SBA Communications Corporation (SBAC) Financial Statements
SBA Communications financial statements at a glance
SBA Communications reported revenue of $2.82 billion for fiscal year 2025 (ended December 31, 2025), up 5.1% from fiscal year 2024. Net income was $1.05 billion, a net margin of 37.4%, and diluted earnings per share were $9.80.
At the end of fiscal year 2025 it had total assets of $11.58 billion, total liabilities of $16.35 billion and shareholders' equity of -$4.85 billion, with cash and short-term investments of $271.22 million and total debt of $15.32 billion.
Its operations brought in $1.29 billion of cash; capital spending was $224.82 million, leaving free cash flow of $1.07 billion.
The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.
Figures from company filings, in USD; latest fiscal year ended December 31, 2025.
SBA Communications Corporation
Income Statement
Annual • USD
SBA Communications key figures by fiscal year
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $2.8B | $2.7B | $2.7B | $2.6B | $2.3B |
| Gross profit | $2.1B | $2.1B | $2.1B | $2.0B | $1.8B |
| Operating income | $1.6B | $1.6B | $1.1B | $995.4M | $843.2M |
| Net income | $1.1B | $749.5M | $501.8M | $461.4M | $237.6M |
| Diluted EPS | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 |
| Total assets | $11.6B | $11.4B | $10.2B | $10.6B | $9.8B |
| Total liabilities | $16.4B | $16.5B | $15.3B | $15.8B | $15.1B |
| Shareholders' equity | -$4.9B | -$5.1B | -$5.2B | -$5.3B | -$5.3B |
| Cash and short-term investments | $271.2M | $444.4M | $209.6M | $145.0M | $368.1M |
| Total debt | $15.3B | $15.8B | $14.5B | $15.2B | $14.5B |
| Operating cash flow | $1.3B | $1.3B | $1.5B | $1.3B | $1.2B |
| Capital spending | $224.8M | $228.1M | $236.7M | $214.4M | $133.7M |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2020.
Questions and answers
What was SBA Communications's revenue in fiscal year 2025?
$2.82 billion, up 5.1% from $2.68 billion in fiscal year 2024.
How much profit does SBA Communications make?
SBA Communications reported net income of $1.05 billion for fiscal year 2025 (37.4% of revenue); operating income was $1.55 billion.
How much cash and debt does SBA Communications have?
At the end of fiscal year 2025: cash and short-term investments of $271.22 million and total debt of $15.32 billion.
What is SBA Communications's free cash flow?
$1.07 billion in fiscal year 2025 (operating cash flow of $1.29 billion minus capital spending of $224.82 million).
