SBA Communications Corporation is an independent owner and operator of wireless communications infrastructure, structured as a real estate investment trust (REIT). The company primarily acquires, develops, and leases antenna space on multi-tenant towers to wireless service providers. Headquartered in Boca Raton, Florida, SBA operates a vast portfolio of nearly 40,000 communication sites across the Americas, Africa, and select Asian markets.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Property Revenue
2,570,640
2,526,770
2,516,940
2,336,580
Service and Other Revenue
244,498
152,869
194,649
296,879
Total Revenues
2,815,140
2,679,630
2,711,580
2,633,450
Property Expenses
492,000
462,997
472,687
445,685
Service and Other Expenses
198,972
118,730
139,935
222,965
Total Property Expenses
690,972
581,727
612,622
668,650
Gross Profit
2,124,170
2,097,910
2,098,960
1,964,800
Selling, General & Administrative Expenses
277,611
258,756
267,936
261,853
Depreciation & Amortization Expenses
292,285
269,517
716,309
707,576
Other Operating Expenses
211,485
133,871
191,058
69,967
Operating Profit
1,342,790
1,435,760
923,659
925,408
Interest and Investment Income
31,676
41,962
18,305
10,133
Interest Expense
(498,633)
(448,704)
(456,514)
(419,728)
Non-Operating Income
366,209
(256,355)
63,053
10,030
Total Non-Operating Income
(100,748)
(663,097)
(375,156)
(399,565)
Income Before Provision for Income Taxes
1,242,040
772,666
548,503
525,843
Provision for Income Taxes
187,582
23,989
51,088
66,044
Consolidated Net Income
1,054,460
748,677
497,415
459,799
Net Income Attributable to Minority Interests and Other
824
(859)
(4,397)
(1,630)
Net Income Attributable to Common Shareholders
1,053,630
749,536
501,812
461,429
Basic EPS
9.83
6.96
4.64
4.27
Diluted EPS
9.80
6.94
4.61
4.22
Basic Weighted Average Shares Outstanding
107,207
107,644
108,204
107,957
Diluted Weighted Average Shares Outstanding
107,533
108,080
108,907
109,386
Shares Outstanding
105,666
107,561
108,050
107,997
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
264,568
189,841
208,547
143,708
Total Cash and Cash Equivalents
264,568
189,841
208,547
143,708
Accounts Receivable
171,256
145,695
182,746
184,368
Total Trade Receivables
171,256
145,695
182,746
184,368
Restricted Cash
167,804
1,206,650
38,129
41,959
Other Current Assets
169,803
436,531
54,845
112,698
Total Current Assets
773,431
1,978,720
484,267
482,733
Net Property, Plant & Equipment
7,267,470
6,392,810
6,426,100
6,603,460
Net Intangible Assets
2,882,120
2,388,710
2,455,600
2,776,470
Other Long-Term Assets
651,993
657,097
812,476
722,373
Total Assets
11,575,000
11,417,300
10,178,400
10,585,000
Accounts Payable
73,034
59,549
42,202
51,427
Accrued Expenses
158,538
144,216
150,118
155,657
Current Portion of Long-Term Debt
1,935,800
1,187,910
643,145
24,000
Current Portion of Leases
299,604
261,017
273,464
262,365
Unearned Revenue
117,309
127,308
235,668
154,553
Other Current Liabilities
94,014
17,933
18,662
48,762
Total Current Liabilities
2,678,300
1,797,940
1,363,260
696,764
Long-Term Debt
10,964,500
12,403,800
11,681,200
12,844,200
Leases
2,119,260
1,903,440
1,865,690
2,040,630
Other Long-Term Liabilities
588,244
367,942
404,161
248,067
Total Long-Term Liabilities
13,672,000
14,675,200
13,951,000
15,132,900
Total Liabilities
16,350,300
16,473,100
15,314,300
15,829,600
Common Stock
1,057
1,076
1,080
1,080
Additional Paid-in Capital
3,059,430
2,975,460
2,894,060
2,795,180
Accumulated Other Comprehensive Income
(664,098)
(760,280)
(615,198)
(590,510)
Retained Earnings
(7,249,910)
(7,326,190)
(7,450,820)
(7,482,060)
Total Common Shareholders' Equity
(4,853,520)
(5,109,940)
(5,170,880)
(5,276,320)
Minority Interests and Other
78,262
54,132
35,047
31,735
Total Shareholders' Equity
(4,775,260)
(5,055,810)
(5,135,840)
(5,244,580)
Total Liabilities and Shareholders' Equity
11,575,000
11,417,300
10,178,400
10,585,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,054,460
748,677
497,415
459,799
Depreciation & Amortization
292,285
269,517
716,309
707,576
Share-Based Compensation Expense
75,734
74,374
87,919
99,909
Other Adjustments
48,479
385,354
178,280
131,536
Changes in Trade Receivables
(56,247)
18,109
44,386
(81,351)
Changes in Accounts Payable
(17,516)
(4,402)
(66,324)
25,118
Changes in Other Operating Activities
(105,863)
(156,763)
86,408
(56,887)
Cash from Operating Activities
1,291,330
1,334,870
1,544,390
1,285,700
Capital Expenditure
(224,819)
(228,149)
(236,698)
(214,443)
Proceeds from Sale of Property, Plant & Equipment
330,650
333
3,718
—
Purchases of Investments
(1,166,310)
(1,800,680)
(1,339,030)
(881,781)
Proceeds from Sale of Investments
1,404,260
1,536,750
1,338,350
878,138
Payments for Business Acquisitions
(1,058,830)
(299,811)
(129,961)
(1,176,090)
Other Investing Activities
113,218
(17,750)
(104,633)
524
Cash from Investing Activities
(601,829)
(809,310)
(468,246)
(1,393,650)
Issuance of Short-Term Debt
695,000
370,000
190,000
975,000
Repayments of Short-Term Debt
(220,000)
(550,000)
(730,000)
(605,000)
Net Issuance / (Repayments) of Short-Term Debt
475,000
(180,000)
(540,000)
370,000
Issuance of Long-Term Debt
—
4,332,700
—
839,885
Repayments of Long-Term Debt
(1,188,000)
(2,912,510)
(24,000)
(664,000)
Net Issuance / (Repayments) of Long-Term Debt
(1,188,000)
1,420,190
(24,000)
175,885
Issuance of Common Shares
55,554
35,986
44,196
38,303
Repurchases of Common Shares
(523,312)
(218,820)
(127,491)
(441,624)
Net Issuance / (Repurchases) of Common Shares
(467,758)
(182,834)
(83,295)
(403,321)
Common Share Dividends Paid
(479,012)
(424,191)
(369,960)
(306,766)
Other Financing Activities
(3,805)
12,579
37
28,728
Cash from Financing Activities
(1,663,580)
645,742
(1,017,220)
(135,474)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
10,440
(21,587)
2,734
(2,915)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash