SBA Communications: revenue, profit and cash flow

In fiscal 2025, SBA Communications had revenue of $2.82B, up 5.6% a year on average since 2015, and net income of $1.05B (37.4% of revenue). It has 16% fewer shares than in 2015.

Revenue, fiscal 2025

$2.82B+5.6% a year

average annual revenue growth since 2015 · +5.1% vs 2024

Net income, 2025

$1.05B

37.4% of revenue

Diluted EPS, 2025

$9.80

Revenue growth, 5 years

6.2% a year

since 2020

Shares, 2025

108M

−15.9% since 2015

Free cash flow, 2025

$1.07B

$1.29B from operations − $225M capex

Ticker: SBAC · Nasdaq
Sector: Real Estate
Sub-industry: Telecom Tower REITs
Headquarters: Boca Raton, Florida
Founded: 1989
In the S&P 500 since: September 1, 2017
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: Sba Communications Corp · CIK 0001034054

Revenue and net income

Revenue went from $475M in 2008 to $2.82B in 2025. Net loss in 2008–2015.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from −$1.20 in 2009 to $9.80 in 2025.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

15.9% fewer shares in 2025 than in 2015 (128M → 108M): buybacks outweighed new shares.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $1.07B in 2025, 37.9% of revenue.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Shares	Operating cash flow	Capex	Free cash flow
2025	$2.82B	$1.05B	37.4%	$9.80	108M	$1.29B	$225M	$1.07B
2024	$2.68B	$750M	28.0%	$6.94	108M	$1.33B	$228M	$1.11B
2023	$2.71B	$502M	18.5%	$4.61	109M	$1.54B	$237M	$1.31B
2022	$2.63B	$461M	17.5%	$4.22	109M	$1.29B	$214M	$1.07B
2021	$2.31B	$238M	10.3%	$2.14	111M	$1.19B	$134M	$1.06B
2020	$2.08B	$24.1M	1.2%	$0.21	113M	$1.13B	$129M	$997M
2019	$2.01B	$147M	7.3%	$1.28	115M	$970M	$154M	$816M
2018	$1.87B	$47.5M	2.5%	$0.41	117M	$851M	$150M	$701M
2017	$1.73B	$104M	6.0%	$0.86	121M	$818M	$147M	$671M
2016	$1.63B	$76.2M	4.7%	$0.61	125M	$743M	$140M	$603M
2015	$1.64B	−$176M	−10.7%	−$1.37	128M	$723M	$209M	$514M
2014	$1.53B	−$24.3M	−1.6%	−$0.19	129M	$674M	$211M	$463M
2013	$1.3B	−$55.9M	−4.3%	−$0.44	128M	$498M	$169M	$329M
2012	$954M	−$181M	−19.0%	−$1.51	120M	$341M	$113M	$228M
2011	$698M	−$126M	−18.1%	−$1.14	112M	$249M	$127M	$122M
2010	$627M	−$195M	−31.1%	−$1.68	—	$201M	$66.6M	$135M
2009	$556M	−$141M	−25.4%	−$1.20	—	$223M	$46.7M	$176M
2008	$475M	−$67.2M	−14.1%	—	—	$174M	$36.2M	$138M

Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.

About these figures

REITs are usually judged by funds from operations (FFO), which is not in the filings data; their net income is after depreciation of the properties.
No dividends per share in the filings data. Usually that means no dividend, but some companies report theirs in a form the data do not capture.
Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.

Other Telecom Tower REITs companies

AMT

American Tower

revenue $10.6B (2025)

CCI

Crown Castle

revenue $4.26B (2025)

All 30 Real Estate companies

Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.