Filing Flows › SBA Communications (SBAC) › Q1 2026
SBA Communications (SBAC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
SBA Communications (SBAC) reported revenue of $703M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -2% from the quarter before. Operating margin was 48.7%, net earnings $185M (26.3% of revenue).
SBA Communications, Q1 2026: revenue $703M (+6% year over year), operating margin 48.7%, net earnings $185M, operating cash flow $255M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $703M | -2% | +6% |
| Gross profit | $532M | -2% | +4% |
| Operating profit | $343M | +15% | +2% |
| Net earnings | $185M | -50% | -16% |
| Operating cash flow | $255M | -16% | -15% |
| Free cash flow | $207M | — | +8% |
What changed
Revenue was $703.4M in Q1 2026, up 6% year over year and down 2% from the previous quarter. Domestic Site Leasing was the largest line at 64% of revenue. International Site Leasing added $50.6M year over year (up 33%), 129% of the total change. Domestic Site Leasing declined 2%.
Gross margin was 75.6%, down 1.2 points from Q1 2025. Operating profit was $342.8M, a 48.7% margin (down 1.7 points year over year). Of the extra revenue versus Q1 2025, 20% reached operating profit, below the 50% margin then. Operating expenses grew 8% against revenue growth of 6%. Net earnings were $184.8M, down 16% year over year. The effective tax rate was 21.7%.
Operating cash flow was $255.1M (down 15% year over year), 138% of net earnings. Non-cash charges added back $81.3M of depreciation and amortization and $18.9M of share-based compensation. Working capital and other items used $30.1M. Capital expenditures of $48.4M left free cash flow of $206.7M.
Questions
What was SBA Communications' revenue in the first quarter 2026?
SBA Communications (SBAC) reported revenue of $703M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -2% from the quarter before.
Was SBA Communications profitable in the first quarter 2026?
Operating profit was $343M (48.7% of revenue) and net earnings $185M.
Source: SBA Communications 10-Q on SEC EDGAR.