NYSE : AMT
American Tower Corporation — Financial statements
Real Estate · REIT - Specialty · United States
Last price 187.78 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 87.09B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 10.76B | 10.30B | 9.93B | 9.87B | 9.40B | 9.11B |
| Other Revenue | 244.70M | 339.60M | 193.70M | 143.00M | 241.10M | 247.30M |
| Total Revenue | 11.01B | 10.64B | 10.13B | 10.01B | 9.65B | 9.36B |
| Property Expenses | 2.92B | 2.75B | 2.57B | 2.56B | 2.57B | 2.68B |
| Selling, General & Administrative | 955.90M | 940.70M | 933.40M | 946.00M | 902.10M | 811.60M |
| Depreciation & Amortization | 2.07B | 2.04B | 2.03B | 2.93B | 3.16B | 2.33B |
| Other Operating Expenses | 61.40M | 48.10M | 10.60M | 90.50M | 98.50M | -25.10M |
| Total Operating Expenses | 6.00B | 5.78B | 5.55B | 6.53B | 6.73B | 5.80B |
| Operating Income | 5.01B | 4.87B | 4.58B | 3.49B | 2.91B | 3.56B |
| Interest Expense | -1.41B | -1.36B | -1.40B | -1.39B | -1.14B | -870.90M |
| Interest & Investment Income | 168.50M | 134.00M | 135.20M | 118.60M | 49.10M | 40.40M |
| Currency Exchange Gain (Loss) | 139.50M | -809.40M | 308.30M | -330.60M | 451.40M | 557.90M |
| Other Non-Operating Income | 103.50M | 111.90M | -1.10M | 4.30M | -16.70M | 8.20M |
| EBT Excluding Unusual Items | 4.01B | 2.94B | 3.62B | 1.89B | 2.26B | 3.29B |
| Merger & Restructuring Charges | -5.20M | -5.20M | -8.90M | -16.30M | 100.00K | -245.00M |
| Impairment of Goodwill | -80.00M | |||||
| Gain (Loss) on Sale of Investments | -43.00M | 121.30M | 70.40M | |||
| Gain (Loss) on Sale of Assets | 37.70M | 70.90M | -9.40M | -52.40M | -36.80M | -22.70M |
| Asset Writedown | -100.70M | -100.70M | -68.60M | -200.00M | -147.30M | -173.70M |
| Other Unusual Items | 11.50M | 14.70M | 23.40M | 10.00M | 11.50M | -20.60M |
| Pretax Income | 3.89B | 3.04B | 3.62B | 1.53B | 2.09B | 2.83B |
| Income Tax Expense | 507.10M | 415.70M | 366.30M | 90.80M | 112.80M | 261.80M |
| Earnings From Continuing Operations | 3.38B | 2.63B | 3.26B | 1.44B | 1.97B | 2.57B |
| Earnings From Discontinued Operations | -978.30M | -71.40M | -276.50M | |||
| Net Income to Company | 3.38B | 2.63B | 2.28B | 1.37B | 1.70B | 2.57B |
| Minority Interest in Earnings | -70.10M | -99.00M | -25.20M | 116.20M | 69.10M | 100.00K |
| Net Income | 3.31B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
| Net Income to Common | 3.31B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
| Basic Shares Outstanding | 466.26M | 467.92M | 467.01M | 466.06M | 461.52M | 451.50M |
| Diluted Shares Outstanding | 466.86M | 468.76M | 468.12M | 467.16M | 462.75M | 453.29M |
| EPS (Basic) | 7.11 | 5.41 | 4.83 | 3.18 | 3.83 | 5.69 |
| EPS (Diluted) | 7.11 | 5.40 | 4.82 | 3.18 | 3.81 | 5.66 |
| Dividend Per Share | 7.07 | 6.80 | 6.48 | 6.45 | 5.86 | 5.21 |
| Operating Margin | 45.49% | 45.71% | 45.23% | 34.82% | 30.18% | 38.00% |
| Profit Margin | 30.10% | 23.76% | 22.27% | 14.82% | 18.31% | 27.44% |
| EBITDA | 7.08B | 6.91B | 6.61B | 6.41B | 6.08B | 5.89B |
| EBITDA Margin | 64.28% | 64.89% | 65.26% | 64.06% | 62.99% | 62.93% |
