SBA Communications Reports 5.8% Revenue Growth to $698.98 Million in Q2 2025

SBA Communications Corporation reported its financial results for the second quarter and first half of 2025, revealing a total revenue of $698.98 million for the three months ending June 30, 2025, a 5.8% increase from $660.48 million in the same period last year. For the first half of 2025, total revenues reached $1.36 billion, up from $1.32 billion in the prior year. The company's net income for the second quarter was $225.69 million, compared to $159.45 million in the same quarter of 2024, while net income for the first half was $443.60 million, an increase from $313.99 million year-over-year.

The company experienced significant changes in its operational metrics, particularly in its site development segment, which saw revenues surge to $67.19 million in the second quarter, a 97.5% increase from $34.02 million in the prior year. This growth was attributed to heightened carrier activity. In contrast, site leasing revenues remained relatively stable, with domestic site leasing revenues increasing slightly to $469.81 million, while international site leasing revenues decreased marginally to $161.98 million. The company also reported a decrease in its accumulated deficit, which improved to $(7.25) billion from $(7.33) billion at the end of 2024.

Strategically, SBA Communications has been active in expanding its tower portfolio, acquiring 4,673 towers and related assets during the first half of 2025, including a significant transaction with Millicom International Cellular S.A. The company also sold its operations in the Philippines and Colombia, with plans to divest its Canadian assets, which are expected to close in the fourth quarter of 2025. As of June 30, 2025, SBA owned 44,065 towers, with approximately 30% located in Brazil and 10% in Guatemala.

Operationally, the company reported a total of 107,487 shares of Class A common stock outstanding as of June 30, 2025, with a diluted earnings per share of $2.09 for the second quarter, up from $1.51 in the previous year. The company’s cash and cash equivalents increased to $275.28 million from $189.84 million at the end of 2024, while total assets decreased to $10.77 billion from $11.42 billion. The company anticipates continued growth in core site leasing revenue for the remainder of 2025, driven by the deployment of unused spectrum by wireless carriers and the full-year impact of recent acquisitions.

Looking ahead, SBA Communications expects to maintain its focus on portfolio growth through acquisitions and new tower constructions, while also managing its capital allocation strategy to enhance shareholder value. The company plans to fund its capital expenditures through cash on hand, operational cash flow, and borrowings under its revolving credit facility. The outlook remains positive, with expectations for stable and long-term recurring revenues from its site leasing business, despite potential challenges from high interest rates and market conditions.