What move does the options market price into SBA Communications's report?

Implied ±6.5%, either direction.

How often does SBA Communications move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

SBACNasdaqReal Estate Investment Trusts

SBA Communications Corp (SBAC) earnings date, market-implied expected move, and options open interest by expiry

187.87

Closed16:00 ET

Open185.41Volume934,252Mkt cap$19.9BP/E20.20EPS9.30Div yield2.60%

Day185.41 – 189.9055%52-wk156.60 – 221.5848%

SBAC

SBA Communications Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±6.5%implied · report alone

8Q avg ±3.9%·×1.67·rich

174.95199.35

straddle ±7.7%

spot 187.15exp Nov 20ATM strike 185ATM straddle 16.90IV 47%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 2

after close · in 1 day

est.Q3 FY26

Calendar

Next report

Last report

+4.66%

vs ±5.7% implied · ×0.81

shaded = implied · ▲▼ = realized

Aug 3 '26 · confirmed

Implied vs realized

Linked news

2dVZ · customerVerizon posts Q3 net income $5,320 million, diluted EPS $1.25; revenue $34,313 million
3dTMUS · customerT-Mobile US posts Q3 net income $3,455 million, revenue $23,584 million
9dT · customerStocks making the biggest moves premarket: AT&T, SpaceX, Moderna, Deckers, Bloom Energy and more

News

Largest filed tie

13F top-10 QoQ

+4.00%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

680 managers

Top fund weight

1.94%

SBAC weight · XLRE

N-PORTJun 30 '26

12 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

SBA Communications (SBAC) is expected to report on Nov 2 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±5.4%
avg realized: ±3.9%

Oct 28 '24Oct 28 '24confirmed±4.7%▼−3.41%×0.72

Feb 24 '25Feb 24 '25confirmed±5.4%▲+2.97%×0.55

Apr 28 '25Apr 28 '25confirmed±5.3%▲+6.82%×1.29

Aug 4 '25Aug 4 '25confirmed±4.1%▼−4.88%×1.20

Q3 FY25Nov 3 '25confirmed±5.9%▲+1.38%×0.23

Feb 26 '26Feb 26 '26confirmed±5.6%▲+4.68%×0.83

Q1 FY26Apr 29 '26confirmed±6.9%▲+2.42%×0.35

Q2 FY26Aug 3 '26confirmed±5.7%▲+4.66%×0.81

quarterimplied−10%0+10%realized×

Q2 FY26±5.7%▲+4.66%×0.81

Q1 FY26±6.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 30 close

1.68OI · 3 expiries · Oct 30 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,329+7%Nov 2019d793+1%

386+1%Dec 1847d0.351,114+2%0.35

2,0130%Mar 19138d4.864140%4.86

ExpiryPutsCallsP/C

Nov 2019d1,329+7%793+1%1.68

Dec 1847d386+1%1,114+2%0.35

Mar 19138d2,0130%4140%4.86

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±7.7%

Funds 4

XLRE±0.1%

VNQ±0.1%

REVS±0.0%

RSP±0.0%

Customers 2

VZ±1.6%×0.20

T±1.5%×0.20

Dashed = straddle · × = co-movement · max 501dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

27.47%as filednet margin · revenue +1.68% QoQ · +2.33% YoY

Revenue

$715M+1.68% QoQ

Domestic Site Leasing Revenue $452M

International Site Leasing Revenue $211M

Site Development Construction $51M

Gross profit

$539M+1.35% QoQ

75.39% margin

Operating income

$352M+2.63% QoQ

49.19% margin

Pre-tax income

$232M−1.50% QoQ

Net income

$196M+6.26% QoQ

27.47% margin

Cost of revenue

$176M+2.72% QoQ

Operating expenses

$187M−0.97% QoQ

Depreciation $81M

SG&A $78M

Other operating $6M

Other operating $23M

Other expense

$119M

Tax

$36M−29.58% QoQ

Revenue$715M+1.68%

Domestic Site Leasing Revenue $452M · International Site Leasing Revenue $211M

Gross profit

$539M+1.35%

75.39% margin

Operating income

$352M+2.63%

49.19% margin

Pre-tax income

$232M−1.50%

Net income

$196M+6.26%

27.47% margin

Cost of revenue

$176M+2.72%

Operating expenses

$187M−0.97%

Depreciation $81M

SG&A $78M

Other operating $6M

Other expense

$119M

Tax$36M−29.58%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 16:00 ET

Intraday

Event sensitivity

PPI ×1.65· ±2.1% vs ±1.3% · 10 releases

eventrelease day|move|up · n×base

PPIproducer prices±2.1%3 of 10×1.65

FOMCrate decision±1.6%9 of 24×1.23

CPIconsumer prices±1.4%7 of 10×1.06

GDPgross domestic product±1.3%11 of 19×0.99

PCEpersonal income & outlays±1.2%8 of 19×0.90

CPROFcorporate profits±1.0%5 of 12×0.76

NFPjobs report±0.8%6 of 10×0.60

Bar = avg |move| to ±3% · tick = ±1.3% avg day · ×base = |move| ÷ ±1.3% · min 6 releases

Earnings history

EPS 1.87 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 3 '26 · confirmed	1.87	—
Q1 FY26	Apr 29 '26 · confirmed	1.74	—
Q3 FY25	Nov 3 '25 · confirmed	2.20	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod