American Tower $AMT

Company profile

American Tower Corporation, a Delaware corporation based at 222 Berkeley Street, Boston, Massachusetts, describes itself in its annual report for 2025 (Form 10-K) as one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Its primary business is leasing space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries; the 10-K says its property operations, including its data center business, accounted for 97% of total revenues in 2025. As of December 31, 2025 its portfolio of 149,686 communications sites included 42,224 in the U.S. & Canada, 27,857 in Africa & APAC, 32,524 in Europe and 47,081 in Latin America, and it operated 30 data center facilities across eleven markets in the United States. It operates as a real estate investment trust (REIT) for U.S. federal income tax purposes and says that to keep that status it must distribute at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain) each year. Its fiscal year ends December 31. Its common stock trades on the NYSE under the symbol AMT, with 466,084,820 shares outstanding on February 17, 2026 (10-K cover) and 465,960,048 on July 21, 2026 (10-Q cover). It employed 4,866 full-time individuals at December 31, 2025 (10-K).

For 2025 the consolidated statements of operations report total operating revenues of $10,644.6 million, against $10,127.2 million in 2024, operating income of $4,845.8 million, against $4,516.5 million, and net income of $2,628.5 million, against $2,280.2 million. Net income attributable to American Tower Corporation common stockholders was $2,529.5 million, or $5.40 per diluted share, against $2,255.0 million, or $4.82, in 2024, a year that included a loss from discontinued operations, net of taxes, of $978.3 million.

By segment (10-K, segment note), 2025 revenue was $5,248.7 million in U.S. & Canada property (against $5,248.1 million), $1,422.9 million in Africa & APAC property (against $1,208.0 million), $937.7 million in Europe property (against $834.7 million), $1,642.6 million in Latin America property (against $1,717.9 million), $1,053.1 million in Data Centers (against $924.8 million) and $339.6 million in Services (against $193.7 million). The 10-K (Item 7) attributes the $75.3 million decrease in Latin America property segment revenue to a decrease of $71.6 million in other revenue, primarily attributable to an increase in revenue reserves related to customers in Brazil and Mexico and a decrease in tenant settlements in Brazil, and a decrease of $56.2 million from the impact of foreign currency translation, partially offset by tenant billings growth of $36.5 million and an increase of $16.0 million in pass-through revenue. It attributes the $0.6 million increase in U.S. & Canada property segment revenue to tenant billings growth of $210.0 million, partially offset by a decrease of $209.1 million in other revenue, which includes a $175.8 million decrease due to straight-line accounting, and by a $0.3 million negative impact of foreign currency translation related to fluctuations in the Canadian Dollar.

Cash provided by operating activities was $5,464.0 million in 2025, and distributions paid on common stock were $3,157.2 million (cash flow statement); the 10-K says American Tower paid $6.72 per share, or $3.1 billion, to its common stockholders of record during 2025. In Item 7 it reports Adjusted EBITDA of $7,130.0 million and AFFO attributable to American Tower Corporation common stockholders of $5,041.6 million for 2025, against $6,812.1 million and $4,934.1 million in 2024; both are non-GAAP measures. The 10-K defines AFFO attributable to American Tower Corporation common stockholders as Nareit FFO (common stockholders) before (i) straight-line revenue and expense; (ii) stock-based compensation expense; (iii) the deferred portion of income tax and other income tax adjustments; (iv) non-real estate related depreciation, amortization and accretion; (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges; (vi) other income (expense); (vii) gain (loss) on retirement of long-term obligations; and (viii) other operating income (expense); less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO.

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total operating revenues were $2,749.1 million, against $2,626.9 million a year earlier, net income was $887.5 million, against $380.5 million, and net income attributable to American Tower Corporation common stockholders was $867.5 million, or $1.86 per diluted share, against $366.8 million, or $0.78. Other income (expense) for the quarter included foreign currency gains of $42.1 million, against foreign currency losses of $484.0 million a year earlier (10-Q). In its July 28, 2026 release American Tower reported Adjusted EBITDA of $1,808 million and AFFO attributable to AMT common stockholders of $1,264 million, or $2.71 per Share (against $2.60 a year earlier), all non-GAAP measures; the release defines AFFO attributable to American Tower Corporation common stockholders per Share as AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding.

In the same release American Tower gave full-year 2026 outlook of total property revenue of $10,695 million to $10,845 million, net income of $3,270 million to $3,350 million, net income attributable to AMT common stockholders of $3,200 million to $3,280 million, Adjusted EBITDA of $7,240 million to $7,310 million, AFFO attributable to AMT common stockholders of $5,135 million to $5,215 million and AFFO attributable to AMT common stockholders per Share of $11.00 to $11.17 (company projections), which it says are based on assumptions management believes to be reasonable, reflect its expectations as of July 28, 2026, and use the average foreign currency exchange rates listed in the release for July 28, 2026 through December 31, 2026. The same release reports the sale of ATC Philippines on June 15, 2026 for total consideration of $75.6 million and of its controlling interest in Kirtonkhola Tower Bangladesh Limited on June 29, 2026 for $6.9 million. Steven O. Vondran, President and Chief Executive Officer, and Rodney M. Smith, Executive Vice President, Chief Financial Officer and Treasurer, certified the 10-Q (Exhibits 31.1 and 31.2).

The 10-Q says DISH Wireless L.L.C., a subsidiary of DISH Network Corporation, has been in default under its Strategic Collocation Agreement with American Tower since January 2026, that American Tower delivered notices terminating that agreement and related agreements effective June 2, 2026, and that DISH filed for chapter 11 relief on June 30, 2026; DISH represented approximately 2% of American Tower's total annual property revenue and 4% of its total annual U.S. & Canada property revenue for 2025. In a Form 8-K filed September 14, 2026, American Tower reported that it completed an offering of $500.0 million of 5.300% senior unsecured notes due 2031, $500.0 million of 5.560% notes due 2033 and $600.0 million of 5.750% notes due 2036, for aggregate net proceeds of approximately $1,579.9 million, which it intends to use to repay $600.0 million of its 1.450% senior unsecured notes due 2026, to repay existing indebtedness under its $6.0 billion multicurrency revolving credit facility and for general corporate purposes. In a Form 8-K filed September 18, 2026, it reported that its board elected Kristen M. Ludgate as a director on September 17, 2026 and declared a cash distribution of $1.79 per share, payable on October 20, 2026 to stockholders of record on September 30, 2026.

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Revenue by fiscal year, as reported in 10-K

Products

Property

Services

Segments and products

• Six reportable segments: The 10-K for 2025 says: "We report our results in six segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & Asia-Pacific (“APAC”) property, Europe property, Latin America property, Data Centers and Services." Its chief operating decision maker is the chief executive officer, who uses segment gross margin and segment operating profit (10-K, Item 1 and segment note).¹
• Property segments, 2025: As of December 31, 2025 (10-K, segment note): U.S. & Canada, property operations in Canada and the United States; Africa & APAC, in Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda; Europe, in France, Germany and Spain; Latin America, in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and Data Centers, data center property operations in the United States.⁴
• Segment revenues and operating profit, 2025: Segment revenues as filed, in millions, for 2025, 2024 and 2023: U.S. & Canada property $5,248.7, $5,248.1 and $5,216.2; Africa & APAC property $1,422.9, $1,208.0 and $1,244.4; Europe property $937.7, $834.7 and $775.6; Latin America property $1,642.6, $1,717.9 and $1,798.3; Data Centers $1,053.1, $924.8 and $834.7; Services $339.6, $193.7 and $143.0. Segment operating profit for 2025: $4,212.1, $900.3, $523.9, $1,029.0, $562.2 and $138.2 respectively (10-K, segment note).⁴
• Segment revenues, quarter ended June 30, 2026: Segment revenues as filed (unaudited), in millions, for the quarters ended June 30, 2026 and 2025: U.S. & Canada property $1,274.4 and $1,307.1; Africa & APAC property $415.3 and $336.3; Europe property $259.4 and $232.7; Latin America property $441.6 and $389.4; Data Centers $297.1 and $261.9; Services $61.3 and $99.5 (10-Q, segment note). As of June 30, 2026, the 10-Q lists Africa & APAC property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda.²⁰
• Major customers: Customers that each accounted for 10% or more of consolidated operating revenues, for 2025, 2024 and 2023: T-Mobile 18%, 19% and 19%; AT&T 17%, 18% and 18%; Verizon Wireless 14%, 13% and 14%; Telefónica 10%, 10% and 10% (10-K, segment note).⁴

