SBA Communications

SBAC · Real Estate · Market cap $19.3B

Q3 FY25 Sep 30, 2025 reported Nov 6, 2025

Revenue$0.7B +10% year over year

Gross profit$0.5B

Operating profit$0.4B

Net profit$0.2B 32% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.7	100%	+10%
Domestic Site Leasing	0.5	71%	+1%
International Site Leasing	0.2	29%	+16%
Site Development Construction	0.1	14%	+81%
Cost of revenue	−0.2	29%
Gross profit	0.5	74% margin	−3pp
SG&A	−0.1	9%	+0pp
Other	−0.1	14%	+0pp
Operating profit	0.4	51% margin	−5pp
Interest & other costs	−0.2
Net profit	0.2	32%	−6pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.7	100%	+6%
Domestic Site Leasing	0.5	71%	+1%
International Site Leasing	0.2	29%	−1%
Site Development Construction	0.1	14%	+98%
Cost of revenue	−0.2	29%
Gross profit	0.5	75% margin	−3pp
SG&A	−0.1	10%	+1pp
Other	−0.1	17%	+0pp
Operating profit	0.3	48% margin	−6pp
Interest & other costs	−0.1
Net profit	0.2	32%	+8pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	0.7	100%	+1%
Domestic Site Leasing	0.5	71%	+0%
International Site Leasing	0.2	29%	−7%
Cost of revenue	−0.2	29%
Gross profit	0.5	77% margin	−2pp
SG&A	−0.1	10%	+0pp
Other	−0.1	16%	+0pp
Operating profit	0.3	50% margin	+1pp
Interest & other costs	−0.1
Net profit	0.2	33%	+10pp

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	0.7	100%	−2%
Domestic Site Leasing	0.5	71%	−1%
International Site Leasing	0.2	29%	−5%
Cost of revenue	−0.2	29%
Gross profit	0.5	77% margin	−1pp
SG&A	−0	9%	+0pp
Other	−0.1	12%	+0pp
Operating profit	0.4	56% margin	+20pp
Interest & other costs	−0.1
Net profit	0.3	39%	+26pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25	Sep 30, 2025	Nov 6, 2025	$0.7B	+10%	57%	$0.2B	32%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 7, 2025	$0.7B	+6%	43%	$0.2B	32%
Q1 FY25	Jan 1 – Mar 31, 2025	May 1, 2025	$0.7B	+1%	43%	$0.2B	33%
Q3 FY24	Jul 1 – Sep 30, 2024	Nov 1, 2024	$0.7B	−2%	57%	$0.3B	39%