Nov 2, 2026 earnings call — Spectrum pipeline and capital allocation
AFFO per share was $3.19 and over $430 million returned to shareholders.
Revenue $0.7B (est $0.7B) · EPS $2.19 (est $2.09)
Key quotes
"The upper C-band auction is scheduled to begin in April of next year with the FCC required to complete it by July."
"Through our third quarter share buyback and dividend payout, we returned approximately $430 million of capital to our shareholders."
"Through our SBA Edge entity, we offer access to the power and infrastructure needed so that AI customers can deploy quickly and efficiently."
Analyst Q&A 10
SpaceX/DISH rumors and DISH sites
Q (Ric Prentiss · Raymond James): Analyst asked about rumors of a SpaceX–DISH MVNO and whether an MVNO-only strategy makes sense for margins. He also asked how many DISH sites were on air, whether the equipment remains on towers, who owns it, and about the litigation/arbitration timeline.
A: Management said they have no specific insight into SpaceX or DISH plans but noted that any such network would still need terrestrial components, which would be good for SBA. They said they had approximately 3,000 leases on air with DISH, the equipment was basically abandoned and SBA owns it after terminating the leases. On litigation, they are in mediation and it is premature to say how it will end.
"We had approximately 3,000 leases that were on air with DISH." — Brendan Cavanagh (CEO)
Carrier application volumes and SpaceX talks
Q (Batya Levi · UBS): Analyst asked about current application volume from carriers and whether activity might pick up next year. He also asked if conversations with SpaceX have increased and how quickly tower companies could benefit.
A: Management said each carrier is in a different phase: one particularly active, one modestly slow, one really slow, so overall application volumes are about the same as recent years but the mix is different. They said they speak with any party interested in their infrastructure, but they cannot comment on specifics of SpaceX conversations and would refer to SpaceX for timing.
"On the application volume with the carriers, it's been -- I guess the way I'd characterize it is that each of the carriers are in a little bit of a different phase." — Brendan Cavanagh (CEO)
DISH equipment/leases and 5G patterns
Q (Richard Choe · JPMorgan): Analyst asked whether another party could step into DISH leases or equipment or whether new negotiations would be needed. He also asked if the 5G deployment pause is similar to past technology pauses like 3G or 4G.
A: Management said generational rollouts tend to follow similar patterns, with nuances for 5G and current infill activity. They said the DISH equipment is now theirs and under their control; any new party would have to deal with SBA and prior lease terms would not automatically apply, and they have had parties express interest. They said other rights tied to DISH are unclear and would be complicated by the bankruptcy.
"I think that there are -- as an overarching generational technology rollout, they tend to follow similar patterns." — Brendan Cavanagh (CEO)
Edge power needs and U.S. churn
Q (Nicholas Del Deo · MoffettNathanson): Analyst asked how discussions with utilities go when requesting power augmentation for edge facilities and what the typical power magnitude is. He also asked whether U.S. churn should converge to peers' ~1% level.
A: Management said bringing incremental power is a normal utility process similar to building a new tower and nothing unusual so far. They said typical edge facility power needs are roughly 200 to 300 kilowatts, with some facilities up to 1 megawatt. On churn, they expect normalized U.S. churn to be around the 1% level after the big Sprint and DISH distortions clear.
"Typically, it's -- I would say it's 200 to 300 kilowatts roughly." — Brendan Cavanagh (CEO)
DISH rent levels and public vs private value
Q (Michael Rollins · Citi): Analyst asked if the stated DISH rents (about $56 million annualized for ~3,000 sites) imply roughly $1,600 per month and whether new colo rents from big carriers should trend above that. He also asked whether SBA is better able to maximize shareholder value as a public company or in private markets.
A: Management said rent depends on many factors, especially how much capacity and footprint a tenant uses; DISH had smaller installations so rents were lower and negotiation terms also matter. On public vs private, they said valuations shift over time, but as a public company SBA has a flexible balance sheet, produces a lot of AFFO, and can both return capital to shareholders and invest in assets to create value.
