financial statements

The full income statement, balance sheet, and cash-flow statement for SBA Communications Corporation (SBAC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live SBAC chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	244M YoY+59.9%	153M YoY-21.5%	195M YoY-34.4%	297M YoY+45.0%	205M YoY+59.1%
	2.12B YoY+1.3%	2.10B YoY-0.1%	2.10B YoY+6.8%	1.96B YoY+11.4%	1.76B YoY+9.8%
Cost of revenue	691M YoY+18.8%	582M YoY-5.0%	613M YoY-8.4%	669M YoY+22.6%	545M YoY+14.5%
Selling, general & administrative	278M YoY+7.3%	259M YoY-3.4%	268M YoY+2.3%	262M YoY+19.0%	220M YoY+13.3%
Amortization of intangibles	115M YoY+7.5%	107M YoY-73.0%	397M YoY-2.2%	406M YoY-1.4%	412M YoY-5.2%
Provision for credit losses	9.37M YoY+154.6%	3.68M YoY-1.4%	3.73M YoY+490.3%	632K YoY+43.6%	440K YoY-29.0%
Operating income	1.34B YoY-6.5%	1.44B YoY+55.4%	924M YoY-0.2%	925M YoY+18.3%	782M YoY+23.5%
Interest & investment income	31.7M YoY-24.5%	42.0M YoY+129.2%	18.3M YoY+80.6%	10.1M YoY+193.9%	3.45M YoY+15.7%
Other non-operating income	366M YoY+246.2%	-250M YoY-497.2%	63.1M YoY+502.4%	10.5M YoY+114.1%	-74.3M YoY+66.6%
Pre-tax income	1.24B YoY+60.7%	773M YoY+40.9%	549M YoY+4.3%	526M YoY+108.2%	253M YoY+1523.0%
Income tax	188M YoY+682.0%	24.0M YoY-53.0%	51.1M YoY-22.6%	66.0M YoY+342.1%	14.9M YoY+135.7%
	1.05B YoY+40.6%	750M YoY+49.4%	502M YoY+8.8%	461M YoY+94.2%	238M YoY+885.8%
Net income to non-controlling interest	824K YoY+195.9%	-859K YoY+80.5%	-4.40M YoY-169.8%	-1.63M	—
	$9.80 YoY+41.2%	$6.94 YoY+50.5%	$4.61 YoY+9.2%	$4.22 YoY+97.2%	$2.14 YoY+919.0%
EPS (basic)	$9.83 YoY+41.2%	$6.96 YoY+50.0%	$4.64 YoY+8.7%	$4.27 YoY+96.8%	$2.17 YoY+886.4%
Weighted-avg shares (basic)	107M YoY-0.4%	108M YoY-0.5%	108M YoY+0.2%	108M YoY-1.3%	109M YoY-2.0%
Weighted-avg shares (diluted)	108M YoY-0.5%	108M YoY-0.8%	109M YoY-0.4%	109M YoY-1.6%	111M YoY-2.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	773M YoY-60.9%	1.98B YoY+308.6%	484M YoY+0.3%	483M YoY-21.4%	614M YoY+29.9%
Cash & equivalents	265M YoY+39.4%	190M YoY-9.0%	209M YoY+45.1%	144M YoY-60.9%	367M YoY+19.0%
Short-term investments	6.65M YoY-97.4%	255M YoY+24234.0%	1.05M YoY-21.4%	1.33M YoY+71.1%	778K YoY+11.1%
Accounts receivable	171M YoY+17.5%	146M YoY-20.3%	183M YoY-0.9%	184M YoY+80.8%	102M YoY+37.6%
Prepaid expenses	142M YoY-66.1%	417M YoY+981.4%	38.6M YoY+16.4%	33.1M YoY+7.6%	30.8M YoY+29.1%
Other current assets	34.7M YoY+52.5%	22.8M YoY+37.1%	16.6M YoY+23.4%	13.4M YoY-13.8%	15.6M YoY+23.9%
	11.6B YoY+1.4%	11.4B YoY+12.2%	10.2B YoY-3.8%	10.6B YoY+8.0%	9.80B YoY+7.0%
Property, plant & equipment	3.40B YoY+21.8%	2.79B YoY+3.0%	2.71B YoY-0.1%	2.71B YoY+5.4%	2.58B YoY-3.8%
