AMERICAN TOWER CORP /MA/ AMT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 188.97 2026-10-23
Market cap $88.04B 2026-03-31 share count
52-week range 160.06 - 202.50

Valuation FY2025 figures against the last close

P/S94.1x
P/E35.0x
P/FCF23.3x
EV/EBITDA13.1x
Dividend yield3.6%
Diluted EPS5.40

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 5.414.833.183.835.693.814.272.792.692.00
EPS, diluted 5.404.823.183.825.663.794.242.772.671.98
Shares, diluted (wtd. avg.) 468.8M468.1M467.2M462.8M453.3M446.1M445.5M443.0M431.7M429.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 5.8B Gross profit, FY2016: 5.8B Net income, FY2016: 956.4M Revenue, FY2017: 6.7B Gross profit, FY2017: 6.6B Net income, FY2017: 1.2B Revenue, FY2018: 7.4B Gross profit, FY2018: 7.4B Net income, FY2018: 1.2B Revenue, FY2019: 527.2M Gross profit, FY2019: 484.1M Net income, FY2019: 1.9B Revenue, FY2020: 495.7M Net income, FY2020: 1.7B Revenue, FY2021: 717.2M Net income, FY2021: 2.6B Revenue, FY2022: 840.7M Net income, FY2022: 1.7B Revenue, FY2023: 747.3M Net income, FY2023: 1.4B Revenue, FY2024: 774.6M Net income, FY2024: 2.3B Revenue, FY2025: 935.9M Net income, FY2025: 2.6B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $5.79B $6.66B $7.44B $527.2M $495.7M $717.2M $840.7M $747.3M $774.6M $935.9M
Gross profit $5.76B $6.63B $7.39B $484.1M — — — — — —
Net income $956.4M $1.24B $1.24B $1.92B $1.69B $2.57B $1.70B $1.37B $2.28B $2.63B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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