SBA COMMUNICATIONS CORP

SBAC 10-Q · Q3 2025
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SBAC Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Operating Lease Lease Income 656,427 625,697 +4.9%
Revenue 75,900 41,898 +81.2%
Revenue 732,327 667,595 +9.7%
Show Business Segments breakouts
Domestic Site Leasing [Member] 470,251 464,860 +1.2%
International Site Leasing [Member] 186,176 160,837 +15.8%
International Site Leasing [Member] · BR 87.3 89.3 -2.2%
Site Development [Member] 75,900 41,898 +81.2%
Cost Of Goods Sold Direct Operating Lease 127,281 117,948 +7.9%
Cost of Revenue 62,508 32,391 +93.0%
Selling, General & Administrative 66,008 60,087 +9.9%
Show Business Segments breakouts
All Other Segments 15,019 9,866 +52.2%
Domestic Site Leasing [Member] 30,889 32,114 -3.8%
International Site Leasing [Member] 16,706 15,258 +9.5%
Site Development [Member] 3,394 2,849 +19.1%
Business Combination Acquisition Related Costs And Adjusments 5,156 5,388 -4.3%
Show Business Segments breakouts
Domestic Site Leasing [Member] 4,295 3,496 +22.9%
International Site Leasing [Member] 861 1,892 -54.5%
Asset Impairment And Decommission Costs 20,322 12,670 +60.4%
Show Business Segments breakouts
Domestic Site Leasing [Member] 18,182 1,337 +1259.9%
International Site Leasing [Member] 2,140 10,989 -80.5%
Depreciation Amortization And Accretion Net 76,883 63,515 +21.0%
Show Business Segments breakouts
All Other Segments 2,073 1,886 +9.9%
Domestic Site Leasing [Member] 37,085 34,636 +7.1%
International Site Leasing [Member] 36,765 26,098 +40.9%
Site Development [Member] 960 895 +7.3%
Total Costs & Expenses 358,158 291,999 +22.7%
Operating Income 374,169 375,596 -0.4%
Show Business Segments breakouts
All Other Segments -17,092 -12,096 -41.3%
Domestic Site Leasing [Member] 309,549 324,369 -4.6%
International Site Leasing [Member] 72,674 57,560 +26.3%
Site Development [Member] 9,038 5,763 +56.8%
Interest Income 5,517 6,999 -21.2%
Investment Income Investment Expense -120,154 -95,711 -25.5%
Paid In Kind Interest -567 -7,192 +92.1%
Amortization of Financing Costs -5,477 -5,185 -5.6%
Other Non-Operating Income (Expense) 35,595 23,700 +50.2%
Non-Operating Income (Expense) -85,086 -77,389 -9.9%
Show Business Segments breakouts
All Other Segments -85,086 -77,389 -9.9%
Income Before Taxes 289,083 298,207 -3.1%
Income Tax Expense (Benefit) -48,652 -42,316 -15.0%
Net Income 240,431 255,891 -6.0%
Net Income Loss Attributable To Noncontrolling Interest -3,615 2,643 -236.8%
Net Income 236,816 258,534 -8.4%
Show Equity Components breakouts
Retained Earnings 236,816 258,534 -8.4%
EPS (Basic) 2.21 2.41 -8.3%
EPS (Diluted) 2.2 2.4 -8.3%
Wtd Avg Shares (Basic) 107,257 107,486 -0.2%
Wtd Avg Shares (Diluted) 107,559 107,922 -0.3%
Cost of Revenue 189,789 150,339 +26.2%
Show Business Segments breakouts
Domestic Site Leasing [Member] 70,251 68,908 +1.9%
International Site Leasing [Member] 57,030 49,040 +16.3%
Site Development [Member] 62,508 32,391 +93.0%
Gross Profit 542,538 517,256 +4.9%
Show Business Segments breakouts
Domestic Site Leasing [Member] 400,000 395,952 +1.0%
International Site Leasing [Member] 129,146 111,797 +15.5%
Site Development [Member] 13,392 9,507 +40.9%
Comprehensive Income 260,266 236,664 +10.0%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 430,306 186,339 +130.9%
Restricted Cash And Cash Equivalents At Carrying Value 30,467 61,019 -50.1%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Payment, Performance Bonds, and Other [Member] 9,958 7,134 +39.6%
Securitization Escrow Accounts [Member] 20,509 53,885 -61.9%
Accounts Receivable 158,126 111,018 +42.4%
Contract With Customer Asset Net Current 49,564 24,742 +100.3%
Prepaid Expenses & Other Current Assets 144,061 67,149 +114.5%
Total Current Assets 812,524 450,267 +80.5%
Short-Term Investments 0.8 16.2 -95.1%
Non-Current Assets
Property, Plant & Equipment 3,295,621 — —
Intangible Assets 2,725,045 2,492,360 +9.3%
Show Finite Lived Intangible Assets By Major Class breakouts
Current Contract Intangibles [Member] 2,086,115 1,911,284 +9.1%
Network Location Intangibles [Member] 638,930 581,076 +10.0%
Operating Lease Right-of-Use Assets 2,435,273 2,322,890 +4.8%
Other Non-Current Assets 642,062 772,944 -16.9%
Total Assets 11,260,239 10,201,663 +10.4%
Show Business Segments breakouts
All Other Segments 286,572 331,861 -13.6%
Domestic Site Leasing [Member] 6,241,281 6,173,557 +1.1%
International Site Leasing [Member] 4,627,565 3,641,169 +27.1%
Site Development [Member] 104,821 55,076 +90.3%
Long Term Investments 13.5 26.6 -49.2%
Other Assets
Acquired And Other Right Of Use Assets Net 1,349,714 1,379,281 -2.1%
Current Liabilities
Accounts Payable 219,725 54,438 +303.6%
Accrued Liabilities 97,536 89,312 +9.2%
