SBA Communications (SBAC) Q4 FY2025 earnings: revenue $720 million, up 3.7% on the year

SBA Communications Corp. (SBAC) reported revenue of $720 million for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier. Net income was $370 million, up 113.3% on the year, and diluted earnings per share $3.47. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$720 million

+3.7% on the year · -1.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

41.5%

55.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$370 million

+113.3% on the year · +56.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.47

+115.5% on the year · +57.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 15 new.

Net income lifted by Canada gain: Net income was $370.4 million, or $3.47 per diluted share, against $1.61 a year earlier. The result included a $226.3 million gain on the sale of Canada operations.
AFFO per share fell 8.1%: AFFO was $340.4 million and AFFO per share $3.19, against $3.47. AFFO excludes about $36.0 million of Canada sale taxes and a $5.1 million Brazil tax liability.
International revenue up 15.6%: International site leasing revenue rose 15.6% to $201.7 million, or 10.2% excluding currency. International segment operating profit rose 11.9% to $142.3 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	720	732	694	-1.7%	+3.7%
Cost of revenue	175	190	152	-7.6%	+15.3%
Gross profit	544	543	542	+0.3%	+0.5%
Gross margin	75.6%	74.1%	78.1%
Selling, general and administrative	74.4	66.0	67.6	+12.7%	+10.0%
Operating income	299	374	382	-20.1%	-21.8%
Operating margin	41.5%	51.1%	55.1%
Pre-tax income	432	289	156	+49.5%	+177.3%
Income tax	61.9	48.7	-22.9	+27.1%
Effective tax rate	14.3%	16.8%	-14.7%
Net income	370	237	174	+56.4%	+113.3%
Net margin	51.5%	32.3%	25.0%
Diluted EPS	$3.47	$2.20	$1.61	+57.7%	+115.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	304	318	310	-4.4%	-2.0%
Capital expenditure	62.7	74.7	55.5	-16.1%	+12.9%
Free cash flow	241	243	255	-0.8%	-5.2%
Free cash flow margin	33.5%	33.2%	36.7%
Cash from investing	-181	-78.3	-329
Cash from financing	-143	-79.8	1,180
Depreciation and amortisation	80.4	76.9	65.1	+4.6%	+23.5%
Share-based compensation	19.2	19.3	17.9	-0.7%	+7.0%
Buybacks	n/a	151	0.0
Dividends paid	118	119	105	-0.8%	+12.2%
Diluted shares, weighted	n/a	108m	n/a
Shares outstanding at period end	106m	107m	108m	-1.0%	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-4,854	-4,934	-5,110
Redeemable equity	78.3	76.6	54.1	+2.2%	+44.6%
Debt	12,900	12,705	13,592	+1.5%	-5.1%
Operating lease liabilities	2,115	n/a	1,902		+11.2%
Finance lease liabilities	4.5	n/a	1.9		+137.7%
Other liabilities	1,331	3,412	978	-61.0%	+36.1%
Total liabilities and equity	11,575	11,260	11,417	+2.8%	+1.4%
Fixed assets	3,402	3,296	2,792	+3.2%	+21.8%
Intangible assets	2,882	2,725	2,389	+5.8%	+20.7%
Investments	27.7	14.3	275	+93.8%	-89.9%
Cash and equivalents	265	430	190	-38.5%	+39.4%
Receivables	171	158	146	+8.3%	+17.5%
Other assets	4,828	4,637	5,626	+4.1%	-14.2%
Total assets	11,575	11,260	11,417	+2.8%	+1.4%

Questions

What was SBA Communications' revenue in Q4 FY2025?

SBA Communications (SBAC) reported revenue of $720 million for Q4 FY2025, the quarter ended 31 December 2025, up 3.7% on the same quarter a year earlier.

How much did SBA Communications earn in Q4 FY2025?

Net income for Q4 FY2025 was $370 million, up 113.3% on the year, and diluted earnings per share $3.47.

When did SBA Communications report Q4 FY2025 results?

SBA Communications filed its 10-K for the quarter ended 31 December 2025 with the SEC on 27 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	595	620	652	676	686	676	678	683	675	658	660	668	694	664	699	732	720	703	715	714
Cost of revenue	140	153	166	178	172	164	154	150	144	138	141	150	152	154	172	190	175	171	176	172
Gross profit	455	467	486	498	514	511	524	533	531	520	519	517	542	511	527	543	544	532	539	542
Gross margin	76%	75%	75%	74%	75%	76%	77%	78%	79%	79%	79%	77%	78%	77%	75%	74%	76%	76%	75%	76%
SG&A	63.5	62.1	63.3	65.8	70.6	72.2	63.4	64.8	67.5	68.7	62.4	60.1	67.6	66.2	71.0	66.0	74.4	70.5	77.5	68.0
Operating income	197	217	231	243	235	224	241	249	210	323	354	376	382	335	335	374	299	343	352	368
Operating margin	33%	35%	35%	36%	34%	33%	36%	36%	31%	49%	54%	56%	55%	50%	48%	51%	42%	49%	49%	52%
Pre-tax income	48.3	229	65.6	103	129	144	173	93.2	138	171	147	298	156	260	261	289	432	236	232	255
Tax rate	-1%	18%	-5%	3%	20%	30%	-17%	8%	21%	10%	-8%	14%	-15%	16%	13%	17%	14%	22%	15%	9%
Net income	48.9	189	69.5	100	103	101	204	87.4	110	155	163	259	174	221	226	237	370	185	199	231
Net margin	8%	30%	11%	15%	15%	15%	30%	13%	16%	23%	25%	39%	25%	33%	32%	32%	51%	26%	28%	32%
Diluted EPS	$0.44	$1.72	$0.64	$0.91	$0.94	$0.93	$1.87	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04	$2.09	$2.20	$3.47	$1.74	$1.87	$2.19
Operating cash flow	299	292	372	332	289	311	487	314	433	294	426	305	310	301	368	318	304	255	407	332
Capital expenditure	43.3	38.0	193	124	66.1	49.1	84.0	115	62.7	57.9	91.6	272	55.5	46.2	647	74.7	62.7	48.4	62.4	72.8
Free cash flow	255	254	179	209	223	262	403	198	370	237	334	32.4	255	255	-279	243	241	207	345	259
Buybacks	298	432	-0.0	0.0	0.0	n/a	n/a	n/a	n/a	106	93.9	0.0	0.0	n/a	n/a	151	n/a	n/a	n/a	300
Dividends paid	63.1	76.9	76.6	76.7	76.7	93.9	92.1	92.1	91.8	108	105	105	105	122	119	119	118	135	133	131
Shares outstanding	109m	108m	108m	108m	108m	108m	108m	108m	108m	108m	107m	108m	108m	108m	107m	107m	106m	106m	106m	104m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.