SBA COMMUNICATIONS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SBA COMMUNICATIONS CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680	2,815
Cost of revenue	421	446	469	493	477	545	669	613	582	691
Gross profit	1,212	1,281	1,397	1,522	1,607	1,763	1,965	2,099	2,098	2,124
Selling, general and administrative	143	131	143	193	194	220	262	268	259	278
Operating income	387	459	544	583	634	782	925	924	1,436	1,343
Interest income	10.9	11.3	6.73	5.5	2.98	3.45	10.1	18.3	42	31.7
Other non-operating income	-300	-342	-492	-397	-651	-530	-400	-375	-663	-101
Pre-tax income	87.3	117	51.7	187	-17.7	253	526	549	773	1,242
Income tax	11.1	13.2	4.23	39.6	-41.8	14.9	66	51.1	24	188
Net income to minority interests				0.29	-0.06		-1.63	-4.4	-0.86	0.82
Net income	76.2	104	47.5	147	24.1	238	461	502	750	1,054
EBITDA	1,025	1,102	1,216	1,281	1,356	1,483	1,633	1,640	1,705	1,635
EPS, basic	0.61	0.86	0.41	1.30	0.22	2.17	4.27	4.64	6.96	9.83
EPS, diluted	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94	9.80
Shares, basic (weighted)	124	120	115	113	112	109	108	108	108	107
Shares, diluted (weighted)	125	121	117	115	113	111	109	109	108	108

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	146	68.8	143	108	309	367	144	209	190	265
Short-term investments	0.22		0.24	0.5	0.7	0.78	1.33	1.05	255	6.65
Receivables	78.3	90.7	111	132	74.1	102	184	183	146	171
Other current assets	18.2	16.3	14.7	27.7	12.6	15.6	13.5	16.6	22.8	34.7
Total current assets	325	260	374	334	473	614	483	484	1,979	773
Property, plant and equipment	2,792	2,812	2,786	2,795	2,677	2,575	2,714	2,712	2,792	3,402
Lease right-of-use assets				2,568	2,369	2,268	2,382	2,241	2,292	2,540
Intangible assets	3,657	3,598	3,331	3,627	3,156	2,803	2,776	2,456	2,389	2,882
Long-term investments	7.88			13.3	57.6	47.9	40.7	24.5	20.8	21.1
Other non-current assets	587	650	722	432	478	576	722	812	657	652
Total assets	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417	11,575
Accounts payable	28.3	33.3	34.3	31.8	110	34.1	51.4	42.2	59.5	73
Accrued liabilities	61.1	69.9	63.7	67.6	63	68.1	101	92.6	82	93.5
Deferred revenue	101	98	0.62	1.42	1.79	5.65	25.2	5.6	5.29	7.18
Short-term debt	627	20	942	522	24	24	24	643	1,188	1,936
Total current liabilities	873	279	1,206	1,048	615	616	697	1,363	1,798	2,678
Long-term debt	8,148	9,291	8,997	9,812	11,072	12,279	12,844	11,681	12,404	10,964
Lease liabilities				2,277	2,092	1,979	2,037	1,863	1,902	2,115
Other non-current liabilities	335	350	387	271	186	191	248	404	368	588
Total liabilities	9,357	9,919	10,591	13,427	13,982	15,085	15,861	15,349	16,527	16,429
Total debt	8,776	9,311	9,939	10,334	11,096	12,303	12,868	12,324	13,592	12,900
Paid-in capital	2,011	2,167	2,270	2,461	2,586	2,681	2,795	2,894	2,975	3,059
Retained earnings	-3,637	-4,388	-5,136	-5,561	-6,604	-7,204	-7,482	-7,451	-7,326	-7,250
Other comprehensive income	-370	-379	-512	-569	-808	-762	-591	-615	-760	-664
Shareholders' equity	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110	-4,854
Total equity	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110	-4,854
Total liabilities and equity	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417	11,575
Shares outstanding		116	112	112	110	109	108	108	108	106

