SBA Communications Corporation (SBAC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.89	$1.87	-1.1%	—	$715.3M	—
Q1 26	$1.74	$1.74	0.0%	—	$703.4M	—
Q4 25	$4.05	$3.47	-14.3%	—	$719.6M	—
Q3 25	$2.16	$2.2	+1.9%	—	$732.3M	—
Q2 25	$2.26	$2.09	-7.5%	—	$699M	—
Q1 25	$2.32	$1.77	-23.7%	—	$664.2M	—
Q4 24	$2.31	$2.33	+0.9%	—	$693.7M	—
Q3 24	$2.35	$2.25	-4.3%	—	$667.6M	—
Q2 24	$2.32	$2.13	-8.2%	—	$660.5M	—
Q1 24	$1.36	$1.69	+24.3%	—	$657.9M	—
Q4 23	$1.39	$0.75	-46.0%	—	$675M	—
Q3 23	$1.19	$0.8	-32.8%	—	$682.5M	—
Q2 23	$1.22	$1.87	+53.3%	—	$678.5M	—
Q1 23	$1.21	$0.93	-23.1%	—	$675.5M	—
Q4 22	$1.09	$0.94	-13.8%	—	$686.1M	—
Q3 22	$0.94	$0.91	-3.2%	—	$675.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.83	—	—	$2.8B	—
FY24	—	$6.96	—	—	$2.7B	—
FY23	—	$4.64	—	—	$2.7B	—
FY22	—	$4.27	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$1.7B	$1.9B	$2B	$2.1B	$2.3B	$2.6B	$2.7B	$2.7B	$2.8B
YoY change	-0.33%	+5.79%	+7.99%	+7.98%	+3.4%	+10.8%	+14.1%	+2.97%	-1.18%	+5.06%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	1.7B	1.9B	2B	2.1B	2.3B	2.6B	2.7B	2.7B	2.8B
Cost of revenue	420.9M	446.3M	468.8M	493M	476.5M	545.5M	668.6M	612.6M	581.7M	691M
Gross profit	1.2B	1.3B	1.4B	1.5B	1.6B	1.8B	2B	2.1B	2.1B	2.1B
Gross margin	74.2%	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	143.3M	130.7M	142.5M	192.7M	194.3M	220M	261.9M	267.9M	258.8M	277.6M
Operating expenses	143.3M	130.7M	144.5M	195.9M	195.4M	221.9M	261.9M	267.9M	258.8M	277.6M
Operating income	430.7M	507.6M	582.3M	631.8M	690.4M	843.2M	995.4M	1.1B	1.6B	1.6B
Operating margin	26.4%	29.4%	31.2%	31.4%	33.1%	36.5%	37.8%	41.1%	58.6%	55.2%
Non-operating income, net	-1.8M	-53.4M	-138.2M	-34.7M	-298.3M	-174.5M	-59.9M	-128M	-390.2M	154.7M
Pretax income	87.3M	116.9M	51.7M	186.9M	-17.7M	252.6M	525.8M	548.5M	772.7M	1.2B
Income tax	11.1M	13.2M	4.2M	39.6M	-41.8M	14.9M	66M	51.1M	24M	187.6M
Net income	76.2M	103.7M	47.5M	147.3M	24M	237.6M	459.8M	497.4M	748.7M	1.1B
Net margin	4.67%	6%	2.54%	7.31%	1.15%	10.3%	17.5%	18.3%	27.9%	37.5%
EBITDA	1.2B	1.1B	1.2B	1.3B	1.2B	1.5B	1.7B	1.9B	1.6B	2.2B
EPS	0.61	0.86	0.41	1.3	0.22	2.17	4.27	4.64	6.96	9.83
Diluted EPS	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94	9.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	682.5M	675M	657.9M	660.5M	667.6M	693.7M	664.2M	699M	732.3M	719.6M	703.4M	715.3M
Cost of revenue	149.8M	144.3M	138M	141.3M	150.3M	152.1M	153.7M	172.1M	189.8M	175.4M	171.3M	176M
Gross profit	532.8M	530.7M	519.9M	519.2M	517.3M	541.6M	510.6M	526.9M	542.5M	544.2M	532.1M	539.3M
Gross margin	78.1%	78.6%	79%	78.6%	77.5%	78.1%	76.9%	75.4%	74.1%	75.6%	75.6%	75.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	64.8M	67.5M	68.7M	62.4M	60.1M	67.6M	66.2M	71M	66M	74.4M	70.5M	77.5M
Operating expenses	64.8M	67.5M	68.7M	62.4M	60.1M	67.6M	66.2M	71M	66M	74.4M	70.5M	77.5M
Operating income	287.3M	291.8M	374.4M	392.7M	393.7M	408.9M	379.3M	385.9M	399.6M	389.4M	380.2M	380.4M
Operating margin	42.1%	43.2%	56.9%	59.5%	59%	58.9%	57.1%	55.2%	54.6%	54.1%	54.1%	53.2%
Non-operating income, net	-87M	-49M	-100.1M	-143M	5.6M	-152.7M	-12.2M	-7M	10.1M	163.8M	-14.9M	-18M
Pretax income	93.2M	138.4M	171.5M	147.1M	298.2M	155.9M	259.9M	260.8M	289.1M	432.3M	236M	232.5M
Income tax	7.9M	28.9M	16.9M	-12.3M	42.3M	-22.9M	42M	35.1M	48.7M	61.9M	51.1M	36M
Net income	85.4M	109.5M	154.5M	159.5M	255.9M	178.8M	217.9M	225.7M	240.4M	370.4M	184.9M	196.5M
Net margin	12.5%	16.2%	23.5%	24.1%	38.3%	25.8%	32.8%	32.3%	32.8%	51.5%	26.3%	27.5%
EBITDA	419.8M	496.7M	408.5M	354.1M	482.7M	364.1M	481.9M	502.7M	512.2M	725.8M	484M	472.6M
EPS	0.81	1.01	1.43	1.52	2.41	1.61	1.78	2.1	2.21	3.48	1.75	1.87
Diluted EPS	0.8	1.01	1.42	1.51	2.4	1.61	1.77	2.09	2.2	3.47	1.74	1.87

