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American Tower Corp. (AMT)

American Tower owns communications sites and rents space on them. Its tenants are wireless carriers, broadcasters, wireless data providers, government agencies and municipalities, who put their own equipment on the structure and pay for the position it occupies. The company describes itself as one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate.

American Tower Corp.

American Tower owns communications sites and rents space on them. Its tenants are wireless carriers, broadcasters, wireless data providers, government agencies and municipalities, who put their own equipment on the structure and pay for the position it occupies. The company describes itself as one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate.

What it owns

At 31 December 2025 the portfolio held 149,686 communications sites: 42,224 in the United States and Canada, 27,857 in Africa and Asia-Pacific, 32,524 in Europe and 47,081 in Latin America. Alongside them sit urban telecommunications assets in Argentina, Brazil, Colombia and Spain, other property interests in Canada and the United States, and 30 operating data centre facilities across eleven markets in the United States. Some towers are owned outright and some are operated under long-term lease arrangements. The portfolio also includes distributed antenna system networks, which the company describes as providing coverage in certain in-building and outdoor wireless environments, and in selected markets fibre. The company manages rooftop and tower sites for other property owners as well, under contract rather than ownership. The portfolio was built by buying sites, signing long-term leases on them and developing new ones.

What a tenant is paying for

Rent on a tower varies with how much equipment a tenant hangs on it, what type it is, where on the structure it sits, how much capacity is left and where the tower stands. The company's own costs are ground rent, which is mostly fixed under long-term agreements with annual escalations, power and fuel, property taxes, and repairs. In many international markets some or all of the power, fuel and ground rent is passed through to the tenant or shared. Adding a tenant, or more equipment for an existing tenant, to a site already standing carries incremental operating costs the company calls relatively minimal.

How the leases work

Leases with wireless carriers generally run an initial non-cancellable term of five to ten years with several renewal terms. Rent rises during the lease, usually annually, either by a fixed percentage, averaging about 3 percent in the United States, or by an inflation index in most international markets, or by both. Tenants tend to renew, because a suitable alternative site may not exist or be available, and repositioning a site can be costly and can hurt network quality. The company measures the leases it loses as churn, defined as tenant billings lost when a tenant cancels or does not renew, divided by the prior year's tenant billings. Churn was about 2 percent of tenant billings in 2025, most of it in the United States and Canada segment.

The segments, and the tax structure underneath

Results are reported in six segments: United States and Canada property, Africa and Asia-Pacific property, Europe property, Latin America property, Data Centers and Services. The services arm operates only in the United States and supports the leasing business: site applications, zoning and permitting, structural and mount analyses, construction management, and programme management that carries a customer from project scoping through to construction.

The company operates as a real estate investment trust for United States federal tax purposes, so it generally pays no federal income tax on income from its REIT operations, because distributions to shareholders offset the taxable income. It still pays federal tax on earnings from its domestic taxable REIT subsidiaries, and its international assets are taxed wherever they sit. Those taxable subsidiaries are what let it run businesses and enter jurisdictions that REIT qualification would otherwise rule out. As of 31 December 2025 the REIT-qualified side covered the United States tower leasing business, most of the United States distributed antenna business, the Services and Data Centers segments, and most operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa, Spain and Uganda.

From American Tower's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in American Tower became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 27 October 2026
Revenue
$2.8 billion
+2.5% on the year · +1.3% on the quarter
Q4 FY2024Q3 FY2026
Net income
$766 million
-10.3% on the year · -11.7% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$1.64
-9.9% on the year · -11.8% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 24 February 2026
Revenue
$10.6 billion
+5.1% on the year
FY2018FY2025
Net income
$2.5 billion
+12.2% on the year
FY2018FY2025
Diluted EPS
$5.40
+12.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsAmerican Tower (AMT) reported revenue of $10.6 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before. Net income was $2.5 billion and diluted earnings per share $5.40. Revenue was $10.1 billion in fiscal 2024, $10.0 billion in fiscal 2023, $9.6 billion in fiscal 2022 and $9.4 billion in fiscal 2021. Net income in the same years was $2.3 billion, $1.5 billion, $1.8 billion and $2.6 billion. Over the twelve months to 30 September 2026, American Tower reported revenue of $11.0 billion and net income of $3.3 billion. Revenue grew 5.8% a year, compounded, over the five years to fiscal 2025. American Tower declared $6.98 a share in dividends over the last four quarters and had 464 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of American Tower was $87.7 billion, 26.6 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE94.2%
ROCE12.0%
Operating margin44.8%
Net margin30.1%
FCF margin36.0%
Interest cover3.5x
Debt to equity10.69x
Cash conversion1.72x
Share count, last 12 months-0.9%
Sales CAGR, 3 years3.3%
Profit CAGR, 3 years12.7%
EPS, TTM$7.09

