Filing Flows › SBA Communications (SBAC) › Q4 2025
SBA Communications (SBAC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
SBA Communications (SBAC) reported revenue of $720M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -2% from the quarter before. Operating margin was 41.5%, net earnings $370M (51.5% of revenue).
SBA Communications, Q4 2025: revenue $720M (+4% year over year), operating margin 41.5%, net earnings $370M, operating cash flow $304M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $720M | -2% | +4% |
| Gross profit | $544M | +0.3% | +0.5% |
| Operating profit | $299M | -20% | -22% |
| Net earnings | $370M | +56% | +113% |
| Operating cash flow | $304M | -4% | -2% |
What changed
Revenue was $719.6M in Q4 2025, up 4% year over year and down 2% from the previous quarter. Domestic Site Leasing was the largest line at 65% of revenue.
Gross margin was 75.6%, down 2.4 points from a year earlier. Operating profit was $298.9M, a 41.5% margin (down 13.6 points year over year). Operating profit fell $83.4M even though revenue rose $25.9M versus a year earlier, so costs grew faster than sales. Operating expenses grew 54% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+86%). Net earnings were $370.3M, up 113% year over year. The effective tax rate was 14.3%. Non-operating items added $133.4M, 31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $304.0M (down 2% year over year), 82% of net earnings. Non-cash charges added back $80.4M of depreciation and amortization and $19.2M of share-based compensation. Working capital and other items used $166.0M. Capital expenditures of $458.0M exceeded it, leaving free cash flow of −$154.0M.
Questions
What was SBA Communications' revenue in the fourth quarter 2025?
SBA Communications (SBAC) reported revenue of $720M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and -2% from the quarter before.
Was SBA Communications profitable in the fourth quarter 2025?
Operating profit was $299M (41.5% of revenue) and net earnings $370M.
Source: SBA Communications 10-K on SEC EDGAR.