Filing Flows › SBA Communications (SBAC) › Q2 2026 › vs Q2 2025
SBA Communications (SBAC) Q2 2026 vs Q2 2025 (year over year)
SBA Communications's revenue rose $16.3M (+2%) from $699M in Q2 2025 to $715M in Q2 2026. The biggest changes: International Site Leasing +$49.5M (+31%); Domestic Site Leasing −$17.4M (-4%); Site Development −$15.8M (-24%). Gross margin 75.4% against 75.4% (+0.0 pts).
SBA Communications, Q2 2026: revenue $715M (+2% year over year), operating margin 49.2%, net earnings $199M, operating cash flow $407M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 75.4% | 75.4% | +0.0 pts |
| Operating margin | 49.2% | 47.9% | +1.3 pts |
| Net margin | 27.8% | 32.3% | -4.5 pts |
| Free cash flow margin | 48.2% | -39.9% | +88.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Domestic Site Leasing | $452M | $470M | −$17.4M | -4% |
| International Site Leasing | $211M | $162M | $49.5M | +31% |
| Site Development | $51.4M | $67.2M | −$15.8M | -24% |
| Revenue | $715M | $699M | $16.3M | +2% |
| Gross profit | $539M | $527M | $12.4M | +2% |
| Cost of revenue | $176M | $172M | $3.9M | +2% |
| Operating profit | $352M | $335M | $17.1M | +5% |
| Operating expenses | $187M | $192M | −$4.7M | -2% |
| Pre-tax earnings | $232M | $261M | −$28.3M | -11% |
| Other expense, net | $119M | $74.0M | $45.4M | +61% |
| SG&A | $77.5M | $71.0M | $6.5M | +9% |
| Other operating costs | $110M | $121M | −$11.2M | -9% |
| Loss borne by minority interests | $2.3M | $100K | $2.2M | 23× |
| Net earnings | $199M | $226M | −$27.0M | -12% |
| Income tax | $36.0M | $35.1M | $936K | +3% |
| Depreciation & amortization | $81.4M | $70.0M | $11.4M | +16% |
| Share-based compensation | $26.8M | $21.5M | $5.3M | +25% |
| Working capital & other | $100M | $50.8M | $49.4M | +97% |
| Operating cash flow | $407M | $368M | $39.1M | +11% |
| Free cash flow (OCF − capex) | $345M | −$279M | $624M | — |
| Capital expenditures | $62.4M | $647M | −$585M | -90% |
Questions
How much did SBA Communications's revenue grow year over year in Q2 2026?
SBA Communications's revenue rose $16.3M (+2%) from $699M in Q2 2025 to $715M in Q2 2026.
What drove SBA Communications's revenue change in Q2 2026?
International Site Leasing +$49.5M (+31%); Domestic Site Leasing −$17.4M (-4%); Site Development −$15.8M (-24%).