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Sba CommunicationsSBAC

Legal name
Sba Communications Corporation
Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
Nasdaq

Stock Price $SBAC

Latest filings

You are here#16 of 17 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K107

SBAC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 107 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’18Apr ’18
  2. Material agreement8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $2.82B
YoY changeLargest recent move+14.1%in FY22Latest +5.1%

2 older moves run past ±20% (largest +36.8%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All SBAC Financial Metrics59 metrics

Income Statement15

Balance Sheet25

Cash Flow15

Per Share4

02—Overview

Sba Communications Financial Overview 2021–2025

Updated Nov 4, 2026

SBA Communications' net income quadrupled, from $237.6 million in FY2021 to $1.05 billiona in FY2025, while revenue rose only 22%. That gap is the story. Much of the profit surge came from accounting and one-off items, not tower growth. Lengthening tower lives from 15 to 30 years cut depreciation by $411.5 million in FY2024, and FY2025 included a $208.4 million gain on tower sales. The operating engine is steadier, and more leveraged, than the headline suggests.

Revenue climbed from $2.31 billion in FY2021 to $2.82 billionb in FY2025, and Adjusted EBITDA rose from $1.61 billion to $1.91 billion. Site leasing supplied 97.9% of segment operating profit in FY2025. Growth is lopsided. Domestic site leasing was flat at $1.87 billion, while international rose to $705.0 million, helped by the 7,110 towers from the Millicom deal. Management expects 2026 domestic churn of $132.0 million to $136.0 million, and EchoStar's payment default is unresolved.

Debt principal fell to $12.96 billionc from $13.67 billion, yet the shareholders' deficit still stood at $4.85 billion. Shareholders received $497.8 million in buybacks and $479.0 million in dividends in FY2025. At the close of FY2025, the stock was $193.43, or 19.7x earnings on $9.80 of EPS, for a $20.4 billion market cap. EPS was $2.14 at FY2021. That multiple rests on earnings flattered by one-time gains and lower depreciation.

Recent Developments (Q1 and Q2 2026)

SBA refinanced its balance sheet in Q2 2026. On July 23, 2026, it issued $3.5 billiond of senior unsecured notes at a blended 5.113% coupon. Proceeds repaid the revolver and the 2024 Term Loan. A new $2.5 billion unsecured revolver matures in 2031, and S&P upgraded the company to BBB. Q2 revenue was $715.3 million against $699.0 million a year earlier. Adjusted EBITDA reached $483.8 million, a 68.0% margin. Net income fell to $198.8 million from $225.8 million, and AFFO per share slipped 3.8% to $3.05. In Q3 2026, the company repurchased $300.0 million of stock.

Bull case: international site leasing grew 13.3% in Q3 2026, and the unsecured refinancing removes near-term maturity pressure. Bear case: domestic site leasing fell 3.4% on lease non-renewals, and earnings per share declined. At 18.7x earnings as of the August 5, 2026 report date, the stock was not cheap. That multiple predates the Q3 results and is not today's.

What to watch: domestic churn against the $132.0 million to $136.0 millione guide; Q4 2026 AFFO per share against the raised $12.15 to $12.37 outlook

