Income StatementBalance SheetCash FlowSegments
SBA Communications logo

SBA Communications Cash Flow Statement

Operating, investing, and financing cash movements

SBA Communications generated $1.2B in operating cash flow over the trailing twelve months. After $832.8M in capital expenditures, free cash flow was $1.0B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.2BNet Cash From Investing (TTM)-$1.1BNet Cash From Financing (TTM)-$451.1MCapital Expenditures (TTM)$832.8MDepreciation And Amortization Cf (TTM)$308.6MNet Change In Cash (TTM)4,903,100,000.0%
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$21.6B
P/E Ratio21.19
ROE-20.94%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$31.4M$63.4M$589.2M$11.8M$394.4M$143.5M
Capital expenditures$55.5M$46.2M$646.9M$74.7M$62.7M$48.4M
Repayment Funding Of Loan To Unconsolidated Joint Venture—-$115.0M————
Net cash from investing activities-$328.9M$238.3M-$581.0M-$78.3M-$180.8M-$296.8M
Other investing activities$3.7M-$4.9M-$15.0K$6.9M—-$75.0K
Proceeds from maturities/sales of investments$357.5M$415.8M$270.0M$224.1M$494.3M$618.0M
Proceeds from sale of businesses$83.3K$40.4M$41.0K$95.0K$290.1M$2.2M
Purchases of investments$596.1M$228.4M$205.9M$223.7M$508.3M$725.1M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$5.9M$5.4M$5.4M$5.5M$5.5M$5.3M
Amortization of intangible assets$27.3M$26.8M$27.1M$29.6M$31.6M$33.5M
Change in accounts payable—-$8.5M—$14.6M-$25.7M-$13.1M
Change in accrued investment income—$26.9M-$40.4M$38.0M—$25.7M
Change in other assets$2.5M$4.6M$0.0$11.0M$58.9M$740.0K
Change in other liabilities-$56.5M-$23.6M——-$14.0M-$60.6M
Other working capital changes—-$20.0M-$14.9M-$15.7M$50.6M-$14.0M
Change in receivables—-$10.4M$31.1M$16.5M$19.0M-$16.0M
Deferred income taxes-$30.1M$35.7M$26.2M$32.8M$9.8M$25.4M
Depreciation and amortization$65.1M$65.0M$70.0M$76.9M$80.4M$81.3M
Net gains (losses) on investments—-$34.9M-$11.6M-$2.9M-$2.5M$11.1M
Gain (loss) on sale of assets-$177.5K-$18.8M——$226.7M-$38.0K
Impairment charges$3.2M$2.6M$3.4M$186.0K—$3.5M
Net cash from operating activities$310.2M$301.2M$368.1M$318.0M$304.0M$255.1M
Net income$173.6M$220.7M$225.8M$236.8M$370.3M$184.8M
Increase Decrease In Long Term Lease Liability-$32.1M-$32.8M-$32.0M-$32.5M-$32.3M-$35.1M
Increase Decrease In Operating Lease Right Of Use Asset$26.1M$33.1M$30.4M$33.7M$32.8M$39.1M
Minority Interest Change In Redemption Value—$12.2M$2.7M$6.7M$1.6M$8.1M
Noncash Asset Impairment And Decommission Costs$17.3M$35.7M$43.0M$17.4M$78.0M$26.9M
Pension contributions$825.0K$950.0K$950.0K$950.0K$950.0K—
Stock-based compensation$17.9M$15.7M$21.5M$19.3M$19.2M$18.9M
Excess Tax Benefit from Share-based Compensation$375.0K—————

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
ROU assets obtained - finance leases$182.0K$879.0K$1.8M$2.9M$897.0K$338.0K
ROU assets obtained - operating leases$14.9M$28.1M$48.0M$21.7M$120.0M$11.4M
Income taxes paid$16.4M$7.5M$15.8M$9.8M$19.8M$44.7M
Interest paid$80.4M$132.2M$79.7M$158.2M$97.3M$155.3M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$12.7M$5.8M$0.0$11.5M$5.8M$5.8M
Acquisition of redeemable noncontrolling interests$466.3K$36.5K$36.5K$36.5K$36.5K—
Dividends paid$105.4M$122.3M$119.4M$119.1M$118.2M$135.2M
Dividends$106.0M$120.8M$120.0M$119.9M$119.0M$133.5M
Payment Stock Option Net Share Settlements$614.0K$24.3M$407.0K$180.0K$632.0K$19.6M
Net cash from financing activities$1.2B-$1.3B-$158.3M-$79.8M-$143.4M-$69.6M
Other financing activities$11.9M-$824.0K-$692.0K-$754.0K-$1.5M-$3.1M
Proceeds from issuance of common stock$20.5M$11.7M$12.5M$2.4M$21.4M$14.4M
Repayments of Related Party Debt$45.0M——$50.0M$80.0M$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$254.6M$255.0M$312.2M$258.0M$241.3M$206.7M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-1170400000.0%614300000.0%755900000.0%495500000.0%—679100000.0%
Net increase (decrease) in cash114916500000.0%-73655100000.0%-36358300000.0%—-2837300000.0%-10450900000.0%
Asset Impairment And Decommission Costs$20.0M$37.0M$45.2M$20.3M$81.6M$29.3M
Business Combination Acquisition Related Costs And Adjusments$6.6M$7.4M$5.9M$5.2M$8.9M$8.1M
Cost of services$36.0M$38.2M$53.5M$62.5M$44.8M$39.4M
Cost Of Goods Sold Direct Operating Lease$116.1M$115.5M$118.6M$127.3M$130.7M$131.9M
Cost Of Revenue$152.1M$153.7M$172.1M$189.8M$175.4M$171.3M
Costs and Expenses$311.4M$329.3M$364.2M$358.2M$420.7M$360.6M
Non-U.S.-$6.6M$23.2M$23.2M$23.2M$23.2M—
Gross Profit$541.6M$510.6M$526.9M$542.5M$544.2M$532.1M
Income Loss From Continuing Operations Before Income Taxes Domestic19944350000.0%17596575000.0%17596575000.0%17596575000.0%17596575000.0%—
Income Loss From Continuing Operations Before Income Taxes Foreign-627700000.0%13454375000.0%13454375000.0%13454375000.0%13454375000.0%—
Foreign Tax Effects-46050000.0%—————
Investment Income Interest$20.6M$10.8M$8.2M$5.5M$7.2M$5.2M
Other Income - Net-$226.5M-$75.0M-$74.0M-$85.1M—-$106.8M
Real Estate Accumulated Depreciation Deductions$17.4M$18.3M$18.3M$18.3M$18.3M—
Real Estate Deductions$80.7M$28.0M$28.0M$28.0M$28.0M—
Revenues$693.7M$664.2M$699.0M$732.3M$719.6M$703.4M
Unrecognized Tax Benefits Increase Decrease Resulting From Prior Period Tax Positions-$379.8K$89.8K$89.8K$89.8K$89.8K—