Item 1. FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS

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Payable to Shareholders

Cash to

of Record at the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

August 2, 2026

August 20, 2026

September 17, 2026

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)



	June 30,		December 31,
	2026		2025
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	327,051	$	264,568
Restricted cash		29,007		167,804
Accounts receivable, net		175,976		171,256
Costs and estimated earnings in excess of billings on uncompleted contracts		24,577		28,152
Prepaid expenses and other current assets		188,161		141,651
Total current assets		744,772		773,431
Property and equipment, net		3,452,615		3,401,799
Intangible assets, net		2,867,780		2,882,117
Operating lease right-of-use assets, net		2,695,380		2,540,229
Acquired and other right-of-use assets, net		1,328,891		1,325,443
Other assets		652,882		651,993
Total assets	$	11,742,320	$	11,575,012
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS,
AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	70,062	$	73,034
Accrued expenses		89,003		93,502
Current maturities of long-term debt		3,578,556		1,935,802
Deferred revenue		156,812		117,309
Accrued interest		66,342		65,036
Current lease liabilities		306,792		299,604
Other current liabilities		69,078		94,014
Total current liabilities		4,336,645		2,678,301
Long-term liabilities:
Long-term debt, net		9,150,666		10,964,466
Long-term lease liabilities		2,173,052		2,119,258
Other long-term liabilities		626,609		588,244
Total long-term liabilities		11,950,327		13,671,968
Redeemable noncontrolling interests		85,202		78,262
Shareholders' deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding		—		—
Common stock - Class A, par value $0.01, 400,000 shares authorized, 106,088 shares and
105,666 shares issued and outstanding at June 30, 2026 and December 31, 2025,
respectively		1,061		1,057
Additional paid-in capital		3,112,691		3,059,427
Accumulated deficit		(7,135,584)		(7,249,905)
Accumulated other comprehensive loss, net		(608,022)		(664,098)
Total shareholders' deficit		(4,629,854)		(4,853,519)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$	11,742,320	$	11,575,012

The accompanying condensed notes are an integral part of these consolidated financial statements.

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)


	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

Revenues:
Site leasing	$	663,885	$	631,788	$	1,320,034	$	1,247,997
Site development		51,389		67,193		98,678		115,232
Total revenues		715,274		698,981		1,418,712		1,363,229
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		134,076		118,571		265,987		234,049
Cost of site development		41,926		53,525		81,350		91,714
Selling, general, and administrative expenses (1)		77,548		71,022		148,096		137,241
Acquisition and new business initiatives related
adjustments and expenses		5,926		5,887		14,016		13,266
Asset impairment and decommission costs		22,566		45,231		51,867		82,257
Depreciation, accretion, and amortization		81,371		69,964		162,686		135,012
Total operating expenses		363,413		364,200		724,002		693,539
Operating income		351,861		334,781		694,710		669,690
Other income (expense):
Interest income		5,631		8,155		10,838		18,935
Interest expense		(127,754)		(119,658)		(256,282)		(223,805)
Non-cash interest expense		(2,486)		(1,233)		(3,259)		(9,581)
Amortization of deferred financing fees		(5,269)		(5,415)		(10,528)		(10,849)
Other income, net		10,482		44,123		33,004		76,286
Total other expense, net		(119,396)		(74,028)		(226,227)		(149,014)
Income before income taxes		232,465		260,753		468,483		520,676
Provision for income taxes		(35,995)		(35,059)		(87,107)		(77,078)
Net income		196,470		225,694		381,376		443,598
Net loss attributable to noncontrolling interests		2,307		100		2,235		2,927
Net income attributable to SBA Communications
Corporation	$	198,777	$	225,794	$	383,611	$	446,525
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.87	$	2.10	$	3.62	$	4.15
Diluted	$	1.87	$	2.09	$	3.61	$	4.14
Weighted-average number of common shares
Basic		106,073		107,531		105,945		107,637
Diluted		106,264		107,797		106,188		107,968

(1)Includes non-cash compensation of $26,051 and $20,839 for the three months ended June 30, 2026 and 2025, respectively, and $44,337 and $35,914 for the six months ended June 30, 2026 and 2025, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) (in thousands)



	For the three months				For the six months
	ended June 30,				ended June 30,

	2026		2025		2026		2025

Net income	$	196,470	$	225,694	$	381,376	$	443,598
Adjustments related to interest rate swaps		12,331		(11,594)		23,438		(46,454)
Foreign currency translation adjustments		16,379		36,577		31,921		94,168
Comprehensive income		225,180		250,677		436,735		491,312
Comprehensive loss attributable to noncontrolling interests		2,308		186		2,952		3,945
Comprehensive income attributable to SBA
Communications Corporation	$	227,488	$	250,863	$	439,687	$	495,257

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS**’ DEFICIT**

(unaudited) (in thousands)