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	12.9B	19.6B	18.6B	27.2B	31.5B	42.5B	30.3B	27.5B	21.9B	20.7B	17.3B
Enterprise value	21.5B	28.8B	28.4B	39.9B	44.6B	56.7B	45.3B	41.7B	37.2B	35.8B	32.6B
Shares outstanding	124.4M	119.9M	114.9M	112.8M	111.5M	109.3M	108M	108.2M	107.6M	107.2M	107.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	168.6	188.9	392	184.6	1.3K	179	65.8	55.2	29.3	19.7	17.9
P/S	7.87	11.3	9.97	13.5	15.1	18.4	11.5	10.1	8.19	7.37	6.14
P/B	-6.44	-7.53	-5.51	-7.45	-6.54	-8.08	-5.77	-5.34	-4.34	-4.34	-3.81
EV/EBITDA	18.6	25.3	24.6	30.1	38	39	26.6	22	23.1	16.1	17.8
EV/Sales	13.2	16.7	15.2	19.8	21.4	24.6	17.2	15.4	13.9	12.7	11.4
Earnings yield	0.59%	0.53%	0.26%	0.54%	0.08%	0.56%	1.52%	1.81%	3.41%	5.08%	5.58%
FCF yield	4.69%	3.43%	3.77%	3%	3.17%	2.48%	3.54%	4.76%	5.04%	5.14%	4.34%
PEG	—	—	—	—	—	—	—	—	—	—	-1.64

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	74.2%	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%	75.4%
Operating margin	26.4%	29.4%	31.2%	31.4%	33.1%	36.5%	37.8%	41.1%	58.6%	55.2%	52.2%
Net margin	4.67%	6%	2.54%	7.31%	1.15%	10.3%	17.5%	18.3%	27.9%	37.5%	34.5%
ROE	-3.82%	-3.99%	-1.41%	-4.03%	-0.5%	-4.51%	-8.77%	-9.69%	-14.8%	-22.1%	-22.1%
ROA	1.04%	1.42%	0.66%	1.51%	0.26%	2.42%	4.34%	4.89%	6.56%	9.11%	8.41%
ROIC	5.67%	6.78%	8.33%	5.47%	8.31%	8.93%	8.9%	11.1%	14.8%	12.8%	12.5%
Return on tangible assets	161.9%	83.6%	8.62%	5.88%	0.85%	5.66%	9.14%	9.44%	11.3%	18.1%	16.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.37	0.93	0.31	0.32	0.77	1	0.69	0.36	1.1	0.29	0.17
Quick ratio	0.37	0.93	0.31	0.32	0.77	1	0.69	0.36	1.1	0.29	0.17
Debt / equity	-4.4	-3.58	-2.94	-3.52	-2.79	-2.76	-2.89	-2.82	-3.12	-3.21	-0.03
Debt / assets	1.19	1.27	1.38	1.32	1.47	1.48	1.43	1.42	1.38	1.32	1.3
Net debt / EBITDA	7.48	8.12	8.48	9.62	11.2	9.74	8.82	7.53	9.51	6.77	6.77
Interest coverage	1.26	1.36	1.14	1.48	0.95	1.63	2.31	2.26	2.81	3.61	3.37
Effective tax rate	12.7%	11.3%	8.19%	21.2%	0%	5.92%	12.6%	9.31%	3.1%	15.1%	16.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.1	14.4	16.2	17.9	18.7	21.1	24.4	25.1	24.9	26.3	27
EPS (basic)	0.61	0.86	0.41	1.3	0.22	2.17	4.27	4.64	6.96	9.83	9.83
EPS (diluted)	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94	9.8	9.27
Book value per share	-16	-21.7	-29.4	-32.4	-43.1	-48.2	-48.6	-47.5	-47	-44.5	-43.6
FCF per share	4.84	5.6	6.1	7.23	8.94	9.66	9.92	12.1	10.3	9.95	9.89
Cash per share	1.18	0.57	1.25	0.96	2.77	3.37	1.34	1.94	4.13	2.53	3.08
Capex per share	—	—	—	—	—	—	—	—	—	2.1	2.2

