SBACSBA Communications

Real estate · REIT · Nasdaq

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

RevenueFY2016–25 $2.8B+5.1% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $1.1B+40.6% Highest in 10 years 10-K FY2025 · XBRL Free cash flowFY2016–25 $1.1B−3.6% FY2024: $1.1B 10-K FY2025 · XBRL Operating marginFY2016–25 47.7%−5.9 pts 23.7% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 27, 2026 against Feb 26, 2025

Area	What changed	Source
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.

What's new, in their words

10-K filed Feb 27, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-26. Quoted as filed.

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…
10-K, Item 1A

All 6 new paragraphs →

Accounting checks

latest 10-K

9 of 10 clear 1 worth a look. Checks, not verdicts.

!
Receivables growing faster than revenueReceivables +17.5% vs revenue +5.1% (+12.5 pts)
✓
Cash from operations $1.3B vs net income $1.1B (FY ending 2025-12-31)
✓
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

How each check works, with sources →

In the last 30 days

All filings →

Nov 9, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
Nov 5, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Nov 2, 20268-K Quarterly results 8-K item 2.02

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