New Street Research - SBA Communications Corp. Class A (SBAC) SBA Communications 4Q25 Results Model Update

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New Street Research

David Barden

EUR 8622.00 For Business Accounts Only

SBA Communications 4Q25 Results & Model Update

We are updating our model for SBAC (Neutral, PT $212) following its 4Q25 results that were generally behind on most metrics. As we mentioned in our initial take, the company’s 2026 guidance doesn’t show much to get excited about, however, we are interested to see the progression of its dispute with SATS. The company stated that it filed its lawsuit against SATS on 2/25/26 and removed the revenue from its guide in line with the balance of the industry. Separating itself from others in the industry, CEO Cavanaugh took a stronger tone in response to our question regarding removing SATS equipment following its choice to stop lease payments. We share incremental color from our callback and our new model below.

27/02/2026 1 EN

Underlying

SBA Communications Corp. Class A

SBA Communications is a holding company. Through its subsidiaries, the company is an owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications. The company's operations are in the U.S. and its territories. In its site leasing business, the company leases antenna space to wireless service providers on towers that the company owns or operates and manages rooftop and tower sites for property owners under various contractual arrangements. In its site development business, the company assists wireless service providers in developing and maintaining their own wireless service networks.

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US78410G1040 NASDAQ Stock Market United States

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Analysts

David Barden

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SBA Communications 4Q25 Quick Take: SATS Lawsuit filed, not so much excitement expected in ‘26E

SBAC (Neutral, PT $212) reported 4Q25 results that were below our estimates and consensus. The company stated that it filed its lawsuit against SATS on 2/25/26 and removed the revenue from its guide in line with the industry. 2026 guidance came in light vs. the street, which we think is in part due to messiness around SATS. The company mentioned that it won’t likely rise to its long-term growth targets until 2028 as it continues to work through churn events in 2026 and 2027. This note is our instant read on the result vs. both us and consensus.

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SBA Communications 4Q25 Results & Model Update

SBA Communications 4Q25 Quick Take: SATS Lawsuit filed, not so much excitement expected in ‘26E

Towers & interest rates, the biggest moving parts

Iliad (Equal Weight) Q4 25: Better French trends. Cryptic message on French M&A?

Roche - U/G to BUY - May 12th to Be A Catalyst (BUY [HOLD], TP CHF350, 13pgs)

GOOGL Newfront Insights: Y’all know me, still the same OG (+ read throughs for AMZN, TTD, RAMP)

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