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Sep 30, 2025
SBA Q3 2025 Earnings Report
SBA Communications Corporation reported its third quarter 2025 results, including net income of $240.4 million and AFFO per share of $3.30, and updated its full year 2025 outlook.
Key Takeaways
SBA Communications Corporation delivered a positive third quarter in 2025, with strong financial and operating results driven by continued carrier investment in network expansion and densification. The company reported a net income of $240.4 million and an industry-leading AFFO per share of $3.30. Strategic activities included closing the remaining Millicom sites, selling Canadian towers, and repurchasing shares, alongside signing a new long-term master lease agreement with Verizon.
Net income for the third quarter of 2025 was $240.4 million, or $2.20 per share.
Adjusted Funds From Operations (AFFO) per share reached $3.30, demonstrating industry-leading performance.
The company completed the acquisition of remaining Millicom sites and sold its Canadian tower portfolio, impacting the full-year outlook but representing a strategic portfolio review step.
SBA repurchased 958 thousand shares for $194 million during and subsequent to the quarter, and entered into a long-term master-lease agreement with Verizon.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
SBA Communications updated its full year 2025 outlook, reflecting the impact of recent strategic transactions. The company anticipates continued growth in site leasing and site development revenues, with a revised target leverage range to transition into an investment-grade company.
Positive Outlook
- Full year 2025 site leasing revenue is projected to be between $2,568.0 million and $2,578.0 million.
- Site development revenue is expected to be between $240.0 million and $250.0 million for the full year 2025.
- Total revenues are forecasted to be between $2,808.0 million and $2,828.0 million.
- The company is revising its target leverage range to 6.0x to 7.0x net debt to LQA Adjusted EBITDA, aiming for investment-grade status and reduced borrowing costs.
- The new long-term master lease agreement with Verizon is expected to accelerate the rollout of next-generation wireless services.
Challenges Ahead
- The actual timing of the Millicom transaction closings and the Canadian tower sale negatively impacted the full year 2025 outlook.
- The updated outlook for Site leasing revenue was negatively impacted by approximately $11.0 million due to transaction timing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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