What is SBA Communications Corp's earnings per share (EPS)?

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) Financials

SBAC

Trailing 12 months to June 30, 2026

Revenue $2.9B +5.4% YoY

Net Income $990.7M +12.7% YoY

EPS (Diluted) $9.28 +14.0% YoY

Free Cash Flow $1.0B +293.7% YoY

Market Cap $19.5B as of Oct 13, 2026

Price / Sales 6.8x on $2.9B revenue, trailing 12 months to June 30, 2026

Price / Earnings 19.7x on $990.7M net income, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SBAC SEC filings page.

SBA Communications Corp (SBAC) reported $2.9B in revenue over the twelve months to Jun 30, 2026, up 5.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI SBAC FY2025 2026-10-03

Cash-generative operations support the business, but its liability-heavy balance sheet leaves little equity cushion.

Earnings quality diverged from cash generation in FY2025: net income reached $1.1B, up from $749.5M in FY2024. Operating cash flow instead fell from $1.33B to $1.29B, so the earnings increase did not translate into more cash. Meanwhile, net margin rose to 37.4% while operating margin fell to 47.7%, pointing to below-operating-line effects rather than stronger core operations.

Balance-sheet leverage is structural: FY2025 liabilities exceeded assets, leaving negative equity of $4.9B rather than an equity-funded capital base. The current ratio was just 0.3x, indicating current obligations were far larger than current assets at year-end.

Reinvestment remains modest relative to cash generation: FY2025 free cash flow was $1.1B after $225M of capital expenditure, showing substantial cash remained after reported reinvestment. Yet free-cash-flow margin declined from 48.2% in FY2023 to 37.9% in FY2025, so cash generation has not kept pace proportionally with revenue.

Financial Health Signals

Financial Health Score 52/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of SBA Communications Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. SBA Communications Corp scores 71/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. SBA Communications Corp scores 50/100 on it among other REITs.

Leverage

SBA Communications Corp's net debt of $10.7B, being $11.0B of long-term debt less $264.6M of cash, came to 6.54 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and SBA Communications Corp scores 31/100 among other REITs.

Interest Cov.

Not available for SBA Communications Corp, and counted as zero in the overall score.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. SBA Communications Corp scores 75/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. SBA Communications Corp scores 87/100 on it among other REITs.

Altman Z-Score Distress

0.27

SBA Communications Corp scores 0.27, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($19.5B) relative to total liabilities ($16.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

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

$715.3M

YoY+2.3%

QoQ+1.7%

5Y CAGR+4.4%

10Y CAGR+5.8%

SBA Communications Corp generated $715.3M in revenue in Q2 2026. This represents an increase of 2.3% from the same quarter a year earlier. Against the prior quarter it is up 1.7%.

EBITDA

$433.2M

YoY+7.0%

QoQ+2.1%

5Y CAGR+2.9%

10Y CAGR+6.4%

SBA Communications Corp's EBITDA was $433.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.0% from the same quarter a year earlier. Against the prior quarter it is up 2.1%.

Net Income

$198.8M

YoY-12.0%

QoQ+7.5%

5Y CAGR+5.4%

10Y CAGR+19.8%

SBA Communications Corp reported $198.8M in net income in Q2 2026. This represents a decrease of 12.0% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.

EPS (Diluted)

$1.87

YoY-10.5%

QoQ+7.5%

5Y CAGR+6.4%

10Y CAGR+21.8%

SBA Communications Corp earned $1.87 per diluted share (EPS) in Q2 2026. This represents a decrease of 10.5% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.

Cash & Balance Sheet

Free Cash Flow

$344.8M

YoY+223.6%

QoQ+66.8%

5Y CAGR+7.2%

10Y CAGR+11.3%

SBA Communications Corp generated $344.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 223.6% from the same quarter a year earlier. Against the prior quarter it is up 66.8%.

Cash & Debt

$327.1M

YoY+18.8%

QoQ+21.6%

5Y CAGR+3.6%

10Y CAGR+9.3%

SBA Communications Corp held $327.1M in cash against $9.2B in long-term debt as of Q2 2026.

