SBA Communications Corporation (SBAC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura de telecomunicaciones, SBA Communications Corporation (SBAC) se destaca como un jugador fundamental, transformando cómo las redes inalámbricas se expanden y operan en diversos mercados. Al construir estratégicamente, arrendar y administrar una extensa cartera de torres de comunicación, SBAC ha revolucionado la forma en que los transportistas móviles conectan a las comunidades, ofreciendo soluciones innovadoras que unen brechas tecnológicas e impulsan la conectividad. Esta exploración de lienzos de modelo de negocio revela los intrincados mecanismos detrás del éxito de SBAC, revelando cómo su enfoque único para las bienes raíces de telecomunicaciones crea valor para transportistas, inversores y consumidores por igual.

SBA Communications Corporation (SBAC) - Modelo de negocios: asociaciones clave

Acuerdos de arrendamiento de torres con transportistas inalámbricos

SBA Communications Corporation mantiene asociaciones críticas con los principales operadores inalámbricos:

Transportista inalámbrico	Número de torres arrendadas	Ingresos anuales de arrendamiento
Verizon	4.237 torres	$ 412.5 millones
AT&T	3.892 torres	$ 378.3 millones
T-Mobile	3.645 torres	$ 355.7 millones

Desarrolladores inmobiliarios y empresas de administración de propiedades

Las asociaciones clave incluyen:

• Crown Castle International
• American Tower Corporation
• Tenencias de puentes verticales

Compañías de construcción e infraestructura

Empresa asociada	Servicios proporcionados	Valor anual del contrato
Mastec, Inc.	Construcción de torres	$ 87.6 millones
Servicios cuantas	Desarrollo de infraestructura	$ 65.4 millones

Fabricantes de equipos de telecomunicaciones

• Ericsson
• Nokia
• Tecnologías Huawei

Instituciones financieras

Institución financiera	Tipo de asociación	Capital proporcionado
JPMorgan Chase	Línea de crédito	$ 750 millones
Goldman Sachs	Banca de inversión	$ 500 millones
Banco de América	Financiación de la deuda	$ 625 millones

SBA Communications Corporation (SBAC) - Modelo de negocios: actividades clave

Construcción de torres y desarrollo de infraestructura

En 2023, SBA Communications construyó 1.275 nuevas torres de comunicación en múltiples mercados. La cartera total de la torre alcanzó 35,842 torres de comunicaciones a partir del cuarto trimestre de 2023. Los gastos de capital para el desarrollo de infraestructura fueron de $ 654.3 millones para el año fiscal.

Métricas de construcción de torres	2023 datos
Total de nuevas torres construidas	1,275
Cartera de torre total	35,842
Desarrollo de infraestructura Capex	$ 654.3 millones

Adquisición del sitio y arrendamiento de tierras

SBA Communications administró 69,000 sitios de comunicaciones a nivel mundial en 2023. El costo promedio de arrendamiento de tierras por sitio fue de aproximadamente $ 24,000 anuales. Los gastos totales de arrendamiento de tierras alcanzaron los $ 1.656 mil millones para el año fiscal.

• Sitios de comunicación global total: 69,000
• Costo promedio de arrendamiento de tierras anuales: $ 24,000
• Gastos totales de arrendamiento de tierras: $ 1.656 mil millones

Gestión de infraestructura de red

Las inversiones de gestión de infraestructura de red totalizaron $ 422.7 millones en 2023. La compañía mantuvo la infraestructura de telecomunicaciones en 17 países, con el 90% de los sitios alquilados activamente a múltiples transportistas.

Métricas de infraestructura de red	2023 datos
Inversión en gestión de infraestructura	$ 422.7 millones
Países con infraestructura	17
Sitios alquilados activamente	90%

Mantenimiento y optimización de la torre

Los gastos anuales de mantenimiento de la torre fueron de $ 276.5 millones en 2023. La compañía realizó un mantenimiento integral en 35,842 torres, con un costo de mantenimiento promedio de $ 7,712 por torre.