| D&A For Ebitda | 2.07B | 2.04B | 2.03B | 2.93B | 3.16B | 2.33B |
| EBIT | 5.01B | 4.87B | 4.58B | 3.49B | 2.91B | 3.56B |
| EBIT Margin | 45.49% | 45.71% | 45.23% | 34.82% | 30.18% | 38.00% |
| Funds From Operations (FFO) | 5.01B | 4.16B | 5.23B | 4.61B | 5.28B | 4.75B |
| FFO Per Share | 8.88 | 11.18 | 9.87 | 11.41 | ||
| Adjusted Funds From Operations (AFFO) | 5.15B | 5.04B | 4.93B | 4.61B | 4.52B | 4.37B |
| AFFO Per Share | 11.05 | 10.76 | 10.54 | 9.87 | 9.76 | |
| FFO Payout Ratio | 65.29% | 75.88% | 58.76% | 63.98% | 49.82% | 47.78% |
| Effective Tax Rate | 13.03% | 13.66% | 10.11% | 5.94% | 5.41% | 9.25% |
| Revenue as Reported | 11.01B | 10.64B | 10.13B | 10.01B | 9.65B | 9.36B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 29.10B | 28.78B | 27.15B | 27.07B | 28.92B | 29.01B |
| Cash & Equivalents | 1.87B | 1.47B | 2.00B | 1.75B | 2.03B | 1.95B |
| Accounts Receivable | 824.50M | 845.10M | 729.30M | 733.40M | 1.04B | 998.50M |
| Other Receivables | 37.90M | 44.50M | 55.50M | 79.80M | 83.60M | 83.90M |
| Investment In Debt and Equity Securities | 141.80M | 176.90M | 103.90M | 33.50M | 29.20M | 37.10M |
| Goodwill | 12.13B | 12.26B | 11.77B | 12.08B | 12.96B | 13.35B |
| Other Intangible Assets | 13.71B | 14.53B | 14.47B | 15.93B | 17.98B | 20.73B |
| Restricted Cash | 135.40M | 130.40M | 108.60M | 119.70M | 112.30M | 393.40M |
| Other Current Assets | 280.60M | 247.00M | 285.80M | 1.02B | 355.90M | 303.70M |
| Deferred Long-Term Tax Assets | 167.00M | 151.40M | 122.70M | 179.10M | 129.20M | 131.60M |
| Other Long-Term Assets | 4.58B | 4.55B | 4.28B | 7.02B | 3.56B | 2.90B |
| Total Assets | 62.98B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Current Portion of Long-Term Debt | 5.36B | 3.39B | 3.69B | 3.06B | 4.51B | 4.56B |
| Current Portion of Leases | 648.20M | 584.90M | 576.70M | 693.80M | 793.60M | 719.30M |
| Long-Term Debt | 32.20B | 33.82B | 32.79B | 35.72B | 34.13B | 38.66B |
| Long-Term Leases | 7.08B | 7.17B | 6.89B | 6.83B | 7.62B | 8.07B |
| Accounts Payable | 209.90M | 259.80M | 240.80M | 251.30M | 218.60M | 272.40M |
| Accrued Expenses | 926.00M | 1.05B | 1.03B | 1.08B | 1.11B | 1.12B |
| Current Income Taxes Payable | 45.90M | 26.50M | 20.60M | 16.30M | 29.80M | 84.80M |
| Current Unearned Revenue | 402.80M | 325.00M | 329.20M | 433.80M | 439.70M | 1.20B |
| Other Current Liabilities | 1.34B | 1.28B | 1.18B | 1.71B | 1.21B | 1.11B |
| Long-Term Unearned Revenue | 474.90M | 489.50M | 540.20M | |||
| Long-Term Deferred Tax Liabilities | 1.52B | 1.44B | 1.26B | 1.31B | 1.49B | 1.83B |
| Other Long-Term Liabilities | 3.48B | 3.49B | 3.41B | 3.58B | 2.74B | 2.65B |
| Total Liabilities | 53.21B | 52.84B | 51.43B | 55.16B | 54.79B | 60.82B |
| Common Stock | 4.80M | 4.80M | 4.80M | 4.80M | 4.80M | 4.70M |
| Additional Paid-In Capital | 15.55B | 15.22B | 15.06B | 14.87B | 14.69B | 12.24B |
| Distributions in Excess of Earnings | -5.10B | -5.09B | -4.42B | -3.64B | -2.10B | -1.14B |
| Treasury Stock | -2.18B | -1.67B | -1.30B | -1.30B | -1.30B | -1.28B |
| Comprehensive Income & Other | -4.76B | -4.82B | -5.95B | -5.74B | -5.72B | -4.74B |