At the close of 6 November 2026

Price$188.84
Market cap$87.7 billion
Stock P/E26.6x
Price to book24.9x
EV / EBITDA17.6x
Dividend yield3.7%
Market cap / sales8.0x
52-week high$194.92
52-week low$161.11
Price, 1 year6.0%
Price CAGR, 3 years0.6%
Price CAGR, 5 years-7.4%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of American Tower Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
AMTgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue2,4452,6602,6742,6722,7052,5202,5152,5212,4562,5132,5452,5222,5482,5632,6272,7172,7382,7382,7492,785
Cost of revenue736799823836805806827638811619649652654634689711714703741757
Gross profit1,7101,8611,8511,8351,9001,7141,6871,8831,6451,8941,8951,8701,8931,9281,9382,0072,0232,0342,0082,028
Gross margin70%70%69%69%70%68%67%75%67%75%74%74%74%75%74%74%74%74%73%73%
SG&A216294223231224264244220252244218228243238234233236257234228
Operating income6277257826531927478539136131,1411,1561,1391,0801,2541,1981,2331,1611,2391,2691,269
Operating margin26%27%29%24%7%30%34%36%25%45%45%45%42%49%46%45%42%45%46%46%
Interest expense224262277294304340348359351367363357316325343347344347354366
Pre-tax income528725898856-75936847564335.29218475501,3066185129509651,0181,009898
Tax rate17%3%1%4%n/a14%3%8%62%10%9%22%6%19%26%4%13%14%12%13%
Net income453712898840-68433647658784.9917900-7921,230489367853821860868766
Net margin19%27%34%31%-25%13%19%23%3%37%35%-31%48%19%14%31%30%31%32%27%
Diluted EPS$0.99$1.56$1.95$1.80-$1.47$0.72$1.02$1.26$0.18$1.96$1.92-$1.69$2.62$1.04$0.78$1.82$1.75$1.84$1.86$1.64
Operating cash flow6796649159321,1851,0701,2091,3011,1421,2841,3381,4691,1991,2951,2821,4601,4281,4011,4871,393
Capital expenditure460386370459658462421391525397325425443331305466579450321397
Free cash flow2192785454735276097889106178871,0131,0457569649779948489511,166995
Buybacks0.0n/an/an/an/an/an/an/an/an/an/an/an/a0.00.00.036517626.7300
Dividends paid597641639666684734727732755793756757757757796796796793834834
Shares outstanding456m456m466m466m466m466m466m466m466m467m467m467m467m468m468m468m466m466m466m464m
Filing10-K10-Q10-Q10-Q10-K10-K10-K10-Q10-K10-K10-K10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007FY2008FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Revenue1,4571,5941,7241,9852,4442,8763,3614,1004,7725,7866,6647,4407,5808,0429,3579,64510,01210,12710,64511,010
Cost of revenue3603904164756217228601,0941,3091,7902,0572,1782,2172,2272,6822,5692,5622,5742,7482,916
Gross profit1,0971,2041,3081,5111,8232,1532,5023,0063,4633,9954,6075,2625,3645,8146,6757,0767,4517,5537,8968,094
Gross margin75.3%75.5%75.8%76.1%74.6%74.9%74.4%73.3%72.6%69.1%69.1%70.7%70.8%72.3%71.3%73.4%74.4%74.6%74.2%73.5%
Selling, general and administrative186180202230289327416447498543637733730779812902946933941956
Operating income3786076727849201,1201,2141,4871,6131,8531,9981,9052,6882,8883,1322,7393,1264,5164,8464,938
Operating margin26.0%38.1%39.0%39.5%37.7%38.9%36.1%36.3%33.8%32.0%30.0%25.6%35.5%35.9%33.5%28.4%31.2%44.6%45.5%44.8%
Interest expense236254250246312402458580n/an/a7508268147948711,1361,3981,4041,3591,412
Pre-tax income1533724215565077015428668301,1261,2561,1551,9161,8212,8292,0861,5293,6253,0443,891
Income tax59.813618318212510759.562.515815630.7-110-0.213026211390.8366416507
Effective tax rate39.1%36.4%43.3%32.8%24.7%15.3%11.0%7.2%19.0%13.8%2.4%-9.5%-0.0%7.1%9.3%5.4%5.9%10.1%13.7%13.0%
Net income56.33472473733966375518256859561,2391,2361,8881,6912,5681,7661,4832,2552,5303,314
Net margin3.9%21.8%14.3%18.8%16.2%22.2%16.4%20.1%14.4%16.5%18.6%16.6%24.9%21.0%27.4%18.3%14.8%22.3%23.8%30.1%
Diluted EPS$0.13$0.84$0.61$0.92$0.99$1.60$1.38$2.00$1.41$1.98$2.67$2.77$4.24$3.79$5.66$3.82$3.18$4.82$5.40$7.09
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Propertyn/an/an/an/a3,2874,0074,6805,7136,5667,3157,465n/an/a9,4049,8699,93410,30596.8%
Services55.749.057.372.574.393.291.172.698.0125115n/an/a2411431943403.2%
African/an/an/an/an/an/an/an/an/an/an/a876981n/an/an/an/an/a
Asia-Pacificn/an/an/an/an/an/an/an/an/an/an/a1,1301,190n/an/an/an/an/a
Data Centersn/an/an/an/an/an/an/an/an/an/an/an/a21.9n/an/an/an/an/a
Europen/an/an/an/an/an/an/an/an/an/an/a142489n/an/an/an/an/a
Latin American/an/an/an/an/an/an/an/an/an/an/a1,1391,330n/an/an/an/an/a
Rental And Management1,6681,9362,3862,803n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
U.S. & Canadan/an/an/an/an/an/an/an/an/an/an/a4,2594,628n/an/an/an/an/a
Not assigned to a part in the filingn/an/an/an/an/an/an/an/an/an/an/a496717n/an/an/an/an/a
Property FY2013 to FY2025Services FY2009 to FY2025U.S. & Canada FY2020 to FY2021Latin America FY2020 to FY2021Asia-Pacific FY2020 to FY2021Africa FY2020 to FY2021Europe FY2020 to FY2021Data Centers FY2021Rental And Management FY2009 to FY2012
2.0FY20103.4FY20135.8FY20167.6FY20199.6FY202210.6FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2014 to FY2025

