SBA Communications Sells Canadian Operations

The Canadian divestiture produced a discrete gain of $226.3 million that was finalized on November 3, 2025 and reported in SBA's audited full‑year 2025 results. SBA's 2025 financials show net income of $1,054.5 million and diluted net income per share of $9.80, with free cash flow of $1,312.8 million. The sale is one of several portfolio actions completed during 2025 that are reflected in those results. On a balance-sheet and liquidity basis, SBA reported total debt outstanding of $12,959.8 million as of December 31, 2025 and held decommissioning obligations of $152.6 million. The company also recorded non‑cash asset impairment and decommission charges of $174.1 million in 2025, underscoring selective asset-level adjustments concurrent with portfolio rationalization. Shares outstanding were 105,788,592 Class A common shares as of February 17, 2026, and the company's market capitalization was approximately $25.1 billion as of June 30, 2025 (per company disclosures).

The Canadian sale is consistent with SBA's broader 2025 portfolio activity: the company completed sales that included all towers in the Philippines and Colombia and sold substantially all operations in Canada. SBA's core business remains site leasing services, which generated the majority of revenue and derived 72.6% of site leasing revenue from domestic (U.S. & territories) sites in 2025. International operations represent the remainder of site leasing revenue and span 12 countries across South America, Central America and Africa. SBA's stated strategy emphasizes growing the site leasing business through disciplined acquisitions and organic builds while capitalizing on scale. The company completed notable portfolio transactions in 2025, including the Millicom-related expansion (~7,000 sites referenced in company disclosures) that altered the international mix. The Canadian divestiture should be viewed in that context: an explicit portfolio adjustment executed alongside other acquisitions and disposals described in the 2025 filings.