American Tower (AMT) FY2023 results: revenue $10.0 billion, up 3.8% on the year
American Tower Corp. (AMT) reported revenue of $10.0 billion for fiscal 2023, the year ended 31 December 2023, up 3.8% on the year before. Net income was $1.5 billion, down 16.0%, and diluted earnings per share $3.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$10.0 billion
+3.8% on the year
FY2016FY2023
Operating margin
31.2%
28.4% a year earlier
FY2016FY2023
Net income
$1.5 billion
-16.0% on the year
FY2016FY2023
Diluted EPS
$3.18
-16.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. 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.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
4,722
3,696
4,820
+27.8%
Capital expenditure
1,798
1,874
1,377
-4.0%
Free cash flow
2,924
1,823
3,443
+60.4%
Free cash flow margin
29.2%
18.9%
36.8%
Cash from investing
-1,696
-2,355
-20,692
Cash from financing
-3,097
-1,423
16,424
Depreciation and amortisation
2,928
3,165
2,333
-7.5%
Share-based compensation
196
169
120
+15.6%
Buybacks
0.0
18.8
0.0
Dividends paid
3,007
2,715
2,271
+10.7%
Dividend per share
$6.31
$5.86
n/a
+7.7%
Diluted shares, weighted
467m
463m
453m
+1.0%
Shares outstanding at period end
466m
466m
456m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,198
5,572
5,081
-24.7%
Non-controlling interest
6,667
6,836
3,988
-2.5%
Redeemable equity
n/a
n/a
0.0
Debt
38,801
38,902
43,498
-0.3%
Operating lease liabilities
6,815
7,592
8,042
-10.2%
Finance lease liabilities
17.2
23.1
24.9
-25.5%
Other liabilities
9,528
8,269
9,254
+15.2%
Total liabilities and equity
66,028
67,194
69,888
-1.7%
Goodwill
12,084
12,075
13,350
+0.1%
Intangible assets
15,932
17,983
20,727
-11.4%
Cash and equivalents
1,754
1,549
1,950
+13.2%
Receivables
548
758
729
-27.8%
Other assets
35,711
34,829
33,132
+2.5%
Total assets
66,028
67,194
69,888
-1.7%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.