The operating profit each segment reports. Costs American Tower does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Property2,7123,1463,6464,1784,7604,8405,2966,0506,4496,8706,9687,22870.1%
Services43.142.433.150.562.861.336.613411160.080.113840.7%
Data Centersn/an/an/an/an/an/an/a8.2381415455562n/a
Europen/an/an/an/a90.683.698.5260364410460524n/a
Latin American/an/an/an/a7758287729031,0581,1241,0771,029n/a
U.S. & Canadan/an/an/an/a2,8863,2053,5473,8903,9784,2014,2164,212n/a
African/an/an/an/a290321498587n/an/an/an/an/a
Asia-Pacificn/an/an/an/a719401381402669n/an/an/an/a
PropertyU.S. & Canada FY2018 to FY2025Latin America FY2018 to FY2025ServicesAsia-Pacific FY2018 to FY2022Africa FY2018 to FY2021Europe FY2018 to FY2025Data Centers FY2021 to FY2025
3.2FY20154.2FY20179.7FY201912.2FY202113.1FY202313.7FY2025

$ billion; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Property97%53%
Services3%1%
Data Centers0%4%
Europe0%4%
Latin America0%8%
U.S. & Canada0%31%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Property7,3157,4657,9549,1109,4049,8699,93410,30596.8%
Services12511587.92472411431943403.2%
PropertyServices
7.4FY20187.6FY20198.0FY20209.4FY20219.6FY202210.0FY202310.1FY202410.6FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007FY2008FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow6937738421,0211,1661,4141,5992,1352,1672,7022,9263,7483,7533,8814,8203,6964,7225,2905,4645,708
Capital expenditure1542432503475235687259747296838049139911,0321,3771,8741,7981,5901,6801,747
Free cash flow5385305926746438468751,1601,4382,0192,1222,8352,7612,8503,4431,8232,9243,7003,7843,961
Free cash flow margin37.0%33.2%34.3%34.0%26.3%29.4%26.0%28.3%30.1%34.9%31.8%38.1%36.4%35.4%36.8%18.9%29.2%36.5%35.5%36.0%
Cash from investing-186-275-543-1,301-2,791-2,558n/an/an/a-2,102-2,801-2,750-3,988-4,785-20,692-2,355-1,696411-1,860-1,835
Cash from financing-755-388-1959101,0861,170n/an/an/a-99.3-113-6085221,21516,424-1,423-3,097-5,452-4,208-3,978
Depreciation and amortisation5234054154615566448001,0041,2851,5261,7162,1111,7781,8822,3333,1652,9282,0292,0422,068
Share-based compensation54.654.860.752.647.452.068.180.290.589.9108138111121120169196204174156
Buybacks1,64371521343143762.71450.00.00.076623319.656.00.018.80.00.0365868
Dividends paidn/an/a0.00.01383564354057118861,0731,3241,6031,9282,2712,7153,0073,0273,1813,257
Dividend per sharen/an/an/a$0.00$0.35$0.90n/an/an/an/an/an/an/an/an/a$5.86$6.31$6.56$6.72$6.98
Diluted shares, weighted426m418m407m404m400m399m399m400m423m429m432m443m446m446m453m463m467m468m469m466m
