Welcome to our dedicated page for Sba Communications SEC filings (Ticker: SBAC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SBA Communications Corporation (NASDAQ: SBAC) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. SBA Communications is a Florida-incorporated real estate investment trust that owns and leases wireless communications infrastructure, and its filings offer detailed insight into this tower and site leasing business.
Key documents for SBAC include Form 10-K annual reports, which describe the company’s overall business, risk factors, and financial statements, and Form 10-Q quarterly reports, which update investors on site leasing revenue, site development revenue, tower cash flow, Adjusted EBITDA, and Adjusted Funds From Operations (AFFO). These filings also provide segment information for domestic and international site leasing and discuss capital expenditures, acquisitions of communication sites, and asset sales.
SBA Communications also files Form 8-K current reports to announce material events. Recent 8-K filings have furnished press releases with quarterly financial and operational results, updated full-year guidance, and quarterly dividend declarations. These 8-Ks confirm the company’s NASDAQ Global Select Market listing under the symbol SBAC and its status as a Florida corporation.
Investors interested in capital structure and leverage can use SEC filings to review SBA Communications’ total debt, net debt to Annualized Adjusted EBITDA leverage ratios, and information about its revolving credit facility. Filings also describe stock repurchase activity and dividend payments on the company’s Class A common stock.
On Stock Titan, SBA Communications’ SEC filings are supplemented with AI-powered summaries that highlight the most important points from lengthy documents. These summaries help explain complex sections of 10-Ks, 10-Qs, and 8-Ks in plain language, allowing readers to quickly understand changes in site leasing performance, portfolio activity, guidance, and capital allocation without reading every page of the original filing.
SBA Communications Corporation describes a global tower-leasing business that generates 97.9% of segment operating profit from long-term site leasing on 46,328 towers as of December 31, 2025. The company operates 17,394 sites in the U.S. and 28,934 sites across 12 international markets.
Growth is driven by adding tenants per site, acquiring and building towers, and a major 2025 transaction for over 7,000 sites from Millicom in Central America, including rights to build up to 2,500 additional sites. Revenue is highly concentrated: in 2025 T-Mobile provided 31.1% of total revenue, AT&T Wireless 20.3%, and Verizon Wireless 15.1%.
Key risks include dependence on a few carriers, expected churn of $36.0–$40.0 million from international competitive pressures in 2026, about $56.0 million of 2026 churn from EchoStar’s default, and ongoing churn from the T‑Mobile/Sprint merger of about $75.0 million over several years. SBA also highlights substantial leverage, with $12.96 billion of debt and a shareholders’ deficit of $4.85 billion as of December 31, 2025, exposure to rising interest rates, foreign-exchange volatility, international regulatory risk, environmental and climate-related risks, cybersecurity threats, and evolving data-privacy rules.
SBA Communications reported mixed fourth quarter 2025 results while raising its dividend and issuing 2026 guidance. Q4 total revenues were $719.6 million, up modestly from $693.7 million, driven by site leasing revenue of $666.2 million, a 3.1% increase.
Net income jumped to $370.4 million, more than double the prior year, with diluted EPS rising to $3.47 from $1.61. However, Adjusted EBITDA slipped to $486.0 million, down 0.7%, and AFFO fell to $340.4 million, a 9.2% decline, reflecting higher interest costs and other items.
The board declared a quarterly cash dividend of $1.25 per share, about 13% higher than the prior quarter, payable on March 27, 2026. Management highlighted repurchases of over 916 thousand shares at an average price of $191.00 since the last earnings release and 2.5 million shares for $500.0 million during 2025.
For full year 2026, the company targets total revenues of $2.815–$2.860 billion, Adjusted EBITDA of $1.912–$1.932 billion, and AFFO of $1.260–$1.308 billion, or $11.84–$12.29 per share. This outlook excludes all contracted revenue from EchoStar given an ongoing payment dispute.
SBA Communications EVP – Site Leasing Donald Day exercised stock options for 5,739 shares of Class A Common Stock at an exercise price of $0.0000 per share, converting derivative awards into common stock.
On the same date, 5,367 shares at $203.12 per share were withheld to cover the option exercise price and tax liabilities, leaving him with 7,330.969 directly owned shares plus multiple restricted and performance stock unit awards scheduled to vest between 2026 and 2028.
SBA Communications Corp VP & Chief Accounting Officer Saul Kredi reported an option exercise and related share withholding in Class A common stock. On January 20, 2026, Kredi exercised 6,080 stock options at $182.30 per share, acquiring the same number of Class A common shares. On the same date, 5,873 shares were withheld to cover tax liability and exercise price at a value of $194.11 per share, leaving 6,049.67 Class A common shares directly owned, including a small amount acquired through a dividend reinvestment plan.
