SBA Communications Q4: Strong Growth, Dividend Hike
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Show Notes
SBA Communications had a strong fourth quarter, with adjusted funds from operations per share reaching $3.19 and a 13% increase in dividends to $1.11 per share. Domestically, they added $10 million in new leases and amendments, while services revenue surged by 13% due to construction projects. Internationally, new leases brought in $6 million, but churn hit $8 million from consolidations and optimizations. Sprint-related churn in the US totaled $17 million, marking the end of that wave. SBA repurchased $213 million in shares at an average of $191.70 each, with $500 million repurchased in 2025 and $1.1 billion left in authorization. For 2026, they expect similar domestic growth, Sprint churn of $55-56 million, and no recurring revenue from EchoStar after a lawsuit. International new business targets $19-21 million, churn $36-40 million, and services revenue of $190-210 million. Execs highlighted US mobile data growth and opportunities in Brazil and Central America. Shareholders will receive a first quarter dividend of $1.25, payable March 27th. With steady carrier investments and churn tailwinds fading, SBA is poised for organic growth acceleration into 2027 and beyond.
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