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AMT

American Tower Corporation

AMT

American Tower Corporation • NYSE
$181.27 ▲ 0.02% (+0.03)
Market Cap $84.86 B
52w High $234.33
52w Low $172.51
Dividend Yield 6.72%
P/E 28.91
Volume 1.09M
Outstanding Shares 468.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.717B ▲ $773.3M ▲ $853.3M ▲ 31.401% ▲ $1.82 ▲ $1.473B ▼
Q2-2025 $2.627B ▲ $740.5M ▲ $366.8M ▼ 13.963% ▼ $0.78 ▼ $1.708B ▲
Q1-2025 $2.563B ▲ $674.2M ▼ $488.7M ▼ 19.069% ▼ $1.05 ▼ $1.435B ▼
Q4-2024 $2.548B ▲ $813.1M ▲ $1.23B ▲ 48.265% ▲ $2.63 ▲ $2.128B ▲
Q3-2024 $2.522B $731.3M $-792.3M -31.412% $-1.7 $1.42B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.951B ▼ $63.889B ▲ $53.123B ▼ $3.953B ▲
Q2-2025 $2.076B ▼ $63.755B ▲ $53.276B ▲ $3.713B ▲
Q1-2025 $2.104B ▲ $62.056B ▲ $52.119B ▲ $3.535B ▲
Q4-2024 $2B ▼ $61.077B ▼ $51.429B ▼ $3.382B ▼
Q3-2024 $2.15B $62.817B $52.624B $3.642B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $912.6M ▲ $1.46B ▲ $-661M ▼ $-903.7M ▲ $-108.8M ▼ $994.5M ▲
Q2-2025 $380.5M ▼ $1.282B ▼ $-380.6M ▼ $-1.017B ▼ $-29.6M ▼ $976.9M ▲
Q1-2025 $498.6M ▼ $1.295B ▲ $-350.1M ▲ $-843.8M ▲ $131M ▲ $963.9M ▲
Q4-2024 $1.23B ▲ $1.199B ▼ $-360.7M ▼ $-908.5M ▲ $-174M ▲ $755.6M ▼
Q3-2024 $-780.4M $1.469B $1.297B $-3.126B $-336.4M $1.045B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Property
Property
 $1.81Bn ▲$2.49Bn ▲$2.53Bn ▲$2.62Bn ▲
Services Revenue
Services Revenue
 $60.00M ▲$70.00M ▲$100.00M ▲$100.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, showing that demand for American Tower’s infrastructure remains strong. Profitability at the operating level has generally improved, with wider margins as the business scales and cost structure benefits from multi-tenant towers and data centers. Net income has been a bit bumpy year to year, reflecting items like acquisitions, financing costs, and portfolio changes, but the most recent period shows healthier earnings than earlier in the decade. Overall, the income statement tells a story of a mature business still growing, with solid underlying economics but some volatility around the bottom line as strategy and capital structure evolve.

Balance Sheet

Balance Sheet The balance sheet is large and heavily built around long-lived assets such as towers and data centers, which is typical for this kind of infrastructure REIT. Debt levels are high relative to equity, so the business is clearly using significant leverage to finance its asset base. Over recent years, total assets and debt have both drifted down from their peak, while equity had improved and then eased back a bit, suggesting some balance-sheet cleanup and portfolio reshaping. The key watchpoint is leverage and interest costs: the company’s model can support debt, but it leaves less room for error if financing conditions tighten or cash flows slow.

Cash Flow

Cash Flow American Tower generates strong and growing cash flow from operations, showing that its recurring lease revenues convert well into cash. After funding capital spending to maintain and expand its network and data centers, free cash flow has been rising, which gives the company more flexibility for dividends, debt service, and reinvestment. Capital expenditure remains meaningful, reflecting ongoing investment in new sites, upgrades, and edge infrastructure, but it is increasingly well covered by internal cash generation. The cash flow profile is a key strength, as it helps offset the risks that come with a leveraged balance sheet.

Competitive Edge

Competitive Edge The company enjoys a powerful competitive position built on a very large, hard-to-replicate global portfolio of tower and data center assets. Long-term, mostly non-cancellable leases with major carriers create predictable, sticky revenue, and the high cost and disruption of moving equipment makes tenants reluctant to switch providers. Its scale, multi-tenant model, and presence across many countries give it cost advantages and diversification that smaller rivals lack. The integration of towers with interconnected data centers further differentiates American Tower, positioning it as a broader digital infrastructure platform rather than just a tower landlord.

Innovation and R&D

Innovation and R&D Innovation is focused on transforming traditional tower real estate into a more advanced digital infrastructure network. The CoreSite acquisition brought high-connectivity data centers into the portfolio, enabling combined tower–data center solutions that support low-latency applications. The company is pushing into edge computing by placing computing and storage closer to users at tower sites, targeting emerging needs in 5G, IoT, AI, and real-time services. Strategic partnerships, such as with large cloud and technology providers, aim to accelerate adoption of these edge solutions. International expansion of the data center and edge model, and continued portfolio optimization, are important future levers for growth.

Summary

American Tower combines a resilient, lease-based revenue model with a large, diversified infrastructure footprint and an expanding role in digital and edge computing. Financially, it shows steady top-line growth, improving cash generation, and solid operating profitability, balanced against a leveraged balance sheet and sensitivity to financing conditions. Strategically, its moat rests on irreplaceable assets, long-term contracts, high switching costs, and scale, now enhanced by data centers and edge capabilities. Key opportunities lie in 5G, AI, cloud, and global data growth, while main risks include high debt, interest-rate exposure, execution on its edge and data center strategy, and dependence on a relatively small number of large telecom customers. Overall, it is evolving from a traditional tower REIT into a broader digital infrastructure platform, with both meaningful strengths and execution challenges to monitor.

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