparisons to the prior year period.

		Q1 2026				Q1 2025
Tower Cash Flow Margin (1)			79.8	%			80.9	%
Adjusted EBITDA Margin (1)			68.1	%			69.0	%

(1) See the reconciliations and other disclosures under “Non-GAAP Financial Measures” later in this press release.

Investing Activities

During the first quarter of 2026, SBA acquired 10 communication sites, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala, for total cash consideration of $133.0 million. SBA also built 80 towers during the first quarter of 2026. As of March 31, 2026, SBA owned or operated 46,358 communication sites, 17,378 of which are located in the United States and its territories and 28,980 of which are located internationally. In addition, the Company spent $10.4 million to purchase land and easements and to extend lease terms. Total cash capital expenditures for the first quarter of 2026 were $191.9 million, consisting of $12.7 million of non-discretionary cash capital expenditures (tower maintenance and general corporate) and $179.2 million of discretionary cash capital expenditures (new tower builds, tower augmentations, acquisitions, and purchasing land and easements).

As of the date of this press release, the Company, subsequent to quarter end, purchased or is under contract to purchase 56 communication sites for an aggregate consideration of $36.9 million in cash, which it expects to close by the end of the third quarter of 2026.

Financing Activities and Liquidity

SBA ended the first quarter of 2026 with $13.0 billion of total debt, $10.0 billion of total secured debt, $0.4 billion of cash and cash equivalents, short-term restricted cash, and short-term investments, and $12.6 billion of Net Debt. SBA’s Net Debt and Net Secured Debt to Annualized Adjusted EBITDA Leverage Ratios were 6.6x and 5.0x, respectively.

On January 9, 2026, the Company, using borrowings from the Revolving Credit Facility, repaid the aggregate principal amount of the 2020-1C Tower Securities ($750.0 million).

As of the date of this press release, the Company had $1.1 billion outstanding under its $2.0 billion Revolving Credit Facility.

As of the date of this press release, the Company had $1.1 billion of authorization remaining under its stock repurchase plan.

In the first quarter of 2026, the Company declared and paid a cash dividend of $135.2 million.

Outlook

The Company is updating its full year 2026 Outlook for anticipated results. The 2026 Outlook provided is based on a number of assumptions that the Company believes are reasonable at the time of this press release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in the Company’s filings with the Securities and Exchange Commission.

3

The Company’s full year 2026 Outlook assumes the acquisitions of only those communication sites under contract which are expected to close in 2026 at the time of this press release. The Company may spend additional capital in 2026 on acquiring revenue producing assets not yet identified or under contract, the impact of which is not reflected in the 2026 Outlook. The 2026 Outlook also does not contemplate any additional repurchases of the Company’s stock or new debt financings during 2026 (other than the refinancing of the 2021-1C Tower Securities as discussed below), although the Company may ultimately spend capital to repurchase stock or issue new debt during the remainder of the year.

The Company’s 2026 Outlook assumes an average foreign currency exchange rate of 5.05 Brazilian Reais to 1.0 U.S. Dollar, 2,560 Tanzanian Shillings to 1.0 U.S. Dollar, and 16.40 South African Rand to 1.0 U.S. Dollar throughout the last three quarters of 2026.

(in millions, except per share amounts)		Full Year 2026												Change from February 26, 2026 Outlook (7)				Change from February 26, 2026 Outlook Excluding FX (7)
Site leasing revenue		$	2,649.0				to			$	2,674.0			$	24.0			$	18.0
Site development revenue		$	190.0				to			$	210.0			$	—			$	—
Total revenues		$	2,839.0				to			$	2,884.0			$	24.0			$	18.0
Tower Cash Flow (1)		$	2,092.0				to			$	2,112.0			$	10.0			$	5.0
Adjusted EBITDA (1)		$	1,921.0				to			$	1,941.0			$	9.0			$	5.0
Net cash interest expense (2)(3)		$	492.0				to			$	500.0			$	—			$	—
Non-discretionary cash capital expenditures (4)		$	67.0				to			$	77.0			$	—			$	—
AFFO (1)		$	1,269.0				to			$	1,317.0			$	9.0			$	5.0
AFFO per share (1) (5)		$	11.93				to			$	12.38			$	0.09			$	0.05
Discretionary cash capital expenditures (6)		$	430.0				to			$	450.0			$	—			$	—

(1) See the reconciliation of this non-GAAP financial measure presented below under “Non-GAAP Financial Measures.”

