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.
SBA Communications Corporation filings document the regulatory record of a wireless tower REIT with Class A common stock listed on the Nasdaq Global Select Market. Form 8-K reports cover quarterly financial and operational results, guidance updates, cash dividend declarations, exhibits to earnings releases, and material events involving executive roles and governance.
The company's proxy materials disclose board matters, shareholder voting items, executive compensation and governance practices. Filing disclosures also address capital-structure matters, registered securities, financial condition and operating performance within SBA's communications-site leasing business.
SBA Communications Corp officer Saul Kredi reported multiple equity award transactions in company stock. On March 5, 2026, he received a grant of 2,845 restricted stock units, each representing a contingent right to one share of Class A Common Stock.
On March 6, 2026, previously granted restricted and performance stock units vested and were converted into Class A Common Stock through several derivative exercises. Some shares were disposed of at $195.69 per share to cover tax liabilities, and a portion of performance units was forfeited based on performance results.
SBA Communications Corp director and chairman Jeffrey Stoops reported equity award vesting and related share movements. On March 6, 2026, 3,468 restricted stock units and 10,404 performance restricted stock units were exercised or converted into Class A Common Stock, including 20,808 shares from performance units that vested at 200% of target based on a three-year performance condition. To cover tax liabilities, 1,283.159 and 8,187.947 Class A shares were withheld at a price of $195.6900 per share, leaving 140,831.520 Class A shares held directly after the reported non-derivative transactions. Footnotes show additional restricted stock units with scheduled vesting dates and an indirect holding of 259,863 Class A shares through Calculated Risk Partners, L.P.
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.