Sba Communications
SBAC · NasdaqReal Estate Investment Trusts · Fiscal year ends Dec 31
Sba Communications reported revenue of $244M in the fiscal year ended Dec 2025, up 59.9% from the year before. Operating income was $1.3B, an operating margin of 549.2%, and net income was $1.1B. Operating cash flow of $1.3B less capital expenditure of $225M left free cash flow of $1.1B. Net debt was $12.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $205M | $297M | $195M | $153M | $244M |
| Cost of revenue | $545M | $669M | $613M | $582M | $691M |
| Gross profit | $1.8B | $2B | $2.1B | $2.1B | $2.1B |
| Selling, general & admin | $220M | $262M | $268M | $259M | $278M |
| Operating income | $782M | $925M | $924M | $1.4B | $1.3B |
| Pre-tax income | $253M | $526M | $549M | $773M | $1.2B |
| Income tax | $15M | $66M | $51M | $24M | $188M |
| Net income | $238M | $461M | $502M | $750M | $1.1B |
| Diluted EPS | 2.14 | 4.22 | 4.61 | 6.94 | 9.80 |
| Diluted shares | 111M | 109M | 109M | 108M | 108M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $367M | $144M | $209M | $190M | $265M |
| Receivables | $102M | $184M | $183M | $146M | $171M |
| Current assets | $614M | $483M | $484M | $2B | $773M |
| Net PP&E | $2.6B | $2.7B | $2.7B | $2.8B | $3.4B |
| Total assets | $9.8B | $10.6B | $10.2B | $11.4B | $11.6B |
| Payables | $34M | $51M | $42M | $60M | $73M |
| Deferred revenue | $6M | $25M | $6M | $5M | $7M |
| Current liabilities | $616M | $697M | $1.4B | $1.8B | $2.7B |
| Short-term debt | $24M | $24M | $643M | $1.2B | $1.9B |
| Long-term debt | $12.3B | $12.8B | $11.7B | $12.4B | $11B |
| Shareholders' equity | −$5.3B | −$5.3B | −$5.2B | −$5.1B | −$4.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.3B | $1.5B | $1.3B | $1.3B |
| Capital expenditure | $134M | $214M | $237M | $228M | $225M |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| Depreciation & amortisation | $700M | $708M | $716M | $270M | $292M |
| Stock-based compensation | $84M | $100M | $88M | $74M | $76M |
| Acquisitions | $1.3B | $1.2B | $130M | $300M | $1.1B |
| Share buybacks | $583M | $432M | $100M | $200M | $498M |
| Dividends paid | $254M | $307M | $370M | $424M | $479M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 45.0% | −34.4% | −21.5% | 59.9% |
| Operating income growth (YoY) | – | 18.3% | −0.2% | 55.4% | −6.5% |
| EPS growth (YoY) | – | 97.2% | 9.2% | 50.5% | 41.2% |
| Gross margin | 861.2% | 661.8% | 1078.3% | 1372.4% | 868.8% |
| Operating margin | 382.2% | 311.7% | 474.5% | 939.2% | 549.2% |
| Net margin | 116.1% | 155.4% | 257.8% | 490.3% | 430.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 9.4% | 10.5% | 14.9% | 15.1% |
| Free cash flow margin | 515.9% | 360.8% | 671.8% | 724.0% | 436.2% |
| Cash conversion (CFO ÷ net income) | 5.01x | 2.79x | 3.08x | 1.78x | 1.23x |
| Receivable days | 182 | 227 | 343 | 348 | 256 |
| Payable days | 23 | 28 | 25 | 37 | 39 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.9B | $12.7B | $12.1B | $13.4B | $12.6B |
| Current ratio | 1.00x | 0.69x | 0.36x | 1.10x | 0.29x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.