American Tower
AMT · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
American Tower reported revenue of $936M in the fiscal year ended Dec 2025, up 20.8% from the year before. Operating income was $4.8B, an operating margin of 517.8%, and net income was $2.6B. Operating cash flow of $5.5B less capital expenditure of $1.7B left free cash flow of $3.8B. Net debt was $35.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $717M | $841M | $747M | $775M | $936M |
| Selling, general & admin | $812M | $902M | $946M | $933M | $941M |
| Operating income | $3.1B | $2.7B | $3.1B | $4.5B | $4.8B |
| Interest expense | $871M | $1.1B | $1.4B | $1.4B | $1.4B |
| Pre-tax income | $2.8B | $2.1B | $1.5B | $3.6B | $3B |
| Income tax | $262M | $113M | $91M | $366M | $416M |
| Net income | $2.6B | $1.7B | $1.4B | $2.3B | $2.6B |
| Diluted EPS | 5.66 | 3.82 | 3.18 | 4.82 | 5.40 |
| Diluted shares | 453M | 463M | 467M | 468M | 469M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $1.5B | $1.8B | $2B | $1.5B |
| Receivables | $729M | $758M | $548M | $540M | $650M |
| Current assets | $3.7B | $3.6B | $3.7B | $3.2B | $2.7B |
| Goodwill | $13.4B | $12.1B | $12.1B | $11.8B | $12.3B |
| Total assets | $69.9B | $67.2B | $66B | $61.1B | $63.2B |
| Payables | $272M | $219M | $251M | $241M | $260M |
| Deferred revenue | $1.2B | $440M | $434M | $329M | $325M |
| Current liabilities | $9.1B | $8.3B | $7.2B | $7.1B | $6.9B |
| Short-term debt | $4.6B | $4.5B | $3.1B | $3.7B | $3.4B |
| Long-term debt | $43.5B | $38.9B | $35.7B | $32.8B | $33.8B |
| Total liabilities | $60.8B | $54.8B | $55.2B | $51.4B | $52.8B |
| Shareholders' equity | $5.1B | $5.6B | $4.2B | $3.4B | $3.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.8B | $3.7B | $4.7B | $5.3B | $5.5B |
| Capital expenditure | $1.4B | $1.9B | $1.8B | $1.6B | $1.7B |
| Free cash flow | $3.4B | $1.8B | $2.9B | $3.7B | $3.8B |
| Depreciation & amortisation | $2.3B | $3.2B | $2.9B | $2B | $2B |
| Stock-based compensation | $120M | $169M | $196M | $204M | $174M |
| Acquisitions | $19.3B | $549M | $168M | $123M | $454M |
| Share buybacks | $0 | $19M | $0 | $0 | $365M |
| Dividends paid | $2.3B | $2.7B | $3B | $3B | $3.2B |
| Dividend per share | – | 4.30 | 6.31 | 6.56 | 6.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.2% | −11.1% | 3.7% | 20.8% |
| Operating income growth (YoY) | – | −12.6% | 14.1% | 44.5% | 7.3% |
| EPS growth (YoY) | – | −32.5% | −16.8% | 51.6% | 12.0% |
| Operating margin | 436.7% | 325.8% | 418.2% | 583.1% | 517.8% |
| Net margin | 358.0% | 201.8% | 182.9% | 294.4% | 280.9% |
| Return on equityBlank when equity is negative | 50.5% | 30.4% | 32.6% | 67.4% | 72.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.1% | 4.7% | 5.3% | 8.4% | 8.6% |
| Free cash flow margin | 480.1% | 216.8% | 391.3% | 477.7% | 404.3% |
| Cash conversion (CFO ÷ net income) | 1.88x | 2.18x | 3.45x | 2.32x | 2.08x |
| Receivable days | 371 | 329 | 267 | 254 | 254 |
| Interest cover | 3.60x | 2.41x | 2.24x | 3.22x | 3.56x |
| Debt ÷ equity | 9.46x | 7.79x | 9.24x | 10.8x | 10.2x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $46.1B | $41.9B | $37B | $34.5B | $35.7B |
| Current ratio | 0.41x | 0.44x | 0.51x | 0.45x | 0.40x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.