Research · Sep 3, 2026
[SBAC] SBA Communications Thesis 2026: Tower Leasing Troughs Before Long-Cycle Recovery Begins
SBA Communications FY25 revenue $2.82B (+5%); op income $1.37B; NI $1.05B (+41%); EPS $9.80. FCF $1.07B. Total debt $15.32B (-3%); buyback $-498M (+149% YoY); dividend $-479M (+13%). Carrier consolidation overhang: Verizon Master Lease Agreement impact + USM churn drag organic leasing. 2026 expected to be bottom for organic leasing; reacceleration 2027+. International growth (Brazil + Central America + Africa) expected to improve. 5G + FWA + early 6G prospects future drivers. Direct-to-device satellite risk monitored. FY26 outlook: $35M incremental US revenue from new leases / amendments.