SBA Communications (SBAC): financials, SEC filings and peers
SBA Communications (SBAC) is a telecom tower reits company in the Real Estate sector of the S&P 500, headquartered in Boca Raton, Florida.
It was founded in 1989 and joined the S&P 500 on September 1, 2017.
Its fiscal year ends in December, and its shares trade on the Nasdaq.
In its SEC filings it is classified as “Real Estate Investment Trusts”.
SBA Communications at a glance
- Revenue (12 months)
- $2.9B
- Revenue growth
- +5.4%
- Operating margin
- 47.6%
- Net income (12 months)
- $991M
- Free cash flow (12 months)
- $1.1B
- Cash
- $327M
- Debt
- $12.7B
- Diluted EPS (12 months)
- $9.28
Twelve months to June 30, 2026, from the 10-Q filed August 6, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, SBA Communications reported revenue of $2.9 billion, about the same as a year earlier (+5.4%).
Its operating margin was 47.6%, down 4.8 percentage points from a year earlier: for every $100 of sales, about $48 was left as operating profit.
Net income was $991 million (34.5% of revenue), 12.7% higher than a year earlier.
Operating cash flow was $1.3 billion and capital spending $234 million, leaving free cash flow of $1.1 billion (36.6% of revenue).
At the end of the period it held $327 million in cash and $12.7 billion in debt, a net debt position of $12.4 billion.
The diluted share count fell 1.4% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $2.1 billion in fiscal 2020 to $2.8 billion in fiscal 2025, about 6.2% a year.
- Operating margin widened from 30.4% to 47.7% over the same years.
- Free cash flow was positive in each of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $2.7B | $2.7B | $2.8B |
| Revenue growth | 10.8% | 14.1% | 3.0% | -1.2% | 5.1% |
| Operating margin | 33.9% | 35.1% | 34.1% | 53.6% | 47.7% |
| Net income | $238M | $461M | $502M | $750M | $1.1B |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| Diluted EPS | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
Fiscal years as reported in SBA Communications’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed September 25, 2026 — New debt obligation
- 10-Q filed August 6, 2026 — quarterly report
- 8-K filed August 3, 2026 — Earnings results
- 8-K filed July 24, 2026 — Material agreement; Agreement terminated
- 8-K filed July 23, 2026 — Other event
- 8-K filed July 15, 2026 — Material agreement
- 8-K filed May 22, 2026 — Shareholder vote results
- 10-Q filed May 5, 2026 — quarterly report
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Questions about SBA Communications
Is SBA Communications's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $2.9 billion, up 5.4% from a year earlier, according to its SEC filings.
Is SBA Communications profitable?
Yes. It earned $991 million in net income over the twelve months to June 30, 2026, a net margin of 34.5%.
Does SBA Communications have more cash or more debt?
At June 30, 2026 it had $327 million in cash and $12.7 billion in debt, so more debt than cash.
When did SBA Communications last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on August 6, 2026.
Which companies are similar to SBA Communications?
In the S&P 500, SBA Communications is grouped in Telecom Tower REITs within the Real Estate sector. American Tower (AMT), Crown Castle (CCI) are in the same group.
Understand the numbers
Source: SBA Communications’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.