01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
American Tower (AMT) closed 2025 with total revenues of $10.64 billiona, up 5% year over year, and Adjusted EBITDA of $7.13 billion, up 5%.
Property operations, which include the Data Centers segment, generated 97% of revenue. Operating income rose to $4.85 billionb from $4.52 billion. Net income was $2.63 billion, but that figure was pressured by an $809 million foreign currency loss recorded in other expense.
AFFO attributable to common stockholders rose 2% to $5.04 billionc. Nareit FFO declined 20% to $4.16 billion, mainly because the prior year included large discontinued-operations losses tied to the India sale. Growth drivers were the Data Centers segment (revenue up 14%, gross margin up 22%) and the Africa & APAC and Europe property segments.
U.S. & Canada revenue was flat, and Latin America declined 4% on other-revenue reserves in Brazil and Mexico. Leverage remains manageable, with total debt of about $37.2 billiond, $11.1 billion of liquidity, investment-grade ratings, and covenant headroom. The company repurchased $364.6 million of stock in 2025 and has $1.65 billion left on its 2017 authorization.
Management guides 2026 capital expenditures of $1.8 to $1.9 billion and total declared distributions of $3.3 billion. Key risks for investors are customer concentration (T-Mobile, AT&T, and Verizon contribute about 49% of revenue), the AT&T Mexico rent dispute and its August 2026 arbitration hearing, the DISH default under the Strategic Collocation Agreement, and continued currency exposure to emerging markets. The 2026 Pillar 2 global minimum tax outlook also adds uncertainty.
02—Key points
Key Highlights
- Total revenue grew 5% to $10.64B in 2025, and Adjusted EBITDA grew 5% to $7.13B, driven by property gross margin growth and Data Centers strength.
- Data Centers revenue rose 14% to $1.05B and segment gross margin rose 22% to $651M, with 30 facilities across eleven U.S. markets and about 3.7M NRSF.
- Net income of $2.63B was reduced by an $809M foreign currency loss in other expense. Nareit FFO fell 20% to $4.16B, largely because of prior-year discontinued operations.
- AFFO attributable to common stockholders rose 2% to $5.04B. Management expects over $54B of non-cancellable tenant lease revenue, and annual churn was about 2%.
- Balance sheet liquidity was $11.1B at year-end, with $37.2B of debt and investment-grade ratings. Covenants were met with ample headroom, and the company repaid $500M of notes in February 2026.
- Customer risk is concentrated: T-Mobile (18%), AT&T (17%), Verizon (14%), and Telefónica (10%) make up 59% of revenue. The AT&T Mexico arbitration (about $300M annual revenue, hearing August 2026) and the DISH default create near-term uncertainty.
- The company returned capital through $3.2B of common distributions in 2025 and $364.6M of buybacks. The Board declared $1.70 per share for Q4 2025, paid in February 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $10.64B$10.13B | +5.1% |
| SG&A Expenses | $940.70M$933.40M | +0.8% |
| Operating Expenses | $5.80B$5.61B | +3.4% |
| Operating Income | $4.85B$4.52B | +7.3% |
| Net Income | $2.53B$2.25B | +12.2% |
| EPS (Basic) | $5.41$4.83 | +12.0% |
| EPS (Diluted) | $5.40$4.82 | +12.0% |
| Shares Outstanding (Basic) | 467.92M467.01M | +0.2% |
| Shares Outstanding (Diluted) | 468.76M468.12M | +0.1% |
05—Questions
Frequently Asked Questions
How did American Tower's core business perform in 2025?
Property operations, which are 97% of revenue, grew modestly. U.S. & Canada was flat at $5.25B, Africa & APAC grew 18%, Europe grew 12%, and Latin America fell 4% due to reserves on Brazilian and Mexican receivables. Organic growth came from colocations, contractual escalators (averaging about 3% in the U.S.), and new sites, with about 2,230 sites acquired or built during the year.
Why did Nareit FFO decline sharply even though operating results improved?
Nareit FFO fell 20% to $4.16B, while 2024 benefited from a much larger base that included discontinued operations. The 2024 figure includes $1.33B of adjustments for discontinued operations, mainly the $1.2B loss on the sale of ATC TIPL in India. Excluding that effect, the company's operating performance improved. The 2025 net income decline also reflects an $809M foreign currency loss, which is not included in FFO.
What are the main risks to the company's revenue outlook?
The main risks are customer concentration, with the four largest customers making up 59% of revenue; the AT&T Mexico dispute, which involved about $30M of 2025 reserves and an arbitration hearing set for August 2026; and the DISH default under the Strategic Collocation Agreement, which the company is pursuing in court. Churn, currency movements in emerging markets, and the possibility of 5G network sharing that reduces new leasing demand are also cited.
How strong is the balance sheet and how is debt managed?
Total debt was $37.2B at year-end, with a weighted fixed-rate cost of roughly 3.96% on about $36B of fixed-rate debt. Liquidity was $11.1B, including $9.6B of available revolver capacity and $1.5B of cash. Covenant tests show total leverage capacity of about $0.9B in EBITDA headroom. The company refinanced maturities through senior notes and bank facilities, extended its revolvers to 2028 and 2030, and holds investment-grade credit ratings.
What is the outlook for capital allocation and shareholder returns?
Management expects 2026 total capital expenditures of $1.8B to $1.9B, including about $695M for data center assets and construction of 1,700 to 2,300 sites. It expects 2026 declared distributions of $3.3B. The company remains committed to REIT distribution requirements and has $1.65B remaining on its 2017 buyback program, with repurchases paced to market conditions and available cash.
06—Continue