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SBA Communications Income Statement

Revenue, expenses, and profitability over time

SBA Communications generated $2.9B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.0B with a 35.66% net margin. Gross margin stands at 92.99% and operating margin at 47.32%. Diluted EPS is $9.50, which grew 0.3% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$2.9BGross Profit (TTM)$2.7BOperating Income (TTM)$1.4BNet Income (TTM)$1.0BEps Diluted (TTM)$9.50
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$21.6B
P/E Ratio21.22
ROE-20.94%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$17.9M$15.7M$21.5M$19.3M$19.2M$18.9M
Depreciation and amortization$27.3M$26.8M$27.1M$29.6M$31.6M$33.5M
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
Impairment of assets held for sale$3.2M$2.6M$3.4M$186K—$3.5M
Provision for credit losses$920K$2.3M$2.3M$2.3M$2.3M—
Selling, general and administrative$67.6M$66.2M$71M$66M$74.4M$70.5M
Total operating expenses$311.4M$329.3M$364.2M$358.2M$420.7M$360.6M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cost Of Goods Sold Direct Operating Lease$116.1M$115.5M$118.6M$127.3M$130.7M$131.9M
Total cost of revenue$36M$38.2M$53.5M$62.5M$44.8M$39.4M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.61$2.05$2.10$2.21$3.48$1.75
Diluted earnings per share$1.61$2.04$2.09$2.20$3.47$1.74
Continuing operations (in dollars per share)$1.6$2.1$2.1$2.2$3.5$1.8
Continuing operations (in dollars per share)$1.6$2$2.1$2.2$3.5$1.7
Weighted-average shares, basic107644000.00107744000.00107531000.00107257000.00107207000.00105815000.00
Weighted-average shares, diluted108080000.00108140000.00107797000.00107559000.00107533000.00106111000.00

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain (loss) on disposal of assets-$177.5K-$18.8M——$226.7M-$38K
Interest expense$80.4M$132.2M$79.7M$158.2M$97.3M$155.3M
Interest income$20.6M$10.8M$8.2M$5.5M$7.2M$5.2M
Other income (expense), net-$226.5M-$75M-$74M-$85.1M—-$106.8M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$657.7M$626.1M$645.5M$669.8M$674.8M$664M
Operating income$382.3M$334.9M$334.8M$374.2M$298.9M$342.8M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes77266600000.0%25992500000.0%26075300000.0%28908300000.0%124203800000.0%23601400000.0%

