# SBA Communications Corporation (SBAC)

> SBAC · Nasdaq · Real estate, communications infrastructure · United States · US GAAP · Fiscal year ends December
>
> Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 5 November 2026. Snapshot FY2026Q3_d3db0822.

Page: https://annalist.io/company/sba-communications/

Identifiers: LEI 5299001HX8ZN8Y8QIT49, CIK 0001034054

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, quarter | $714m | 713924000 | USD | −2.5% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating income, quarter | $368m | 367737000 | USD | −1.7% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Net income, quarter | $231m | 231306000 | USD | −2.3% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Diluted EPS, quarter | $2.19 | 2.19 | USD/shares | −0.5% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating margin, last 4 quarters | 47.7% | 47.7303 | % | −3.4pp year on year | FY2026 Q3 | 2026-09-30 | 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09 |
| Return on invested capital, last 4 quarters | 14.6% | 14.6489 | % | −2.4pp year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06 |

- Operating margin: Operating income / revenue.
- Return on invested capital: Operating income x (1 - effective tax rate) / average (total equity + total debt).

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the quarter ended 30 September 2026 was US$714 million, 2.5% lower than in the same quarter a year earlier. [New in Q3 FY2026] Sources: 10-Q 2026-09.
- Net income attributable to the company was US$231 million, 2.3% lower than in the same quarter a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2026-09.
- The operating margin over the last 4 quarters was 47.7%, 3.4 percentage points lower than a year earlier. [Weakened in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Return on invested capital over the last 4 quarters was 14.6%, against 17.1% a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2024-09.
- Free cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was 1.3 times net income attributable to the company. [Confirmed in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Net debt was US$12.5 billion at 30 September 2026, 7.4 times EBITDA over the last 4 quarters. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- Cash, short-term investments and operating cash flow over the last 4 quarters equalled 0.4 times the sum of debt due within 12 months, capital expenditure and dividends. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.7% of average total assets. [Confirmed in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- The Altman Z'' score for fiscal 2025 was minus 2.65, below the distress threshold of 1.10. [Strengthened in FY2025] Sources: 10-Q 2026-09, 10-K 2025-12.
- The Beneish M-score for fiscal 2025 was minus 2.34, below the model threshold of minus 1.78. [Weakened in FY2025] Sources: 10-K 2025-12, 10-Q 2026-09.
- The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier. [New in FY2025] Sources: 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | $2.8bn | 2815139000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Operating income | $1.3bn | 1342786000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Net income attributable to the company | $1.1bn | 1053632000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $2.7bn | 2679634000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Operating income | $1.4bn | 1435763000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Net income attributable to the company | $750m | 749536000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $2.7bn | 2711584000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Operating income | $924m | 923659000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Net income attributable to the company | $502m | 501812000 | USD | 10-K 2025-12 |
| FY2022 | 2022-12-31 | Revenue | $2.6bn | 2633454000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Operating income | $925m | 925408000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Net income attributable to the company | $461m | 461429000 | USD | 10-K 2024-12 |
| FY2021 | 2021-12-31 | Revenue | $2.3bn | 2308834000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Operating income | $782m | 782495000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Net income attributable to the company | $238m | 237624000 | USD | 10-K 2023-12 |

## Source Documents

- 10-Q 2026-09: Form 10-Q, period ended 30 September 2026, 5 Nov 2026 (https://www.sec.gov/Archives/edgar/data/1034054/000103405426000013/sbac-20260930x10q.htm)
- 10-K 2025-12: Form 10-K, period ended 31 December 2025, 27 Feb 2026 (https://www.sec.gov/Archives/edgar/data/1034054/000103405426000002/sbac-20251231x10k.htm)
- 10-Q 2026-03: Form 10-Q, period ended 31 March 2026, 5 May 2026 (https://www.sec.gov/Archives/edgar/data/1034054/000103405426000009/sbac-20260331x10q.htm)
- 10-Q 2026-06: Form 10-Q, period ended 30 June 2026, 6 Aug 2026 (https://www.sec.gov/Archives/edgar/data/1034054/000103405426000011/sbac-20260630x10q.htm)
- 10-Q 2025-09: Form 10-Q, period ended 30 September 2025, 6 Nov 2025 (https://www.sec.gov/Archives/edgar/data/1034054/000103405425000010/sbac-20250930x10q.htm)
- 10-Q 2024-09: Form 10-Q, period ended 30 September 2024, 1 Nov 2024 (https://www.sec.gov/Archives/edgar/data/1034054/000103405424000012/sbac-20240930x10q.htm)
- 10-K 2024-12: Form 10-K, period ended 31 December 2024, 26 Feb 2025 (https://www.sec.gov/Archives/edgar/data/1034054/000103405425000002/sbac-20241231x10k.htm)
- 10-K 2023-12: Form 10-K, period ended 31 December 2023, 28 Feb 2024 (https://www.sec.gov/Archives/edgar/data/1034054/000103405424000002/sbac-20231231x10k.htm)

## Reliability

- 336 checks compare these figures with other official figures; 0 failed.
- 7 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/sba-communications/snapshots.json

## Cite

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A figure of a statement has an address of its own, which opens the page at that figure with its source documents: https://annalist.io/company/sba-communications/?fig=<statement>/<period>/<item>, for example https://annalist.io/company/sba-communications/?fig=pl_quarterly/FY2026%20Q3/revenue

## Full Data

- [Every statement, ratio and document of this snapshot (JSON)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/info.json)
- [Latest snapshot, at an address that does not change (JSON)](https://annalist.io/api/v1/companies/sba-communications/latest.json)
- [Income statement, quarterly (CSV)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/pl_quarterly.csv)
- [Income statement, annual (CSV)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/pl_annual.csv)
- [Balance sheet, quarter end (CSV)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/balance_sheet.csv)
- [Cash flow, quarterly (CSV)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/cf_quarterly.csv)
- [Cash flow, annual (CSV)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/cf_annual.csv)
- [Ratios, annual (JSON)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/ratios/annual.json)
- [Ratios, quarterly (JSON)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/ratios/quarterly.json)
- [Ratios, ttm (JSON)](https://annalist.io/api/v1/companies/sba-communications/snapshots/FY2026Q3_d3db0822/ratios/ttm.json)
- [Key findings with their history (JSON)](https://annalist.io/api/v1/companies/sba-communications/findings.json)
- [New reports and findings (Atom feed)](https://annalist.io/company/sba-communications/feed.xml)
- [Excel workbook](https://annalist.io/company/sba-communications/sba-communications.xlsx)
- [Buyout model on these figures](https://annalist.io/deal-lab/buyout/sba-communications/)
- [Lenders, customers, suppliers and owners (brief in Markdown)](https://annalist.io/atlas/sba-communications/brief.md)
- [Lenders, customers, suppliers and owners (JSON)](https://annalist.io/api/v1/atlas/sba-communications.json)

## Peers

- [Crown Castle Inc.](https://annalist.io/company/crown-castle/brief.md)
- [Prologis, Inc.](https://annalist.io/company/prologis/brief.md)
- [CapitaLand Investment Limited](https://annalist.io/company/capitaland-investment/brief.md)
- [Side by side](https://annalist.io/compare/?c=sba-communications,crown-castle,prologis,capitaland-investment)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.