| Total Common Equity | 3.52B | 3.65B | 3.38B | 4.20B | 5.57B | 5.08B |
| Minority Interest | 6.25B | 6.70B | 6.27B | 6.67B | 6.84B | 3.99B |
| Shareholders' Equity | 9.77B | 10.36B | 9.65B | 10.87B | 12.41B | 9.07B |
| Total Liabilities & Equity | 62.98B | 63.19B | 61.08B | 66.03B | 67.19B | 69.89B |
| Total Debt | 45.29B | 44.96B | 43.95B | 46.31B | 47.05B | 52.01B |
| Net Cash (Debt) | -43.42B | -43.49B | -41.95B | -44.55B | -45.02B | -50.06B |
| Net Cash Per Share | -93.01 | -92.78 | -89.62 | -95.37 | -97.29 | -110.43 |
| Filing Date Shares Outstanding | 463.76M | 466.08M | 467.46M | 466.35M | 465.65M | 455.88M |
| Total Common Shares Outstanding | 464.17M | 466.32M | 467.38M | 466.30M | 465.62M | 455.77M |
| Book Value Per Share | 7.58 | 7.83 | 7.24 | 9.00 | 11.97 | 11.15 |
| Tangible Book Value | -22.32B | -23.13B | -22.86B | -23.82B | -25.37B | -29.00B |
| Tangible Book Value Per Share | -48.10 | -49.61 | -48.91 | -51.08 | -54.48 | -63.62 |
| Land | 4.39B | 4.18B | 4.13B | 4.02B | 3.84B | |
| Buildings | 3.98B | 3.60B | 3.58B | 3.40B | 3.34B | |
| Construction In Progress | 1.32B | 1.30B | 1.36B | 1.43B | 913.20M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.31B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B |
| Depreciation & Amortization | 2.07B | 2.04B | 2.03B | 2.93B | 3.16B | 2.33B |
| Other Amortization | 54.10M | 54.10M | 54.10M | 49.80M | 47.50M | 39.90M |
| Gain (Loss) on Sale of Assets | -17.30M | -17.30M | 17.90M | 131.30M | 36.80M | 22.70M |
| Gain (Loss) on Sale of Investments | 606.70M | 606.70M | -380.10M | 279.00M | -401.20M | -535.20M |
| Asset Writedown | 100.70M | 100.70M | 68.60M | 200.00M | 147.30M | 173.70M |
| Restructuring Activities | -400.00K | -400.00K | 10.10M | 86.60M | -100.00K | |
| Stock-Based Compensation | 155.70M | 174.20M | 203.60M | 195.70M | 169.30M | 119.50M |
| Change in Accounts Receivable | -62.20M | -62.20M | -103.40M | -34.50M | -78.60M | -191.70M |
| Change in Accounts Payable | -65.60M | -65.60M | 48.00M | -11.90M | -48.20M | 33.20M |
| Change in Other Net Operating Assets | 196.00M | -8.10M | -251.80M | -724.10M | -673.50M | -483.20M |
| Other Operating Activities | -588.00M | 141.50M | 77.50M | -297.90M | -305.40M | -3.10M |
| Net Cash from Discontinued Operations | 1.34B | 480.00M | 690.50M | |||
| Operating Cash Flow | 5.71B | 5.46B | 5.29B | 4.72B | 3.70B | 4.82B |
| Acquisition of Real Estate Assets | -1.75B | -1.68B | -1.59B | -1.80B | -1.87B | -1.38B |
| Net Sale / Acq. of Real Estate Assets | -1.75B | -1.68B | -1.59B | -1.80B | -1.87B | -1.38B |
| Cash Acquisition | -297.10M | -454.20M | -123.00M | -168.00M | -549.00M | -19.30B |
| Investment in Marketable & Equity Securities | 239.60M | 294.60M | 253.20M | 17.30M | 19.60M | -10.70M |
| Other Investing Activities | -30.50M | -19.80M | 1.87B | 253.30M | 47.80M | -900.00K |
| Investing Cash Flow | -1.83B | -1.86B | 410.60M | -1.70B | -2.36B | -20.69B |
| Short-Term Debt Issued | 8.80M | 148.70M | 28.80M | |||
| Long-Term Debt Issued | 9.08B | 10.50B | 13.10B | 5.48B | 26.97B | |
