SBA COMMUNICATIONS CORP 10-Q

ITEM 1: FINANCIAL STATEMENTS 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. 1 Table of Contents 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. 2 Table of Contents 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. ‎ 3 Table of Contents 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 ) ‎ 4 Table of Contents 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. ‎ 5 Table of Contents 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. 6 Table of Contents 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. ‎ 7 Table of Contents 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 8 Table of Contents 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 no t 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 9 Table of Contents 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 ‎ 10 Table of Contents 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. ‎ ‎ 11 Table of Contents 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. ‎ 12 Table of Contents 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 ‎ 13 Table of Contents 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 Principal ‎ Balance Fair Value Carrying ‎ Value Principal ‎ Balance Fair Value Carrying ‎ Value (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. ‎ 14 Table of Contents (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. ‎ 15 Table of Contents 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. ‎ 16 Table of Contents 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: 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 $ 1.25 September 17, 2026 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. ‎ 17 Table of Contents 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 millio n. 18 Table of Contents 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 ‎ 19 Table of Contents 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. ‎ 20 Table of Contents 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 B asic 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. ‎ 21 Table of Contents 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. 22 Table of Contents 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