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 Its shares trade on Nasdaq under the symbol SBAC.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1989Founded1

Compare with Elme Communities, NexPoint Residential Trust, Inc. or UMH Properties, or pick any stock.

  • 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

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 margin9
549.2%Operating margin9
430.9%Net margin9
59.9%Revenue growth, 20259
$1.1BFree cash flow9

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$1.9B966%up 0% from 2024
  2. International Site Leasing Revenue$705.0M925%up 6% from 2024
  3. Site Development Construction$244.5M99%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.9

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.9

Financial statements

Revenue101112139$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 profit101112139$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 income101112139$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 income101112139$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.9

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

Compare SBA Communications with another company

Corporate structure

SBA Communications sits at the top of its group. 25 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SBA Communications

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on SBA Communications, latest Apr 30, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on SBA Communications, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on SBA Communications, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
  • &. Cox Dodge Filed SCHEDULE 13G/A on SBA Communications, latest Nov 6, 2025 (4 filings since Feb 13, 2025)
  • JPMorgan Chase Filed SCHEDULE 13G/A on SBA Communications, latest Oct 31, 2025 (2 filings since Apr 29, 2025)
  • BlackRock Filed SCHEDULE 13G/A on SBA Communications, latest Feb 5, 2025 (4 filings since Feb 1, 2022)
  • SBA Communications Boca Raton, Florida, United States
    • Brazil Shareholder I, LLC Subsidiary · Florida, United States
    • SBA 2012 TC Assets, LLC Subsidiary · Delaware, United States
    • SBA Guarantor, LLC Subsidiary · Delaware, United States
    • SBA Infrastructure, LLC Subsidiary · Delaware, United States
    • SBA Monarch Towers I, LLC Subsidiary · Delaware, United States
    • SBA Monarch Towers III, LLC Subsidiary · Delaware, United States
    • SBA Network Management, Inc. Subsidiary · Florida, United States
    • SBA New Builds, LLC Subsidiary · Florida, United States
    • SBA Properties, LLC Subsidiary · Delaware, United States
    • SBA Puerto Rico, LLC Subsidiary · Florida, United States
    • SBA SENIOR FINANCE II LLC Subsidiary · North Palm Beach, Florida, United States
    • SBA Senior Finance, LLC Subsidiary · Florida, United States
    • SBA Site Management, LLC Subsidiary · Florida, United States
    • SBA Sites, L L C Subsidiary · Delaware, United States
    • SBA Structures, L L C Subsidiary · Delaware, United States
    • SBA Telecommunications, LLC Subsidiary · Florida, United States
    • SBA Torres Brasil L imitada Subsidiary · Brazil
    • SBA Towers II, LLC Subsidiary · Florida, United States
    • SBA Towers III, LLC Subsidiary · Florida, United States
    • SBA Towers IV, LLC Subsidiary · Delaware, United States
    • SBA Towers IX, LLC Subsidiary · Delaware, United States
    • SBA Towers V, LLC Subsidiary · Delaware, United States
    • SBA Towers VII, LLC Subsidiary · Delaware, United States
    • SBA Towers, LLC Subsidiary · Florida, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SBA Communications reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$7.8B9 Dec 31, 2025$7.1B9 Dec 31, 2024+9.8%
Accumulated depreciation$4.4B9 Dec 31, 2025$4.3B9 Dec 31, 2024+1.9%
Property and equipment, net$3.4B9 Dec 31, 2025$2.8B9 Dec 31, 2024+21.8%
Operating-lease assets (leased space)$2.5B9 Dec 31, 2025$2.3B9 Dec 31, 2024+10.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$264.6M9 Dec 31, 2025$189.8M9 Dec 31, 2024+39.4%
Marketable securities, current$6.6M9 Dec 31, 2025$254.5M9 Dec 31, 2024−97.4%
Long-term investments$21.1M9 Dec 31, 2025$20.8M9 Dec 31, 2024+1.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$7.7B9 Dec 31, 2025$7.1B9 Dec 31, 2024+8.9%
Accumulated amortization$4.8B9 Dec 31, 2025$4.7B9 Dec 31, 2024+2.8%
Finite-lived intangibles, net$2.9B9 Dec 31, 2025$2.4B9 Dec 31, 2024+20.7%