								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit

BALANCE, March 31, 2026	106,063	$	1,061	$	3,084,883	$	(7,200,856)	$	(636,733)	$	(4,751,645)
Net income attributable to SBA
Communications Corporation	—		—		—		198,777		—		198,777
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	25		—		2,502		—		—		2,502
Non-cash stock compensation	—		—		27,072		—		—		27,072
Adjustments related to interest rate swaps	—		—		—		—		12,331		12,331
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		16,380		16,380
Dividends and dividend equivalents
on common stock	—		—		—		(133,505)		—		(133,505)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(1,766)		—		—		(1,766)
BALANCE, June 30, 2026	106,088	$	1,061	$	3,112,691	$	(7,135,584)	$	(608,022)	$	(4,629,854)



								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit

BALANCE, December 31, 2025	105,666		1,057		3,059,427		(7,249,905)		(664,098)		(4,853,519)
Net income attributable to SBA
Communications Corporation	—		—		—		383,611		—		383,611
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	434		4		16,900		—		—		16,904
Non-cash stock compensation	—		—		46,256		—		—		46,256
Adjustments related to interest rate swaps	—		—		—		—		23,438		23,438
Repurchase and retirement of common stock	(12)		—		—		(2,245)		—		(2,245)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		32,638		32,638
Dividends and dividend equivalents
on common stock	—		—		—		(267,045)		—		(267,045)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(9,892)		—		—		(9,892)
BALANCE, June 30, 2026	106,088	$	1,061	$	3,112,691	$	(7,135,584)	$	(608,022)	$	(4,629,854)

‎

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)



								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit

BALANCE, March 31, 2025	108,028	$	1,080	$	2,991,050	$	(7,226,216)	$	(736,617)	$	(4,970,703)
Net income attributable to SBA
Communications Corporation	—		—		—		225,794		—		225,794
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	77		1		12,474		—		—		12,475
Non-cash stock compensation	—		—		21,899		—		—		21,899
Adjustments related to interest rate swaps	—		—		—		—		(11,594)		(11,594)
Repurchase and retirement of common stock	(618)		(6)		—		(130,690)		—		(130,696)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		36,663		36,663
Dividends and dividend equivalents
on common stock	—		—		—		(119,994)		—		(119,994)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(2,739)		—		—		(2,739)
BALANCE, June 30, 2025	107,487	$	1,075	$	3,022,684	$	(7,251,106)	$	(711,548)	$	(4,938,895)


								Accumulated
	Class A			Additional				Other		Total
	Common Stock			Paid-In		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Capital		Deficit		Loss, Net		Deficit

BALANCE, December 31, 2024	107,561	$	1,076	$	2,975,455	$	(7,326,189)	$	(760,280)	$	(5,109,938)
Net income attributable to SBA
Communications Corporation	—		—		—		446,525		—		446,525
Common stock issued in connection with equity
awards and stock purchase plans, offset
by the impact of net share settlements	544		5		24,184		—		—		24,189
Non-cash stock compensation	—		—		38,015		—		—		38,015
Adjustments related to interest rate swaps	—		—		—		—		(46,454)		(46,454)
Repurchase and retirement of common stock	(618)		(6)		—		(130,690)		—		(130,696)
Foreign currency translation adjustments
attributable to SBA Communications
Corporation	—		—		—		—		95,186		95,186
Dividends and dividend equivalents
on common stock	—		—		—		(240,752)		—		(240,752)
Adjustment to redemption amount related to
noncontrolling interests	—		—		(14,970)		—		—		(14,970)
BALANCE, June 30, 2025	107,487	$	1,075	$	3,022,684	$	(7,251,106)	$	(711,548)	$	(4,938,895)

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)



	For the six months ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	381,376	$	443,598
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization		162,686		135,012
Gain on remeasurement of U.S. denominated intercompany loans		(28,044)		(99,906)
Non-cash compensation expense		45,734		37,229
Non-cash asset impairment and decommission costs		48,024		78,720
Deferred and non-cash income tax provision		36,942		61,867
Loss on sale of assets		(644)		18,267
Other non-cash items reflected in the Statements of Operations		26,901		34,894
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		(319)		(20,726)
Prepaid expenses and other assets		(786)		(3,566)
Operating lease right-of-use assets, net		75,261		63,453
Accounts payable and accrued expenses		491		(6,378)
Accrued interest		2,093		13,504
Long-term lease liabilities		(70,709)		(64,822)
Other liabilities		(16,743)		(21,873)
Net cash provided by operating activities		662,263		669,273
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(172,284)		(652,610)
Capital expenditures		(110,816)		(102,038)
Purchase of investments		(1,252,128)		(434,307)
Proceeds from sale of investments		1,226,598		685,840
Repayment of loan from unconsolidated joint venture		—		115,000
Proceeds from sale of assets		5,048		40,469
Other investing activities		(6,910)		4,950
Net cash used in investing activities		(310,492)		(342,696)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		1,025,000		80,000
Repayments under Revolving Credit Facility		(445,000)		—
Repayment of Term Loans		(11,500)		(5,750)
Repayment of Tower Securities		(750,000)		(1,165,000)
Repurchase and retirement of common stock		(2,245)		(130,696)
Payment of dividends on common stock		(267,846)		(241,640)
Proceeds from employee stock purchase/stock option plans		37,031		48,884
Payments related to taxes on stock options and restricted stock units		(20,127)		(24,695)
Other financing activities		(1,657)		(1,516)
Net cash used in financing activities		(436,344)		(1,440,413)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		8,311		13,702
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(76,262)		(1,100,134)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period		437,021		1,400,657
End of period	$	360,759	$	300,523

The accompanying condensed notes are an integral part of these consolidated financial statements.

