Direct Answer
SBA Communications reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Domestic Site Leasing Revenue is the largest, with $1.9 billion of revenue (66% of the total), followed by International Site Leasing Revenue at $705 million (25%).
How Does SBA Communications Make Money?
Domestic Site Leasing Revenue supplies 66% of revenue, so SBA Communications's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Site Development Construction grew fastest (+59.9%) and Domestic Site Leasing Revenue slowest (+0.2%), so the revenue mix tilts toward Site Development Construction while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Domestic Site Leasing Revenue | $1.9 billion | $1.9 billion | 66.3% | 0.2% |
| International Site Leasing Revenue | $705 million | $665 million | 25.0% | 6.0% |
| Site Development Construction | $244 million | $153 million | 8.7% | 59.9% |
Which SBA Communications Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Domestic Site Leasing Revenue | $1.2 billion | 62.5% |
| International Site Leasing Revenue | $219 million | 31.1% |
| Site Development Construction | $29 million | 11.7% |
Segment operating income is the profit measure SBA Communications reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within SBA Communications more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 100% of SBA Communications's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value SBA Communications reported in the segment note and revenue disclosures of its Form 10-K filed February 27, 2026 (accession 0001034054-26-000002), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are SBA Communications's business segments?
In its fiscal 2025 Form 10-K, SBA Communications reports revenue for Domestic Site Leasing Revenue, International Site Leasing Revenue and Site Development Construction.
Which part of SBA Communications brings in the most revenue?
Domestic Site Leasing Revenue, with $1.9 billion of revenue in fiscal 2025, or 66% of the total.
Where does SBA Communications report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 27, 2026, alongside management's discussion of each segment's results.