Expansión de la cartera de bienes raíces de telecomunicaciones

Las inversiones de expansión de la cartera de bienes raíces alcanzaron los $ 512.6 millones en 2023. SBA Communications agregó 1,275 nuevos sitios de torres a su cartera, aumentando las propiedades inmobiliarias totales de telecomunicaciones.

Métricas de cartera de bienes raíces	2023 datos
Inversiones de expansión de cartera	$ 512.6 millones
Nuevos sitios de torre agregados	1,275

SBA Communications Corporation (SBAC) - Modelo de negocios: recursos clave

Extensa cartera de torres de comunicación inalámbrica

A partir del cuarto trimestre de 2023, SBA Communications Corporation posee y opera 33,560 torres de comunicación inalámbrica en múltiples países. Desglose de distribución de la torre:

Región	Número de torres	Porcentaje
Estados Unidos	18,205	54.3%
América Latina	14,322	42.7%
Canadá	1,033	3%

Ubicaciones de torres geográficas estratégicas

Concentración de cartera de torres:

• Áreas metropolitanas principales: 68%
• Regiones suburbanas: 22%
• Corredores de comunicación rural: 10%

Experiencia técnica en infraestructura de telecomunicaciones

Composición de la fuerza laboral técnica:

Categoría profesional	Total de empleados
Profesionales de ingeniería	782
Especialistas en infraestructura de red	456
Personal de apoyo técnico	329

Capacidades de capital financiero y de inversión sólidos

Métricas financieras para 2023:

• Ingresos totales: $ 2.41 mil millones
• Ingresos netos: $ 612 millones
• Activos totales: $ 14.3 mil millones
• Gastos de capital: $ 1.18 mil millones

Plataformas de tecnología de gestión de sitios avanzadas

Inversiones de infraestructura tecnológica:

Plataforma tecnológica	Inversión anual
Software de gestión de sitios	$ 42 millones
Sistemas de monitoreo de redes	$ 28 millones
Infraestructura de ciberseguridad	$ 35 millones

SBA Communications Corporation (SBAC) - Modelo de negocio: propuestas de valor

Infraestructura de comunicación inalámbrica confiable

SBA Communications Corporation posee 35,448 sitios de comunicaciones a partir del cuarto trimestre de 2023, con 19,284 sitios ubicados en los Estados Unidos y 16,164 sitios internacionalmente.

Infraestructura métrica	Número total
Sitios de comunicaciones totales	35,448
Sitios estadounidenses	19,284
Sitios internacionales	16,164

Red de torres integral en múltiples mercados

SBA Communications opera en múltiples regiones geográficas, proporcionando una amplia cobertura.

• Estados Unidos
• América Latina
• Canadá

Soluciones de sitio de comunicación rentables

Los ingresos promedio por sitio de comunicaciones en 2023 fueron de $ 47,700, lo que demostró una monetización eficiente de infraestructura.

Mantenimiento y servicios de torre de alta calidad

Servicio de mantenimiento	Métrico de rendimiento
Tiempo de actividad de la torre	99.95%
Costo de mantenimiento anual por sitio	$12,500

Optimización de ubicación estratégica para portadores inalámbricos

En 2023, las comunicaciones de la SBA generaron $ 2.4 mil millones en ingresos totales, con un 85% derivado de sitios de comunicaciones de arrendamiento a transportistas inalámbricos.

• Ingresos totales: $ 2.4 mil millones
• Porcentaje de ingresos de arrendamiento: 85%
• Término de arrendamiento promedio: 5-10 años

SBA Communications Corporation (SBAC) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con operadores inalámbricos

SBA Communications mantiene 33,427 sitios de comunicaciones a partir del cuarto trimestre de 2023, con una duración promedio de contrato de 10-15 años con grandes operadores inalámbricos.

