SBA COMMUNICATIONS CORP

Listed Company

SBACCIK 0001034054NasdaqLarge AcceleratedReal Estate Investment TrustsFloridaFY ends Dec 31

Period

FY 2025

Revenue

$2.82B

Net Income

$1.05B

Total Assets

$11.58B

Equity

$-4.85B

Shares Out

105.79M

Op. Cash Flow

$1.29B

Business

SBA Communications Corp is an independent owner and operator of wireless communications infrastructure that leases antenna space and manages tower and rooftop sites. It offers site leasing of tower structures and rooftops, site management services, site development (including tower construction and network deployment), and ancillary initiatives such as edge and tower-based data centers and energy solutions. Its business is organized into domestic site leasing, international site leasing, and a U.S.-based site development segment. It operates primarily through direct long-term leases and master lease agreements with wireless carriers across the United States and its territories, South America, Central America, Canada, and Africa.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Site leasing	2,571	2,527	2,517	2,337	2,104
Site development	244	153	195	297	205
Total revenues	2,815	2,680	2,712	2,633	2,309
Cost of site leasing	492	463	473	446	386
Cost of site development	199	119	140	223	159
Selling, general, and administrative expenses	278	259	268	262	220
Acquisition and new business initiatives related adjustments and expenses	27	26	22	27	28
Asset impairment and decommission costs	184	108	169	43	33
Depreciation, accretion, and amortization	292	270	716	708	700
Total operating expenses	1,472	1,244	1,788	1,708	1,526
Operating income	1,343	1,436	924	925	782
Interest income	32	42	18	10	3
Interest expense	−468	−400	−400	−354	−353
Non-cash interest expense	−9	−28	−36	−46	−47
Amortization of deferred financing fees	−22	−21	−20	−20	−20
Loss from extinguishment of debt, net	—	−6	—	−437,000	−40
Other income (expense), net	366	−250	63	10	−74
Total other expense, net	−101	−663	−375	−400	−530
Income before income taxes	1,242	773	549	526	253
Provision for income taxes	−188	−24	−51	−66	−15
Net income	1,054	749	497	460	238
Net (income) loss attributable to noncontrolling interests	−824,000	859,000	4	2	—
Net income attributable to SBA Communications Corporation	1,054	750	502	461	238
Basic (per share)	9.83	6.96	4.64	4.27	2.17
Diluted (per share)	9.8	6.94	4.61	4.22	2.14
Basic (shares)	107	108	108	108	109
Diluted (shares)	108	108	109	109	111

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	265	190	209	144	367
Restricted cash	168	1,207	38	42	66
Accounts receivable, net	171	146	183	184	102
Costs and estimated earnings in excess of billings on uncompleted contracts	28	19	16	80	49
Prepaid expenses and other current assets	142	417	39	33	31
Total current assets	773	1,979	484	483	614
Property and equipment, net	3,402	2,792	2,712	2,714	2,575
Intangible assets, net	2,882	2,389	2,456	2,776	2,803
Operating lease right-of-use assets, net	2,540	2,292	2,241	2,382	2,268
Acquired and other right-of-use assets, net	1,325	1,308	1,474	1,508	964
Other assets	652	657	812	722	576
Total assets	11,575	11,417	10,178	10,585	9,802
Accounts payable	73	60	42	51	34
Accrued expenses	94	82	93	101	68
Current maturities of long-term debt	1,936	1,188	643	24	24
Deferred revenue	117	127	236	155	184
Accrued interest	65	62	57	54	49
Current lease liabilities	300	261	273	262	238
Other current liabilities	94	18	19	49	18
Total current liabilities	2,678	1,798	1,363	697	616
Long-term debt, net	10,964	12,404	11,681	12,844	12,279
Long-term lease liabilities	2,119	1,903	1,866	2,041	1,981
Other long-term liabilities	588	368	404	248	191
Total long-term liabilities	13,672	14,675	13,951	15,133	14,452
Redeemable noncontrolling interests	78	54	35	32	17
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding	—	—	—	—	—
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	1	1	1	1
Additional paid-in capital	3,059	2,975	2,894	2,795	2,681
Accumulated deficit	−7,250	−7,326	−7,451	−7,482	−7,204
Accumulated other comprehensive loss, net	−664	−760	−615	−591	−762
Total shareholders' deficit	−4,854	−5,110	−5,171	−5,276	−5,283
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	11,575	11,417	10,178	10,585	9,802

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash asset impairment and decommission costs	174	91	155	43	32
Non-cash compensation expense	76	74	88	100	84
(Gain) loss on remeasurement of U.S. denominated intercompany loans	−120	236	−81	−20	66
Loss from extinguishment of debt, net	—	6	—	437,000	37
Deferred income tax expense (benefit)	104	−13	5	33	−9
Non-cash interest expense	9	28	36	46	—
Amortization of deferred financing fees	22	21	20	20	20
(Gain) loss on sale of assets	−208	710,000	8	—	—
Other non-cash items reflected in the Statements of Operations	68	15	36	10	10
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	−56	18	44	−81	−38
Prepaid expenses and other assets	−73	−19	−35	−30	−28
Operating lease right-of-use assets, net	130	127	141	135	114
Accounts payable and accrued expenses	−18	−4	−66	25	−473,000
Long-term lease liabilities	−130	−141	−139	−129	−113
Other liabilities	−33	−123	119	−33	31
Net cash provided by operating activities	1,291	1,335	1,544	1,286	1,190
Acquisitions	−1,059	−300	−130	−1,176	−1,258
Capital expenditures	−225	−228	−237	−214	−134
Purchase of investments	−1,166	−1,801	−1,339	−882	−1,731
Proceeds from sale of investments	1,404	1,537	1,338	878	1,730
Repayment (funding) of loan to unconsolidated joint venture	115	−11	−100	—	—
Proceeds from sale of assets	331	333,000	4	—	—
Other investing activities	−2	−7	−4	524,000	−31
Net cash used in investing activities	−602	−809	−468	−1,394	−1,423
Borrowings under Revolving Credit Facility	695	370	190	975	1,935
Repayments under Revolving Credit Facility	−220	−550	−730	−605	−1,965
Proceeds from issuance of Term Loans, net of fees	—	2,281	—	—	1,485
Repayment of Term Loans	−23	−2,292	−24	−24	−1,871
Proceeds from issuance of Tower Securities, net of fees	—	2,052	—	840	2,924
Repayment of Tower Securities	−1,165	−620	—	−640	−1,335
Repurchase and retirement of common stock	−498	−200	−100	−432	−583
Payment of dividends on common stock	−479	−424	−370	−307	−254
Proceeds from employee stock purchase/stock option plans	56	36	44	38	87
Payments related to taxes on stock options and restricted stock units	−26	−19	−27	−10	−72
Other financing activities	−4	13	37,000	29	−13
Net cash (used in) provided by financing activities	−1,664	646	−1,017	−135	339
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	10	−22	3	−3	−13
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	−964	1,150	62	−246	93
Interest	467	395	397	348	361
Income taxes	53	42	26	32	26
Right-of-use assets obtained in exchange for new operating lease liabilities	218	59	55	171	33
Operating lease modifications and reassessments	160	269	−37	49	37
Right-of-use assets obtained in exchange for new finance lease liabilities	6	336,000	2	4	2

Filings

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