(2) Net cash interest expense is defined as interest expense less interest income. Net cash interest expense does not include amortization of deferred financing fees or non-cash interest expense.

(3) For purposes of the Outlook, the Company has assumed that the $1,165.0 million 2021-1C Tower Securities (which have an anticipated repayment date of November 9, 2026) would be refinanced prior to the fourth quarter at a fixed rate of 5.25%; however, the Company does not currently have any specific refinancing plans and the actual date and rate of any refinancing is subject to market conditions.

(4) Consists of tower maintenance and general corporate capital expenditures.

(5) Outlook for AFFO per share is calculated by dividing the Company’s outlook for AFFO by an assumed weighted average number of diluted common shares of 106.4 million. Outlook does not include the impact of any potential future repurchases of the Company’s stock during 2026.

(6) Consists of new tower builds, tower augmentations, communication site acquisitions and ground lease purchases. Does not include easements or payments to extend lease terms and expenditures for acquisitions of revenue producing assets not under contract at the date of this press release.

(7) Changes from prior outlook are measured based on the midpoint of outlook ranges provided.

4

Bridge of 2025 Total Site Leasing Revenue to 2026 Outlook

The table below presents a bridge of the Company’s 2025 Site Leasing Revenue to the Company’s 2026 Outlook for 2026 Site Leasing Revenue by reportable segment.

(in millions)		Consolidated												Domestic												International
2025 Total Site Leasing Revenue			$2,571												$1,866												$705
(+) New Leases and Amendments			52				to				58				33				to				37				19				to				21
(+) Escalations			71				to				74				51				to				52				20				to				22
(-) Sprint Consolidation Churn			(56	)			to				(55	)			(56	)			to				(55	)			—				to				—
(-) EchoStar Churn			(56	)			to				(56	)			(56	)			to				(56	)			—				to				—
(-) Regular Churn			(64	)			to				(57	)			(24	)			to				(21	)			(40	)			to				(36	)
(+) Non-Organic Revenue (1)			86				to				86				4				to				4				82				to				82
(+ / -) Straight-line Revenue			2				to				7				(7	)			to				(4	)			9				to				11
(+ / -) FX			40				to				40				—				to				—				40				to				40
(+ / -) Other (2)			3				to				6				(7	)			to				(5	)			10				to				11
2026 Total Site Leasing Revenue		$	2,649				to			$	2,674			$	1,804				to			$	1,818			$	845				to			$	856

(1) Includes contributions from acquisitions and new infrastructure builds.

(2) Includes pass-through reimbursable expenses, amortization of capital contributions for tower augmentations, managed and non-macro business and other miscellaneous items.

Conference Call Information

SBA Communications Corporation will host a conference call on Wednesday, April 29, 2026 at 5:00 PM (EDT) to discuss the quarterly results. The call may be accessed as follows:

When:		Wednesday, April 29, 2026 at 5:00 PM (EDT)
Dial-in Number:		(202) 735-3323
Access Code:		7690149
Conference Name:		SBA First quarter 2026 results
Replay Available:		April 30, 2026 at 12:01 AM to May 29, 2026 at 12:00 AM (TZ: Eastern)
Replay Number:		(833) 370-9994
Internet Access:		www.sbasite.com

Information Concerning Forward-Looking Statements

This press release and the Company’s earnings call include forward-looking statements, including statements regarding the Company’s expectations or beliefs regarding (i) its outlook for financial and operational performance in 2026, the assumptions it made and the drivers contributing to its full year 2026 Outlook, (ii) the drivers of growth for wireless antennae in the U.S. and in each of our international markets, the ability of the Company to capitalize on such growth and the impact on the Company’s future financial and operational outlook, (iii) the ability to execute its growth strategies and the impacts to its financial performance, (iv) the timing of closing for currently pending acquisitions, (v) tower portfolio growth and its long-term growth potential, including the drivers of its organic growth, (vi) its capital allocation policy, including the use of capital for portfolio growth, share repurchases, and dividends, (vii) the strength of its balance sheet and ability to generate significant free cash flow, (viii) its customers’ ongoing network investments and new spectrum and future auctions, (ix) domestic and international churn in 2026 and future years, (x) its potential investment grade bond issuance and the benefits of being an investment grade issuer, (xi) mobile edge as a revenue driver, (xii) its leading position in Central America, and (xiii) backlogs and carrier activity for the remainder of 2026.