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	7.99%	8.14%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	17.4%	18.2%
Payout ratio	—	0%	0%	56.6%	863.7%	106.7%	66.7%	74.4%	56.7%	45.4%	50.9%
Dividend yield	—	0%	0%	0.31%	0.66%	0.6%	1.01%	1.35%	1.93%	2.31%	3.06%

Yield

3.06%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.25

ex-dividend Aug 20, 2026

Payout ratio

51%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 20, 2026	$1.25
May 22, 2026	$1.25
Mar 13, 2026	$1.25
Nov 13, 2025	$1.11
Aug 21, 2025	$1.11
May 22, 2025	$1.11
Mar 13, 2025	$1.11
Nov 14, 2024	$0.98

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$682.5M	$675M	$657.9M	$660.5M	$667.6M	$693.7M	$664.2M	$699M	$732.3M	$719.6M	$703.4M	$715.3M
YoY change	+1.03%	-1.61%	-2.61%	-2.66%	-2.19%	+2.77%	+0.97%	+5.83%	+9.7%	+3.73%	+5.9%	+2.33%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	146.3M	68.8M	143.4M	108.3M	308.6M	368.1M	145M	209.6M	444.4M	271.2M
Receivables	78.3M	90.7M	111M	132.1M	74.1M	102M	184.4M	182.7M	145.7M	171.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	324.6M	259.5M	373.9M	334.3M	473M	614.4M	482.7M	484.3M	2B	773.4M
Property, plant & equipment	2.8B	2.8B	2.8B	6.1B	5.1B	5.8B	6.6B	6.4B	6.4B	7.3B
Goodwill & intangibles	7.3B	7.2B	6.7B	7.3B	6.3B	5.6B	5.6B	4.9B	4.8B	5.8B
Total assets	7.4B	7.3B	7.2B	9.8B	9.2B	9.8B	10.6B	10.2B	11.4B	11.6B
Accounts payable	28.3M	33.3M	34.3M	31.8M	110M	34.1M	51.4M	42.2M	59.5M	73M
Short-term debt	627.2M	20M	941.7M	769.1M	260M	262.5M	286.4M	916.6M	1.4B	2.2B
Total current liabilities	873.4M	278.9M	1.2B	1B	614.8M	616.3M	696.8M	1.4B	1.8B	2.7B
Long-term debt	8.1B	9.3B	9B	12.1B	13.2B	14.3B	14.9B	13.5B	14.3B	13.1B
Total liabilities	9.4B	9.9B	10.6B	13.4B	14B	15.1B	15.8B	15.3B	16.5B	16.4B
Shareholders' equity	-2B	-2.6B	-3.4B	-3.7B	-4.8B	-5.3B	-5.2B	-5.1B	-5.1B	-4.8B
Total debt	8.8B	9.3B	9.9B	12.9B	13.4B	14.5B	15.2B	14.5B	15.8B	15.3B
Net debt	8.6B	9.2B	9.8B	12.8B	13.1B	14.2B	15B	14.3B	15.6B	15.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	191.7M	209.6M	240.3M	250.9M	202.6M	444.4M	702.2M	276.8M	431.1M	271.2M	381.1M	355.9M
Receivables	158.3M	182.7M	126.5M	88.7M	111M	145.7M	129.8M	139.9M	158.1M	171.3M	161.5M	176M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	460M	484.3M	447.6M	460M	450.3M	2B	933.3M	523.8M	812.5M	773.4M	767.5M	744.8M
Property, plant & equipment	711.7M	6.4B	503.5M	396.3M	581.7M	6.4B	6.5B	7B	7.1B	7.3B	7.4B	7.5B
Goodwill & intangibles	5B	4.9B	4.8B	4.6B	5B	4.8B	4.8B	5.2B	5.5B	5.8B	5.8B	5.7B
Total assets	10.3B	10.2B	10B	9.8B	10.2B	11.4B	10.4B	10.8B	11.3B	11.6B	11.7B	11.7B
Accounts payable	46.6M	42.2M	45.8M	50.7M	54.4M	59.5M	65M	60.8M	219.7M	73M	63.5M	70.1M
Short-term debt	296.4M	916.6M	2.1B	2.1B	293.9M	1.4B	1B	1.1B	1.1B	2.2B	3B	3.9B
