Short answer
SBA Communications (SBAC) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $76M (up 81.2% year over year) with net income of $237M.
Q3 2025 key financials · XBRL
- Revenue
- $76M
- +81.2% YoY · +13.0% QoQ
- Net income
- $237M
- −8.4% YoY · +4.9% QoQ
- Operating margin
- 493.0%
- Gross margin
- 714.8%
- EPS (diluted)
- $2.20
- −8.3% YoY · +4.8% QoQ
Source: XBRL data from the SBA Communications (SBAC) Q3 2025 10-Q on SEC EDGAR. USD.
SBA Communications Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $732.3M for Q3 2025, up 9.2% YoY from $667.6M; domestic site leasing up $5.4M (1.1%), international up $25.3M (13.9%), site development up $34.0M (81.2%)
- Operating margin 52.2% for Q3 2025 ($382.2M op profit / $732.3M revenue) slightly down 0.1% YoY; domestic site leasing op income down 4.6% to $309.5M, international up 24.9% to $72.7M
- Best performing segment site development with 81.2% revenue growth ($75.9M), worst domestic site leasing with 4.6% decline in operating income ($309.5M vs $324.4M)
- Cash from operations $987.3M for 9 months 2025, down from $1,024.7M prior year; financing activities used $1.52B vs $533.8M prior year, driven by $1.165B repayment of Tower Securities and $281.5M share repurchases
- Management expects higher site leasing revenue for remainder of 2025 driven by new tower acquisitions/builds and spectrum deployments; notes inflation impact limited by fixed long-term contracts except in South America/Africa
Risk Factors
- Section 'risk_factors' was empty or not found.
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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