SBA COMMUNICATIONS CORP

SBAC 10-K · FY 2025
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SBAC FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 2,570,641 2,526,765 +1.7%
Revenue 244,498 152,869 +59.9%
Revenue 2,815,139 2,679,634 +5.1%
Show Business Segments breakouts
Domestic Site Leasing [Member] 1,865,602 1,861,424 +0.2%
International Site Leasing [Member] 705,039 665,341 +6.0%
International Site Leasing [Member] · BR 350.8 379.8 -7.6%
Site Development [Member] 244,498 152,869 +59.9%
Cost Of Goods Sold Direct Operating Lease 492,000 462,997 +6.3%
Cost of Revenue 198,972 118,730 +67.6%
Selling, General & Administrative 277,611 258,756 +7.3%
Show Business Segments breakouts
All Other Segments 62,368 47,563 +31.1%
Domestic Site Leasing [Member] 129,447 132,627 -2.4%
International Site Leasing [Member] 72,860 64,583 +12.8%
Site Development [Member] 12,936 13,983 -7.5%
Business Combination Acquisition Related Costs And Adjusments 27,320 25,946 +5.3%
Show Business Segments breakouts
Domestic Site Leasing [Member] 20,371 14,954 +36.2%
International Site Leasing [Member] 6,949 10,992 -36.8%
Asset Impairment And Decommission Costs 184,165 107,925 +70.6%
Show Business Segments breakouts
All Other Segments 856 1,118 -23.4%
Domestic Site Leasing [Member] 122,422 49,777 +145.9%
International Site Leasing [Member] 60,887 57,030 +6.8%
Depreciation Amortization And Accretion Net 292,285 269,517 +8.4%
Show Business Segments breakouts
All Other Segments 8,129 7,367 +10.3%
Domestic Site Leasing [Member] 148,140 145,041 +2.1%
International Site Leasing [Member] 132,107 113,549 +16.3%
Site Development [Member] 3,909 3,560 +9.8%
Total Costs & Expenses 1,472,353 1,243,871 +18.4%
Operating Income 1,342,786 1,435,763 -6.5%
Show Business Segments breakouts
All Other Segments -71,353 -56,048 -27.3%
Domestic Site Leasing [Member] 1,166,017 1,249,857 -6.7%
International Site Leasing [Member] 219,441 225,358 -2.6%
Site Development [Member] 28,681 16,596 +72.8%
Interest Income 31,676 41,962 -24.5%
Investment Income Investment Expense -467,910 -399,778 -17.0%
Paid In Kind Interest -8,857 -27,661 +68.0%
Amortization of Financing Costs -21,866 -21,265 -2.8%
Other Non-Operating Income (Expense) 366,209 -250,415 +246.2%
Non-Operating Income (Expense) -100,748 -663,097 +84.8%
Show Business Segments breakouts
All Other Segments -100,748 -663,097 +84.8%
Income Before Taxes 1,242,038 772,666 +60.7%
Income Tax Expense (Benefit) -187,582 -23,989 -682.0%
Net Income 1,054,456 748,677 +40.8%
Net Income Loss Attributable To Noncontrolling Interest -824 859 -195.9%
Net Income 1,053,632 749,536 +40.6%
Show Equity Components breakouts
Retained Earnings 1,053,632 749,536 +40.6%
EPS (Basic) 9.83 6.96 +41.2%
EPS (Diluted) 9.8 6.94 +41.2%
Wtd Avg Shares (Basic) 107,207 107,644 -0.4%
Wtd Avg Shares (Diluted) 107,533 108,080 -0.5%
Cost of Revenue 690,972 581,727 +18.8%
Show Business Segments breakouts
Domestic Site Leasing [Member] 279,205 269,168 +3.7%
International Site Leasing [Member] 212,795 193,829 +9.8%
Site Development [Member] 198,972 118,730 +67.6%
Gross Profit 2,124,167 2,097,907 +1.3%
Show Business Segments breakouts
Domestic Site Leasing [Member] 1,586,397 1,592,256 -0.4%
International Site Leasing [Member] 492,244 471,512 +4.4%
Site Development [Member] 45,526 34,139 +33.4%
Comprehensive Income 1,149,814 604,454 +90.2%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 264,568 189,841 +39.4%
