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Sba Communications Corp Financials

SBAC
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Sba Communications Corp (SBAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 60 / 100
Financial Profile 60/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

Sba Communications Corp has an operating margin of 47.7%, meaning the company retains $48 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 53.6% the prior year.

Growth
42

Sba Communications Corp's revenue grew 5.1% year-over-year to $2.8B, a solid pace of expansion. This earns a growth score of 42/100.

Liquidity
0

Sba Communications Corp's current ratio of 0.29 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow
100

Sba Communications Corp converts 37.9% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 100/100.

Altman Z-Score Distress
0.34

Sba Communications Corp scores 0.34, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($21.6B) relative to total liabilities ($16.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong
7/9

Sba Communications Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.23x

For every $1 of reported earnings, Sba Communications Corp generates $1.23 in operating cash flow ($1.3B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.8B
YoY+5.1%
5Y CAGR+6.2%
10Y CAGR+5.6%

Sba Communications Corp generated $2.8B in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.

EBITDA
$1.6B
YoY-4.1%
5Y CAGR+3.8%
10Y CAGR+5.3%

Sba Communications Corp's EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.1% from the prior year.

Net Income
$1.1B
YoY+40.6%
5Y CAGR+112.9%

Sba Communications Corp reported $1.1B in net income in fiscal year 2025. This represents an increase of 40.6% from the prior year.

EPS (Diluted)
$9.80
YoY+41.2%
5Y CAGR+115.7%

Sba Communications Corp earned $9.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.1B
YoY-3.6%
5Y CAGR+1.3%
10Y CAGR+7.6%

Sba Communications Corp generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 3.6% from the prior year.

Cash & Debt
$264.6M
YoY+39.4%
5Y CAGR-3.0%
10Y CAGR+8.4%

Sba Communications Corp held $264.6M in cash against $11.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
106M
YoY-1.8%
5Y CAGR-0.8%

Sba Communications Corp had 106M shares outstanding in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

Margins & Returns

Gross Margin
75.5%
YoY-2.8pp
5Y CAGR-1.7pp
10Y CAGR+2.6pp

Sba Communications Corp's gross margin was 75.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.

Operating Margin
47.7%
YoY-5.9pp
5Y CAGR+17.3pp
10Y CAGR+28.6pp

Sba Communications Corp's operating margin was 47.7% in fiscal year 2025, reflecting core business profitability. This is down 5.9 percentage points from the prior year.

Net Margin
37.4%
YoY+9.5pp
5Y CAGR+36.3pp
10Y CAGR+48.2pp

Sba Communications Corp's net profit margin was 37.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.5 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
$497.8M
YoY+148.9%
5Y CAGR-10.3%
10Y CAGR+1.0%

Sba Communications Corp spent $497.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 148.9% from the prior year.

Capital Expenditures
$224.8M
YoY-1.5%
5Y CAGR+11.8%
10Y CAGR+0.7%

Sba Communications Corp invested $224.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.5% from the prior year.

SBAC Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $719.6M-1.7% $732.3M+4.8% $699.0M+5.2% $664.2M-4.2% $693.7M+3.9% $667.6M+1.1% $660.5M+0.4% $657.9M
Cost of Revenue N/A $62.5M+16.8% $53.5M+40.2% $38.2M N/A $32.4M+19.4% $27.1M+17.1% $23.2M
Gross Profit N/A $542.5M+3.0% $526.9M+3.2% $510.6M N/A $517.3M-0.4% $519.2M-0.1% $519.9M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A $66.0M-7.1% $71.0M+7.3% $66.2M N/A $60.1M-3.7% $62.4M-9.2% $68.7M
Operating Income $298.9M-20.1% $374.2M+11.8% $334.8M0.0% $334.9M-12.4% $382.3M+1.8% $375.6M+6.0% $354.5M+9.6% $323.4M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A $48.7M+38.8% $35.1M-16.6% $42.0M N/A $42.3M+443.0% -$12.3M-172.9% $16.9M
Net Income $370.3M+56.4% $236.8M+4.9% $225.8M+2.3% $220.7M+27.1% $173.6M-32.8% $258.5M+58.8% $162.8M+5.4% $154.5M
EPS (Diluted) $3.47+57.7% $2.20+5.3% $2.09+2.5% $2.04+26.7% $1.61-32.9% $2.40+58.9% $1.51+6.3% $1.42

SBAC Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $11.6B+2.8% $11.3B+4.6% $10.8B+3.1% $10.4B-8.5% $11.4B+11.9% $10.2B+4.2% $9.8B-2.1% $10.0B
Current Assets $773.4M-4.8% $812.5M+55.1% $523.8M-43.9% $933.3M-52.8% $2.0B+339.5% $450.3M-2.1% $460.0M+2.8% $447.6M
Cash & Equivalents $264.6M-38.5% $430.3M+56.3% $275.3M-56.7% $636.4M+235.3% $189.8M+1.9% $186.3M-15.5% $220.5M-8.2% $240.3M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $171.3M+8.3% $158.1M+13.0% $139.9M+7.7% $129.8M-10.9% $145.7M+31.2% $111.0M+25.2% $88.7M-29.9% $126.5M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $16.4B+1.4% $16.2B+3.1% $15.7B+1.9% $15.4B-6.7% $16.5B+7.5% $15.4B+1.8% $15.1B-0.8% $15.2B
Current Liabilities $2.7B+66.3% $1.6B+12.7% $1.4B+6.5% $1.3B-25.3% $1.8B+169.2% $667.8M-72.8% $2.5B+1.9% $2.4B
Long-Term Debt $11.0B-8.1% $11.9B+1.6% $11.7B+0.7% $11.7B-6.0% $12.4B+0.9% $12.3B+17.4% $10.5B-0.7% $10.6B
Total Equity -$4.9B+1.6% -$4.9B+0.1% -$4.9B+0.6% -$5.0B+2.7% -$5.1B+1.3% -$5.2B+2.7% -$5.3B-1.8% -$5.2B
Retained Earnings -$7.2B+0.5% -$7.3B-0.5% -$7.3B-0.3% -$7.2B+1.4% -$7.3B+0.9% -$7.4B+2.0% -$7.5B-0.5% -$7.5B

