---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-033399"
form_type: "8-K"
ticker: "SBAC"
cik: "0001034054"
company_name: "SBA COMMUNICATIONS CORP"
filed_at: "2025-02-24T23:59:59+00:00"
generated_at: "2026-05-26T05:21:32.813379+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "medium"
source: SEC EDGAR
---

# SBA Communications Q4 net income $178.8M, EPS $1.61; dividend up 13% to $1.11/quarter

## Summary
- Net income $178.8M ($1.61 diluted EPS) vs $109.5M ($1.01) in Q4 2023; AFFO per share $3.47.
- Site leasing revenue $646.3M (+1.6% reported, +4.6% ex-FX); site development revenue $47.4M (+21.5%).
- Quarterly dividend increased ~13% to $1.11/share, payable March 27, 2025; annual dividend ~35% of AFFO guidance.
- Net Debt to Annualized Adjusted EBITDA leverage at 6.1x, lowest in company history; no 2025 debt maturities.
- Exited Philippines post-year-end; entered agreement to exit Colombia to focus on key markets.

## SEC filing metadata
- accession: 0001193125-25-033399
- form_type: 8-K
- ticker: SBAC
- cik: 0001034054
- company_name: SBA COMMUNICATIONS CORP
- filed_at: 2025-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: medium
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1034054/000119312525033399/0001193125-25-033399-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1034054/000119312525033399/d830235d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-033399
- JSON: https://secwatch.observer/filing/0001193125-25-033399.json
- Plain text: https://secwatch.observer/filing/0001193125-25-033399.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.