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SBA Communications Corp (SBAC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · Telecom Tower REITs · DATA UPDATED 2026-07-18

SBA Communications Corp (SBAC) operates in the Telecom Tower REITs industry and is headquartered in Boca Raton, United States with about 1,844 employees. Its market capitalization is roughly $18 billion. In the fiscal year ended 2025-12-31, SBAC reported $2.8B in revenue and $1.1B in net income.

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells.

Interactive charts & full statements → Open the SBAC valuation workbench →

SBAC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.9B	$2.8B	$2.7B	$2.7B	$2.6B	$2.3B	$2.1B	$2.0B	$1.9B	$1.7B	$1.6B	$1.6B	$1.5B	$1.3B	$954M	$698M	$627M	$556M	$475M	$408M	$351M
Gross Profit	$1.8B	$1.2B	$2.1B	$2.1B	$1.9B	$1.7B	$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$1.2B	$1.1B	$877M	$634M	$495M	$427M	$375M	$307M	$245M	$195M
Gross Margin %	63.6%	41.6%	77.3%	76.6%	73.6%	75.2%	76.3%	74.8%	74.3%	73.5%	73.4%	72.2%	71.4%	67.2%	66.5%	70.9%	68.2%	67.5%	64.6%	60.0%	55.4%
Operating Income (EBIT)	$1.4B	$1.4B	$1.4B	$924M	$925M	$782M	$634M	$583M	$544M	$459M	$387M	$312M	$337M	$230M	$154M	$111M	$74M	$55M	$46M	$30M	$20M
Operating Margin %	47.6%	48.7%	53.6%	34.1%	35.1%	33.9%	30.4%	29.0%	29.2%	26.5%	23.7%	19.1%	22.0%	17.6%	16.1%	15.8%	11.8%	9.9%	9.6%	7.4%	5.6%
Net Income	$1.0B	$1.1B	$750M	$502M	$461M	$238M	$24M	$147M	$47M	$104M	$76M	($176M)	($24M)	($56M)	($183M)	($126M)	($195M)	($141M)	($47M)	($78M)	($133M)
Net Margin %	35.7%	37.4%	28.0%	18.5%	17.5%	10.3%	1.2%	7.3%	2.5%	6.0%	4.7%	-10.7%	-1.6%	-4.3%	-19.2%	-18.1%	-31.1%	-25.4%	-9.8%	-19.1%	-38.0%
EBITDA	$2.1B	$2.2B	$1.8B	$1.8B	$1.7B	$1.5B	$1.4B	$1.3B	$1.2B	$1.1B	$1.1B	$1.1B	$987M	$792M	$562M	$432M	$369M	$322M	$258M	$199M	$169M
Earnings Per Share (EPS)	$9.50	$9.80	$6.94	$4.61	$4.22	$2.14	$0.21	$1.28	$0.41	$0.86	$0.61	$-1.37	$-0.19	$-0.44	$-1.52	$-1.13	$-1.68	$-1.20	$-0.43	$-0.74	$-1.36
Shares Outstanding (M)	106M	108M	108M	109M	109M	111M	113M	115M	117M	121M	125M	128M	129M	128M	120M	112M	116M	117M	110M	105M	98M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SBAC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$703M	$720M	$732M	$699M	$664M	$694M	$668M	$660M
Gross Profit	$532M	$220M	$543M	$521M	$503M	$535M	$512M	$513M
Gross Margin %	75.6%	30.6%	74.1%	74.5%	75.8%	77.1%	76.7%	77.6%
Operating Income (EBIT)	$343M	$308M	$374M	$335M	$335M	$382M	$376M	$354M
Operating Margin %	48.7%	42.8%	51.1%	47.9%	50.4%	55.1%	56.3%	53.7%
Net Income	$185M	$370M	$237M	$226M	$221M	$174M	$259M	$163M