Shares Outstanding

106M

YoY-1.2%

QoQ0.0%

5Y CAGR-0.6%

10Y CAGR-1.6%

SBA Communications Corp had 106M shares outstanding in Q2 2026. This represents a decrease of 1.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

75.4%

YoY0.0pp

QoQ-0.2pp

SBA Communications Corp's gross margin was 75.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Operating Margin

49.2%

YoY+1.3pp

QoQ+0.5pp

5Y change+14.5pp

10Y change+30.9pp

SBA Communications Corp's operating margin was 49.2% in Q2 2026, reflecting core business profitability. This is up 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Net Margin

27.8%

YoY-4.5pp

QoQ+1.5pp

5Y change+1.3pp

10Y change+19.7pp

SBA Communications Corp's net profit margin was 27.8% in Q2 2026, showing the share of revenue converted to profit. This is down 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$62.4M

YoY-90.4%

QoQ+29.0%

5Y CAGR-10.5%

10Y CAGR-3.8%

SBA Communications Corp invested $62.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 90.4% from the same quarter a year earlier. Against the prior quarter it is up 29.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

SBAC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SBAC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$2.9B	$2.8B+5.1%	$2.7B-1.2%	$2.7B+3.0%	$2.6B+14.1%	$2.3B+10.8%	$2.1B+3.4%	$2.0B+8.0%	$1.9B+8.0%	$1.7B+5.8%	$1.6B-0.3%	$1.6B+7.3%	$1.5B+17.0%	$1.3B+36.8%	$954.1M+36.7%	$698.2M
Cost of Revenue	N/A	$199.0M+67.6%	$118.7M-15.2%	$139.9M-37.2%	$223.0M+40.1%	$159.1M+54.8%	$102.8M-13.7%	$119.1M+23.4%	$96.5M+11.2%	$86.8M-79.4%	$420.9M-5.3%	$444.4M+3.7%	$428.5M+5.0%	$408.3M+46.1%	$279.5M+37.7%	$202.9M
Gross Profit	N/A	$2.1B+1.3%	$2.1B-0.1%	$2.1B+6.8%	$2.0B+11.4%	$1.8B+9.8%	$1.6B+5.6%	$1.5B+8.9%	$1.4B+9.0%	$1.3B+5.7%	$1.2B+1.5%	$1.2B+8.7%	$1.1B+22.5%	$896.6M+32.9%	$674.6M+36.2%	$495.2M
SG&A Expenses	N/A	$277.6M+7.3%	$258.8M-3.4%	$267.9M+2.3%	$261.9M+19.0%	$220.0M+13.3%	$194.3M+0.8%	$192.7M+35.2%	$142.5M+9.1%	$130.7M-8.8%	$143.3M+24.7%	$115.0M+11.3%	$103.3M+20.9%	$85.5M+18.5%	$72.1M+14.8%	$62.8M
Operating Income	$1.4B	$1.3B-6.5%	$1.4B+55.4%	$923.7M-0.2%	$925.4M+18.3%	$782.5M+23.5%	$633.7M+8.6%	$583.5M+7.2%	$544.2M+18.7%	$458.5M+18.4%	$387.3M+24.0%	$312.5M-7.2%	$336.5M+46.5%	$229.6M+56.1%	$147.1M+33.0%	$110.7M
