SBAC at a glance
SBA Communications (SBAC, SEC CIK 1034054) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 25, 2026 and Form 4 insider filings as recently as August 19, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), SBA Communications (SBAC) reported revenue of $244.5 million (up 59.9% from FY2024) and net income of $1.1 billion. Diluted EPS was $9.80.
- As of June 30, 2026, 38 institutional investment managers tracked by SignalX reported holding SBA Communications (SBAC) shares worth $9.2 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Krouse George R Jr on August 17, 2026 of 300 shares at $182.67 per share.
- In the last 90 days, SBAC insiders reported 0 open-market purchases ($0) and 1 open-market sale ($55K) on Form 4, a net sale of $55K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $244.5M
- +59.9% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$55K
- 13F holders
- 38 funds
- $9.2B · +0 vs prior quarter
- Latest 8-K
- Sep 25, 2026
- Item 2.03
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Independent wireless tower owner/operator; site leasing generates 97.9% of total segment operating profit in FY2025
- Acquired 7,000+ sites from Millicom in Central America, plus 7-year exclusivity to build up to 2,500 BTS sites with 15-year initial lease terms
- Exited Philippines, Colombia, and substantially all Canada operations; strategic consolidation toward higher-conviction markets in Central/South America and Africa
- 1,844 total employees as of Dec 31, 2025, with 663 based outside U.S.; owns 46,328 towers across 12 international markets, averaging 1.8 tenants per site
- Owns three regional data centers (two U.S., one Brazil) plus tower-based data centers, actively exploring edge computing at tower bases as emerging ancillary revenue stream
Risk Factors
- Customer concentration: T-Mobile 31.1%, AT&T 20.3%, Verizon 15.1% of total revenue; site development segment 77.9% T-Mobile dependent
- EchoStar default Dec 2025 causing ~$56M cash site leasing revenue churn in 2026; T-Mobile/Sprint overlap adding ~$75M churn over several years
- Variable rate debt ~$2.7B (21.1% of $12.96B total indebtedness); shareholders' deficit $(4.85B); interest rate swap covers $2.0B at blended 5.165% through Apr 2028
- Brazil tax assessment exposure up to $109.7M plus $172.8M penalties/interest; FX remeasurement swung from $(156.8M) loss to $81.6M gain year-over-year
- International churn guidance $36-40M for 2026 as wireless consolidation pressures persist; 25% of revenue from international ops, 13.6% in Brazilian Reais
Management Discussion & Analysis
- Total revenue $2.82B, up 5.5% YoY ($147M increase); domestic site leasing +0.2%, international +7.7%, site development +59.9%
- Adjusted EBITDA $1.91B vs $1.89B prior year; total operating income $1.34B vs $1.44B, down 7.8% YoY driven by $184M asset impairment/decommission costs vs $108M prior year
- Best segment: site development operating profit +33.4% to $45.5M; worst: domestic site leasing operating profit down 0.4% to $1.59B, pressured by Sprint/EchoStar churn
- Operating cash flow $1.29B vs $1.33B; buybacks $497.8M (2.5M shares at avg $200.73); dividends $479M ($1.11/share quarterly); 2026 capex guided $497M–$527M total
- 2026 domestic churn expected $132M–$136M, international $36M–$40M; elevated interest expense risk with $467.9M paid in 2025 vs $399.8M prior year
AI summary of the SBAC 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $715.3M vs $699.0M, up 0.4% constant currency
- International site leasing revenue $211.4M, up 22.4%; site development $51.4M, down 23.5%
- International site leasing operating profit $148.8M, up 24.0%; site development operating profit $9.5M, down 30.8%
- Net income $196.5M vs $225.7M, down 5.2% constant currency
- 2026 outlook: elevated churn, $132.0M–$136.0M domestic and $36.0M–$40.0M international cash site leasing revenue at risk
AI summary of the SBAC 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.03: Creation of a Direct Financial Obligation
- $2.5B maximum commercial paper program for short-term unsecured borrowing
- Notes mature within 397 days and support general corporate purposes
Item 2.02: Results of Operations and Financial Condition
- Exhibit 99.1 contains SBA Communications’ August 3, 2026 earnings press release
- Investor-relevant operating and financial results are in the incorporated press release
Item EX-99.1: Item EX-99.1
- Q2 site leasing revenue rose 5.1% to $663.9M, led by international growth of 30.5%; domestic revenue declined 3.7%
- AFFO per share fell 3.8% to $3.05, while net income attributable to SBA declined to $198.8M from $225.8M
Item 1.02: Termination of a Material Definitive Agreement
- Prior Senior Credit Agreement terminated July 23, 2026, concurrent with new financing
- Replaced $2.0B revolving facility and $2.3B seven-year secured term loan
Item 1.01: Entry into a Material Definitive Agreement
- $3.5B senior notes issued: $1.35B due 2030, $1.35B due 2031, and $800M due 2033
- Proceeds fully repaid the senior secured term loan and revolving borrowings, refinancing maturities through 2031
AI summaries of SBAC 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SBAC
Don't miss the next SBAC filing
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- Fund moves. Which tracked funds opened, added or cut SBAC, by share count.