The filing also lists outstanding equity awards, including restricted stock units and performance restricted stock units, each representing a contingent right to receive one share of Class A common stock if the stated time-based or performance-based vesting conditions are satisfied.
SBA Communications executive Joshua Koenig, Executive VP and General Counsel, exercised stock options for 9,121 shares of Class A Common Stock at an exercise price of $182.30 per share on January 20, 2026. The option exercise (code M) converted his derivative position into common stock, after which he held 14,682.735 shares directly.
On the same date, 8,800 shares of Class A Common Stock (code F) were withheld at $194.11 per share to cover tax liability and the exercise price, leaving him with 5,882.735 directly owned shares.
Koenig also holds several equity incentive awards, including 655 restricted stock units from 2023 and additional RSU and performance RSU grants of 1,965 to 5,760 shares each. These vest between March 6, 2026 and March 6, 2028, with performance-based units earning between 0% and up to 200% of target based on multi-year financial performance metrics.
SBA Communications president and CEO Brendan Thomas Cavanagh reported an option exercise and related share withholding on January 20, 2026. He exercised 55,741 stock options for Class A Common Stock at an exercise price of $182.30 per share, receiving the same number of common shares. To cover tax liabilities and the exercise price, 53,792 shares of Class A Common Stock were withheld at $194.11 per share, leaving 51,941.113 Class A shares held directly afterward.
Cavanagh also reports indirect ownership of 19,055 Class A shares through Cavanagh Investments, LLC, for which he disclaims beneficial ownership except for his pecuniary interest, and 14,254 shares through Eagle SC LLC. In addition, he holds multiple equity awards, including restricted stock units and performance restricted stock units that each represent a right to receive one Class A share, with various three-year vesting and performance schedules extending to March 6, 2028.
SBA Communications chairman and director Jeffrey Stoops reported an option exercise and related share withholding in Class A Common Stock. On January 20, 2026, he exercised 149,446 stock options at an exercise price of $182.30 per share, receiving the same number of Class A Common shares and bringing his directly held balance to 269,648.626 shares.
On the same date, 143,622 shares were withheld at $194.11 per share to cover tax liability and exercise price, reducing his directly held Class A Common Stock to 126,026.626 shares. In addition, 259,863 shares of Class A Common Stock are held indirectly by Calculated Risk Partners, L.P., a limited partnership associated with him, and he also holds various restricted stock units and performance restricted stock units that may settle in additional shares over future vesting and performance periods.
SBA Communications Corporation director and chairman reported an equity gift and updated holdings. On 12/16/2025, the reporting person gifted 9,761 shares of Class A Common Stock to a non-profit foundation where he serves as President and one of two directors, in an exempt transaction under Rule 16b-5. The shares were transferred at a reported price of $0.
After this transaction, he beneficially owned 120,202.626 Class A shares directly and 259,863 Class A shares indirectly through Calculated Risk Partners, L.P., a Delaware limited partnership that he and his spouse control via its general partner, with beneficial ownership disclaimed except for his pecuniary interest. He also held 149,446 stock options with an exercise price of $182.3 per share, alongside several tranches of restricted stock units and performance restricted stock units linked to Class A Common Stock with vesting and performance schedules extending through March 6, 2026 and May 1, 2028.
SBA Communications (SBAC) reported Q3 2025 results with total revenue of $732.3 million, up from $667.6 million year over year. Site leasing contributed $656.4 million and site development $75.9 million. Operating income was $374.2 million. Diluted EPS was $2.20.
Through nine months, revenue reached $2.10 billion and net income attributable to the company was $683.3 million. Cash from operating activities was $987.3 million, supporting $664.4 million of tower acquisitions and $162.1 million of capital expenditures. The company acquired 5,120 towers year to date, including 5,090 sites from Millicom, and later closed on an additional 2,020 Millicom sites for approximately $217.4 million in cash. It also sold all towers in the Philippines and Colombia for $40.3 million and sold 365 Canadian towers for CAD$446.0 million.
Total debt was $12.77 billion, including a $2.27 billion 2024 Term Loan and $280.0 million outstanding on the Revolving Credit Facility; the 2019-1C Tower Securities were repaid. The company repurchased 1.4 million shares for $284.8 million year to date and paid three quarterly cash dividends of $1.11 per share, with another $1.11 declared for payment on December 11, 2025.
SBA Communications Corporation filed an 8‑K stating it issued a press release on November 3, 2025. The release covers financial and operational results for the third quarter ended September 30, 2025, updates full‑year 2025 guidance, and announces the company’s quarterly dividend.
The press release is furnished as Exhibit 99.1. SBA’s Class A common stock trades on the NASDAQ Global Select Market under the symbol SBAC.