Filing Flows › SBA Communications (SBAC) › Q3 2025
SBA Communications (SBAC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
SBA Communications (SBAC) reported revenue of $732M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +5% from the quarter before. Operating margin was 51.1%, net earnings $237M (32.3% of revenue).
SBA Communications, Q3 2025: revenue $732M (+10% year over year), operating margin 51.1%, net earnings $237M, operating cash flow $318M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $732M | +5% | +10% |
| Gross profit | $543M | +3% | +5% |
| Operating profit | $374M | +12% | -0.4% |
| Net earnings | $237M | +5% | -8% |
| Operating cash flow | $318M | -14% | +4% |
| Free cash flow | $243M | — | +652% |
What changed
Revenue was $732.3M in Q3 2025, up 10% year over year and up 5% from the previous quarter. Domestic Site Leasing was the largest line at 64% of revenue. Site Development added $34.0M year over year (up 81%), 53% of the total change.
Gross margin was 74.1%, down 3.4 points from a year earlier. Operating profit was $374.2M, a 51.1% margin (down 5.2 points year over year). Operating profit fell $1.4M even though revenue rose $64.7M versus a year earlier, so costs grew faster than sales. Operating expenses grew 19% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $236.8M, down 8% year over year. The effective tax rate was 16.8%.
Operating cash flow was $318.0M (up 4% year over year), 132% of net earnings. Non-cash charges added back $76.9M of depreciation and amortization and $19.3M of share-based compensation. Working capital and other items used $18.6M. Capital expenditures of $74.7M left free cash flow of $243.3M.
Questions
What was SBA Communications' revenue in the third quarter 2025?
SBA Communications (SBAC) reported revenue of $732M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +5% from the quarter before.
Was SBA Communications profitable in the third quarter 2025?
Operating profit was $374M (51.1% of revenue) and net earnings $237M.
Source: SBA Communications 10-Q on SEC EDGAR.