AMT · American Tower Corp /Ma/ - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $10.64B | $10.13B | $11.14B | $10.71B | $9.36B | $8.04B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $940.70M | $933.40M | $992.50M | $972.30M | $811.60M | $778.70M |
| Total Operating Expenses | $5.80B | $5.61B | $8.12B | $8.36B | $6.22B | $5.15B |
| D&A | $1.10B | $1.10B | $1.50B | $1.55B | $1.04B | $924.30M |
| Operating Income | $4.85B | $4.52B | $3.02B | $2.35B | $3.13B | $2.89B |
| Interest Expense | $1.36B | $1.40B | $1.40B | $1.14B | $870.90M | $793.50M |
| Income Tax | $415.70M | $366.30M | $154.20M | $24.00M | $261.80M | $129.60M |
| Net Income | $2.53B | $2.25B | $1.48B | $1.77B | $2.57B | $1.69B |
| EPS - Basic | $5.41 | $4.83 | $3.18 | $3.83 | $5.69 | $3.81 |
| EPS - Diluted | $5.40 | $4.82 | $3.18 | $3.82 | $5.66 | $3.79 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.47B | $2.00B | $1.97B | $2.03B | $1.95B | $1.75B |
| Accounts Receivable | $650.30M | $540.00M | $669.70M | $758.30M | $728.90M | $511.60M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $259.80M | $240.80M | $258.70M | $218.60M | $272.40M | $139.10M |
| Current Assets | $2.74B | $3.18B | $3.71B | $3.62B | $3.73B | $2.91B |
| Total Assets | $63.19B | $61.08B | $66.03B | $67.19B | $69.89B | $47.23B |
| Current Liabilities | $6.91B | $7.08B | $7.25B | $8.31B | $9.07B | $3.66B |
| Long-term Debt | - | - | - | $38.90B | $43.50B | $1.90M |
| Total Liabilities | $52.84B | $51.43B | $55.16B | $54.79B | $60.82B | $42.45B |
| Stockholders' Equity | $3.65B | $3.38B | $4.20B | $5.57B | $5.08B | $4.09B |
| Retained Earnings | ($5.09B) | ($4.42B) | ($3.64B) | ($2.10B) | ($1.14B) | ($1.34B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.46B | $5.29B | $4.72B | $3.70B | $4.82B | $3.88B |
| Investing Cash Flow | ($1.86B) | $410.60M | ($1.70B) | ($2.36B) | ($20.69B) | ($4.78B) |
| Financing Cash Flow | ($4.21B) | ($5.45B) | ($3.10B) | ($1.42B) | $16.42B | $1.22B |
| CapEx | $1.68B | $1.59B | $1.80B | $1.87B | $1.38B | $1.03B |
| Free Cash Flow | $3.78B | $3.70B | $2.92B | $1.82B | $3.44B | $2.85B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 45.5% | 44.6% | 27.1% | 22.0% | 33.5% | 35.9% |
| EBITDA margin | 55.9% | 55.5% | 40.6% | 36.5% | 44.5% | 47.4% |
| Net margin | 23.8% | 22.3% | 13.3% | 16.5% | 27.4% | 21.0% |
| Free cash flow margin | 35.5% | 36.5% | 26.2% | 17.0% | 36.8% | 35.4% |
| FCF / Net income | 1.50 | 1.64 | 1.97 | 1.03 | 1.34 | 1.69 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 8.8% | 9.2% | 8.9% | 9.1% | 8.7% | 9.7% |
| Effective tax rate | 14.1% | 14.0% | 9.4% | 1.3% | 9.3% | 7.1% |
| Return on assets | 4.0% | 3.7% | 2.2% | 2.6% | 3.7% | 3.6% |
| Return on equity | 69.3% | 66.7% | 35.3% | 31.7% | 50.5% | 41.3% |
| Return on invested capital | - | - | - | 5.2% | 5.9% | 65.5% |
| Liquidity | ||||||
| Current ratio | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 |
| Quick ratio | 0.40 | 0.45 | 0.51 | 0.44 | 0.41 | 0.79 |
| Cash ratio | 0.21 | 0.28 | 0.27 | 0.24 | 0.22 | 0.48 |
| Leverage | ||||||
| Debt / Equity | - | - | - | 6.98 | 8.56 | 0.00 |
| Debt / Assets | - | - | - | 0.58 | 0.62 | 0.00 |
| Debt / EBITDA | - | - | - | 9.96 | 10.44 | 0.00 |
