SBA Communications reported second-quarter results that showed a stronger balance sheet but softer per-share profit, earning its first-ever investment-grade credit rating from S&P at BBB while net income attributable to the company fell 12.9% year over year to $198.8 million. Diluted earnings per share dropped to $1.87 from $2.09 a year earlier. The company issued $3.5 billion of senior unsecured notes across three tranches maturing between January 2030 and July 2033 at a blended rate of 5.113%, using proceeds to pay down debt and replace its secured credit line with a new $2.5 billion unsecured revolving facility. International site leasing revenue climbed 30.5% to $211.4 million, while domestic revenue fell 3.7% to $452.5 million, and the company raised its full-year 2026 outlook for site leasing revenue and AFFO per share to $11.95 to $12.40. However, AFFO per share fell 3.8% to $3.05, total AFFO dropped 5.2% to $324.4 million, and net cash interest expense rose 9.5% to $122.1 million, with domestic churn from Sprint and EchoStar weighing on results.
SBA Communications CorpFirst investment-grade rating and refinancing improve balance sheet despite profit decline.
S&P Global Inc