Short answer
SBA Communications (SBAC) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $244M (+59.9% year over year) and net income of $1.1B.
- Top risk 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
FY2025 key financial metrics · XBRL
- Revenue
- $244M
- +59.9% YoY
- Net income
- $1.1B
- +40.6% YoY
- Operating margin
- 549.2%
- −390.0 pp YoY
- Gross margin
- 868.8%
- −503.6 pp YoY
- EPS (diluted)
- $9.80
- +41.2% YoY
- ROE
- -21.7%
- −7.0 pp YoY
- Operating cash flow
- $1.3B
- −3.3% YoY
Source: XBRL data from the SBA Communications (SBAC) FY2025 10-K on SEC EDGAR. USD.
SBA Communications FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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