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense—$42M$35.1M$48.7M$61.9M$51.1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—-$2.8M-$100K$3.6M$135K$72K
Net income$173.6M$220.7M$225.8M$236.8M$370.3M$184.8M
Income from continuing operations696.0%205.0%210.0%221.0%983.0%175.0%
Preferred stock dividends$106M$120.8M$120M$119.9M$119M$133.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share-based compensation expense related to employee stock plans$18.2M$16.1M$21.9M$19.6M$19.5M$19.2M
Pre-tax stock-based compensation cost$18.6M$18.9M$18.9M$18.9M$18.9M—
Accounts Receivable, Allowance for Credit Loss, Writeoff$159.3K$1.5M$1.5M$1.5M$1.5M—
Amortization Of Financing 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
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation114971100000.0%-73655100000.0%——-96363600000.0%-10450900000.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$137M$244.4M$250.9M$260.3M$394.3M$212.2M
Less: comprehensive income attributable to noncontrolling interest—-$3.8M-$186K$4.6M$94K-$644K
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$143.4M$240.6M$250.7M$264.9M$394.4M$211.6M
Federal—$173.3K$173.3K$173.3K$173.3K—
Foreign$8.6M$20.1M$20.1M$20.1M$20.1M—
Federal$2M$2.6M$2.6M$2.6M$2.6M—
Deferred taxes-$30.1M$35.7M$26.2M$32.8M$9.8M$25.4M
State$364.5K$453.5K$453.5K$453.5K$453.5K—
Depreciation$26.9M$27.3M$31.7M$35.7M$37.1M$36M
Depreciation, Amortization and Accretion, Net$65.1M$65M$70M$76.9M$80.4M$81.3M
Effect of exchange rate changes on cash, cash equivalents and restricted cash-2158700000.0%614300000.0%——1044000000.0%679100000.0%
Effective tax rates—$0$0$0$0.2—
Income taxes at U.S. statutory rate of 21%$0.2$0.1$0.1$0.1$0.2—
Business disposition————-2.4%—
State income taxes – net of federal income tax benefit—$0$0$0$0—
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount$400K$350K$350K$350K$350K—
Income tax benefit realized from option exercises$375K—————
Gain (Loss), Foreign Currency Transaction, before Tax-$116.9M$54.6M$45.3M$37.8M—$16.3M
Gain (Loss) on Disposition of Assets-$177.5K-$18.8M——$226.7M-$38K
Gain On Sale Of Investments$0$0$0$0$0—
Impairment Of Long Lived Assets Held For Use$27M$46.1M$46.1M$46.1M$46.1M—
Business disposition—-$7.3M-$7.3M-$7.3M-$7.3M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$1.8M$2.3M$2.3M$2.3M$2.3M—
Income taxes paid$16.4M$7.5M$15.8M$9.8M$19.8M$44.7M
Increase (Decrease) in Accounts and Other Receivables—-$10.4M$31.1M$16.5M$19M-$16M
Accounts payable and other current liabilities—-$8.5M—$14.6M-$25.7M-$13.1M
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
Other liabilities-$56.5M-$23.6M——-$14M-$60.6M
Increase (Decrease) in Prepaid Expense and Other Assets$2.5M$4.6M$0$11M$58.9M$740K
Add - Incremental shares under stock-based compensation plans (in shares)$47K$396K$266K$302K$4K$296K
Interest Paid, Excluding Capitalized Interest, Operating Activity$80.4M$132.2M$79.7M$158.2M$97.3M$155.3M
Investment expenses$110.1M$104.1M$119.7M$120.2M$124M$128.5M
Line Of Credit Facility Commitment Fee Adjustment0.0%———0.0%—
Line Of Credit Facility Margin Adjustment0.1%———0.1%—
Noncontrolling Interest, Change in Redemption Value—$12.2M$2.7M$6.7M$1.6M$8.1M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$1.2B-$1.3B-$158.3M-$79.8M-$143.4M-$69.6M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$328.9M$238.3M-$581M-$78.3M-$180.8M-$296.8M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$310.2M$301.2M$368.1M$318M$304M$255.1M
Noncash Asset Impairment And Decommission Costs$17.3M$35.7M$43M$17.4M$78M$26.9M
Number of reportable segments—2.00———2.00
Lease income — operating leases$646.3M$616.2M$631.8M$656.4M$666.2M$656.1M
Unrealized gains (losses) on available-for-sale securities—-$34.9M-$11.6M-$2.9M-$2.5M$11.1M
Foreign currency translation gains (losses)-$77.1M$57.6M$36.6M$27.3M$26.4M$15.5M
Other Noncash Income (Expense)—-$20M-$14.9M-$15.7M-$17M-$14M
Other income, net (Note 6)-$124.6M$32.2M$44.1M$35.6M$254.3M$22.5M
Paid-in-kind interest capitalized$4.9M$8.3M$1.2M$567K—$772K
Payment Stock Option Net Share Settlements$614K$24.3M$407K$180K$632K$19.6M
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 For Repurchase Of Redeemable Noncontrolling Interest$466.3K$36.5K$36.5K$36.5K$36.5K—
Payments of Dividends$105.4M$122.3M$119.4M$119.1M$118.2M$135.2M
Payments to Acquire Businesses, Net of Cash Acquired$31.4M$63.4M$589.2M$11.8M$394.4M$143.5M
Payments to Acquire Investments$596.1M$228.4M$205.9M$223.7M$508.3M$725.1M
Payments to Acquire Property, Plant, and Equipment$55.5M$46.2M$55.9M$60.1M$62.7M$48.4M
Payments to Acquire Short-Term Investments$606.2M$227M$205.9M$223.3M$543.8M$723.4M
Proceeds from principal business dispositions$83.3K$40.4M$41K$95K$290.1M$2.2M
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options$8.8M$36M$12.9M$2.6M$4.1M$34M
Proceeds from long-term lines of credit$0——$295M$320M$900M
Financing — other$11.9M-$824K-$692K-$754K-$1.5M-$3.1M
Proceeds from disposition of marketable securities and other investments$357.5M$415.8M$270M$224.1M$494.3M$618M
Short-term investments sold$321.4M$415.8M$270M$224.1M$490.1M$618M
Cash received from option exercises$7.4M$12M$12M$12M$12M—
Real Estate Accumulated Depreciation Deductions$17.4M$18.3M$18.3M$18.3M$18.3M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Addition$173.3K$6.4M$6.4M$6.4M$6.4M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction$11.4M—————
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold$6.1M$18.3M$18.3M$18.3M$18.3M—
Total dispositions$109.3K$29.9M$29.9M$29.9M$29.9M—
Real Estate Deductions$80.7M$28M$28M$28M$28M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements$13.5M$14.5M$14.5M$14.5M$14.5M—
Acquisitions and development$8.6M$148.8M$148.8M$148.8M$148.8M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction$62.1M-$35.1M-$35.1M-$35.1M-$35.1M—
Repayment Funding Of Loan To Unconsolidated Joint Venture—-$115M————
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
Payments on debt$12.7M$5.8M$0$11.5M$5.8M$5.8M
Right Of Use Asset Obtained In Exchange For Finance Lease Liability$182K$879K$1.8M$2.9M$897K$338K
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense$32.1M$38M$38M$38M$38M—
Property, plant, and equipment additions—$110.4M———$192.2M
Stock-based compensation$17.9M$15.7M$21.5M$19.3M$19.2M$18.9M
Share Based Compensation Allocated To Selling General And Administrative Expense—$15.1M———$18.3M
Intrinsic value of stock options exercised$2.9M$23.5M$3.6M$200K$200K$7M
Exercised (in shares)140.2158.7——162.2182.3
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1$100K$100K$100K$100K$100K—
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period$49K$455K$63K$6K$17K$509K
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture$8.2M$11.7M$12.5M$2.4M$3.4M$14.4M
Unrecognized tax benefits, settlements$582.8K$781.5K$781.5K$781.5K$781.5K—
Interest expense and penalties, net (benefit)/charge recognized$75K$100K$100K$100K$100K—
Unrecognized Tax Benefits Increase Decrease Resulting From Prior Period Tax Positions-$379.8K$89.8K$89.8K$89.8K$89.8K—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount$800K-$1.3M-$1.3M-$1.3M-$1.3M—

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rental income$646.3M$616.2M$631.8M$656.4M$666.2M$656.1M
Total revenue$693.7M$664.2M$699M$732.3M$719.6M$703.4M