Properties, in its own words

We own our headquarters in Boca Raton, Florida where we currently have approximately 160,000 square feet of office space. We also own or have entered into long-term leases for international and regional locations convenient for the management and operation of our site leasing activities, and in certain site development office locations where we expect our activities to be longer-term. We believe our existing facilities are adequate for our current and planned levels of operations and that additional office space suited for our needs is reasonably available in the markets within which we operate.

Our interests in towers and the land beneath them are comprised of a variety of fee interests, leasehold interests created by long-term lease agreements, perpetual easements, easements, licenses, rights-of-way, right-of-use, and other similar interests. As of December 31, 2025, approximately 71% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land that have an interest that extends beyond 20 years. The average remaining life under our ground leases and other property interests, including renewal options under our control, is 35 years. In rural areas, support for our towers, equipment shelters, and related equipment requires a tract of land typically up to 10,000 square feet. Less than 2,500 square feet is required for a monopole or self-supporting tower of the kind typically used in metropolitan areas for wireless communications towers. Ground leases and other property interests are generally for an initial term of five years or more with multiple renewal periods, for a total of 30 years or more.

The rest of Item 2

Most of our towers have significant capacity available for additional antennas. We measure the available capacity of our existing facilities to support additional tenants and generate additional lease revenue by assessing several factors, including tower height, tower type, wind loading, environmental conditions, existing equipment on the tower and zoning and permitting regulations in effect in the jurisdiction where the tower is located. As of December 31, 2025, we had an average of 1.8 tenants per site.

Item 2 of the 10-K filed Feb 27, 2026.17

Leadership

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

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

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Brazil Shareholder I, LLC Florida8
  • SBA 2012 TC Assets, LLC Delaware8
  • SBA Guarantor, LLC Delaware8
  • SBA Infrastructure, LLC Delaware8
  • SBA Monarch Towers I, LLC Delaware8
  • SBA Monarch Towers III, LLC Delaware8
  • SBA Network Management, Inc. Florida8
  • SBA New Builds, LLC Florida8
  • SBA Properties, LLC Delaware8
  • SBA Puerto Rico, LLC Florida8
  • SBA Senior Finance II, LLC Florida8
  • SBA Senior Finance, LLC Florida8
  • SBA Site Management, LLC Florida8
  • SBA Sites, L L C Delaware8
  • SBA Structures, L L C Delaware8
  • SBA Telecommunications, LLC Florida8
  • SBA Torres Brasil L imitada Brazil8
  • SBA Towers II, LLC Florida8
  • SBA Towers III, LLC Florida8
  • SBA Towers IV, LLC Delaware8
  • SBA Towers IX, LLC Delaware8
  • SBA Towers V, LLC Delaware8
  • SBA Towers VII, LLC Delaware8
  • SBA Towers, LLC Florida8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 25, 20268-K New debt or obligation50
  2. Aug 3, 20268-K Results of operations51
  3. Jul 24, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation52
  4. Jul 23, 20268-K Other events53
  5. Jul 15, 20268-K Entered a material agreement54
  6. May 22, 20268-K Shareholder vote55
  7. Apr 29, 20268-K Results of operations56
  8. Mar 27, 20268-K Executive or director change57
  9. Feb 26, 20268-K Results of operations58
  10. Nov 3, 20258-K Results of operations59
  11. Aug 4, 20258-K Results of operations60
  12. May 23, 20258-K Shareholder vote61
  13. Mar 6, 2024New chief executive Brendan Thomas Cavanagh becomes CEO18
  14. Jan 23, 2006New chief executive Jeffrey Stoops becomes CEO19
  15. Jun 16, 1999Went public Listed on NASDAQ1
  16. 1989Founded Founded1

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $3.30 a share, on Nov 3, 2025.62