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)



	For the six months ended June 30,
	2026		2025

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	255,956	$	211,943
Income taxes	$	66,895	$	23,213

SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	19,794	$	76,120
Operating lease modifications and reassessments	$	94,973	$	74,419
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,489	$	2,724

The accompanying condensed notes are an integral part of these consolidated financial statements.

‎

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

**1.**BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the full year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, incremental borrowing rate for lease accounting, fair value of investments, asset retirement obligations, uncertain tax positions, and accounting for acquisitions of assets. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statements of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income, net in the Consolidated Statements of Operations.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, Foreign Currency Matters, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income, net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $8.0 million gain and a $30.4 million gain, net of taxes, on the remeasurement of intercompany loans for the three months ended June 30, 2026 and 2025, respectively, and an $18.1 million gain and a $66.3 million gain, net of taxes, on the remeasurement of intercompany loans for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the Company made no repayments under its intercompany loan agreements. As of June 30, 2026 and December 31, 2025, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $905.6 million and $917.3 million, respectively. Subsequent to June 30, 2026, the Company made no repayments under its intercompany loan agreements.

Accounting Standards Updates

Recently Adopted Accounting Pronouncements

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, modernizing the accounting for costs related to internal-use software. The standard removed the development stage model and requires entities to begin capitalizing software costs when management authorizes and commits to

funding the software project and when it is probable that the project will be completed and the software will be used for its intended purposes. The standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company has elected to adopt the standard as of January 1, 2026. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring improved expense disclosures, in the notes to the financial statements, of public business entities to provide more detailed information about certain costs and expenses. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of this standard on its consolidated financial statements and related disclosures.

**2.**FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis — The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model.

Refer to Note 16 for discussion of the Company’s redeemable noncontrolling interests.

Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow (“DCF”) (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used an average discount rate ranging from 6.9% - 8.0%.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

					(in thousands)
Asset impairment (1)	$	13,009	$	40,575	$	35,436	$	71,041
Write-off of carrying value of decommissioned towers		8,251		3,358		11,739		5,919
Other (including tower and equipment decommission costs)		1,306		1,298		4,692		5,297
Total asset impairment and decommission costs	$	22,566	$	45,231	$	51,867	$	82,257

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers.

The Company’s long-term investments were $22.8 million and $21.1 million as of June 30, 2026 and December 31, 2025, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. The estimation of the fair value of its investments involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded. The Company did not recognize any impairment loss associated with its investments during the three or six months ended June 30, 2026 or 2025.

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of

June 30, 2026 and December 31, 2025, the Company had $28.9 million and $6.6 million of short-term investments, respectively. For the six months ended June 30, 2026, the Company purchased $1,248.8 million and sold $1,226.6 million of short-term investments. For the six months ended June 30, 2025, the Company purchased $432.9 million and sold $685.8 million of short-term investments.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility was considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the applicable Term SOFR Rate was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 10 for the principal balances, fair values, and carrying values of the Company’s debt instruments.

For discussion of the Company’s derivatives and hedging activities, refer to Note 17.

**3.**CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:



	As of		As of
	June 30, 2026		December 31, 2025		Included on Balance Sheet

	(in thousands)
Cash and cash equivalents	$	327,051	$	264,568	Cash and cash equivalents
Securitization escrow accounts		28,089		9,175	Restricted cash - current asset
Payment, performance bonds, and other		918		158,629	Restricted cash - current asset
Surety bonds and workers compensation		4,701		4,649	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	360,759	$	437,021

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash, as of December 31, 2025, includes $155.8 million of cash held by a qualified intermediary for the Company’s like-kind exchange transaction. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of June 30, 2026 and December 31, 2025, the Company had $43.3 million in surety and payment and performance bonds for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of June 30, 2026 and December 31, 2025, the Company had pledged $3.0 million and $2.9 million, respectively, as collateral related to its workers’ compensation policy.

**4.**COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:



	As of		As of
	June 30, 2026		December 31, 2025

	(in thousands)
Costs incurred on uncompleted contracts	$	143,604	$	146,706
Estimated earnings		52,369		53,594
Billings to date		(176,076)		(179,329)
	$	19,897	$	20,971

‎

These amounts are included in the Consolidated Balance Sheets under the following captions:



	As of		As of
	June 30, 2026		December 31, 2025

	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	24,577	$	28,152
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(4,680)		(7,181)
	$	19,897	$	20,971

At June 30, 2026 and December 31, 2025, the two largest customers comprised 94.4% and 95.4%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts.