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	76.2	104	47.5	147	24	238	460	497	749	1,054
Depreciation and amortization	638	643	672	697	722	700	708	716	270	292
Stock-based compensation	32.9	38.2	42.3	73.2	68.9	84.4	99.9	87.9	74.4	75.7
Deferred income tax	1.41		-15.3	15.9	-63.2	-8.51	32.9	4.63	-13.1	104
Change in receivables	-7.27	-20.9	-29.4
Change in payables	-10.5	3.56	-3.02	-5.95	13.2	-0.47	25.1	-66.3	-4.4	-17.5
Cash from operations	743	818	851	970	1,126	1,190	1,286	1,544	1,335	1,291
Capital expenditures	-140	-147	-150	-154	-129	-134	-214	-237	-228	-225
Acquisitions	-277	-442	-452	-774	-271	-1,258	-1,176	-130	-300	-1,059
Purchases of investments	-0.1	-0.4	-157	-639	-1,289	-1,731	-882	-1,339	-1,801	-1,166
Sales and maturities of investments	0.71	0.23	151	626	1,239	1,730	878	1,338	1,537	1,404
Cash from investing	-428	-605	-618	-947	-446	-1,423	-1,394	-468	-809	-602
Debt issued	1,078	741			1,479	1,485			2,281
Debt repaid					-759	-1,871	-24	-24	-2,292	-23
Stock issued	27.4	56.5	74.7	136	143	80.3	31.6	38.6	29.4	48
Share buybacks	-546	-855	-796	-467	-859	-583	-432	-100	-200	-498
Dividends paid				-83.4	-208	-254	-307	-370	-424	-479
Cash from financing	-289	-295	-149	-62.3	-469	339	-135	-1,017	646	-1,664
Exchange rate effect	13.6	-0.46	-9.73	2.25	-8.96	-13.1	-2.92	2.73	-21.6	10.4
Net change in cash	39.4	-81.7	74	-37.2	202	92.8	-246	61.7	1,150	-964
Free cash flow	603	671	701	816	997	1,056	1,071	1,308	1,107	1,067
Interest paid	338	320	377	387	352	361	348	397	395	467
Income taxes paid	9.66	14.7	21.6	21.6	20.3	25.6	32.3	25.6	42.4	52.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $166.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.2%	Gross profit / revenue.
Operating margin	47.6%	Operating income / revenue.
EBITDA margin	58.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	41.4%	Pre-tax income / revenue.
Net margin	34.5%	Net income / revenue.
FCF margin	36.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.7%	Cash from operations / revenue.
Effective tax rate	16.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.4%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.6%	Capital expenditures / revenue.
D&A / revenue	11.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-6.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	40.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	112.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	41.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	32.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	115.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.17x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	108.4%	Total debt / total assets.
Liabilities / assets	139.4%	Total liabilities / total assets.
Net debt	$12.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.83x	Revenue / average property, plant and equipment.
Receivables turnover	16.3x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
FCF conversion	104.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.01	Revenue / diluted weighted shares.
FCF per share	$9.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.09	Cash from operations / diluted weighted shares.
Book value per share	-$43.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$70.67	Tangible book value / shares outstanding.
Cash per share	$3.36	(Cash + short-term investments) / shares outstanding.
Payout ratio	51.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	48.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.63B	Share price x shares outstanding.
Enterprise value	$30.00B	Market cap + total debt - cash - short-term investments.
P/E	17.8x	Market cap / net income. Only when net income is positive.
P/S	6.14x	Market cap / revenue.
P/FCF	17.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.7x	Market cap / cash from operations, when positive.
EV/Sales	10.5x	Enterprise value / revenue.
EV/EBIT	21.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.9%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SBA COMMUNICATIONS CORP's revenue in fiscal 2025?

SBA COMMUNICATIONS CORP reported revenue of $2.82B for fiscal 2025, 5.1% higher than the year before.

Was SBA COMMUNICATIONS CORP profitable in fiscal 2025?

Yes. Net income was $1.05B, a net margin of 37.4%.

How much free cash flow did SBA COMMUNICATIONS CORP generate in fiscal 2025?

Cash from operations of $1.29B minus capital expenditures of $224.8M left free cash flow of $1.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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