5

The Company wishes to caution readers that these forward-looking statements may be affected by the risks and uncertainties in the Company’s business as well as other important factors that may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. With respect to the Company’s expectations regarding all of these statements, including its financial and operational guidance, such risk factors include, but are not limited to: (1) the impact of macro-economic conditions, including high interest rates, unemployment rates, tariffs, inflation, consumer confidence and financial market volatility on (a) the ability and willingness of wireless service providers to maintain or increase their capital expenditures, (b) the Company’s business and results of operations, and on foreign currency exchange rates and (c) consumer discretionary income and demand for wireless services, (2) the Company’s ability to recognize anticipated revenues, tower cash flows and other anticipated benefits from its acquisitions, (3) the economic climate for the wireless communications industry in general and the wireless communications infrastructure providers in the United States and in the Company’s other international markets; (4) the Company’s ability to accurately identify and manage any risks associated with its acquired sites, to effectively integrate such sites into its business and to achieve the anticipated financial results; (5) the Company’s ability to secure and retain as many site leasing tenants as planned at anticipated lease rates; (6) the Company’s ability to manage expenses and cash capital expenditures at anticipated levels; (7) the impact of continued consolidation among wireless service providers in the U.S. and internationally, on the Company’s leasing revenue, including churn; (8) the Company’s ability to successfully manage the risks associated with international operations, including risks associated with foreign currency exchange rates; (9) the Company’s ability to secure and deliver anticipated services business at contemplated margins; (10) the Company’s ability to acquire land underneath towers on terms that are accretive; (11) the Company’s ability to obtain future financing at commercially reasonable rates or at all; (12) the Company’s ability to achieve the new builds targets included in its anticipated annual portfolio growth goals, which will depend, among other things, on obtaining zoning and regulatory approvals, availability and cost of labor and supplies, and other factors beyond the Company’s control that could affect the Company’s ability to build additional towers in 2026; (13) whether technology upgrades, spectrum auctions, consumer demand for fixed wireless and other developments will drive demand in the US and in the Company’s other international markets for wireless services, wireless antennas and towers as anticipated; (14) the ability of our customers to perform under their financial and contractual obligations; and (15) the Company’s ability to meet its total portfolio growth, which will depend, in addition to the new build risks, on the Company’s ability to identify and acquire sites at prices and upon terms that will provide accretive portfolio growth, competition from third parties for such acquisitions and our ability to negotiate the terms of, and acquire, these potential tower portfolios on terms that meet our internal return criteria.

With respect to its expectations regarding the ability to close, and realize the benefits of, pending acquisitions, these factors also include each party satisfactorily completing due diligence, the ability to receive required regulatory approval, the ability and willingness of each party to fulfill their respective closing conditions and their contractual obligations and, with respect to the Company’s acquisitions, the amount and quality of due diligence that the Company is able to complete prior to closing of any acquisition and the availability of cash on hand or borrowing capacity under the Revolving Credit Facility to fund the consideration, its ability to accurately anticipate the future performance of the acquired towers and any challenges or costs associated with the integration of such towers. With respect to the repurchases under the Company’s stock repurchase program, the amount of shares repurchased, if any, and the timing of such repurchases will depend on, among other things, the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, market and business conditions, the availability of stock, the Company’s financial performance or determinations following the date of this announcement in order to use the Company’s funds for other purposes. Furthermore, the Company’s forward-looking statements and its 2026 outlook assumes that the Company continues to qualify for treatment as a REIT for U.S. federal income tax purposes and that the Company’s business is currently operated in a manner that complies with the REIT rules and that it will be able to continue to comply with and conduct its business in accordance with such rules. In addition, these forward-looking statements and the information in this press release is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K.

6

This press release contains non-GAAP financial measures. Reconciliation of each of these non-GAAP financial measures and the other Regulation G information is presented below under “Non-GAAP Financial Measures.”

This press release will be available on our website at www.sbasite.com.

About SBA Communications Corporation

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. For more information, please visit: www.sbasite.com.