Net Margin %	26.3%	51.5%	32.3%	32.3%	33.2%	25.0%	38.7%	24.6%
EBITDA	$452M	$718M	$486M	$449M	$433M	$463M	$449M	$445M
Earnings Per Share (EPS)	$1.74	$3.47	$2.20	$2.09	$2.04	$1.61	$2.40	$1.51
Shares Outstanding (M)	106M	107M	108M	108M	108M	108M	108M	108M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SBAC Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.2B	$1.3B	$1.3B	$1.5B	$1.3B	$1.2B	$1.1B	$985M	$852M	$820M	$729M	$737M	$685M	$497M	$343M	$249M	$201M	$223M	$174M	$123M	$76M
Capital Expenditures (CapEx)	$227M	$225M	$228M	$237M	$214M	$134M	$129M	$154M	$150M	$148M	$140M	$209M	$211M	$168M	$113M	$127M	$67M	$47M	$36M	$28M	$29M
Free Cash Flow (FCF)	$1.0B	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B	$997M	$831M	$702M	$671M	$589M	$528M	$473M	$329M	$230M	$122M	$135M	$176M	$138M	$95M	$47M
FCF Margin %	35.7%	37.9%	41.3%	48.2%	41.9%	45.8%	47.9%	41.2%	37.6%	38.9%	36.1%	32.2%	31.0%	25.2%	24.1%	17.5%	21.5%	31.6%	29.0%	23.3%	13.4%
Dividends Paid	$492M	$479M	$424M	$370M	$307M	$254M	$208M	$83M	$83M	$83M	$83M	$0M	$0M	$0M	$0M	$743M	$1.2B	$1.3B	$1.1B	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SBAC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$255M	$304M	$318M	$368M	$301M	$310M	$305M	$426M
Capital Expenditures (CapEx)	$48M	$63M	$60M	$56M	$46M	$56M	$65M	$50M
Free Cash Flow (FCF)	$207M	$241M	$258M	$312M	$255M	$255M	$240M	$376M
FCF Margin %	29.4%	33.5%	35.2%	44.7%	38.4%	36.7%	35.9%	56.9%
Dividends Paid	$135M	$118M	$119M	$119M	$122M	$105M	$105M	$105M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SBAC Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$11.7B	$11.6B	$11.4B	$10.2B	$10.6B	$9.8B	$9.2B	$9.8B	$7.2B	$7.3B	$7.4B	$7.4B	$7.8B	$6.8B	$6.6B	$3.6B	$3.4B	$3.3B	$3.2B	$2.4B	$2.0B
Cash & Cash Equivalents	$328M	$432M	$190M	$209M	$144M	$367M	$309M	$108M	$143M	$69M	$146M	$118M	$39M	$122M	$233M	$47M	$64M	$161M	$79M	$70M	$46M
Total Liabilities	$16.5B	$16.4B	$16.5B	$15.3B	$15.8B	$15.1B	$14.0B	$13.4B	$10.6B	$9.9B	$9.4B	$9.1B	$8.5B	$6.4B	$5.9B	$3.6B	$3.1B	$2.7B	$2.7B	$2.0B	$1.7B
Total Debt (Short + Long-Term)	$13.3B	$13.2B	$13.9B	$12.6B	$13.1B	$12.5B	$11.3B	$10.6B	$9.9B	$9.3B	$8.8B	$8.5B	$7.9B	$5.9B	$5.4B	$3.4B	$2.9B	$2.5B	$2.6B	$1.9B	$1.6B
Total Shareholders' Equity	($4.8B)	($4.9B)	($5.1B)	($5.2B)	($5.3B)	($5.3B)	($4.8B)	($3.7B)	($3.4B)	($2.6B)	($2.0B)	($1.7B)	($661M)	$357M	$653M	($11M)	$330M	$599M	$492M	$337M	$386M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive SBAC viewer.

Other Companies in Telecom Tower REITs

AMT · American Tower — $78 billion
CCI · Crown Castle — $33 billion

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