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SBAC · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 2.3% y/y to $715M, operating margin 49.2% vs 47.9%, net income $199M (−12.0% y/y).
Net income attributable to SBA Communications Corporation
$199M
down 12.0% y/y
Total revenues
$715M
up 2.3% y/y
Operating income
$352M
up 5.1% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues | $715 · +2.3% |
| Cost of site leasing | $134 · +13.1% |
| Cost of site development | $41.9 · −21.7% |
| Selling, general, and administrative expenses | $77.5 · +9.2% |
| Acquisition and new business initiatives related adjustments and expenses | $5.9 · +0.7% |
| Asset impairment and decommission costs | $22.6 · −50.1% |
| Depreciation, accretion, and amortization | $81.4 · +16.3% |
| Operating income | $352 · +5.1% · 49.2% margin |
| Interest income | $5.6 · −31.0% |
| Interest expense | $128 · +6.8% |
| Non-cash interest expense | $2.5 · +102% |
| Amortization of deferred financing fees | $5.3 · −2.7% |
| Other income, net | $10.5 · −76.2% |
| Income before income taxes | $232 · −10.8% |
| Provision for income taxes | $36 · +2.7% · 15.5% effective rate |
| Net loss attributable to noncontrolling interests | $2.3 · ×23 |
| Net income attributable to SBA Communications Corporation | $199 · −12.0% · $1.87/sh · 27.8% margin |
Verdict: revenue grew 2.3% y/y to $715M, operating margin 49.2% vs 47.9%, net income $199M (−12.0% y/y).
The Company issued inaugural $3.5 billion investment grade senior notes, and the Board declared a quarterly cash dividend of $1.25 per share.
Source and notation
Source: SBA Communications press release, 8-K EX-99.1 of 08/03/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: SBAC, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “SBAC Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/sbac/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/sbac/q2-2026"><img src="https://whoreportstoday.com/t/sbac/q2-2026/sankey.png" alt="SBAC Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/sbac/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/sbac/q2-2026">SBAC Q2 2026 earnings chart (Who Reports Today)</a>
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- Net income attributable to SBA was $198.8 million, or $1.87 per share, and AFFO per share was $3.05.
- Operating income was $352M, a 49.2% margin vs 47.9% a year earlier.
- The effective tax rate was 15.5% vs 13.4% a year earlier.
- Diluted EPS was $1.87 vs $2.09 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
SBAC — an American owner and operator of wireless communications infrastructure, mainly towers, in the U.S. and in Central and South America and Africa.
It earns money by leasing antenna space to wireless carriers and other tenants and, to a lesser extent, from site development services. Site leasing, which generates almost all segment operating profit, is reported as two segments: domestic and international. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 12% y/y in Q2 2026
Net income for Q2 2026: $199M, −12% y/y. In the report's figures: costs grew faster than revenue: cost of site leasing +13% y/y, depreciation, accretion, and amortization +16% y/y, non-cash interest expense +102% y/y. Based on the Q2 2026 report.
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