EBITDA	N/A	$1.6B-4.1%	$1.7B+4.0%	$1.6B+0.4%	$1.6B+10.1%	$1.5B+9.4%	$1.4B+5.9%	$1.3B+5.3%	$1.2B+10.4%	$1.1B+7.4%	$1.0B+5.5%	$972.5M+0.9%	$963.6M+26.3%	$763.0M+37.3%	$555.6M+32.4%	$419.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$196.2M+22.0%	$160.9M
Income Tax	N/A	$187.6M+682.0%	$24.0M-53.0%	$51.1M-22.6%	$66.0M+342.1%	$14.9M+135.7%	-$41.8M-205.5%	$39.6M+835.6%	$4.2M-68.0%	$13.2M+19.6%	$11.1M+22.1%	$9.1M+4.9%	$8.6M+759.7%	-$1.3M-119.9%	$6.6M+212.1%	$2.1M
Net Income	$990.7M	$1.1B+40.6%	$749.5M+49.4%	$501.8M+8.8%	$461.4M+94.2%	$237.6M+885.8%	$24.1M-83.6%	$147.0M+209.8%	$47.5M-54.2%	$103.7M+36.0%	$76.2M+143.4%	-$175.7M-623.0%	-$24.3M+56.5%	-$55.9M+69.1%	-$181.0M-43.2%	-$126.5M
EPS (Basic)	N/A	$9.83+41.2%	$6.96+50.0%	$4.64+8.7%	$4.27+96.8%	$2.17+886.4%	$0.22-83.1%	$1.30+217.1%	$0.41-52.3%	$0.86+41.0%	$0.61+144.5%	-$1.37-621.1%	-$0.19	N/A	N/A	N/A
EPS (Diluted)	$9.28	$9.80+41.2%	$6.94+50.5%	$4.61+9.2%	$4.22+97.2%	$2.14+919.0%	$0.21-83.6%	$1.28+212.2%	$0.41-52.3%	$0.86+41.0%	$0.61+144.5%	-$1.37-621.1%	-$0.19	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	108M-0.5%	108M-0.8%	109M-0.4%	109M-1.6%	111M-2.0%	113M-1.1%	115M-1.6%	117M-3.7%	121M-3.3%	125M-2.1%	128M-0.9%	129M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$715.3M+2.3%	$703.4M+5.9%	$719.6M+3.7%	$732.3M+9.7%	$699.0M+5.8%	$664.2M+1.0%	$693.7M+2.8%	$667.6M-2.2%
Cost of Revenue	$41.9M-21.7%	$39.4M+3.2%	N/A	$62.5M+93.0%	$53.5M+97.2%	$38.2M+64.8%	N/A	$32.4M+2.9%
Gross Profit	$539.3M+2.4%	$532.1M+4.2%	N/A	$542.5M+4.9%	$526.9M+1.5%	$510.6M-1.8%	N/A	$517.3M-2.9%
SG&A Expenses	$77.5M+9.2%	$70.5M+6.5%	N/A	$66.0M+9.9%	$71.0M+13.9%	$66.2M-3.6%	N/A	$60.1M-7.3%
Operating Income	$351.9M+5.1%	$342.8M+2.4%	$298.9M-21.8%	$374.2M-0.4%	$334.8M-5.6%	$334.9M+3.6%	$382.3M+82.3%	$375.6M+51.1%
EBITDA	$433.2M+7.0%	$424.2M+6.1%	$379.3M-15.2%	$451.1M+2.7%	$404.7M-3.3%	$400.0M0.0%	$447.4M+17.4%	$439.1M+2.3%
Income Tax	$36.0M+2.7%	$51.1M+21.6%	N/A	$48.7M+15.0%	$35.1M+384.2%	$42.0M+148.2%	N/A	$42.3M+438.3%
Net Income	$198.8M-12.0%	$184.8M-16.3%	$370.3M+113.3%	$236.8M-8.4%	$225.8M+38.7%	$220.7M+42.8%	$173.6M+58.5%	$258.5M+195.7%
EPS (Basic)	$1.87-11.0%	$1.75-14.6%	$3.48+116.1%	$2.21-8.3%	$2.10+38.2%	$2.05+43.4%	$1.61+59.4%	$2.41+197.5%
EPS (Diluted)	$1.87-10.5%	$1.74-14.7%	$3.47+115.5%	$2.20-8.3%	$2.09+38.4%	$2.04+43.7%	$1.61+59.4%	$2.40+200.0%
Diluted Shares (Avg)	106M-1.4%	106M-1.9%	N/A	108M-0.3%	108M+0.1%	108M-0.4%	N/A	108M-0.9%

Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.

