SBA COMMUNICATIONS CORP

SBAC 10-Q · Q2 2025
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SBAC Q2 2025 request

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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Operating Lease Lease Income 631,788 626,457 +0.9%
Revenue 67,193 34,020 +97.5%
Revenue 698,981 660,477 +5.8%
Show Business Segments breakouts
Domestic Site Leasing [Member] 469,807 463,204 +1.4%
International Site Leasing [Member] 161,981 163,253 -0.8%
International Site Leasing [Member] · BR 85.1 93.1 -8.6%
Site Development [Member] 67,193 34,020 +97.5%
Cost Of Goods Sold Direct Operating Lease 118,571 114,131 +3.9%
Cost of Revenue 53,525 27,137 +97.2%
Selling, General & Administrative 71,022 62,376 +13.9%
Show Business Segments breakouts
All Other Segments 15,639 10,049 +55.6%
Domestic Site Leasing [Member] 31,515 33,608 -6.2%
International Site Leasing [Member] 20,803 15,775 +31.9%
Site Development [Member] 3,065 2,944 +4.1%
Business Combination Acquisition Related Costs And Adjusments 5,887 6,574 -10.5%
Show Business Segments breakouts
Domestic Site Leasing [Member] 4,667 3,089 +51.1%
International Site Leasing [Member] 1,220 3,485 -65.0%
Asset Impairment And Decommission Costs 45,231 31,610 +43.1%
Show Business Segments breakouts
All Other Segments 166 423 -60.8%
Domestic Site Leasing [Member] 19,977 13,825 +44.5%
International Site Leasing [Member] 25,088 17,362 +44.5%
Depreciation Amortization And Accretion Net 69,964 64,179 +9.0%
Show Business Segments breakouts
All Other Segments 2,011 1,814 +10.9%
Domestic Site Leasing [Member] 36,840 33,870 +8.8%
International Site Leasing [Member] 30,249 27,457 +10.2%
Site Development [Member] 864 1,038 -16.8%
Total Costs & Expenses 364,200 306,007 +19.0%
Operating Income 334,781 354,470 -5.6%
Show Business Segments breakouts
All Other Segments -17,816 -12,286 -45.0%
Domestic Site Leasing [Member] 307,387 313,323 -1.9%
International Site Leasing [Member] 35,471 50,532 -29.8%
Site Development [Member] 9,739 2,901 +235.7%
Interest Income 8,155 7,046 +15.7%
Investment Income Investment Expense -119,658 -97,530 -22.7%
Paid In Kind Interest -1,233 -7,080 +82.6%
Amortization of Financing Costs -5,415 -4,932 -9.8%
Other Non-Operating Income (Expense) 44,123 -104,859 +142.1%
Non-Operating Income (Expense) -74,028 -207,355 +64.3%
Show Business Segments breakouts
All Other Segments -74,028 -207,355 +64.3%
Income Before Taxes 260,753 147,115 +77.2%
Income Tax Expense (Benefit) -35,059 12,337 -384.2%
Net Income 225,694 159,452 +41.5%
Net Income Loss Attributable To Noncontrolling Interest 100 3,378 -97.0%
Net Income 225,794 162,830 +38.7%
Show Equity Components breakouts
Retained Earnings 225,794 162,830 +38.7%
EPS (Basic) 2.1 1.52 +38.2%
EPS (Diluted) 2.09 1.51 +38.4%
Wtd Avg Shares (Basic) 107,531 107,462 +0.1%
Wtd Avg Shares (Diluted) 107,797 107,679 +0.1%
Cost of Revenue 172,096 141,268 +21.8%
Show Business Segments breakouts
Domestic Site Leasing [Member] 69,421 65,489 +6.0%
International Site Leasing [Member] 49,150 48,642 +1.0%
Site Development [Member] 53,525 27,137 +97.2%
Gross Profit 526,885 519,209 +1.5%
Show Business Segments breakouts
Domestic Site Leasing [Member] 400,386 397,715 +0.7%
International Site Leasing [Member] 112,831 114,611 -1.6%
Site Development [Member] 13,668 6,883 +98.6%
Comprehensive Income 250,863 90,787 +176.3%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 275,275 220,508 +24.8%
Restricted Cash And Cash Equivalents At Carrying Value 20,757 58,474 -64.5%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Payment, Performance Bonds, and Other [Member] 9,502 6,684 +42.2%
Securitization Escrow Accounts [Member] 11,255 51,790 -78.3%
Accounts Receivable 139,890 88,650 +57.8%
Contract With Customer Asset Net Current 46,811 19,810 +136.3%
Prepaid Expenses & Other Current Assets 41,075 72,564 -43.4%
Total Current Assets 523,808 460,006 +13.9%
Short-Term Investments 1.6 30.4 -94.7%
Non-Current Assets
Property, Plant & Equipment 3,258,183 — —
Intangible Assets 2,579,806 2,314,238 +11.5%
Show Finite Lived Intangible Assets By Major Class breakouts
Current Contract Intangibles [Member] 1,985,030 1,743,230 +13.9%
Network Location Intangibles [Member] 594,776 571,008 +4.2%
Operating Lease Right-of-Use Assets 2,419,435 2,129,244 +13.6%
Other Non-Current Assets 641,647 785,939 -18.4%
Total Assets 10,766,387 9,786,178 +10.0%
Show Business Segments breakouts
All Other Segments 143,923 379,188 -62.0%
Domestic Site Leasing [Member] 6,220,514 5,860,164 +6.1%
International Site Leasing [Member] 4,308,485 3,502,379 +23.0%
Site Development [Member] 93,465 44,447 +110.3%
Long Term Investments 16 19.2 -16.7%
Other Assets
Acquired And Other Right Of Use Assets Net 1,343,508 1,376,941 -2.4%
Current Liabilities
Accounts Payable 60,820 50,738 +19.9%
