$SBAC

SBA COMMUNICATIONS CORP

CIK:0001034054|SEC Filings

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Site leasing

$ 663,885

$ 631,788

$ 1,320,034

$ 1,247,997

Site development

51,389

67,193

98,678

115,232

Total revenues

715,274

698,981

1,418,712

1,363,229

Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):

Cost of site leasing

134,076

118,571

265,987

234,049

Cost of site development

41,926

53,525

81,350

91,714

Selling, general, and administrative expenses

^[1]

77,548

71,022

148,096

137,241

Acquisition and new business initiatives related adjustments and expenses

5,926

5,887

14,016

13,266

Asset impairment and decommission costs

22,566

45,231

51,867

82,257

Depreciation, accretion, and amortization

81,371

69,964

162,686

135,012

Total operating expenses

363,413

364,200

724,002

693,539

Operating income

351,861

334,781

694,710

669,690

Other income (expense):

Interest income

5,631

8,155

10,838

18,935

Interest expense

(127,754)

(119,658)

(256,282)

(223,805)

Non-cash interest expense

(2,486)

(1,233)

(3,259)

(9,581)

Amortization of deferred financing fees

(5,269)

(5,415)

(10,528)

(10,849)

Other income, net

10,482

44,123

33,004

76,286

Total other expense, net

(119,396)

(74,028)

(226,227)

(149,014)

Income before income taxes

232,465

260,753

468,483

520,676

Provision for income taxes

(35,995)

(35,059)

(87,107)

(77,078)

Net income

196,470

225,694

381,376

443,598

Net loss attributable to noncontrolling interests

2,307

100

2,235

2,927

Net income attributable to SBA Communications Corporation

$ 198,777

$ 225,794

$ 383,611

$ 446,525

Net income per common share attributable to SBA Communications Corporation:

Basic

$ 1.87

$ 2.10

$ 3.62

$ 4.15

Diluted

$ 1.87

$ 2.09

$ 3.61

$ 4.14

Weighted-average number of common shares

Basic

106,073

107,531

105,945

107,637

Diluted

106,264

107,797

106,188

107,968

[1]	Includes non-cash compensation of $26,051 and $20,839 for the three months ended June 30, 2026 and 2025, respectively, and $44,337 and $35,914 for the six months ended June 30, 2026 and 2025, respectively.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 381,376	$ 443,598
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization	162,686	135,012
Gain on remeasurement of U.S. denominated intercompany loans	(28,044)	(99,906)
Non-cash compensation expense	45,734	37,229
Non-cash asset impairment and decommission costs	48,024	78,720
Deferred and non-cash income tax provision	36,942	61,867
Loss on sale of assets	(644)	18,267
Other non-cash items reflected in the Statements of Operations	26,901	34,894
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	(319)	(20,726)
Prepaid expenses and other assets	(786)	(3,566)
Operating lease right-of-use assets, net	75,261	63,453
Accounts payable and accrued expenses	491	(6,378)
Accrued interest	2,093	13,504
Long-term lease liabilities	(70,709)	(64,822)
Other liabilities	(16,743)	(21,873)
Net cash provided by operating activities	662,263	669,273
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(172,284)	(652,610)
Capital expenditures	(110,816)	(102,038)
Purchase of investments	(1,252,128)	(434,307)
Proceeds from sale of investments	1,226,598	685,840
Repayment of loan from unconsolidated joint venture		115,000
Proceeds from sale of assets	5,048	40,469
Other investing activities	(6,910)	4,950
Net cash used in investing activities	(310,492)	(342,696)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility	1,025,000	80,000
Repayments under Revolving Credit Facility	(445,000)
Repayment of Term Loans	(11,500)	(5,750)
Repayment of Tower Securities	(750,000)	(1,165,000)
Repurchase and retirement of common stock	(2,245)	(130,696)
Payment of dividends on common stock	(267,846)	(241,640)
Proceeds from employee stock purchase/stock option plans	37,031	48,884
Payments related to taxes on stock options and restricted stock units	(20,127)	(24,695)
Other financing activities	(1,657)	(1,516)
Net cash used in financing activities	(436,344)	(1,440,413)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	8,311	13,702
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(76,262)	(1,100,134)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	437,021	1,400,657
End of period	360,759	300,523
Cash paid during the period for:
Interest	255,956	211,943
Income taxes	66,895	23,213
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:
Right-of-use assets obtained in exchange for new operating lease liabilities	19,794	76,120
Operating lease modifications and reassessments	94,973	74,419
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 1,489	$ 2,724

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 327,051	$ 264,568
Restricted cash	29,007	167,804
Accounts receivable, net	175,976	171,256
Costs and estimated earnings in excess of billings on uncompleted contracts	24,577	28,152
Prepaid expenses and other current assets	188,161	141,651
Total current assets	744,772	773,431
Property and equipment, net	3,452,615	3,401,799
Intangible assets, net	2,867,780	2,882,117
Operating lease right-of-use assets, net	2,695,380	2,540,229
Acquired and other right-of-use assets, net	1,328,891	1,325,443
Other assets	652,882	651,993
Total assets	11,742,320	11,575,012
Current liabilities:
Accounts payable	70,062	73,034
Accrued expenses	89,003	93,502
Current maturities of long-term debt	3,578,556	1,935,802
Deferred revenue	156,812	117,309
Accrued interest	66,342	65,036
Current lease liabilities	306,792	299,604
Other current liabilities	69,078	94,014
Total current liabilities	4,336,645	2,678,301
Long-term liabilities:
Long-term debt, net	9,150,666	10,964,466
Long-term lease liabilities	2,173,052	2,119,258
Other long-term liabilities	626,609	588,244
Total long-term liabilities	11,950,327	13,671,968
Redeemable noncontrolling interests	85,202	78,262
Shareholders’ deficit:
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $0.01, 400,000 shares authorized, 106,088 shares and 105,666 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,061	1,057
Additional paid-in capital	3,112,691	3,059,427
Accumulated deficit	(7,135,584)	(7,249,905)
Accumulated other comprehensive loss, net	(608,022)	(664,098)
Total shareholders' deficit	(4,629,854)	(4,853,519)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit	$ 11,742,320	$ 11,575,012