SBA COMMUNICATIONS CORP

Real Estate Investment Trusts·BOCA RATON, FL·FY end 12/31·CIK 1034054

CEO Pay Ratio

131:1

Brendan T. Cavanagh

CEO Total Comp

$11.4M

Brendan T. Cavanagh

Median Employee

$86,943

Revenue

$719.6M

FY 2025

Net Income

$370.3M

FY 2025

Free Cash Flow

$1.1B

FY 2025

Net Margin

51.5%

Insider Net (180d)

0 buys / 0 sales

CEO Pay Accountability

CEO comp as % of net income

3.07%

For every $1,000 of profit, $30.68 flows to the CEO.

CEO comp as % of buybacks

2.28%

CEO comp equals 22.8‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$719.6M	$693.7M	$675.0M	$686.1M	$595.3M
Gross Profit	$2.1B	$2.1B	$2.1B	$2.0B	$1.8B
Operating Income	$298.9M	$382.3M	$209.7M	$234.7M	$197.4M
Net Income	$370.3M	$173.6M	$109.5M	$103.3M	$48.9M
Operating CF	$1.3B	$1.3B	$1.5B	$1.3B	$1.2B
Capex	$224.8M	$228.1M	$236.7M	$214.4M	$133.7M
Free Cash Flow	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
Buybacks	$497.8M	$200.0M	$100.0M	$431.7M	$582.6M
Dividends	—	—	—	—	—	—

Gross Margin	295.2%	302.4%	310.9%	286.4%	296.2%
Operating Margin	41.5%	55.1%	31.1%	34.2%	33.2%
Net Margin	51.5%	25.0%	16.2%	15.1%	8.2%
FCF Margin	148.2%	159.5%	193.7%	156.1%	177.4%
R&D / Revenue	—	—	—	—	—	—
Effective Tax	15.1%	3.1%	9.3%	12.6%	5.9%
Debt / Equity	-4.92	-5.09	-4.64	-4.87	-4.65
Buybacks / FCF	46.7%	18.1%	7.6%	40.3%	55.2%

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Brendan T. CavanaghPresident and Chief Executive Officer	$955.0K	$8.6M	—	$1.7M	$30.3K	$11.4M
Marc MontagnerExecutive Vice President and Chief Financial Officer	$665.0K	$3.4M	—	$679.3K	$23.8K	$4.7M
Joshua M. KoenigExecutive Vice President, Chief Administrative Officer & General Counsel	$560.0K	$2.6M	—	$593.0K	$29.7K	$3.8M
Richard M. CaneExecutive Vice President and President - International	$560.0K	$2.6M	—	$579.0K	$21.3K	$3.8M
Mark R. CiarfellaExecutive Vice President - U.S. Operations	$560.0K	$2.6M	—	$565.0K	$29.4K	$3.8M