SBA Communications posted third‑quarter 2025 results for the quarter ended September 30, 2025. Operating revenue reached $732.3 million, up 4.9% year‑over‑year, driven by $656.4 million in site‑leasing revenue and $75.9 million in site‑development revenue, an 81.2% increase from the same period last year.
Net income fell to $240.4 million, a decline from $255.9 million in Q3 2024, while adjusted EBITDA stood at $493.3 million. Funds from operations (AFFO) were $354.9 million, translating to $3.30 per share, beating the consensus estimate of $3.19.
The company declared a quarterly cash dividend of $1.11 per share, payable December 11, 2025.
SBA updated its full‑year 2025 outlook, raising the revenue forecast to $2.81 billion–$2.83 billion and increasing the site‑development revenue outlook by $20 million. The revised guidance reflects a new long‑term master lease agreement with Verizon and the completion of the sale of its Canadian tower business.
Management highlighted ongoing challenges, including elevated international churn from carrier consolidation in Brazil and the impact of Sprint consolidation, which contributed $11 million in Q3 and is expected to add $51 million for the year. The company also noted uncertainty surrounding DISH’s future payments.
SBA repurchased approximately $194 million of shares during and after the quarter at an average price of $196.99 per share.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.