SBAC Balance Sheet

SBAC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$11.6B+1.4%	$11.4B+12.2%	$10.2B-3.8%	$10.6B+8.0%	$9.8B+7.0%	$9.2B-6.2%	$9.8B+35.3%	$7.2B-1.5%	$7.3B-0.6%	$7.4B+0.7%	$7.3B-6.7%	$7.8B+15.6%	$6.8B+2.5%	$6.6B+83.4%	$3.6B
Current Assets	$773.4M-60.9%	$2.0B+308.6%	$484.3M+0.3%	$482.7M-21.4%	$614.4M+29.9%	$473.0M+41.5%	$334.3M-10.6%	$373.9M+44.0%	$259.5M-20.0%	$324.6M+10.4%	$294.0M-10.1%	$326.9M-4.9%	$343.7M-11.6%	$388.9M+200.6%	$129.4M
Cash & Equivalents	$264.6M+39.4%	$189.8M-9.0%	$208.5M+45.1%	$143.7M-60.9%	$367.3M+19.0%	$308.6M+184.9%	$108.3M-24.5%	$143.4M+108.5%	$68.8M-52.9%	$146.1M+23.8%	$118.0M+199.3%	$39.4M-67.7%	$122.1M-47.6%	$233.1M+392.6%	$47.3M
Short-Term Investments	$6.6M-97.4%	$254.5M+24234.0%	$1.0M-21.4%	$1.3M+71.1%	$778K+11.1%	$700K+40.0%	$500K+109.2%	$239K	$0-100.0%	$223K-68.4%	$706K-87.3%	$5.5M+1.9%	$5.4M-0.5%	$5.5M-5.2%	$5.8M
Accounts Receivable	$171.3M+17.5%	$145.7M-20.3%	$182.7M-0.9%	$184.4M+80.8%	$102.0M+37.6%	$74.1M-43.9%	$132.1M+19.0%	$111.0M+22.5%	$90.7M+15.7%	$78.3M-6.0%	$83.3M-20.1%	$104.3M+46.2%	$71.3M+82.5%	$39.1M+76.9%	$22.1M
Long-Term Investments	$21.1M+1.3%	$20.8M-15.3%	$24.5M-39.7%	$40.7M-15.0%	$47.9M-16.8%	$57.6M+333.1%	$13.3M	$0	$0-100.0%	$7.9M-3.1%	$8.1M-81.5%	$44.1M-16.5%	$52.8M-0.3%	$52.9M+6.9%	$49.5M
Total Liabilities	$16.4B-0.6%	$16.5B+7.7%	$15.3B-3.2%	$15.9B+5.1%	$15.1B+7.9%	$14.0B+4.1%	$13.4B+26.8%	$10.6B+6.8%	$9.9B+6.0%	$9.4B+3.7%	$9.0B+6.1%	$8.5B+32.3%	$6.4B+7.8%	$6.0B+64.8%	$3.6B
Current Liabilities	$2.7B+49.0%	$1.8B+31.9%	$1.4B+95.7%	$696.8M+13.1%	$616.3M+0.2%	$614.8M-41.4%	$1.0B-13.1%	$1.2B+332.5%	$278.9M-68.1%	$873.4M+219.5%	$273.4M-17.4%	$331.1M-55.7%	$747.7M-13.4%	$863.7M+580.7%	$126.9M
Non-Current Liabilities	$13.7B-6.8%	$14.7B+5.2%	$14.0B-7.8%	$15.1B+4.7%	$14.5B+8.2%	$13.4B+8.0%	$12.4B+31.7%	$9.4B-2.7%	$9.6B+13.6%	$8.5B-3.0%	$8.7B+7.0%	$8.2B+43.9%	$5.7B+11.6%	$5.1B+46.2%	$3.5B
Long-Term Debt	$11.0B-11.6%	$12.4B+6.2%	$11.7B-9.1%	$12.8B+4.6%	$12.3B+10.9%	$11.1B+12.8%	$9.8B+9.1%	$9.0B-3.2%	$9.3B+14.0%	$8.1B-3.4%	$8.4B+7.7%	$7.8B+45.1%	$5.4B+10.5%	$4.9B+45.7%	$3.3B