Contacts

Louis Friend, CFA

VP, Finance & Capital Markets

561-322-7850

Maria Alexandra Velez

VP, Corporate Affairs

561-981-7352

7

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

		For the three months ended March 31,
		2026				2025
Revenues:
Site leasing		$	656,149			$	616,209
Site development			47,289				48,039
Total revenues			703,438				664,248
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing			131,912				115,478
Cost of site development			39,424				38,188
Selling, general, and administrative expenses (1)			70,548				66,219
Acquisition and new business initiatives related adjustments and expenses			8,090				7,379
Asset impairment and decommission costs			29,300				37,026
Depreciation, accretion, and amortization			81,316				65,048
Total operating expenses			360,590				329,338
Operating income			342,848				334,910
Other income (expense):
Interest income			5,207				10,780
Interest expense			(128,529	)			(104,148	)
Non-cash interest expense			(772	)			(8,348	)
Amortization of deferred financing fees			(5,259	)			(5,434	)
Other income, net			22,519				32,165
Total other expense, net			(106,834	)			(74,985	)
Income before income taxes			236,014				259,925
Provision for income taxes			(51,112	)			(42,019	)
Net income			184,902				217,906
Net (gain) loss attributable to noncontrolling interests			(72	)			2,826
Net income attributable to SBA Communications Corporation		$	184,830			$	220,732
Net income per common share attributable to SBA
Communications Corporation:
Basic		$	1.75			$	2.05
Diluted		$	1.74			$	2.04
Weighted-average number of common shares
Basic			105,815				107,744
Diluted			106,111				108,140

(1) Includes non-cash compensation of $18,286 and $15,075 for the three months ended March 31, 2026 and 2025, respectively.

8

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

		March 31, 2026				December 31, 2025
ASSETS		(unaudited)
Current assets:
Cash and cash equivalents		$	269,064			$	264,568
Restricted cash			58,773				167,804
Accounts receivable, net			161,474				171,256
Costs and estimated earnings in excess of billings on uncompleted contracts			23,326				28,152
Prepaid expenses and other current assets			254,856				141,651
Total current assets			767,493				773,431
Property and equipment, net			3,415,936				3,401,799
Intangible assets, net			2,880,040				2,882,117
Operating lease right-of-use assets, net			2,678,715				2,540,229
Acquired and other right-of-use assets, net			1,332,453				1,325,443
Other assets			646,207				651,993
Total assets		$	11,720,844			$	11,575,012
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable		$	63,549			$	73,034
Accrued expenses			85,444				93,502
Current maturities of long-term debt			2,683,531				1,935,802
Deferred revenue			103,650				117,309
Accrued interest			38,753				65,036
Current lease liabilities			304,960				299,604
Other current liabilities			65,803				94,014
Total current liabilities			3,345,690				2,678,301
Long-term liabilities:
Long-term debt, net			10,276,200				10,964,466
Long-term lease liabilities			2,151,367				2,119,258
Other long-term liabilities			613,488				588,244
Total long-term liabilities			13,041,055				13,671,968
Redeemable noncontrolling interests			85,744				78,262
Shareholders’ deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding			—				—
Common stock - Class A, par value $0.01, 400,000 shares authorized, 106,063 shares and 105,666 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively			1,061				1,057
Additional paid-in capital			3,084,883				3,059,427
Accumulated deficit			(7,200,856	)			(7,249,905	)
Accumulated other comprehensive loss, net			(636,733	)			(664,098	)
Total shareholders’ deficit			(4,751,645	)			(4,853,519	)
Total liabilities, redeemable noncontrolling interests, and shareholders’ deficit		$	11,720,844			$	11,575,012

9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

		For the three months ended March 31,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	184,902			$	217,906
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization			81,316				65,048
Gain on remeasurement of U.S. denominated intercompany loans			(16,260	)			(54,641	)
Non-cash compensation expense			18,936				15,713
Non-cash asset impairment and decommission costs			26,934				35,726
Deferred and non-cash income tax provision			25,445				35,682
Loss on sale of assets			38				18,785
Other non-cash items reflected in the Statements of Operations			13,957				19,998
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net			15,958				10,399
Prepaid expenses and other assets			(740	)			(4,642	)
Operating lease right-of-use assets, net			39,053				33,080
Accounts payable and accrued expenses			(13,056	)			(8,537	)
Accrued interest			(25,701	)			(26,941	)
Long-term lease liabilities			(35,053	)			(32,787	)
Other liabilities			(60,644	)			(23,614	)
Net cash provided by operating activities			255,085				301,175
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions			(143,496	)			(63,388	)
Capital expenditures			(48,397	)			(46,173	)
Proceeds from sale of assets			2,176				40,428
(Purchase) proceeds from sale of investments, net			(107,129	)			187,464
Repayment of loan from unconsolidated joint venture			—				115,000
Other investing activities			75				4,935
Net cash (used in) provided by investing activities			(296,771	)			238,266
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under Revolving Credit Facility			810,000				—
Repayment of Tower Securities			(750,000	)			(1,165,000	)
Payment of dividends on common stock			(135,195	)			(122,275	)
Other financing activities			5,581				5,140
Net cash used in financing activities			(69,614	)			(1,282,135	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			6,791				6,143
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			(104,509	)			(736,551	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period			437,021				1,400,657
End of period		$	332,512			$	664,106