Transportador	Número de sitios	Longitud promedio del contrato
Verizon	12,456	12 años
AT&T	9,873	11 años
T-Mobile	7,654	10 años

Equipos de gestión de cuentas dedicados

SBA Communications emplea 287 profesionales de gestión de cuentas dedicados a partir de 2023.

• El administrador de cuentas promedio maneja 15-20 relaciones de transportista inalámbrico
• Equipos especializados para diferentes regiones geográficas
• Reuniones trimestrales de revisión de rendimiento

Soluciones de infraestructura personalizadas

Inversiones totales de infraestructura en 2023: $ 672 millones para torres personalizadas y soluciones de celdas pequeñas.

Tipo de solución	Inversión	Número de proyectos
Modificaciones de la torre	$ 456 millones	1,234
Despliegues de celdas pequeñas	$ 216 millones	876

Informes regulares de rendimiento y mantenimiento

Cobertura anual de informes de mantenimiento y rendimiento: 100% de los sitios de clientes.

• Informes mensuales de rendimiento del sitio
• Evaluaciones trimestrales de infraestructura integral
• Sistemas de monitoreo en tiempo real

Soporte técnico y servicios de consulta

Tamaño del equipo de soporte técnico: 423 profesionales en 2023.

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico 24/7	15 minutos	48,765 incidentes
Boleto en línea	2 horas	76,543 boletos
Consulta técnica en el sitio	24 horas	3.214 consultas

SBA Communications Corporation (SBAC) - Modelo de negocios: canales

Equipo de ventas directas

SBA Communications Corporation mantiene un equipo de ventas directo dedicado centrado en el arrendamiento de infraestructura de telecomunicaciones. A partir de 2023, la compañía reportó 312 profesionales de ventas a tiempo completo especializados en soluciones de arrendamiento e infraestructura de torres.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	312
Ingresos anuales promedio por representante de ventas	$ 1.8 millones
Cobertura geográfica	Estados Unidos, América Latina

Sitio web corporativo y plataformas digitales

SBA Communications utiliza canales digitales para la participación del cliente y la difusión de información.

• Sitio web: www.sbasite.com
• Tráfico anual del sitio web: 487,000 visitantes únicos
• Generación de ingresos de la plataforma digital: $ 12.3 millones en 2023

Conferencias de la industria y eventos de telecomunicaciones

La compañía participa activamente en eventos específicos de la industria para expandir las redes comerciales.

Tipo de evento	Participación anual	Impacto comercial estimado
Conferencias de telecomunicaciones	17	Valor contrato potencial de $ 45 millones
Foros de inversión de infraestructura	8	Tubería de oferta potencial de $ 22 millones

Redes de asociación estratégica

SBA Communications mantiene asociaciones estratégicas en los sectores de infraestructura de telecomunicaciones.

• Asociaciones activas totales: 42
• Contribución de ingresos de la asociación: $ 187 millones en 2023
• Sectores de asociación clave:
  • Transportistas inalámbricos
  • Proveedores de infraestructura de red
  • Fabricantes de equipos de tecnología

Canales de inversión y comunicación financiera

La Compañía aprovecha múltiples plataformas de comunicación financiera para las relaciones con los inversores.

Canal de comunicación	Métricas de compromiso anuales
Sitio web de relaciones con los inversores	124,000 visitantes únicos
Llamadas de ganancias trimestrales	378 participantes de inversores institucionales
Reunión anual de accionistas	62% de asistencia a los inversores institucionales

SBA Communications Corporation (SBAC) - Modelo de negocios: segmentos de clientes

Grandes transportistas de telecomunicaciones inalámbricos

SBA Communications sirve a los siguientes operadores inalámbricos principales:

Transportador	Cuota de mercado	Número de arrendamientos de torre
Verizon inalámbrico	31.3%	4,250 arrendamientos de la torre
AT&T	27.8%	3,890 arrendamientos de la torre
T-Mobile	24.5%	3,600 arrendamientos de la torre

