Q3 2026 Revenue down 2% year over year to $714M · 32¢ of every $1 of revenue kept as net profit · operating margin 51.5%
SBA Communications made $714M in Q3 2026 (-2% Y/Y): Domestic Site Leasing $454M, International Site Leasing $211M, Site Development $48.6M. Operating margin 51.5%, net earnings $231M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$714M
Year over year-2%
Operating margin51.5%
Net earnings$231M
Operating cash flow$332M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $713.9M in Q3 2026, down 3% year over year and roughly flat from the previous quarter. Domestic Site Leasing was the largest line at 64% of revenue. Site Development lost $27.3M year over year (down 36%), 149% of the total change.
Gross margin was 76.0%, up 1.9 points from Q3 2025. Operating profit was $367.7M, a 51.5% margin (up 0.4 points year over year). Operating expenses grew 4% against a revenue fall of 3%. Net earnings were $231.3M, down 2% year over year. The effective tax rate was 8.7%.
Operating cash flow was $331.8M (up 4% year over year), 143% of net earnings. Non-cash charges added back $84.4M of depreciation and amortization and $18.0M of share-based compensation. Capital expenditures of $72.8M left free cash flow of $259.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$714M
-2%
51.5%
$231M
$332M
Q2 2026
10-Q
Aug 6, 2026
$715M
+2%
49.2%
$199M
$407M
Q1 2026
10-Q
May 5, 2026
$703M
+6%
48.7%
$185M
$255M
Q4 2025
10-K
Feb 27, 2026
$720M
+4%
41.5%
$370M
$304M
Q3 2025
10-Q
Nov 6, 2025
$732M
+10%
51.1%
$237M
$318M
Q2 2025
10-Q
Aug 7, 2025
$699M
+6%
47.9%
$226M
$368M
Q1 2025
10-Q
May 1, 2025
$664M
+1%
50.4%
$221M
$301M
Charts
Latest (Q3 2026): Y/Y -2%, Q/Q 0%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $232M, Operating cash flow $332M.-5.2% since FY2020: buybacks shrank the count.Cash $265M, short-term investments $6.6M, long-term debt $12.9B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
TMUS — 78% of its revenue · Stated in 10-K (XBRL) · source
About SBA Communications
We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada. Our primary business line is our site leasing business, which contributed 97.9% of our total segment operating profit for the year ended December 31, 2025.
In its own words, from its 10-K, filed Feb 27, 2026.
SBA Communications against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +11%. Operating margin: 51.5% against the peers' median 20.6%.
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.28 statements; tone +0.36 (−1 all cautious, +1 all confident); 4 hedged.
13F: who owns SBAC and who is buying
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).