American Tower (AMT) financial statements

Real Estate · REIT - Specialty · Market cap $83.3B

American Tower reported revenue of $10.6B in fiscal 2025, up 7.0% a year over 9 years.

Net income was $2.5B and the operating margin 45.5%, against 32.0% in 2016.

Free cash flow was $3.8B, and the company returned $3.2B in dividends and $365M in net buybacks.

The diluted share count rose 9% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

0510152016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from American Tower's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$5.8B$6.7B$491M$527M$8.0B$9.4B$9.6B$10.0B$10.1B$10.6B
Cost of revenue$28M$35M$49M$43M——————
Gross profit$5.8B$6.6B$442M$484M——————
Selling, general and admin$543M$637M$733M$730M$779M$812M$902M$946M$933M$941M
Operating income$1.9B$2.0B$1.9B$2.7B$2.9B$3.1B$2.7B$3.1B$4.5B$4.8B
Interest expense—$750M$826M$814M$794M$871M$1.1B$1.4B$1.4B$1.4B
Pre-tax income$1.1B$1.3B$1.2B$1.9B$1.8B$2.8B$2.1B$1.5B$3.6B$3.0B
Income tax$156M$31M-$110M-$200,000$130M$262M$113M$91M$366M$416M
Net income$956M$1.2B$1.2B$1.9B$1.7B$2.6B$1.8B$1.5B$2.3B$2.5B
EPS (diluted)$1.98$2.67$2.77$4.24$3.79$5.66$3.82$3.18$4.82$5.40
Diluted shares429M432M443M446M446M453M463M467M468M469M
Gross margin99.5%99.5%90.0%91.8%——————
Operating margin32.0%30.0%387.7%509.9%35.9%33.5%28.4%31.2%44.6%45.5%
Net margin16.5%18.6%251.7%358.1%21.0%27.4%18.3%14.8%22.3%23.8%

Balance sheet

Fiscal years, from American Tower's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$791M$803M$1.2B$1.5B$1.7B$1.9B$1.5B$1.8B$2.0B$1.5B
Receivables$308M$514M$459M$462M$512M$729M$758M$548M$540M$650M
Total current assets$1.7B$2.0B$2.4B$2.6B$2.9B$3.7B$3.6B$3.7B$3.2B$2.7B
Property, plant and equipment$10.5B$11.1B$11.2B$12.1B$12.8B$19.8B$20.0B$18.9B$19.1B$20.4B
Goodwill$5.1B$5.6B$5.5B$6.2B$7.3B$13.4B$12.1B$12.1B$11.8B$12.3B
Total assets$30.9B$33.2B$33.0B$42.8B$47.2B$69.9B$67.2B$66.0B$61.1B$63.2B
Total current liabilities$1.6B$2.5B$4.7B$5.5B$3.7B$9.1B$8.3B$7.2B$7.1B$6.9B
Long-term debt$18.3B$19.4B$18.4B$21.1B$28.5B$38.7B$34.2B$35.7B$32.8B$33.8B
Total liabilities$22.8B$25.3B$26.1B$36.2B$42.5B$60.8B$54.8B$55.2B$51.4B$52.8B
Shareholders' equity$6.8B$6.2B$5.3B$5.1B$4.1B$5.1B$5.6B$4.2B$3.4B$3.7B
Net debt$17.7B$19.4B$20.0B$22.6B$27.5B$41.3B$37.1B$37.0B$34.5B$35.7B

Cash flow

Fiscal years, from American Tower's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$2.7B$2.9B$3.7B$3.8B$3.9B$4.8B$3.7B$4.7B$5.3B$5.5B
Capital spending$682M$804M$913M$991M$1.0B$1.4B$1.9B$1.8B$1.6B$1.7B
Free cash flow$2.0B$2.1B$2.8B$2.8B$2.8B$3.4B$1.8B$2.9B$3.7B$3.8B
Stock-based compensation$90M$108M$138M$111M$121M$120M$169M$196M$204M$174M
Dividends paid$886M$1.1B$1.3B$1.6B$1.9B$2.3B$2.6B$2.9B$3.0B$3.2B
Share buybacks (net)$0-$766M-$233M-$20M-$56M$0-$19M$0$0-$365M
Net borrowing$0$0————————
Free cash flow margin34.9%31.8%577.1%523.8%35.4%36.8%18.9%29.2%36.5%35.5%
Dividends per share$2.06$2.49$2.99$3.60$4.32$5.01$5.68$6.31$6.47$6.79
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Questions

What was American Tower's revenue in 2025?

$10.6B in fiscal 2025, from its 10-K filing.

How much free cash flow does American Tower generate?

$3.8B in fiscal 2025 (operating cash flow minus capital spending).

From American Tower's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.