Operadores de redes móviles

Operadores clave de red móvil atendidas por SBAC:

• Sprint (ahora fusionado con T-Mobile)
• Celular de los Estados Unidos
• Dish Network Mobile

Proveedores de servicios de comunicación regionales y nacionales

Tipo de proveedor	Número de proveedores	Porcentaje de arrendamiento de la torre
Proveedores regionales	42	18.5%
Proveedores nacionales	12	35.7%

Redes de comunicación gubernamental y del sector público

Portafolio de la Red de Comunicación del Gobierno:

• Agencia Federal de Manejo de Emergencias (FEMA)
• Departamento de Seguridad Nacional
• Redes de comunicación de emergencia a nivel estatal

Compañías de telecomunicaciones del mercado emergente

Región	Número de clientes de mercados emergentes	Infraestructura de la torre
América Latina	37	1.250 torres
caribe	22	450 torres
América Central	15	350 torres

SBA Communications Corporation (SBAC) - Modelo de negocio: Estructura de costos

Gastos de construcción y adquisición de la torre

En el año fiscal 2022, la SBA Communications informó gastos de capital totales de $ 1.16 mil millones, con porciones significativas dedicadas a la construcción y adquisición de torres.

Categoría de gastos	Cantidad (2022)
Construcción de torres	$ 614 millones
Adquisiciones de torres	$ 385 millones

Costos de arrendamiento de tierras y mantenimiento del sitio

Los gastos anuales de arrendamiento de tierras para los sitios de torres en 2022 totalizaron aproximadamente $ 298 millones.

• Costo promedio de arrendamiento del sitio anual: $ 3,200 por torre
• Número total de torres propias y operadas: 18,489 (a partir del cuarto trimestre de 2022)

Inversiones de infraestructura tecnológica

Las inversiones en infraestructura tecnológica para 2022 alcanzaron $ 142 millones, centrándose en actualizaciones de red e infraestructura digital.

Área de inversión tecnológica	Gasto (2022)
Actualizaciones de la red	$ 87 millones
Infraestructura digital	$ 55 millones

Personal y gastos generales operativos

Los gastos totales de personal para 2022 fueron de $ 232 millones, que cubren salarios, beneficios y gastos generales operativos.

• Total de empleados: 2.200
• Salario promedio por empleado: $ 105,000
• Beneficios de los empleados: aproximadamente el 25% de los costos totales de personal

Cumplimiento regulatorio y tarifas de licencia

El cumplimiento regulatorio y los gastos de licencia en 2022 ascendieron a $ 45 millones.

Categoría de costos de cumplimiento	Cantidad (2022)
Tarifas de licencia de la FCC	$ 22 millones
Cumplimiento regulatorio estatal y local	$ 23 millones

SBA Communications Corporation (SBAC) - Modelo de negocios: flujos de ingresos

Alquiler de torres e ingresos por alquiler

SBA Communications Corporation generó $ 2,192.7 millones en ingresos de arrendamiento de torres para el año fiscal 2023. La compañía posee y opera aproximadamente 35,000 torres de comunicaciones en los Estados Unidos, América Latina y Canadá.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Arrendamiento de torres domésticos	$ 1,673.4 millones	76.3%
Arrendamiento de torres internacionales	$ 519.3 millones	23.7%

Tarifas de servicio de gestión del sitio

Las tarifas del servicio de gestión del sitio contribuyeron con $ 187.5 millones a los ingresos de la Compañía en 2023, que representan servicios integrales de gestión y mantenimiento de torres para proveedores de telecomunicaciones.

• Tarifa promedio de gestión del sitio por torre: $ 45,000 anualmente
• Sitios administrados totales: 4.200 sitios adicionales más allá de la infraestructura de propiedad

Contratos de desarrollo de infraestructura

Los contratos de desarrollo de infraestructura generaron $ 276.3 millones en ingresos durante 2023, centrándose en los nuevos proyectos de construcción y expansión de redes de torres.