Shares outstanding at period endn/a397m402m399m394m395m395m397m424m427m429m441m443m444m456m466m466m467m466m464m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007FY2008FY2009 †FY2010 †FY2011 †FY2012 †FY2013 †FY2014 †FY2015FY2016 †FY2017FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity3,0252,9913,3153,5013,2873,5733,5343,9546,6526,7646,2425,3365,0554,0945,0815,5724,1983,3823,6523,517
Non-controlling interestn/a3.23.03.112311155.999.861.12125875644354753,9886,8366,6676,2666,7036,249
Redeemable equityn/an/an/an/an/an/an/an/a0.01,0911,1261,0051,0962120.0n/an/an/an/an/a
Debtn/a4,3314,2125,5877,2368,80014,50014,54017,11918,53320,20521,16024,05529,28843,49838,90238,80136,50237,22037,579
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a0.06,5106,8848,0427,5926,8156,8767,1597,067
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a24.023.024.923.117.214.0n/an/a
Other liabilitiesn/a8869831,2761,5861,6052,1242,6703,0724,2785,0554,9465,6256,2589,2548,2699,5288,0378,4568,569
Total liabilities and equityn/a8,2128,51310,36812,23214,08920,21421,26426,90430,87933,21433,01042,80247,23469,88867,19466,02861,07763,19062,980
Owned
Fixed assetsn/a3,0233,1763,6834,9825,7667,1787,5909,86610,51711,10111,247n/an/an/an/an/an/an/an/a
Goodwilln/a2,1862,2512,5122,6762,8433,8554,0324,0925,0715,6385,5026,1787,28313,35012,07512,08411,76812,25612,128
Intangible assetsn/a1,5661,5951,8862,4953,2066,5706,8249,83811,27511,78311,17412,31813,84020,72717,98315,93214,47414,53113,713
Investmentsn/a2.09.846.422.36.018.66.30.04.01.00.0n/an/an/an/an/an/an/an/a
Cash and equivalents33.11432478843303692943133217878021,2091,5011,7461,9501,5491,7542,0001,4751,872
Receivablesn/a51.367.981.5101144151199227308514459462512729758548540650622
Other assetsn/a1,2401,1671,2751,6261,7562,1482,2982,5602,9173,3753,41922,34223,85333,13234,82935,71132,29534,27934,645
Total assetsn/a8,2128,51310,36812,23214,08920,21421,26426,90430,87933,21433,01042,80247,23469,88867,19466,02861,07763,19062,980
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded8.4%5.8%3.3%5.3%
Profit growth, compounded14.0%8.4%12.7%12.8%
Return on equity, average38.9%50.7%57.1%69.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was American Tower's revenue in fiscal 2025?

American Tower (AMT) reported revenue of $10.6 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before.

How much did American Tower earn in fiscal 2025?

Net income was $2.5 billion for fiscal 2025, and diluted earnings per share $5.40.

What is American Tower's P/E ratio?

At the close of 6 November 2026, American Tower traded at 26.6 times its earnings over the twelve months to 30 September 2026.

What is American Tower's market cap?

The market cap of American Tower was $87.7 billion at the close of 6 November 2026.

Does American Tower pay a dividend?

Yes. American Tower declared $6.98 a share in dividends over the four quarters to 30 September 2026.