Risks

• Leasing demand: The 10-K says a significant decrease in leasing demand for its communications infrastructure would materially and adversely affect its business and operating results, and that it cannot control that demand (10-K, Item 1A).¹
• Customer concentration: American Tower says a substantial portion of its current and projected future revenue is derived from a small number of customers, and that it is sensitive to adverse changes in the creditworthiness and financial strength of its customers (10-K, Item 1A).¹
• Customer disputes: The 10-Q describes an arbitration with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025 and is challenging the calculation of the monthly lease amount under its Master Lease Agreement; American Tower recorded approximately $20 million of reserves related to it in the first half of 2026. It also describes its claims against DISH, which filed for chapter 11 relief on June 30, 2026 (10-Q, Part I, Item 2 and Part II, Item 1).⁶
• Leverage: The 10-K says its leverage, debt service obligations and repurchase activity may materially and adversely affect its ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives, and may reduce funds available to satisfy its distribution requirements (10-K, Item 1A).¹
• Foreign operations and currency: American Tower says its foreign operations are subject to economic, political and other risks that could materially and adversely affect its revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates (10-K, Item 1A).¹
• REIT status: The 10-K says that if it fails to remain qualified for taxation as a REIT it will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and that complying with REIT requirements may limit its flexibility (10-K, Item 1A).¹
• Data centers: American Tower says its data center segment contains certain operational differences from its tower leasing operations, resulting in different operational risks (10-K, Item 1A).¹
• Technology failures and cybersecurity: The 10-K says technology failures, including cybersecurity incidents or the loss of personally identifiable information, at American Tower or third parties it relies on could lead to substantial costs and other negative consequences. It says it has not been materially impacted by any cybersecurity threats or prior cybersecurity incidents, and that its cybersecurity program is overseen by the Audit Committee of its board (10-K, Items 1A and 1C).¹

Frequently asked questions

What does American Tower do?

American Tower describes itself in its 10-K for 2025 as one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Its primary business is leasing space on communications sites, mainly to wireless service providers; at December 31, 2025 it had 149,686 communications sites and 30 data center facilities in the United States. It also offers tower-related services in the United States.

Is American Tower a REIT?

Yes. The 10-K says it operates as a real estate investment trust for U.S. federal income tax purposes and that, to keep that status, it is required annually to distribute at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain) to its stockholders.

How much revenue did American Tower make in 2025?

Total operating revenues were $10,644.6 million in 2025, against $10,127.2 million in 2024, according to its 10-K. Net income attributable to American Tower Corporation common stockholders was $2,529.5 million, or $5.40 per diluted share, against $2,255.0 million, or $4.82, in 2024.

Why is 2023 revenue shown differently in different filings?

The 10-K for 2023 reported total operating revenues of $11,144.2 million for 2023. The 10-K for 2025 presents 2023 at $10,012.2 million; it says its 2024 and 2023 figures exclude the operating results of its subsidiaries ATC Asia Pacific Pte. Ltd. and ATC TIPL, which are reported as discontinued operations (10-K, Item 1). The revenue table on this page shows each year as filed in that year's own 10-K.

Which American Tower segment is the largest?

U.S. & Canada property, with 2025 segment revenues of $5,248.7 million, against $5,248.1 million in 2024. Latin America property had $1,642.6 million (against $1,717.9 million), Africa & APAC property $1,422.9 million, Data Centers $1,053.1 million, Europe property $937.7 million and Services $339.6 million (10-K, segment note).