Operating lease right-of-use	2.54B YoY+10.8%	2.29B YoY+2.3%	2.24B YoY-5.9%	2.38B YoY+5.0%	2.27B YoY-4.3%
Intangible assets	2.88B YoY+20.7%	2.39B YoY-2.7%	2.46B YoY-11.6%	2.78B YoY-1.0%	2.80B YoY-11.2%
Long-term investments	21.1M YoY+1.3%	20.8M YoY-15.3%	24.5M YoY-39.7%	40.7M YoY-15.0%	47.9M YoY-16.8%
Deferred tax assets	111M YoY+0.0%	111M YoY+0.0%	111M YoY+0.0%	111M YoY+0.0%	111M YoY+0.0%
Other non-current assets	652M YoY-0.8%	657M YoY-19.1%	812M YoY+12.5%	722M YoY+25.5%	576M YoY+20.4%
	2.68B YoY+49.0%	1.80B YoY+31.9%	1.36B YoY+95.7%	697M YoY+13.1%	616M YoY+0.2%
Accounts payable	73.0M YoY+22.6%	59.5M YoY+41.1%	42.2M YoY-17.9%	51.4M YoY+51.0%	34.1M YoY-69.0%
Accrued liabilities	93.5M YoY+14.1%	82.0M YoY-11.5%	92.6M YoY-8.7%	101M YoY+49.1%	68.1M YoY+8.0%
Deferred revenue	7.18M YoY+35.7%	5.29M YoY-5.4%	5.60M YoY-77.8%	25.2M YoY+345.5%	5.65M YoY+215.2%
Short-term & current debt	1.94B YoY+63.0%	1.19B YoY+84.7%	643M YoY+2579.8%	24.0M YoY+0.0%	24.0M YoY+0.0%
Current lease liability	297M YoY+14.4%	260M YoY-4.4%	272M YoY+4.5%	260M YoY+9.8%	237M YoY+0.9%
Other current liabilities	94.0M YoY+424.3%	17.9M YoY-3.9%	18.7M YoY-61.7%	48.8M YoY+167.6%	18.2M YoY+27.5%
Long-term debt	11.0B YoY-11.6%	12.4B YoY+6.2%	11.7B YoY-9.1%	12.8B YoY+4.6%	12.3B YoY+10.9%
Non-current lease liability	2.11B YoY+11.2%	1.90B YoY+2.1%	1.86B YoY-8.6%	2.04B YoY+2.9%	1.98B YoY-5.4%
Deferred tax liabilities	32.8M YoY+0.0%	32.8M YoY+0.0%	32.8M YoY+0.0%	32.8M YoY+0.0%	32.8M YoY+0.0%
Other non-current liabilities	588M YoY+59.9%	368M YoY-9.0%	404M YoY+62.9%	248M YoY+29.6%	191M YoY+2.8%
Total non-current liabilities	13.7B YoY-6.8%	14.7B YoY+5.2%	14.0B YoY-7.8%	15.1B YoY+4.7%	14.5B YoY+8.2%
	-4.85B YoY+5.0%	-5.11B YoY+1.2%	-5.17B YoY+2.0%	-5.28B YoY+0.1%	-5.28B YoY-9.5%
Common stock	1.06M YoY-1.8%	1.08M YoY-0.4%	1.08M YoY+0.0%	1.08M YoY-0.8%	1.09M YoY-0.8%
Additional paid-in capital	3.06B YoY+2.8%	2.98B YoY+2.8%	2.89B YoY+3.5%	2.80B YoY+4.2%	2.68B YoY+3.7%
Retained earnings	-7.25B YoY+1.0%	-7.33B YoY+1.7%	-7.45B YoY+0.4%	-7.48B YoY-3.9%	-7.20B YoY-9.1%
Accumulated other comprehensive income	-664M YoY+12.7%	-760M YoY-23.6%	-615M YoY-4.2%	-591M YoY+22.5%	-762M YoY+5.6%
Non-controlling interest	614K YoY+0.0%	614K YoY+0.0%	614K YoY+0.0%	614K YoY+0.0%	614K YoY+0.0%
Total equity incl. non-controlling	697M YoY+0.0%	697M YoY+0.0%	697M YoY+0.0%	697M YoY+0.0%	697M YoY+0.0%
Total liabilities & equity	11.6B YoY+1.4%	11.4B YoY+12.2%	10.2B YoY-3.8%	10.6B YoY+8.0%	9.80B YoY+7.0%
Common shares issued	106M YoY-1.8%	108M YoY-0.5%	108M YoY+0.0%	108M YoY-0.9%	109M YoY-0.8%
Common shares outstanding	106M YoY-1.8%	108M YoY-0.5%	108M YoY+0.0%	108M YoY-0.9%	109M YoY-0.8%
