SBAC on Nasdaq

SBA Communications

Logo: SBA Communications, Public domain, via Wikimedia Commons5

American communications company

SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa. It was founded in 1989 as Steven Bernstein and Associates by Steven Bernstein.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1989Founded1

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  • TickerSBAC on Nasdaq1
  • Industrytelecommunications industry1
  • HeadquartersBoca Raton1
  • Websitewww.sbasite.com
  • Incorporated inFL6
  • Business address8051 Congress Avenue, Boca Raton, Fl 334876
  • Filer categoryLarge accelerated filer6
  • Legal formProfit Corporation4
  • LEI5299001HX8ZN8Y8QIT494
  • StatusActive4
  • LEI statusIssued and current4
  • Registered address8051 Congress Avenue, 33487 Boca Raton, United States4
  • Registered withFlorida Division of Corporations, P160000775134

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SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa. It was founded in 1989 as Steven Bernstein and Associates by Steven Bernstein.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

868.8%Gross margin8
549.2%Operating margin8
430.9%Net margin8
59.9%Revenue growth, 20258
$1.1BFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Domestic Site Leasing Revenue brought in 66% of the revenue SBA Communications broke down this way in fiscal 2025.

  1. Domestic Site Leasing Revenue$1.9B866%up 0% from 2024
  2. International Site Leasing Revenue$705.0M825%up 6% from 2024
  3. Site Development Construction$244.5M89%up 60% from 2024
Business segments by year
Business segments202320242025
Domestic Site Leasing Revenue$1.8B$1.9B$1.9B
International Site Leasing Revenue$670.4M$665.3M$705.0M
Site Development Construction$194.6M$152.9M$244.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue31¢$691.0M
  • Selling, general and admin13¢$277.6M
  • Income tax8¢$187.6M
  • Profit48¢$1.1B

Out of $244.5M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending17¢$224.8M
  • Dividends paid37¢$479.0M
  • Share buybacks39¢$497.8M
  • Kept or used elsewhere7¢$89.7M

Out of $1.3B of cash from operations.8

Financial statements

Revenue91011128$244.5M in 2025+59% since 2019
0$100.0M$200.0M$300.0M2019: $153.8M$153.8M20192020: $128.7M$128.7M2020−16%2021: $204.7M$204.7M2021+59%2022: $296.9M$296.9M2022+45%2023: $194.6M$194.6M2023−34%2024: $152.9M$152.9M2024−21%2025: $244.5M$244.5M2025+60%
Gross profit91011128$2.1B in 2025+40% since 2019
0$1.0B$2.0B$3.0B2019: $1.5B$1.5B20192020: $1.6B$1.6B2020+6%2021: $1.8B$1.8B2021+10%2022: $2.0B$2.0B2022+11%2023: $2.1B$2.1B2023+7%2024: $2.1B$2.1B2024−0%2025: $2.1B$2.1B2025+1%
Operating income91011128$1.3B in 2025+130% since 2019
0$500.0M$1.0B$1.5B2019: $583.5M$583.5M20192020: $633.7M$633.7M2020+9%2021: $782.5M$782.5M2021+23%2022: $925.4M$925.4M2022+18%2023: $923.7M$923.7M2023−0%2024: $1.4B$1.4B2024+55%2025: $1.3B$1.3B2025−6%
Net income91011128$1.1B in 2025+617% since 2019
0$500.0M$1.0B$1.5B2019: $147.0M$147.0M20192020: $24.1M$24.1M2020−84%2021: $237.6M$237.6M2021+886%2022: $461.4M$461.4M2022+94%2023: $501.8M$501.8M2023+9%2024: $749.5M$749.5M2024+49%2025: $1.1B$1.1B2025+41%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.8

Period ending2025-12-312024-12-312023-12-31
Site leasing$2.6B$2.5B$2.5B
Site development$244.5M$152.9M$194.6M
Total revenues$2.8B$2.7B$2.7B
Cost of site leasing$492.0M$463.0M$472.7M
Cost of site development$199.0M$118.7M$139.9M
Selling, general, and administrative expenses$277.6M$258.8M$267.9M
Acquisition and new business initiatives related adjustments and expenses$27.3M$25.9M$21.7M
Asset impairment and decommission costs$184.2M$107.9M$169.4M
Depreciation, accretion, and amortization$292.3M$269.5M$716.3M
Total operating expenses$1.5B$1.2B$1.8B
Operating income$1.3B$1.4B$923.7M
Interest income$31.7M$42.0M$18.3M
Interest expense-$467.9M-$399.8M-$400.4M
Non-cash interest expense-$8.9M-$27.7M-$35.9M
Amortization of deferred financing fees-$21.9M-$21.3M-$20.3M
Loss from extinguishment of debt, net-$5.9M
Other income (expense), net$366.2M-$250.4M$63.1M
Total other expense, net-$100.7M-$663.1M-$375.2M
Income before income taxes$1.2B$772.7M$548.5M
Provision for income taxes-$187.6M-$24.0M-$51.1M
Net income$1.1B$748.7M$497.4M
Net (income) loss attributable to noncontrolling interests-$824.0K$859.0K$4.4M
Net income attributable to SBA Communications Corporation$1.1B$749.5M$501.8M
Basic$9.83$6.96$4.64
Diluted$9.80$6.94$4.61
Basic107.2M shares107.6M shares108.2M shares
Diluted107.5M shares108.1M shares108.9M shares