Tipo de contrato	Valor total	Número de proyectos
Nueva construcción de torres	$ 198.6 millones	127 proyectos
Contratos de actualización de la red	$ 77.7 millones	53 proyectos

Acuerdos contractuales a largo plazo

Los acuerdos contractuales a largo plazo con los principales operadores de telecomunicaciones representaron $ 642.9 millones en ingresos anuales recurrentes para 2023.

• Duración promedio del contrato: 10-15 años
• Cobertura del contrato principal del operador: 95% de la infraestructura total
• Valor promedio de contrato anual: $ 3.2 millones por operador

Telecomunicaciones Monetización de cartera de bienes raíces

Las estrategias de monetización de la cartera de bienes raíces generaron $ 156.4 millones adicionales en fuentes de ingresos complementarios durante 2023.

Estrategia de monetización	Ingresos generados	Métricas clave
Contratos de arrendamiento de tierras	$ 87.6 millones	1.200 contratos de arrendamiento de tierras
Arrendamiento de antenas de la azotea	$ 68.8 millones	2.300 ubicaciones en la azotea

SBA Communications Corporation (SBAC) - Canvas Business Model: Value Propositions

You're looking at the core value SBA Communications Corporation (SBAC) delivers to its customers, the major mobile network operators (MNOs). It boils down to giving them the physical platform they need, right when they need it, so they can focus their capital on the radio gear and software.

Enabling rapid and cost-effective 4G/5G network deployment for carriers.

SBA Communications Corporation helps carriers move faster on their next-generation buildouts. Consider the state of 5G deployment as of September 2025: T-Mobile was largely complete, Verizon was about 70 percent finished, and AT&T was near 50 percent. This means significant build activity is still ongoing, especially for AT&T. SBA Communications supports this directly through its services business, which saw revenue increase by 81% in the third quarter of 2025 compared to the prior year period, driven mainly by construction projects focused on network expansion. Furthermore, the demand for adding tenants to existing structures-colocation-is high; more than half of SBA Communications Corporation's revenue now comes from colocation.

Providing a critical, high-quality, and geographically diverse infrastructure footprint.

The sheer scale of the asset base is a key value point. As of September 30, 2025, SBA Communications Corporation owned or operated 44,581 communication sites. This footprint isn't just large; it's strategically positioned. Of that total, 17,409 sites are in the United States and its territories, while 27,172 are international. This diversity helps MNOs manage their national and regional coverage gaps. The site leasing business remains the bedrock, contributing nearly 98% of the total segment operating profit for the nine months ending September 30, 2025.

Here's a quick look at some of the operational and financial scale underpinning these value propositions for the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Total Sites Owned/Operated	44,581	As of September 30, 2025
Total Revenue	$732.33 million	For the quarter ended September 30, 2025
Adjusted Funds From Operations (AFFO) per Share	$3.30	Industry-leading result for the quarter
Net Debt to LQA Adjusted EBITDA Leverage Ratio	6.2x	As of September 30, 2025
Quarterly Cash Dividend Declared	$1.11 per share	Payable December 11, 2025

Offering network flexibility and long-term cost certainty to major MNOs.

By leasing space on SBA Communications Corporation's towers, carriers avoid the massive upfront capital expenditure and multi-year site acquisition headache. This offers long-term cost certainty, especially when paired with inflation-linked escalators built into many leases. A concrete example of securing long-term capacity is the new long-term master-lease agreement entered into with Verizon. On the financial side, SBA Communications Corporation is actively managing its balance sheet to enhance its offering; they revised their stated target leverage range to 6.0x to 7.0x Net Debt to LQA Adjusted EBITDA, aiming to transition into an investment-grade Company. That transition signals financial reliability, which translates to stable, long-term partnership terms for customers.

Facilitating network densification and expanded rural coverage.

