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Jun 30, 2025
SBA Q2 2025 Earnings Report
SBA Communications Corporation reported strong second quarter 2025 results, driven by robust domestic and international leasing activity, and updated its full year 2025 outlook.
Key Takeaways
SBA Communications delivered a very positive second quarter in 2025, with net income of $225.7 million and industry-leading AFFO per share of $3.17. The company saw strong domestic activity with new U.S. leasing business exceeding expectations, benefiting from high levels of new colocations. International leasing also showed solid activity, contributing to the highest company-wide new colocations in nearly three years. The early closing of over 4,300 sites from the Millicom acquisition significantly boosted results, leading to a meaningful increase in the full year outlook across all key financial metrics.
Net income reached $225.7 million, or $2.09 per share, demonstrating strong profitability.
Adjusted Funds From Operations (AFFO) per share was $3.17, maintaining an industry-leading position.
The company successfully closed on 4,323 sites from the Millicom acquisition, integrating them ahead of schedule.
SBA Communications repurchased 799 thousand shares, reflecting continued commitment to shareholder returns, and declared a quarterly cash dividend of $1.11 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
SBA Communications has updated its full year 2025 outlook, increasing projections across all key financial metrics due to strong leasing results, steady backlogs, early Millicom closing, and favorable foreign currency movements. The outlook assumes the closing of remaining Millicom sites by September 1, 2025, and does not include impacts from potential future stock repurchases or the sale of Canadian tower assets.
Positive Outlook
- Total revenues are projected to increase to a range of $2,780.0 million to $2,825.0 million.
- Tower Cash Flow is expected to be between $2,058.0 million and $2,083.0 million.
- Adjusted EBITDA is forecasted to range from $1,908.0 million to $1,928.0 million.
- AFFO is anticipated to be between $1,365.0 million and $1,405.0 million.
- AFFO per share is projected to be in the range of $12.65 to $13.02.
Challenges Ahead
- The outlook does not account for any additional repurchases of the Company’s stock during 2025.
- The impact of the disposition of the Company’s Canadian operations is not contemplated in the full year results, as the closing date is uncertain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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