Company file · SBAC
SBA Communications
Site Development Construction was SBA Communications' fastest-growing segment in FY2025, up 59.9%
Revenue rose 5.1% to $2.8B in FY2025, from $2.7B in FY2024. Net income rose 40.6% to $1.1B. Domestic Site Leasing Revenue was the largest segment, at 66% of revenue.
Key facts
SBA Communications (Nasdaq: SBAC) closed fiscal 2025 on Dec 31, 2025 with revenue of $2.8B, up 5.1% from a year before; net income came to $1.1B, up 40.6%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $714M, down 2.5% on the same stretch of the prior year, and net income of $231M. Broken down by segment, Domestic Site Leasing Revenue led with 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 27, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Domestic Site Leasing Revenue$1.9B66%+0.2%
- International Site Leasing Revenue$705M25%+6.0%
- Site Development Construction$244M9%+59.9%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Domestic Site Leasing Revenue (66%), International Site Leasing Revenue (25%) and Site Development Construction (9%), as shares of total revenue. Total revenue was $2.8B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: SBA Communications 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
By segment
Source: SBA Communications 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 5.1% in FY2025 to $2.8B, from $2.7B a year earlier. 10-K, FY2025
- Net income rose 40.6% in FY2025 to $1.1B, from $750M. 10-K, FY2025
- Total debt fell 5.1% in FY2025 to $12.9B. 10-K, FY2025
- Site Development Construction revenue grew 59.9% in FY2025 to $244M. 10-K, FY2025
The bear case
- Operating cash flow fell 3.3% in FY2025 to $1.3B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $714M, down 2.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $231M, down 2.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
SBA Communications is in the telecom tower REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
SBA Communications reports 3 segments: Domestic Site Leasing Revenue, International Site Leasing Revenue and Site Development Construction.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the telecom tower REITs industry. They are not a summary of SBA Communications’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.7B | $2.7B | $2.8B |
| Net income | $502M | $750M | $1.1B |
| Operating cash flow | $1.5B | $1.3B | $1.3B |
| Cash & equivalents (year end) | $209M | $190M | $265M |
| Total debt (year end) | $12.3B | $13.6B | $12.9B |
| Diluted shares | 109M | 108M | 108M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Noncash investing and financing
- Acquisitions, net of cash acquired
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 |
| 10-Q | May 5, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 9, 2026 | May 22, 2026 |
| 10-K | Feb 27, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about SBA Communications
How does SBA Communications make money?
Fiscal 2025 revenue: $2.8B. By segment in FY2025: Domestic Site Leasing Revenue (66%), International Site Leasing Revenue (25%) and Site Development Construction (9%), as shares of total revenue. Total revenue was $2.8B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What was SBA Communications's revenue in fiscal 2025?
$2.8B, up 5.1% from fiscal 2024 ($2.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $2.7B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
Is SBA Communications profitable?
Net income was $1.1B in fiscal 2025 (up 40.6%; fiscal 2024 was $750M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $231M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What did SBA Communications report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $714M (down 2.5% from $732M) and net income $231M (down 2.3% from $237M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
How much cash and debt does SBA Communications have?
As of Sep 30, 2026: $418M of cash and cash equivalents, $12.9B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.
What are the main risks SBA Communications faces?
SBA Communications's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the telecom tower REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these SBA Communications numbers come from?
The 10-K filed Feb 27, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning SBA Communications
- Citadel Advisors: 1,292,825 shares, reported value $228.1M at Jun 30, 2026 (+218.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 699,701 shares, reported value $123.5M at Jun 30, 2026 (+382.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 49,105 shares, reported value $8.7M at Jun 30, 2026 (−51.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 27,917 shares, reported value $4.9M at Jun 30, 2026 (−94.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 6,385 shares, reported value $1.1M at Jun 30, 2026 (−56.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in SBAC
- The editor holds no position in SBA Communications (SBAC). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell SBAC from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold SBAC, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| SBA CommunicationsSBAC | FY2025 | $2.8B | +5.1% | $1.1B |
| American TowerAMT | FY2025 | $10.6B | +5.1% | $2.5B |
| Crown CastleCCI | FY2025 | $4.3B | −4.4% | $444M |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.