SBA Communications (SBAC) FY2025 10-K Annual Report
SBA Communications (SBAC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SBA Communications FY2025 10-K Analysis
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
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
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
SBA Communications FY2025 Key Financial MetricsXBRL
Revenue
$244M
▲ +59.9% YoY
Net Income
$1.1B
▲ +40.6% YoY
Gross Margin
868.8%
▼ -50357bp YoY
Operating Margin
549.2%
▼ -39001bp YoY
Net Margin
430.9%
▼ -5938bp YoY
ROE
-21.7%
▼ -704bp YoY
Total Assets
$11.6B
▲ +1.4% YoY
EPS (Diluted)
$9.80
▲ +41.2% YoY
Operating Cash Flow
$1.3B
▼ -3.3% YoY
Source: XBRL data from SBA Communications FY2025 10-K filing on SEC EDGAR. All figures in USD.
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