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Overview

SBA COMMUNICATIONS CORP

SBACNASDAQReal EstateReal Estate Investment TrustsCIK 0001034054Large-cap benchmark

Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗

Revenue
$2.82B
5.1%YoYup from FY2024
TotalRevenue
Gross profit
$2.12B
1.3%YoYup from FY2024
GrossProfit
Operating income
$1.34B
6.5%YoYdown from FY2024
OperatingIncome
Net income
$1.05B
40.6%YoYup from FY2024
NetIncome
Diluted EPS
$9.80
41.2%YoYup from FY2024
EPSDiluted
Diluted shares
107.5M
0.5%YoYdown from FY2024
WeightedAvgSharesDiluted

At a glance

Growth

  • SBA COMMUNICATIONS CORP reported revenue of $2.82B for fiscal 2025, up 5.1% from fiscal 2024.
  • Revenue grew faster than the median S&P 500 member in 1 of the last 5 fiscal years.

Profitability

  • Operating margin was 47.7% and net margin was 37.4%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.

Per share

  • Diluted EPS was $9.80, up 41.2% from the prior year.
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Written from the filed figures on this page by fixed rules — no AI.

Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K

Financial statements

Annual figures from the 10-K, most recent fiscal year first.

Income Statement

5 annual periods

Chip: YoY change.

Income Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Revenue
$2.82B5.1%up
Benchmark median 6.4%
$2.68B1.2%down
Benchmark median 4.5%
$2.71B3.0%up
Benchmark median 4.8%
$2.63B14.1%up
Benchmark median 10.3%
$2.31B10.8%up
Benchmark median 13.8%
5.1%
Benchmark median 6.6%
Gross Profit
Median of 315 / 498
$2.12B1.3%up
Benchmark median 6.8%
$2.10B0.1%down
Benchmark median 5.5%
$2.10B6.8%up
Benchmark median 5.2%
$1.96B11.4%up
Benchmark median 8.3%
$1.76B9.8%up
Benchmark median 15.7%
4.8%
Benchmark median 6.2%
Operating Income
Median of 373 / 498
$1.34B6.5%down
Benchmark median 7.3%
$1.44B55.4%up
Benchmark median 7.4%
$0.92B0.2%down
Benchmark median 4.9%
$0.93B18.3%up
Benchmark median 7.5%
$0.78B23.5%up
Benchmark median 23.5%
14.5%
Benchmark median 7.2%
Net Income
$1.05B40.6%up
Benchmark median 4.8%
$0.75B49.4%up
Benchmark median 5.7%
$0.50B8.8%up
Benchmark median 1.9%
$0.46B94.2%up
Benchmark median 1.3%
$0.24B885.8%up
Benchmark median 33.9%
45.1%
Benchmark median 4.1%
EPS (Diluted)
$9.8041.2%up
Benchmark median 6.2%
$6.9450.5%up
Benchmark median 7.9%
$4.619.2%up
Benchmark median 1.9%
$4.2297.2%up
Benchmark median 1.5%
$2.14919.0%up
Benchmark median 34.8%
46.3%
Benchmark median 5.6%

Balance Sheet

5 annual periods

Chip: YoY change.

Balance Sheet, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Total Assets
$11.58B1.4%up
Benchmark median 5.6%
$11.42B12.2%up
Benchmark median 3.4%
$10.18B3.8%down
Benchmark median 4.1%
$10.59B8.0%up
Benchmark median 2.2%
$9.80B7.0%up
Benchmark median 6.7%
4.2%
Benchmark median 4.7%
Total Liabilities
Median of 357 / 498
—
—
—
—
—
—
Benchmark median 4.4%
Stockholders' Equity
negative: -$4.85Bn/m
Benchmark median 6.8%
negative: -$5.11Bn/m
Benchmark median 5.4%
negative: -$5.17Bn/m
Benchmark median 7.3%
negative: -$5.28Bn/m
Benchmark median 2.5%
negative: -$5.28Bn/m
Benchmark median 9.0%
n/m
Benchmark median 6.1%
Cash & Equivalents
$264.57M39.4%up
Benchmark median 5.2%
$189.84M9.0%down
Benchmark median 1.9%
$208.55M45.1%up
Benchmark median 6.7%
$143.71M60.9%down
Benchmark median -8.6%
$367.28M19.0%up
Benchmark median -2.9%
-7.9%
Benchmark median 2.0%
Total Debt
$12.90B5.1%down
Benchmark median 2.1%
$13.59B10.3%up
Benchmark median 0.2%
$12.32B4.2%down
Benchmark median 0.3%
$12.87B4.6%up
Benchmark median 0.1%
$12.30B10.9%up
Benchmark median -0.1%
1.2%
Benchmark median 4.3%

Cash Flow Statement

5 annual periods

Chip: YoY change.

Cash Flow Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Operating Cash Flow
$1.29B3.3%down
Benchmark median 6.3%
$1.33B13.6%down
Benchmark median 4.8%
$1.54B20.1%up
Benchmark median 9.9%
$1.29B8.1%up
Benchmark median -0.7%
$1.19B5.7%up
Benchmark median 10.7%
2.1%
Benchmark median 7.0%
Capital Expenditures
$224.82M1.5%down
Benchmark median 5.4%
$228.15M3.6%down
Benchmark median 2.8%
$236.70M10.4%up
Benchmark median 11.3%
$214.44M60.4%up
Benchmark median 14.0%
$133.69M4.0%up
Benchmark median 8.1%
13.9%
Benchmark median 9.0%
Free Cash Flow
Median of 378 / 498
$1.07B3.6%down
Benchmark median 7.3%
$1.11B15.4%down
Benchmark median 6.1%
$1.31B22.1%up
Benchmark median 8.8%
$1.07B1.4%up
Benchmark median -11.3%
$1.06B5.9%up
Benchmark median 10.2%
0.2%
Benchmark median 4.9%

n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.

Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology

Ratios & valuation

FY2025

Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.

Valuation · Earnings yield

What a dollar of market value earned

5.1%

Wall Street

on net earnings

FY2024 3.4%

5.1%

Value investor

on free cash flow

FY2024 5.0%

Gap Same: Both views read the same

How it’s calculated

Wall Street · on net earnings

Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)

pe_ratio (ratio table)

P/E 19.7×

Value investor · on free cash flow

(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)

free cash flow ÷ market cap

Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.

Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.

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Smart money

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Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.

Peers, filings & research

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Research Reports

No published research on SBAC yet.

Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on SBAC and publish the result to your public profile.

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Cite this page

Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/SBAC

APA-style text
Valuein. (2026, October 30). SBA COMMUNICATIONS CORP (SBAC) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/SBAC
BibTeX
@misc{valuein_sbac_2026,
  author = {{Valuein}},
  title = {SBA COMMUNICATIONS CORP (SBAC) financial statements, earnings power and smart-money summary},
  year = {2026},
  howpublished = {\url{https://valuein.biz/data/SBAC}},
  note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}
Open 10-K in SEC Inline XBRL viewer

10-K filed Feb 27, 2026 · accession 0001034054-26-000002

Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.

point-in-time · survivorship-free · every number traceable to its SEC filing

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