SBA COMMUNICATIONS CORP
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 12,900 | 160.3 |
| Stockholders' equity | (4,854) | -60.3 |
| Total capitalization | 8,047 | 100.0 |
106,088,110 shares outstanding at 28 July 2026 (cover page of the 10-Q filed 6 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 12,900 |
| Long-term debt, noncurrent | 10,964 |
| Current maturities | 1,936 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 400,000,000 |
| Common shares issued | 105,666,000 |
| Par or stated value per share ($) | 0.01 |
| Outstanding at 7/28/26 | 106,088,110 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Florida.
BUSINESS: Classified by the SEC under Standard Industrial Classification 6798, Real Estate Investment Trusts. Large accelerated filer. Principal executive office: 8051 Congress Avenue, Boca Raton, FL 33487. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Total revenues | 244 | 153 | 195 |
| Rental revenue | 2,571 | 2,527 | 2,517 |
| Depreciation and amortization | 292 | 270 | 716 |
| Operating income | 1,343 | 1,436 | 924 |
| Net income | 1,054 | 750 | 502 |
| Earned per share, diluted ($) | 9.80 | 6.94 | 4.61 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 265 | 190 |
| Total assets | 11,575 | 11,417 |
| Debt | 12,900 | 13,592 |
| Stockholders' equity | (4,854) | (5,110) |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 2,815 | 1,343 | 1,054 | 37.4 | 9.80 | – | 1,291 | 225 | 1,067 | 11,575 | 16,429d | 12,900 | (4,854) | -21.7 | -2.66 |
| 12/31/24 | 2,680 | 1,436 | 750 | 28.0 | 6.94 | – | 1,335 | 228 | 1,107 | 11,417 | 16,527d | 13,592 | (5,110) | -14.7 | -2.66 |
| 12/31/23 | 2,712 | 924 | 502 | 18.5 | 4.61 | – | 1,544 | 237 | 1,308 | 10,178 | 15,349d | 12,324 | (5,171) | -9.7 | -2.38 |
| 12/31/22 | 2,633 | 925 | 461 | 17.5 | 4.22 | – | 1,286 | 214 | 1,071 | 10,585 | 15,861d | 12,868 | (5,276) | -8.7 | -2.44 |
| 12/31/21 | 2,309 | 782 | 238 | 10.3 | 2.14 | – | 1,190 | 134 | 1,056 | 9,802 | 15,085d | 12,303 | (5,283) | -4.5 | -2.33 |
| 12/31/20 | 2,083 | 634 | 24 | 1.2 | 0.21 | – | 1,126 | 129 | 997 | 9,158 | 13,982d | 11,096 | (4,824) | -0.5 | -2.30 |
| 12/31/19 | 2,015 | 583 | 147 | 7.3 | 1.28 | – | 970 | 154 | 816 | 9,760 | 13,427d | 10,334 | (3,667) | -4.0 | -2.82 |
| 12/31/18 | 1,866 | 544 | 47 | 2.5 | 0.41 | – | 851 | 150 | 701 | 7,214 | 10,591d | 9,939 | (3,377) | -1.4 | -2.94 |
| 12/31/17 | 1,728 | 459 | 104 | 6.0 | 0.86 | – | 818 | 147 | 671 | 7,320 | 9,919d | 9,311 | (2,599) | -4.0 | -3.58 |
| 12/31/16 | 1,633 | 387 | 76 | 4.7 | 0.61 | – | 743 | 140 | 603 | 7,361 | 9,357d | 8,776 | (1,996) | -3.8 | -4.40 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
SBA COMMUNICATIONS CORP
CIK 1034054 · EIN 65-0716501
PRINCIPAL OFFICE:
8051 Congress Avenue, Boca Raton, FL 33487
Tel.: 5612269345
INCORPORATED:
Florida
INDUSTRY (SEC SIC CODE):
6798 · Real Estate Investment Trusts
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 27 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/27/26) · 10-K FY2024 (filed 2/26/25) · 10-K FY2023 (filed 2/28/24) · 10-K FY2022 (filed 3/1/23) · 10-K FY2021 (filed 3/1/22) · 10-K FY2020 (filed 2/25/21) · 10-K FY2019 (filed 2/24/20) · 10-K FY2018 (filed 2/28/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.