Skip to content
ESPT
MARKETS / NASDAQ / Real estate / Real estate investment trusts / SBAC
NASDAQ · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

SBA Communications Corp. SBAC

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.8B
▲ 5.1% YoY
$1.1B
▲ 40.6% YoY
$1.1B
▼ 3.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

SBA Communications Corporation leases space on towers and other sites that it owns or operates to wireless service providers and other customers, and manages rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, the company owned 46,328 towers, a substantial portion of which were built by the company or by other tower owners or operators. T-Mobile accounted for 31.1% of the company's total revenues for the year ended December 31, 2025. As of December 31, 2025, the company owned 17,394 sites in the United States and its territories, generating 72.6% of its total site leasing revenue from these sites for the year ended December 31, 2025. SBA Communications Corporation was incorporated in the State of Florida in March 1997 and is a real estate investment trust for federal income tax purposes.

Written from the business description in SBA COMMUNICATIONS CORP's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 2.8B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.8 · Net income 1.1
1B2B
2008201120142017202020232025
Compound annual growth
+2.2%
+6.2%
+5.6%
+10.5%
+31.7%
+112.9%
+32.4%
+115.7%
+9.5%
+0.1%
+8.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +6.2% a year over the five years to FY2025 — but profit grew faster: net income at +112.9%, earnings per share at +115.7%.

The share count fell from 0.11B to 0.11B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

37 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 47.7% · Net 37.5%
20%40%-10%-20%-30%
200820162025
ROE
FY2013 · ROE -11.1%
-20%-40%
200820162025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Gross margin75.5%
Operating margin47.7%
Net margin37.5%
EBITDAUSD 1.6B

Return on equity has no reading this year — return on capital employed, just below, still does: 15%.

Cash & shareholders

USD 928.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.1
0.5B1.0B
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 479.0 · Net buybacks 449.8
400M800MDividendsNet buybacks
20082010201520172019202120232025
Dividends paidUSD 479.0M
Net buybacksUSD 449.8M
Share of profit88.2%
Consecutive raises·

USD 479.0M in dividends and USD 449.8M in buybacks — 88% of the year's profit went back to shareholders.

Total assetsUSD 11.6B
EquityUSD -4.9B
CashUSD 264.6M
Gross debtUSD 12.9B
Net debtUSD 12.6B
Current ratio0.29×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
SBAC, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B2.82.72.72.62.32.12.01.91.71.61.61.51.31.00.70.60.60.5
Operating income $B1.31.40.90.90.80.60.60.50.50.40.30.30.20.10.10.10.10.0
EBITDA $B1.61.71.61.61.51.41.31.21.11.01.01.00.80.60.40.40.30.3
Income tax $B0.20.00.10.10.0−0.00.00.00.00.00.00.0−0.00.00.00.00.00.0
Net income $B1.10.70.50.50.20.00.10.00.10.1−0.2−0.0−0.1−0.2−0.1−0.2−0.1−0.1
Free cash flow $B1.11.11.31.11.11.00.80.70.70.60.50.50.30.20.10.10.20.1
EPS, diluted $9.806.944.614.222.140.211.280.410.860.61−1.37−0.19−0.44−1.51−1.14−1.68−1.20◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %4557746610786257———————————
ROE %————————————−11.1——−42.5−22.5−10.3
Shares out B0.110.110.110.110.110.110.110.110.120.120.130.130.130.130.110.110.12◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

BN · CBRE · JLL · WELL · AMT · CWK
Provenance

Company facts, as filed

How we verify · 0 failures in 81 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Four checks were skipped: the share count is not tagged before 2011. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: revenue is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNASDAQ
Incorporated inFlorida
Fiscal year endsDecember 31
Data on record since2008

Share this section

Download image