Filing Flows › SBA Communications (SBAC) › Q3 2026 › vs Q3 2025
SBA Communications (SBAC) Q3 2026 vs Q3 2025 (year over year)
SBA Communications's revenue fell $18.4M (-3%) from $732M in Q3 2025 to $714M in Q3 2026. The biggest changes: Site Development −$27.3M (-36%); International Site Leasing +$24.8M (+13%); Domestic Site Leasing −$15.9M (-3%). Gross margin 76.0% against 74.1% (+1.9 pts).
SBA Communications, Q3 2026: revenue $714M (-2% year over year), operating margin 51.5%, net earnings $231M, operating cash flow $332M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 76.0% | 74.1% | +1.9 pts |
| Operating margin | 51.5% | 51.1% | +0.4 pts |
| Net margin | 32.4% | 32.3% | +0.1 pts |
| Free cash flow margin | 36.3% | 33.2% | +3.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Domestic Site Leasing | $454M | $470M | −$15.9M | -3% |
| International Site Leasing | $211M | $186M | $24.8M | +13% |
| Site Development | $48.6M | $75.9M | −$27.3M | -36% |
| Revenue | $714M | $732M | −$18.4M | -3% |
| Gross profit | $542M | $543M | −$135K | 0% |
| Cost of revenue | $172M | $190M | −$18.3M | -10% |
| Operating profit | $368M | $374M | −$6.4M | -2% |
| Operating expenses | $175M | $168M | $6.3M | +4% |
| Pre-tax earnings | $255M | $289M | −$34.5M | -12% |
| Other expense, net | $113M | $85.1M | $28.1M | +33% |
| SG&A | $68.0M | $66.0M | $2.0M | +3% |
| Other operating costs | $107M | $102M | $4.3M | +4% |
| Net earnings | $231M | $237M | −$5.5M | -2% |
| Minority interests | $1.1M | $3.6M | −$2.6M | -71% |
| Income tax | $22.2M | $48.7M | −$26.4M | -54% |
| Depreciation & amortization | $84.4M | $76.9M | $7.5M | +10% |
| Share-based compensation | $18.0M | $19.3M | −$1.4M | -7% |
| Working capital & other | $1.9M | $15.0M | −$13.1M | -88% |
| Operating cash flow | $332M | $318M | $13.8M | +4% |
| Free cash flow (OCF − capex) | $259M | $243M | $15.8M | +6% |
| Capital expenditures | $72.8M | $74.7M | −$1.9M | -3% |
Questions
How much did SBA Communications's revenue grow year over year in Q3 2026?
SBA Communications's revenue fell $18.4M (-3%) from $732M in Q3 2025 to $714M in Q3 2026.
What drove SBA Communications's revenue change in Q3 2026?
Site Development −$27.3M (-36%); International Site Leasing +$24.8M (+13%); Domestic Site Leasing −$15.9M (-3%).