10

Selected Capital Expenditure Detail

		For the three months ended March 31,
		2026				2025
		(in thousands)
Construction and related costs		$	25,533			$	19,775
Augmentation and tower upgrades			10,141				12,165
Non-discretionary capital expenditures:
Tower maintenance			11,254				12,340
General corporate			1,469				1,893
Total non-discretionary capital expenditures			12,723				14,233
Total capital expenditures		$	48,397			$	46,173

Communication Site Portfolio Summary

		Domestic				International				Total
Sites owned at December 31, 2025			17,394				28,934				46,328
Sites acquired during the first quarter			10				—				10
Sites built during the first quarter			5				75				80
Sites decommissioned/reclassified/sold during the first quarter			(31	)			(29	)			(60	)
Sites owned at March 31, 2026			17,378				28,980				46,358

Segment Operating Profit and Segment Operating Profit Margin

Domestic site leasing and International site leasing are the two segments within our site leasing business. Segment operating profit is a key business metric and one of our two measures of segment profitability. The calculation of Segment operating profit for each of our segments is set forth below.

		Domestic Site Leasing								Int’l Site Leasing								Site Development
		For the three months ended March 31,								For the three months ended March 31,								For the three months ended March 31,
		2026				2025				2026				2025				2026				2025
		(in thousands)
Segment revenue		$	450,301			$	460,994			$	205,848			$	155,215			$	47,289			$	48,039
Segment cost of revenues (excluding depreciation, accretion, and amort.)			(70,621	)			(68,272	)			(61,291	)			(47,206	)			(39,424	)			(38,188	)
Segment operating profit		$	379,680			$	392,722			$	144,557			$	108,009			$	7,865			$	9,851
Segment operating profit margin			84.3	%			85.2	%			70.2	%			69.6	%			16.6	%			20.5	%

Non-GAAP Financial Measures

The press release contains non-GAAP financial measures including (i) Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin; (ii) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin; (iii) Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and AFFO per share; (iv) Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio (collectively, our “Non-GAAP Debt Measures”); and (v) certain financial metrics after eliminating the impact of changes in foreign currency exchange rates (collectively, our “Constant Currency Measures”).

We have included these non-GAAP financial measures because we believe that they provide investors additional tools in understanding our financial performance and condition.

11

Specifically, we believe that:

(1) Cash Site Leasing Revenue and Tower Cash Flow are useful indicators of the performance of our site leasing operations;

(2) Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is similar to the measure of current financial performance generally used in our debt covenant calculations. Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance;

(3) FFO, AFFO and AFFO per share, which are metrics used by our public company peers in the communication site industry, provide investors useful indicators of the financial performance of our business and permit investors an additional tool to evaluate the performance of our business against those of our two principal competitors. FFO, AFFO, and AFFO per share are also used to address questions we receive from analysts and investors who routinely assess our operating performance on the basis of these performance measures, which are considered industry standards. We believe that FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs). We believe that AFFO and AFFO per share help investors or other interested parties meaningfully evaluate our financial performance as they include (1) the impact of our capital structure (primarily interest expense on our outstanding debt) and (2) sustaining capital expenditures and exclude the impact of (1) our asset base (primarily depreciation, amortization and accretion and asset impairment and decommission costs) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods and the non-cash portion of our reported tax provision. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations, or rent free periods, the revenue or expense is recognized on a straight-lined basis over the fixed, non-cancelable term of the contract. We only use AFFO as a performance measure. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flows from operations or as residual cash flow available for discretionary investment. We believe our definition of FFO is consistent with how that term is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and that our definition and use of AFFO and AFFO per share is consistent with those reported by the other communication site companies;

(4) Our Non-GAAP Debt Measures provide investors a more complete understanding of our net debt and leverage position as they include the full principal amount of our debt which will be due at maturity and, to the extent that such measures are calculated on Net Debt are net of our cash and cash equivalents, short-term restricted cash, and short-term investments; and

(5) Our Constant Currency Measures provide management and investors the ability to evaluate the performance of the business without the impact of foreign currency exchange rate fluctuations.

