SBA Communications Corp Class A

SBAC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SBA Earnings: The Verizon Agreement and New Leverage Target Set a More Stable Course

Michael Hodel

Nov 4, 2025

SBA reported 10% third-quarter revenue growth, driven by 5% core lease revenue growth and a surge in demand for site development services. The firm also announced a long-term master lease agreement with Verizon and cut its debt leverage target to 6.0-7.0 times EBITDA from 7.0-7.5 times.

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SBA Communications Corp Class A

SBA Earnings: The Verizon Agreement and New Leverage Target Set a More Stable Course

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