SBA Communications (SBAC) Q1 FY2026 earnings: revenue $703 million, up 5.9% on the year
SBA Communications Corp. (SBAC) reported revenue of $703 million for Q1 FY2026, the quarter ended 31 March 2026, up 5.9% on the same quarter a year earlier. Net income was $185 million, down 16.3% on the year, and diluted earnings per share $1.74. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.
Revenue
$703 million
+5.9% on the year · -2.2% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
48.7%
50.4% a year earlier
Q2 FY2024Q1 FY2026
Net income
$185 million
-16.3% on the year · -50.1% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$1.74
-14.7% on the year · -49.9% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 6 raised, 6 kept.
Net income and EPS fell year over year: Net income attributable to SBA was $184.8 million, or $1.74 diluted, against $220.7 million and $2.04 a year earlier. Net income included a $10.1 million currency remeasurement gain.
AFFO per share fell 4.7%: AFFO was $321.7 million, down 6.5%, and AFFO per share was $3.03, down 4.7%. Excluding foreign exchange, AFFO per share fell 6.9%.
Domestic revenue fell 2.3%: Domestic site leasing revenue was $450.3 million, down 2.3%; segment operating profit fell 3.3% to $379.7 million. Domestic cash site leasing revenue was $448.7 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
255
304
301
-16.1%
-15.3%
Capital expenditure
48.4
62.7
46.2
-22.8%
+4.8%
Free cash flow
207
241
255
-14.3%
-18.9%
Free cash flow margin
29.4%
33.5%
38.4%
Cash from investing
-297
-181
238
Cash from financing
-69.6
-143
-1,282
Depreciation and amortisation
81.3
80.4
65.0
+1.2%
+25.0%
Share-based compensation
18.9
19.2
15.7
-1.3%
+20.5%
Dividends paid
135
118
122
+14.3%
+10.6%
Diluted shares, weighted
106m
n/a
108m
-1.9%
Shares outstanding at period end
106m
106m
108m
+0.4%
-1.8%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
-4,752
-4,854
-4,971
Redeemable equity
85.7
78.3
62.6
+9.6%
+37.0%
Debt
12,960
12,900
12,426
+0.5%
+4.3%
Operating lease liabilities
n/a
2,115
n/a
Finance lease liabilities
n/a
4.5
n/a
Other liabilities
3,427
1,331
2,925
+157.5%
+17.2%
Total liabilities and equity
11,721
11,575
10,443
+1.3%
+12.2%
Fixed assets
3,416
3,402
2,819
+0.4%
+21.2%
Intangible assets
2,880
2,882
2,403
-0.1%
+19.8%
Investments
134
27.7
83.9
+382.8%
+59.5%
Cash and equivalents
269
265
636
+1.7%
-57.7%
Receivables
161
171
130
-5.7%
+24.4%
Other assets
4,861
4,828
4,371
+0.7%
+11.2%
Total assets
11,721
11,575
10,443
+1.3%
+12.2%
Questions
What was SBA Communications' revenue in Q1 FY2026?
SBA Communications (SBAC) reported revenue of $703 million for Q1 FY2026, the quarter ended 31 March 2026, up 5.9% on the same quarter a year earlier.
How much did SBA Communications earn in Q1 FY2026?
Net income for Q1 FY2026 was $185 million, down 16.3% on the year, and diluted earnings per share $1.74.
When did SBA Communications report Q1 FY2026 results?
SBA Communications filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.
Each quarter as filed, linked to its filing. Read moreMoney is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.