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American Tower (AMT) FY2025 results: revenue $10.6 billion, up 5.1% on the year

American Tower Corp. (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, up 12.2%, and diluted earnings per share $5.40. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$10.6 billion
+5.1% on the year
FY2018FY2025
Operating margin
45.5%
44.6% a year earlier
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 year in brief

What management said about the year

Guidance figures: 13 new.

  • AFFO per share as adjusted up 8.0%: Full-year AFFO per Share, as adjusted, was $10.76, up 8.0%; fourth-quarter AFFO per Share, as adjusted, was $2.63, up 13.4%. Full-year AFFO attributable to AMT common stockholders rose 2.2% to $5,042 million.
  • Property revenue grew 7.6% in Q4: Fourth-quarter total property revenue rose 7.6% to $2,673 million, and full-year total property revenue rose 3.7% to $10,305 million. Total revenue rose 7.5% in the quarter and 5.1% for the year.
  • Property revenue guided up 2.0%: Full-year 2026 total property revenue is guided to $10,440 million to $10,590 million, midpoint growth of 2.0%, with Data Centers property revenue at $1,175 million to $1,195 million.
  • AFFO per share guided near 1% growth: Full-year 2026 AFFO per Share is guided to $10.78 to $10.95, midpoint growth of 1.0%. AFFO attributable to AMT common stockholders is guided to $5,035 million to $5,115 million.
  • Organic tenant billings up 5.9% in Q4: Organic tenant billings grew 5.9% in Q4 and 5.1% for the year. Total tenant billings grew 6.5% in Q4 and 5.6% for the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

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., the 10-K for 2025

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

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue10,64510,12710,012+5.1%
Cost of revenue2,7482,5742,562+6.7%
Gross profit7,8967,5537,451+4.6%
Gross margin74.2%74.6%74.4%
Selling, general and administrative941933946+0.8%
Operating income4,8464,5163,126+7.3%
Operating margin45.5%44.6%31.2%
Interest expense1,3591,4041,398-3.2%
Pre-tax income3,0443,6251,529-16.0%
Income tax41636690.8+13.5%
Effective tax rate13.7%10.1%5.9%
Net income2,5302,2551,483+12.2%
Net margin23.8%22.3%14.8%
Diluted EPS$5.40$4.82$3.18+12.0%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,4645,2904,722+3.3%
Capital expenditure1,6801,5901,798+5.7%
Free cash flow3,7843,7002,924+2.2%
Free cash flow margin35.5%36.5%29.2%
Cash from investing-1,860411-1,696
Cash from financing-4,208-5,452-3,097
Depreciation and amortisation2,0422,0292,928+0.6%
Share-based compensation174204196-14.4%
Buybacks3650.00.0
Dividends paid3,1813,0273,007+5.1%
Dividend per share$6.72$6.56$6.31+2.4%
Diluted shares, weighted469m468m467m+0.1%
Shares outstanding at period end466m467m466m-0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,6523,3824,198+8.0%
Non-controlling interest6,7036,2666,667+7.0%
Debt37,22036,50238,801+2.0%
Operating lease liabilities7,1596,8766,815+4.1%
Finance lease liabilitiesn/a14.017.2
Other liabilities8,4568,0379,528+5.2%
Total liabilities and equity63,19061,07766,028+3.5%
Goodwill12,25611,76812,084+4.1%
Intangible assets14,53114,47415,932+0.4%
Cash and equivalents1,4752,0001,754-26.2%
Receivables650540548+20.4%
Other assets34,27932,29535,711+6.1%
Total assets63,19061,07766,028+3.5%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.