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Screener / SEC EDGAR /CIK 0001034054 /10-K filed Feb 27, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks
Real estate peers:
AREINVHDOCEXRSBACMAA
Nasdaq Real estate · REIT

SBA Communications SBAC

SBAC quote by TradingView

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” 10-K, Item 1

Employees
1,844
Headquarters
Boca Raton, FL
CEO
Brendan T. Cavanagh
Next results
around Feb 25, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $2.8B through the costs to a net profit of $1.1B · income statement of the 10-K

48% operating margin
Revenue to Gross profit: $2.1BRevenue to Cost of revenue: $691.0MGross profit to Operating profit: $1.3BGross profit to Operating expenses: $781.4MOperating profit to Net profit: $1.1BOperating profit to Tax & other: $289.2M Revenue: $2.8B REVENUE $2.8B +5% Y/Y Gross profit: $2.1B · 75% margin GROSS PROFIT $2.1B 75% margin · +1% Y/Y Cost of revenue: $691.0M · 25% of revenue COST OF REVENUE $691.0M 25% of revenue Operating profit: $1.3B · 48% margin OPERATING PROFIT $1.3B 48% margin · −6% Y/Y Operating expenses: $781.4M · 28% of revenue OPERATING EXPENSES $781.4M 28% of revenue Net profit: $1.1B · 37% margin NET PROFIT $1.1B 37% margin · +41% Y/Y Tax & other: $289.2M · 10% of revenue TAX & OTHER $289.2M 10% of revenue
Gross profit $2.1B 75% margin · +1% Y/Y
Operating profit $1.3B 48% margin · −6% Y/Y
Net profit $1.1B 37% margin · +41% Y/Y
The full income statement, year by year

SBAC among Real estate peers

Six ratios from the latest 10-K. Each corner is the share of 28 peers the company is above, not a score.

Compare
Revenue growth: 5.1%, above 43% of 28 peers (their median 5.2%) REVENUE GROWTH 5.1% · above 43% Gross margin: 75.7%, above 75% of 8 peers (their median 55.3%) GROSS MARGIN 75.7% · above 75% Operating margin: 47.7%, above 76% of 17 peers (their median 36.0%) OPERATING MARGIN 47.7% · above 76% Net margin: 34.5%, above 75% of 28 peers (their median 21.6%) NET MARGIN 34.5% · above 75% FCF margin: 36.9%, above 64% of 11 peers (their median 12.3%) FCF MARGIN 36.9% · above 64%
SBAC Peer median Below the median

What changed

6 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 27, 2026 against Feb 26, 2025.

Risk factors
6 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +17.5% vs revenue +5.1% (+12.5 pts)
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +17.5% vs revenue +5.1% (+12.5 pts)
  • Cash from operations $1.3B vs net income $1.1B (FY ending Dec 31, 2025)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: F-1; Accounting for Ground Leases
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

6 paragraphs in Risk Factors that were not in the 10-K filed Feb 26, 2025. Quoted as filed.

All 6 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations. Adverse changes in a customer’s financial condition or business operations could result in delayed payments, reduced revenues, contract modifications, or nonperformance. For example, in late 2025, EchoStar (f/k/a DISH…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    Our operations, like those of other companies engaged in similar businesses, are subject to the requirements of various federal, state, local, and foreign environmental and occupational safety and health laws and regulations (including climate-related laws
  3. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    From time to time, we may generate REIT taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the

New risk paragraphs, against peers

Latest 10-K of each, Real estate companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$2.6B$2.7B$2.7B$2.8B
Net income$461.4M$501.8M$749.5M$1.1B
Operating cash flow$1.3B$1.5B$1.3B$1.3B
Free cash flow$1.1B$1.3B$1.1B$1.1B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$2.8B ▲ 5.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

SBA Communications, Boca Raton, FL · from the 10-K filed Feb 27, 2026

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada.

Headquarters
Boca Raton, FL
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 2, 2026
Incorporated in
FL

Employees, at the top of the page: "As of December 31, 2025, we had 1,844 employees of which 663 were based outside of the U" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 27, 2026 (open at SEC), compared with the 10-K filed Feb 26, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/SBAC/export.csv") into a cell.