What were American Tower's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports total operating revenues of $2,749.1 million, against $2,626.9 million a year earlier, and net income attributable to American Tower Corporation common stockholders of $867.5 million, or $1.86 per diluted share, against $366.8 million, or $0.78. The July 28, 2026 release reports AFFO attributable to AMT common stockholders of $1,264 million, or $2.71 per Share, both non-GAAP measures.

What is American Tower's outlook for 2026?

In its July 28, 2026 release American Tower gave full-year 2026 outlook of total property revenue of $10,695 million to $10,845 million, net income of $3,270 million to $3,350 million, Adjusted EBITDA of $7,240 million to $7,310 million and AFFO attributable to AMT common stockholders per Share of $11.00 to $11.17 (Adjusted EBITDA and AFFO are non-GAAP). It says the outlook is based on assumptions management believes to be reasonable, reflects its expectations as of July 28, 2026, and uses the average foreign currency exchange rates listed in the release. These are the company's own projections, not reported results.

Does American Tower pay a dividend?

It pays distributions on its common stock. The 10-K says it paid $6.72 per share, or $3.1 billion, to common stockholders of record during 2025. A Form 8-K filed September 18, 2026 reports a cash distribution of $1.79 per share, payable on October 20, 2026 to stockholders of record on September 30, 2026.

Who runs American Tower?

Steven O. Vondran is President and Chief Executive Officer and Rodney M. Smith is Executive Vice President, Chief Financial Officer and Treasurer; both certified American Tower's 10-Q for the quarter ended June 30, 2026.

Sources

1. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025, Feb 24, 2026
2. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025: Cover (XBRL financial report R1), Feb 24, 2026
3. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Operations (XBRL financial report R5), Feb 24, 2026
4. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025: Business Segments note (XBRL financial report R29), Feb 24, 2026
5. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Statements of Cash Flow (XBRL financial report R10), Feb 24, 2026
6. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026, Jul 28, 2026
7. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026: Cover (XBRL financial report R1), Jul 28, 2026
8. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026: Consolidated Statements of Operations (XBRL financial report R4), Jul 28, 2026
9. American Tower Corporation (SEC filing), American Tower Corporation Form 8-K, Item 2.02, Exhibit 99.1: press release dated July 28, 2026, American Tower Corporation Reports Second Quarter 2026 Financial Results, Jul 28, 2026
10. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.1: CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002, Jul 28, 2026
11. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026, Exhibit 31.2: CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002, Jul 28, 2026
12. American Tower Corporation (SEC filing), American Tower Corporation Form 8-K, Items 1.01, 2.03 and 9.01: completed offering of senior unsecured notes due 2031, 2033 and 2036 (event date September 14, 2026), Sep 14, 2026
13. American Tower Corporation (SEC filing), American Tower Corporation Form 8-K, Items 5.02, 8.01 and 9.01: election of Kristen M. Ludgate as a director and declaration of a cash distribution (event date September 17, 2026), Sep 18, 2026
14. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2025: Consolidated Balance Sheets (XBRL financial report R3), Feb 24, 2026
15. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026: Consolidated Balance Sheets (XBRL financial report R2), Jul 28, 2026
16. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2021: Consolidated Statements of Operations (XBRL financial report R5), Feb 25, 2022
17. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2022: Consolidated Statements of Operations (XBRL financial report R5), Feb 23, 2023
18. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2023: Consolidated Statements of Operations (XBRL financial report R5), Feb 27, 2024
19. American Tower Corporation (SEC filing), American Tower Corporation Form 10-K for the fiscal year ended December 31, 2024: Consolidated Statements of Operations (XBRL financial report R5), Feb 25, 2025
20. American Tower Corporation (SEC filing), American Tower Corporation Form 10-Q for the quarterly period ended June 30, 2026: Business Segments note (XBRL financial report R24), Jul 28, 2026

Figures last checked against the sources above on Oct 14, 2026. General information, not investment advice.