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Leadership

Who has led SBA Communications, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey Stoops2006–2023
  2. Brendan Thomas Cavanagh2024–now

President

  1. Kurt L. Bagwell2010–2013
  2. Brendan Thomas Cavanagh2024–now

Chief financial officer

  1. Anthony J. Macaione2006–2008
  2. Brendan Thomas Cavanagh2008–2023
  3. Marc Montagner2024–now

Chief operating officer

  1. Kurt L. Bagwell2006–2015
19901995200020052010201520202025
Board members and other officers (27)

Products and brands

The company develops wireless infrastructures, including small cells, indoor/outdoor distributed antenna systems, and traditional cell sites that support antennas used for wireless communication by mobile carriers and wireless broadband providers.

SBA Communications operates in two segments: Site Leasing and Site Development. It leases antenna space to wireless service providers on towers that it owns or operates, and manages rooftop and tower sites for property owners under various contractual arrangements. As of 2020, it owned 30,000 towers around North and South America. Its biggest market is Brazil, where the company owns over 10,000 towers. The company also managed or leased approximately 4,800 actual or potential towers. In addition, it provides various site development services comprising network pre-design; site audits; identification of potential locations for towers and antennas; support in buying or leasing of the location; assistance in obtaining zoning approvals and permits; tower structure construction; antenna installation; and radio equipment installation, commissioning, and maintenance.

From Wikipedia’s article on SBA Communications, shared under CC BY-SA 4.0.7

Timeline

  1. Mar 6, 2024New chief executive Brendan Thomas Cavanagh becomes CEO16
  2. Jan 23, 2006New chief executive Jeffrey Stoops becomes CEO17
  3. Jun 16, 1999Went public Listed on NASDAQ1
  4. 1989Founded Founded1

Filings

382 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 256 insider forms, 16 large holders, 44 other. The latest 20:

  1. Sep 25, 20268-K EDGAR
  2. Aug 19, 20264 EDGAR
  3. Aug 17, 2026144 EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Aug 4, 20264 EDGAR
  6. Aug 3, 20268-K EDGAR
  7. Jul 24, 20268-K EDGAR
  8. Jul 23, 20268-K EDGAR
  9. Jul 16, 2026424B2 EDGAR
  10. Jul 15, 20268-K EDGAR
  11. Jul 15, 2026FWP EDGAR
  12. Jul 13, 2026305B2 EDGAR
  13. Jul 13, 2026424B5 EDGAR
  14. May 27, 20264 EDGAR
  15. May 27, 20264 EDGAR
  16. May 27, 20264 EDGAR
  17. May 27, 20264 EDGAR
  18. May 27, 20264 EDGAR
  19. May 27, 20264 EDGAR
  20. May 27, 20264 EDGAR