Restricted Cash And Cash Equivalents At Carrying Value 167,804 1,206,653 -86.1%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Payment, Performance Bonds, and Other [Member] 158,629 6,628 +2293.3%
Securitization Escrow Accounts [Member] 9,175 1,200,025 -99.2%
Accounts Receivable 171,256 145,695 +17.5%
Show Business Segments breakouts
Site Development Revenue [Member] 48.3 26.4 +83.0%
Contract With Customer Asset Net Current 28,152 19,198 +46.6%
Prepaid Expenses & Other Current Assets 141,651 417,333 -66.1%
Total Current Assets 773,431 1,978,720 -60.9%
Short-Term Investments 6,648 254,534 -97.4%
Non-Current Assets
Property, Plant & Equipment 3,401,799 2,792,084 +21.8%
Intangible Assets 2,882,117 2,388,707 +20.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Current Contract Intangibles [Member] 2,256,905 1,825,558 +23.6%
Network Location Intangibles [Member] 625,212 563,149 +11.0%
Operating Lease Right-of-Use Assets 2,540,229 2,292,459 +10.8%
Other Non-Current Assets 651,993 657,097 -0.8%
Total Assets 11,575,012 11,417,336 +1.4%
Show Business Segments breakouts
All Other Segments 114,826 1,727,126 -93.4%
Domestic Site Leasing [Member] 6,178,526 6,206,748 -0.5%
International Site Leasing [Member] 5,183,588 3,417,981 +51.7%
Site Development [Member] 98,072 65,481 +49.8%
Long Term Investments 21.1 20.8 +1.4%
Other Assets
Acquired And Other Right Of Use Assets Net 1,325,443 1,308,269 +1.3%
Current Liabilities
Accounts Payable 73,034 59,549 +22.6%
Accrued Liabilities 93,502 81,977 +14.1%
Current Portion of Long-Term Debt 1,935,802 1,187,913 +63.0%
Deferred Revenue 117,309 127,308 -7.9%
Interest Payable Current 65,036 62,239 +4.5%
Lease Liability Current 299,604 261,017 +14.8%
Other Liabilities Current 94,014 17,933 +424.3%
Total Current Liabilities 2,678,301 1,797,936 +49.0%
Deferred Revenue (Current) -7,181 -5,292 -35.7%
Non-Current Liabilities
Long-Term Debt 10,964,466 12,403,825 -11.6%
Lease Liability Noncurrent 2,119,258 1,903,439 +11.3%
Other Non-Current Liabilities 588,244 367,942 +59.9%
Liabilities Noncurrent 13,671,968 14,675,206 -6.8%
Long-Term Debt 12,900,268 13,591,738 -5.1%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 1,496,240 1,493,039 +0.2%
2020-1C Tower Securities [Member] 749,945 748,425 +0.2%
2020-2C Tower Securities [Member] 598,149 597,273 +0.1%
2021 Senior Notes [Member] 1,493,832 1,491,963 +0.1%
2021-1C Tower Securities [Member] 1,162,858 1,160,436 +0.2%
2021-2C Tower Securities [Member] 892,677 890,896 +0.2%
2021-3C Tower Securities [Member] 889,178 888,260 +0.1%
2022-1C Tower Securities [Member] 845,373 843,321 +0.2%
2024 Term Loan [Member] 2,240,373 2,260,217 -0.9%
2024-1C Tower Securities [Member] 1,440,007 1,437,978 +0.1%
2024-2C Tower Securities [Member] 616,636 615,017 +0.3%
Show Credit Facility breakouts
Revolving Credit Facility 475,000 — —
Operating Lease Liabilities 2,114,777 1,901,554 +11.2%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 78,262 54,132 +44.6%
Stockholders' Equity
Common Stock 1,057 1,076 -1.8%
Additional Paid-In Capital 3,059,427 2,975,455 +2.8%
Retained Earnings -7,249,905 -7,326,189 +1.0%
Accumulated Other Comprehensive Income -664,098 -760,280 +12.7%
Total Stockholders' Equity -4,853,519 -5,109,938 +5.0%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -664,098 -760,280 +12.7%
Additional Paid In Capital 3,059,427 2,975,455 +2.8%