Current Portion of Long-Term Debt 772,562 23,000 +3259.0%
Deferred Revenue 132,336 183,978 -28.1%
Interest Payable Current 37,845 32,088 +17.9%
Lease Liability Current 291,537 270,922 +7.6%
Other Liabilities Current 59,427 14,105 +321.3%
Total Current Liabilities 1,610,968 667,843 +141.2%
Deferred Revenue (Current) -5,088 -2,792 -82.2%
Non-Current Liabilities
Long-Term Debt 11,932,919 12,296,479 -3.0%
Lease Liability Noncurrent 2,019,508 1,930,943 +4.6%
Other Non-Current Liabilities 554,222 432,158 +28.2%
Liabilities Noncurrent 14,506,649 14,659,580 -1.0%
Long-Term Debt 12,705,481 12,319,479 +3.1%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 1,495,427 1,492,258 +0.2%
2020-1C Tower Securities [Member] 749,562 748,050 +0.2%
2020-2C Tower Securities [Member] 597,928 597,058 +0.1%
2021 Senior Notes [Member] 1,493,362 1,491,506 +0.1%
2021-1C Tower Securities [Member] 1,162,248 1,159,838 +0.2%
2021-2C Tower Securities [Member] 892,228 890,457 +0.2%
2021-3C Tower Securities [Member] 888,946 888,034 +0.1%
2022-1C Tower Securities [Member] 844,847 842,829 +0.2%
2024 Term Loan [Member] 2,245,303 2,265,228 -0.9%
2024-1C Tower Securities [Member] 1,439,433 — —
2024-2C Tower Securities [Member] 616,197 — —
Show Credit Facility breakouts
Revolving Credit Facility 280,000 160,000 +75.0%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 76,605 49,092 +56.0%
Stockholders' Equity
Common Stock 1,068 1,075 -0.7%
Additional Paid-In Capital 3,038,027 2,941,520 +3.3%
Retained Earnings -7,284,980 -7,393,799 +1.5%
Accumulated Other Comprehensive Income -688,098 -723,648 +4.9%
Total Stockholders' Equity -4,933,983 -5,174,852 +4.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -688,098 -723,648 +4.9%
Additional Paid In Capital 3,038,027 2,941,520 +3.3%
Common Stock · Common Class A 1,068 1,075 -0.7%
Retained Earnings -7,284,980 -7,393,799 +1.5%
Total Liabilities & Equity 11,260,239 10,201,663 +10.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Foreign Currency Transaction Gain Loss Before Tax -137,753 119,526 -215.2%
Stock-Based Compensation 56,552 56,439 +0.2%
Show Income Statement Location breakouts
Selling General And Administrative Expenses 54,569 54,376 +0.4%
Noncash Asset Impairment And Decommission Costs 96,094 73,959 +29.9%
Deferred Income Taxes 94,643 17,053 +455.0%
Gain Loss On Disposition Of Assets1 18,265 803 +2174.6%
Other Non-Cash Items 50,586 48,072 +5.2%
Increase Decrease In Accounts And Other Receivables -37,243 53,280 -169.9%
Change in Prepaid & Other Assets -14,533 -16,998 +14.5%
Increase Decrease In Operating Lease Right Of Use Asset 97,110 101,070 -3.9%
Increase Decrease In Accounts Payable And Accrued Liabilities 8,219 -6,576 +225.0%
Increase Decrease In Accrued Interest Receivable Net -24,497 -24,838 +1.4%
Increase Decrease In Long Term Lease Liability -97,323 -109,074 +10.8%
Increase Decrease In Other Operating Liabilities -18,742 -66,777 +71.9%
Net Cash from Operations 987,303 1,024,697 -3.6%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -664,415 -268,409 -147.5%
Capital Expenditures -162,091 -172,600 +6.1%
Payments To Acquire Investments -658,004 -1,204,628 +45.4%
Proceeds From Sale Maturity And Collections Of Investments 909,937 1,179,250 -22.8%
Repayment Funding Of Loan To Unconsolidated Joint Venture 115,000 -11,100 +1136.0%
Proceeds From Divestiture Of Businesses 40,564 — —
Other Investing Activities -1,999 -2,933 +31.8%
Net Cash from Investing -421,008 -480,420 +12.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 97,843 44,256 +121.1%
Operating Lease Modifications And Reassessments 120,853 214,108 -43.6%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 5,589 154 +3529.2%
Financing Activities
Proceeds From Long Term Lines Of Credit 375,000 370,000 +1.4%
Repayments Of Long Term Lines Of Credit -95,000 -390,000 +75.6%
Show Credit Facility breakouts
Revolving Credit Facility -95,000 -390,000 +75.6%
Repayments Of Senior Debt -17,250 -2,279,500 +99.2%
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 -281,531 -200,019 -40.8%
Payments Of Dividends -360,780 -318,808 -13.2%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 51,491 27,144 +89.7%
Payment Stock Option Net Share Settlements -24,875 -18,187 -36.8%
Proceeds From Payments For Other Financing Activities -2,270 707 -421.1%
Net Cash from Financing -1,520,215 -533,848 -184.8%
Supplemental
Interest Paid 370,132 314,700 +17.6%
Income Taxes Paid 33,021 25,978 +27.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 18,657 -9,883 +288.8%
Net Change in Cash -935,263 546 -171393.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 465,394 251,492 +85.1%

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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