The 382 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

41 open-market trades by officers, directors and large owners since October 2021: 1 buys and 40 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026Krouse George R JrDirectorSale300$182.67$54.8KForm 4
May 1, 2025LANGER JACKDirectorSale5,000$240.59$1.2MForm 4
Mar 7, 2025KOENIG JOSHUAEXECUTIVE VP/GENERAL COUNSELSale2,209$224.18$495.2KForm 4
Feb 28, 2025Chan Mary SDirectorSale1,411$218.07$307.7KForm 4
Dec 20, 2024DAY DONALDEVP - SITE LEASINGSale2,321$203.43$472.2KForm 4
Dec 9, 2024Ciarfella Mark REVP - OPERATIONSSale3,545$224.33$795.2KForm 4
Sep 13, 2024DAY DONALDEVP - SITE LEASINGSale1,500$242.86$364.3KForm 4
Aug 21, 2024Krouse George R JrDirectorSale325$219.58$71.4KForm 4
Aug 1, 2024STOOPS JEFFREYDirectorSale49,765$222.01$11.0MForm 4
Mar 5, 2024Chan Mary SDirectorSale1,977$217.99$431.0KForm 4
Dec 14, 2023SILBERSTEIN JASON VEVP - SITE LEASINGSale16,465$255.45$4.2MForm 4
Dec 13, 2023Lazarus Brian DSVP & CHIEF ACCOUNTING OFFICERSale20,605$249.35$5.1MForm 4
Dec 6, 2023BERNSTEIN STEVEN EDirectorSale7,300$253.89$1.9MForm 4
Dec 5, 2023BERNSTEIN STEVEN EDirectorSale46,076$250.10$11.5MForm 4
Nov 29, 2023Ciarfella Mark REVP - OPERATIONSSale5,000$245.05$1.2MForm 4
Nov 27, 2023STOOPS JEFFREYDirectorSale37,889$237.94$9.0MForm 4
Nov 27, 2023KOENIG JOSHUAEXECUTIVE VP/GENERAL COUNSELSale1,275$238.50$304.1KForm 4
Nov 20, 2023Krouse George R JrDirectorSale500$234.43$117.2KForm 4
Nov 15, 2023STOOPS JEFFREYDirectorSale45,779$233.97$10.7MForm 4
Nov 14, 2023BEEBE KEVIN LDirectorSale1,500$233.83$350.7KForm 4

All 41 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Dodge & Cox12,323,254$2.2B1.1%+242,970
BlackRock, Inc.10,138,749$1.8B0.0%+21,722
Vanguard Portfolio Management LLC9,817,059$1.7B0.1%+110,963
Vanguard Capital Management LLC6,936,972$1.2B0.0%+12,011
State Street Corp5,119,264$903.3M0.0%+157,700
Geode Capital Management, LLC3,175,913$558.4M0.0%+26,380
Jpmorgan Chase & Co2,707,005$485.9M0.0%−1,206,043
Invesco Ltd.1,934,968$341.4M0.0%−29,000
Deutsche Bank Ag\1,812,200$319.8M0.1%+1,332,985
Charles Schwab Investment Management Inc1,710,278$301.8M0.0%+132,428
Dimensional Fund Advisors LP1,611,278$284.3M0.1%−1,507
Arrowstreet Capital, Limited Partnership1,568,367$276.8M0.1%−46,687
Norges Bank1,483,684$261.8M0.0%New
Legal & General Group Plc1,428,343$252.0M0.1%−79,248
Diamond Hill Capital Management, LLC (Investment Advisor)1,294,155$228.4M1.8%−640,316
Nordea Investment Management Ab1,299,681$228.3M0.2%+34,218
Citadel Advisors LLC1,292,825$228.1M0.1%+887,381
Morgan Stanley1,276,825$225.3M0.0%+159,696
Principal Financial Group Inc1,152,311$203.3M0.1%+1,012,239
Fmr LLC1,033,501$182.4M0.0%+327,040
Northern Trust Corp995,233$175.6M0.0%+11,817
Alyeska Investment Group, L.P.992,057$175.1M0.5%New
Canada Pension Plan Investment Board907,828$160.2M0.1%No change
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC900,762$158.9M0.0%−25,587
Long Pond Capital, LP898,715$158.6M16.6%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

14 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jan 9, 2026Gilbert Ray Cisneros, Jr.Democratic, HousePartial sale$1,001 - $15,000+9.8%Report
Nov 12, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−21.8%Report
Sep 25, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+23.3%Report
Sep 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−25.2%Report
May 12, 2025Jefferson ShreveRepublican, HouseSale$50,001 - $100,000+52.4%Report
Apr 1, 2025Julie JohnsonDemocratic, HouseSale$1,001 - $15,000+54.2%Report
Mar 11, 2025Robert P. Bresnahan, Jr.Republican, HouseBuy$1,001 - $15,000−55.5%Report
Jan 15, 2025Julie JohnsonDemocratic, HouseBuy$1,001 - $15,000−37.0%Report
Jan 13, 2025Robert P. Bresnahan, Jr.Republican, HouseSale$1,001 - $15,000+38.5%Report
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$15,001 - $50,000+97.5%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HouseBuy$15,001 - $50,000−118.2%Report
Mar 6, 2023Daniel S. GoldmanDemocratic, HouseSale$15,001 - $50,000+119.1%Report
Jan 31, 2023Daniel S. GoldmanDemocratic, HouseBuy$15,001 - $50,000−128.1%Report
Sep 23, 2020Dean Phillips, HouseBuy$1,001 - $15,000−179.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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