SBA Communications Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,054	749.54	501.81	461.43	237.62
Depreciation & Amortization	292.29	269.52	716.31	707.58	700.16
Other Amortization	21.87	21.27	20.27	19.84	19.59
Gain (Loss) on Sale of Assets	-208.4	0.71	7.62	-	-
Asset Writedown	174.09	91.28	154.95	42.81	31.79
Stock-Based Compensation	75.73	74.37	87.92	99.91	84.4
Change in Accounts Receivable	-56.25	18.11	44.39	-81.35	-38.24
Change in Accounts Payable	-17.52	-4.4	-66.32	25.12	-0.47
Change in Other Net Operating Assets	-105.86	-156.76	86.41	-56.89	3.58
Other Operating Activities	61.75	271.24	-8.95	67.26	151.46
Operating Cash Flow	1,291	1,335	1,544	1,286	1,190
Operating Cash Flow Growth	-3.26%	-13.57%	20.12%	8.05%	5.67%
Acquisition of Real Estate Assets	-1,284	-527.96	-366.66	-1,391	-440.86
Sale of Real Estate Assets	330.65	0.33	3.72	-	-
Net Sale / Acq. of Real Estate Assets	-953	-527.63	-362.94	-1,391	-440.86
Investment in Marketable & Equity Securities	237.95	-263.93	-0.67	-3.64	-0.63
Other Investing Activities	113.22	-17.75	-104.63	0.52	-981.76
Investing Cash Flow	-601.83	-809.31	-468.25	-1,394	-1,423
Long-Term Debt Issued	695	4,703	190	1,815	6,344
Long-Term Debt Repaid	-1,408	-3,463	-754	-1,269	-5,171
Net Debt Issued (Repaid)	-713	1,240	-564	545.89	1,173
Issuance of Common Stock	55.55	35.99	44.2	38.3	86.69
Repurchase of Common Stock	-523.31	-218.82	-127.49	-441.62	-654.48
Common Dividends Paid	-479.01	-424.19	-369.96	-306.77	-253.58
Other Financing Activities	-3.81	12.58	0.04	28.73	-12.83
Foreign Exchange Rate Adjustments	10.44	-21.59	2.73	-2.92	-13.08
Net Cash Flow	-963.64	1,150	61.66	-246.34	92.82
Cash Interest Paid	467.4	395.11	396.59	347.66	360.52
Cash Income Tax Paid	52.78	42.42	25.58	32.32	25.57
Levered Free Cash Flow	918.48	-792.24	988.06	-171.51	559.11
Unlevered Free Cash Flow	1,208	-533.07	1,253	70.99	801.76
Change in Working Capital	-179.63	-143.06	64.47	-113.12	-35.13

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.