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Mar 31, 2025
SBA Q1 2025 Earnings Report
SBA Communications reported a solid start to 2025 with increased net income, a new share repurchase program, and raised full-year guidance.
Key Takeaways
SBA Communications posted strong financial results with $664 million in revenue and $189 million in net income, supported by higher U.S. carrier activity and solid international performance. The company authorized a new $1.5 billion stock buyback and increased its full-year 2025 outlook.
Net income rose to $189 million compared to $154.5 million a year ago.
EPS increased to $1.77, with AFFO per share reaching $3.18.
The company authorized a new $1.5 billion share repurchase program.
Raised full-year 2025 financial outlook across major metrics.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
SBA raised its full-year 2025 outlook, expecting improvements in revenues, AFFO, and Adjusted EBITDA due to solid leasing activity and new site acquisitions.
Positive Outlook
- Raised total revenue guidance by $26 million to $2,716–$2,761 million.
- Increased AFFO guidance by $8 million.
- New $1.5 billion share repurchase authorization.
- Maintains a strong balance sheet with over $600 million in cash.
- Solid backlog and expected growth in U.S. and international markets.
Challenges Ahead
- Challenging macroeconomic environment could affect customer spending.
- High leverage ratio of 6.4x net debt to annualized Adjusted EBITDA.
- Decline in international site leasing revenue year-over-year.
- Exposure to foreign exchange fluctuations impacting financials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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