**5.**PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:



	As of		As of
	June 30, 2026		December 31, 2025

		(in thousands)
Short-term investments	$	28,886	$	6,648
Short-term loans receivable (1)		64,022		63,779
Prepaid real estate taxes		2,445		3,815
Interest receivable		3,232		611
Prepaid insurance		2,628		1,778
Prepaid taxes		33,584		26,736
Prepaid ground rent		5,511		3,586
Other current assets		47,853		34,698
Total prepaid expenses and other current assets	$	188,161	$	141,651

The Company’s other assets are comprised of the following:



	As of		As of
	June 30, 2026		December 31, 2025

		(in thousands)
Straight-line rent receivable	$	436,784	$	424,627
Interest rate swap asset (2)		18,986		6,445
Loans receivable		10,178		3,661
Deferred lease costs, net		10,139		9,967
Deferred tax asset - long-term		33,661		35,716
Long-term investments		22,827		21,053
Other		120,307		150,524
Total other assets	$	652,882	$	651,993

(1)Amounts as of June 30, 2026 and December 31, 2025 include a $56.6 million third-party loan that matures in November 2026.

(2)Refer to Note 17 for more information on the Company’s interest rate swaps.

‎

**6.**ACQUISITIONS

The following table summarizes the Company’s acquisition activity:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

					(in thousands)
Acquisitions of towers and related assets	$	9,722	$	579,914	$	141,921	$	634,097
Land buyouts and other assets (1)		19,066		9,308		30,363		18,513
Total cash acquisition capital expenditures	$	28,788	$	589,222	$	172,284	$	652,610

(1)Excludes $4.3 million and $4.6 million spent to extend ground lease terms for the three months ended June 30, 2026 and 2025, respectively, and excludes $6.4 million and $7.8 million spent to extend ground lease terms for the six months ended June 30, 2026 and 2025, respectively. The Company recorded these amounts in prepaid expenses and other assets within the changes in operating assets and liabilities, net of acquisitions section of its Consolidated Statements of Cash Flows.

During the six months ended June 30, 2026, the Company acquired 16 towers and related assets and liabilities, as well as the rights to land underneath approximately 3,900 communication sites in Guatemala. During the six months ended June 30, 2025, the Company acquired 4,673 towers and related assets and liabilities, including 4,644 sites related to the transaction with Millicom International Cellular S.A. The table below summarizes the Company’s acquisition of towers and related assets and liabilities, by asset class:



	For the six months
	ended June 30,
	2026		2025

	(in thousands)
Property and equipment, net	$	5,032	$	435,294
Intangible assets, net		32,933		218,806
Operating lease right-of-use assets, net		114,137		66,499
Acquisition related holdbacks		(645)		(129)
Long-term lease liabilities		(3,109)		(42,890)
Other liabilities assumed, net		(6,427)		(43,483)
Total acquisitions of towers and related assets and liabilities	$	141,921	$	634,097

During the six months ended June 30, 2026, the Company concluded that for each of its acquisitions, substantially all of the value of its tower acquisitions is concentrated in a group of similar identifiable assets. As of June 30, 2026, there were no acquisitions with purchase price allocations that were preliminary.

As of the date of this filing, the Company, subsequent to June 30, 2026, purchased or is under contract to purchase 58 communication sites for an aggregate consideration of $28.8 million in cash. The Company anticipates that these acquisitions will be closed by the end of the fourth quarter of 2026.

Certain of the Company’s closed acquisitions include contingent consideration arrangements that may require future cash payments to sellers if specified financial performance metrics are achieved. Based on the Company’s current estimate, potential future cash payments under these arrangements were approximately $63.2 million as of both June 30, 2026 and December 31, 2025. Actual payments, if any, will depend on future results and other factors and could differ materially from this estimate. No amounts have been recorded on the Company’s Consolidated Balance Sheets.

‎

**7.**PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	June 30, 2026		December 31, 2025

	(in thousands)
Towers and related assets	$	6,686,258	$	6,606,764
Construction-in-process (1)		83,039		72,794
Furniture, equipment, and vehicles		104,697		97,984
Land, buildings, and improvements (2)		1,005,766		985,019
Total property and equipment		7,879,760		7,762,561
Less: accumulated depreciation		(4,427,145)		(4,360,762)
Property and equipment, net	$	3,452,615	$	3,401,799

(1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

(2)Includes amounts related to the Company’s data centers.

Depreciation expense was $34.5 million and $31.7 million for the three months ended June 30, 2026 and 2025, respectively, and $70.5 million and $59.0 million for the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026 and December 31, 2025, unpaid capital expenditures that are included in accounts payable and accrued expenses were $8.0 million and $12.3 million, respectively.

**8.**INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:



	As of June 30, 2026						As of December 31, 2025
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value

	(in thousands)
Current contract intangibles	$	5,758,507	$	(3,510,163)	$	2,248,344	$	5,695,073	$	(3,438,168)	$	2,256,905
Network location intangibles		2,006,231		(1,386,795)		619,436		1,992,271		(1,367,059)		625,212
Intangible assets, net	$	7,764,738	$	(4,896,958)	$	2,867,780	$	7,687,344	$	(4,805,227)	$	2,882,117

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $34.6 million and $27.1 million for the three months ended June 30, 2026 and 2025, respectively, and $68.1 million and $53.9 million for the six months ended June 30, 2026 and 2025, respectively.