Total Equity	-$4.9B+5.0%	-$5.1B+1.2%	-$5.2B+2.0%	-$5.3B+0.1%	-$5.3B-9.5%	-$4.8B-31.6%	-$3.7B-8.6%	-$3.4B-29.9%	-$2.6B-30.2%	-$2.0B-17.0%	-$1.7B-158.2%	-$660.8M-285.1%	$357.0M-45.3%	$653.0M+5872.0%	-$11.3M
Retained Earnings	-$7.2B+1.0%	-$7.3B+1.7%	-$7.5B+0.4%	-$7.5B-3.9%	-$7.2B-9.1%	-$6.6B-18.8%	-$5.6B-8.3%	-$5.1B-17.0%	-$4.4B-20.6%	-$3.6B-14.8%	-$3.2B-24.6%	-$2.5B-1.0%	-$2.5B-2.3%	-$2.5B-7.9%	-$2.3B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$11.7B+9.1%	$11.7B+12.2%	$11.6B+1.4%	$11.3B+10.4%	$10.8B+10.0%	$10.4B+4.5%	$11.4B+12.2%	$10.2B-1.3%
Current Assets	$744.8M+42.2%	$767.5M-17.8%	$773.4M-60.9%	$812.5M+80.5%	$523.8M+13.9%	$933.3M+108.5%	$2.0B+308.6%	$450.3M-2.1%
Cash & Equivalents	$327.1M+18.8%	$269.1M-57.7%	$264.6M+39.4%	$430.3M+130.9%	$275.3M+24.8%	$636.4M+164.8%	$189.8M-9.0%	$186.3M-2.2%
Short-Term Investments	$28.9M+1762.4%	$112.1M+70.5%	$6.6M-97.4%	$761K-95.3%	$1.6M-94.9%	$65.7M+4047.0%	$254.5M+24234.0%	$16.2M+1323.8%
Accounts Receivable	$176.0M+25.8%	$161.5M+24.4%	$171.3M+17.5%	$158.1M+42.4%	$139.9M+57.8%	$129.8M+2.6%	$145.7M-20.3%	$111.0M-29.9%
Long-Term Investments	$22.8M+43.0%	$21.7M+19.6%	$21.1M+1.3%	$13.5M-49.1%	$16.0M-17.1%	$18.1M-17.7%	$20.8M-15.3%	$26.6M-15.8%
Total Liabilities	$16.4B+4.2%	$16.5B+6.9%	$16.4B-0.6%	$16.2B+5.3%	$15.7B+4.0%	$15.4B+1.3%	$16.5B+7.7%	$15.4B-0.8%
Current Liabilities	$4.3B+203.3%	$3.3B+149.1%	$2.7B+49.0%	$1.6B+141.2%	$1.4B-41.9%	$1.3B-44.3%	$1.8B+31.9%	$667.8M+0.7%
Non-Current Liabilities	$12.0B-15.9%	$13.0B-6.9%	$13.7B-6.8%	$14.5B-1.0%	$14.2B+12.8%	$14.0B+9.7%	$14.7B+5.2%	$14.7B-1.0%
Long-Term Debt	$9.2B-22.1%	$10.3B-11.8%	$11.0B-11.6%	$11.9B-3.0%	$11.7B+12.1%	$11.7B+10.5%	$12.4B+6.2%	$12.3B-1.6%
Total Equity	-$4.6B+6.3%	-$4.8B+4.4%	-$4.9B+5.0%	-$4.9B+4.7%	-$4.9B+7.1%	-$5.0B+4.8%	-$5.1B+1.2%	-$5.2B-0.2%
Retained Earnings	-$7.1B+1.6%	-$7.2B+0.4%	-$7.2B+1.0%	-$7.3B+1.5%	-$7.3B+3.9%	-$7.2B+3.8%	-$7.3B+1.7%	-$7.4B+0.4%

