SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) operates as a leading independent owner and operator of wireless communications infrastructure throughout the United States, its territories, and international markets spanning South America, Central America, and Africa. The company maintains its corporate headquarters and website at www.sbasite.com.

The company's primary business is site leasing services, which contributed 97.9 percent of total segment operating profit during the fiscal year ended December 31, 2025. SBA leases antenna space on multi-tenant towers to wireless service providers under long-term contracts and manages rooftop and tower sites for property owners. As of December 31, 2025, the company owned 46,328 towers, with 17,394 sites located in the United States and its territories and 28,934 sites in international markets. Approximately 30 percent of international towers are located in Brazil and 10 percent in Guatemala. The company's complementary site development business, conducted exclusively in the United States, provides end-to-end services including network pre-design, site identification, zoning and permitting assistance, tower construction, and antenna installation.

SBA's customer base is concentrated among major wireless carriers. T-Mobile, AT&T Wireless, and Verizon Wireless collectively represented 66.5 percent of total revenues during 2025. Internationally, the company serves carriers including Telefonica, Claro, TIM, and Tigo. The company derives domestic site leasing revenue primarily from the three major U.S. wireless carriers, while international revenue comes from major carriers in each operating country.

The company employs 1,844 people as of December 31, 2025, with 663 employees based outside the United States and its territories. SBA maintains regional and local offices across its operating markets to support customer relationships and local market expertise. Approximately 71 percent of tower structures are located on land the company owns or controls for more than 20 years, providing long-term operational stability and margin protection.

SBA's business model emphasizes organic growth through maximizing existing tower capacity, systematic portfolio expansion via acquisitions and new builds, and disciplined capital allocation. The company focuses on markets with quality wireless service providers and favorable regulatory environments, continuously evaluating market performance against long-term strategic objectives.