$SBAC SBA Communications Corp

What Do They Do?

Leases antenna space on towers and rooftops to wireless service providers and other customers, and provides network-development and equipment-installation services to wireless providers.

How Do They Make Money?

Wireless providers and other tenants pay rent to lease antenna space under long-term leases. The company also earns fees from network-development consulting and construction projects, with consulting billed at contractual rates and construction revenue earned as work progresses.

revenue

Segment	Share	How money arrives
Domestic Site Leasing Recurring	66% FY2022: 68%	Recurring
International Site Leasing Recurring	25% FY2022: 21%	Recurring
Site Development	8.7% FY2022: 11%

Who Are Their Customers?

Wireless service providers lease tower space directly through individual site leases or agreements covering multiple sites. They and companies managing their projects also hire SBA for network planning, construction, and equipment installation.

Customers above 10% of revenue, FY2025

of revenue from three customers (31%, 20%, 15%)

FY2023: 67% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 37 cents of every revenue dollar as net income in FY2025 and turned 38 cents into free cash flow.

Operating income, FY2025

48% of revenue

▼ −6% vs FY2024 ($1.4B, 54%)

Net income, FY2025

37% of revenue

▲ +41% vs FY2024 ($749.5M, 28%)

Free cash flow, FY2025

38% of revenue

▼ −4% vs FY2024 ($1.1B, 41%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +2%; vs $699M in Q2 FY2025
Net income: ▼ −12%; vs $225.8M in Q2 FY2025

Domestic Site Leasing share of revenue vs 67.2% in Q2 FY2025

Growing. Revenue grew 22% in 4 years, from $2.3B in FY2021 to $2.8B in FY2025, about 5% a year.

Broader technology exploration The latest report adds fiber aggregation and regeneration huts and satellite ground stations to its technology exploration, alongside edge data centers and private networks discussed in both reports.

Revenue over time

Domestic Site Leasing International Site Leasing Site Development

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with American Tower and Crown Castle International