Every material Form 8-K SBA Communications has filed with the SEC since July 29, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
SBA Communications Corporation reported third quarter 2026 net income of $231.3 million, or $2.19 per share, alongside site leasing revenue of $665.4 million. The company updated its full year 2026 guidance, declared a quarterly cash dividend of $1.25 per share, and repurchased 1.7 million shares during the quarter.
Net income attributable to SBA was $231.3 million, or $2.19 per share, for the third quarter ended September 30, 2026.
Site leasing revenue reached $665.4 million in the third quarter of 2026.
The company repurchased 1.7 million shares for $300.0 million during the quarter.
A quarterly cash dividend of $1.25 per share was declared, payable on December 10, 2026.
SBA Communications reported second quarter 2026 net income attributable to SBA of $198.8 million, or $1.87 per diluted share, down from $2.09 a year earlier, while site leasing revenue rose to $663.9 million from $631.8 million. It raised the midpoint of its full year 2026 site leasing revenue outlook by $2.0 million and declared a $1.25 per share quarterly dividend, so shareholders see higher revenue and a slightly higher outlook alongside lower per-share profit.
Diluted EPS was $1.87 versus $2.09; net income included an $8.0 million currency gain versus $30.4 million a year earlier.
Site leasing revenue was $663.9 million, up 5.1%; site development revenue was $51.4 million, down 23.5%.
Full year 2026 AFFO per share outlook is $11.95 to $12.40, with the midpoint up $0.02 from April 29, 2026.
Quarterly cash dividend of $1.25 per share is payable September 17, 2026 to holders of record on August 20, 2026.
SBA Communications closed a $3.5 billion offering of senior unsecured notes due 2030, 2031 and 2033 on July 23, 2026, and used the proceeds to repay in full its senior secured term loan and revolver borrowings. It also entered a new $2.5 billion unsecured revolving credit facility maturing July 23, 2031, and terminated its prior $2.0 billion revolver and $2.3 billion term loan. For shareholders, the filing shows a change in the company's debt structure and interest rates, with the new notes structurally subordinated to liabilities of its SBA Telecommunications LLC subsidiary.
Notes: $1.35 billion at 4.875% due 2030, $1.35 billion at 5.150% due 2031, and $800.0 million at 5.450% due 2033, with interest paid semi-annually starting January 15, 2027.
Net proceeds repaid in full the senior secured term loan and outstanding revolver borrowings under the prior credit agreement dated January 25, 2024.
New $2.5 billion senior unsecured revolving credit facility matures July 23, 2031, with an option to request up to $1.0 billion in increases.
The notes are not guaranteed by SBA Telecommunications LLC or its subsidiaries, so they are structurally subordinated to those entities' liabilities.
SBA Communications agreed on July 14, 2026 to sell $3.5 billion of senior notes in a registered public offering through four underwriters. The company plans to use the net proceeds to repay in full its senior secured term loan and its outstanding revolving credit facility borrowings. The filing does not state the effect on earnings or leverage.
Notes: $1.35 billion of 4.875% due 2030, $1.35 billion of 5.150% due 2031, and $800 million of 5.450% due 2033
Underwriting agreement dated July 14, 2026, with Morgan Stanley, Barclays, Wells Fargo Securities and Goldman Sachs as representatives
Proceeds to repay the term loan maturing January 25, 2031 and revolver borrowings maturing January 25, 2029
SBA Communications reported first quarter 2026 results on April 29, 2026. Site leasing revenue rose 6.5% to $656.1 million, but net income attributable to SBA fell to $184.8 million, or $1.74 per diluted share, from $220.7 million, or $2.04, a year earlier. The company raised its full year 2026 outlook across key metrics and declared a $1.25 quarterly dividend, so shareholders see higher guidance alongside lower quarterly profit and AFFO per share.
Site leasing revenue of $656.1 million, up 6.5% from $616.2 million in Q1 2025
Diluted EPS of $1.74 versus $2.04; AFFO per share of $3.03 versus $3.18
2026 AFFO per share outlook raised to $11.93 to $12.38, up $0.09 at the midpoint from February 26, 2026
Quarterly dividend of $1.25 per share, payable June 17, 2026 to holders of record on May 22, 2026
SBA Communications said Executive Vice President of U.S. Operations Mark Ciarfella gave notice on March 24, 2026 that he intends to retire from his roles effective December 31, 2026. He will stay on as a non-executive employee through March 7, 2027 to support the transition of his responsibilities.