Not reported in any period shown, so not listed: Inventory, Goodwill.

SBAC Cash Flow Statement

SBAC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.3B	$1.3B-3.3%	$1.3B-13.6%	$1.5B+20.1%	$1.3B+8.1%	$1.2B+5.7%	$1.1B+16.1%	$970.0M+14.0%	$850.6M+3.9%	$818.5M+10.2%	$742.5M+2.7%	$723.0M+7.2%	$674.3M+35.5%	$497.6M+46.0%	$340.9M+36.9%	$249.1M
Depreciation & Amortization	N/A	$292.3M+8.4%	$269.5M-62.4%	$716.3M+1.2%	$707.6M+1.1%	$700.2M-3.0%	$722.0M+3.6%	$697.1M+3.7%	$672.1M+4.5%	$643.1M+0.8%	$638.2M-3.3%	$660.0M+5.3%	$627.1M+17.6%	$533.3M+30.6%	$408.5M+32.1%	$309.1M
Stock-Based Compensation	N/A	$75.7M+1.8%	$74.4M-15.4%	$87.9M-12.0%	$99.9M+18.4%	$84.4M+22.5%	$68.9M-5.9%	$73.2M+73.0%	$42.3M+10.7%	$38.2M+16.2%	$32.9M+14.5%	$28.7M+26.8%	$22.7M+31.8%	$17.2M+23.2%	$14.0M+21.8%	$11.5M
Capital Expenditures	$248.3M	$224.8M-1.5%	$228.1M-3.6%	$236.7M+10.4%	$214.4M+60.4%	$133.7M+4.0%	$128.6M-16.6%	$154.2M+3.0%	$149.8M+1.9%	$147.0M+5.0%	$140.0M-32.9%	$208.7M-1.2%	$211.3M+25.1%	$168.9M+49.1%	$113.3M-10.8%	$126.9M
Free Cash Flow	$1.0B	$1.1B-3.6%	$1.1B-15.4%	$1.3B+22.1%	$1.1B+1.4%	$1.1B+5.9%	$997.5M+22.3%	$815.8M+16.4%	$700.8M+4.4%	$671.4M+11.4%	$602.5M+17.2%	$514.3M+11.1%	$463.1M+40.9%	$328.7M+44.4%	$227.6M+86.4%	$122.1M
Investing Cash Flow	-$569.6M	-$601.8M+25.6%	-$809.3M-72.8%	-$468.2M+66.4%	-$1.4B+2.1%	-$1.4B-218.9%	-$446.4M+52.9%	-$947.2M-53.2%	-$618.3M-2.2%	-$605.1M-41.3%	-$428.2M+41.9%	-$737.1M	N/A	-$826.5M+63.7%	-$2.3B-347.9%	-$507.9M
Financing Cash Flow	-$659.5M	-$1.7B-357.6%	$645.7M+163.5%	-$1.0B-650.9%	-$135.5M-139.9%	$339.3M+172.3%	-$469.0M-652.7%	-$62.3M+58.0%	-$148.5M+49.6%	-$294.6M-2.1%	-$288.6M-480.9%	$75.8M	N/A	$220.2M-89.6%	$2.1B+774.4%	$242.0M
Dividends Paid	$506.8M	$479.0M+12.9%	$424.2M+14.7%	$370.0M+20.6%	$306.8M+21.0%	$253.6M+22.1%	$207.7M+149.1%	$83.4M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$497.8M+148.9%	$200.0M+100.0%	$100.0M-76.8%	$431.7M-25.9%	$582.6M-32.2%	$859.3M+84.0%	$467.0M-41.3%	$795.6M-6.9%	$854.5M+56.6%	$545.7M+21.2%	$450.1M	N/A	N/A	N/A	$225.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$407.2M+10.6%	$255.1M-15.3%	$304.0M-2.0%	$318.0M+4.4%	$368.1M-13.5%	$301.2M+2.3%	$310.2M-28.3%	$304.7M-2.9%
Depreciation & Amortization	$81.4M+16.3%	$81.3M+25.0%	$80.4M+23.5%	$76.9M+21.0%	$70.0M+9.0%	$65.0M-15.2%	$65.1M-62.0%	$63.5M-64.8%
Stock-Based Compensation	N/A	$18.9M+20.5%	N/A	N/A	N/A	$15.7M-26.8%	N/A	N/A
Capital Expenditures	$62.4M-90.4%	$48.4M+4.8%	$62.7M+12.9%	$74.7M-72.6%	$646.9M+606.3%	$46.2M-20.2%	$55.5M-11.4%	$272.3M+135.9%
Free Cash Flow	$344.8M+223.6%	$206.7M-18.9%	$241.3M-5.2%	$243.3M+652.0%	-$278.8M-183.5%	$255.0M+7.8%	$254.6M-31.2%	$32.4M-83.7%
Investing Cash Flow	-$13.7M+97.6%	-$296.8M-224.6%	-$180.8M+45.0%	-$78.3M+71.4%	-$581.0M-379.3%	$238.3M+379.3%	-$328.9M-209.2%	-$273.9M-164.6%
Financing Cash Flow	-$366.7M-131.7%	-$69.6M+94.6%	-$143.4M-112.2%	-$79.8M-21.1%	-$158.3M+42.8%	-$1.3B-569.8%	$1.2B+478.6%	-$65.9M+71.4%
Dividends Paid	$133.5M+11.3%	$135.2M+10.6%	$118.2M+12.2%	$119.9M+13.1%	$120.0M+13.2%	$122.3M+13.1%	$105.4M+14.8%	$106.0M+14.4%
Share Buybacks	N/A	N/A	$216.3M	$150.8M	N/A	N/A	$0-100.0%	$0