Common Stock · Common Class A 1,057 1,076 -1.8%
Retained Earnings -7,249,905 -7,326,189 +1.0%
Total Liabilities & Equity 11,575,012 11,417,336 +1.4%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Noncash Asset Impairment And Decommission Costs 174,085 91,279 +90.7%
Stock-Based Compensation 75,734 74,374 +1.8%
Foreign Currency Transaction Gain Loss Before Tax -119,925 236,467 -150.7%
Deferred Income Taxes 104,451 -13,087 +898.1%
Non Cash Interest Expense 8,857 27,661 -68.0%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 397 383 +3.7%
2024 Term Loan [Member] 8,031 25,121 -68.0%
Other [Member] 429 290 +47.9%
Amortization Of Financing Costs And Discounts 21,866 21,265 +2.8%
Gain Loss On Disposition Of Assets1 -208,399 710 -29452.0%
Show Geography breakouts
CA -208.4 — —
Other Non-Cash Items 67,544 15,119 +346.7%
Increase Decrease In Accounts And Other Receivables -56,247 18,109 -410.6%
Change in Prepaid & Other Assets -73,430 -19,480 -277.0%
Increase Decrease In Operating Lease Right Of Use Asset 129,935 127,182 +2.2%
Increase Decrease In Accounts Payable And Accrued Liabilities -17,516 -4,402 -297.9%
Increase Decrease In Long Term Lease Liability -129,586 -141,214 +8.2%
Increase Decrease In Other Operating Liabilities -32,782 -123,251 +73.4%
Net Cash from Operations 1,291,328 1,334,866 -3.3%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -1,058,828 -299,811 -253.2%
Capital Expenditures -224,819 -228,149 +1.5%
Payments To Acquire Investments -1,166,312 -1,800,683 +35.2%
Proceeds From Sale Maturity And Collections Of Investments 1,404,262 1,536,750 -8.6%
Repayment Funding Of Loan To Unconsolidated Joint Venture 115,000 -11,100 +1136.0%
Proceeds From Divestiture Of Businesses 330,650 333 +99194.3%
Show Geography breakouts
CA 330.4 — —
Other Investing Activities -1,782 -6,650 +73.2%
Net Cash from Investing -601,829 -809,310 +25.6%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 217,879 59,189 +268.1%
Operating Lease Modifications And Reassessments 159,956 268,531 -40.4%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 6,486 336 +1830.4%
Financing Activities
Proceeds From Long Term Lines Of Credit 695,000 370,000 +87.8%
Repayments Of Long Term Lines Of Credit -220,000 -550,000 +60.0%
Show Credit Facility breakouts
Revolving Credit Facility -220,000 -550,000 +60.0%
Repayments Of Senior Debt -23,000 -2,292,244 +99.0%
Repayments Of Secured Debt -1,165,000 -620,269 -87.8%
Share Repurchases -497,805 -200,019 -148.9%
Payments Of Dividends -479,012 -424,191 -12.9%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 55,554 35,986 +54.4%
Payment Stock Option Net Share Settlements -25,507 -18,801 -35.7%
Proceeds From Payments For Other Financing Activities -3,805 12,579 -130.2%
Net Cash from Financing -1,663,575 645,742 -357.6%
Supplemental
Interest Paid 467,404 395,112 +18.3%
Income Taxes Paid 52,775 42,415 +24.4%
Show Geography breakouts
BR 21,807 — —
CA 7,077 — —
CR 3,885 — —
GT 3,133 — —
PR 3,092 — —
ZA 3,682 — —
Show Income Tax Authority breakouts
Domestic Country 511 — —
Foreign Tax Jurisdiction Other 8,373 — —
State And Local Jurisdiction 1,215 — —
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 10,440 -21,587 +148.4%
Net Change in Cash -963,636 1,149,711 -183.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 437,021 1,400,657 -68.8%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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