---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-100556"
form_type: "8-K"
ticker: "SBAC"
cik: "0001034054"
company_name: "SBA COMMUNICATIONS CORP"
filed_at: "2025-04-28T23:59:59+00:00"
generated_at: "2026-05-23T04:39:46.305078+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# SBA Communications Q1 AFFO $3.18/sh, net income $189M; raises FY2025 outlook, declares $1.11 dividend, $1.5B buyback

## Summary
- Net income $189M ($1.77 diluted EPS); AFFO $343.9M ($3.18 per share).
- Site leasing revenue $616.2M (-1.9% YoY); site development revenue $48.0M (+62.4%).
- Adjusted EBITDA $457.3M; net debt/EBITDA leverage 6.4x; cash balance >$600M.
- Quarterly dividend of $1.11/share declared; payable June 17, 2025 to holders of record May 22.
- Repurchased 583k shares for $122.9M post-quarter; Board approved new $1.5B buyback authorization.

## SEC filing metadata
- accession: 0001193125-25-100556
- form_type: 8-K
- ticker: SBAC
- cik: 0001034054
- company_name: SBA COMMUNICATIONS CORP
- filed_at: 2025-04-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1034054/000119312525100556/0001193125-25-100556-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1034054/000119312525100556/d788453d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-100556
- JSON: https://secwatch.observer/filing/0001193125-25-100556.json
- Plain text: https://secwatch.observer/filing/0001193125-25-100556.txt

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