SBA Communications Corporation
SBAC Real Estate Reit Specialty
SBA Communications Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 5.06% from fiscal 2024. In the quarter to June 2026, revenue grew 2.33%, EPS fell 11.0%, free cash flow grew 11.3% and total debt rose 1.74%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years.
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SBA Communications Corporation 10-K filed Feb 27, 2026
What changed
Item 1, Business, against the 10-K filed Feb 26, 2025: 2 added · 5 removed · 26 modified; 3 with only figures updated
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Modified · General
We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America,
Canada,and Africa.On January 10During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines andon February 20, 2025, we entered into an agreement to sellColombia and sold substantially all of ourtowers and related assets heldoperations inColombiaCanada. Our primary business line is our site leasing business, which contributed98.497.9% of our total segment operating profit for the year ended December 31,20242025. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31,20242025, we owned39,74946,328 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.
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