Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.63B | $105M | $125M | $154M | $129M | $205M | $297M | $195M | $153M | $244M |
| Revenue growth | — | -93.6% | 19.9% | 22.8% | -16.3% | 59.1% | 45.0% | -34.4% | -21.5% | 59.9% |
| Gross profit | $1.21B | $1.28B | $1.40B | $1.52B | $1.61B | $1.76B | $1.96B | $2.10B | $2.10B | $2.12B |
| Gross margin | 74.2% | 1226.2% | 1115.2% | 989.4% | 1248.7% | 861.2% | 661.8% | 1078.3% | 1372.4% | 868.8% |
| Operating income | $387M | $459M | $544M | $583M | $634M | $782M | $925M | $924M | $1.44B | $1.34B |
| Operating margin | 23.7% | 438.8% | 434.4% | 379.4% | 492.5% | 382.2% | 311.7% | 474.5% | 939.2% | 549.2% |
| Net income | $76.2M | $104M | $47.5M | $147M | $24.1M | $238M | $461M | $502M | $750M | $1.05B |
| Net margin | 4.7% | 99.2% | 37.9% | 95.6% | 18.7% | 116.1% | 155.4% | 257.8% | 490.3% | 430.9% |
| EPS (diluted) | $0.61 | $0.86 | $0.41 | $1.28 | $0.21 | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $743M | $818M | $851M | $970M | $1.13B | $1.19B | $1.29B | $1.54B | $1.33B | $1.29B |
| Capital expenditures | $140M | $147M | $150M | $154M | $129M | $134M | $214M | $237M | $228M | $225M |
| Free cash flow | $603M | $671M | $701M | $816M | $997M | $1.06B | $1.07B | $1.31B | $1.11B | $1.07B |
| Share buybacks | $546M | $855M | $796M | $467M | $859M | $583M | $432M | $100M | $200M | $498M |
| Dividends paid | — | — | — | $83.4M | $208M | $254M | $307M | $370M | $424M | $479M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $146M | $68.8M | $143M | $108M | $309M | $367M | $144M | $209M | $190M | $265M |
| Total assets | $7.36B | $7.32B | $7.21B | $9.76B | $9.16B | $9.80B | $10.6B | $10.2B | $11.4B | $11.6B |
| Long-term debt | $8.15B | $9.29B | $9.00B | $9.81B | $11.1B | $12.3B | $12.8B | $11.7B | $12.4B | $11.0B |
| Shareholders' equity | -$2.00B | -$2.60B | -$3.38B | -$3.67B | -$4.82B | -$5.28B | -$5.28B | -$5.17B | -$5.11B | -$4.85B |
| Retained earnings | -$3.64B | -$4.39B | -$5.14B | -$5.56B | -$6.60B | -$7.20B | -$7.48B | -$7.45B | -$7.33B | -$7.25B |
| Shares (wtd avg diluted) | 125M | 121M | 117M | 115M | 113M | 111M | 109M | 109M | 108M | 108M |
Every figure is extracted from SBA COMMUNICATIONS CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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