SBA Communications Corp (NASDAQ: SBAC) is a wireless communications infrastructure company that owns and operates tower structures, rooftops, and other structures that support antennas used for wireless communications. Revenue comes from two streams: site leasing, where wireless service providers pay to place antennas on SBA-owned towers under long-term lease agreements, and site development services. SBA has been developing towers for wireless service providers in the United States since 1989 and has owned and operated towers for itself since 1997. Principal operations are in the United States and its territories, with additional tower portfolios in South America, Central America, and Africa. As of the fiscal year ended December 31, 2025, SBA exited the Philippines, having sold all towers and ended operations there. The business carries toll-road economics: a fixed asset leased to multiple tenants simultaneously, with each additional tenant adding revenue at low incremental cost.

Revenue model

Site leasing revenue from long-term lease agreements with wireless service providers who place antennas on SBA-owned towers; supplemented by site development services revenue. Multi-tenant tower model means incremental tenants add revenue with minimal incremental cost.

Products and services

Tower structures, rooftop installations, and other antenna-support structures leased to wireless service providers; site development services including tower construction and acquisition.

Customers and end markets

Wireless service providers in the United States and internationally. End market is mobile wireless communications infrastructure.

Value-chain role

Independent tower owner and operator; sits between wireless service providers and the physical infrastructure required to transmit wireless signals. Does not provide wireless service directly.

Geographic exposure

Primary operations in the United States and its territories. Additional operations in South America, Central America, and Africa. Exited the Philippines during the fiscal year ended December 31, 2025.

Source: SEC 10-K, filed 2026-02-27

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