Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
SBA Communications (SBAC) delivered FY2025 revenue of $2.82B (+5.1% YoY) and net income of $1.05B (+40.6% YoY), though operating income declined 6.5% due to rising costs, while the company maintained strong cash generation and reduced long-term debt by $691M.
Revenue
$2.82B
+5.06% YoY
EPS (Diluted)
$9.80
+41.21% YoY
Gross Margin
75.5%
-2.8 pts YoY
Operating Income
$1.34B
-6.48% YoY
Source: SEC XBRL
Sba Communications (SBAC) reported FY2025 revenue of $2.82B, up 5.1% year over year. Operating margin was 47.7%, down 5.9 points from 53.6% a year earlier. Operating cash flow was $1.29B, down 3.3% year over year.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 1.87 | 1.92 | Miss -2.4% |
| Mar 2026 | 1.74 | 1.81 | Miss -4.1% |
| Dec 2025This filing | 3.47 | 3.87 | Miss -10.3% |
| Sep 2025 | 2.20 | 2.24 | Miss -1.8% |
Reported EPS of $3.47 versus the $3.87 analyst consensus — a -10.3% miss for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 5.1% YoY to $2.82B in FY2025 from $2.68B in the prior year, reflecting continued demand for wireless tower infrastructure as carriers invest in network densification and 5G deployment.
Source: 10-K Income Statement
Cost of revenue surged 18.8% YoY to $691.0M, outpacing revenue growth and compressing gross margin by approximately 284 basis points to 75.5%. Operating margin declined from 53.6% to 47.7%, a 590 basis point contraction, reflecting higher operating expenses including a 7.3% increase in SG&A to $277.6M.
Source: 10-K Income Statement
Net income jumped from $749.5M to $1.05B (+40.6%), and diluted EPS improved from $6.94 to $9.80 (+41.2%), likely benefiting from below-the-line items such as debt refinancing gains or reduced interest expense as long-term debt fell by $691.5M.
Source: 10-K Income Statement & Balance Sheet
SBAC significantly increased capital returns in FY2025, with share buybacks rising 148.9% YoY to $497.8M and dividends paid increasing 12.9% to $479.0M, together totaling approximately $976.8M returned to shareholders.
Source: 10-K Cash Flow Statement
Current assets fell 60.9% to $773.4M while current liabilities rose 49.0% to $2.68B, resulting in a current ratio of only 0.29, indicating near-term liquidity pressure that the company likely manages through its revolving credit facility and strong operating cash flow of $1.29B.
Source: 10-K Balance Sheet & Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
SBAC carries $12.9B in long-term debt and negative stockholders' equity of -$4.85B, reflecting its REIT-like capital structure. While debt declined 5.1% YoY, the leverage level remains substantial and exposes the company to refinancing risk and interest rate sensitivity.
Source: 10-K Balance Sheet
The current ratio of 0.29 is well below 1.0, with current liabilities of $2.68B far exceeding current assets of $773.4M. This near-term liquidity gap requires ongoing access to credit facilities and capital markets, which could be disrupted in adverse market conditions.
Source: 10-K Balance Sheet
Cost of revenue grew 18.8% YoY versus revenue growth of only 5.1%, causing gross margin to compress from 78.3% to 75.5% and operating margin to fall from 53.6% to 47.7%. Sustained cost inflation could further erode profitability if not offset by revenue growth.
Source: 10-K Income Statement
Operating cash flow declined 3.3% YoY to $1.29B, while the company simultaneously increased dividends and share buybacks by a combined ~$353M. This tightening of free cash flow relative to capital return commitments could pressure financial flexibility.
Source: 10-K Cash Flow Statement
Financing cash flow swung dramatically from a $645.7M inflow in the prior year to a -$1.66B outflow in FY2025, a change of over $2.3B, driven by accelerated debt repayment and shareholder returns. This reversal underscores the capital-intensive nature of managing the company's debt structure.
Source: 10-K Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.82 $B | 2.68 $B | +5.06% |
Cost of Revenue $M | 690.97 $M | 581.73 $M | +18.78% |
Gross Profit $B | 2.12 $B | 2.10 $B | +1.25% |
Operating Income $B | 1.34 $B | 1.44 $B | -6.48% |
Net Income $B | 1.05 $B | 0.75 $B | +40.57% |
EPS (Basic) $ | 9.83 $ | 6.96 $ | +41.24% |
EPS (Diluted) $ | 9.80 $ | 6.94 $ | +41.21% |
SG&A Expense $M | 277.61 $M | 258.76 $M | +7.29% |
Answers draw on this SEC filing and the data on this page
Strong international expansion from the Millicom transaction offset domestic headwinds in Q2 FY2026, but elevated churn and rising financing costs pressured net income.
SBA Communications (SBAC) delivered 5.9% revenue growth to $703.4M in Q1 2026, but net income fell 16.3% YoY to $184.8M amid rising costs, a sharp drop in cash, and a surge in current liabilities that pushed the current ratio to a critically low 0.23.
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