The need for densification-adding more sites closer together to handle increased data traffic-is a direct driver of leasing activity. The company finished 2024 with its highest backlogs for both leasing and services, setting up momentum for 2025, specifically mentioning U.S. customer investment in mid-band spectrum deployment for Fixed Wireless Access and 5G coverage expansion, as well as general network densification and expanded rural coverage. The CFO noted that after initial 5G coverage is established, the next wave is more colos to handle traffic, as Fixed Wireless Access customers use 15 to 20 times more bandwidth than standard handset users. You're providing the essential real estate for this capacity upgrade.

Finance: draft 13-week cash view by Friday.

SBA Communications Corporation (SBAC) - Canvas Business Model: Customer Relationships

SBA Communications Corporation structures its customer relationships around deeply embedded, long-duration contracts with major wireless service providers, creating significant revenue stability.

• - Long-term master lease agreements (MLAs) with major carriers.

SBA Communications Corporation entered into a long-term master-lease agreement with Verizon in the third quarter of 2025. These MLAs provide the material terms and conditions that govern the lease or use of space across multiple sites. The fixed escalators embedded in U.S. contracts average approximately 3%. The leasing business, which contributed 97.5% of the Company's total operating profit in the third quarter of 2025, is anchored by these agreements.

• - Dedicated sales and service teams for high-touch account management.

The company's clientele includes major carriers such as AT&T, T-Mobile, and Verizon. The business model relies on a very concentrated customer base, where the top few mobile carriers generate most of the revenue in each market. The domestic site leasing revenues for the third quarter of 2025 were $470.3 million. The company is focused on securing opportunities by reaching out more to its customers.

Here's a quick look at the scale of the customer base and leasing activity as of late 2025:

Metric	Value as of Q3 2025 (or latest reported)
Total Communication Sites Owned/Operated	44,581
U.S. & Territories Sites	17,409
International Sites	27,172
Q3 2025 Site Leasing Revenue	$656.4 million
Q3 2025 Domestic Cash Site Leasing Revenue	$470.8 million
Q3 2025 International Cash Site Leasing Revenue	$184 million
Estimated 2025 Sprint-Related Churn Impact	$50 million to $52 million

• - High switching costs due to infrastructure co-location complexity.

The structure of the agreements and the physical nature of the assets create significant inertia for tenants. The new agreement with Verizon secures a framework that will drive significant cost certainty for Verizon's network expansion. The company's domestic organic revenue growth on a gross basis was 5.1% in 2024, while international organic recurring revenue growth was 1.7% net, with 6% churn reported in 2024. The leasing revenue growth is also supported by lease-up, which is estimated to be between 2% and 4% when carriers are aggressively spending.

SBA Communications Corporation (SBAC) - Canvas Business Model: Channels

You're looking at how SBA Communications Corporation (SBAC) gets its value proposition-tower space for wireless carriers-out to the market as of late 2025. It's a capital-intensive game, so the channels focus heavily on managing a massive physical asset base and deep carrier relationships.

The core channel is the physical infrastructure itself, which is managed through direct, high-touch relationships. The leasing teams are definitely the front line here, given that site leasing contributed 97.4% of the Company's total operating profit in the second quarter of 2025. The sales effort is geared toward securing long-term contracts, evidenced by the strong leasing backlogs reported.

The scale of the global network dictates the channel strategy. As of September 30, 2025, SBA Communications Corporation owned or operated 44,581 communication sites across its footprint. This physical presence is the product being sold.

Channel Metric	Domestic (U.S. & Territories)	International
Sites Owned/Operated (as of 9/30/2025)	17,409	27,172
Domestic Site Leasing Revenue Share (2024)	73.7% of total site leasing revenue	Remaining portion of total site leasing revenue
2025 New Leasing/Amendment Outlook	$35 million to $39 million	Included in overall growth drivers; international leasing saw solid activity in Q2 2025.

Direct sales and leasing teams are managing these carrier relationships, which is how they realize revenue from the physical assets. The focus is on securing new colocations and amendments, which drove a significant increase in new domestic leasing business in early 2025. The company is also executing on a build-to-suit agreement with Millicom that anticipates up to 800 new tower builds in 2025. This is a direct sales channel activity.