SBAC Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $304.0M-4.4% $318.0M-13.6% $368.1M+22.2% $301.2M-2.9% $310.2M+1.8% $304.7M-28.4% $425.6M+44.5% $294.5M
Capital Expenditures $62.7M-16.1% $74.7M-88.4% $646.9M+1301.1% $46.2M-16.9% $55.5M-79.6% $272.3M+197.3% $91.6M+58.3% $57.9M
Free Cash Flow $241.3M-0.8% $243.3M+187.3% -$278.8M-209.3% $255.0M+0.2% $254.6M+687.0% $32.4M-90.3% $334.0M+41.2% $236.6M
Investing Cash Flow -$180.8M-130.9% -$78.3M+86.5% -$581.0M-343.8% $238.3M+172.4% -$328.9M-20.1% -$273.9M-126.0% -$121.2M-42.1% -$85.3M
Financing Cash Flow -$143.4M-79.6% -$79.8M+49.6% -$158.3M+87.7% -$1.3B-208.7% $1.2B+1889.6% -$65.9M+76.2% -$276.5M-44.5% -$191.4M
Dividends Paid $118.2M-1.4% $119.9M-0.1% $120.0M-1.9% $122.3M+16.0% $105.4M-0.5% $106.0M0.0% $106.0M-2.0% $108.1M
Share Buybacks $216.3M+43.4% $150.8M N/A N/A $0 $0-100.0% $93.9M-11.6% $106.2M

SBAC Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A 74.1%-1.3pp 75.4%-1.5pp 76.9% N/A 77.5%-1.1pp 78.6%-0.4pp 79.0%
Operating Margin 41.5%-9.6pp 51.1%+3.2pp 47.9%-2.5pp 50.4%-4.7pp 55.1%-1.1pp 56.3%+2.6pp 53.7%+4.5pp 49.1%
Net Margin 51.5%+19.1pp 32.3%+0.0pp 32.3%-0.9pp 33.2%+8.2pp 25.0%-13.7pp 38.7%+14.1pp 24.6%+1.2pp 23.5%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets 3.2%+1.1pp 2.1%0.0pp 2.1%0.0pp 2.1%+0.6pp 1.5%-1.0pp 2.5%+0.9pp 1.7%+0.1pp 1.6%
Current Ratio 0.29-0.2 0.50+0.1 0.37-0.3 0.69-0.4 1.10+0.4 0.67+0.5 0.190.0 0.19
Debt-to-Equity -2.26+0.2 -2.42-0.0 -2.38-0.0 -2.34+0.1 -2.43-0.1 -2.38-0.4 -1.97+0.1 -2.02
FCF Margin 33.5%+0.3pp 33.2%+73.1pp -39.9%-78.3pp 38.4%+1.7pp 36.7%+31.9pp 4.9%-45.7pp 50.6%+14.6pp 36.0%

Note: Shareholder equity is negative (-$4.9B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.29), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Sba Communications Corp (SBAC) reported $2.8B in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Sba Communications Corp (SBAC) revenue grew by 5.1% year-over-year, from $2.7B to $2.8B in fiscal year 2025.

Yes, Sba Communications Corp (SBAC) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 37.4%.

Sba Communications Corp (SBAC) reported diluted earnings per share of $9.80 for fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Sba Communications Corp (SBAC) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Sba Communications Corp (SBAC) had $264.6M in cash and equivalents against $11.0B in long-term debt.

Sba Communications Corp (SBAC) had a gross margin of 75.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Sba Communications Corp (SBAC) had an operating margin of 47.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Sba Communications Corp (SBAC) had a net profit margin of 37.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Sba Communications Corp (SBAC) generated $1.1B in free cash flow during fiscal year 2025. This represents a -3.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Sba Communications Corp (SBAC) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Sba Communications Corp (SBAC) had $11.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Sba Communications Corp (SBAC) invested $224.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Sba Communications Corp (SBAC) spent $497.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Sba Communications Corp (SBAC) had 106M shares outstanding as of fiscal year 2025.

Sba Communications Corp (SBAC) had a current ratio of 0.29 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Sba Communications Corp (SBAC) had a debt-to-equity ratio of -2.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Sba Communications Corp (SBAC) had a return on assets of 9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Sba Communications Corp (SBAC) has negative shareholder equity of -$4.9B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Sba Communications Corp (SBAC) has an Altman Z-Score of 0.34, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Sba Communications Corp (SBAC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Sba Communications Corp (SBAC) has an earnings quality ratio of 1.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Sba Communications Corp (SBAC) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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