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results51
  2. Apr 29, 2026Reported quarterly or annual results56
  3. Feb 26, 2026Reported quarterly or annual results58
  4. Nov 3, 2025Reported quarterly or annual results59
  5. Aug 4, 2025Reported quarterly or annual results60
  6. Apr 28, 2025Reported quarterly or annual results63
  7. Feb 24, 2025Reported quarterly or annual results64
  8. Oct 28, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Brendan T. CavanaghPresident and Chief Executive Officer54$955.0K$11.4M72
2025Marc MontagnerExecutive Vice President and Chief Financial Officer65$665.0K$4.7M72
2025Joshua M. KoenigExecutive Vice President, Chief Administrative Officer & General Counsel46$560.0K$3.8M72
2025Richard M. CaneExecutive Vice President and President - International61$560.0K$3.8M72
2025Mark R. CiarfellaExecutive Vice President - U.S. Operations60$560.0K$3.8M72
2024Brendan T. CavanaghPresident and Chief Executive Officer54$920.0K$8.8M72
2024Marc MontagnerExecutive Vice President and Chief Financial Officer65$640.0K$4.0M72
2024Mark R. CiarfellaExecutive Vice President - U.S. Operations60$520.0K$3.1M72
2024Richard M. CaneExecutive Vice President and President - International61$510.0K$3.0M72
2024Joshua M. KoenigExecutive Vice President, Chief Administrative Officer & General Counsel46$510.0K$3.0M72
2023Brendan T. CavanaghPresident and Chief Executive Officer54$5$5.0M72
2023Mark R. CiarfellaExecutive Vice President - U.S. Operations60$480.0K$2.7M72
2023Richard M. CaneExecutive Vice President and President - International61$470.0K$2.7M72

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).

SEC filer profile

How SBA Communications is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSBA COMMUNICATIONS CORP2
  • CIK0001034054
  • Employer ID (EIN)65-071650117
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; a shell company17
  • Incorporated inFlorida17
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address8051 Congress Avenue, Boca Raton, FL 334872
  • Phone56122693452
  • Shares outstanding106,088,110 as of Jul 28, 202615
  • Public float$25.1B as of Jun 30, 202517
  • AuditorErnst & Young LLP, Boca Raton, Florida PCAOB ID 42; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceApr 15, 19982
  • Filings1,926 in all: 4 (985), 8-K (331), SC 13G/A (87), 10-Q (85), SC 13G (46), 5 (43), 10-K (27), DEF 14A (27)2
    All 58 form types

    3 (24), DEFA14A (23), UPLOAD (20), 424B3 (19), 144 (17), S-4 (17), 424B7 (16), CORRESP (15), EFFECT (12), S-4/A (11), ARS (9), S-8 (9), S-3ASR (8), 4/A (7), 424B5 (7), S-8 POS (7), SC 13D/A (7), SCHEDULE 13G/A (6), 8-K/A (5), POS AM (4), PRE 14A (4), SC 13D (4), SCHEDULE 13G (4), S-3 (3), S-3/A (3), 10-Q/A (2), 425 (2), 8-A12G (2), CT ORDER (2), FWP (2), NO ACT (2), PX14A6G (2), S-1/A (2), SC TO-I/A (2), 10-K/A (1), 10-K405 (1), 15-12G (1), 25-NSE (1), 3/A (1), 305B2 (1), 424B1 (1), 424B2 (1), 8-A12G/A (1), 8-K12B (1), DEFM14A (1), DEFR14A (1), POSASR (1), REGDEX (1), S-1 (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Sep 25, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.01 par value per shareSBACThe NASDAQ Stock Market LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks SBA Communications names in Item 1A of its 10-K filed Feb 27, 2026: 34 risks under these headings, as written.17

