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SBA Communications Executive Compensation (FY25)

SBAC · Boca Raton, FL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Brendan Cavanagh
Latest say-on-pay support
=
May 22, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 23, 2026Latest filing (8-K): May 22, 2026
15 filings cited on this page
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318 figures on this page: 307 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on SBA Communications

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Brendan Cavanagh: $8,817,502 → $11,358,715 (28.8% higher)
CEO pay ratio: 129:1 → 131:1 (1.6% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is SBA Communications' chief executive and what were they paid?
Total compensation for Brendan Cavanagh, President and Chief Executive Officer, came to $11,358,715 in fiscal 2025. Cavanagh's total was 28.8% higher than the $8,817,502 reported for fiscal 2024.
What was SBA Communications' say-on-pay result?
Shareholders recorded 94.0% support for the say-on-pay proposal at the meeting held May 22, 2026 for fiscal 2025.
Which companies are in SBA Communications' peer group?
The disclosed peer group includes American Tower Corporation, AvalonBay Communities, Inc., Camden Property Trust, Crown Castle, Inc. and Digital Realty Trust, Inc., among others.
What is SBA Communications' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 131:1, against median employee compensation of $86,943.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brendan Cavanagh
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Kurt Bagwell
Former Executive Vice President and President – International
Departed during or after this year
◇—◇—◇—◇◇
Thomas Hunt
Former Executive Vice President, Chief Administrative Officer and General Counsel
Departed during or after this year
◇—◇—◇—◇◇
Jason Silberstein
Former Executive Vice President - Site Leasing
Departed during or after this year
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brendan Cavanagh
President, Chief Executive Officer and Director
◇—◇—◇—◇◇
Jason Silberstein
Former Executive Vice President - Site Leasing
Departed during or after this year
◇—◇—◇—◇◇
Mark Ciarfella
Executive Vice President - U.S. Operations
◇—◇—◇—◇◇
Richard Cane
Executive Vice President and President - International
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brendan Cavanagh
President, Chief Executive Officer and Director
◇—◇—◇—◇◇
Marc Montagner
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Jason Silberstein
Former Executive Vice President - Site Leasing
Departed during or after this year
◇—◇—◇—◇◇
Mark Ciarfella
Executive Vice President - U.S. Operations
◇—◇—◇—◇◇
Richard Cane
Executive Vice President and President - International
◇—◇—◇—◇◇
Joshua Koenig
Executive Vice President Chief Administrative Officer & General Counsel
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brendan Cavanagh
President and Chief Executive Officer
◇—◇—◇—◇◇
Marc Montagner
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Joshua Koenig
Executive Vice President, Chief Administrative Officer & General Counsel
◇—◇—◇—◇◇
Richard Cane
Executive Vice President and President - International
◇—◇—◇—◇◇
Mark Ciarfella
Executive Vice President - U.S. Operations
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Joshua M. KoenigRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brendan CavanaghRSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Mark CiarfellaPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Marc MontagnerPSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Richard CaneRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Joshua KoenigRSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Brendan Cavanagh
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Excise tax treatment◇
Joshua Koenig
Executive Vice President, Chief Administrative Officer & General Counsel · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Marc Montagner
Executive Vice President and Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Mark Ciarfella
Executive Vice President - U.S. Operations · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Richard Cane
Executive Vice President and President - International · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey A. Stoops
Board chair
◇◇————◇
Jack Langer
Lead independent director
◇◇————◇
Jay L. Johnson
◇◇————◇
George R. Krouse Jr
◇◇————◇
Kevin L. Beebe
◇◇————◇
Mary S. Chan
◇◇————◇
Laurie Bowen
◇◇————◇
Amy E. Wilson
◇◇————◇
Steven E. Bernstein
◇◇————◇
Brendan T. Cavanagh served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Tower Corporation AMT
  • AvalonBay Communities, Inc. AVB
  • Camden Property Trust CPT
  • Crown Castle, Inc. CCI
  • Digital Realty Trust, Inc. DLR
  • Equinix, Inc. EQIX
  • Equity Residential EQR
  • Essex Property Trust, Inc. ESS
  • Extra Space Storage, Inc. EXR
  • Healthpeak Properties, Inc. DOC
  • Iron Mountain Inc. IRM
  • Lamar Advertising Company LAMR
  • OUTFRONT Media, Inc. OUT
  • Prologis Inc. PLD
  • Public Storage PSA
  • Realty Income O
  • Uniti Group Inc. UNIT
  • Ventas, Inc. VTR
  • Viasat, Inc. VSAT
  • Welltower, Inc. WELL

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 22, 2026=◇◇◇
2024May 23, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2021May 12, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 18, 2017=◇◇◇
2015May 13, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Brendan Cavanagh (President and Chief Executive Officer), FY2025 total compensation $11,358,715 (base salary $955,000) [exec_comp, SEC accession 0001193125-26-149656, filed 2026-04-09]

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What this page does not include

Everything above is a fact SBA Communications disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where SBA Communications sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
318 figures on this page: 307 cited to the filing that reported them, 11 calculated from figures it prints.
307 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-236935
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-149656
    Director Compensation · Grants of Plan-Based Awards · Summary Compensation Table
  3. 0001193125-25-125883
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-074669
    Compensation Discussion and Analysis · Summary Compensation Table
  5. 0001193125-24-147065
  6. 0001193125-24-094748
    Summary Compensation Table
  7. 0001193125-23-154342
  8. 0001193125-23-099284
    Summary Compensation Table
  9. 0001193125-22-150190
  10. 0001193125-21-162069
  11. 0001193125-20-145163
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-19-154136
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-169685
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-179800
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001193125-16-592044
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “SBA Communications executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/SBAC (accessed 2026).
Short form: data: Velarion

The paid brief for SBA Communications

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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15 filings cited on this page
Method: intel.velarion.ai/methodology
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers SBA Communications discloses

The companies named in SBAC's own disclosed peer group.

American Tower CorporationAvalonBay Communities, Inc.Camden Property TrustCrown Castle, Inc.Digital Realty Trust, Inc.Equinix, Inc.Equity ResidentialEssex Property Trust, Inc.Extra Space Storage, Inc.Healthpeak Properties, Inc.Iron Mountain Inc.Lamar Advertising CompanyOUTFRONT Media, Inc.Prologis Inc.Public StorageRealty IncomeUniti Group Inc.Ventas, Inc.Viasat, Inc.Welltower, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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