"And that's probably the biggest one in terms of having an impact." — Brendan Cavanagh (CEO)
Africa exposure, international churn, edge customers
Q (Brendan Lynch · Barclays): Analyst asked why SBA kept exposure in African markets versus exiting South America, what normal international churn will be after 2027, and how edge deployments might scale and who the customers are.
A: Management said SBA has greater scale in the two African markets (South Africa and Tanzania) and those markets have produced very strong returns, so they will keep investing where they can hold meaningful positions and work with top carriers. They estimated normalized international churn around 2% to 2.5% because of market immaturity and rationalization. On edge, they expect steady growth with modest near-term financial contribution and customers are a mix including start-ups and neoclouds focused on AI inferencing using distributed, faster-to-provision power.
"The return on invested capital is, frankly, the highest in the company outside of the U.S." — Brendan Cavanagh (CEO)
Margin gains from land buyouts and buybacks
Q (Cameron McVeigh · Morgan Stanley): Analyst asked how to think about margin expansion from land buyouts (200–300 bps by 2030 target) and what drives it. He also asked how SBA balances buybacks versus acquisitions, new builds, or debt reduction.
A: Management said they have pursued land buyouts for about 15 years and have been aggressive earlier than peers because buyouts derisk the business and can raise margins, and they plan to keep doing them in the U.S. and internationally. They said SBA has been efficient on overhead and will continue opportunistic share repurchases while balancing asset investments; if valuations remain depressed they may favor buybacks over new purchases, but ideally will do a mix.
"So you should expect us to keep doing this, both in the U.S. and internationally." — Marc Montagner (CFO)
Spectrum timing and refinancing plans
Q (Eric Luebchow · Wells Fargo): Analyst asked when tower activity tied to AT&T 600, T-Mobile C-band and upcoming auctioned spectrum (upper C-band) will show up on sites and whether that could be as soon as 2028. He also asked how SBA plans to handle upcoming maturities and refinancing choices for 2027.
A: Management said they expect some bands to show activity likely in 2028 and that the upper C-band auction concluding next year and its clearance process could lead to activity that runs ahead of clearance. On refinancing, they said many maturing ABS securities will likely be replaced by unsecured instruments as they shift toward investment grade, they may use unsecured notes or an unsecured Term Loan A, and they are managing timing carefully while noting they have good access to capital.
"Well, I think that certain bands, we will start to see some activity in all likelihood in 2028." — Brendan Cavanagh (CEO)
Private-held spectrum and DISH equipment status
Q (David Barden · New Street): Analyst asked if there are conversations around privately held spectrum with 2027–29 build requirements (600 MHz, 3.45 GHz, 900 MHz) and whether others might build it out. He also asked why SBA didn't remove DISH gear and what SBA has done with that equipment.
A: Management said they have seen some applications around certain privately held bands but not enough yet to call a broad deployment, and they expect parties will either build to preserve spectrum or sell it — both outcomes can lead to future builds that benefit SBA. They said most sites still have the DISH equipment present but nothing is being broadcast through it, and the equipment is available to others who may find it useful.
"Most of the sites still have the equipment left at them, David, but they're not actually -- there's nothing being broadcast through that equipment." — Brendan Cavanagh (CEO)
Strategic review status and scope
Q (Matthew Niknam · Truist): Analyst asked if the strategic review is mostly complete and whether SBA might exit other regions or businesses or pursue other initiatives.
A: Management said the strategic review covered all parts of the business, not just international, and while it is not fully done they have made a lot of progress. They have exited some markets and also invested more in others (for example the Millicom acquisition in Central America) and continue to evaluate other lines of business, noting that executing decisions can take time.
"It was really a review of all aspects of our business, which is what I think you're alluding to." — Brendan Cavanagh (CEO)