SBACSBA Communications
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
The biggest changes in the 10-K filed 2026-02-27, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Gross margin
1372.4% → 868.8% (-503.6 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
939.2% → 549.2% (-390.0 pts) Big change FY to 2025-12-31 vs 2024-12-31“Domestic site leasing segment operating profit decreased $5.9 million for the year ended December 31, 2025, as compared to the prior year, primarily due to Sprint and other lease non-renewals.”
Read it in the 10-K ↗
“Site development segment operating profit increased $11.4 million for the year ended December 31, 2025, as compared to the prior year, as a result of increased carrier activity.”
Read it in the 10-K ↗
Revenue
+59.9% Big change FY to 2025-12-31 vs 2024-12-31“Domestic site leasing revenues increased $4.2 million for the year ended December 31, 2025, as compared to the prior year, primarily due to (1) organic site leasing growth from new leases, amendments, and contractual rent escalators and (2) revenues from 66 towers acquired and 54 towers built since January 1, 2024, partially offset by Sprint and other lease non-renewals and a decrease in non-cash straight line revenue.”
Read it in the 10-K ↗
“Site development revenues increased $91.6 million for the year ended December 31, 2025, as compared to the prior year, as a result of increased carrier activity.”
Read it in the 10-K ↗
Net income
+40.6% Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
-3.3% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on SBAC in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SBAC/export.csv") into a cell.