Filing Flows › SBA Communications (SBAC) › Q2 2025
SBA Communications (SBAC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
SBA Communications (SBAC) reported revenue of $699M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +5% from the quarter before. Operating margin was 47.9%, net earnings $226M (32.3% of revenue).
SBA Communications, Q2 2025: revenue $699M (+6% year over year), operating margin 47.9%, net earnings $226M, operating cash flow $368M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $699M | +5% | +6% |
| Gross profit | $527M | +3% | +1% |
| Operating profit | $335M | 0% | -6% |
| Net earnings | $226M | +2% | +39% |
| Operating cash flow | $368M | +22% | -14% |
What changed
Revenue was $699.0M in Q2 2025, up 6% year over year and up 5% from the previous quarter. Domestic Site Leasing was the largest line at 67% of revenue. Site Development added $33.2M year over year (up 98%), 86% of the total change. International Site Leasing declined 1%.
Gross margin was 75.4%, down 3.2 points from a year earlier. Operating profit was $334.8M, a 47.9% margin (down 5.8 points year over year). Operating profit fell $19.7M even though revenue rose $38.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 17% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $225.8M, up 39% year over year. The effective tax rate was 13.4%.
Operating cash flow was $368.1M (down 14% year over year), 163% of net earnings. Non-cash charges added back $70.0M of depreciation and amortization and $21.5M of share-based compensation. Working capital and other items added $50.9M. Capital expenditures of $646.9M exceeded it, leaving free cash flow of −$278.8M.
Questions
What was SBA Communications' revenue in the second quarter 2025?
SBA Communications (SBAC) reported revenue of $699M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +5% from the quarter before.
Was SBA Communications profitable in the second quarter 2025?
Operating profit was $335M (47.9% of revenue) and net earnings $226M.
Source: SBA Communications 10-Q on SEC EDGAR.