01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
SBA Communications Corporation (SBAC) reported 2025 total revenues of $2.82 billiona, up from $2.68 billion in 2024, with net income of $1.05 billion versus $748.7 million a year earlier.
Site leasing revenue was $2.57 billionb, and the company stated that its site leasing business contributed 97.9% of total segment operating profit in 2025. Domestic site leasing revenue was essentially flat at $1.87 billion, while international site leasing rose to $705.0 million, helped by the Millicom transaction, which added 7,110 towers. Adjusted EBITDA was $1.91 billion, compared with $1.89 billion in 2024.
The filing shows net income boosted by a $208.4 millionc gain on the sale of Philippines, Colombia and Canada towers and $366.2 million of other income, net. The company faces near-term revenue headwinds. It expects churn of $132.0 million to $136.0 million of domestic cash site leasing revenue and $36.0 million to $40.0 million internationally in 2026, driven partly by Sprint and EchoStar.
EchoStar defaulted on payments in December 2025, and the filing says that default has continued into 2026. Asset impairment and decommission costs rose to $184.2 milliond from $107.9 million. Total principal debt fell to $12.96 billion from $13.67 billion, and the company reported a shareholders' deficit of $4.85 billion.
Capital allocation remained shareholder-oriented. SBAC repurchased $497.8 million of stock in 2025, paid $479.0 million in dividends, and declared a quarterly dividend of $1.25 per share in February 2026, up from $1.11.
It had $1.1 billion remaining under its repurchase authorization at the filing date. Subsequent to year end, the company bought land rights for about 3,900 sites in Guatemala for $109.0 million, and it expects 2026 discretionary capital expenditures of $430.0 million to $450.0 million.
02—Key points
Key Highlights
- Total revenues were $2.82 billion in 2025, up from $2.68 billion in 2024; site development revenue rose to $244.5 million from $152.9 million.
- Net income was $1.05 billion in 2025 versus $748.7 million in 2024, helped by a $208.4 million gain on tower asset sales and $366.2 million of other income, net.
- Adjusted EBITDA was $1.91 billion in 2025, compared with $1.89 billion in 2024, per the filing's non-GAAP reconciliation.
- Expected 2026 churn is $132.0 million to $136.0 million domestically and $36.0 million to $40.0 million internationally, partly due to Sprint, EchoStar and Oi.
- EchoStar defaulted on its payment obligations in December 2025, and the default continued into 2026.
- Total principal debt declined to $12.96 billion from $13.67 billion, with $1.94 billion of current maturities at December 31, 2025.
- The company returned capital through $497.8 million of share repurchases and $479.0 million of dividends in 2025, with a $1.25 quarterly dividend declared for March 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Sba Communications kept $0.37.
- Revenue$2.82B100.0%
- Cost of revenue−$691.0M24.5%
- Gross profit$2.12B75.5%
- Operating costs−$781.4M27.8%
- Operating income$1.34B47.7%
- Interest, other & tax−$289.2M10.3%
- Net income$1.05B37.4%
Where FY2025 revenue went
$2.82B- Net income: $1.05B, 37% of revenue
- Cost of revenue: $691.0M, 25% of revenue
- Other operating costs: $503.8M, 18% of revenue
- SG&A: $277.6M, 9.9% of revenue
- Interest, other & tax: $289.2M, 10% of revenue
Kept 37% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.82B$2.68B | +5.1% |
| Cost of Revenue | $690.97M$581.73M | +18.8% |
| Gross Profit | $2.12B$2.10B | +1.3% |
| SG&A Expenses | $277.61M$258.76M | +7.3% |
| Operating Expenses | $1.47B$1.24B | +18.4% |
| Operating Income | $1.34B$1.44B | −6.5% |
| Net Income | $1.05B$749.54M | +40.6% |
| EPS (Basic) | $9.83$6.96 | +41.2% |
| EPS (Diluted) | $9.80$6.94 | +41.2% |
| Shares Outstanding (Basic) | 107.21M107.64M | −0.4% |
| Shares Outstanding (Diluted) | 107.53M108.08M | −0.5% |
05—Questions
Frequently Asked Questions
How did SBAC's core site leasing business perform in 2025?
Domestic site leasing revenue was $1.87 billion, nearly flat with $1.86 billion in 2024, and domestic segment operating profit declined $5.9 million, primarily due to Sprint and other lease non-renewals. International site leasing revenue rose to $705.0 million from $665.3 million, driven by 7,266 towers acquired, including 7,110 from the Millicom transaction. Site leasing made up 97.9% of total segment operating profit.
What customer concentration risks does the filing disclose?
T-Mobile, AT&T Wireless and Verizon Wireless accounted for 31.1%, 20.3% and 15.1% of 2025 total revenues, respectively. The filing also notes that EchoStar defaulted on payments in December 2025 and that the default continued into 2026, though it states the default has not had and is not expected to have a material adverse effect.
How leveraged is SBAC, and what are its near-term debt obligations?
Total principal debt was $12.96 billion at December 31, 2025, against a shareholders' deficit of $4.85 billion. The company estimated total debt service of $2.41 billion over the next twelve months, and it stated that cash on hand, Revolving Credit Facility capacity and operating cash flows should be sufficient to service its debt. Subsequent to year end, it had $1.205 billion outstanding under the Revolving Credit Facility.
What are management's expectations for capital spending and tower growth in 2026?
For 2026, SBAC expects non-discretionary cash capital expenditures of $67.0 million to $77.0 million and discretionary cash capital expenditures of $430.0 million to $450.0 million. The Guatemala land-rights acquisition for about 3,900 sites ($109.0 million) closed after year end, and the company expects to close the purchase of 48 additional sites for $45.0 million by the end of the second quarter of 2026.
What is SBAC's dividend and buyback policy?
The company's capital allocation priority is investment in quality assets, then stock repurchases, then dividend growth over time. In 2025 it paid four quarterly dividends of $1.11 per share and repurchased 2.5 million shares for $497.8 million. In February 2026 it declared a $1.25 per share dividend payable March 27, 2026, and $1.1 billion remained under its repurchase authorization as of the filing date.
06—Continue