SBA Communications Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), SBA Communications Corp reported revenue of $2.8B (+5.1% year on year) and net income of $1.1B (+40.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Site leasing | $2.6B | $2.5B | $2.5B | $2.3B |
| Site development | $244.5M | $152.9M | $194.6M | $296.9M |
| Total revenues | $2.8B | $2.7B | $2.7B | $2.6B |
| Cost of site leasing | $492.0M | $463.0M | $472.7M | $445.7M |
| Cost of site development | $199.0M | $118.7M | $139.9M | $223.0M |
| Selling, general, and administrative expenses | $277.6M | $258.8M | $267.9M | $261.9M |
| Acquisition and new business initiatives related adjustments and expenses | $27.3M | $25.9M | $21.7M | $26.8M |
| Asset impairment and decommission costs | $184.2M | $107.9M | $169.4M | $43.2M |
| Depreciation, accretion, and amortization | $292.3M | $269.5M | $716.3M | $707.6M |
| Total operating expenses | $1.5B | $1.2B | $1.8B | $1.7B |
| Operating income | $1.3B | $1.4B | $923.7M | $925.4M |
| Interest income | $31.7M | $42.0M | $18.3M | $10.1M |
| Interest expense | ($467.9M) | ($399.8M) | ($400.4M) | ($353.8M) |
| Non-cash interest expense | ($8.9M) | ($27.7M) | ($35.9M) | ($46.1M) |
| Amortization of deferred financing fees | ($21.9M) | ($21.3M) | ($20.3M) | ($19.8M) |
| Other income (expense), net | $366.2M | ($250.4M) | $63.1M | $10.5M |
| Total other expense, net | ($100.7M) | ($663.1M) | ($375.2M) | ($399.6M) |
| Income before income taxes | $1.2B | $772.7M | $548.5M | $525.8M |
| Provision for income taxes | ($187.6M) | ($24.0M) | ($51.1M) | ($66.0M) |
| Net income | $1.1B | $748.7M | $497.4M | $459.8M |
| Net (income) loss attributable to noncontrolling interests | ($824.0K) | $859.0K | $4.4M | $1.6M |
| Net income attributable to SBA Communications Corporation | $1.1B | $749.5M | $501.8M | $461.4M |
| Basic | $9.83 | $6.96 | $4.64 | $4.27 |
| Diluted | $9.80 | $6.94 | $4.61 | $4.22 |
| Basic | 107.2M | 107.6M | 108.2M | 108.0M |
| Diluted | 107.5M | 108.1M | 108.9M | 109.4M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Site leasing | $663.9M | $656.1M | $656.4M | $631.8M |
| Site development | $51.4M | $47.3M | $75.9M | $67.2M |
| Total revenues | $715.3M | $703.4M | $732.3M | $699.0M |
| Cost of site leasing | $134.1M | $131.9M | $127.3M | $118.6M |
| Cost of site development | $41.9M | $39.4M | $62.5M | $53.5M |
| Selling, general, and administrative expenses | $77.5M | $70.5M | $66.0M | $71.0M |
| Acquisition and new business initiatives related adjustments and expenses | $5.9M | $8.1M | $5.2M | $5.9M |
| Asset impairment and decommission costs | $22.6M | $29.3M | $20.3M | $45.2M |
| Depreciation, accretion, and amortization | $81.4M | $81.3M | $76.9M | $70.0M |
| Total operating expenses | $363.4M | $360.6M | $358.2M | $364.2M |
| Operating income | $351.9M | $342.8M | $374.2M | $334.8M |
| Interest income | $5.6M | $5.2M | $5.5M | $8.2M |
| Interest expense | ($127.8M) | ($128.5M) | ($120.2M) | ($119.7M) |
| Non-cash interest expense | ($2.5M) | ($772.0K) | ($567.0K) | ($1.2M) |