In addition, Tower Cash Flow, Adjusted EBITDA, and our Non-GAAP Debt Measures are components of the calculations used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and indentures relating to our 2020 Senior Notes and 2021 Senior Notes. These non-GAAP financial measures are not intended to be an alternative to any of the financial measures provided in our results of operations or our balance sheet as determined in accordance with GAAP.

12

Financial Metrics after Eliminating the Impact of Changes In Foreign Currency Exchange Rates

We eliminate the impact of changes in foreign currency exchange rates for each of the financial metrics listed in the table below by dividing the current period’s financial results by the average monthly exchange rates of the prior year period, and by eliminating the impact of the remeasurement of our intercompany loans. The table below provides the reconciliation of the reported year-over-year change of each of such measures to the change after eliminating the impact of changes in foreign currency exchange rates to such measure.

		First quarter 2026 year over year change				Foreign currency impact				Change excluding foreign currency impact
Total site leasing revenue			6.5	%			2.0	%			4.5	%
Total cash site leasing revenue			5.8	%			2.0	%			3.8	%
Int’l cash site leasing revenue			30.3	%			8.1	%			22.2	%
Total site leasing segment operating profit			4.7	%			1.6	%			3.1	%
Int’l site leasing segment operating profit			33.8	%			7.6	%			26.2	%
Total site leasing tower cash flow			4.3	%			1.8	%			2.5	%
Int’l site leasing tower cash flow			31.6	%			7.9	%			23.7	%
Net cash interest expense			32.1	%			(0.2	%)			32.3	%
Net income			(15.1	%)			(8.4	%)			(6.7	%)
Earnings per share — diluted			(14.7	%)			(10.0	%)			(4.7	%)
Adjusted EBITDA			4.0	%			1.7	%			2.3	%
AFFO			(6.5	%)			2.1	%			(8.6	%)
AFFO per share			(4.7	%)			2.2	%			(6.9	%)

Cash Site Leasing Revenue, Tower Cash Flow, and Tower Cash Flow Margin

The table below sets forth the reconciliation of Cash Site Leasing Revenue and Tower Cash Flow to their most comparable GAAP measurement and Tower Cash Flow Margin, which is calculated by dividing Tower Cash Flow by Cash Site Leasing Revenue.

		Domestic Site Leasing								Int’l Site Leasing								Total Site Leasing
		For the three months ended March 31,								For the three months ended March 31,								For the three months ended March 31,
		2026				2025				2026				2025				2026				2025
		(in thousands)
Site leasing revenue		$	450,301			$	460,994			$	205,848			$	155,215			$	656,149			$	616,209
Non-cash straight-line leasing revenue			(1,640	)			(1,050	)			(3,875	)			(231	)			(5,515	)			(1,281	)
Cash site leasing revenue			448,661				459,944				201,973				154,984				650,634				614,928
Site leasing cost of revenues (excluding depreciation, accretion, and amortization)			(70,621	)			(68,272	)			(61,291	)			(47,206	)			(131,912	)			(115,478	)
Non-cash straight-line ground lease expense			(1,566	)			(2,182	)			1,823				514				257				(1,668	)
Tower Cash Flow		$	376,474			$	389,490			$	142,505			$	108,292			$	518,979			$	497,782
Tower Cash Flow Margin			83.9	%			84.7	%			70.6	%			69.9	%			79.8	%			80.9	%

13

Forecasted Tower Cash Flow for Full Year 2026

The table below sets forth the reconciliation of forecasted Tower Cash Flow set forth in the Outlook section to its most comparable GAAP measurement for the full year 2026:

		Full Year 2026
		(in millions)
Site leasing revenue		$	2,649.0				to			$	2,674.0
Non-cash straight-line leasing revenue			(13.5	)			to				(8.5	)
Cash site leasing revenue			2,635.5				to				2,665.5
Site leasing cost of revenues (excluding depreciation, accretion, and amortization)			(536.0	)			to				(551.0	)
Non-cash straight-line ground lease expense			(7.5	)			to				(2.5	)
Tower Cash Flow		$	2,092.0				to			$	2,112.0

Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin

The table below sets forth the reconciliation of Adjusted EBITDA to its most comparable GAAP measurement.