SBAC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SBAC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	75.5%-2.8pp	78.3%+0.9pp	77.4%+2.8pp	74.6%-1.8pp	76.4%-0.7pp	77.1%+1.6pp	75.5%+0.7pp	74.9%+0.7pp	74.2%-0.1pp	74.2%+1.3pp	72.9%+0.9pp	71.9%+3.2pp	68.7%-2.0pp	70.7%-0.2pp	70.9%
Operating Margin	47.7%-5.9pp	53.6%+19.5pp	34.1%-1.1pp	35.1%+1.3pp	33.9%+3.5pp	30.4%+1.5pp	29.0%-0.2pp	29.2%+2.6pp	26.5%+2.8pp	23.7%+4.6pp	19.1%-3.0pp	22.0%+4.4pp	17.6%+2.2pp	15.4%-0.4pp	15.8%
Net Margin	37.4%+9.5pp	28.0%+9.5pp	18.5%+1.0pp	17.5%+7.2pp	10.3%+9.1pp	1.2%-6.1pp	7.3%+4.8pp	2.5%-3.5pp	6.0%+1.3pp	4.7%+15.4pp	-10.7%-9.1pp	-1.6%+2.7pp	-4.3%+14.7pp	-19.0%-0.9pp	-18.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-15.7%+12.1pp	-27.7%	N/A
Return on Assets	9.1%+2.5pp	6.6%+1.6pp	4.9%+0.6pp	4.4%+1.9pp	2.4%+2.2pp	0.3%-1.3pp	1.5%+0.9pp	0.7%-0.8pp	1.4%+0.4pp	1.0%+3.4pp	-2.4%-2.1pp	-0.3%+0.5pp	-0.8%+1.9pp	-2.7%+0.8pp	-3.5%
Current Ratio	0.29-0.8x	1.10+0.7x	0.36-0.3x	0.69-0.3x	1.00+0.2x	0.77+0.5x	0.320.0x	0.31-0.6x	0.93+0.6x	0.37-0.7x	1.08+0.1x	0.99+0.5x	0.460.0x	0.45-0.6x	1.02
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	15.11+7.6x	7.47	N/A
Asset Turnover	0.240.0x	0.230.0x	0.270.0x	0.250.0x	0.240.0x	0.230.0x	0.21-0.1x	0.260.0x	0.240.0x	0.220.0x	0.220.0x	0.190.0x	0.190.0x	0.140.0x	0.19
FCF Margin	37.9%-3.4pp	41.3%-6.9pp	48.2%+7.6pp	40.7%-5.1pp	45.8%-2.1pp	47.9%+7.4pp	40.5%+2.9pp	37.6%-1.3pp	38.9%+2.0pp	36.9%+5.5pp	31.4%+1.1pp	30.3%+5.1pp	25.2%+1.3pp	23.9%+6.4pp	17.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Gross Margin	75.4%0.0pp	75.6%-1.2pp	N/A	74.1%-3.4pp	75.4%-3.2pp	76.9%-2.1pp	N/A	77.5%-0.6pp
Operating Margin	49.2%+1.3pp	48.7%-1.7pp	41.5%-13.6pp	51.1%-5.2pp	47.9%-5.8pp	50.4%+1.3pp	55.1%+24.1pp	56.3%+19.8pp
Net Margin	27.8%-4.5pp	26.3%-7.0pp	51.5%+26.4pp	32.3%-6.4pp	32.3%+7.7pp	33.2%+9.7pp	25.0%+8.8pp	38.7%+25.9pp
Return on Assets	1.7%-0.4pp	1.6%-0.5pp	3.2%+1.7pp	2.1%-0.4pp	2.1%+0.4pp	2.1%+0.6pp	1.5%+0.4pp	2.5%+1.7pp
Current Ratio	0.17-0.2x	0.23-0.5x	0.29-0.8x	0.50-0.2x	0.37+0.2x	0.69+0.5x	1.10+0.7x	0.670.0x
Asset Turnover	0.060.0x	0.060.0x	0.060.0x	0.070.0x	0.060.0x	0.060.0x	0.060.0x	0.070.0x
FCF Margin	48.2%+88.1pp	29.4%-9.0pp	33.5%-3.2pp	33.2%+28.4pp	-39.9%-90.5pp	38.4%+2.4pp	36.7%-18.1pp	4.9%-24.2pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
SBA Communications Corp SBAC	FY2025	$2.8B	$1.1B	37.4%	$19.5B	52/100
Weyerhaeuser Company WY	FY2025	$6.9B	$324.0M	4.7%	$13.8B	44/100
Crown Castle Inc. CCI	FY2025	$4.3B	$444.0M	10.4%	$33.9B	26/100
Iron Mountain Inc. IRM	FY2025	$6.9B	$152.3M	2.2%	$34.1B	39/100
Gaming and Leisure Properties, Inc. GLPI	FY2025	$1.6B	$825	0.0%	$11.1B	45/100
Lamar Advertising Co LAMR	FY2025	$2.3B	$587.2M	25.9%	$14.9B	60/100

