SBA Communications (SBAC) financial statements
SBA Communications reported revenue of $244M in fiscal 2025, down 19.0% a year over 9 years.
Net income was $1.1B and the operating margin 549.2%, against 23.7% in 2016.
Free cash flow was $1.1B, and the company returned $479M in dividends and $498M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SBA Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $105M | $125M | $154M | $129M | $205M | $297M | $195M | $153M | $244M |
| Cost of revenue | $421M | $87M | $96M | $119M | $103M | $159M | $223M | $140M | $119M | $199M |
| Gross profit | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $2.0B | $2.1B | $2.1B | $2.1B |
| Selling, general and admin | $143M | $131M | $143M | $193M | $194M | $220M | $262M | $268M | $259M | $278M |
| Operating income | $387M | $459M | $544M | $583M | $634M | $782M | $925M | $924M | $1.4B | $1.3B |
| Pre-tax income | $87M | $117M | $52M | $187M | -$18M | $253M | $526M | $549M | $773M | $1.2B |
| Income tax | $11M | $13M | $4M | $40M | -$42M | $15M | $66M | $51M | $24M | $188M |
| Net income | $76M | $104M | $47M | $147M | $24M | $238M | $461M | $502M | $750M | $1.1B |
| EPS (diluted) | $0.61 | $0.86 | $0.41 | $1.28 | $0.21 | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Diluted shares | 125M | 121M | 117M | 115M | 113M | 111M | 109M | 109M | 108M | 108M |
| Gross margin | 74.2% | 1226.2% | 1115.2% | 989.4% | 1248.7% | 861.2% | 661.8% | 1078.3% | 1372.4% | 868.8% |
| Operating margin | 23.7% | 438.8% | 434.4% | 379.4% | 492.5% | 382.2% | 311.7% | 474.5% | 939.2% | 549.2% |
| Net margin | 4.7% | 99.2% | 37.9% | 95.6% | 18.7% | 116.1% | 155.4% | 257.8% | 490.3% | 430.9% |
Balance sheet
Fiscal years, from SBA Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $146M | $69M | $144M | $109M | $309M | $368M | $145M | $210M | $444M | $271M |
| Receivables | $78M | $91M | $111M | $132M | $74M | $102M | $184M | $183M | $146M | $171M |
| Total current assets | $325M | $260M | $374M | $334M | $473M | $614M | $483M | $484M | $2.0B | $773M |
| Property, plant and equipment | $2.8B | $2.8B | $2.8B | $2.8B | $2.7B | $2.6B | $2.7B | $2.7B | $2.8B | $3.4B |
| Total assets | $7.4B | $7.3B | $7.2B | $9.8B | $9.2B | $9.8B | $10.6B | $10.2B | $11.4B | $11.6B |
| Total current liabilities | $873M | $279M | $1.2B | $1.0B | $615M | $616M | $697M | $1.4B | $1.8B | $2.7B |
| Long-term debt | $8.1B | $9.3B | $9.0B | $9.8B | $11.1B | $12.3B | $12.8B | $11.7B | $12.4B | $11.0B |
| Total liabilities | $9.4B | $9.9B | $10.6B | $13.4B | $14.0B | $15.1B | $15.9B | $15.3B | $16.5B | $16.4B |
| Shareholders' equity | -$2.0B | -$2.6B | -$3.4B | -$3.7B | -$4.8B | -$5.3B | -$5.3B | -$5.2B | -$5.1B | -$4.9B |
| Net debt | $8.6B | $9.2B | $9.8B | $10.2B | $10.8B | $11.9B | $12.7B | $12.1B | $13.4B | $12.6B |
Cash flow
Fiscal years, from SBA Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $743M | $818M | $851M | $970M | $1.1B | $1.2B | $1.3B | $1.5B | $1.3B | $1.3B |
| Capital spending | $140M | $147M | $150M | $154M | $129M | $134M | $214M | $237M | $228M | $225M |
| Free cash flow | $603M | $671M | $701M | $816M | $997M | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| Stock-based compensation | $33M | $38M | $42M | $73M | $69M | $84M | $100M | $88M | $74M | $76M |
| Dividends paid | — | — | — | $83M | $208M | $254M | $307M | $370M | $424M | $479M |
| Share buybacks (net) | -$546M | -$855M | -$796M | -$467M | -$859M | -$583M | -$432M | -$100M | -$200M | -$498M |
| Free cash flow margin | 36.9% | 642.5% | 559.5% | 530.5% | 775.2% | 515.9% | 360.8% | 671.8% | 724.0% | 436.2% |
| Dividends per share | — | — | — | $0.73 | $1.83 | $2.28 | $2.80 | $3.40 | $3.92 | $4.45 |
Questions
What was SBA Communications's revenue in 2025?
$244M in fiscal 2025, from its 10-K filing.
How much free cash flow does SBA Communications generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From SBA Communications's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.