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Company file · AMT

American Tower

American Tower's revenue and net income grew in 2025

Revenue rose 5.1% to $10.6B. Net income to common stockholders rose 12.2% to $2.5B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, American Tower (NYSE: AMT) took in $10.6B of total operating revenues (up 5.1% on fiscal 2024); net income to common stockholders was $2.5B (up 12.2%). The most recent quarter, ended Jun 30, 2026, brought revenue of $2.7B, up 4.7% year over year, with net income of $868M. U.S. & Canada was the biggest single line by segment: 52% of fiscal 2025 total operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Revenue$10.6BFY2025 · +5.1% vs FY2024
Net income to common stockholders$2.5BFY2025 · +12.2% vs FY2024
Operating cash flow$5.5BFY2025 · +3.3% vs FY2024
Cash & equivalents$1.8Bat Jun 30, 2026 · +19.5% vs FY2025 end
Total debt$37.2Bat Jun 30, 2026 · −0.1% vs FY2025 end
Diluted shares469MFY2025 avg · +0.1% vs FY2024
Total operating revenues and net income to common stockholders, three fiscal yearsBy fiscal year, $bn
Total operating revenuesNet income to common stockholders
Total operating revenues and net income to common stockholders by fiscal yearTotal operating revenues FY2023: $10.0B10.0Net income to common stockholders FY2023: $1.5B1.5FY2023Total operating revenues FY2024: $10.1B10.1Net income to common stockholders FY2024: $2.3B2.3FY2024Total operating revenues FY2025: $10.6B10.6Net income to common stockholders FY2025: $2.5B2.5FY2025

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly total operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total operating revenues, fiscal 2026 vs 2025FY2025 Q1: $2.6B2.6FY2026 Q1: $2.7B2.7Q1FY2025 Q2: $2.6B2.6FY2026 Q2: $2.7B2.7Q2

Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026

How it makes money

FY2025 total by categoryU.S. & Canada: $5.6B (52%)Latin America: $1.6B (15%)Africa & APAC: $1.4B (13%)Data Centers: $1.1B (10%)Europe: $938M (9%)$10.6BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • U.S. & Canada$5.6B52%+2.7%
  • Latin America$1.6B15%−4.4%
  • Africa & APAC$1.4B13%+17.8%
  • Data Centers$1.1B10%+13.9%
  • Europe$938M9%+12.3%

Source: 10-K FY2025, XBRL breakdown

U.S. & Canada was 52% of 2025 segment revenue, Latin America 15%, Africa & APAC 13%, Data Centers 10% and Europe 9%.

By segment: three-year mixShare of the total each fiscal year
U.S. & CanadaLatin AmericaAfrica & APACData CentersEurope

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$2.7B Q2 2026
$2.6B Q2 2025
4.7% increase
Net income
$868M Q2 2026
$367M Q2 2025
136.5% increase

Source: American Tower 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

By segment

U.S. & Canada
$1.3B Q2 2026
$1.4B Q2 2025
5.0% decrease
Latin America
$442M Q2 2026
$389M Q2 2025
13.4% increase
Africa & APAC
$415M Q2 2026
$336M Q2 2025
23.5% increase
Data Centers
$297M Q2 2026
$262M Q2 2025
13.4% increase
Europe
$259M Q2 2026
$233M Q2 2025
11.5% increase

Source: American Tower 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

  • Cash & equivalents $1.8B at Jun 30, 2026, vs $1.5B at FY2025 end.
  • Total debt $37.2B at Jun 30, 2026, vs $37.2B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $2.9B vs $2.6B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 5.1% in 2025 to $10.6B, and net income to common stockholders rose 12.2% to $2.5B. 10-K, FY2025
  • Data Centers revenue grew 13.9% in 2025 and Europe 12.3%. 10-K, FY2025
  • Revenue in the quarter ended Jun 30, 2026 was $2.7B, up 4.7% on a year earlier, and net income rose 136.5% to $868M. 10-Q, quarter ended Jun 30, 2026

The bear case

  • Total debt was $37.2B at the end of 2025, more than three times annual revenue of $10.6B. 10-K, FY2025
  • Latin America revenue fell 4.4% in 2025. 10-K, FY2025
  • The 10-K lists dependence on a few large wireless carriers, carrier consolidation, interest rates, foreign currencies and REIT rules among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

American Tower is a real estate investment trust that owns cell towers and other communications sites in the US and abroad, plus data centers through CoreSite.

