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SBA Communications (SBAC) delivered 5.9% revenue growth to $703.4M in Q1 2026, but net income fell 16.3% YoY to $184.8M amid rising costs, a sharp drop in cash, and a surge in current liabilities that pushed the current ratio to a critically low 0.23.
营业收入
$703.44M
同比 ++5.90%
每股收益（基本）
$1.75
同比 -14.63%
毛利率
75.6%
同比 -1.22%
营业利润
$342.85M
同比 ++2.37%
提交于 · 来源: SEC EDGAR 10-Q 原文
Sba Communications (SBAC) Q1 FY2026 营收 $703.44M，同比增长 5.9%。 净利润 $184.83M，同比下降 16.3%，稀释每股收益 $1.74。 毛利率 75.6%。
Total revenue grew 5.9% YoY to $703.4M in Q1 2026 (from $664.2M in Q1 2025), reflecting continued demand for tower leasing and services. This top-line expansion demonstrates resilience in SBAC's core infrastructure business despite macroeconomic headwinds.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Cost of revenue rose 11.5% YoY to $171.3M, outpacing revenue growth of 5.9%, which compressed gross margin by approximately 122 basis points to 75.6%. SG&A also increased 6.5% YoY to $70.5M, contributing to operating margin declining from 50.4% to 48.7%.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Net income fell sharply by 16.3% YoY to $184.8M (from $220.7M), and diluted EPS dropped from $2.04 to $1.74, suggesting elevated below-the-line charges such as higher interest expense on the company's substantial $13.0B long-term debt load.
来源: Source: 10-Q Income Statement & Balance Sheet (XBRL Financial Data)
Cash and equivalents plunged 57.7% YoY to $269.1M, while current liabilities surged 149.1% to $3.35B, driving the current ratio down to a very low 0.23. This suggests a large portion of long-term debt may have been reclassified as current or significant near-term obligations have materialized.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow fell 15.3% YoY to $255.1M, while dividends paid rose 10.6% to $135.2M, tightening free cash flow headroom. Investing cash flow swung to -$296.8M from +$238.3M in the prior year, indicating a significant shift toward capital deployment or asset acquisitions.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Current liabilities surged 149.1% YoY to $3.35B while current assets fell 17.8% to $767.5M, yielding a dangerously low current ratio of 0.23. With only $269.1M in cash, SBAC faces a significant short-term funding gap that may require refinancing, asset sales, or credit facility drawdowns to bridge.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Long-term debt stands at approximately $13.0B, and with negative stockholders' equity of -$4.75B, SBAC is heavily leveraged. The 16.3% decline in net income despite operating income growth of 2.4% strongly implies rising interest expense is materially eroding bottom-line profitability.
来源: Source: 10-Q Balance Sheet & Income Statement (XBRL Financial Data)
Stockholders' equity remains deeply negative at -$4.75B, reflecting the cumulative impact of share buybacks, dividends, and debt-financed growth. While this is common for mature tower REITs, it limits financial flexibility and could constrain access to equity capital markets.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow declined 15.3% YoY to $255.1M, while dividends paid increased 10.6% to $135.2M, consuming approximately 53% of operating cash flow. If this trend continues, SBAC may face pressure on its ability to sustain dividend growth while also servicing debt and funding capital expenditures.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Cost of revenue grew 11.5% YoY, nearly double the 5.9% revenue growth rate, compressing gross margin by ~122 bps to 75.6%. Sustained cost inflation—whether from ground lease escalations, maintenance, or international operations—could further erode profitability if not offset by revenue acceleration.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $1.74，分析师一致预期 $1.81，不及预期 -4.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $703.44M | $664.25M | +5.90% |
营业成本 | $171.34M | $153.67M | +11.50% |
毛利润 | $532.1M | $510.58M | +4.21% |
营业利润 | $342.85M | $334.91M | +2.37% |
净利润 | $184.83M | $220.73M | -16.26% |
每股收益（基本） | $1.75 | $2.05 | -14.63% |
每股收益（稀释） | $1.74 | $2.04 | -14.71% |
销售及管理费用 | $70.55M | $66.22M | +6.54% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.72B | $10.44B | +12.24% |
流动资产 | $767.49M | $933.32M | -17.77% |
流动负债 | $3.35B | $1.34B | +149.12% |
股东权益 | $-4.75B | $-4.97B | +4.41% |
现金及等价物 | $269.06M | $636.45M | -57.72% |
长期债务 | $12.96B | $12.43B | +4.29% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $255.09M | $301.18M | -15.30% |
投资活动现金流 | $-296.77M | $238.27M | -224.55% |
筹资活动现金流 | $-69.61M | $-1.28B | +94.57% |
股息支出 | $135.19M | $122.28M | +10.57% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 75.6% | 76.9% | -1.22% |
营业利润率 | 48.7% | 50.4% | -1.68% |
净利率 | 26.3% | — | — |
净资产收益率 | -3.9% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $0.229 | — | — |
SBA Communications reported Q1 2026 revenue of $703.4M, up 5.9% YoY, and operating income of $342.8M, up 2.4%. However, net income fell 16.3% to $184.8M and diluted EPS dropped from $2.04 to $1.74, largely due to higher financing costs on its substantial debt load.
Despite revenue growth of 5.9%, SBAC's net income fell 16.3% YoY to $184.8M, primarily because cost of revenue grew 11.5% and below-the-line expenses (likely interest on ~$13B in long-term debt) significantly eroded profitability. The gap between operating income growth (+2.4%) and net income decline (-16.3%) points squarely to elevated interest expense.
SBAC's liquidity position is under significant stress, with a current ratio of just 0.23 and cash falling 57.7% YoY to $269.1M, while current liabilities surged 149.1% to $3.35B. The company carries $13.0B in long-term debt and negative stockholders' equity of -$4.75B, though its 75.6% gross margin and $255.1M in operating cash flow reflect a still-profitable core business.
SBAC increased dividends paid by 10.6% YoY to $135.2M in Q1 2026, signaling management's continued commitment to returning capital to shareholders. However, with operating cash flow declining 15.3% to $255.1M, dividends now consume approximately 53% of operating cash flow, leaving less room for debt service and reinvestment.
The most pressing risk is SBAC's liquidity mismatch, with current liabilities of $3.35B dwarfing current assets of $767.5M and cash of only $269.1M, suggesting significant near-term refinancing needs. Additionally, the company's $13.0B debt load means rising or sustained high interest rates could continue to pressure net income, as evidenced by the 16.3% YoY net income decline despite solid operating performance.