Shares outstanding (cover)	107M YoY-0.9%	108M YoY-0.3%	108M YoY-0.1%	108M YoY-0.7%	109M YoY-2.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.29B YoY-3.3%	1.33B YoY-13.6%	1.54B YoY+20.1%	1.29B YoY+8.1%	1.19B YoY+5.7%
Depreciation & amortization	292M YoY+8.4%	270M YoY-62.4%	716M YoY+1.2%	708M YoY+1.1%	700M YoY-3.0%
Share-based compensation	75.7M YoY+1.8%	74.4M YoY-15.4%	87.9M YoY-12.0%	99.9M YoY+18.4%	84.4M YoY+22.5%
Deferred income taxes	104M YoY+898.1%	-13.1M YoY-382.7%	4.63M YoY-85.9%	32.9M YoY+486.6%	-8.51M YoY+86.5%
	-602M YoY+25.6%	-809M YoY-72.8%	-468M YoY+66.4%	-1.39B YoY+2.1%	-1.42B YoY-218.9%
Capital expenditure	225M YoY-1.5%	228M YoY-3.6%	237M YoY+10.4%	214M YoY+60.4%	134M YoY+4.0%
Acquisitions	1.06B YoY+253.2%	300M YoY+130.7%	130M YoY-88.9%	1.18B YoY-6.5%	1.26B YoY+363.4%
Purchases of investments	1.17B YoY-35.2%	1.80B YoY+34.5%	1.34B YoY+51.9%	882M YoY-49.1%	1.73B YoY+34.3%
Sales/maturities of investments	1.40B YoY-8.6%	1.54B YoY+14.8%	1.34B YoY+52.4%	878M YoY-49.3%	1.73B YoY+39.6%
Other investing activities	1.78M YoY-73.2%	6.65M YoY+60.7%	4.14M YoY+889.9%	-524K YoY-101.7%	31.2M YoY+1101.9%
	-1.66B YoY-357.6%	646M YoY+163.5%	-1.02B YoY-650.9%	-135M YoY-139.9%	339M YoY+172.3%
Common stock repurchased	498M YoY+148.9%	200M YoY+100.0%	100M YoY-76.8%	432M YoY-25.9%	583M YoY-32.2%
Dividends paid	479M YoY+12.9%	424M YoY+14.7%	370M YoY+20.6%	307M YoY+21.0%	254M YoY+22.1%
Other financing activities	-3.81M YoY-130.2%	12.6M YoY+33897.3%	37.0K YoY-99.9%	28.7M YoY+323.9%	-12.8M YoY+50.8%
FX effect on cash	10.4M YoY+148.4%	-21.6M YoY-889.6%	2.73M YoY+193.8%	-2.92M YoY+77.7%	-13.1M YoY-46.0%
Net change in cash	-964M YoY-183.8%	1.15B YoY+1764.5%	61.7M YoY+125.0%	-246M YoY-365.4%	92.8M YoY-54.0%
Interest paid	467M YoY+18.3%	395M YoY-0.4%	397M YoY+14.1%	348M YoY-3.6%	361M YoY+2.5%
Income taxes paid	52.8M YoY+24.4%	42.4M YoY+65.8%	25.6M YoY-20.9%	32.3M YoY+26.4%	25.6M YoY+26.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	20.6B YoY-5.9%	21.9B YoY-19.9%	27.4B YoY-9.6%	30.3B YoY-28.5%	42.3B YoY+35.0%
P/E	19.6× YoY-33.1%	29.2× YoY-47.3%	55.5× YoY-25.3%	74.3× YoY-58.3%	178.1× YoY-86.3%
P/S	22.6× YoY-17.5%	27.4× YoY-16.1%	32.7× YoY-11.9%	37.1× YoY-34.8%	56.9× YoY+12.8%
P/FCF	44.7× YoY+75.0%	25.6× YoY+0.9%	25.3× YoY-24.8%	33.7× YoY-26.7%	46.0× YoY+30.1%
Earnings yield	5.1% YoY+49.5%	3.4% YoY+89.8%	1.8% YoY+33.9%	1.3% YoY+139.7%	0.6% YoY+630.3%
FCF yield	2.2% YoY-42.9%	3.9% YoY-0.9%	3.9% YoY+33.1%	3.0% YoY+36.5%	2.2% YoY-23.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: SBAC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SBAC filings on SEC EDGAR → Not investment advice.

SBAC▼ financial statements

About this data

financial statements