AMERICAN TOWER CORP /MA/ AMT
We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of 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. We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 97% of our total revenues for the year ended December 31, 2025. We also offer tower-related services in the United States, which we refer to as our services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. Our services operations primarily support our site leasing business, including the addition of new tenants and equipment on our sites. Our customers include our tenants, licensees and other payers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $935.9M | $774.6M | $747.3M | $840.7M | $717.2M | $495.7M | $527.2M | $7.44B | $6.66B | $5.79B |
| Cost of revenue | — | — | — | — | — | — | $43.1M | $49.1M | $34.6M | $27.7M |
| Gross profit | — | — | — | — | — | — | $484.1M | $7.39B | $6.63B | $5.76B |
| SG&A | $940.7M | $933.4M | $946.0M | $902.1M | $811.6M | $778.7M | $730.4M | $733.2M | $637.0M | $543.4M |
| Total operating expenses | $5.80B | $5.61B | $6.89B | $6.91B | $6.22B | $5.15B | $4.89B | $5.54B | $4.67B | $3.93B |
| Operating income | $4.85B | $4.52B | $3.13B | $2.74B | $3.13B | $2.89B | $2.69B | $1.91B | $2.00B | $1.85B |
| Interest expense | $1.36B | $1.40B | $1.39B | $1.14B | $870.9M | $793.5M | $814.2M | $825.5M | $749.6M | — |
| Pre-tax income | $3.04B | $3.62B | $1.53B | $2.09B | $2.83B | $1.82B | $1.92B | $1.15B | $1.26B | $1.13B |
| Income tax | $415.7M | $366.3M | $90.8M | $112.8M | $261.8M | $129.6M | $200.0K | $110.1M | $30.7M | $155.5M |
| Net income | $2.63B | $2.28B | $1.37B | $1.70B | $2.57B | $1.69B | $1.92B | $1.24B | $1.24B | $956.4M |
| EPS, basic | 5.41 | 4.83 | 3.18 | 3.83 | 5.69 | 3.81 | 4.27 | 2.79 | 2.69 | 2.00 |
| EPS, diluted | 5.40 | 4.82 | 3.18 | 3.82 | 5.66 | 3.79 | 4.24 | 2.77 | 2.67 | 1.98 |
| Shares, diluted (wtd. avg.) | $468.8M | $468.1M | $467.2M | $462.8M | $453.3M | $446.1M | $445.5M | $443.0M | $431.7M | $429.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.47B | $2.00B | $1.75B | $2.14B | $2.34B | $1.86B | $1.58B | $1.30B | $954.9M | $936.5M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $4.0M |
| Receivables | $650.3M | $540.0M | $547.5M | $758.3M | $728.9M | $511.6M | $462.2M | $459.0M | — | $308.4M |
| Total current assets | $2.74B | $3.18B | $3.71B | $3.62B | $3.73B | $2.91B | $2.55B | $2.39B | — | $1.69B |
| Property, plant and equipment | — | — | — | — | — | — | — | $11.25B | — | $10.52B |
| Goodwill | $12.26B | $11.77B | $12.08B | $12.08B | $13.35B | $7.28B | $6.18B | $5.50B | $5.64B | $5.07B |
| Other intangibles | $14.53B | $14.47B | $15.93B | $17.98B | $20.73B | $13.84B | $12.32B | $11.17B | — | $11.27B |
| Total assets | $63.19B | $61.08B | $66.03B | $67.19B | $69.89B | $47.23B | $42.80B | $33.01B | $33.21B | $30.88B |
| Accounts payable | $259.8M | $240.8M | $251.3M | $218.6M | $272.4M | $139.1M | $148.1M | $130.8M | — | $118.7M |
| Short-term debt | $3.39B | $3.69B | $3.07B | $4.51B | $4.57B | $789.8M | $2.93B | $2.75B | — | $238.8M |
| Total current liabilities | $6.91B | $7.08B | $7.25B | $8.31B | $9.07B | $3.66B | $5.49B | $4.69B | — | $1.63B |
| Long-term debt | — | — | — | $38.90B | $43.50B | — | $1.9M | — | — | $18.29B |
| Total liabilities | $52.84B | $51.43B | $55.16B | $54.79B | $60.82B | $42.45B | $36.21B | $26.11B | — | $22.81B |
| Retained earnings | -$5.09B | -$4.42B | -$3.64B | -$2.10B | -$1.14B | -$1.34B | -$1.02B | -$1.20B | — | -$1.08B |
| Total equity | $3.65B | $3.38B | $10.87B | $12.41B | $9.07B | $4.57B | $5.49B | $5.90B | $6.83B | $6.98B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.46B | $5.29B | $4.72B | $3.70B | $4.82B | $3.88B | $3.75B | $3.75B | $2.93B | $2.70B |
| Depreciation and amortisation | $2.04B | $2.03B | $2.93B | $3.16B | $2.33B | $1.88B | $1.78B | $2.11B | $1.72B | $1.53B |
| Stock-based compensation | $174.2M | $203.6M | $195.7M | $169.3M | $119.5M | $120.8M | $111.4M | $137.5M | $108.5M | $89.9M |
| Capital expenditure | $1.68B | $1.59B | $1.80B | $1.87B | $1.38B | $1.03B | $991.3M | $913.2M | $803.6M | $682.5M |
| Investing cash flow | -$1.86B | $410.6M | -$1.70B | -$2.36B | -$20.69B | -$4.78B | -$3.99B | -$2.75B | -$2.80B | -$2.10B |
| Financing cash flow | -$4.21B | -$5.45B | -$3.10B | -$1.42B | $16.42B | $1.22B | $521.7M | -$607.7M | -$113.0M | -$99.3M |
| Dividends paid | $3.18B | $3.03B | $3.01B | $2.72B | $2.27B | $1.93B | $1.60B | $1.32B | $1.07B | $886.1M |
| Buybacks | $364.6M | $0 | $0 | $18.8M | $0 | $56.0M | $19.6M | $232.8M | $766.3M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001053507-26-000035.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |
| VTR | Ventas, Inc. | $46.30B | 167.2x | 18.5% |