Total current liabilities	663.1M	1.4B	2.4B	2.5B	667.8M	1.8B	1.3B	1.4B	1.6B	2.7B	3.3B	4.3B
Long-term debt	14.5B	13.5B	12.4B	12.2B	14.2B	14.3B	13.6B	13.7B	14B	13.1B	12.4B	11.3B
Total liabilities	15.5B	15.3B	15.2B	15.1B	15.3B	16.5B	15.4B	15.6B	16.1B	16.4B	16.4B	16.3B
Shareholders' equity	-5.1B	-5.1B	-5.2B	-5.3B	-5.1B	-5.1B	-4.9B	-4.9B	-4.9B	-4.8B	-4.7B	-4.5B
Total debt	14.8B	14.5B	14.4B	14.3B	14.5B	15.8B	14.6B	14.8B	15B	15.3B	15.4B	15.2B
Net debt	14.6B	14.3B	14.2B	14.1B	14.3B	15.6B	14B	14.5B	14.6B	15.1B	15.1B	14.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	76.2M	103.7M	47.5M	147.3M	24M	237.6M	459.8M	497.4M	748.7M	1.1B
Depreciation & amortization	638.2M	643.1M	672.1M	697.1M	722M	700.2M	707.6M	716.3M	269.5M	292.3M
Stock-based compensation	32.9M	38.2M	42.3M	73.2M	68.9M	84.4M	99.9M	87.9M	74.4M	75.7M
Change in working capital	4.7M	-12.8M	-8.9M	88.3M	156M	-6.4M	-108.5M	166.3M	-119.2M	-88.7M
Operating cash flow	683.3M	798.1M	848.4M	1B	1.2B	1.2B	1.2B	1.5B	1.3B	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-224.8M
Investing cash flow	-288.3M	-458.1M	-468.5M	-792.9M	-317.8M	-1.3B	-1.2B	-231.5M	-581.2M	-601.8M
Dividends paid	—	0	0	-83.4M	-207.7M	-253.6M	-306.8M	-370M	-424.2M	-479M
Share repurchases	-545.7M	-854.5M	-795.6M	-467M	-859.3M	-582.6M	-431.7M	-100M	-200M	-497.8M
Financing cash flow	-478.6M	-1.2B	-1B	-782.6M	-678.1M	222.6M	-173.8M	-1.1B	609.8M	-1.7B
Net change in cash	-83.5M	-884.5M	-663.6M	-545.2M	180.1M	83.1M	-105.9M	198.3M	1.3B	-1B
Free cash flow	602.5M	671.4M	700.8M	815.8M	997.5M	1.1B	1.1B	1.3B	1.1B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	85.4M	109.5M	154.5M	159.5M	255.9M	178.8M	—	—	240.4M	370.4M	184.9M	196.5M
Depreciation & amortization	180.7M	171.4M	76.8M	64.2M	63.5M	65.1M	—	—	76.9M	80.4M	81.3M	81.4M
Stock-based compensation	21.4M	22.1M	21.5M	18.6M	16.4M	17.9M	—	—	19.3M	19.2M	18.9M	26.8M
Change in working capital	-35.2M	89.8M	-44.1M	41.5M	-25.5M	-97.7M	—	—	2.4M	-32.5M	-53.7M	41.7M
Operating cash flow	314.7M	395M	276.6M	379.2M	332.4M	266.8M	301.2M	368.1M	318M	304M	255.1M	407.2M
Capital expenditure	—	—	—	—	—	—	—	—	-60.1M	-62.7M	-48.4M	-62.4M
Investing cash flow	-42.1M	-43.6M	-27.4M	-71.2M	-209.1M	-273.3M	—	—	-78.3M	-180.8M	-296.8M	-13.7M
Dividends paid	-92.1M	-91.8M	-108.1M	-105.3M	-105.3M	-105.4M	—	—	-119.1M	-118.2M	-135.2M	-132.7M
Share repurchases	-53.7M	-46.4M	-106.2M	-93.9M	0	0	—	—	-150.8M	-216.3M	—	—
Financing cash flow	-282.5M	-334.7M	-208.5M	-280.7M	-71.8M	1.2B	—	—	-82.4M	-147.4M	-103.6M	-367.5M
Net change in cash	-9.9M	16.7M	40.6M	27.2M	51.5M	1.2B	301.2M	368.1M	157.3M	-24.2M	-145.3M	26M
Free cash flow	252.3M	369.9M	236.6M	375.6M	239.9M	254.6M	—	—	258M	241.3M	206.7M	344.8M

SBA Communications Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement