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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)$49.6M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$21.6B
P/E Ratio21.22
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
Payment for (Proceeds from) Other Investing Activity$3.7M-$4.9M-$15K$6.9M—-$75K
Payments for (Proceeds from) Short-Term Investments$63.6M$1.7M$1.7M$1.7M$1.7M—
Payments to Acquire Short-Term Investments$606.2M$227M$205.9M$223.3M$543.8M$723.4M
Proceeds from disposition of marketable securities and other investments$357.5M$415.8M$270M$224.1M$494.3M$618M
Proceeds From Sale Of Short Term Investments$321.4M$415.8M$270M$224.1M$490.1M$618M
Repayment Funding Of Loan To Unconsolidated Joint Venture—-$115M————
Net cash from investing activities-$328.9M$238.3M-$581M-$78.3M-$180.8M-$296.8M
Other investing activities$3.7M-$4.9M-$15K$6.9M—-$75K
Proceeds from maturities/sales of investments$357.5M$415.8M$270M$224.1M$494.3M$618M
Proceeds from sale of businesses$83.3K$40.4M$41K$95K$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$38M—$25.7M
Change in other assets$2.5M$4.6M$0$11M$58.9M$740K
Change in other liabilities-$56.5M-$23.6M——-$14M-$60.6M
Other working capital changes—-$20M-$14.9M-$15.7M$50.6M-$14M
Change in receivables—-$10.4M$31.1M$16.5M$19M-$16M
Deferred income taxes-$30.1M$35.7M$26.2M$32.8M$9.8M$25.4M
Depreciation and amortization$65.1M$65M$70M$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-$38K
Impairment charges$3.2M$2.6M$3.4M$186K—$3.5M
Net cash from operating activities$310.2M$301.2M$368.1M$318M$304M$255.1M
Net income$173.6M$220.7M$225.8M$236.8M$370.3M$184.8M
Stock-based compensation$18.6M$18.9M$18.9M$18.9M$18.9M—
Write-off of customer financing receivable$159.3K$1.5M$1.5M$1.5M$1.5M—
Amortization expense related to capitalized debt issuance costs$5.9M$5.4M$5.4M$5.5M$5.5M$5.3M
Amortization of capitalized software and acquired intangible assets$27.3M$26.8M$27.1M$29.6M$31.6M$33.5M
Depreciation$26.9M$27.3M$31.7M$35.7M$37.1M$36M
Foreign currency remeasurement (loss) gain on debt-$116.9M$54.6M$45.3M$37.8M—$16.3M
Gain (Loss) on Disposition of Assets-$177.5K-$18.8M——$226.7M-$38K
Impairment charges for facilities consolidation$27M$46.1M$46.1M$46.1M$46.1M—
Impairment of assets held for sale$3.2M$2.6M$3.4M$186K—$3.5M
Increase (Decrease) in Accounts and Other Receivables—-$10.4M$31.1M$16.5M$19M-$16M
Increase (Decrease) in Accrued Interest Receivable, Net—$26.9M-$40.4M$38M—$25.7M
Increase Decrease In Long Term Lease Liability-$32.1M-$32.8M-$32M-$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
Increase (Decrease) in Prepaid Expense and Other Assets$2.5M$4.6M$0$11M$58.9M$740K
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$43M$17.4M$78M$26.9M
Other Noncash Income (Expense)—-$20M-$14.9M-$15.7M-$17M-$14M
Payment-in-kind interest$4.9M$8.3M$1.2M$567K—$772K
Pension contributions$825K$950K$950K$950K$950K—
Stock-based compensation$17.9M$15.7M$21.5M$19.3M$19.2M$18.9M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of debt$12.7M$5.8M$0$11.5M$5.8M$5.8M
Dividends paid$105.4M$122.3M$119.4M$119.1M$118.2M$135.2M
Dividends$106M$120.8M$120M$119.9M$119M$133.5M
Payment Stock Option Net Share Settlements$614K$24.3M$407K$180K$632K$19.6M
Payments for Repurchase of Redeemable Noncontrolling Interest$466.3K$36.5K$36.5K$36.5K$36.5K—
Proceeds from exercises of stock options and other stock issuances$8.8M$36M$12.9M$2.6M$4.1M$34M
Other, net$11.9M-$824K-$692K-$754K-$1.5M-$3.1M
Repayments of Long-Term Lines of Credit$160M———$125M$90M
Repayments Of Related Party Debt$45M——$50M$80M$0
Repayments Of Secured Debt$155.1M$1.2B———$750M
Repayments of Senior Debt$12.7M$5.8M$0$11.5M$5.8M$5.8M
Net cash from financing activities$1.2B-$1.3B-$158.3M-$79.8M-$143.4M-$69.6M
Other financing activities$11.9M-$824K-$692K-$754K-$1.5M-$3.1M
Proceeds from issuance of common stock$20.5M$11.7M$12.5M$2.4M$21.4M$14.4M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$254.6M$255M$312.2M$258M$241.3M$206.7M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$21.6M$6.1M$7.6M$5M$10.4M$6.8M
Net increase (decrease) in cash$1.1B-$736.6M-$363.6M—-$963.6M-$104.5M
Adjustments To Additional Paid In Capital Other—-$12.2M-$2.7M-$6.7M-$1.6M-$8.1M
Allowance For Doubtful Accounts Receivable Foreign Currency Translation-$298.5K$196.5K$196.5K$196.5K$196.5K—
Asset Impairment And Decommission Costs$20M$37M$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
Cash Interest Expense$110.1M$104.1M$119.7M$120.2M$124M$128.5M
Company Owned Tower Sites9937.2511582.0011582.0011582.0011582.00—
Cost Method Invesment Impairment Loss$4.7M$0$0$0—$0
Cost of services$36M$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
Current Income Tax Expense (Benefit)$9.3M$20.8M$20.8M$20.8M$20.8M—
U.S. state and local$689.5K$513K$513K$513K$513K—
Non-U.S.-$6.6M$23.2M$23.2M$23.2M$23.2M—
Deferred Income Tax Expense Benefit Valuation Allowance$993.5K-$114.8K-$114.8K-$114.8K-$114.8K—
Deferred Income Tax Expense Benefits-$3.3M$26.1M$26.1M$26.1M$26.1M—
Non-qualified Employer Contributions$825K$950K$950K$950K$950K—
Defined Benefit Plan Minimum Age Requirement5.255.255.255.255.25—
Defined Contribution Plan Employer Discretionary Contribution Amount$1K$1K$1K$1K$1K—
Effective Income Tax Rate Reconciliation At Uncertain Tax Positions Amount-$73.3K—————
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential Amount State Two—-$3.8M-$3.8M-$3.8M-$3.8M—
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential Amount State One—$7M$7M$7M$7M—
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential State Two Percent————-1.2%—
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential State One Percent————2.2%—
Effective Income Tax Rate Reconciliation Nondeductible Or Nondeductible Items Reit————-11.6%—
Effective Income Tax Rate Reconciliation Other Foreign Jurisdictions Amount—$4.6M$4.6M$4.6M$4.6M—
Effective Income Tax Rate Reconciliation Other Foreign Income Tax Rate Differential Amount—$214.3K$214.3K$214.3K$214.3K—
Effective Income Tax Rate Reconciliation Other Foreign Jurisdictions Percent————1.5%—
Effective Income Tax Rate Reconciliation Other Foreign Income Tax Rate Differential Percent————0.1%—
Foreign Currency Transaction Gain Loss Realized After Tax$235.3M$36M$30.4M$25.5M-$173.4M$10.1M
Gross Profit$541.6M$510.6M$526.9M$542.5M$544.2M$532.1M
Ground Lease Extensions$7.9M$3.2M$4.6M$1.8M$2.5M$2M
Ground Lease Land Purchases$22.6M$9.2M$9.3M$11.2M$19.2M$11.3M
Impairment Of Long Lived Assets Held For Use Additions$11.9M$30.5M$40.6M$20M$82.6M$22.4M
Income Loss From Continuing Operations Before Income Taxes Domestic79777400000.0%———70386300000.0%—
Income Loss From Continuing Operations Before Income Taxes Foreign-2510800000.0%———53817500000.0%—
Income Loss From Continuing Operations Per Basic Share696.0%205.0%210.0%221.0%983.0%175.0%
Income Loss From Continuing Operations Per Diluted Share694.0%204.0%209.0%220.0%980.0%174.0%
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance$993.5K—————
Income Tax Reconciliation Effect Of Real Estate Investment Trust Election Amount-$40.9M-$36.2M-$36.2M-$36.2M-$36.2M—
Foreign Tax Effects-184200000.0%—————
U.S. federal statutory tax16226000000.0%———26082900000.0%—
Income Tax Reconciliation Permanent Differences Amount$3.2M—————
State and local taxes$885.8K$1.1M$1.1M$1.1M$1.1M—
Interest Costs Incurred Capitalized$200K$175K$175K$175K$175K—
Investment Income Interest$20.6M$10.8M$8.2M$5.5M$7.2M$5.2M
Less: Net income from noncontrolling interests—-$2.8M-$100K$3.6M$135K$72K
Non Cash Interest Expense$4.9M$8.3M$1.2M$567K—$772K
Other Income - Net-$226.5M-$75M-$74M-$85.1M—-$106.8M
Number of Operating Segments—2.00———2.00
Number Of Towers Acquired46.501786.501786.501786.501786.50—
Operating Lease Modifications And Reassessments$54.4M$31.4M$43M$46.4M$39.1M$51.4M
Other Asset Impairment Charges Including Third Pary Decommission Costs$4.9M$4M$1.3M$123K$3.2M$3.4M
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent-$78.4M$58.5M$36.7M$26.3M$26.5M$16.3M
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest-$1.3M$932K$86K—$41K$716K
Ratio Of Total Debt To Annualized Borrower Ebitda650.0%———650.0%—
Real Estate Accumulated Depreciation Additions$32.3M$44.5M$44.5M$44.5M$44.5M—
Real Estate Accumulated Depreciation Deductions$17.4M$18.3M$18.3M$18.3M$18.3M—
Real Estate Additions$76.2M$206.7M$206.7M$206.7M$206.7M—
Real Estate Construction And Related Costs On New Builds$32.9M$21.6M$21.6M$21.6M$21.6M—
Real Estate Deductions$80.7M$28M$28M$28M$28M—
Real Estate Land Buyouts And Other Assets$7.9M$7.5M$7.5M$7.5M$7.5M—
Real Estate Maintenance$12.5M$13.5M$13.5M$13.5M$13.5M—
Real Estate Other Additions$735.5K$797K$797K$797K$797K—
Revenue From Contract With Customer Excluding Assessed Tax$47.4M$48M$67.2M$75.9M$53.4M$47.3M
Revenues$693.7M$664.2M$699M$732.3M$719.6M$703.4M
Leased assets obtained in exchange for operating lease liabilities$14.9M$28.1M$48M$21.7M$120M$11.4M
SEC Schedule III Real Estate Number Of Units9937.2511582.0011582.0011582.0011582.00—
SEC Schedule III Real Estate Writedown Or Reserve Amount$18.5M$33.2M$33.2M$33.2M$33.2M—
Share Based Payment Arrangement Exercise Of Option Tax Expense$375K$250K$250K$250K$250K—
Stock Repurchased And Retired During Period Value—$0$130.7M$150.8M$216.3M$2.2M
Towers And Related Intangible Assets Acquisitions$8.8M$54.2M$579.9M$654K$375.2M$132.2M
Unrecognized Tax Benefits Increase Decrease Resulting From Prior Period Tax Positions-$379.8K$89.8K$89.8K$89.8K$89.8K—
Increases based on tax positions related to the current period$889.3K$943.8K$943.8K$943.8K$943.8K—

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
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