American Tower

Real Estate Telecom Tower REITs Boston, Massachusetts Last filing Feb 24, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.6B
                    3y CAGR +3.3%
                    
                    P17
                    
                    +5.1%
                    
                    Net income
                    FY2025
                
$2.6B
                    Net margin +24.7%
                    
                    P60
                    
                    +15.3%
                    
                    Total assets
                    FY2025
                
$63.2B
                    ROA +4.2%
                    
                    P68
                    
                    +3.5%
                    
                    Operating cash flow
                    FY2025
                
$5.5B
                    FCF margin +35.5%
                    
                    P53
                    
                    +3.3%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $63.2B

Total liabilities $52.8B

Shareholders equity $3.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$1.5B -26.2%	$2.0B 14.0%	$1.8B -13.5%	$2.0B 4.0%	$1.9B
Accounts Receivable	$650.3M 20.4%	$540.0M -19.4%	$669.7M -11.7%	$758.3M 4.0%	$728.9M
Prepaid Expenses	$486.3M -8.3%	$530.6M -44.0%	$946.9M 30.9%	$723.3M 10.1%	$657.2M
Other Current Assets	$80.7M -2.3%	$82.6M -11.6%	$93.4M -7.2%	$100.7M 6.6%	$94.5M
Total Current Assets	$2.7B -13.7%	$3.2B -14.3%	$3.7B 2.4%	$3.6B -2.9%	$3.7B
Property,Plant and Equipment	$20.4B 6.8%	$19.1B -3.7%	$19.8B -1.0%	$20.0B 1.1%	$19.8B
Operating Lease Assets	$8.4B 4.2%	$8.1B -8.9%	$8.9B -0.4%	$8.9B -3.3%	$9.2B
Goodwill	$12.3B 4.1%	$11.8B -2.6%	$12.1B -6.7%	$13.0B -2.9%	$13.4B
Intangible Assets	$14.5B 0.4%	$14.5B -12.4%	$16.5B -8.1%	$18.0B -13.2%	$20.7B
Deferred Tax Assets	$151.4M 23.4%	$122.7M -31.5%	$179.1M 38.6%	$129.2M -1.8%	$131.6M
Other Noncurrent Assets	$876.9M 29.5%	$676.9M -14.3%	$789.4M 44.4%	$546.7M 36.4%	$400.9M
Total Assets	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B
Liabilities
Accounts Payable	$259.8M 7.9%	$240.8M -6.9%	$258.7M 18.3%	$218.6M -19.8%	$272.4M
Accrued Liabilities	$1.1B 2.8%	$1.1B -15.5%	$1.3B -4.7%	$1.3B -4.9%	$1.4B
Deferred Revenue	$325.0M -1.3%	$329.2M -24.3%	$434.7M -1.1%	$439.7M -63.5%	$1.2B
Current Portion of Long Term Debt	$3.4B -8.3%	$3.7B 15.9%	$3.2B -29.4%	$4.5B -1.2%	$4.6B
Operating Lease Liabilities	$584.9M 1.4%	$576.7M -27.4%	$794.6M 0.7%	$788.9M 10.7%	$712.6M
Other Current Liabilities	$279.3M 2.2%	$273.2M -21.8%	$349.4M -3.0%	$360.3M -10.9%	$404.6M
Total Current Liabilities	$6.9B -2.3%	$7.1B -2.4%	$7.2B -12.8%	$8.3B -8.3%	$9.1B
Operating Lease Liabilities Noncurrent	$7.2B 4.1%	$6.9B -7.6%	$7.4B -2.0%	$7.6B -5.6%	$8.0B
Deferred Tax Liabilities	$1.4B 14.1%	$1.3B -7.3%	$1.4B -8.8%	$1.5B -18.5%	$1.8B
Other Noncurrent Liabilities	$976.9M -3.6%	$1.0B -17.0%	$1.2B 2.8%	$1.2B -0.3%	$1.2B
Total Liabilities	$52.8B 2.7%	$51.4B -6.8%	$55.2B 0.7%	$54.8B -9.9%	$60.8B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$4.8M 0.0%	$4.8M 0.0%	$4.8M 0.0%	$4.8M 2.1%	$4.7M
Additional Paid In Capital	$15.2B 1.0%	$15.1B 1.2%	$14.9B 1.3%	$14.7B 20.0%	$12.2B
Retained Earnings	$-5.1B -15.0%	$-4.4B -21.6%	$-3.6B -73.1%	$-2.1B -84.0%	$-1.1B
Treasury Stock	$1.7B 28.0%	$1.3B 0.0%	$1.3B 0.0%	$1.3B 1.5%	$1.3B
Accumulated Other Comprehensive Income	$-4.8B 19.1%	$-6.0B -3.7%	$-5.7B -0.4%	$-5.7B -20.7%	$-4.7B
Noncontrolling Interest	$6.7B 7.0%	$6.3B -6.0%	$6.7B -2.5%	$6.8B 71.4%	$4.0B
Total Stockholders Equity	$3.7B 8.0%	$3.4B -19.4%	$4.2B -24.7%	$5.6B 9.7%	$5.1B
Total Liabilitiesand Equity	$63.2B 3.5%	$61.1B -7.5%	$66.0B -1.7%	$67.2B -3.9%	$69.9B