		For the three months ended March 31,
		2026				2025
		(in thousands)
Net income		$	184,902			$	217,906
Non-cash straight-line leasing revenue			(5,515	)			(1,281	)
Non-cash straight-line ground lease expense			257				(1,668	)
Non-cash compensation			18,936				15,713
Other income, net			(22,519	)			(32,165	)
Acquisition and new business initiatives related adjustments and expenses			8,090				7,379
Asset impairment and decommission costs			29,300				37,026
Interest income			(5,207	)			(10,780	)
Total interest expense (1)			134,560				117,930
Depreciation, accretion, and amortization			81,316				65,048
Provision for taxes (2)			51,268				42,183
Adjusted EBITDA		$	475,388			$	457,291
Annualized Adjusted EBITDA (3)		$	1,901,552			$	1,829,164

(1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2) Includes franchise and gross receipts taxes reflected in the Statements of Operations in selling, general and administrative expenses.

(3) Annualized Adjusted EBITDA is calculated as Adjusted EBITDA for the most recent quarter multiplied by four.

The calculation of Adjusted EBITDA Margin is as follows:

		For the three months ended March 31,
		2026				2025
		(in thousands)
Total revenues		$	703,438			$	664,248
Non-cash straight-line leasing revenue			(5,515	)			(1,281	)
Total revenues minus non-cash straight-line leasing revenue		$	697,923			$	662,967
Adjusted EBITDA		$	475,388			$	457,291
Adjusted EBITDA Margin			68.1	%			69.0	%

14

Forecasted Adjusted EBITDA for Full Year 2026

The table below sets forth the reconciliation of the forecasted Adjusted EBITDA set forth in the Outlook section to its most comparable GAAP measurement for the full year 2026:

		Full Year 2026
		(in millions)
Net income		$	771.0				to			$	824.0
Non-cash straight-line leasing revenue			(13.5	)			to				(8.5	)
Non-cash straight-line ground lease expense			(7.5	)			to				(2.5	)
Non-cash compensation			86.0				to				81.0
Other income, net			(57.0	)			to				(57.0	)
Acquisition and new business initiatives related adjustments and expenses			27.0				to				22.0
Asset impairment and decommission costs			149.5				to				144.5
Interest income			(23.0	)			to				(13.0	)
Total interest expense (1)			545.5				to				527.5
Depreciation, accretion, and amortization			331.0				to				321.0
Provision for taxes (2)			112.0				to				102.0
Adjusted EBITDA		$	1,921.0				to			$	1,941.0

(1) Total interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2) Includes projections for franchise taxes and gross receipts taxes, which will be reflected in the Statement of Operations in Selling, general, and administrative expenses.

15

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and AFFO per share

The tables below set forth the reconciliations of FFO, AFFO, and AFFO per share to their most comparable GAAP measurement.

		For the three months
		ended March 31,
		2026								2025
		(in thousands)				($ per share)				(in thousands)				($ per share)
Net income		$	184,902			$	1.74			$	217,906			$	2.02
Real estate related depreciation, amortization, and accretion			79,541				0.75				63,853				0.59
Asset impairment and decommission costs			29,300				0.28				37,026				0.34
FFO		$	293,743			$	2.77			$	318,785			$	2.95
Adjustments to FFO:
Non-cash straight-line leasing revenue			(5,515	)			(0.05	)			(1,281	)			(0.01	)
Non-cash straight-line ground lease expense			257				—				(1,668	)			(0.02	)
Non-cash compensation			18,936				0.18				15,713				0.15
Adjustment for non-cash portion of tax provision and other tax adjustments (1)			33,640				0.32				36,409				0.34
Non-real estate related depreciation, amortization, and accretion			1,775				0.02				1,195				0.01
Amortization of deferred financing costs and debt discounts and non-cash interest expense			6,031				0.06				13,782				0.13
Other income, net			(22,519	)			(0.23	)			(32,165	)			(0.31	)
Acquisition and new business initiatives related adjustments and expenses			8,090				0.08				7,379				0.07
Non-discretionary cash capital expenditures			(12,723	)			(0.12	)			(14,233	)			(0.13	)
AFFO		$	321,715			$	3.03			$	343,916			$	3.18
Adjustments for joint venture partner interest			(2,151	)			(0.02	)			(1,727	)			(0.02	)
AFFO attributable to SBA Communications Corporation		$	319,564			$	3.01			$	342,189			$	3.16
Diluted weighted average number of common shares							106,111								108,140

(1) The three months ended March 31, 2026 includes $5.8 million in taxes related to the sale of substantially all of our operations in Canada. We believe that these tax payments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO and AFFO attributable to SBA Communications Corporation excluding these amounts.

