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SBA Communications SBAC US — Company Owned Tower Sites

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Other financials

Income statement

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Revenue$715.3M+2.3%
Gross profit$673.3M+4.3%
Operating income$351.9M+5.1%
Net income$198.8M-12.0%
EPS (diluted)$1.87-10.5%

Balance sheet

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Cash & equivalents$360.8M+20.0%
Total debt$12.7B+1.7%
Total equity-$4.6B+6.3%
Total assets$11.7B+9.1%

Cash flow

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Operating cash flow$407.2M+10.6%
CapEx$62.4M-90.4%
Free cash flow$344.8M+10.4%

Valuation

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Market cap$19.52B-17.0%
Enterprise value$31.89B-10.8%
P/E19.7×-7.1×
P/S6.8×-1.8×

Profitability

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Gross margin93.4%-0.7pp
Operating margin47.6%-4.8pp
Net margin34.5%+2.3pp
FCF margin36.6%-2.4pp

Returns & leverage

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Return on equity-11.1%
Debt / equity-2.7×
Current ratio0.2×-0.2×

Where this comes from

Reported directly by SBA Communications in its filing.

Tagged under the XBRL concept sbac:CompanyOwnedTowerSites.

The source filing: SBA Communications’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 12:59 PM EST
Fiscal year
FY2025
Accession
0001034054-26-000002

As of December 31, 2025, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru, South Africa, and Tanzania. Space on these towers is leased primarily to wireless service providers. During the year ended December 31, 2025, the Company sold all of its towers and ended operations in both the Philippines and Colombia and sold substantially all of its operations in Canada. As of December 31, 2025, the Company owned and operated 46,328 towers of which 17,394 are domestic and 28,934 are international, of which 12,489 and 4,535 are located in Brazil and Guatemala, respectively.

ITEM 16. FORM 10-K SUMMARY

FAQ

What is SBA Communications's US — company owned tower sites?
SBA Communications (SBAC) reported US — company owned tower sites of 4.3K in Q4 2025.
What does US — company owned tower sites mean?
The total count of physical tower structures owned and operated by the company within the United States. This metric measures the physical capacity and geographic reach of the company's domestic network infrastructure. It is a primary driver of leasing revenue and reflects the company's competitive position in the domestic wireless infrastructure market.

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