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $10.6B

Operating income $4.8B

Net income $2.6B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$10.6B 5.1%	$10.1B 1.1%	$10.0B 3.8%	$9.6B 3.1%	$9.4B
Expenses Cost of Revenue	$5.8B 3.4%	$5.6B -18.5%	$6.9B -0.3%	$6.9B 11.0%	$6.2B
Expenses Selling,General and Administrative	$940.7M 0.8%	$933.4M -1.3%	$946.0M 4.9%	$902.1M 11.2%	$811.6M
Expenses Depreciation and Amortization	$879.7M -1.4%	$892.0M -36.3%	$1.4B -12.5%	$1.6B 33.3%	$1.2B
Expenses Share Based Compensation	$174.2M -14.4%	$203.6M 4.0%	$195.7M 15.6%	$169.3M 41.7%	$119.5M
Expenses Restructuring and Asset Impairment	$83.0M -14.1%	$96.6M -86.9%	$739.9M 8.1%	$684.3M 248.4%	$196.4M
Expenses Operating Expenses	$5.8B 3.4%	$5.6B -18.5%	$6.9B -0.3%	$6.9B 11.0%	$6.2B
Other Income Expense Operating Income	$4.8B 7.3%	$4.5B 44.5%	$3.1B 14.1%	$2.7B -12.6%	$3.1B
Other Income Expense Interest Income	$134.0M -0.9%	$135.2M 14.0%	$118.6M 141.5%	$49.1M 21.5%	$40.4M
Other Income Expense Interest Expense	$54.1M 5310.0%	$1.0M -99.9%	$1.4B 23.0%	$1.1B 30.5%	$870.9M
Other Income Expense Other Income/expense	$-576.2M -252.6%	$377.6M 215.7%	$-326.3M -175.1%	$434.7M -23.2%	$566.1M
Other Income Expense Income Before Tax	$3.0B -16.0%	$3.6B 137.0%	$1.5B -26.7%	$2.1B -26.3%	$2.8B
Income Tax Income Tax Expense	$415.7M 13.5%	$366.3M 303.4%	$90.8M -19.5%	$112.8M -56.9%	$261.8M
net Income net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B
net Income Comprehensive Income	$3.7B 79.8%	$2.0B 39.5%	$1.5B 85.9%	$786.4M -50.5%	$1.6B
Earnings Per Share Basic Eps	$5 12.0%	$5 51.9%	$3 -17.0%	$4 -32.7%	$6
Earnings Per Share Diluted Eps	$5 12.0%	$5 51.6%	$3 -16.8%	$4 -32.5%	$6
Earnings Per Share Weighted Average Shares Basic	$467.9M 0.2%	$467.0M 0.2%	$466.1M 1.0%	$461.5M 2.2%	$451.5M
Earnings Per Share Weighted Average Shares Diluted	$468.8M 0.1%	$468.1M 0.2%	$467.2M 1.0%	$462.8M 2.1%	$453.3M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $5.5B