For the operational side of the channel, SBA Communications Corporation is actively managing its portfolio through acquisitions and dispositions. In the third quarter of 2025 alone, they acquired 447 communication sites for $142.8 million in cash. Also, in October 2025, they closed on the sale of 365 towers in Canada for CAD$446 million. These activities directly affect the inventory available through the sales channels.

While the primary interaction is direct, the process is supported by digital tools. You can infer the use of online portals for site information and application submissions because the company noted that company-wide total of new colocations executed during Q2 2025 was the highest in nearly three years. This high volume of activity requires efficient processing, which online portals help facilitate. Furthermore, the company has a significant capital allocation program supporting shareholder returns through its channels, having spent $325 million on share repurchases through the first three quarters of 2025.

• - Direct sales teams manage carrier relationships, evidenced by a projected $35 million to $39 million in domestic new leasing revenue for 2025.
• - The global network includes 44,581 owned or operated sites as of September 30, 2025.
• - The company is executing on a build-to-suit agreement anticipating up to 800 new tower builds in 2025.

Finance: draft 13-week cash view by Friday.

SBA Communications Corporation (SBAC) - Canvas Business Model: Customer Segments

You're looking at the core of SBA Communications Corporation's (SBAC) business, which is essentially leasing space on its communication sites to wireless operators. The customer base is highly concentrated, which is typical for this infrastructure play, but it means you need to watch those top tenants closely. As of late 2025, the company operates a portfolio of 44,581 communication sites as of September 30, 2025.

The domestic market is dominated by the three major US wireless carriers. Their network build-outs, especially for 5G capacity, drive the leasing activity. Honestly, the health of SBA Communications Corporation is directly tied to the capital expenditure cycles of these three giants. Here's the quick math on their contribution to domestic site-leasing revenues for the third quarter of 2025:

Customer	Q3 2025 Domestic Site-Leasing Revenue Contribution
T-Mobile (TMUS)	36.6%
AT&T (T)	30.5%
Verizon (VZ)	20.2%
Total Top Three Carriers	87.3%

What this estimate hides is the risk; the loss or significant reduction in spending by any one of these three could defintely impact the top line, given their combined weight is over 87% of domestic leasing revenue in Q3 2025. The full-year 2025 revenue forecast, which SBA Communications Corporation raised after Q3, sits between $2.81 billion and $2.83 billion.

International Mobile Network Operators (MNOs) represent the next layer of customer importance, especially following recent strategic acquisitions. SBA Communications Corporation continues to expand internationally, highlighted by the agreement to purchase over 7,000 sites from Millicom International Cellular S.A., which was estimated to close around September 1, 2025.

• - Brazil holds a significant portion of the international portfolio, representing approximately 30% of total towers as of the end of 2024.
• - Central America is viewed as a significant growth area following the Millicom acquisition.
• - The company also has operations in two markets in Africa.

The customer base also includes other wireless service providers and government entities, though they represent a smaller portion of the total leasing revenue compared to the major MNOs. These smaller tenants still contribute to the overall site density and provide diversification away from the primary three US carriers. The company owned or operated 44,581 sites as of September 30, 2025, meaning the non-top-three tenants occupy the remaining sites.

SBA Communications Corporation (SBAC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive SBA Communications Corporation (SBAC)'s operations as of late 2025. These are the big drains on cash flow you need to track.

The interest expense on debt remains a major cost component, especially with elevated rates. For the third quarter of 2025, interest expenses rose 25.5% year over year, hitting $120.2 million.

Capital deployment is another massive cost center, split between growth and keeping the lights on. Discretionary capital expenditures, which cover things like new tower builds and acquisitions, are forecasted to be significant for the full year 2025, projected between $1.255 billion and $1.275 billion.