Accrued Liabilities 86,085 76,319 +12.8%
Current Portion of Long-Term Debt 772,181 1,806,304 -57.3%
Deferred Revenue 125,371 191,325 -34.5%
Interest Payable Current 75,102 57,928 +29.6%
Lease Liability Current 289,465 262,781 +10.2%
Other Liabilities Current 20,681 14,170 +45.9%
Total Current Liabilities 1,429,705 2,459,565 -41.9%
Deferred Revenue (Current) -2,678 -3,109 +13.9%
Non-Current Liabilities
Long-Term Debt 11,739,364 10,473,739 +12.1%
Lease Liability Noncurrent 2,004,715 1,755,101 +14.2%
Other Non-Current Liabilities 466,341 373,697 +24.8%
Liabilities Noncurrent 14,210,420 12,602,537 +12.8%
Long-Term Debt 12,511,545 12,280,043 +1.9%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 1,494,623 1,491,486 +0.2%
2020-1C Tower Securities [Member] 749,181 747,677 +0.2%
2020-2C Tower Securities [Member] 597,708 596,844 +0.1%
2021 Senior Notes [Member] 1,492,893 1,491,051 +0.1%
2021-1C Tower Securities [Member] 1,161,641 1,159,242 +0.2%
2021-2C Tower Securities [Member] 891,782 890,020 +0.2%
2021-3C Tower Securities [Member] 888,716 887,809 +0.1%
2022-1C Tower Securities [Member] 844,329 842,349 +0.2%
2024 Term Loan [Member] 2,256,003 2,270,260 -0.6%
2024-1C Tower Securities [Member] 1,438,893 — —
2024-2C Tower Securities [Member] 615,776 — —
Show Credit Facility breakouts
Revolving Credit Facility 80,000 120,000 -33.3%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 65,157 40,817 +59.6%
Stockholders' Equity
Common Stock 1,075 1,075 0.0%
Additional Paid-In Capital 3,022,684 2,930,332 +3.2%
Retained Earnings -7,251,106 -7,546,370 +3.9%
Accumulated Other Comprehensive Income -711,548 -701,778 -1.4%
Total Stockholders' Equity -4,938,895 -5,316,741 +7.1%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -711,548 -701,778 -1.4%
Additional Paid In Capital 3,022,684 2,930,332 +3.2%
Common Stock · Common Class A 1,075 1,075 0.0%
Retained Earnings -7,251,106 -7,546,370 +3.9%
Total Liabilities & Equity 10,766,387 9,786,178 +10.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Foreign Currency Transaction Gain Loss Before Tax -99,906 144,474 -169.2%
Stock-Based Compensation 37,229 40,067 -7.1%
Show Income Statement Location breakouts
Selling General And Administrative Expenses 35,914 38,645 -7.1%
Noncash Asset Impairment And Decommission Costs 78,720 64,895 +21.3%
Deferred Income Taxes 61,867 -13,126 +571.3%
Gain Loss On Disposition Of Assets1 18,267 — —
Other Non-Cash Items 34,894 31,997 +9.1%
Increase Decrease In Accounts And Other Receivables -20,726 80,359 -125.8%
Change in Prepaid & Other Assets -3,566 -5,671 +37.1%
Increase Decrease In Operating Lease Right Of Use Asset 63,453 70,045 -9.4%
Increase Decrease In Accounts Payable And Accrued Liabilities -6,378 -23,375 +72.7%
Increase Decrease In Accrued Interest Receivable Net 13,504 643 +2000.2%
Increase Decrease In Long Term Lease Liability -64,822 -73,023 +11.2%
Increase Decrease In Other Operating Liabilities -21,873 -56,590 +61.3%
Net Cash from Operations 669,273 720,046 -7.1%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -652,610 -61,022 -969.5%
Capital Expenditures -102,038 -107,844 +5.4%
Payments To Acquire Investments -434,307 -681,208 +36.2%
Proceeds From Sale Maturity And Collections Of Investments 685,840 651,650 +5.2%
Repayment Funding Of Loan To Unconsolidated Joint Venture 115,000 -5,500 +2190.9%
Proceeds From Divestiture Of Businesses 40,469 — —
Other Investing Activities 4,950 -2,594 +290.8%
Net Cash from Investing -342,696 -206,518 -65.9%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 76,120 16,133 +371.8%
Operating Lease Modifications And Reassessments 74,419 33,713 +120.7%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 2,724 — —
Financing Activities
Proceeds From Long Term Lines Of Credit 80,000 195,000 -59.0%
Repayments Of Senior Debt -5,750 -2,273,750 +99.7%
Repayments Of Secured Debt -1,165,000 — —
Show Debt Instrument breakouts
2019-1C Tower Securities [Member] -1,165 — —
2019-1R Tower Securities [Member] -61.4 — —
Share Repurchases -130,696 -200,019 +34.7%
Payments Of Dividends -241,640 -213,464 -13.2%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 48,884 21,302 +129.5%
Payment Stock Option Net Share Settlements -24,695 -18,061 -36.7%
Proceeds From Payments For Other Financing Activities -1,516 1,242 -222.1%
Net Cash from Financing -1,440,413 -467,935 -207.8%
Supplemental
Interest Paid 211,943 193,195 +9.7%
Income Taxes Paid 23,213 17,214 +34.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 13,702 -13,395 +202.3%
Net Change in Cash -1,100,134 32,198 -3516.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 300,523 283,144 +6.1%

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

This table is rendered from the same JSON returned by /api/financials.

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