Earnings Call Insights: SBA Communications (SBAC) Q3 2025

Management View

* Brendan Cavanagh, CEO, highlighted "another quarter of positive financial and operational results, including industry-leading AFFO per share." He reported strong leasing demand in both U.S. and international markets, leading to a modest increase in the full-year outlook

The Verizon agreement provides stability with a minimum 10-year co-location commitment, offering enhanced predictability and supporting long-term leasing revenue growth.

Millicom final closing and Canadian tower sale caused a near-term decline in site leasing revenue, but advanced portfolio review, while growing overall site assets and improving long-term positioning.

International churn from carrier consolidation, especially in Brazil, and higher interest expense and debt refinancing costs pose ongoing risks to SBA's AFFO and site revenue outlook.