Peers: Trading

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Welltower Inc. WELL$179.3 billion106.063.4%-1.9%39.2%0.401.3%
Prologis, Inc. PLD$120.7 billion28.037.6%54.8%7.2%0.663.3%
Equinix Inc. EQIX$100.2 billion60.7911.3%22.5%11.1%1.572.0%
American Tower Corp. AMT$87.7 billion26.6394.2%44.8%5.3%10.693.7%
Simon Property Group Inc. SPG$73.9 billion16.48110.4%45.9%16.2%6.963.9%
Digital Realty Trust, Inc. DLR$65.3 billion72.893.3%16.2%20.0%0.69n/a
Public Storage PSA$63.1 billion35.3413.1%34.5%5.2%0.843.6%
Realty Income Corp. O$56.2 billion40.723.4%20.5%10.8%0.795.5%
Ventas, Inc. VTR$46.9 billion167.461.7%3.2%22.1%0.792.3%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Iron Mountain Inc. IRM$31.7 billion69.58n/a19.5%17.5%n/a3.2%
All 181 in Trading
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Morgan Stanley MS$284.0 billion14.4017.5%n/a16.2%3.322.3%
Goldman Sachs Group Inc. GS$249.8 billion12.4417.7%n/a18.7%3.562.1%
BlackRock, Inc. BLK$182.3 billion26.8111.9%32.5%24.7%0.221.9%
Welltower Inc. WELL$179.3 billion106.063.4%-1.9%39.2%0.401.3%
Charles Schwab Corp. SCHW$157.9 billion15.6120.7%n/a18.1%0.461.3%
Prologis, Inc. PLD$120.7 billion28.037.6%54.8%7.2%0.663.3%
CME Group Inc. CME$109.7 billion25.1016.8%65.7%9.0%0.133.7%
Equinix Inc. EQIX$100.2 billion60.7911.3%22.5%11.1%1.572.0%
Intercontinental Exchange, Inc. ICE$96.1 billion23.5013.9%40.6%12.1%0.781.2%
Blackstone Inc. BX$90.8 billion26.5640.2%47.9%22.1%1.533.9%
American Tower Corp. AMT$87.7 billion26.6394.2%44.8%5.3%10.693.7%
KKR & Co. Inc. KKR$86.6 billion30.7210.2%n/a31.1%1.720.8%
Brookfield Asset Management Ltd. BAM$84.6 billionn/an/a58.6%31.9%0.38n/a
Simon Property Group Inc. SPG$73.9 billion16.48110.4%45.9%16.2%6.963.9%
Robinhood Markets, Inc. HOOD$72.9 billion37.2919.7%45.7%20.9%0.26n/a
Apollo Global Management, Inc. APO$69.0 billionn/a-5.8%9.8%12.2%0.921.8%
Digital Realty Trust, Inc. DLR$65.3 billion72.893.3%16.2%20.0%0.69n/a
Public Storage PSA$63.1 billion35.3413.1%34.5%5.2%0.843.6%
Nasdaq, Inc. NDAQ$59.8 billion29.2717.4%29.7%11.9%0.731.1%
Realty Income Corp. O$56.2 billion40.723.4%20.5%10.8%0.795.5%
Ventas, Inc. VTR$46.9 billion167.461.7%3.2%22.1%0.792.3%
Ameriprise Financial Inc. AMP$43.6 billion11.2981.4%26.8%10.0%1.17n/a
Ares Management Corp. ARES$42.0 billionn/a11.3%17.7%7.6%2.033.9%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Cboe Global Markets, Inc. CBOE$36.8 billion25.1125.0%36.4%14.3%0.240.9%
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Iron Mountain Inc. IRM$31.7 billion69.58n/a19.5%17.5%n/a3.2%
Raymond James Financial Inc. RJF$31.3 billion14.1918.2%n/a10.5%0.071.3%
Tradeweb Markets Inc. TW$29.7 billion29.9913.7%44.1%14.4%0.000.4%
Nomura Holdings Inc. NMR *$27.3 billion12.459.8%n/a14.0%n/a4.4%
Vici Properties Inc. VICI$27.3 billion11.378.1%n/a4.7%0.587.3%
Vivmark Residential VMRK$24.6 billion28.488.3%28.2%2.8%0.794.3%
T. Rowe Price Group, Inc. TROW$23.1 billion10.9619.2%32.0%6.9%0.004.8%
LPL Financial Holdings Inc. LPLA$23.0 billion16.9524.0%9.2%31.0%1.340.4%
Royal Gold Inc. RGLD$22.5 billion26.7910.8%62.0%105.2%0.020.7%
Pershing Square Inc. PS$20.6 billionn/a-9.0%0.2%n/a0.21n/a
SBA Communications Corp. SBAC$19.8 billion20.45n/a47.7%2.3%n/a2.6%
Texas Pacific Land Corp. TPL$18.8 billion32.0032.6%75.5%25.3%0.000.9%
TPG Inc. TPG$17.9 billion59.186.8%n/a18.8%0.574.8%
Essex Property Trust, Inc. ESS$17.5 billion50.556.6%29.5%4.5%1.253.8%
Franklin Templeton Inc. BEN$17.1 billion22.976.9%9.7%7.9%0.203.9%
