Core Insights - SBA Communications Corporation (SBAC) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $3.19, missing the Zacks Consensus Estimate of $3.25 and down from $3.47 in the prior-year period [1][2][9] - Total quarterly revenues increased by 3.7% year over year to $719.6 million, but fell short of the Zacks Consensus Estimate of $724.9 million [2][9] - For the full year 2025, AFFO per share was $12.85, a decrease of 3.9% from the previous year, and also missed the Zacks Consensus Estimate of $12.91, while total revenues improved by 5.1% to $2.82 billion [2] Revenue Breakdown - Site-leasing revenues rose by 3.1% year over year to $666.2 million, with domestic site-leasing revenues at $464.5 million and international site-leasing revenues at $201.7 million [3] - Domestic cash site-leasing revenues fell by 1.3% year over year to $466 million, while international cash site-leasing revenues increased by 13.6% to $197.4 million [3] - Site development revenues surged by 12.7% year over year to $53.4 million [3] Profitability Metrics - Site-leasing operating profit was $535.5 million, showing a marginal year-over-year increase, contributing 98.4% to total operating profit [4] - Overall operating income declined by 21.8% year over year to $298.9 million [4] - Adjusted EBITDA totaled $486 million, down slightly, with the adjusted EBITDA margin decreasing to 67.8% from 70.6% in the prior-year quarter [4] Cost and Expenses - The cost of site leasing increased by 12.5% to $130.7 million, while the cost of site development rose by 24.2% to $44.8 million [5] - Interest expenses also rose by 12.5% to $124 million [5] Portfolio Activity - In Q4, SBAC acquired 2,026 communication sites for a total cash consideration of $236.4 million and built 164 towers [6] - As of Dec. 31, 2025, SBAC owned or operated 46,328 communication sites, with 17,394 in the U.S. and 28,934 internationally [6] Capital Expenditures - SBAC spent $17.1 million on land and easements and had total cash capital expenditures of $457.1 million in the reported quarter [7] - The company is under contract to buy 48 communication sites for a total consideration of $45 million, expected to complete by the end of Q2 2026 [7] Cash Flow and Liquidity - As of Dec. 31, 2025, SBAC had $0.4 billion in cash and cash equivalents, down from $0.5 billion as of Sept. 30, 2025 [10] - The company ended the quarter with $12.5 billion in net debt and a net debt-to-annualized adjusted EBITDA ratio of 6.4X [10] Share Repurchase and Dividends - During Q4, SBAC repurchased 1.1 million shares of its Class A common stock for $213 million, with an additional repurchase of 12,000 shares for $2.2 million after the quarter [11] - SBAC announced a cash dividend of $1.25 per share for Q1 2026, a 12.6% increase over the previous dividend [13] 2026 Guidance - SBAC expects AFFO per share in the range of $11.84-$12.29, below the Zacks Consensus Estimate of $12.73 [14] - Adjusted EBITDA is estimated to be between $1,912 million and $1,932 million, with site-leasing revenues projected at $2,625-$2,650 million [14]

This Supplemental Financial Data package provides key financial and operational data as well as reconciliations of those non-GAAP financial measures that SBA Communications Corporation ("SBA" or "We") use in evaluating the performance of our business. These non-GAAP financial measures include (1) Cash Site Leasing Revenue, (2) Core Leasing Revenue, (3) Tower Cash Flow and Tower Cash Flow Margin, (4) Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted EBITDA Margin, (5) Return on Invested Capital, (6) ...