SBA Communications Corporation stock research
FY2026 Q1
SBA Communications (SBAC) Gross Margin — Quarter Ended Mar 31, 2026
Revenue and cost of revenue both decreased compared to the prior quarter, while gross profit also declined. The gross margin improved significantly, driven by a proportionally larger reduction in cost of revenue relative to revenue.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and cost of revenue both decreased compared to the prior quarter, while gross profit also declined. The gross margin improved significantly, driven by a proportionally larger reduction in cost of revenue relative to revenue.
- The strongest observable driver of gross margin improvement is the sharper decline in cost of revenue relative to revenue, which widened the spread between gross profit and revenue.
- Compared to the prior quarter, revenue and cost of revenue were lower, gross profit was slightly lower, and gross margin was higher. Compared to the same quarter one year earlier, revenue was slightly lower, cost of revenue was higher, gross profit was higher, and gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
1125.2%
Gross profit
$532.1M
Revenue
$47.3M
Cost of revenue
$171.3M
Quarter-over-quarter change
+410.4 pts
Year-over-year change
+62.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $48.0M | $510.6M | $153.7M | 1062.8% |
| Jun 30, 2025 | $67.2M | $526.9M | $172.1M | 784.1% |
| Sep 30, 2025 | $75.9M | $542.5M | $189.8M | 714.8% |
| Mar 31, 2026 | $47.3M | $532.1M | $171.3M | 1125.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+410.4 pts
Year-over-year change
Mar 31, 2025
+62.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver of gross margin improvement is the sharper decline in cost of revenue relative to revenue, which widened the spread between gross profit and revenue.
Compared to the prior quarter, revenue and cost of revenue were lower, gross profit was slightly lower, and gross margin was higher. Compared to the same quarter one year earlier, revenue was slightly lower, cost of revenue was higher, gross profit was higher, and gross margin was higher.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters to assess whether the current margin improvement is sustainable.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| SBA Communications Corporation (SBAC) | 1125.2% |