The necessary, non-negotiable spending is also substantial:

• Non-discretionary cash capital expenditures for the third quarter of 2025 totaled $14.4 million.
• The full-year 2025 forecast for these non-discretionary expenditures, which includes tower maintenance and general corporate costs, is projected to be between $53 million and $63 million.

Ground lease payments are embedded within the overall cost structure, often reflected in the non-discretionary spend or the Cost of Site Leasing line item. To give you a sense of the scale of operating costs related to site management, consider the following data points from recent periods:

Cost Component/Metric	Period/Basis	Amount/Rate
Interest Expense	Q3 2025	$120.2 million
Discretionary Cash Capital Expenditures (Forecast)	Full Year 2025	$1.255 billion to $1.275 billion
Non-Discretionary Cash Capital Expenditures (Forecast)	Full Year 2025	$53 million to $63 million
Non-Discretionary Cash Capital Expenditures (Actual)	Q3 2025	$14.4 million
Cost of Site Leasing (Actual)	Q4 2024	$116,104 thousand
Selling, General, and Administrative Expenses (Actual)	Q4 2024	$67,595 thousand

For site management expenses specifically tied to the Tower Revenue Securities, an indirect subsidiary, SBA Network Management, Inc., is entitled to receive a management fee equal to 4.5% of the Borrowers' operating revenues for the immediately preceding calendar month. This fee structure directly impacts the operating costs associated with a portion of the asset base. The total operating expenses for the third quarter of 2025 were reported at $358.1 million.

SBA Communications Corporation (SBAC) - Canvas Business Model: Revenue Streams

You're looking at the core ways SBA Communications Corporation brings in money, which is heavily concentrated in long-term contracts for tower space. This structure gives the revenue a highly predictable, recurring nature.

The primary revenue source is site leasing revenue, which is projected to be between $2,568 million and $2,578 million for the full year 2025. For context, in the third quarter of 2025, site-leasing revenues alone hit $656.4 million, broken down into $470.3 million from domestic operations and $186.2 million from international sites. This leasing revenue is the bedrock of SBA Communications Corporation's financial stability.

The secondary, but still significant, stream comes from site development services revenue. For 2025, projections place this between $240 million and $250 million. This revenue is tied to construction and modification work for carriers, and the third quarter of 2025 showed a surge here, with site development revenues reaching $75.9 million, an 81% increase year over year, driven by network expansion construction projects.

A key component baked into the site leasing revenue is the contractual increase mechanism, often referred to as lease escalators. For U.S. contracts, these escalators typically run at about 3% annually. This provides a built-in, automatic growth rate for a large portion of the revenue base, separate from new leasing activity.

Here's a look at the key revenue components and related metrics as of late 2025:

Revenue Component	2025 Projection (Range)	Q3 2025 Actual (Amount)	Notes
Site Leasing Revenue	$2,568 million to $2,578 million	$656.4 million	Primary revenue stream.
Site Development Services Revenue	$240 million to $250 million	$75.9 million	Secondary stream, driven by carrier construction.
Total Quarterly Revenue (Q3 2025)	N/A	$732.3 million	Total revenue reported for the third quarter.
Full Year 2025 Revenue Expectation	$2.81 billion to $2.83 billion	N/A	Updated full-year guidance.

You should also track the churn impact, as it directly offsets leasing revenue growth. For 2025, the Sprint-related churn is estimated to be between $50 million and $52 million in total. The non-Sprint related domestic annual churn is more stable, staying between 1% and 1.5% of domestic site leasing revenue.

The underlying growth from new leasing activity and escalators is evident in the quarterly performance:

• Domestic organic leasing revenue growth (Q3 2025 gross) was 5.3%.
• International organic leasing revenue growth (Q3 2025 constant currency gross) was 8.5%.
• The company declared a quarterly cash dividend of $1.11 per share for Q3/Q4 2025.
• The dividend payout ratio is approximately 35% of the midpoint of the full-year AFFO outlook.

Finance: draft 13-week cash view by Friday.