SBA Communications

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus, with revenue of $715.3M exceeding the $705.4M estimate, while Diluted GAAP EPS of $1.87 slightly missed the $1.91 mean expectation. Growth was primarily driven by International Site Leasing (+30.5% YoY), which offset a -3.7% decline in Domestic Site Leasing revenue impacted by Sprint and EchoStar churn. Management confirmed elevated churn levels for the remainder of FY26 but signaled a major balance sheet restructuring with $3.5B in new senior notes to replace variable-rate debt.