  • Risks Related to Our Business
  • We depend on a relatively small number of customers for most of our revenue, and the loss or financial instability of any of our significant customers may materially decrease our revenue and adversely affect our financial condition.
  • The wireless industry in our international markets has come under competition in recent years which has, and may continue to, adversely affect our international site leasing activities in the near term.
  • If our wireless service provider customers are unable to access sufficient capital, or unwilling based on the economic cost of such capital or other reasons, to invest in their infrastructure or spectrum, it could reduce our ability to meet our growth expectations.
  • If our wireless service provider customers combine their operations to a significant degree, our future operating results could be adversely affected.
  • Our variable rate indebtedness and refinancing obligations subject us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • We have a substantial level of indebtedness which may have an adverse effect on our business or limit our ability to take advantage of business, strategic or financing opportunities.
  • Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations.
  • Increasing competition in the tower industry may create pricing pressures or result in non-renewals that may materially and adversely affect us.
  • A slowdown in demand for wireless services could materially and adversely affect our future growth and revenues.
  • Increasing competition may negatively impact our ability to grow our communication site portfolio long-term.
  • Our international operations are subject to economic, political, and other risks that could materially and adversely affect our revenues or financial position.
The other 23 risks
  • Currency fluctuations may negatively affect our results of operations.
  • Delays in the roll-out of new spectrum or deployment of new technologies could materially and adversely affect our future growth and revenues.
  • New technologies or network architecture or changes in a customer’s business model may reduce demand for our wireless infrastructure or negatively impact our revenues.
  • If we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results.
  • We hold some of our towers through rights of use agreements, which are terminable in accordance with the terms of the respective agreements and provide us limited visibility regarding the relationship between the owner of the towers and the land owner.
  • We may not be able to fully recognize the anticipated benefits of towers that we acquire.
  • The documents governing our indebtedness contain restrictive covenants that could adversely affect our business by limiting our flexibility.
  • Our dependence on our subsidiaries for cash flow may negatively affect our business.
  • The loss of the services of key personnel or a significant number of our employees may negatively affect our business.
  • Information technology disruptions, including as a result of cybersecurity breaches, could compromise our information, which would cause our business and reputation to suffer.
  • Data privacy and protection laws are evolving globally and present risks related to our handling of sensitive data that could result in regulatory penalties or litigation.
  • Damage from natural disasters and other unforeseen events could adversely affect us.
  • We could have liability under environmental laws that could have a material adverse effect on our business, financial condition, and results of operations.
  • We could suffer adverse tax and other financial consequences if taxing authorities do not agree with our tax positions.
  • Our issuance of equity securities and other associated transactions may trigger a future ownership change which may negatively impact our ability to utilize NOLs in the future.
  • Our costs could increase and our revenues could decrease due to perceived health risks from RF energy.
  • Risks Related to Our Status as a REIT
  • Remaining qualified as a REIT involves highly technical and complex provisions of the Code. Failure to remain qualified as a REIT would result in our inability to deduct dividends paid to our shareholders in computing our taxable income, thereby increasing our tax obligations and reducing our available cash.
  • Complying with REIT requirements, including the 90% distribution requirement, may limit our flexibility or cause us to forgo otherwise attractive opportunities, including certain discretionary investments and potential financing alternatives.
  • Covenants specified in our current and future debt instruments may limit our ability to make required REIT distributions.
  • Our payment of cash distributions in the future is not guaranteed and the amount of any future cash distributions may fluctuate, which could adversely affect the value of our Class A common stock.
  • Certain of our business activities may be subject to corporate level income tax and foreign taxes, which would reduce our cash flows, and would have potential deferred and contingent tax liabilities.
  • Risks Related to Ownership of our Class A Common Stock
  • The REIT-related ownership and transfer restrictions may restrict or prevent our shareholders from engaging in certain transfers of our common stock.
  • Our articles of incorporation, our bylaws and Florida law provide for anti-takeover provisions that could make it more difficult for a third party to acquire us.

Legal proceedings

We are involved in various legal proceedings relating to claims arising in the ordinary course of business. We do not believe that the ultimate resolution of these matters will have a material adverse effect on our business, financial condition, results of operations, or liquidity.

The opening of Item 3, Legal Proceedings.17

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