Filing Flows › SBA Communications (SBAC) › Q1 2025
SBA Communications (SBAC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
SBA Communications (SBAC) reported revenue of $664M for the first quarter 2025 (Q1 2025), +1% from a year earlier and -4% from the quarter before. Operating margin was 50.4%, net earnings $221M (33.2% of revenue).
SBA Communications, Q1 2025: revenue $664M (+1% year over year), operating margin 50.4%, net earnings $221M, operating cash flow $301M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $664M | -4% | +1% |
| Gross profit | $511M | -6% | -2% |
| Operating profit | $335M | -12% | +4% |
| Net earnings | $221M | +27% | +43% |
| Operating cash flow | $301M | -3% | +2% |
| Free cash flow | $191M | -14% | -12% |
What changed
Revenue was $664.2M in Q1 2025, up 1% year over year and down 4% from the previous quarter. Domestic Site Leasing was the largest line at 69% of revenue. Site Development added $18.5M year over year (up 62%), 289% of the total change. International Site Leasing declined 7%.
Gross margin was 76.9%, down 2.2 points from a year earlier. Operating profit was $334.9M, a 50.4% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 181% reached operating profit, above the 49% margin then. Operating expenses fell 11% while revenue rose 1%. Net earnings were $220.7M, up 43% year over year ($217.9M including minority interests, which bore $2.8M of losses). The effective tax rate was 16.2%.
Operating cash flow was $301.2M (up 2% year over year), 138% of net earnings. Non-cash charges added back $65.0M of depreciation and amortization and $15.7M of share-based compensation. Capital expenditures of $110.4M left free cash flow of $190.7M.
Questions
What was SBA Communications' revenue in the first quarter 2025?
SBA Communications (SBAC) reported revenue of $664M for the first quarter 2025 (Q1 2025), +1% from a year earlier and -4% from the quarter before.
Was SBA Communications profitable in the first quarter 2025?
Operating profit was $335M (50.4% of revenue) and net earnings $221M.
Source: SBA Communications 10-Q on SEC EDGAR.