03—Filings

Recent SEC Filings

  1. 8-KSba Communications 8-K Report, Financial Results (Nov 2, 2026)SBA Communications Corporation reported third-quarter 2026 results on November 2, 2026, with net income attributable to SBA of $231.3 million, or $2.19 per share, and AFFO per share of $3.19. Site leasing revenue rose to $665.4 million from $656.4 million in the prior-year quarter, while site development revenue fell to $48.5 million from $75.9 million. Adjusted EBITDA was $488.1 million versus $493.3 million a year earlier, and AFFO was $337.3 million versus $354.9 million. International site leasing revenue grew to $211.0 million from $186.2 million, while domestic site leasing revenue declined to $454.4 million from $470.2 million. The company repurchased 1.7 million shares for $300.0 million during the quarter and, after quarter end, had $0.8 billion of authorization remaining under its $1.5 billion repurchase plan. It also established a $2.5 billion commercial paper program, sold its towers in Chile and Ecuador, and agreed to sell its towers in Peru, with that closing expected in the fourth quarter of 2026. Total debt stood at $13.0 billion at quarter end, with a Net Debt leverage ratio of 6.4x and a Net Secured Debt ratio of 3.1x. The company declared a quarterly dividend of $1.25 per share, payable December 10, 2026. For full year 2026, SBA updated its outlook, now projecting site leasing revenue of $2,643.0 million to $2,658.0 million, Adjusted EBITDA of $1,918.0 million to $1,928.0 million, and AFFO per share of $12.15 to $12.37. Compared with the August 3, 2026 outlook, the midpoint of site leasing revenue was lowered by $13.0 million, and AFFO was raised by $2.0 million at the midpoint, with the Chile and Ecuador sales cited as a negative factor on several lines.
  2. 8-KSba Communications 8-K Report, Financial Obligation (Sep 25, 2026)SBA Communications Corporation (SBAC) established a commercial paper program on September 25, 2026, under which it may issue short-term, unsecured commercial paper notes with an aggregate principal amount outstanding at any one time not to exceed $2.5 billion. Amounts under the program may be borrowed, repaid and reborrowed, and maturities will not exceed 397 days from the date of issue. The company states that proceeds will be used for general corporate purposes. The notes will be sold on customary terms in the U.S. commercial paper market on a private placement basis, under the Section 4(a)(2) exemption from Securities Act registration. One or more dealers will act under the program, and a national bank will serve as issuing and paying agent. The notes will rank pari passu with the company's other unsecured, unsubordinated indebtedness, effectively rank junior to secured indebtedness to the extent of the value of the collateral, and be structurally subordinated to all liabilities of the company's subsidiaries, including secured tower revenue notes. The filing is primarily a financing-facility disclosure under Item 2.03 and includes standard forward-looking statement cautions referencing the company's Form 10-K and Form 10-Q filings.
  3. 8-KSba Communications 8-K Report, Financial Results (Aug 3, 2026)SBA Communications Corporation (Nasdaq: SBAC) reported results for the second quarter ended June 30, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Site leasing revenue was $663.9 million, up 5.1% from $631.8 million a year earlier (3.0% excluding FX), while net income attributable to SBA was $198.8 million, or $1.87 per diluted share. Adjusted EBITDA was $483.8 million and AFFO per share was $3.05, compared with $3.17 in the prior-year quarter. Tower cash flow rose to $524.9 million, and the company ended the quarter with net debt to annualized Adjusted EBITDA leverage of 6.4x. The company updated its full-year 2026 outlook, now projecting site leasing revenue of $2,651.0 million to $2,676.0 million, Adjusted EBITDA of $1,920.0 million to $1,940.0 million, and AFFO per share of $11.95 to $12.40. Management said it expects the increase in outlook for AFFO and revenue to be driven in part by new tower construction in Central America. The company also declared a quarterly cash dividend of $1.25 per share, payable September 17, 2026, to holders of record on August 20, 2026. Subsequent to quarter end, SBA completed its inaugural $3.5 billion of unsecured senior notes, used the proceeds to repay the $1.0 billion revolving credit facility and the $2.2 billion 2024 Term Loan, and entered into a new $2.5 billion unsecured revolving credit facility maturing July 23, 2031. Management noted that S&P upgraded the company to BBB and that $1.1 billion remained authorized under its stock repurchase plan.
  4. 8-KSba Communications 8-K Report, Material Agreement (Jul 24, 2026)On July 23, 2026, SBA Communications Corporation closed its public offering of $3.5 billion aggregate principal amount of senior unsecured notes, consisting of $1.35 billion of 4.875% Senior Notes due 2030, $1.35 billion of 5.150% Senior Notes due 2031, and $800.0 million of 5.450% Senior Notes due 2033. The company used the net proceeds to repay in full its senior secured term loan and all outstanding borrowings under its senior secured revolving credit facility, with any remaining proceeds earmarked for general corporate purposes. The notes are senior unsecured obligations of the company but are structurally subordinated to all liabilities of SBA Telecommunications LLC and its subsidiaries, which do not guarantee them. Concurrently, the company entered into a new senior unsecured credit agreement with Wells Fargo Bank, National Association, as administrative agent, providing a $2.5 billion revolving credit facility maturing July 23, 2031, with an accordion feature of up to $1.0 billion. The agreement requires a Consolidated Total Net Leverage Ratio not exceeding 7.50 to 1.00 (or up to 8.00 to 1.00 for four quarters after certain qualified acquisitions) and a Consolidated Senior Secured Leverage Ratio not exceeding 3.50 to 1.00. SBA Senior Finance II LLC, a wholly-owned subsidiary, terminated its prior $2.0 billion revolver and $2.3 billion seven-year senior secured term loan agreement, which were repaid in full from the offering proceeds. The refinancing shifts the company's debt from secured to unsecured obligations, with the notes and new credit facility both unsecured. Investors should note the structural subordination of the notes to subsidiary-level debt and the covenants limiting liens, mergers, and certain restricted payments.
  5. 8-KSba Communications 8-K Report, Corporate Update (Jul 23, 2026)SBA Communications Corporation filed this Current Report on Form 8-K under Item 8.01 (Other Events) to file the legal opinion of Greenberg Traurig, P.A. regarding the legality of the securities offered under its prospectus supplement. The prospectus supplement, filed July 14, 2026 under the Company's automatic shelf registration statement on Form S-3 (Registration No. 333-277527), covered three series of senior notes: $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031, and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033. The offering closed on July 23, 2026. The filing states that it was made solely to file the legal opinion, which is attached as Exhibit 5.1, and it contains no other financial results, operating updates, or management commentary. Exhibit 23.1 is the consent of Greenberg Traurig, P.A., included within Exhibit 5.1, and Exhibit 104 is the cover page Interactive Data File. For investors, the key takeaway is the completion of the debt financing. The notes total $3.5 billion in aggregate principal across the three tranches, with maturities in 2030, 2031 and 2033, and the filing provides the legal basis for the issuance.
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04—See also

Related Companies

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