| Amortization of deferred financing fees | ($5.3M) | ($5.3M) | ($5.5M) | ($5.4M) |
| Other income, net | $10.5M | $22.5M | $35.6M | $44.1M |
| Total other expense, net | ($119.4M) | ($106.8M) | ($85.1M) | ($74.0M) |
| Income before income taxes | $232.5M | $236.0M | $289.1M | $260.8M |
| Provision for income taxes | ($36.0M) | ($51.1M) | ($48.7M) | ($35.1M) |
| Net income | $196.5M | $184.9M | $240.4M | $225.7M |
| Net loss attributable to noncontrolling interests | $2.3M | ($72.0K) | ($3.6M) | $100.0K |
| Net income attributable to SBA Communications Corporation | $198.8M | $184.8M | $236.8M | $225.8M |
| Basic | $1.87 | $1.75 | $2.21 | $2.10 |
| Diluted | $1.87 | $1.74 | $2.20 | $2.09 |
| Basic | 106.1M | 105.8M | 107.3M | 107.5M |
| Diluted | 106.3M | 106.1M | 107.6M | 107.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $264.6M | $189.8M | $208.5M | $143.7M |
| Restricted cash | $167.8M | $1.2B | $38.1M | $42.0M |
| Accounts receivable, net | $171.3M | $145.7M | $182.7M | $184.4M |
| Costs and estimated earnings in excess of billings on uncompleted contracts | $28.2M | $19.2M | $16.3M | $79.5M |
| Prepaid expenses and other current assets | $141.7M | $417.3M | $38.6M | $33.1M |
| Total current assets | $773.4M | $2.0B | $484.3M | $482.7M |
| Property and equipment, net | $3.4B | $2.8B | $2.7B | $2.7B |
| Intangible assets, net | $2.9B | $2.4B | $2.5B | $2.8B |
| Operating lease right-of-use assets, net | $2.5B | $2.3B | $2.2B | $2.4B |
| Acquired and other right-of-use assets, net | $1.3B | $1.3B | $1.5B | $1.5B |
| Other assets | $652.0M | $657.1M | $812.5M | $722.4M |
| Total assets | $11.6B | $11.4B | $10.2B | $10.6B |
| Accounts payable | $73.0M | $59.5M | $42.2M | $51.4M |
| Accrued expenses | $93.5M | $82.0M | $92.6M | $101.5M |
| Current maturities of long-term debt | $1.9B | $1.2B | $643.1M | $24.0M |
| Deferred revenue | $117.3M | $127.3M | $235.7M | $154.6M |
| Accrued interest | $65.0M | $62.2M | $57.5M | $54.2M |
| Current lease liabilities | $299.6M | $261.0M | $273.5M | $262.4M |
| Other current liabilities | $94.0M | $17.9M | $18.7M | $48.8M |
| Total current liabilities | $2.7B | $1.8B | $1.4B | $696.8M |
| Long-term debt, net | $11.0B | $12.4B | $11.7B | $12.8B |
| Long-term lease liabilities | $2.1B | $1.9B | $1.9B | $2.0B |
| Other long-term liabilities | $588.2M | $367.9M | $404.2M | $248.1M |
| Total long-term liabilities | $13.7B | $14.7B | $14.0B | $15.1B |
| Redeemable noncontrolling interests | $78.3M | $54.1M | $35.0M | $31.7M |
| Common stock - Class A, par value $0.01, 400,000 shares authorized, 105,666 shares and 107,561 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 1.1M | 1.1M | 1.1M | 1.1M |
| Additional paid-in capital | $3.1B | $3.0B | $2.9B | $2.8B |
| Accumulated deficit | ($7.2B) | ($7.3B) | ($7.5B) | ($7.5B) |
| Accumulated other comprehensive loss, net | ($664.1M) | ($760.3M) | ($615.2M) | ($590.5M) |
| Total shareholders' deficit | ($4.9B) | ($5.1B) | ($5.2B) | ($5.3B) |
| Total liabilities, redeemable noncontrolling interests, and shareholders' deficit | $11.6B | $11.4B | $10.2B | $10.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $327.1M | $269.1M | $430.3M | $275.3M |
