SBA COMMUNICATIONS CORP Segments Disclosure
15.SEGMENT DATA
The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer. The CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion, and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.
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| Domestic Site |
| Int'l Site |
| Site |
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| Leasing |
| Leasing |
| Development |
| Other |
| Total | |||||
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For the year ended December 31, 2025 |
| (in thousands) | |||||||||||||
Revenues (1) |
| $ | 1,865,602 |
| $ | 705,039 |
| $ | 244,498 |
| $ | — |
| $ | 2,815,139 |
Cost of revenues (2) |
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| 279,205 |
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| 212,795 |
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| 198,972 |
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| — |
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| 690,972 |
Operating profit |
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| 1,586,397 |
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| 492,244 |
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| 45,526 |
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| — |
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| 2,124,167 |
Selling, general, and administrative expenses |
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| 129,447 |
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| 72,860 |
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| 12,936 |
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| 62,368 |
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| 277,611 |
Acquisition and new business initiatives |
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related adjustments and expenses |
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| 20,371 |
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| 6,949 |
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| — |
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| — |
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| 27,320 |
Asset impairment and decommission costs |
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| 122,422 |
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| 60,887 |
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| — |
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| 856 |
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| 184,165 |
Depreciation, amortization and accretion |
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| 148,140 |
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| 132,107 |
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| 3,909 |
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| 8,129 |
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| 292,285 |
Operating income (loss) |
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| 1,166,017 |
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| 219,441 |
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| 28,681 |
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| (71,353) |
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| 1,342,786 |
Other expense, net (principally interest |
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expense and other income) |
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| (100,748) |
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| (100,748) |
Income before income taxes |
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| 1,242,038 |
Cash capital expenditures (3) |
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| 182,822 |
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| 1,097,377 |
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| 5,820 |
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| 4,114 |
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| 1,290,133 |
For the year ended December 31, 2024 |
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Revenues (1) |
| $ | 1,861,424 |
| $ | 665,341 |
| $ | 152,869 |
| $ | — |
| $ | 2,679,634 |
Cost of revenues (2) |
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| 269,168 |
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| 193,829 |
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| 118,730 |
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| — |
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| 581,727 |
Operating profit |
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| 1,592,256 |
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| 471,512 |
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| 34,139 |
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| — |
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| 2,097,907 |
Selling, general, and administrative expenses |
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| 132,627 |
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| 64,583 |
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| 13,983 |
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| 47,563 |
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| 258,756 |
Acquisition and new business initiatives |
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related adjustments and expenses |
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| 14,954 |
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| 10,992 |
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| — |
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| — |
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| 25,946 |
Asset impairment and decommission costs |
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| 49,777 |
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| 57,030 |
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| — |
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| 1,118 |
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| 107,925 |
Depreciation, amortization and accretion |
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| 145,041 |
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| 113,549 |
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| 3,560 |
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| 7,367 |
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| 269,517 |
Operating income (loss) |
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| 1,249,857 |
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| 225,358 |
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| 16,596 |
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| (56,048) |
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| 1,435,763 |
Other expense, net (principally interest |
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expense and other income) |
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| (663,097) |
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| (663,097) |
Income before income taxes |
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| 772,666 |
Cash capital expenditures (3) |
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| 374,339 |
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| 150,345 |
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| 1,014 |
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| 2,598 |
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| 528,296 |
For the year ended December 31, 2023 |
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Revenues (1) |
| $ | 1,846,554 |
| $ | 670,381 |
| $ | 194,649 |
| $ | — |
| $ | 2,711,584 |
Cost of revenues (2) |
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| 268,572 |
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| 204,115 |
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| 139,935 |
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| — |
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| 612,622 |
Operating profit |
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| 1,577,982 |
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| 466,266 |
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| 54,714 |
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| — |
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| 2,098,962 |
Selling, general, and administrative expenses |
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| 121,782 |
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| 66,619 |
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| 21,316 |
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| 58,219 |
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| 267,936 |
Acquisition and new business initiatives |
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related adjustments and expenses |
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| 10,725 |
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| 10,946 |
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| — |
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| — |
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| 21,671 |
Asset impairment and decommission costs |
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| 138,699 |
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| 28,089 |
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| 372 |
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| 2,227 |
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| 169,387 |
Depreciation, amortization and accretion |
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| 457,169 |
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| 248,758 |
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| 3,704 |
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| 6,678 |
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| 716,309 |
Operating income (loss) |
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| 849,607 |
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| 111,854 |
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| 29,322 |
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| (67,124) |
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| 923,659 |
Other expense, net (principally interest |
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expense and other income) |
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| (375,156) |
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| (375,156) |
Income before income taxes |
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| 548,503 |
Cash capital expenditures (3) |
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| 244,366 |
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| 118,972 |
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| 2,573 |
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| 2,702 |
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| 368,613 |
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| Domestic Site |
| Int'l Site |
| Site |
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| Leasing |
| Leasing |
| Development |
| Other (4) |
| Total | |||||
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Assets |
| (in thousands) | |||||||||||||
As of December 31, 2025 |
| $ | 6,178,526 |
| $ | 5,183,588 |
| $ | 98,072 |
| $ | 114,826 |
| $ | 11,575,012 |
As of December 31, 2024 |
| $ | 6,206,748 |
| $ | 3,417,981 |
| $ | 65,481 |
| $ | 1,727,126 |
| $ | 11,417,336 |
(1)For the years ended December 31, 2025, 2024, and 2023, site leasing revenue in Brazil was $350.8 million, $379.8 million, and $392.0 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenues in any of the periods presented.
(2)Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases.
(3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets.
(4)Assets in Other consist primarily of general corporate assets, and short-term investments. Assets in Other for the period ended December 31, 2024 also includes $1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities on January 15, 2025.
Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:
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| As of |
| As of | ||
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| December 31, 2025 |
| December 31, 2024 | ||
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| (in thousands) | ||||
Domestic |
| $ | 5,737,975 |
| $ | 5,741,882 |
Brazil |
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| 1,799,578 |
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| 1,681,925 |
Guatemala |
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| 636,476 |
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| 50,686 |
Other international |
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| 1,975,560 |
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| 1,307,026 |
Total |
| $ | 10,149,589 |
| $ | 8,781,519 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.