| Interest coverage | 3.6x | 3.2x | 2.2x | 2.1x | 3.6x | 3.6x |
| Equity multiplier | 17.30 | 18.06 | 15.73 | 12.06 | 13.75 | 11.54 |
| Liabilities / Assets | 0.84 | 0.84 | 0.84 | 0.82 | 0.87 | 0.90 |
| Efficiency | ||||||
| Asset turnover | 0.17 | 0.17 | 0.17 | 0.16 | 0.13 | 0.17 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 22d | 19d | 22d | 26d | 28d | 23d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 32.5x | 38.1x | 67.9x | 55.5x | 51.7x | 59.2x |
| P / B | 22.5x | 25.4x | 24.0x | 17.6x | 26.1x | 24.5x |
| P / S | 7.7x | 8.5x | 9.0x | 9.2x | 14.2x | 12.5x |
| EV / EBITDA | 13.6x | 14.9x | 21.9x | 34.5x | 41.8x | 25.8x |
| Growth | ||||||
| Revenue growth (YoY) | 5.1% | -9.1% | 4.0% | 14.5% | 16.4% | 6.1% |
| Revenue CAGR (3y) | -0.2% | 2.7% | 11.5% | 12.2% | - | - |
| Revenue CAGR (5y) | 5.8% | 6.0% | - | - | 10.1% | 11.0% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 7.3% | 49.3% | 28.6% | -24.9% | 8.5% | 7.4% |
| Net income growth (YoY) | 12.2% | 52.0% | -16.0% | -31.2% | 51.9% | -10.4% |
| EPS growth (YoY) | 12.0% | 51.6% | -16.8% | -32.5% | 49.3% | -10.6% |
| EPS CAGR (3y) | 12.2% | -5.2% | -5.7% | -3.4% | - | - |
| EPS CAGR (5y) | 7.3% | 2.6% | - | - | 23.4% | 21.9% |
| FCF growth (YoY) | 2.2% | 26.5% | 60.4% | -47.1% | 20.8% | 3.2% |
| FCF CAGR (5y) | 5.8% | 6.0% | - | - | 11.2% | 14.4% |
| Book value growth (YoY) | 8.0% | -19.4% | -24.7% | 9.7% | 24.1% | -19.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$21.29B totalProperty$10.30B · 48.4%
Property USAnd Canada$5.59B · 26.2%
Property Latin America$1.64B · 7.7%
Property Africa APAC$1.42B · 6.7%
Property Data Centers$1.05B · 4.9%
Property Europe$937.70M · 4.4%
Services Segment$339.60M · 1.6%
Product / service
$11.28B totalProperty Revenue$10.30B · 91.4%
Services Revenue$339.60M · 3.0%
Service$339.60M · 3.0%
Non Lease Property Revenue$292.80M · 2.6%
Geographic
$10.64B totalUS$6.63B · 62.3%
BR$708.30M · 6.7%
MX$508.90M · 4.8%
NG$461.70M · 4.3%
DE$455.50M · 4.3%
ES$351.90M · 3.3%
UG$297.90M · 2.8%
GH$182.80M · 1.7%
KE$177.60M · 1.7%
ZA$172.60M · 1.6%
FR$130.30M · 1.2%
CO$122.20M · 1.1%
CL$117.40M · 1.1%
PE$98.90M · 0.9%
BF$56.50M · 0.5%
NE$52.40M · 0.5%
AR$43.60M · 0.4%
CR$25.70M · 0.2%
PY$17.60M · 0.2%
CA$12.00M · 0.1%
BD$11.00M · 0.1%
PH$10.40M · 0.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.32
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing AMERICAN TOWER CORP /MA/ against the 5 most active filers in the same SIC group.
Dividends
$6.89/share trailing 12 months · +5.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 14, 2026 | $1.7900 |
| Dec 29, 2025 | $1.7000 |
| Sep 30, 2025 | $1.7000 |
| Jun 13, 2025 | $1.7000 |
| Apr 11, 2025 | $1.7000 |
| Dec 27, 2024 | $1.6200 |
| Oct 9, 2024 | $1.6200 |
| Jun 14, 2024 | $1.6200 |
| Apr 11, 2024 | $1.6200 |
| Dec 27, 2023 | $1.7000 |
| Oct 10, 2023 | $1.6200 |
| Jun 15, 2023 | $1.5700 |
| Apr 13, 2023 | $1.5600 |
| Dec 27, 2022 | $1.5600 |
| Oct 7, 2022 | $1.4700 |
| Jun 16, 2022 | $1.4300 |
| Apr 12, 2022 | $1.4000 |
| Dec 23, 2021 | $1.3900 |
| Sep 27, 2021 | $1.3100 |
| Jun 17, 2021 | $1.2700 |
| Apr 12, 2021 | $1.2400 |
| Dec 24, 2020 | $1.2100 |
| Sep 25, 2020 | $1.1400 |
| Jun 18, 2020 | $1.1000 |