SBA COMMUNICATIONS CORP

SBAC 10-K · Q4 2025
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SBAC Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Operating Lease Lease Income 666,217 646,335 +3.1%
Revenue 53,366 47,365 +12.7%
Revenue 719,583 693,700 +3.7%
Show Business Segments breakouts
Domestic Site Leasing [Member] 464,550 471,861 -1.5%
International Site Leasing [Member] 201,667 174,474 +15.6%
International Site Leasing [Member] · BR 93.4 99.9 -6.5%
Site Development [Member] 53,366 47,365 +12.7%
Cost Of Goods Sold Direct Operating Lease 130,670 116,104 +12.5%
Cost of Revenue 44,750 36,025 +24.2%
Selling, General & Administrative 74,362 67,595 +10.0%
Show Business Segments breakouts
All Other Segments 17,137 13,432 +27.6%
Domestic Site Leasing [Member] 36,036 32,557 +10.7%
International Site Leasing [Member] 17,927 17,842 +0.5%
Site Development [Member] 3,262 3,764 -13.3%
Business Combination Acquisition Related Costs And Adjusments 8,898 6,567 +35.5%
Show Business Segments breakouts
Domestic Site Leasing [Member] 5,548 3,071 +80.7%
International Site Leasing [Member] 3,350 3,496 -4.2%
Asset Impairment And Decommission Costs 81,587 19,997 +308.0%
Show Business Segments breakouts
All Other Segments 146 351 -58.4%
Domestic Site Leasing [Member] 69,100 4,702 +1369.6%
International Site Leasing [Member] 12,341 14,944 -17.4%
Depreciation Amortization And Accretion Net 80,391 65,073 +23.5%
Show Business Segments breakouts
All Other Segments 2,121 1,925 +10.2%
Domestic Site Leasing [Member] 37,472 36,190 +3.5%
International Site Leasing [Member] 39,570 26,165 +51.2%
Site Development [Member] 1,228 793 +54.9%
Total Costs & Expenses 420,658 311,361 +35.1%
Operating Income 298,925 382,339 -21.8%
Show Business Segments breakouts
All Other Segments -19,404 -15,708 -23.5%
Domestic Site Leasing [Member] 245,133 326,541 -24.9%
International Site Leasing [Member] 69,070 64,723 +6.7%
Site Development [Member] 4,126 6,783 -39.2%
Interest Income 7,224 20,603 -64.9%
Investment Income Investment Expense -123,951 -110,146 -12.5%
Paid In Kind Interest 1,291 -4,946 +126.1%
Amortization of Financing Costs -5,540 -5,860 +5.5%
Other Non-Operating Income (Expense) 254,328 -124,604 +304.1%
Non-Operating Income (Expense) 133,352 -226,465 +158.9%
Show Business Segments breakouts
All Other Segments 133,352 -226,465 +158.9%
Income Before Taxes 432,277 155,874 +177.3%
Income Tax Expense (Benefit) -61,852 22,917 -369.9%
Net Income 370,425 178,791 +107.2%
Net Income Loss Attributable To Noncontrolling Interest -135 -5,161 +97.4%
Net Income 370,290 173,630 +113.3%
Show Equity Components breakouts
Retained Earnings 370,290 173,630 +113.3%
EPS (Basic) 3.47 1.61 +115.5%
EPS (Diluted) 3.46 1.61 +114.9%
Wtd Avg Shares (Basic) -302 -39 -674.4%
Wtd Avg Shares (Diluted) -298 8 -3825.0%
Cost of Revenue 175,420 152,129 +15.3%
Show Business Segments breakouts
Domestic Site Leasing [Member] 71,261 68,800 +3.6%
International Site Leasing [Member] 59,409 47,304 +25.6%
Site Development [Member] 44,750 36,025 +24.2%
Gross Profit 544,163 541,571 +0.5%
Show Business Segments breakouts
Domestic Site Leasing [Member] 393,289 403,061 -2.4%
International Site Leasing [Member] 142,258 127,170 +11.9%
Site Development [Member] 8,616 11,340 -24.0%
Comprehensive Income 394,290 136,998 +187.8%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Noncash Asset Impairment And Decommission Costs 77,991 17,320 +350.3%
Stock-Based Compensation 19,182 17,935 +7.0%
Foreign Currency Transaction Gain Loss Before Tax 17,828 116,941 -84.8%
Deferred Income Taxes 9,808 -30,140 +132.5%
Non Cash Interest Expense -1,291 4,946 -126.1%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 101 109 -7.3%
2024 Term Loan [Member] 187 6,740 -97.2%
Other [Member] -1,579 -1,903 +17.0%
Gain Loss On Disposition Of Assets1 -226,664 -93 -243624.7%
Other Non-Cash Items 16,958 -32,953 +151.5%
Increase Decrease In Accounts And Other Receivables -19,004 -35,171 +46.0%
Change in Prepaid & Other Assets -58,897 -2,482 -2273.0%
Increase Decrease In Operating Lease Right Of Use Asset 32,825 26,112 +25.7%
Increase Decrease In Accounts Payable And Accrued Liabilities -25,735 2,174 -1283.8%
Increase Decrease In Long Term Lease Liability -32,263 -32,140 -0.4%
Increase Decrease In Other Operating Liabilities -14,040 -56,474 +75.1%
Net Cash from Operations 304,025 310,169 -2.0%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -394,413 -31,402 -1156.0%
Capital Expenditures -62,728 -55,549 -12.9%
Payments To Acquire Investments -508,308 -596,055 +14.7%
Proceeds From Sale Maturity And Collections Of Investments 494,325 357,500 +38.3%
Repayment Funding Of Loan To Unconsolidated Joint Venture 0 0 —
Other Investing Activities 217 -3,717 +105.8%
Net Cash from Investing -180,821 -328,890 +45.0%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 120,036 14,933 +703.8%
Operating Lease Modifications And Reassessments 39,103 54,423 -28.1%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 897 182 +392.9%
Financing Activities
Proceeds From Long Term Lines Of Credit 320,000 0 —
Repayments Of Long Term Lines Of Credit -125,000 -160,000 +21.9%
Show Credit Facility breakouts
Revolving Credit Facility -125,000 -160,000 +21.9%
Repayments Of Senior Debt -5,750 -12,744 +54.9%
Share Repurchases -216,274 0 —
Payments Of Dividends -118,232 -105,383 -12.2%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 4,063 8,842 -54.0%
Payment Stock Option Net Share Settlements -632 -614 -2.9%
Proceeds From Payments For Other Financing Activities -1,535 11,872 -112.9%
Net Cash from Financing -143,360 1,179,590 -112.2%
Supplemental
Interest Paid 97,272 80,412 +21.0%
Income Taxes Paid 19,754 16,437 +20.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -8,217 -11,704 +29.8%
Net Change in Cash -28,373 1,149,165 -102.5%
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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