SBA Communications Reports $370M Q4 Profit, Boosts Dividend 13%
SBA Communications reported Q4 2025 net income of $370.4 million ($3.47 per share) and AFFO per share of $3.19, while repurchasing 1.1 million shares and raising its quarterly dividend by 13% to $1.25 per share. The company issued a 2026 outlook excluding EchoStar revenues, targeting a dividend payout ratio of 41% AFFO.
1. Fourth Quarter Financial Results
SBA Communications delivered Q4 2025 net income of $370.4 million, up 107% year-over-year, translating to $3.47 per diluted share. Site leasing revenue rose 3.1% to $666.2 million, while site development revenue increased 12.7% to $53.4 million, supporting industry-leading AFFO per share of $3.19.
2. Share Repurchases and Dividend Increase
During the quarter and subsequent period, SBA repurchased 1.1 million shares for $175 million at an average price of $191 per share. Its board declared a 13% increase in the quarterly cash dividend to $1.25 per share, payable March 27 to holders of record on March 13.
3. 2026 Outlook Excluding EchoStar
The full-year 2026 guidance intentionally excludes all contracted revenue from EchoStar to present a clear forward-looking view amid the payment dispute. It forecasts steady contributions across key carrier customers, underpins the 41% AFFO dividend payout, and leaves capital available for further portfolio or buyback activity.
4. Strategic Expansion and Integration
In Q4, SBA closed on the majority of remaining Millicom International tower sites in Central America, strengthening regional presence and integrating these assets. Continued carrier investments in densification, new spectrum bands and 5G Fixed Wireless Access are expected to drive organic growth across its global portfolio.