--- title: "SBA Communications: Metrics Guide" description: "SBA Communications revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/sba-communications/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # SBA Communications: Financial & Operating Metrics Guide ## Direct Answer SBA Communications reported revenue of $2.8 billion for the fiscal year ended December 31, 2025, with an operating margin of 47.7% and net income of $1.1 billion, according to its SEC filings. Revenue grew 5.1% from the prior year. ## What Are SBA Communications's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $2.8 billion | $2.7 billion | $2.7 billion | $2.6 billion | | Operating income | $1.3 billion | $1.4 billion | $924 million | $925 million | | Operating margin | 47.7% | 53.6% | 34.1% | 35.1% | | Net income | $1.1 billion | $750 million | $502 million | $461 million | | Net margin | 37.4% | 28.0% | 18.5% | 17.5% | | Operating cash flow | $1.3 billion | $1.3 billion | $1.5 billion | $1.3 billion | | Capital expenditures | $225 million | $228 million | $237 million | $214 million | | Free cash flow | $1.1 billion | $1.1 billion | $1.3 billion | $1.1 billion | Operating margin narrowed by 5.9 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $1.1 billion against net income of $1.1 billion; cash generation covered reported earnings. ![Bar chart of SBA Communications revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $2.8 billion, operating income $1.3 billion and net income $1.1 billion.](https://www.getswoopr.com/images/charts/sba-communications-metrics-revenue-profit.webp) *SBA Communications revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of SBA Communications operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 47.7% and net margin was 37.4%.](https://www.getswoopr.com/images/charts/sba-communications-metrics-margins.webp) *SBA Communications operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of SBA Communications operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $1.3 billion, capital expenditures was $225 million, free cash flow was $1.1 billion.](https://www.getswoopr.com/images/charts/sba-communications-metrics-cash-flow.webp) *SBA Communications operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does SBA Communications's Balance Sheet Show? | Cash and cash equivalents | $265 million | | --- | --- | | Long-term debt | $11.0 billion | | Total assets | $11.6 billion | | Total liabilities | Not reported | | Shareholders' equity | -$4.9 billion | | Current ratio | 0.3x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value SBA Communications reported in its own SEC filings, read from the SEC's XBRL data (accession 0001034054-26-000002 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was SBA Communications's revenue in fiscal 2025? SBA Communications reported revenue of $2.8 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is SBA Communications's operating margin? SBA Communications's operating margin was 47.7% in fiscal 2025: operating income of $1.3 billion on revenue of $2.8 billion. ### How much free cash flow did SBA Communications generate? Operating cash flow of $1.3 billion less capital expenditures of $225 million gives free cash flow of $1.1 billion for fiscal 2025. ## References - [SEC EDGAR: SBA COMMUNICATIONS CORP Form 10-K filed February 27, 2026](https://www.sec.gov/Archives/edgar/data/1034054/000103405426000002/sbac-20251231x10k.htm) - [SEC EDGAR: SBA COMMUNICATIONS CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1034054&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [SBA Communications company dossier](https://www.getswoopr.com/stocks/companies/sba-communications/) - [SBA Communications financial metrics](https://www.getswoopr.com/stocks/companies/sba-communications/metrics/) - [SBA Communications financial risk indicators](https://www.getswoopr.com/stocks/companies/sba-communications/risks/) - [SBA Communications peer comparison](https://www.getswoopr.com/stocks/companies/sba-communications/competitors/) - [SBA Communications business model and revenue mix](https://www.getswoopr.com/stocks/companies/sba-communications/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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