American Tower Corporation
Financial Performance
American Tower Revenue & Financials
Revenue
$10.6B (FY2025)
Market Cap
$76.6B
Net Income
$2.5B
Employees
4,866
What is American Tower's revenue?
American Tower had $10.6B in revenue for fiscal year 2025, up 5.1% from 2024. Net income was $2.5B.
- Latest revenue
- $10.6B (FY2025)
- Year-over-year
- +5.1%
- Growth rate (CAGR)
- 7% over 9 years
- Peak revenue
- $10.6B (FY2025)
- Years of data
- 10
- Employees
- 4,866
- What is American Tower's operating income?
- American Tower reported operating income of $4.8B for fiscal year 2025. sec.gov
- How much profit does American Tower make?
- American Tower reported net income of $2.5B for fiscal year 2025. sec.gov
- How many employees does American Tower have?
- American Tower has about 4,866 employees.
Financial Analysis
American Tower is structured as a REIT, so qualifying US real estate income is distributed to shareholders rather than taxed at the corporate level, while international operations sit in taxable REIT subsidiaries. FY2025 revenue was $10,645 million, up 5.1%, with property revenue of $10,305 million and adjusted EBITDA of $7.1 billion at a 67.0% cash margin. Net income attributable to common stockholders was $2,529.5 million, and attributable AFFO per share, as adjusted, grew about 8% for the year. Net leverage ended 2025 at 4.9 times adjusted EBITDA, and S&P Global raised the company's issuer rating to BBB+ with a stable outlook in July 2025. American Tower also repurchased about $365 million of stock during 2025, its largest annual buyback since 2017. American Tower Corporation operates as a specialized real estate investment trust (REIT), commanding a massive market valuation of roughly $90 billion.
Revenue Trend Analysis
YoY Change
+5.1%
9-Year CAGR
+7%
Peak Year
2025
Trend
Consistent Growth
American Tower Corporation has 10 full fiscal year figures on this page, compounding at +7% annually over 9 years. The most recent year saw a 5.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $10.6B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $10.6B | $4.8B | $2.5B | +5.1% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2026-02-24) Fiscal year ended 2025-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2024 | $10.1B | $4.5B | $2.3B | +1.1% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2026-02-24) Fiscal year ended 2024-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2023 | $10B | $3.1B | $1.5B | +3.8% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2026-02-24) Fiscal year ended 2023-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2022 | $9.6B | $2.7B | $1.8B | +3.1% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2025-02-25) Fiscal year ended 2022-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2021 | $9.4B | $3.1B | $2.6B | +16.4% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2024-02-27) Fiscal year ended 2021-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2020 | $8B | $2.9B | $1.7B | +6.1% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2023-02-23) Fiscal year ended 2020-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2019 | $7.6B | $2.7B | $1.9B | +1.9% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2022-02-25) Fiscal year ended 2019-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2018 | $7.4B | $1.9B | $1.2B | +11.6% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2021-02-25) Fiscal year ended 2018-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2017 | $6.7B | $2B | $1.2B | +15.2% | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2020-02-25) Fiscal year ended 2017-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
| FY2016 | $5.8B | $1.9B | $849.3M | — | AMERICAN TOWER CORP /MA/ Form 10-K (SEC EDGAR, filed 2019-02-27) Fiscal year ended 2016-12-31. Net income is the amount attributable to American Tower Corporation common stockholders. |
Click any row to see year details.
American Tower Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $5.5B | $1.7B | $63.2B | $52.8B | $3.7B | $3.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $5.3B | $1.6B | $61.1B | $51.4B | $3.4B | $3.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $4.7B | $1.8B | $66B | $55.2B | $4.2B | $2.9B | Form 10-K |
| FY2022ended Dec 31, 2022 | $3.7B | $1.9B | $67.2B | $54.8B | $5.6B | $1.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | $4.8B | $1.4B | $69.9B | $60.8B | $5.1B | $3.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $3.9B | $1B | $47.2B | $42.5B | $4.1B | $2.8B | Form 10-K |
| FY2019ended Dec 31, 2019 | $3.8B | $991.3M | $42.8B | $36.2B | $5.1B | $2.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $3.7B | $913.2M | $33B | $26.1B | $5.3B | $2.8B | Form 10-K |
| FY2017ended Dec 31, 2017 | $2.9B | $803.6M | $33.2B | $25.3B | $6.2B | $2.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $2.7B | $682.5M | $30.9B | $22.8B | $6.8B | $2B | Form 10-K |
Keep researching American Tower
American Tower Revenue and Financial FAQ
What is American Tower's annual consolidated revenue scale?
American Tower Corporation reported revenue of $10.6 billion for fiscal year 2025, up from $10.1 billion in fiscal 2024.
What is Adjusted Funds From Operations (AFFO) and why is it key for American Tower?
AFFO is the main non-GAAP performance measure for REITs, tracking recurring cash flow available for dividends. American Tower reported AFFO attributable to common stockholders of $1,230 million in the fourth quarter of 2025 alone, and full-year attributable AFFO per share, as adjusted, grew about 8%.
How is American Tower's property revenue distributed geographically?
American Tower reports five segments: US and Canada, Africa and Asia-Pacific, Europe, Latin America, and Data Centers. In FY2025, Africa and Asia-Pacific property revenue grew 17.8%, Europe 12.3% and Data Centers 13.9%, while US and Canada was flat and Latin America fell 4.4%. Data centers contributed $1,053 million of the $10,645 million total revenue.
What is American Tower's corporate debt profile and leverage target?
American Tower runs an investment-grade balance sheet funded largely with senior unsecured notes in dollars and euros. Net leverage ended 2025 at 4.9 times adjusted EBITDA, and S&P Global raised the company's rating to BBB+ with a stable outlook in July 2025.
What dividend growth track record has American Tower maintained?
American Tower began paying regular quarterly dividends after its REIT conversion took effect on January 1, 2012 and has raised the payout in most years since. It resumed mid-single-digit dividend per share growth in 2025 and also repurchased about $365 million of stock during the year, its largest annual buyback since 2017.
What was the financial impact of divesting American Tower India (ATC India) in 2024?
American Tower closed the disposal of ATC India, about 76,000 communications sites, to Brookfield-sponsored Data Infrastructure Trust on September 12, 2024. Total cash proceeds were about $2.5 billion, including roughly $2.2 billion at closing and about $320 million from monetizing Vodafone Idea debentures and ATC India receivables.
What are American Tower's annual capital expenditures across maintenance and growth?
American Tower splits capital spending between maintaining its existing sites and discretionary growth projects such as new builds, ground lease purchases and data center development. It plans to direct roughly 85% of 2026 discretionary capital spending to developed markets, including more than $700 million for data center development.
What credit ratings do S&P and Moody's assign to American Tower?
American Tower holds investment-grade senior unsecured ratings. S&P Global upgraded the company to BBB+ with a stable outlook in July 2025, which supports low-cost note issuance in both US dollar and euro markets.
Is American Tower profitable?
Yes, it boasts incredibly high margins and highly predictable Adjusted Funds From Operations (AFFO), which funds its massive, consistently growing dividend.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "American Tower Revenue & Financials." CorpDigest, https://corpdigest.com/company/american-tower/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>American Tower reported $10.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/american-tower/financials" target="_blank" rel="noopener">CorpDigest — American Tower financials</a></div>Related Financial Audits
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