**9.**ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:



	As of		As of
	June 30, 2026		December 31, 2025

	(in thousands)
Salaries and benefits	$	23,281	$	32,805
Real estate and property taxes		9,877		7,596
Acquisition related holdbacks		3,534		3,196
Other		52,311		49,905
Total accrued expenses	$	89,003	$	93,502

‎

**10.**DEBT

The principal balances, fair values, and carrying values of debt consist of the following:



		As of						As of
		June 30, 2026						December 31, 2025
	Maturity Date	Principal‎Balance		Fair Value		Carrying‎Value		Principal‎Balance		Fair Value		Carrying‎Value

		(in thousands)
Revolving Credit Facility (1)	Jan. 25, 2029	$	1,055,000	$	1,055,000	$	1,055,000	$	475,000	$	475,000	$	475,000
2024 Term Loan (1)	Jan. 25, 2031		2,248,250		2,251,060		2,230,535		2,259,750		2,271,049		2,240,373
2020-1C Tower Securities (2)(3)	Jan. 9, 2026		—		—		—		750,000		722,460		749,945
2020-2C Tower Securities (2)	Jan. 11, 2028		600,000		577,800		598,595		600,000		513,798		598,149
2021-1C Tower Securities (2)	Nov. 9, 2026		1,165,000		1,150,997		1,164,086		1,165,000		1,003,356		1,162,858
2021-2C Tower Securities (2)	Apr. 9, 2027		895,000		874,782		893,581		895,000		852,022		892,677
2021-3C Tower Securities (2)	Oct. 9, 2031		895,000		679,045		889,647		895,000		675,797		889,178
2022-1C Tower Securities (2)	Jan. 11, 2028		850,000		864,008		846,453		850,000		867,034		845,373
2024-1C Tower Securities (2)	Oct. 9, 2029		1,450,000		1,452,886		1,441,128		1,450,000		1,446,129		1,440,007
2024-2C Tower Securities (2)	Oct. 8, 2027		620,000		620,062		617,515		620,000		625,425		616,636
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,492,800		1,497,890		1,500,000		1,488,615		1,496,240
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,436,250		1,494,792		1,500,000		1,434,375		1,493,832
Total debt (1)		$	12,778,250	$	12,454,690	$	12,729,222	$	12,959,750	$	12,375,060	$	12,900,268
Less: current maturities of long-term debt							(3,578,556)						(1,935,802)
Total long-term debt, net of current maturities						$	9,150,666					$	10,964,466

(1)On July 23, 2026, the Company issued the 2026-1 Senior Notes, the 2026-2 Senior Notes, and the 2026-3 Senior Notes (as defined below) accruing interest at a coupon rate of 4.875%, 5.150%, and 5.450%, respectively. Net proceeds from the offering were used to repay the aggregate principal amount outstanding on the Revolving Credit Facility, the 2024 Term Loan, and for general corporate purposes.

(2)The maturity date represents the anticipated repayment date for each issuance.

(3)On January 9, 2026, the Company repaid the aggregate principal amount of the 2020-1C Tower Securities using borrowings from the Revolving Credit Facility.

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:



	Interest	For the three months ended June 30,								For the six months ended June 30,
	Rates as of	2026				2025				2026				2025
	June 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2026	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)								(in thousands)
Revolving Credit Facility (1)	5.110%	$	13,438	$	—	$	923	$	—	$	27,277	$	—	$	1,627	$	—
2024 Term Loan (1)(2)	5.191%		29,612		192		30,396		909		59,000		380		44,260		7,661
2019-1C Tower Securities	2.836%		—		—		—		—		—		—		1,306		—
2020-1C Tower Securities	1.884%		—		—		3,598		—		567		—		7,195		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		7,079		—		7,079		—
2021-1C Tower Securities	1.631%		4,851		—		4,851		—		9,704		—		9,704		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		8,391		—		8,391		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		11,746		—		11,746		—
2022-1C Tower Securities	6.599%		14,094		—		14,094		—		28,188		—		28,188		—
2024-1C Tower Securities	4.831%		17,636		—		17,636		—		35,271		—		35,271		—
2024-2C Tower Securities (3)	4.654%		7,977		—		7,977		—		15,955		—		15,955		—
2020 Senior Notes	3.875%		14,531		103		14,531		99		29,063		205		29,063		197
2021 Senior Notes	3.125%		11,719		—		11,719		—		23,438		—		23,438		—
Other			287		2,191		324		225		603		2,674		582		1,723
Total		$	127,754	$	2,486	$	119,658	$	1,233	$	256,282	$	3,259	$	223,805	$	9,581

(1)On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the Revolving Credit Facility and the 2024 Term Loan.

‎

(2)The 2024 Term Loan had a blended rate of 5.191% as of June 30, 2026, which included the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.400% as of June 30, 2026. Refer to Note 17 for more information on the Company’s interest rate swaps.

(3)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.

