SBA Communications Corporation (SBAC) Earnings Call Transcripts

SBA Communications Corporation's Latest Earnings Call - May 18, 2026

In the Q1 2026 earnings call for SBA Communications Corporation, management reported revenues of $600 million, which was in line with expectations, and an adjusted EBITDA of $350 million, reflecting a 5% year-over-year increase. The company maintained its long-term growth guidance of 4.5% to 5% for U.S. operations and high single-digit growth for international markets, particularly highlighting opportunities in Brazil and Central America. Management indicated a positive outlook for future growth driven by new use cases and potential carrier densification, despite current challenges in the domestic market.

Reported metrics

Guidance from management

Management maintained its long-term growth guidance of 4.5% to 5% for U.S. operations and high single-digit growth for international markets, particularly in Brazil and Central America.

What management said

Yes. They're all at different stage of development. I think T-Mobile was our most active carrier last year. They've stepped down this year. We signed a new 10-year master lease agreement with Verizon in November, and they've been very active. They are going to be our most active carrier customer this year. And AT&T signed an MLA with us in 2023. That's valid until mid-'28 and no business. So yes -- but densification ...

I think we still build towers in the U.S., and we have the muscle, we have the people. We know how to get, I think, the licensing done, the permitting done. It's just the rates that the big 3 carriers were offering for new BTS, new build-to-suits were not attractive. So I think we were not participating. But it looks like the dialogue is shifting a little bit and that -- those conversations are happening again. So I ...

What analysts pressed on

Analysts expressed concerns regarding the ongoing churn in Brazil and the potential impact of carrier consolidation on future growth. Additionally, there were questions about the timing and scale of new use cases and technology deployments that could affect revenue.

Main topics on the call

• U.S. Growth Outlook — Management reiterated a long-term growth rate of 4.5% to 5% in the U.S., driven by escalators in long-term contracts and new lease activity. Marc Montagner stated, "this is assuming a 3-carrier market" and noted potentia...
• International Market Expansion — SBA's international operations are expected to see high single-digit growth, particularly in Brazil and Central America. Montagner highlighted Brazil's potential, stating, "I feel pretty good about Brazil long term" due ...
• Carrier Densification — Management indicated ongoing densification efforts by carriers, particularly with Verizon being the most active. Montagner mentioned, "the carriers have to add more capacity to the network, which is good for us," signali...
• Share Buybacks and Dividend Growth — SBA plans to continue its share buyback program, having spent $500 million last year, and expects to grow dividends in the low teens. Montagner stated, "we believe that we could keep growing the dividend in low teens for...

Read the full SBA Communications Corporation transcript (May 18, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 86 SBA Communications Corporation earnings call transcripts on record, spanning January 7, 2020 to May 18, 2026. Based on this history, SBA Communications Corporation reports quarterly. The most recent call on file is dated May 18, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SBAC

Exchange

NasdaqGS

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

86

First call

January 7, 2020

Most recent

May 18, 2026

Reporting cadence

quarterly