This page shows Sba Communications Corp (SBAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sba Communications Corp has an operating margin of 47.7%, meaning the company retains $48 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 53.6% the prior year.
Sba Communications Corp's revenue grew 5.1% year-over-year to $2.8B, a solid pace of expansion. This earns a growth score of 42/100.
Sba Communications Corp's current ratio of 0.29 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
Sba Communications Corp converts 37.9% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 100/100.
Sba Communications Corp scores 0.34, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($21.6B) relative to total liabilities ($16.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Sba Communications Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Sba Communications Corp generates $1.23 in operating cash flow ($1.3B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Sba Communications Corp generated $2.8B in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.
Sba Communications Corp's EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.1% from the prior year.
Sba Communications Corp reported $1.1B in net income in fiscal year 2025. This represents an increase of 40.6% from the prior year.
Sba Communications Corp earned $9.80 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.
Cash & Balance Sheet
Sba Communications Corp generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 3.6% from the prior year.
Sba Communications Corp held $264.6M in cash against $11.0B in long-term debt as of fiscal year 2025.
Sba Communications Corp had 106M shares outstanding in fiscal year 2025. This represents a decrease of 1.8% from the prior year.
Margins & Returns
Sba Communications Corp's gross margin was 75.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Sba Communications Corp's operating margin was 47.7% in fiscal year 2025, reflecting core business profitability. This is down 5.9 percentage points from the prior year.
Sba Communications Corp's net profit margin was 37.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 9.5 percentage points from the prior year.
Capital Allocation
Sba Communications Corp spent $497.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 148.9% from the prior year.
Sba Communications Corp invested $224.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.5% from the prior year.
SBAC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $719.6M-1.7% | $732.3M+4.8% | $699.0M+5.2% | $664.2M-4.2% | $693.7M+3.9% | $667.6M+1.1% | $660.5M+0.4% | $657.9M |
| Cost of Revenue | N/A | $62.5M+16.8% | $53.5M+40.2% | $38.2M | N/A | $32.4M+19.4% | $27.1M+17.1% | $23.2M |
| Gross Profit | N/A | $542.5M+3.0% | $526.9M+3.2% | $510.6M | N/A | $517.3M-0.4% | $519.2M-0.1% | $519.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $66.0M-7.1% | $71.0M+7.3% | $66.2M | N/A | $60.1M-3.7% | $62.4M-9.2% | $68.7M |
| Operating Income | $298.9M-20.1% | $374.2M+11.8% | $334.8M0.0% | $334.9M-12.4% | $382.3M+1.8% | $375.6M+6.0% | $354.5M+9.6% | $323.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $48.7M+38.8% | $35.1M-16.6% | $42.0M | N/A | $42.3M+443.0% | -$12.3M-172.9% | $16.9M |
| Net Income | $370.3M+56.4% | $236.8M+4.9% | $225.8M+2.3% | $220.7M+27.1% | $173.6M-32.8% | $258.5M+58.8% | $162.8M+5.4% | $154.5M |
| EPS (Diluted) | $3.47+57.7% | $2.20+5.3% | $2.09+2.5% | $2.04+26.7% | $1.61-32.9% | $2.40+58.9% | $1.51+6.3% | $1.42 |
SBAC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.6B+2.8% | $11.3B+4.6% | $10.8B+3.1% | $10.4B-8.5% | $11.4B+11.9% | $10.2B+4.2% | $9.8B-2.1% | $10.0B |
| Current Assets | $773.4M-4.8% | $812.5M+55.1% | $523.8M-43.9% | $933.3M-52.8% | $2.0B+339.5% | $450.3M-2.1% | $460.0M+2.8% | $447.6M |
| Cash & Equivalents | $264.6M-38.5% | $430.3M+56.3% | $275.3M-56.7% | $636.4M+235.3% | $189.8M+1.9% | $186.3M-15.5% | $220.5M-8.2% | $240.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $171.3M+8.3% | $158.1M+13.0% | $139.9M+7.7% | $129.8M-10.9% | $145.7M+31.2% | $111.0M+25.2% | $88.7M-29.9% | $126.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $16.4B+1.4% | $16.2B+3.1% | $15.7B+1.9% | $15.4B-6.7% | $16.5B+7.5% | $15.4B+1.8% | $15.1B-0.8% | $15.2B |
| Current Liabilities | $2.7B+66.3% | $1.6B+12.7% | $1.4B+6.5% | $1.3B-25.3% | $1.8B+169.2% | $667.8M-72.8% | $2.5B+1.9% | $2.4B |
| Long-Term Debt | $11.0B-8.1% | $11.9B+1.6% | $11.7B+0.7% | $11.7B-6.0% | $12.4B+0.9% | $12.3B+17.4% | $10.5B-0.7% | $10.6B |
| Total Equity | -$4.9B+1.6% | -$4.9B+0.1% | -$4.9B+0.6% | -$5.0B+2.7% | -$5.1B+1.3% | -$5.2B+2.7% | -$5.3B-1.8% | -$5.2B |
| Retained Earnings | -$7.2B+0.5% | -$7.3B-0.5% | -$7.3B-0.3% | -$7.2B+1.4% | -$7.3B+0.9% | -$7.4B+2.0% | -$7.5B-0.5% | -$7.5B |
SBAC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $304.0M-4.4% | $318.0M-13.6% | $368.1M+22.2% | $301.2M-2.9% | $310.2M+1.8% | $304.7M-28.4% | $425.6M+44.5% | $294.5M |