Investment Grade Senior Notes and Unsecured Revolving Credit Facility

On July 23, 2026, the Company issued an aggregate $3.5 billion of unsecured senior notes (“2026 Senior Notes”) in three tranches: $1.35 billion of 4.875% senior notes due January 15, 2030 (“2026-1 Senior Notes”) were issued at 99.333% of par value, $1.35 billion of 5.150% senior notes due July 15, 2031 (“2026-2 Senior Notes”) were issued at 99.086% of par value, and $0.8 billion of 5.450% senior notes due July 15, 2033 (“2026-3 Senior Notes”) were issued at 98.924% of par value. Interest on the 2026 Senior Notes is payable semi-annually beginning January 15, 2027. The 2026 Senior Notes have a blended coupon rate of 5.113% and a weighted average maturity of 4.9 years. The Company incurred financing fees of $23.5 million in relation to this transaction, which will be amortized through the maturity of the 2026 Senior Notes. Net proceeds from this offering were used to repay the aggregate principal amount outstanding on the Revolving Credit Facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and for general corporate purposes. In connection with the repayments, the Company, subsequent to June 30, 2026, expensed $16.1 million of net deferred financing fees and $4.0 million of discount related to the Revolving Credit Facility and the 2024 Term Loan.

Concurrently with the issuance of the 2026 Senior Notes, the Company terminated its existing Senior Credit Agreement and entered into a new Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured revolving credit facility (“2026 Revolving Credit Facility”) and requiring compliance with specific financial ratios. The 2026 Revolving Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the 2026 Revolving Credit Facility accrue interest, at the Company’s election, at either (1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to 37.5 basis points, in each case based on the Company’s credit ratings. In addition, the Company is required to pay a commitment fee of between 0.08% to 0.20% per annum on the amount of unused commitments based on the Company’s credit ratings.

Based on the Company’s current credit ratings, borrowings under the 2026 Revolving Credit Facility accrue interest at Term SOFR plus 100.0 basis points and the Company is required to pay a commitment fee of 0.11% per annum on the amount of unused commitments.

Senior Credit Agreement

As of June 30, 2026, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Revolving Credit Facility

The key terms of the Revolving Credit Facility were as follows:



	Interest Rate	Unused Commitment
	as of	Fee as of
	June 30, 2026 (1)	June 30, 2026 (2)

Revolving Credit Facility	5.110%	0.190%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2025.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2025.

‎

The table below summarizes the Company’s Revolving Credit Facility activity during the three and six months ended June 30, 2026 and 2025:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

	(in thousands)
Beginning outstanding balance	$	1,285,000	$	—	$	475,000	$	—
Borrowings		125,000		80,000		1,025,000		80,000
Repayments		(355,000)		—		(445,000)		—
Ending outstanding balance	$	1,055,000	$	80,000	$	1,055,000	$	80,000

On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the Revolving Credit Facility using proceeds from the issuance of the 2026 Senior Notes. As of the date of this filing, there were no amounts outstanding under the 2026 Revolving Credit Facility.

Term Loan

2024 Term Loan

During the three and six months ended June 30, 2026, the Company repaid an aggregate of $5.8 million and $11.5 million of principal on the 2024 Term Loan, respectively. As of June 30, 2026, the 2024 Term Loan had a principal balance of $2.2 billion.

On July 23, 2026, the Company repaid the aggregate principal amount of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes.

Secured Tower Revenue Securities

On January 9, 2026, the Company repaid the entire aggregate principal amount of the 2020-1C Tower Securities ($750.0 million) and on January 30, 2026, the Company repaid $39.5 million of the principal amount of the 2020-2R Tower Securities. The remaining balance of the 2020-2R Tower Securities is $31.6 million.

As of June 30, 2026, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.

**11.**SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding time-based restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and stock options which were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On April 27, 2025, the Company’s Board of Directors authorized a $1.5 billion share repurchase plan. As of the date of this filing, the Company had $1.1 billion of authorization remaining under this plan.

‎

The following is a summary of the Company’s share repurchases:


	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

Total number of shares purchased (in thousands) (1)		—		617.5		11.9		617.5
Average price per share (1)	$	—	$	211.63	$	188.66	$	211.63
Total purchase price (in millions) (1)	$	—	$	130.7	$	2.2	$	130.7

(1)Amounts reflected are based on the trade date and may differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date.

Dividends

For the six months ended June 30, 2026, the Company paid the following cash dividends:



	Payable to Shareholders
	of Record at the Close	Cash Paid	Aggregate Amount
Date Declared	of Business on	Per Share	Paid	Date Paid

February 25, 2026	March 13, 2026	$1.25	$135.2 million (1)	March 27, 2026
April 28, 2026	May 22, 2026	$1.25	$132.7 million	June 17, 2026

(1)Amount reflected includes the payment of $2.6 million in dividend equivalents.

Dividends paid in 2026 were ordinary taxable dividends.

Subsequent to June 30, 2026, the Company declared the following cash dividends:

**12.**STOCK-BASED COMPENSATION

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the six months ended June 30, 2026:



	RSUs			PSUs (1)
		Weighted-Average			Weighted-Average
	Number of	Grant Date Fair		Number of	Grant Date Fair
	Shares	Value per Share		Shares	Value per Share
	(in thousands)			(in thousands)
Outstanding at December 31, 2025	480	$	221.37	206	$	245.29
Granted	320	$	196.13	76	$	209.37
PSU adjustment (2)	—	$	—	5	$	262.67
Vested	(216)	$	225.47	(93)	$	256.19
Forfeited/canceled	(22)	$	207.72	—	$	—
Outstanding at June 30, 2026	562	$	205.92	194	$	222.65

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

‎

Stock Options

The following table summarizes the Company’s activities with respect to its stock option plans for the six months ended June 30, 2026 as follows (dollars and shares in thousands, except for per share data):



		Weighted-		Weighted-Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2025	546	$	187.07
Exercised	(515)	$	182.68
Outstanding at June 30, 2026	31	$	259.31	6.3	$	—
Exercisable at June 30, 2026	21	$	265.94	6.1	$	—
Unvested at June 30, 2026	10	$	245.19	6.7	$	—

The total intrinsic value for options exercised during the six months ended June 30, 2026 was $7.1 million.

