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How SBA Communications (SBAC) makes money
SBA Communications (SBAC) made $714M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Domestic Site Leasing brought in $454M (64%); International Site Leasing brought in $211M (30%); Site Development brought in $48.6M (7%). Of every dollar of revenue, 76¢ was left as gross profit, 52¢ was left as operating profit, 32¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Domestic Site Leasing | $454M | 63.6% | +0.4% | -3% |
| International Site Leasing | $211M | 29.6% | -0.2% | +13% |
| Site Development | $48.6M | 6.8% | -5% | -36% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $714M | 100.0% |
| Cost of revenue | $172M | 24.0% |
| Gross profit | $542M | 76.0% |
| Operating expenses | $175M | 24.5% |
| Operating profit | $368M | 51.5% |
| Income tax | $22.2M | 3.1% |
| Net earnings | $231M | 32.4% |
| Operating cash flow | $332M | 46.5% |
| Free cash flow | $259M | 36.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $714M | -2% |
| Q2 2026 | $715M | +2% |
| Q1 2026 | $703M | +6% |
| Q4 2025 | $720M | +4% |
| Q3 2025 | $732M | +10% |
| Q2 2025 | $699M | +6% |
| Q1 2025 | $664M | +1% |
From SBA Communications' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does SBA Communications make money?
SBA Communications (SBAC) made $714M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Domestic Site Leasing brought in $454M (64%); International Site Leasing brought in $211M (30%); Site Development brought in $48.6M (7%). Of every dollar of revenue, 76¢ was left as gross profit, 52¢ was left as operating profit, 32¢ was left as net earnings.
What is SBA Communications' biggest business?
Domestic Site Leasing: $454M in the third quarter 2026, 64% of revenue, -3% from a year earlier.
What is SBA Communications' profit margin?
Net earnings were $231M, 32.4% of revenue, in the third quarter 2026; the operating margin was 51.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.