| Capital Expenditures | $62.7M-16.1% | $74.7M-88.4% | $646.9M+1301.1% | $46.2M-16.9% | $55.5M-79.6% | $272.3M+197.3% | $91.6M+58.3% | $57.9M |
| Free Cash Flow | $241.3M-0.8% | $243.3M+187.3% | -$278.8M-209.3% | $255.0M+0.2% | $254.6M+687.0% | $32.4M-90.3% | $334.0M+41.2% | $236.6M |
| Investing Cash Flow | -$180.8M-130.9% | -$78.3M+86.5% | -$581.0M-343.8% | $238.3M+172.4% | -$328.9M-20.1% | -$273.9M-126.0% | -$121.2M-42.1% | -$85.3M |
| Financing Cash Flow | -$143.4M-79.6% | -$79.8M+49.6% | -$158.3M+87.7% | -$1.3B-208.7% | $1.2B+1889.6% | -$65.9M+76.2% | -$276.5M-44.5% | -$191.4M |
| Dividends Paid | $118.2M-1.4% | $119.9M-0.1% | $120.0M-1.9% | $122.3M+16.0% | $105.4M-0.5% | $106.0M0.0% | $106.0M-2.0% | $108.1M |
| Share Buybacks | $216.3M+43.4% | $150.8M | N/A | N/A | $0 | $0-100.0% | $93.9M-11.6% | $106.2M |
SBAC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 74.1%-1.3pp | 75.4%-1.5pp | 76.9% | N/A | 77.5%-1.1pp | 78.6%-0.4pp | 79.0% |
| Operating Margin | 41.5%-9.6pp | 51.1%+3.2pp | 47.9%-2.5pp | 50.4%-4.7pp | 55.1%-1.1pp | 56.3%+2.6pp | 53.7%+4.5pp | 49.1% |
| Net Margin | 51.5%+19.1pp | 32.3%+0.0pp | 32.3%-0.9pp | 33.2%+8.2pp | 25.0%-13.7pp | 38.7%+14.1pp | 24.6%+1.2pp | 23.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 3.2%+1.1pp | 2.1%0.0pp | 2.1%0.0pp | 2.1%+0.6pp | 1.5%-1.0pp | 2.5%+0.9pp | 1.7%+0.1pp | 1.6% |
| Current Ratio | 0.29-0.2 | 0.50+0.1 | 0.37-0.3 | 0.69-0.4 | 1.10+0.4 | 0.67+0.5 | 0.190.0 | 0.19 |
| Debt-to-Equity | -2.26+0.2 | -2.42-0.0 | -2.38-0.0 | -2.34+0.1 | -2.43-0.1 | -2.38-0.4 | -1.97+0.1 | -2.02 |
| FCF Margin | 33.5%+0.3pp | 33.2%+73.1pp | -39.9%-78.3pp | 38.4%+1.7pp | 36.7%+31.9pp | 4.9%-45.7pp | 50.6%+14.6pp | 36.0% |
Note: Shareholder equity is negative (-$4.9B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.29), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Sba Communications Corp's annual revenue?
Sba Communications Corp (SBAC) reported $2.8B in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sba Communications Corp's revenue growing?
Sba Communications Corp (SBAC) revenue grew by 5.1% year-over-year, from $2.7B to $2.8B in fiscal year 2025.
Is Sba Communications Corp profitable?
Yes, Sba Communications Corp (SBAC) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 37.4%.
What is Sba Communications Corp's EBITDA?
Sba Communications Corp (SBAC) had EBITDA of $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sba Communications Corp have?
As of fiscal year 2025, Sba Communications Corp (SBAC) had $264.6M in cash and equivalents against $11.0B in long-term debt.
What is Sba Communications Corp's gross margin?
Sba Communications Corp (SBAC) had a gross margin of 75.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sba Communications Corp's operating margin?
Sba Communications Corp (SBAC) had an operating margin of 47.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sba Communications Corp's net profit margin?
Sba Communications Corp (SBAC) had a net profit margin of 37.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sba Communications Corp's free cash flow?
Sba Communications Corp (SBAC) generated $1.1B in free cash flow during fiscal year 2025. This represents a -3.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sba Communications Corp's operating cash flow?
Sba Communications Corp (SBAC) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sba Communications Corp's total assets?
Sba Communications Corp (SBAC) had $11.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sba Communications Corp's capital expenditures?
Sba Communications Corp (SBAC) invested $224.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Sba Communications Corp's current ratio?
Sba Communications Corp (SBAC) had a current ratio of 0.29 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Sba Communications Corp's debt-to-equity ratio?
Sba Communications Corp (SBAC) had a debt-to-equity ratio of -2.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sba Communications Corp's return on assets (ROA)?
Sba Communications Corp (SBAC) had a return on assets of 9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Sba Communications Corp's debt-to-equity ratio negative or unusual?
Sba Communications Corp (SBAC) has negative shareholder equity of -$4.9B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sba Communications Corp's Altman Z-Score?
Sba Communications Corp (SBAC) has an Altman Z-Score of 0.34, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sba Communications Corp's Piotroski F-Score?
Sba Communications Corp (SBAC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sba Communications Corp's earnings high quality?
Sba Communications Corp (SBAC) has an earnings quality ratio of 1.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sba Communications Corp?
Sba Communications Corp (SBAC) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.