Mark Ciarfella gave notice of retirement on March 24, 2026.
Retirement from current title and roles is effective December 31, 2026.
He will remain a non-executive employee through March 7, 2027 to support the transition.
SBA Communications reported fourth-quarter 2025 results, with net income of $370.4 million ($3.47 per diluted share) versus $178.8 million a year earlier, though that figure includes a $226.3 million gain on the sale of its Canadian operations. AFFO per share fell 8.1% to $3.19, and the company issued initial 2026 guidance that excludes all contracted EchoStar revenue while declaring a dividend of $1.25 per share, up about 13%.
Q4 2025 site leasing revenue rose 3.1% to $666.2 million; net income was $370.4 million, or $3.47 per diluted share, versus $1.61 a year earlier.
AFFO fell 9.2% to $340.4 million, and AFFO per share fell 8.1% to $3.19 from $3.47.
2026 outlook projects total revenues of $2,815.0 million to $2,860.0 million and AFFO per share of $11.84 to $12.29, excluding all contracted EchoStar revenue.
Quarterly dividend of $1.25 per share is payable March 27, 2026, to holders of record on March 13, 2026.
SBA Communications reported third-quarter 2025 results on November 3, 2025. Total revenues rose to $732.3 million from $667.6 million, but net income fell to $240.4 million from $255.9 million and diluted EPS fell to $2.20 from $2.40. The company also narrowed its full-year 2025 outlook, lowering the Adjusted EBITDA midpoint by $4.0 million on the timing of the Canada tower sale and Millicom site closings, and declared a $1.11 quarterly dividend.
Total revenues $732.3 million vs. $667.6 million a year earlier; site leasing revenue $656.4 million, up 4.9%
Net income $240.4 million vs. $255.9 million; diluted EPS $2.20 vs. $2.40
Full-year 2025 Adjusted EBITDA outlook $1,909 million to $1,919 million, $4.0 million lower at the midpoint than the August 4, 2025 outlook
Quarterly dividend of $1.11 per share, payable December 11, 2025 to holders of record on November 13, 2025
SBA Communications reported second-quarter 2025 net income of $225.7 million, up from $159.5 million a year earlier, and raised its full-year 2025 outlook. AFFO per share fell 3.6% year over year to $3.17, and the company's reported profit gain included a $30.4 million currency-related gain on intercompany loans.
Q2 2025 net income was $225.7 million, or $2.09 per diluted share, versus $159.5 million, or $1.51, in Q2 2024.
AFFO per share was $3.17, down from $3.29 a year earlier; AFFO was $342.1 million versus $354.3 million.
Full-year 2025 AFFO per share outlook is $12.65 to $13.02, a $0.13 midpoint increase from the April 28, 2025 outlook.
On July 21, 2025, SBA agreed to sell its 369 Canadian towers for CAD$446.0 million, expected to close in Q4 2025; the board declared a $1.11 quarterly dividend payable September 18, 2025.
SBA Communications reported first quarter 2025 net income of $189.0 million, or $1.77 per diluted share, up from $154.5 million, or $1.42, a year earlier. The company raised its full-year 2025 outlook for each key financial metric, though site leasing revenue and AFFO per share declined year over year, and it approved a new $1.5 billion share repurchase authorization and a $1.11 quarterly dividend.
Q1 2025 net income was $189.0 million, or $1.77 per diluted share, up 22.3% and 24.6% from Q1 2024.
Site leasing revenue fell 1.9% to $616.2 million, and AFFO per share fell 3.3% to $3.18.
Full-year 2025 AFFO per share outlook is $12.53 to $12.90, up $0.14 from the February 24, 2025 outlook.
The Board approved a new $1.5 billion share repurchase plan and a $1.11 per share quarterly dividend payable June 17, 2025.
SBA Communications reported fourth-quarter 2024 net income of $178.8 million, or $1.61 per diluted share, up from $109.5 million, or $1.01 per share, a year earlier. Total revenue rose to $693.7 million from $675.0 million, and the company gave initial full-year 2025 guidance, including total revenue of $2.69 billion to $2.735 billion and AFFO per share of $12.40 to $12.76. The board also declared a quarterly dividend of $1.11 per share, about 13% higher than the prior quarter's payout.