| Restricted cash | $29.0M | $58.8M | $30.5M | $20.8M |
| Accounts receivable, net | $176.0M | $161.5M | $158.1M | $139.9M |
| Costs and estimated earnings in excess of billings on uncompleted contracts | $24.6M | $23.3M | $49.6M | $46.8M |
| Prepaid expenses and other current assets | $188.2M | $254.9M | $144.1M | $41.1M |
| Total current assets | $744.8M | $767.5M | $812.5M | $523.8M |
| Property and equipment, net | $3.5B | $3.4B | $3.3B | $3.3B |
| Intangible assets, net | $2.9B | $2.9B | $2.7B | $2.6B |
| Operating lease right-of-use assets, net | $2.7B | $2.7B | $2.4B | $2.4B |
| Acquired and other right-of-use assets, net | $1.3B | $1.3B | $1.3B | $1.3B |
| Other assets | $652.9M | $646.2M | $642.1M | $641.6M |
| Total assets | $11.7B | $11.7B | $11.3B | $10.8B |
| Accounts payable | $70.1M | $63.5M | $219.7M | $60.8M |
| Accrued expenses | $89.0M | $85.4M | $97.5M | $86.1M |
| Current maturities of long-term debt | $3.6B | $2.7B | $772.6M | $772.2M |
| Deferred revenue | $156.8M | $103.7M | $132.3M | $125.4M |
| Accrued interest | $66.3M | $38.8M | $37.8M | $75.1M |
| Current lease liabilities | $306.8M | $305.0M | $291.5M | $289.5M |
| Other current liabilities | $69.1M | $65.8M | $59.4M | $20.7M |
| Total current liabilities | $4.3B | $3.3B | $1.6B | $1.4B |
| Long-term debt, net | $9.2B | $10.3B | $11.9B | $11.7B |
| Long-term lease liabilities | $2.2B | $2.2B | $2.0B | $2.0B |
| Other long-term liabilities | $626.6M | $613.5M | $554.2M | $466.3M |
| Total long-term liabilities | $12.0B | $13.0B | $14.5B | $14.2B |
| Redeemable noncontrolling interests | $85.2M | $85.7M | $76.6M | $65.2M |
| Common stock - Class A, par value $0.01, 400,000 shares authorized, 106,088 shares and 105,666 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 1.1M | 1.1M | 1.1M | 1.1M |
| Additional paid-in capital | $3.1B | $3.1B | $3.0B | $3.0B |
| Accumulated deficit | ($7.1B) | ($7.2B) | ($7.3B) | ($7.3B) |
| Accumulated other comprehensive loss, net | ($608.0M) | ($636.7M) | ($688.1M) | ($711.5M) |
| Total shareholders' deficit | ($4.6B) | ($4.8B) | ($4.9B) | ($4.9B) |
| Total liabilities, redeemable noncontrolling interests, and shareholders' deficit | $11.7B | $11.7B | $11.3B | $10.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.1B | $748.7M | $497.4M | $459.8M |
| Depreciation, accretion, and amortization | $292.3M | $269.5M | $716.3M | $707.6M |
| Non-cash asset impairment and decommission costs | $174.1M | $91.3M | $154.9M | $42.8M |
| Non-cash compensation expense | $75.7M | $74.4M | $87.9M | $99.9M |
| (Gain) loss on remeasurement of U.S. denominated intercompany loans | ($119.9M) | $236.5M | ($81.2M) | ($20.3M) |
| Deferred income tax expense (benefit) | $104.5M | ($13.1M) | $4.6M | $32.9M |
| Non-cash interest expense | $8.9M | $27.7M | $35.9M | $46.1M |
| Amortization of deferred financing fees | $21.9M | $21.3M | $20.3M | $19.8M |
| (Gain) loss on sale of assets | ($208.4M) | — | — | — |
| Other non-cash items reflected in the Statements of Operations | $67.5M | $15.8M | $43.8M | $9.7M |
| Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | ($56.2M) | $18.1M | $44.4M | ($81.4M) |
| Prepaid expenses and other assets | ($73.4M) | ($19.5M) | ($35.5M) | ($29.7M) |
| Operating lease right-of-use assets, net | $129.9M | $127.2M | $141.1M | $135.5M |
| Accounts payable and accrued expenses | ($17.5M) | ($4.4M) | ($66.3M) | $25.1M |
| Long-term lease liabilities | ($129.6M) | ($141.2M) | ($138.7M) | ($129.5M) |
| Other liabilities | ($32.8M) | ($123.3M) | $119.5M | ($33.1M) |
| Net cash provided by operating activities | $1.3B | $1.3B | $1.5B | $1.3B |
| Acquisitions | ($1.1B) | ($299.8M) | ($130.0M) | ($1.2B) |
| Capital expenditures | ($224.8M) | ($228.1M) | ($236.7M) | ($214.4M) |
| Purchase of investments | ($1.2B) | ($1.8B) | ($1.3B) | ($881.8M) |
| Proceeds from sale of investments | $1.4B | $1.5B | $1.3B | $878.1M |
| Repayment (funding) of loan to unconsolidated joint venture | $115.0M | — | — | — |
| Proceeds from sale of assets | $330.6M | — | — | — |
| Other investing activities | ($1.8M) | ($6.3M) | ($421.0K) | $524.0K |
| Net cash used in investing activities | ($601.8M) | ($809.3M) | ($468.2M) | ($1.4B) |
| Borrowings under Revolving Credit Facility | $695.0M | $370.0M | $190.0M | $975.0M |
| Repayments under Revolving Credit Facility | ($220.0M) | ($550.0M) | ($730.0M) | ($605.0M) |
| Repayment of Term Loans | ($23.0M) | ($2.3B) | — | — |
| Repayment of Tower Securities | ($1.2B) | ($620.3M) | — | ($640.0M) |
| Repurchase and retirement of common stock | ($497.8M) | ($200.0M) | ($100.0M) | ($431.7M) |
| Payment of dividends on common stock | ($479.0M) | ($424.2M) | ($370.0M) | ($306.8M) |
| Proceeds from employee stock purchase/stock option plans | 55.6M | 36.0M | 44.2M | 38.3M |
| Payments related to taxes on stock options and restricted stock units | -25.5M | -18.8M | -27.5M | -10.0M |
| Other financing activities | ($3.8M) | $12.6M | ($24.0M) | $4.7M |
| Net cash (used in) provided by financing activities | ($1.7B) | $645.7M | ($1.0B) | ($135.5M) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $10.4M | ($21.6M) | $2.7M | ($2.9M) |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($963.6M) | $1.1B | $61.7M | ($246.3M) |
| Beginning of year | $1.4B | $250.9M | $189.3M | $435.6M |
| End of year | $437.0M | $1.4B | — | $189.3M |
| Interest | $467.4M | $395.1M | $396.6M | $378.6M |
| Income taxes | $52.8M | $42.4M | $25.6M | $32.3M |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $217.9M | $59.2M | $55.4M | $171.2M |
| Operating lease modifications and reassessments | $160.0M | $268.5M | ($36.5M) | $48.9M |
| Right-of-use assets obtained in exchange for new finance lease liabilities | $6.5M | $336.0K | $2.0M | $3.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $381.4M | $184.9M | $684.0M | $443.6M |
| Depreciation, accretion, and amortization | $162.7M | $81.3M | $211.9M | $135.0M |
| Gain on remeasurement of U.S. denominated intercompany loans | ($28.0M) | ($16.3M) | ($137.8M) | ($99.9M) |
| Non-cash compensation expense | $45.7M | $18.9M | $56.6M | $37.2M |
