SBA Communications (SBAC) Q2 FY2026 earnings: revenue $715 million, up 2.3% on the year

SBA Communications Corp. (SBAC) reported revenue of $715 million for Q2 FY2026, the quarter ended 30 June 2026, up 2.3% on the same quarter a year earlier. Net income was $199 million, down 12.0% on the year, and diluted earnings per share $1.87. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$715 million

+2.3% on the year · +1.7% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

49.2%

47.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$199 million

-12.0% on the year · +7.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.87

-10.5% on the year · +7.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 5 lowered, 1 kept.

Net income and AFFO per share: Net income attributable to SBA was $198.8 million, or $1.87 per share, against $2.09 diluted EPS a year earlier. AFFO per share was $3.05 against $3.17.
Domestic site leasing revenue fell: Domestic site leasing revenue was $452.5 million, down 3.7% from $469.8 million. Domestic segment operating profit fell 4.8% to $381.0 million.
International revenue up 30.5%: International site leasing revenue was $211.4 million against $162.0 million. International segment operating profit rose 31.9% to $148.8 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	715	703	699	+1.7%	+2.3%
Cost of revenue	176	171	172	+2.7%	+2.3%
Gross profit	539	532	527	+1.3%	+2.4%
Gross margin	75.4%	75.6%	75.4%
Selling, general and administrative	77.5	70.5	71.0	+9.9%	+9.2%
Operating income	352	343	335	+2.6%	+5.1%
Operating margin	49.2%	48.7%	47.9%
Pre-tax income	232	236	261	-1.5%	-10.8%
Income tax	36.0	51.1	35.1	-29.6%	+2.7%
Effective tax rate	15.5%	21.7%	13.4%
Net income	199	185	226	+7.5%	-12.0%
Net margin	27.8%	26.3%	32.3%
Diluted EPS	$1.87	$1.74	$2.09	+7.5%	-10.5%

$ million except per share.

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. 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	407	255	368	+59.6%	+10.6%
Capital expenditure	62.4	48.4	647	+29.0%	-90.4%
Free cash flow	345	207	-279	+66.8%
Free cash flow margin	48.2%	29.4%	-39.9%
Cash from investing	-13.7	-297	-581
Cash from financing	-367	-69.6	-158
Depreciation and amortisation	81.4	81.3	70.0	+0.1%	+16.3%
Share-based compensation	26.8	18.9	21.5	+41.5%	+24.5%
Dividends paid	133	135	119	-1.9%	+11.1%
Diluted shares, weighted	106m	106m	108m	+0.1%	-1.4%
Shares outstanding at period end	106m	106m	107m	+0.0%	-1.3%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	-4,630	-4,752	-4,939
Redeemable equity	85.2	85.7	65.2	-0.6%	+30.8%
Debt	12,729	12,960	12,512	-1.8%	+1.7%
Other liabilities	3,558	3,427	3,129	+3.8%	+13.7%
Total liabilities and equity	11,742	11,721	10,766	+0.2%	+9.1%
Fixed assets	3,453	3,416	3,258	+1.1%	+6.0%
Intangible assets	2,868	2,880	2,580	-0.4%	+11.2%
Investments	51.7	134	17.5	-61.3%	+195.3%
Cash and equivalents	327	269	275	+21.6%	+18.8%
Receivables	176	161	140	+9.0%	+25.8%
Other assets	4,867	4,861	4,496	+0.1%	+8.3%
Total assets	11,742	11,721	10,766	+0.2%	+9.1%

Questions

What was SBA Communications' revenue in Q2 FY2026?

SBA Communications (SBAC) reported revenue of $715 million for Q2 FY2026, the quarter ended 30 June 2026, up 2.3% on the same quarter a year earlier.

How much did SBA Communications earn in Q2 FY2026?

Net income for Q2 FY2026 was $199 million, down 12.0% on the year, and diluted earnings per share $1.87.

When did SBA Communications report Q2 FY2026 results?

SBA Communications filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	595	620	652	676	686	676	678	683	675	658	660	668	694	664	699	732	720	703	715	714
Cost of revenue	140	153	166	178	172	164	154	150	144	138	141	150	152	154	172	190	175	171	176	172
Gross profit	455	467	486	498	514	511	524	533	531	520	519	517	542	511	527	543	544	532	539	542
Gross margin	76%	75%	75%	74%	75%	76%	77%	78%	79%	79%	79%	77%	78%	77%	75%	74%	76%	76%	75%	76%
SG&A	63.5	62.1	63.3	65.8	70.6	72.2	63.4	64.8	67.5	68.7	62.4	60.1	67.6	66.2	71.0	66.0	74.4	70.5	77.5	68.0
Operating income	197	217	231	243	235	224	241	249	210	323	354	376	382	335	335	374	299	343	352	368
Operating margin	33%	35%	35%	36%	34%	33%	36%	36%	31%	49%	54%	56%	55%	50%	48%	51%	42%	49%	49%	52%
Pre-tax income	48.3	229	65.6	103	129	144	173	93.2	138	171	147	298	156	260	261	289	432	236	232	255
Tax rate	-1%	18%	-5%	3%	20%	30%	-17%	8%	21%	10%	-8%	14%	-15%	16%	13%	17%	14%	22%	15%	9%
Net income	48.9	189	69.5	100	103	101	204	87.4	110	155	163	259	174	221	226	237	370	185	199	231
Net margin	8%	30%	11%	15%	15%	15%	30%	13%	16%	23%	25%	39%	25%	33%	32%	32%	51%	26%	28%	32%
Diluted EPS	$0.44	$1.72	$0.64	$0.91	$0.94	$0.93	$1.87	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04	$2.09	$2.20	$3.47	$1.74	$1.87	$2.19
Operating cash flow	299	292	372	332	289	311	487	314	433	294	426	305	310	301	368	318	304	255	407	332
Capital expenditure	43.3	38.0	193	124	66.1	49.1	84.0	115	62.7	57.9	91.6	272	55.5	46.2	647	74.7	62.7	48.4	62.4	72.8
Free cash flow	255	254	179	209	223	262	403	198	370	237	334	32.4	255	255	-279	243	241	207	345	259
Buybacks	298	432	-0.0	0.0	0.0	n/a	n/a	n/a	n/a	106	93.9	0.0	0.0	n/a	n/a	151	n/a	n/a	n/a	300
Dividends paid	63.1	76.9	76.6	76.7	76.7	93.9	92.1	92.1	91.8	108	105	105	105	122	119	119	118	135	133	131
Shares outstanding	109m	108m	108m	108m	108m	108m	108m	108m	108m	108m	107m	108m	108m	108m	107m	107m	106m	106m	106m	104m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money 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 30 June 2026, filed 6 August 2026: the filing.