Investing cash flow $-1.9B

Financing cash flow $-4.2B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$2.6B 15.3%	$2.3B 66.8%	$1.4B -19.4%	$1.7B -33.9%	$2.6B
Operating Activities Depreciation and Amortization	$2.0B 0.6%	$2.0B -30.7%	$2.9B -7.5%	$3.2B 35.7%	$2.3B
Operating Activities Stock Based Compensation	$174.2M -14.4%	$203.6M 4.0%	$195.7M 15.6%	$169.3M 41.7%	$119.5M
Operating Activities Changes In Operating Assets and Liabilities	$32.2M 470.1%	$-8.7M -102.6%	$333.7M 161.3%	$-544.2M -156.2%	$968.7M
Operating Activities net Cash From Operating Activities	$5.5B 3.3%	$5.3B 12.0%	$4.7B 27.8%	$3.7B -23.3%	$4.8B
Investing Activities Capital Expenditures	$1.7B 5.7%	$1.6B -11.6%	$1.8B -4.0%	$1.9B 36.1%	$1.4B
Investing Activities Business Acquisitions	$454.2M 269.3%	$123.0M -26.8%	$168.0M -69.4%	$549.0M -97.2%	$19.3B
Investing Activities Other Investing Activities	$19.8M -93.1%	$288.4M 213.9%	$-253.3M -429.9%	$-47.8M -5411.1%	$900.0K
Investing Activities net Cash From Investing Activities	$-1.9B -552.9%	$410.6M 124.2%	$-1.7B 28.0%	$-2.4B 88.6%	$-20.7B
Financing Activities Proceeds From Debt	$3.0B -15.9%	$3.6B -37.2%	$5.7B 339.0%	$1.3B -80.9%	$6.8B
Financing Activities Repurchase of Common Stock	$364.6M	$0	$0 -100.0%	$18.8M	$0
Financing Activities Dividends Paid	$3.2B 5.1%	$3.0B 0.7%	$3.0B 10.7%	$2.7B 19.6%	$2.3B
Financing Activities Proceeds From Stock Issuance	$26.8M -14.4%	$31.3M 306.5%	$7.7M -55.0%	$17.1M -79.3%	$82.5M
Financing Activities Tax Withholding On Stock Based Compensation	$3.6M 9.1%	$3.3M 10.0%	$3.0M 7.1%	$2.8M 7.7%	$2.6M
Financing Activities Other Financing Activities	$-233.5M -6.9%	$-218.5M -51.2%	$-144.5M -52.3%	$-94.9M 39.1%	$-155.8M
Financing Activities net Cash From Financing Activities	$-4.2B 22.8%	$-5.5B -76.0%	$-3.1B -117.6%	$-1.4B -108.7%	$16.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$101.3M 143.3%	$-233.9M -1108.2%	$23.2M 119.3%	$-120.4M -71.3%	$-70.3M
Cash Reconciliation net Change In Cash	$-503.0M -3498.6%	$14.8M 131.3%	$-47.3M 76.7%	$-202.6M -142.0%	$481.9M
Cash Reconciliation Cash At Beginning of Period	$1.6B -23.9%	$2.1B 0.7%	$2.1B -2.2%	$2.1B -8.6%	$2.3B
Cash Reconciliation Cash At End of Period	$1.6B -23.9%	$2.1B 0.7%	$2.1B -2.2%	$2.1B -8.6%	$2.3B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%
Operating margin	+45.5%	+44.6%	+31.2%	+28.4%	+33.5%
Net margin	+24.7%	+22.5%	+13.7%	+17.6%	+27.4%
FCF margin	+35.5%	+36.5%	+29.2%	+18.9%	+36.8%
Growth
Revenue CAGR (3y)	+3.3%	+2.7%	+7.6%	+8.4%	+7.9%
Returns
ROE	+72.0%	+67.4%	+32.6%	+30.4%	+50.5%
ROA	+4.2%	+3.7%	+2.1%	+2.5%	+3.7%
ROIC	+75.2%	+80.0%	+52.2%	+32.1%	+36.9%
Liquidity
Current ratio	0.40x	0.45x	0.51x	0.44x	0.41x
Quick ratio	0.31x	0.36x	0.33x	0.34x	0.30x
Leverage
D/E	14.47x	15.21x	13.14x	9.83x	11.97x
Interest coverage	89.57x	4516.50x	2.24x	2.41x	3.60x
Efficiency
Asset turnover	0.17x	0.17x	0.15x	0.14x	0.13x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

AMT $195 · 2025-09-29 · 351d old · FY2025

Market cap $91.2B

P/E 34.70x

P/S 8.57x

P/B 24.97x

EV $93.1B

EV/EBITDA 16.26x

FCF yield +4.1%

Dividend yield +3.5%

Notes

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