| Total Debt Issued | 8.63B | 9.08B | 10.51B | 13.25B | 5.51B | 26.97B |
| Long-Term Debt Repaid | -9.45B | -12.43B | -13.23B | -9.63B | -13.25B | |
| Net Debt Issued (Repaid) | 623.60M | -372.20M | -1.92B | 16.70M | -4.11B | 13.71B |
| Issuance of Common Stock | 28.10M | 41.70M | 46.40M | 22.10M | 2.32B | 2.46B |
| Repurchase of Common Stock | -867.60M | -364.60M | -18.80M | |||
| Common Dividends Paid | -3.27B | -3.16B | -3.07B | -2.95B | -2.63B | -2.27B |
| Total Dividends Paid | -3.27B | -3.16B | -3.07B | -2.95B | -2.63B | -2.27B |
| Other Financing Activities | -489.90M | -356.20M | -504.60M | -186.90M | 3.02B | 2.52B |
| Foreign Exchange Rate Adjustments | 11.40M | 101.30M | -233.90M | 23.20M | -120.40M | -70.30M |
| Net Cash Flow | -93.50M | -503.00M | 14.80M | -47.30M | -202.60M | 481.90M |
| Levered Free Cash Flow | 3.02B | 2.83B | 2.76B | 2.80B | 2.02B | 3.63B |
| Unlevered Free Cash Flow | 3.85B | 3.62B | 3.59B | 3.62B | 2.68B | 4.14B |
| Cash Interest Paid | 1.40B | 1.29B | 1.42B | 1.26B | 1.09B | 791.20M |
| Cash Income Tax Paid | 384.40M | 328.70M | 350.80M | 306.50M | 322.30M | 225.20M |
| Change in Working Capital | 14.80M | -166.60M | -386.50M | -813.90M | -1.62B | 102.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 87.33B | 82.19B | 85.71B | 100.64B | 98.64B | 133.21B |
| Enterprise Value | 130.75B | 132.07B | 134.89B | 152.03B | 149.22B | 176.35B |
| Last Close Price | 187.78 | 170.35 | 171.92 | 195.73 | 185.75 | 249.90 |
| Price/FFO Ratio | 19.19 | 15.38 | 19.84 | 16.28 | ||
| Price/AFFO Ratio | 14.82 | 15.83 | 16.31 | 19.83 | 19.03 | |
| PE Ratio | 26.50 | 32.49 | 38.01 | 67.85 | 55.86 | 51.88 |
| PS Ratio | 7.93 | 7.72 | 8.46 | 10.05 | 10.23 | 14.24 |
| PB Ratio | 24.79 | 7.94 | 8.88 | 9.26 | 7.95 | 14.69 |
| P/OCF Ratio | 15.30 | 15.04 | 16.20 | 21.31 | 26.69 | 27.64 |
| EV/Sales Ratio | 11.88 | 12.41 | 13.32 | 15.19 | 15.47 | 18.85 |
| EV/EBITDA Ratio | 18.48 | 19.12 | 20.41 | 23.70 | 24.56 | 29.95 |
| EV/EBIT Ratio | 26.10 | 27.14 | 29.45 | 43.62 | 51.27 | 49.59 |
| Debt / Equity Ratio | 4.64 | 4.34 | 4.55 | 4.26 | 3.79 | 5.73 |
| Debt / EBITDA Ratio | 5.26 | 5.36 | 5.43 | 5.84 | 6.27 | 7.08 |
| Net Debt / Equity Ratio | 4.45 | 4.20 | 4.35 | 4.10 | 3.63 | 5.52 |
| Net Debt / EBITDA Ratio | 6.14 | 6.30 | 6.35 | 6.95 | 7.41 | 8.50 |
| Asset Turnover | 0.17 | 0.17 | 0.16 | 0.15 | 0.14 | 0.16 |
| Quick Ratio | 0.31 | 0.34 | 0.39 | 0.35 | 0.38 | 0.33 |
| Current Ratio | 0.35 | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 |
| Return on Equity (ROE) | 32.96% | 26.28% | 31.77% | 12.36% | 18.37% | 37.08% |
| Return on Assets (ROA) | 4.93% | 4.90% | 4.50% | 3.27% | 2.65% | 3.79% |
| Return on Invested Capital (ROIC) | 7.90% | 7.71% | 7.43% | 5.62% | 4.57% | 6.29% |
| Earnings Yield | 3.77% | 3.08% | 2.63% | 1.47% | 1.79% | 1.93% |
| Dividend Yield | 3.80% | 3.86% | 3.53% | 2.99% | 2.77% | 1.78% |
| Payout Ratio | 100.75% | 124.82% | 136.36% | 198.83% | 148.96% | 88.44% |
| Buyback Yield / Dilution | 0.41% | -0.14% | -0.21% | -0.95% | -2.09% | -1.61% |
| Total Shareholder Return | 4.21% | 3.72% | 3.33% | 2.04% | 0.68% | 0.17% |