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SBA Communications cash flow statement

In fiscal 2025, SBA Communications's operations generated $1.29bn of cash; it spent $225m on capital projects, leaving free cash flow of $1.07bn. It returned $479m in dividends and $498m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations2232012493414986747237438188519701,1261,1901,2861,5441,3351,2911,284
Depreciation and amortisation259279309408533627660638643672697722700708716270292320
Stock-based pay811111417232933384273698410088747685
Capital spending4767127113169211209140147150154129134214237228225248
Free cash flow1761351222283294635146036717018169971,0561,0711,3081,1071,0671,036
Free cash flow after stock pay1681241112143114404865706336587439299729711,2201,032991951
Dividends paid——————————83208254307370424479505
Share buybacks52107225———450546855796467859583432100200498—
Shares issued———284——————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from SBA Communications's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to SBA Communications.