- Ask anything. An AI agent that reads every SBAC filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Krouse George R Jr | Sell | Aug 17, 2026 | 300 | $182.67 |
| DAY DONALD | M | Aug 1, 2026 | 457 | - |
| DAY DONALD | F | Aug 1, 2026 | 170.689 | $180.98 |
| DAY DONALD | M | Aug 1, 2026 | 457 | - |
| Johnson Jay LeCoryelle | A | May 22, 2026 | 1,108 | - |
| Chan Mary S | A | May 22, 2026 | 1,108 | - |
| BEEBE KEVIN L | A | May 22, 2026 | 1,108 | - |
| BOWEN LAURIE | A | May 22, 2026 | 1,108 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $152.9M | $244.5M |
| Gross Profit | - | $2.1B | $2.1B |
| Operating Income | - | $1.4B | $1.3B |
| Net Income | - | $749.5M | $1.1B |
| Gross Margin | - | 1372.4% | 868.8% |
| Op. Margin | - | 939.2% | 549.2% |
| Net Margin | - | 490.3% | 430.9% |
| Balance Sheet | |||
| Total Assets | $10.2B | $11.4B | $11.6B |
| Equity | - | -$5.1B | -$4.9B |
| ROE | - | -14.7% | -21.7% |
| Per Share | |||
| EPS | - | $6.94 | $9.80 |
| Cash Flow | |||
| Operating CF | - | $1.3B | $1.3B |
| CapEx | $236.7M | $228.1M | $224.8M |
Source: XBRL data in SBA Communications (SBAC)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate SBAC share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 38 | $9.19B |
| Q1 2026 | 38 | $8.82B |
| Q4 2025 | 34 | $10.49B |
| Q3 2025 | 35 | $11.81B |
| Q2 2025 | 36 | $13.40B |
| Q1 2025 | 32 | $9.59B |
| Q4 2024 | 28 | $7.03B |
| Q3 2024 | 25 | $4.92B |
- Principal Financial Group+1.01M (+723%)
- Citadel Advisors LLC+887.4K (+219%)
- Millennium Management+554.7K (+383%)
- FMR LLC (Fidelity)+327.0K (+46%)
- AQR Capital Management+259.4K (+169%)
- JPMorgan Chase & Co−1.21M (-31%)
- Ameriprise Financial−722.9K (-72%)
- Two Sigma Investments−454.7K (-94%)
- DigitalBridge Group, Inc.−263.0K (-45%)
- Bank of America Corp−209.8K (-21%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 266 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SBAC filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 25, 2026 | - | Analysis | - |
| 4 | Aug 19, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Aug 4, 2026 | - | - | - |
| 8-K | Aug 3, 2026 | - | Analysis | - |
| 8-K | Jul 24, 2026 | - | Analysis | - |
| 8-K | Jul 23, 2026 | - | Analysis | - |
| 8-K | Jul 15, 2026 | - | Analysis | - |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 4 | May 27, 2026 | - | - | |
| 8-K | May 22, 2026 | - | Analysis | |
| 4 | May 15, 2026 | - | - | |
| 4 | May 15, 2026 | - | - | |
| 4 | May 15, 2026 | - | - | |
| 4 | May 5, 2026 | - | - | - |
| 4 | May 5, 2026 | - | - | - |
| 4 | May 5, 2026 | - | - | - |
| 4 | May 5, 2026 | - | - | - |
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SBAC SEC filings: frequently asked questions
Are SBAC insiders buying or selling?
In the last 90 days, SBA Communications (SBAC) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $54,802 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold SBAC stock?
As of June 30, 2026, the largest SBA Communications (SBAC) holders among the 13F filers tracked by SignalX were BlackRock ($1.8 billion), Vanguard Portfolio Management LLC ($1.7 billion), Vanguard Capital Management LLC ($1.2 billion), State Street Corp ($903.3 million), COHEN & STEERS, INC. ($573.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SBAC's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), SBA Communications (SBAC) reported revenue of $244.5 million (up 59.9% from FY2024) and net income of $1.1 billion. Diluted EPS was $9.80. The figures come from the XBRL data in the 10-K.
What are the main risks in SBAC's latest 10-K?
In the 10-K filed February 27, 2026, SBA Communications (SBAC) flagged: Customer concentration: T-Mobile 31.1%, AT&T 20.3%, Verizon 15.1% of total revenue; site development segment 77.9% T-Mobile dependent. EchoStar default Dec 2025 causing ~$56M cash site leasing revenue churn in 2026; T-Mobile/Sprint overlap adding ~$75M churn over several years. (AI summary of the Risk Factors section.)
What did SBAC report in its latest 8-K?
SBA Communications (SBAC) filed an 8-K on September 25, 2026 reporting Item 2.03 (Creation of a Direct Financial Obligation). $2.5B maximum commercial paper program for short-term unsecured borrowing.
What are the latest SBAC SEC filings?
SBA Communications (SBAC) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 25, 2026 and a Form 4 insider filing on August 19, 2026.
What is SBAC's SEC CIK number?
SBA Communications (SBAC)'s SEC Central Index Key (CIK) is 1034054. EDGAR lists every SBAC filing under that number.
Ask anything about SBAC
The research agent reads SBAC's filings, financials, insider trades and 13F holders, then answers with sources.