American Tower vs Visa: Revenue, Profit and Business Model
American Tower reported $10.6B of revenue in FY2025 and $2.5B of net income. Visa reported $40B of revenue in FY2025 and $20.1B of net income.
Latest financial snapshot
American Tower
- Latest revenue
- $10.6B (FY2025)
- Net income
- $2.5B
- Net margin
- 23.8%
- Revenue growth
- +7.0% a year, FY2016–FY2025
Visa
- Latest revenue
- $40B (FY2025)
- Net income
- $20.1B
- Net margin
- 50.1%
- Revenue growth
- +11.4% a year, FY2016–FY2025
Financial summary
American Tower
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.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
Revenue and profit by year
American Tower
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $10.6B | $2.5B | 23.8% | +5.1% | Source |
| FY2024 | $10.1B | $2.3B | 22.3% | +1.1% | Source |
| FY2023 | $10B | $1.5B | 14.8% | +3.8% | Source |
| FY2022 | $9.6B | $1.8B | 18.3% | +3.1% | Source |
| FY2021 | $9.4B | $2.6B | 27.4% | +16.4% | Source |
| FY2020 | $8B | $1.7B | 21.0% | +6.1% | Source |
| FY2019 | $7.6B | $1.9B | 24.9% | +1.9% | Source |
| FY2018 | $7.4B | $1.2B | 16.5% | +11.6% | Source |
| FY2017 | $6.7B | $1.2B | 17.3% | +15.2% | Source |
| FY2016 | $5.8B | $849.3M | 14.7% | — | Source |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | Source |
Where the revenue comes from
American Tower
- Site Rental~87%
Leasing space on communications sites under long-term contracts with escalators and renewal options. Property revenue excluding data centers was $9,252 million of the $10,645 million FY2025 total.
- Data Center Services~10%
CoreSite data center, power and interconnection revenue, which was $1,053 million in FY2025, up about 14% year over year.
- Services and Other~3%
Site acquisition, zoning, permitting and construction work performed for carriers, plus other revenue. This line was $340 million in FY2025.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
Business model and strategy
American Tower
How it makes money
American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. The economics turn on colocation: once a tower stands, adding a second or third tenant costs comparatively little, so incremental rent converts largely into operating profit.
Growth strategy
After selling its India business in 2024, American Tower concentrates capital on developed markets and on data centers. About 85% of planned 2026 discretionary capital spending goes to developed markets, including more than $700 million for CoreSite data center development, where revenue grew about 14% in 2025.
Competitive advantage
The advantage is the site itself. Zoning approval, environmental review and land control make a new macro tower slow and costly to add in a populated area, so a carrier that needs coverage in a specific location usually has to lease space on a structure that already stands there.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about American Tower vs Visa
Which company has higher revenue — American Tower Corporation or Visa Inc.?
American Tower Corporation reported $10.6B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. is the larger business, with American Tower Corporation reporting a smaller revenue base.
What is the market cap of American Tower Corporation vs Visa Inc.?
American Tower Corporation's market capitalisation stands at $76.6B, while Visa Inc.'s is $676.0B. Visa Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Tower Corporation.
Which is more financially efficient — American Tower Corporation or Visa Inc.?
American Tower Corporation generates $2.19M / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. American Tower Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do American Tower Corporation and Visa Inc. make money?
American Tower Corporation and Visa Inc. generate revenue in fundamentally different ways. American Tower Corporation: American Tower owns the tower structure and controls the land beneath it, then leases vertical space to mobile operators such as T-Mobile, AT&T and Verizon so they can mount antennas. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — American Tower Corporation or Visa Inc.?
On a price-to-sales (P/S) basis, American Tower Corporation trades at 7.2x P/S and Visa Inc. at 16.9x P/S. Visa Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to American Tower Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Tower Corporation bigger than Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (FY2025)) is the larger company compared to American Tower Corporation ($10.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the American Tower vs Visa overview