SBA Communications Corporation

SBAC

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

2,680

Cost of Revenue

608

Gross Profit

2,072

Gross Margin

77.3%

Operating Income

1,436

Operating Margin

53.6%

Net Income

750

Net Margin

28.0%

EPS (Basic)

$6.96

EPS (Diluted)

$6.94

EBITDA

1,795

EBITDA Margin

67.0%

2023

12/31/2023

Revenue

2,712

Cost of Revenue

634

Gross Profit

2,077

Gross Margin

76.6%

Operating Income

924

Operating Margin

34.1%

Net Income

502

Net Margin

18.5%

EPS (Basic)

$4.64

EPS (Diluted)

$4.61

EBITDA

1,791

EBITDA Margin

66.1%

2022

12/31/2022

Revenue

2,633

Cost of Revenue

695

Gross Profit

1,938

Gross Margin

73.6%

Operating Income

925

Operating Margin

35.1%

Net Income

461

Net Margin

17.5%

EPS (Basic)

$4.27

EPS (Diluted)

$4.22

EBITDA

1,676

EBITDA Margin

63.6%

2021

12/31/2021

Revenue

2,309

Cost of Revenue

573

Gross Profit

1,736

Gross Margin

75.2%

Operating Income

782

Operating Margin

33.9%

Net Income

238

Net Margin

10.3%

EPS (Basic)

$2.17

EPS (Diluted)

$2.14

EBITDA

1,514

EBITDA Margin

65.6%

2020

12/31/2020

Revenue

2,083

Cost of Revenue

493

Gross Profit

1,590

Gross Margin

76.3%

Operating Income

634

Operating Margin

30.4%

Net Income

Net Margin

1.2%

EPS (Basic)

$0.22

EPS (Diluted)

$0.21

EBITDA

1,395

EBITDA Margin

67.0%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	2,680	2,712	2,633	2,309	2,083
Cost of Revenue	608	634	695	573	493
Gross Profit	2,072	2,077	1,938	1,736	1,590
Gross Margin	77.3%	76.6%	73.6%	75.2%	76.3%
Operating Income	1,436	924	925	782	634
Operating Margin	53.6%	34.1%	35.1%	33.9%	30.4%
Net Income	750	502	461	238	24
Net Margin	28.0%	18.5%	17.5%	10.3%	1.2%
EPS (Basic)	$6.96	$4.64	$4.27	$2.17	$0.22
EPS (Diluted)	$6.94	$4.61	$4.22	$2.14	$0.21
EBITDA	1,795	1,791	1,676	1,514	1,395
EBITDA Margin	67.0%	66.1%	63.6%	65.6%	67.0%