01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
SBA Communications Corporation's third-quarter 2025 Form 10-Q reports total revenues of $732.3 milliona for the three months ended September 30, 2025, up from $667.6 million a year earlier, and net income attributable to SBA Communications Corporation of $236.8 million, down from $258.5 million.
For the nine months, revenues were $2.10 billionb and net income attributable to the company was $683.3 million, versus $575.9 million in the prior-year period. Site leasing remains the core business, contributing 97.7% of total segment operating profit for the nine months, and the company reported Adjusted EBITDA of $1.43 billion for the nine months ended September 30, 2025, up from $1.41 billion. The balance sheet shows total assets of $11.26 billion and a total shareholders' deficit of $4.93 billion at September 30, 2025.
Total debt principal was $12.77 billionc, and the company repaid the $1.165 billion 2019-1C Tower Securities in January 2025. Cash flow from operations was $987.3 million for the nine months, while cash used in investing activities was $421.0 million, largely for tower acquisitions, and cash used in financing activities was $1.52 billion, reflecting the debt repayment, share repurchases of $281.5 million, and dividends of $360.8 million.
Subsequent to quarter end, the company closed on 2,020 Millicom-related sites for approximately $217.4 milliond in cash and agreed to sell 365 Canadian towers for CAD$446.0 million on October 15, 2025. The company also entered a new 10-year master lease agreement with Verizon on October 30, 2025, and declared a quarterly dividend of $1.11 per share payable December 11, 2025.
02—Key points
Key Highlights
- Total revenues of $732.3 million for Q3 2025, up from $667.6 million in Q3 2024; site leasing revenues were $656.4 million and site development revenues were $75.9 million.
- Net income attributable to SBA Communications Corporation was $236.8 million for Q3 2025 versus $258.5 million a year earlier; diluted EPS was $2.20 versus $2.40.
- Adjusted EBITDA was $493.3 million for Q3 2025, up from $472.6 million, and $1.43 billion for the nine months ended September 30, 2025.
- Total debt principal was $12.77 billion at September 30, 2025, including a $1.165 billion 2019-1C Tower Securities repayment on January 15, 2025.
- The company repurchased 1.4 million shares for $284.8 million in the nine months ended September 30, 2025, under a new $1.5 billion authorization approved April 27, 2025, with $1.3 billion remaining as of the filing date.
- Subsequent to quarter end, the company closed on 2,020 Millicom-related sites for $217.4 million and agreed to sell 365 Canadian towers for CAD$446.0 million; a new 10-year Verizon master lease was entered on October 30, 2025.
- For 2025, the company expects discretionary cash capital expenditures of $1,290.0 million to $1,300.0 million and non-discretionary cash capital expenditures of $56.0 million to $60.0 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Sba Communications kept $0.32.
- Revenue$732.3M100.0%
- Cost of revenue−$189.8M25.9%
- Gross profit$542.5M74.1%
- Operating costs−$168.4M23.0%
- Operating income$374.2M51.1%
- Interest, other & tax−$137.4M18.8%
- Net income$236.8M32.3%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $732.33M$667.60M | +9.7% |
| Cost of Revenue | $189.79M$150.34M | +26.2% |
| Gross Profit | $542.54M$517.26M | +4.9% |
| SG&A Expenses | $66.01M$60.09M | +9.9% |
| Operating Expenses | $358.16M$292.00M | +22.7% |
| Operating Income | $374.17M$375.60M | −0.4% |
| Net Income | $236.82M$258.53M | −8.4% |
| EPS (Basic) | $2.21$2.41 | −8.3% |
| EPS (Diluted) | $2.20$2.40 | −8.3% |
| Shares Outstanding (Basic) | 107.26M107.49M | −0.2% |
| Shares Outstanding (Diluted) | 107.56M107.92M | −0.3% |
05—Questions
Frequently Asked Questions
How did SBA Communications perform in the third quarter of 2025?
Total revenues rose to $732.3 million from $667.6 million, driven by site leasing growth and a $34.0 million increase in site development revenues. Operating income was $374.2 million, roughly flat versus $375.6 million, as higher asset impairment, depreciation, and SG&A costs offset revenue gains. Net income attributable to the company declined to $236.8 million from $258.5 million.
What is the company's debt position and how has it changed?
Total debt principal was $12.77 billion at September 30, 2025, down from $13.67 billion at December 31, 2024. The decline reflects the January 2025 repayment of the $1.165 billion 2019-1C Tower Securities and a $17.3 million term loan repayment, partly offset by $280.0 million outstanding on the Revolving Credit Facility.
How is the company returning capital to shareholders?
In the nine months ended September 30, 2025, the company paid $360.8 million in dividends and repurchased $281.5 million of common stock. It declared a $1.11 per share dividend on November 2, 2025, payable December 11, 2025, and had $1.3 billion of repurchase authorization remaining as of the filing date.
What are the notable subsequent events and their potential impact?
The company closed on 2,020 Millicom-related sites for approximately $217.4 million in cash and agreed to purchase 78 more sites for $66.9 million. It sold 365 Canadian towers for CAD$446.0 million on October 15, 2025, and entered a new 10-year Verizon master lease agreement on October 30, 2025.
What is driving the shareholders' deficit and how large are the Brazilian tax exposures?
The company reported a total shareholders' deficit of $4.93 billion at September 30, 2025. In Brazil, taxing authorities issued income tax deficiencies that the company is appealing; no liability has been recorded, and the estimated range of reasonably possible losses in excess of accruals is between zero and $112.5 million, excluding penalties and interest of $186.5 million.
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