| Non-cash asset impairment and decommission costs | $48.0M | $26.9M | $96.1M | $78.7M |
| Deferred and non-cash income tax provision | $36.9M | $25.4M | $94.6M | $61.9M |
| Loss on sale of assets | ($644.0K) | $38.0K | $18.3M | $18.3M |
| Other non-cash items reflected in the Statements of Operations | $26.9M | $14.0M | $50.6M | $34.9M |
| Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | ($319.0K) | $16.0M | ($37.2M) | ($20.7M) |
| Prepaid expenses and other assets | ($786.0K) | ($740.0K) | ($14.5M) | ($3.6M) |
| Operating lease right-of-use assets, net | $75.3M | $39.1M | $97.1M | $63.5M |
| Accounts payable and accrued expenses | $491.0K | ($13.1M) | $8.2M | ($6.4M) |
| Accrued interest | $2.1M | ($25.7M) | ($24.5M) | $13.5M |
| Long-term lease liabilities | ($70.7M) | ($35.1M) | ($97.3M) | ($64.8M) |
| Other liabilities | ($16.7M) | ($60.6M) | ($18.7M) | ($21.9M) |
| Net cash provided by operating activities | $662.3M | $255.1M | $987.3M | $669.3M |
| Acquisitions | ($172.3M) | ($143.5M) | ($664.4M) | ($652.6M) |
| Capital expenditures | ($110.8M) | ($48.4M) | ($162.1M) | ($102.0M) |
| Purchase of investments | ($1.3B) | ($725.1M) | ($658.0M) | ($434.3M) |
| Proceeds from sale of investments | $1.2B | $618.0M | $909.9M | $685.8M |
| Proceeds from sale of assets | $5.0M | $2.2M | $40.6M | $40.5M |
| Other investing activities | ($6.9M) | $75.0K | ($2.0M) | $5.0M |
| Net cash used in investing activities | ($310.5M) | ($296.8M) | ($421.0M) | ($342.7M) |
| Borrowings under Revolving Credit Facility | $1.0B | $900.0M | $375.0M | $80.0M |
| Repayments under Revolving Credit Facility | ($445.0M) | ($90.0M) | ($95.0M) | — |
| Repayment of Term Loans | ($11.5M) | ($5.8M) | ($17.3M) | ($5.8M) |
| Repayment of Tower Securities | ($750.0M) | ($750.0M) | ($1.2B) | ($1.2B) |
| Repurchase and retirement of common stock | ($2.2M) | — | ($281.5M) | ($130.7M) |
| Payment of dividends on common stock | ($267.8M) | ($135.2M) | ($360.8M) | ($241.6M) |
| Proceeds from employee stock purchase/stock option plans | 37.0M | 34.0M | 51.5M | 48.9M |
| Payments related to taxes on stock options and restricted stock units | -20.1M | -19.6M | -24.9M | -24.7M |
| Other financing activities | ($1.7M) | ($3.1M) | ($2.3M) | ($1.5M) |
| Net cash used in financing activities | ($436.3M) | ($69.6M) | ($1.5B) | ($1.4B) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $8.3M | $6.8M | $18.7M | $13.7M |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($76.3M) | ($104.5M) | ($935.3M) | ($1.1B) |
| Beginning of period | $437.0M | $437.0M | $1.4B | $1.4B |
| End of period | $360.8M | $332.5M | $465.4M | $300.5M |
| Interest | $256.0M | $155.3M | $370.1M | $211.9M |
| Income taxes | $66.9M | $44.7M | $33.0M | $23.2M |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $19.8M | $11.4M | $97.8M | $76.1M |
| Operating lease modifications and reassessments | $95.0M | $51.4M | $120.9M | $74.4M |
| Right-of-use assets obtained in exchange for new finance lease liabilities | $1.5M | $338.0K | $5.6M | $2.7M |
SBA Communications Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.