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SBA Communications cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$259M in Q3 2026 · $1.1B over twelve months

Operating cash flow$332M
Capital spending−$72.8M
Free cash flow+$259M
Cash / net income1.4×
Cash conversion cycle-15 days

Analysis

In Q3 2026, SBA Communications generated $332M of operating cash flow and spent $72.8M on capital projects, leaving free cash flow of $259M. That is $15.8M more than in Q3 2025 ($243M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were net borrowing (+) / repaid (−) ($2.5B), acquisitions ($599M), buybacks ($519M); besides operations, cash came from other financing ($2.7B), asset & business sales ($441M); the cash balance fell by $31.6M.

Operating cash flow was $332M against net income of $232M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$84.4M, prepaid and other assets −$39.0M, receivables +$26.6M.

Its cash conversion cycle was -15 days (receivables 21 + inventory 0 − payables 36): suppliers fund its working capital.

Free cash flow

SBA Communications: free cash flow by quarterSBA Communications: free cash flow by quarter$223MQ4 2024$191MQ1 2025−$279MQ2 2025$243MQ3 2025−$154MQ4 2025$207MQ1 2026$345MQ2 2026$259MQ3 2026
Operating cash flow less capital spending.
SBA Communications: operating cash flow against capital spendingSBA Communications: operating cash flow against capital spendingOperating cash flowCapital spending$310M$87.1MQ4 2024$301M$110MQ1 2025$368M$647MQ2 2025$318M$74.7MQ3 2025$304M$458MQ4 2025$255M$48.4MQ1 2026$407M$62.4MQ2 2026$332M$72.8MQ3 2026
Latest (Q3 2026): Operating cash flow $332M, Capital spending $72.8M.

Capital allocation, year by year

SBA Communications: where the cash came from (up) and went (down), by fiscal yearSBA Communications: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$417MFY2021: Shares issued $80.3MFY2021: Capital spending −$1.4BFY2021: Acquisitions −$1.3BFY2021: Buybacks −$583MFY2021: Dividends −$254M$1.3BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing $544MFY2022: Shares issued $31.6MFY2022: Capital spending −$1.4BFY2022: Acquisitions −$1.2BFY2022: Buybacks −$432MFY2022: Dividends −$307M$1.9BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing −$567MFY2023: Shares issued $38.6MFY2023: Asset sales $3.7MFY2023: Capital spending −$369MFY2023: Acquisitions −$130MFY2023: Buybacks −$100MFY2023: Dividends −$370M$1.6BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$194MFY2024: Shares issued $29.4MFY2024: Asset sales $333KFY2024: Capital spending −$528MFY2024: Acquisitions −$300MFY2024: Buybacks −$200MFY2024: Dividends −$424M$1.4BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $449MFY2025: Shares issued $48.0MFY2025: Asset sales $331MFY2025: Capital spending −$1.3BFY2025: Acquisitions −$1.1BFY2025: Buybacks −$498MFY2025: Dividends −$479M$2.1BFY2025
Over these 5 years operating cash flow totalled $6.6B; the largest uses were capital spending ($5.0B) and acquisitions ($3.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$444M
Debt$12.9B
Net debt$12.5B
Due within a year$1.9B

SBA Communications funds itself: free cash flow was $1.1B over the last twelve months, and $444M of cash and investments stands against $12.9B of debt ($1.9B due within a year, 0.2× covered by cash).

SBA Communications: debt maturities by year (FY2025)SBA Communications: debt maturities by year (FY2025)$1.9BYear 1$3.0BYear 2$1.5BYear 3$3.4BYear 4$23.0MYear 5
Principal due in each year as disclosed in the annual report, against $444M of cash and investments now.

Where the cash came from and went

SBA Communications: sources (+) and uses (−) of cash, Q3 2026SBA Communications: sources (+) and uses (−) of cash, Q3 2026Other financing$3.4BNet borrowing (+) / repaid (−)−$3.3BOperating cash flow$332MBuybacks−$300MAsset & business sales$146MDividends−$131MCash drawn (+) / kept (−)−$73.0MCapital spending−$72.8MAcquisitions−$32.4MExchange rates−$7.9MShares issued$1.3MOther investing−$578K
SBA Communications: sources (+) and uses (−) of cash, TTM to Q3 2026SBA Communications: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$2.7BNet borrowing (+) / repaid (−)−$2.5BOperating cash flow$1.3BAcquisitions−$599MBuybacks−$519MDividends−$517MAsset & business sales$441MCapital spending−$246MOther investing−$46.8MShares issued$42.3MCash drawn (+) / kept (−)$31.6MExchange rates−$7.8M

From profit to cash

SBA Communications: net income to operating cash flow, Q3 2026SBA Communications: net income to operating cash flow, Q3 2026Net income$232MDepreciation & amortization$84.4MStock-based pay$18.0MDeferred taxes$1.6MGains on disposals−$15.7MOther non-cash−$6.3MReceivables$26.6MPayables$1.7MPrepaid and other assets−$39.0MOther liabilities−$13.9MOperating cash flow$332M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202621—36-15
Q2 202621—35-13
Q1 202621—36-15
Q4 202521—77-56
Q3 202519—68-49
Q2 202518—33-16
Q1 202519—36-18
Q4 202417—34-17

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$332M−$72.8M−$32.4M−$300M−$131M−$3.3B$1.3M−$73.0M$259M
Q2 2026$407M−$62.4M−$28.8M—−$133M−$236M$3.0M−$28.2M$345M
Q1 2026$255M−$48.4M−$143M—−$135M$804M$34.0M$105M$207M
Q4 2025$304M−$458M−$394M−$216M−$118M$189M$4.1M$28.4M−$154M
Q3 2025$318M−$74.7M−$11.8M−$151M−$119M$284M$2.6M−$165M$243M
Q2 2025$368M−$647M−$589M—−$119M—$12.9M$364M−$279M
Q1 2025$301M−$110M−$63.4M—−$122M−$5.8M$36.0M$737M$191M
Q4 2024$310M−$87.1M−$31.4M—−$105M−$167M$8.8M−$1.1B$223M

SBA Communications: income statement and cash flow

SBA Communications, Q3 2026: revenue $714M (-2% year over year), operating margin 51.5%. The chart follows the revenue to costs, profit and cash.

SBA Communications: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.