FN2 Earnings Intelligence
SBA Communications Corporation financials
SBA Communications Corporation (SBAC) financial statements and key operating metrics from FN2 Research.
Key Stats
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Market Cap | - | - | - | - | - | - | - |
| - Cash | $367.3 | $143.7 | $208.5 | $189.8 | $264.6 | - | - |
| + Debt | - | - | - | - | - | - | - |
| Enterprise Value | - | - | - | - | - | - | - |
| Revenue | $2,308.8 | $2,633.5 | $2,711.6 | $2,679.6 | $2,815.1 | $2,860.4 | $2,936.5 |
| % Growth | 10.8% | 14.1% | 3.0% | -1.2% | 5.1% | 1.6% | 2.7% |
| Gross Profit | $1,763.4 | $1,964.8 | $2,099 | $2,097.9 | $2,124.2 | - | - |
| % Margin | 76.4% | 74.6% | 77.4% | 78.3% | 75.5% | - | - |
| EBITDA | $1,054.3 | $1,199.4 | $1,196 | $1,552.1 | $1,474.6 | - | - |
| % Margin | 45.7% | 45.5% | 44.1% | 57.9% | 52.4% | - | - |
| Net Income | $237.6 | $461.4 | $501.8 | $749.5 | $1,053.6 | - | - |
| % Margin | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% | - | - |
| Diluted EPS | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 | $7.43 | $8.35 |
| % Growth | 919.0% | 97.2% | 9.2% | 50.5% | 41.2% | -24.2% | 12.4% |
| Operating Cash Flow | $1,189.9 | $1,285.7 | $1,544.4 | $1,334.9 | $1,291.3 | - | - |
| CapEx | $133.7 | $214.4 | $236.7 | $228.1 | $224.8 | - | - |
| Free Cash Flow | $1,056.2 | $1,071.3 | $1,307.7 | $1,106.7 | $1,066.5 | - | - |
Historical market capitalization is not persisted, so Market Cap and Enterprise Value remain unavailable rather than mixing today's market value into prior periods.
Income Statement
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | 12/31/2026 est. | 12/31/2027 est. |
|---|---|---|---|---|---|---|---|
| Revenue | $2,308.8 | $2,633.5 | $2,711.6 | $2,679.6 | $2,815.1 | $2,860.4 | $2,936.5 |
| Gross Profit | $1,763.4 | $1,964.8 | $2,099 | $2,097.9 | $2,124.2 | - | - |
| EBITDA | $1,054.3 | $1,199.4 | $1,196 | $1,552.1 | $1,474.6 | - | - |
| Net Income | $237.6 | $461.4 | $501.8 | $749.5 | $1,053.6 | - | - |
| Diluted EPS | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 | $7.43 | $8.35 |
Balance Sheet
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $367.3 | $143.7 | $208.5 | $189.8 | $264.6 |
| Short-term Debt | - | - | - | - | - |
| Long-term Debt | $12,278.7 | $12,844.2 | $11,681.2 | $12,403.8 | $10,964.5 |
| Total Debt | - | - | - | - | - |
Cash Flow
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1,189.9 | $1,285.7 | $1,544.4 | $1,334.9 | $1,291.3 |
| Capital Expenditure | $133.7 | $214.4 | $236.7 | $228.1 | $224.8 |
| Free Cash Flow | $1,056.2 | $1,071.3 | $1,307.7 | $1,106.7 | $1,066.5 |
Ratios
USD in millions, except per-share values and percentages.
| Metric | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 |
|---|---|---|---|---|---|
| Revenue Growth | 10.8% | 14.1% | 3.0% | -1.2% | 5.1% |
| Gross Margin | 76.4% | 74.6% | 77.4% | 78.3% | 75.5% |
| EBITDA Margin | 45.7% | 45.5% | 44.1% | 57.9% | 52.4% |
| Net Margin | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
| FCF Margin | 45.7% | 40.7% | 48.2% | 41.3% | 37.9% |
| Diluted EPS Growth | 919.0% | 97.2% | 9.2% | 50.5% | 41.2% |