Kimco Realty Corp. KIM$17.0 billion23.847.4%40.1%3.5%0.834.2%
Host Hotels & Resorts, Inc. HST$16.9 billion17.9814.8%14.8%5.0%0.806.1%
Lamar Advertising Co. LAMR$15.8 billion27.5155.8%32.1%5.1%3.394.3%
Blue OWL Capital Inc. OWL$15.4 billion70.144.9%-105.8%119.9%1.898.7%
Weyerhaeuser Co. WY$15.1 billion33.294.8%11.7%-1.1%0.574.0%
W. P. Carey Inc. WPC$15.0 billion22.437.4%43.8%9.0%1.005.7%
Annaly Capital Management Inc. NLY$14.7 billion13.117.1%n/a28.4%2.4314.9%
Omega Healthcare Investors Inc. OHI$14.6 billion19.3613.8%73.4%14.0%0.735.6%
Sun Communities Inc. SUI$14.4 billionn/a-14.7%4.2%2.9%0.723.7%
Carlyle Group Inc. CG$14.0 billion42.225.4%16.6%-7.6%0.463.5%
Healthpeak Properties, Inc. DOC$14.0 billion37.564.8%4.0%9.4%1.196.0%
Mid-America Apartment Communities, Inc. MAA$13.8 billion36.057.3%n/a1.0%1.105.1%
Regency Centers Corp. REG$13.7 billion26.747.7%72.0%8.4%0.724.0%
American Healthcare REIT, Inc. AHR$13.4 billion118.201.7%20.2%21.5%0.251.7%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Equity Lifestyle Properties Inc. ELS$12.2 billion31.0123.1%26.1%3.2%1.893.4%
Invesco Ltd. IVZ$11.9 billionn/a-2.5%-4.5%13.7%0.103.1%
Udr, Inc. UDR$11.7 billion17.2522.3%52.2%0.6%1.844.7%
American Homes 4 Rent AMH$11.7 billion26.916.7%15.2%3.5%0.773.9%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Gaming & Leisure Properties, Inc. GLPI$11.3 billion11.8918.9%79.1%7.3%1.638.2%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
Evercore Inc. EVR$10.8 billion15.6339.2%21.3%36.6%0.281.2%
Eastgroup Properties Inc. EGP$10.4 billion32.848.9%40.8%10.4%0.513.3%
Bxp, Inc. BXP$10.4 billion19.4710.3%29.2%2.7%3.204.3%
Houlihan Lokey, Inc. HLI$10.1 billion24.4617.5%20.3%-0.4%0.001.8%
CubeSmart CUBE$10.1 billion29.8114.0%40.8%3.3%1.434.7%
Camden Property Trust CPT$10.0 billion9.2824.6%n/a-1.0%0.934.2%
Janus Living, Inc. JAN$9.9 billionn/a0.2%n/an/a0.00n/a
CareTrust REIT, Inc. CTRE$9.8 billion24.046.8%54.6%43.6%0.393.9%
Federal Realty Investment Trust FRT$9.7 billion22.5313.6%47.7%7.8%1.504.0%
Affiliated Managers Group, Inc. AMG$9.4 billion12.5628.2%15.1%11.8%0.990.0%
Brixmor Property Group Inc. BRX$9.2 billion21.9114.1%n/a5.7%1.764.1%
Ryman Hospitality Properties, Inc. RHP$9.1 billion31.8920.2%19.6%12.9%3.403.6%
Agree Realty Corp. ADC$9.1 billion36.033.5%48.9%17.7%0.543.8%
Morningstar, Inc. MORN$9.1 billion21.3343.4%24.5%9.4%1.640.8%
Lineage, Inc. LINE$8.9 billionn/a-2.1%3.6%1.0%0.795.4%
Virtu Financial, Inc. VIRT$8.4 billion7.9231.1%32.4%26.1%2.381.8%
Rexford Industrial Realty, Inc. REXR$8.1 billionn/a-6.4%39.8%-2.0%0.394.6%
NNN REIT, Inc. NNN$8.0 billion19.598.7%62.9%7.3%1.105.9%
Alexandria Real Estate Equities, Inc. ARE$7.8 billionn/a-9.7%-85.8%-9.9%0.876.4%
Victory Capital Holdings, Inc. VCTR$7.4 billion21.9218.8%40.4%36.9%0.401.6%
InterDigital, Inc. IDCC$7.4 billion31.4625.2%45.1%-12.0%0.251.0%
First Industrial Realty Trust Inc. FR$7.1 billion19.9912.9%41.6%8.5%0.963.6%
Stag Industrial, Inc. STAG$7.1 billion25.967.4%37.7%9.3%0.944.2%
Macerich Co. MAC$7.1 billionn/a-3.6%-12.0%-1.3%1.902.7%
Vornado Realty Trust VNO$6.7 billionn/a0.2%n/a1.6%1.272.1%
Healthcare Realty Trust Inc. HR$6.5 billionn/a-1.1%n/a-5.8%1.045.0%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
Rayonier Inc. RYN$6.4 billion37.143.0%12.0%24.1%0.354.9%
Essential Properties Realty Trust, Inc. EPRT$6.2 billion22.745.8%60.6%20.4%0.664.5%
Dolby Laboratories, Inc. DLB$6.1 billion27.598.8%17.7%0.6%0.002.2%
Marketaxess Holdings Inc. MKTX$5.8 billion20.2722.9%39.1%3.9%0.071.9%