Where SBA Communications Corp Ranks

Frequently Asked Questions

What is SBA Communications Corp's annual revenue?

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.

How fast is SBA Communications Corp's revenue growing?

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

Is SBA Communications Corp profitable?

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

What is SBA Communications Corp's EBITDA?

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

How much debt does SBA Communications Corp have?

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

What is SBA Communications Corp's gross margin?

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.

What is SBA Communications Corp's operating margin?

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.

What is SBA Communications Corp's net profit margin?

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.

What is SBA Communications Corp's free cash flow?

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.

What is SBA Communications Corp's operating cash flow?

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

What are SBA Communications Corp's total assets?

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

What are SBA Communications Corp's capital expenditures?

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

Does SBA Communications Corp buy back shares?

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

How many shares does SBA Communications Corp have outstanding?

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

What is SBA Communications Corp's current ratio?

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.

What is SBA Communications Corp's return on assets (ROA)?

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.

What is SBA Communications Corp's P/E ratio?

SBA Communications Corp (SBAC) trades at 19.7x earnings, its market capitalization divided by net income of $990.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $19.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is SBA Communications Corp's price-to-sales ratio?

SBA Communications Corp (SBAC) trades at 6.8x sales, its market capitalization divided by revenue of $2.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $19.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is SBA Communications Corp's debt-to-equity ratio negative or not reported?

SBA Communications Corp (SBAC) has negative shareholder equity of -$4.9B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.

What is SBA Communications Corp's Altman Z-Score?

SBA Communications Corp (SBAC) has an Altman Z-Score of 0.27, 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.

What is SBA Communications Corp's Piotroski F-Score?

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are SBA Communications Corp's earnings high quality?

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.

How financially healthy is SBA Communications Corp?

SBA Communications Corp (SBAC) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.