SBA COMMUNICATIONS CORP (SBAC)
As-reported financials and recent SEC filings for SBA COMMUNICATIONS CORP, latest fiscal period FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About SBA COMMUNICATIONS CORP
SBA Communications Corp owns and operates wireless communication towers and related infrastructure. The company leases space on its towers to wireless service providers and other customers. It serves telecommunications companies that require infrastructure for wireless communication networks.
Snapshot
Fundamentals are from SEC filings. P/E and market cap are derived from recent market prices, refreshed on a rolling basis (typically within the past week).
What changed at Sba Communications
- Revenue grew 5.1% to $2.8B in FY2025, after a 1.2% decline the year before.
- Operating margin is 47.7% in FY2025, +13.8 pp against 33.9% in FY2021.
- Most recent quarter Q1 FY2026: revenue $703M, up 5.9% from Q1 FY2025.
- Free cash flow was $1.1B in FY2025, 37.9% of revenue.
- Net income rose 40.6% to $1.1B in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Sba Communications’s fundamentals sit among the 165 REITs. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Sba Communications’s net margin of 37.4% ranks in the 87th percentile of the 156 REITs reporting it.
No open-market insider transactions recorded in the last 90 days. For context, about 16% of companies in the universe saw any open-market insider buying in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 3 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F (latest Q1 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Dodge & Cox | Q1 2026 | $2.08B | 12.1M | Added |
| Two Sigma Investmentsquant | Q1 2026 | $83.1M | 482.6K | Added |
| Citadel Advisorsquant | Q1 2026 | $69.8M | 405.4K | Added |
| AQR Capital Managementquant | Q1 2026 | $26.1M | 153.9K | Reduced |
| Millennium Managementquant | Q1 2026 | $25.0M | 145.0K | Reduced |
| Point72 Asset Managementquant | Q1 2026 | $17.6M | 102.0K | Reduced |
| Gotham Asset Management | Q1 2026 | $6.4M | 37.1K | Added |
| D. E. Shawquant | Q1 2026 | $3.4M | 19.6K | Reduced |
| Bridgewater Associates | Q1 2026 | $2.5M | 14.7K | New |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-07-15 | 3.0M | +12.0% | 2.80 |
| 2026-06-30 | 2.6M | +13.6% | 2.58 |
| 2026-06-15 | 2.3M | -4.3% | 2.30 |
| 2026-05-29 | 2.4M | +1.2% | 3.32 |
| 2026-05-15 | 2.4M | -13.8% | 2.99 |
| 2026-04-30 | 2.8M | -19.1% | 2.68 |
| 2026-04-15 | 3.4M | +23.8% | 1.46 |
| 2026-03-31 | 2.8M | +8.9% | 3.08 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $2.82B | $2.68B | $2.71B | $2.63B | $2.31B |
| Gross profit | $2.12B | $2.10B | $2.10B | $1.96B | $1.76B |
| Operating income | $1.34B | $1.44B | $923.7M | $925.4M | $782.5M |
| Net income | $1.05B | $749.5M | $501.8M | $461.4M | $237.6M |
| Diluted EPS | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $264.6M | $189.8M | $208.5M | $143.7M | $367.3M |
| Current assets | $773.4M | $1.98B | $484.3M | $482.7M | $614.4M |
| Total assets | $11.58B | $11.42B | $10.18B | $10.59B | $9.80B |
| Current liabilities | $2.68B | $1.80B | $1.36B | $696.8M | $616.3M |
| Long-term debt | $10.96B | $12.40B | $11.68B | $12.84B | $12.28B |
| Total liabilities | $16.43B | $16.53B | $15.35B | $15.86B | $15.09B |
| Total equity | $-4.85B | $-5.11B | $-5.17B | $-5.28B | $-5.28B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.29B | $1.33B | $1.54B | $1.29B | $1.19B |
| Capital expenditure | $224.8M | $228.1M | $236.7M | $214.4M | $133.7M |
| Free cash flow | $1.07B | $1.11B | $1.31B | $1.07B | $1.06B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full methodology.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q1 FY2026 | $703.4M | 5.9% | $184.8M | $1.74 |
| Q4 FY2025 | $719.6M | 3.7% | $370.3M | $3.47 |
| Q3 FY2025 | $732.3M | 9.7% | $236.8M | $2.20 |
| Q2 FY2025 | $699.0M | 5.8% | $225.8M | $2.09 |
| Q1 FY2025 | $664.2M | 1.0% | $220.7M | $2.04 |
| Q4 FY2024 | $693.7M | 2.8% | $173.6M | $1.61 |
| Q3 FY2024 | $667.6M | -2.2% | $258.5M | $2.40 |
| Q2 FY2024 | $660.5M | -2.7% | $162.8M | $1.51 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Recent SEC filings
Largest reit peers
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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.