Q4 2024 net income $178.8 million, or $1.61 per diluted share, versus $109.5 million, or $1.01, in Q4 2023
Q4 2024 total revenue $693.7 million, up from $675.0 million; site leasing revenue $646.3 million, up 1.6%
2025 outlook: total revenue $2.69 billion to $2.735 billion; AFFO per share $12.40 to $12.76
Quarterly dividend of $1.11 per share payable March 27, 2025, to holders of record on March 13, 2025
SBA Communications reported third-quarter 2024 results, with net income of $255.9 million, or $2.40 per diluted share, up from $85.4 million, or $0.80, a year earlier. Total revenues fell 2.2% to $667.6 million and adjusted EBITDA fell 2.0% to $472.6 million, while the company raised its full-year 2024 outlook across its key metrics and agreed to buy over 7,000 Central American sites from Millicom for about $975.0 million.
Q3 2024 net income was $255.9 million, or $2.40 per diluted share, including a $16.2 million after-tax currency remeasurement gain; total revenues were $667.6 million, down 2.2%.
Adjusted EBITDA was $472.6 million, down 2.0%, and AFFO per share was $3.32, down 0.6% from $3.34.
Full-year 2024 total revenue outlook is $2.66 billion to $2.68 billion, and AFFO per share outlook is $13.20 to $13.45, both raised from the July 29, 2024 outlook.
The Millicom site purchase for about $975.0 million in cash is expected to close some time in 2025; the quarterly dividend is $0.98 per share, payable December 12, 2024.
On October 11, 2024, SBA Tower Trust issued $1.45 billion of 2024-1C securities and $620.0 million of 2024-2C securities, a total of $2.07 billion. About $2.057 billion of net proceeds will partly repay $620.0 million of 2014-2C securities, with the rest set aside to repay 2019 series securities in January 2025. The filing describes the deal as a refinancing that increases the total mortgage loan by a net $332.3 million, a change that shareholders may track as added debt secured by the company's tower sites.
$1.45 billion 2024-1C securities at 4.831% interest, with anticipated repayment in October 2029
$620.0 million 2024-2C securities at 5.115% interest, with anticipated repayment in October 2027 and an effective rate of 4.654% after a treasury rate lock
Net proceeds of about $2.057 billion; $620.0 million used to repay 2014-2C securities
Mortgage loan totals $8.8 billion, secured by about 9,523 tower sites owned by the borrowers
SBA Communications' subsidiary SBA Senior Finance II LLC amended its Third Amended and Restated Credit Agreement on October 2, 2024, lowering the stated interest rate on the Initial Term Loans. The filing says all other material terms are unchanged, and the change reduces the borrowing cost on that term loan for the company's subsidiary.
Term Loan now bears interest at Base Rate plus 0.75% per annum or Term SOFR plus 1.75% per annum, at the Borrower's election
Prepayment is allowed with no penalty, except a 1.0% fee on amounts prepaid from certain financing or repricing transactions within six months of the amendment's effective date
Toronto Dominion (Texas) LLC is administrative agent; TD Securities (USA) LLC is lead arranger
SBA Communications reported second-quarter 2024 total revenues of $660.5 million, down 2.7%, and net income of $159.5 million, or $1.51 per diluted share, down from $1.87 a year earlier. The company also lowered its full-year 2024 revenue and Adjusted EBITDA outlook, which weighs on shareholders, while declaring a $0.98 quarterly dividend.
Q2 2024 total revenues were $660.5 million, down from $678.5 million; net income was $159.5 million, or $1.51 per diluted share, versus $202.0 million, or $1.87, in Q2 2023
Net income included a $66.2 million after-tax loss on currency remeasurement of intercompany loans
Full-year 2024 total revenue outlook is now $2,642.0 million to $2,672.0 million, a $20.0 million cut at the midpoint; Adjusted EBITDA outlook is $1,876.0 million to $1,896.0 million, down $13.0 million at the midpoint
Quarterly dividend of $0.98 per share is payable September 18, 2024 to holders of record on August 22, 2024
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