SBA Communications Corporation stock research
FY2025 Q1
SBA Communications (SBAC) Gross Margin — Quarter Ended Mar 31, 2025
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue was slightly higher. Gross margin weakened sharply, as the decline in gross profit outpaced the decline in revenue.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue was slightly higher. Gross margin weakened sharply, as the decline in gross profit outpaced the decline in revenue.
- The most observable driver is the relationship between revenue and cost of revenue: revenue fell while cost of revenue rose, compressing gross profit and margin. Compared to the same quarter last year, revenue and cost of revenue both increased, but cost grew faster, leading to a lower gross margin.
- Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was slightly higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue and cost of revenue were higher, gross profit was lower, and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
1062.8%
Gross profit
$510.6M
Revenue
$48.0M
Cost of revenue
$153.7M
Quarter-over-quarter change
-171.7 pts
Year-over-year change
+983.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2024 | $657.9M | $519.9M | $138.0M | 79.0% |
| Jun 30, 2024 | -$594.3M | $519.2M | $141.3M | -87.4% |
| Sep 30, 2024 | $41.9M | $517.3M | $150.3M | 1234.6% |
| Mar 31, 2025 | $48.0M | $510.6M | $153.7M | 1062.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
-171.7 pts
Year-over-year change
Mar 31, 2024
+983.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the relationship between revenue and cost of revenue: revenue fell while cost of revenue rose, compressing gross profit and margin. Compared to the same quarter last year, revenue and cost of revenue both increased, but cost grew faster, leading to a lower gross margin.
Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was slightly higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue and cost of revenue were higher, gross profit was lower, and gross margin weakened.
Monitor the trend in cost of revenue relative to revenue, as cost growth outpaced revenue growth in both comparisons.