**13.**INCOME TAXES

The primary reason for the difference between the Company’s effective tax rate and the U.S. statutory rate is the Company’s REIT status. A tax provision is recognized because U.S. taxable REIT subsidiary and certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.

The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its U.S. taxable REIT subsidiary. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $366.2 million as of December 31, 2025, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment.

In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2017 through 2020. In addition, the taxing authorities have issued income tax deficiencies related to the deductibility of foreign exchange losses on the Company’s intercompany loan for the 2020 tax year. The Company disagrees with these assessments and is appealing with the higher appellate taxing authorities. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expects to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of June 30, 2026, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $115.8 million, excluding penalties and interest of $194.3 million.

**14.**SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The Company’s CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total

For the three months ended June 30, 2026	(in thousands)
Revenues (1)	$	452,448	$	211,437	$	51,389	$	—	$	715,274
Cost of revenues (2)		71,427		62,649		41,926		—		176,002
Operating profit		381,021		148,788		9,463		—		539,272
Selling, general, and administrative expenses		33,703		20,213		3,423		20,209		77,548
Acquisition and new business initiatives
related adjustments and expenses		4,392		1,534		—		—		5,926
Asset impairment and decommission costs		12,840		9,340		66		320		22,566
Depreciation, amortization and accretion		37,977		40,061		1,097		2,236		81,371
Operating income (loss)		292,109		77,640		4,877		(22,765)		351,861
Other expense, net (principally interest
expense and other income)								(119,396)		(119,396)
Income before income taxes										232,465
Cash capital expenditures (3)		53,232		33,824		944		4,358		92,358

For the three months ended June 30, 2025
Revenues (1)	$	469,807	$	161,981	$	67,193	$	—	$	698,981
Cost of revenues (2)		69,421		49,150		53,525		—		172,096
Operating profit		400,386		112,831		13,668		—		526,885
Selling, general, and administrative expenses		31,515		20,803		3,065		15,639		71,022
Acquisition and new business initiatives
related adjustments and expenses		4,667		1,220		—		—		5,887
Asset impairment and decommission costs		19,977		25,088		—		166		45,231
Depreciation, amortization and accretion		36,840		30,249		864		2,011		69,964
Operating income (loss)		307,387		35,471		9,739		(17,816)		334,781
Other expense, net (principally interest
expense and other income)								(74,028)		(74,028)
Income before income taxes										260,753
Cash capital expenditures (3)		41,906		602,782		1,474		771		646,933

‎



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total

For the six months ended June 30, 2026	(in thousands)
Revenues (1)	$	902,749	$	417,285	$	98,678	$	—	$	1,418,712
Cost of revenues (2)		142,047		123,940		81,350		—		347,337
Operating profit		760,702		293,345		17,328		—		1,071,375
Selling, general, and administrative expenses		65,060		38,522		7,002		37,512		148,096
Acquisition and new business initiatives
related adjustments and expenses		9,922		4,094		—		—		14,016
Asset impairment and decommission costs		39,812		11,471		264		320		51,867
Depreciation, amortization and accretion		75,594		81,215		2,000		3,877		162,686
Operating income (loss)		570,314		158,043		8,062		(41,709)		694,710
Other expense, net (principally interest
expense and other income)								(226,227)		(226,227)
Income before income taxes										468,483
Cash capital expenditures (3)		112,807		163,129		1,376		7,277		284,589

For the six months ended June 30, 2025
Revenues (1)	$	930,800	$	317,197	$	115,232	$	—	$	1,363,229
Cost of revenues (2)		137,693		96,356		91,714		—		325,763
Operating profit		793,107		220,841		23,518		—		1,037,466
Selling, general, and administrative expenses		62,522		38,227		6,280		30,212		137,241
Acquisition and new business initiatives
related adjustments and expenses		10,528		2,738		—		—		13,266
Asset impairment and decommission costs		35,141		46,406		—		710		82,257
Depreciation, amortization and accretion		73,584		55,772		1,721		3,935		135,012
Operating income (loss)		611,332		77,698		15,517		(34,857)		669,690
Other expense, net (principally interest
expense and other income)								(149,014)		(149,014)
Income before income taxes										520,676
Cash capital expenditures (3)		84,284		669,122		2,300		1,666		757,372



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other (4)		Total

Assets	(in thousands)
As of June 30, 2026	$	6,229,558	$	5,252,697	$	81,133	$	178,932	$	11,742,320
As of December 31, 2025	$	6,178,526	$	5,183,588	$	98,072	$	114,826	$	11,575,012

(1)For the three months ended June 30, 2026 and 2025, site leasing revenue in Brazil was $96.3 million and $85.1 million, respectively. For the six months ended June 30, 2026 and 2025, site leasing revenue in Brazil was $185.1 million and $170.1 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented.