It leases space on its towers to wireless carriers, which install antennas and equipment there, usually under long contracts with built-in rent increases. Its data centers lease space and connections to businesses and cloud providers.

As a REIT it must pay out most of its taxable income as dividends. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in American Tower's latest 10-K. Read the original for the full list.

  1. CustomersA small number of large wireless carriers provide much of its revenue.
  2. ConsolidationCarrier mergers can lead to cancelled leases.
  3. Interest ratesIt carries large debt, so higher rates raise costs.
  4. InternationalForeign markets bring currency, political and collection risks.
  5. REIT statusLosing REIT status would raise its taxes.
  6. TechnologyNew network technologies could change how many sites carriers need.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total operating revenues$10.0B$10.1B$10.6B
Net income to common stockholders$1.5B$2.3B$2.5B
Operating cash flow$4.7B$5.3B$5.5B
Cash & equivalents (year end)$1.8B$2.0B$1.5B
Total debt (year end)$38.8B$36.5B$37.2B
Diluted shares467M468M469M
  • Total operating revenues: Rent from wireless carriers and others for space on its towers, plus data center and services revenue.
  • Net income to common stockholders: Net income attributable to American Tower common stockholders, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current and long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • U.S. & Canada includes its services business.

Recent filings

FormFiledPeriod
10-QJul 28, 2026Jun 30, 2026
10-QApr 28, 2026Mar 31, 2026
DEF 14AApr 8, 2026May 20, 2026
10-KFeb 24, 2026Dec 31, 2025

Latest filings

  1. Oct 225:42 PM ET

    Form 4

    American Tower director Teresa Hillary Clarke reports buying about 338 shares

    The filing reports about 338 shares in an open-market or private purchase (code P) at prices from $167.52 to $227.42, about $63,718 in total.

  2. Oct 54:07 PM ET

    Form 4

    American Tower SVP & Chief Accounting Officer Paul Blanchett reports an award of 16,299 shares

    The filing reports 16,299 shares in a grant or award (code A).

All American Tower filings notes →

Common questions about American Tower

How does American Tower make money?

In fiscal 2025, total operating revenues totaled $10.6B. U.S. & Canada was 52% of 2025 segment revenue, Latin America 15%, Africa & APAC 13%, Data Centers 10% and Europe 9%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was American Tower's revenue in fiscal 2025?

Total operating revenues came to $10.6B in the year ended Dec 31, 2025. Going back two years, it was $10.0B in fiscal 2023 and $10.1B in fiscal 2024, so the latest year was up 5.1%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is American Tower profitable?

Yes, by US accounting rules (GAAP): net income to common stockholders was $2.5B in fiscal 2025, up 12.2% from $2.3B a year earlier. For the quarter ended Jun 30, 2026, net income was $868M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did American Tower report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $2.7B, against $2.6B in the same quarter a year before (up 4.7%), and net income of $868M, against $367M (up 136.5%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

How much cash and debt does American Tower have?

On Jun 30, 2026, cash and cash equivalents stood at $1.8B and total debt at $37.2B. Total debt here is current and long-term debt, including finance leases, at carrying value. Source: 10-Q filed Jul 28, 2026.

What are the main risks American Tower lists?

Item 1A of the fiscal 2025 10-K (filed Feb 24, 2026) sets out the risks. Grouped, they fall into 6 areas: Customers; consolidation; interest rates; international; REIT status; technology. To start with the first: A small number of large wireless carriers provide much of its revenue. Source: 10-K, Item 1A Risk Factors.

Where do these American Tower numbers come from?

Two filings American Tower made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in AMT
The editor holds no position in American Tower (AMT). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell AMT from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold AMT, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
American TowerAMTFY2025$10.6B+5.1%$2.5B
VerizonVZFY2025$138.2B+2.5%$17.2B
T-MobileTMUSFY2025$88.3B+8.5%$11.0B
AT&TTFY2025$125.6B+2.7%$22.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.