StepStone Group Inc. STEP$5.7 billionn/an/a-58.2%48.5%n/a3.1%
SSR Mining Inc. SSRM$5.7 billion24.067.7%40.9%39.4%0.00n/a
Sabra Health Care REIT, Inc. SBRA$5.5 billion75.042.5%n/a23.4%0.865.7%
Outfront Media Inc. OUT$5.4 billion21.0936.6%20.7%9.1%3.594.0%
Galaxy Digital Inc. GLXY$5.3 billionn/a-18.5%-2.3%66.0%1.55n/a
Phillips Edison & Company, Inc. PECO$5.2 billion28.157.5%n/a7.0%1.055.6%
Rithm Capital Corp. RITM$5.2 billionn/an/an/an/a3.5010.8%
Kite Realty Group Trust KRG$5.0 billion15.7112.4%17.4%-7.3%1.024.6%
Hamilton Lane Inc. HLNE$5.0 billion13.2628.2%43.7%18.9%0.27n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
HA Sustainable Infrastructure Capital, Inc. HASI$5.0 billion40.525.5%n/a22.6%2.364.4%
Cousins Properties Inc. CUZ$4.9 billion328.830.3%68.3%8.5%0.804.3%
Federated Hermes, Inc. FHI$4.7 billion11.5732.5%27.8%13.2%0.272.2%
Howard Hughes Holdings Inc. HHH$4.6 billion30.714.3%18.1%42.8%1.44n/a
Americold Realty Trust COLD$4.6 billion19.307.9%15.1%1.3%1.035.7%
EPR Properties EPR$4.6 billion16.8112.7%59.0%7.3%1.436.1%
Apple Hospitality REIT, Inc. APLE$4.5 billion23.905.9%18.3%3.2%0.475.1%
Tanger Inc. SKT$4.4 billionn/an/an/an/a2.44n/a
Piper Sandler Companies PIPR$4.4 billion15.5321.9%n/a21.1%n/a3.0%
Starwood Property Trust, Inc. STWD$4.4 billionn/a-4.0%-12.7%14.4%3.4015.9%
Lazard, Inc. LAZ$4.2 billion23.2219.5%8.1%9.2%1.785.2%
Kilroy Realty Corp. KRC$4.2 billion149.250.6%n/a-3.6%0.846.0%
Cohen & Steers, Inc. CNS$3.8 billion22.4627.8%32.4%8.6%0.003.6%
Copt Defense Properties CDP$3.7 billion22.2111.0%30.2%7.2%1.673.8%
PJT Partners Inc. PJT$3.7 billion21.2552.5%20.5%10.2%0.000.7%
LXP Industrial Trust LXP$3.6 billion31.545.9%n/a-3.5%0.664.5%
SL Green Realty Corp. SLG$3.6 billionn/a-3.7%61.7%9.7%1.255.2%
Independence Realty Trust, Inc. IRT$3.5 billion57.651.8%16.6%3.1%0.724.7%
Highwoods Properties, Inc. HIW$3.5 billion18.747.8%67.2%5.4%1.486.4%
Miami International Holdings, Inc. MIAX$3.4 billion12.7724.3%10.9%n/a0.00n/a
National Health Investors Inc. NHI$3.4 billion20.5910.6%n/a23.9%0.815.2%
Broadstone Net Lease, Inc. BNL$3.4 billion23.045.1%46.0%8.0%1.016.7%
Acadian Asset Management Inc. AAMI$3.2 billion26.66n/a25.5%27.9%n/a0.3%
Artisan Partners Asset Management Inc. APAM$3.2 billion9.1669.7%33.4%8.7%0.438.1%
WisdomTree, Inc. WT$2.9 billion27.4424.8%39.9%45.2%2.380.6%
DiamondRock Hospitality Co. DRH$2.9 billion17.7710.7%16.6%2.1%0.712.9%
Acadia Realty Trust AKR$2.7 billion70.732.0%53.3%-0.3%0.784.0%
Four Corners Property Trust, Inc. FCPT$2.6 billion21.497.3%n/a10.2%0.966.3%
CoreCivic, Inc. CXW$2.5 billion1.8563.5%9.9%26.9%0.28n/a
InvenTrust Properties Corp. IVT$2.5 billion85.221.6%-7.7%12.6%0.583.1%
LTC Properties Inc. LTC$2.5 billion4.7030.8%58.5%70.4%0.605.1%
Netstreit Corp. NTST$2.4 billion85.411.1%32.5%27.1%0.604.7%
Pebblebrook Hotel Trust PEB$2.4 billionn/a-2.9%3.1%2.8%0.890.2%
SmartStop Self Storage REIT, Inc. SMA$2.2 billion67.122.9%22.9%20.7%1.00n/a
RLJ Lodging Trust RLJ$1.9 billion121.901.7%10.0%4.1%1.034.8%
Douglas Emmett Inc. DEI$1.7 billionn/a-1.1%18.8%1.8%3.147.5%
Diversified Healthcare Trust DHC$1.7 billionn/a-9.9%-2.3%-3.8%1.600.6%
Global Net Lease, Inc. GNL$1.5 billionn/a-3.4%37.9%-21.8%1.7811.0%
CBL & Associates Properties Inc. CBL$1.5 billion6.8150.8%27.2%9.0%4.76n/a
American Assets Trust, Inc. AAT$1.3 billion61.541.9%23.6%1.1%1.526.3%
Alexanders Inc. ALX$1.3 billion6.7883.9%n/a8.2%3.677.1%
UMH Properties, Inc. UMH$1.3 billion298.400.5%n/a8.5%0.976.0%
Digital Turbine, Inc. APPS$1.3 billionn/a-18.3%10.3%19.2%1.85n/a
