SBA Communications Corporation
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications. In our site leasing business, we lease space to wireless service providers and other customers on assets we own or operate, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which were built by us or by other tower owners or operators who, like us, build towers to lease space to multiple wireless service providers. As of December 31, 2025, each of our towers had an average of 1.8 tenants. SBA Communications Corporation was established in 1989 and was incorporated in Florida.
What does it do?
SBA Communications owns and rents out the towers that make your phone work. When Verizon, AT&T, or T-Mobile need to put up antennas, they often don't build their own towers — they pay companies like SBA to use theirs. SBA owns more than 46,000 of these sites across the US, Latin America, and Africa. Think of them as a landlord, but instead of apartments, they rent out space on giant metal poles to wireless carriers.
The world is still rolling out 5G, and every new generation of wireless technology requires more antennas on more towers — which means more rent paid to SBA. With $2.8 billion in annual revenue and a presence across two continents, SBA sits right at the center of the global connectivity buildout. Investors care because demand for tower space is driven by data consumption, which has only ever gone up.
How does it make money?
SBA makes money almost entirely from leasing space on its towers to wireless carriers under long-term contracts, often 5 to 10 years, with built-in annual rent increases of around 3%. In 2024 they brought in $2.8 billion in revenue, up from $2.7 billion the year prior. A single tower can have multiple tenants paying rent at the same time, so adding a second carrier to an existing tower is almost pure profit since the tower is already built and paid for.
Why do investors care?
The 5G rollout is the core growth engine — carriers need to densify their networks with more equipment, which means leasing more space on existing towers or adding new ones. SBA also has real growth potential in Africa, where mobile infrastructure is still being built from scratch. For the investment to work, wireless carriers need to keep spending on their networks, interest rates need to stay manageable (tower companies carry a lot of debt), and international markets need to develop as expected.
Deep Dive
MemberA full investor briefing on SBA Communications Corporation — history, leadership, risks, and outlook.