(2)Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases.

(3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.

(4)Assets in Other consist primarily of general corporate assets and short-term investments.

‎

Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:



	As of		As of
	June 30, 2026		December 31, 2025

	(in thousands)
Domestic	$	5,773,718	$	5,737,975
Brazil		1,854,704		1,799,578
Guatemala		757,452		636,476
Other international		1,958,792		1,975,560
Total	$	10,344,666	$	10,149,589

**15.**EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three and six months ended June 30, 2026 and 2025:



	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

	(in thousands, except per share data)
Numerator:
Net income attributable to SBA
Communications Corporation	$	198,777	$	225,794	$	383,611	$	446,525
Denominator:
Basic weighted-average shares outstanding		106,073		107,531		105,945		107,637
Dilutive impact of stock options, RSUs, and PSUs		191		266		243		331
Diluted weighted-average shares outstanding		106,264		107,797		106,188		107,968
Net income per common share attributable to SBA
Communications Corporation:
Basic	$	1.87	$	2.10	$	3.62	$	4.15
Diluted	$	1.87	$	2.09	$	3.61	$	4.14

For the three and six months ended June 30, 2026 and 2025, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable related to the Company’s RSUs, PSUs, and stock options because the impact would be anti-dilutive.

16. REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

‎

During the quarter ended June 30, 2026, the noncontrolling shareholder of one of the Company’s joint ventures noticed its intent to exercise its put option to sell its interest to the Company.

The components of redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 are as follows:



	June 30,		December 31,
	2026		2025

	(in thousands)
Beginning balance	$	78,262	$	54,132
Net income attributable to noncontrolling interests		(2,235)		824
Foreign currency translation adjustments		(717)		(89)
Purchase of noncontrolling interests		—		146
Adjustment to redemption amount		9,892		23,249
Ending balance	$	85,202	$	78,262

**17.**DERIVATIVES AND HEDGING ACTIVITIES

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. As of June 30, 2026, the Company had interest rate swap agreements (“existing interest rate swaps”) on its 2024 Term Loan which swap $2.0 billion of notional value accruing interest at one month Term SOFR plus 175 basis points for a blended all-in fixed rate of 5.165% per annum through April 11, 2028. As of June 30, 2026, all existing hedges were highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net.

Subsequent to June 30, 2026, the Company de-designated its existing interest rate swaps in connection with the repayment of the 2024 Term Loan. Upon de-designation, the Company recognized a gain of $21.2 million to Non-cash interest expense related to the life-to-date accumulated fair market value adjustments on the existing interest rate swaps which had been recorded in Accumulated other comprehensive loss, net. Subsequent changes in fair value on the existing interest rate swaps will be recorded within Other income, net.

Additionally, subsequent to June 30, 2026, the Company entered into interest rate swap agreements (“2026 interest rate swaps”) on $2.0 billion of notional value whereby the Company is receiving a blended fixed rate of 4.000% and paying one month Term SOFR per annum through April 11, 2028. The 2026 interest rate swaps are intended to economically offset the impact of the de-designated interest rate swaps. Cash flows from the existing interest rate swaps and the 2026 interest rate swaps will be recorded in Interest expense and changes in fair value on the swaps will be recorded within Other income, net.

On September 11, 2024, the Company entered into a treasury lock agreement to fix the three-year treasury rate at 3.3985% for $620.0 million of notional value related to the 2024-2C Tower Securities issued on October 11, 2024. The treasury lock agreement was terminated and settled upon issuance of the 2024-2C Tower Securities, and the Company recognized an $8.2 million gain in other comprehensive income (loss) which is being amortized to interest expense over the life of the 2024-2C Tower Securities. After consideration of the treasury lock agreement, the all-in fixed rate on the 2024-2C Tower Securities is 4.654% per annum.

The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025.



		Fair Value as of
	Balance Sheet	June 30,		December 31,
	Location	2026		2025

Derivatives Designated as Hedging Instruments		(in thousands)
Interest rate swap agreements in a fair value asset position	Other assets	$	18,986	$	6,445
Interest rate swap agreement in a fair value liability position	Other long-term liabilities	$	—	$	12,265

Accumulated other comprehensive loss, net includes an aggregate $22.5 million gain and a $1.0 million loss as of June 30, 2026 and December 31, 2025, respectively.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.

The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows.

The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and six months ended June 30, 2026 and 2025.



	For the three months				For the six months
	ended June 30,				ended June 30,
	2026		2025		2026		2025

Cash Flow Hedge - Interest Rate Swap Agreement	(in thousands)
Change in fair value recorded in Accumulated other comprehensive
loss, net	$	13,015	$	(11,641)	$	24,806	$	(52,396)
Gain reclassified from Accumulated other comprehensive
loss, net into earnings	$	(684)	$	(684)	$	(1,368)	$	(1,368)

Derivatives Not Designated as Hedges - Interest Rate Swap Agreements
Amount reclassified from Accumulated other comprehensive
loss, net into Non-cash interest expense	$	—	$	731	$	—	$	7,310

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