Medical Properties Trust Inc. MPT$1.1 billion4.405.4%3.7%10.5%2.0019.9%
Easterly Government Properties, Inc. DEA$1.1 billion77.521.1%23.9%11.4%1.288.0%
Ridgepost Capital, Inc. RPC$1.1 billion31.326.8%27.2%8.2%0.921.5%
Oppenheimer Holdings Inc. OPY$974 million12.238.7%7.2%13.9%n/a0.8%
Centerspace CSR$964 million10.7311.5%56.1%-6.0%1.025.4%
Orchid Island Capital, Inc. ORC$960 million98.60-0.5%95.7%74.8%9.2126.8%
Empire State Realty Trust, Inc. ESRT$918 million265.250.3%-4.4%2.0%2.142.6%
Abacus Global Management, Inc. ABX$852 million32.526.5%31.8%65.3%0.76n/a
Virtus Investment Partners, Inc. VRTS$846 million7.2812.7%15.7%-7.2%0.447.5%
CTO Realty Growth, Inc. CTO$783 million17.726.5%37.5%15.9%1.05n/a
Summit Hotel Properties, Inc. INN$755 millionn/a-2.5%9.9%2.4%1.654.6%
Safehold Inc. SAFE$749 million6.584.7%24.9%16.5%1.956.7%
Postal Realty Trust, Inc. PSTL$742 million38.904.7%38.2%22.3%0.944.4%
JBG Smith Properties JBGS$739 millionn/a-20.4%0.8%3.0%2.545.6%
Chatham Lodging Trust CLDT$722 million96.882.2%13.4%3.8%0.562.5%
Saul Centers, Inc. BFS$709 million31.0411.6%66.7%9.2%5.588.3%
PennyMac Mortgage Investment Trust PMT$685 million17.094.6%22.3%-11.5%1.7920.4%
Service Properties Trust SVC$674 million14.03-65.1%-6.1%-15.6%6.352.9%
Chimera Investment Corp. CIM$613 millionn/a-7.9%n/a12.4%4.0923.5%
Brandywine Realty Trust BDN$553 millionn/a-21.5%19.0%3.5%3.739.8%
Universal Health Realty Income Trust UHT$544 million26.9914.5%35.9%-0.0%2.847.6%
TPG RE Finance Trust, Inc. TRTX$512 million17.314.4%n/a-2.4%4.1014.2%
Franklin BSP Realty Trust, Inc. FBRT$470 millionn/a1.4%n/a16.4%2.9215.4%
One Liberty Properties Inc. OLP$446 million18.668.6%48.3%10.7%1.838.5%
BrightSpire Capital, Inc. BRSP$416 million23.862.2%27.0%2.5%2.9819.2%
NexPoint Residential Trust, Inc. NXRT$415 millionn/a-16.6%10.6%0.7%7.2413.0%
Industrial Logistics Properties Trust ILPT$397 millionn/a-14.9%33.7%3.5%9.854.2%
Farmland Partners Inc. FPI$369 million55.002.3%12.4%-5.6%0.5615.8%
Arbor Realty Trust Inc. ABR$299 millionn/a-4.2%n/a-12.9%4.4158.6%
Apollo Commercial Real Estate Finance, Inc. ARI$297 million2.9010.5%35.1%-14.7%n/a43.1%
Mesabi Trust MSB$226 million34.8836.9%n/a-87.6%0.00n/a
North European Oil Royalty Trust NRT$65 millionn/an/an/an/an/an/a
115 companies share its SEC industry code (Real Estate Investment Trusts); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on AMT

Dividends$6.98 a share over the four quarters to 30 September 2026, a 3.70% yield
Filings31 in twelve months: 21 current reports (8-K), about 10 other events; 5 officer or director change; 4 results of operations; 4 material agreement; 4 new financial obligation
Planned insider sales10 Form 144 notices in twelve months, $26.9 million; latest 30 October 2026
Options tapeput/call 0.46 by open interest at the 6 November 2026 close; the straddle prices a 4.8% move to 20 November 2026
13F holders1,768 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading22 sales and 2 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest6.8 million shares short, 1.96 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202627 October 2026EDGAR
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202628 April 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q30 September 202528 October 2025EDGAR
10-Q30 June 202529 July 2025EDGAR
10-Q31 March 202529 April 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202429 October 2024EDGAR
10-Q30 June 202430 July 2024EDGAR

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