16

Forecasted AFFO for the Full Year 2026

The tables below set forth the reconciliations of the forecasted AFFO and AFFO per share set forth in the Outlook section to their most comparable GAAP measurements for the full year 2026:

(in millions, except per share amounts)		Full Year 2026
		(in millions)												($ per share)
Net income		$	771.0				to			$	824.0			$	7.25				to			$	7.74
Real estate related depreciation, amortization, and accretion			319.5				to				314.5				3.00				to				2.96
Asset impairment and decommission costs			149.5				to				144.5				1.41				to				1.36
FFO		$	1,240.0				to			$	1,283.0			$	11.66				to			$	12.06
Adjustments to FFO:
Non-cash straight-line leasing revenue			(13.5	)			to				(8.5	)			(0.13	)			to				(0.08	)
Non-cash straight-line ground lease expense			(7.5	)			to				(2.5	)			(0.07	)			to				(0.02	)
Non-cash compensation			86.0				to				81.0				0.81				to				0.76
Adjustment for non-cash portion of tax provision and other tax adjustments (1)			37.0				to				37.0				0.35				to				0.35
Non-real estate related depreciation, amortization, and accretion			11.5				to				6.5				0.11				to				0.06
Amortization of deferred financing costs and debt discounts and non-cash interest expense			22.5				to				22.5				0.21				to				0.21
Other income, net			(57.0	)			to				(57.0	)			(0.54	)			to				(0.54	)
Acquisition and new business initiatives related adjustments and expenses			27.0				to				22.0				0.25				to				0.21
Non-discretionary cash capital expenditures			(77.0	)			to				(67.0	)			(0.72	)			to				(0.63	)
AFFO		$	1,269.0				to			$	1,317.0			$	11.93				to			$	12.38
Adjustments for joint venture partner interest			(4.0	)			to				(4.0	)			(0.04	)			to				(0.04	)
AFFO attributable to SBA Communications Corporation		$	1,265.0				to			$	1,313.0			$	11.89				to			$	12.34
Diluted weighted average number of common shares (2)															106.4				to				106.4

(1) Includes $9.0 million in taxes related to the sale of substantially all of our operations in Canada. We believe that these tax payments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO and AFFO attributable to SBA Communications Corporation excluding these amounts.

(2) Weighted average number of common shares does not contemplate any additional repurchases of the Company’s stock during 2026.

17

Net Debt, Net Secured Debt, Leverage Ratio, and Secured Leverage Ratio

Net Debt is calculated using the notional principal amount of outstanding debt. Under GAAP policies, the notional principal amount of the Company’s outstanding debt is not necessarily reflected on the face of the Company’s financial statements.

The Net Debt and Leverage calculations are as follows:

		March 31, 2026
		(in thousands)
2020-2C Tower Securities		$	600,000
2021-1C Tower Securities			1,165,000
2021-2C Tower Securities			895,000
2021-3C Tower Securities			895,000
2022-1C Tower Securities			850,000
2024-1C Tower Securities			1,450,000
2024-2C Tower Securities			620,000
Revolving Credit Facility			1,285,000
2024 Term Loan			2,254,000
Total secured debt			10,014,000
2020 Senior Notes			1,500,000
2021 Senior Notes			1,500,000
Total unsecured debt			3,000,000
Total debt		$	13,014,000
Leverage Ratio
Total debt		$	13,014,000
Less: Cash and cash equivalents, short-term restricted cash and short-term investments			(439,898	)
Net debt		$	12,574,102
Divided by: Annualized Adjusted EBITDA		$	1,901,552
Leverage Ratio			6.6x
Secured Leverage Ratio
Total secured debt		$	10,014,000
Less: Cash and cash equivalents, short-term restricted cash and short-term investments			(439,898	)
Net Secured Debt		$	9,574,102
Divided by: Annualized Adjusted EBITDA		$	1,901,552
Secured Leverage Ratio			5.0x

18

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 376.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB