10-KPeriod: FY2025

AMERICAN TOWER CORP /MA/ Annual Report, Year Ended Dec 31, 2025

Filed February 24, 2026For Securities:AMT

Summary

American Tower Corporation (AMT) reported a solid financial performance for the year ended December 31, 2025, with total revenues increasing by 5% to $10.64 billion. The company's core property operations, which represent 97% of total revenue, demonstrated resilience with a 4% increase in revenue, driven by growth in tenant billings across its global tower portfolio, including colocations and contractual rent escalations. The Data Centers segment also showed strong growth, with revenue up 14%, indicating a successful diversification strategy. Financially, AMT maintained a strong liquidity position with $11.1 billion in available liquidity as of December 31, 2025. The company also actively managed its debt, with borrowings and repayments contributing to its overall financial flexibility. Despite some legal disputes with key customers like AT&T Mexico and DISH, which are being actively managed, the company's operational strategy focuses on increasing site occupancy, selective portfolio growth, and operational efficiency. These efforts are expected to continue supporting predictable organic revenue growth and long-term shareholder value. Looking ahead, AMT anticipates continued growth driven by the increasing demand for wireless data and the ongoing deployment of advanced wireless technologies like 5G. The company's strategic capital allocation remains focused on reinvesting in its existing portfolio, pursuing acquisitions, and returning capital to shareholders. Key risks highlighted include customer concentration, competition, and foreign currency fluctuations, all of which the company actively manages within its robust risk management framework.

Financial Highlights

52 data points
Beta

Revenue

$10.64B

Net Income

$2.53B

23.8% Net Margin

EPS (Diluted)

$5.40

Total Assets

$63.19B

Cash & Equivalents

$1.47B

Free Cash Flow

$3.78B

Financial Statements
Beta
Revenue$10.64B
SG&A Expenses$940.70M
Operating Expenses$5.80B
Operating Income$4.85B
Net Income$2.53B
EPS (Basic)$5.41
EPS (Diluted)$5.40
Shares Outstanding (Basic)467.92M
Shares Outstanding (Diluted)468.76M

Key Highlights

  • 1Total revenues grew 5% year-over-year to $10.64 billion for the year ended December 31, 2025.
  • 2Property operations, comprising 97% of total revenue, increased by 4%, driven by tenant billings growth (colocations and escalations) and strong performance in the Data Centers segment (+14%).
  • 3The company maintained a strong liquidity position with $11.1 billion in available liquidity as of December 31, 2025.
  • 4Key top tenants by revenue include T-Mobile (18%), AT&T (17%), and Verizon Wireless (14%), highlighting customer concentration risk.
  • 5The company is actively managing legal disputes with AT&T Mexico and DISH, which represent significant tenant revenue.
  • 6Divestitures of non-core assets, such as South Africa Fiber, continue as part of a portfolio optimization strategy.
  • 7The company expects continued growth driven by mobile data consumption and 5G deployment, while actively managing a strong balance sheet and pursuing strategic capital allocation.

Frequently Asked Questions

For the year ended December 31, 2025, American Tower Corporation reported a 5% increase in total revenues to $10.64 billion. The core property operations segment, accounting for 97% of total revenue, saw a 4% increase, primarily driven by growth in tenant billings. The Data Centers segment experienced a notable 14% revenue increase.

Revenue growth is primarily driven by an increase in tenant billings, which includes revenue from colocations (leasing additional space on existing sites), lease amendments, contractual rent escalations (net of churn), and revenue from newly acquired or constructed sites. Growth in the Data Centers segment is also a key contributor, fueled by new lease commencements, customer expansions, and increased interconnection services.

American Tower maintained a strong financial position, reporting $11.1 billion in available liquidity as of December 31, 2025. The company actively managed its debt through various financing transactions, including note offerings and credit facility amendments, to enhance financial flexibility. Its leverage ratios remained within covenants, indicating good credit health.

Key risks include a substantial portion of revenue derived from a small number of customers (T-Mobile, AT&T, Verizon), which makes the company sensitive to changes in their financial strength or business operations. Other risks include increasing competition, potential changes in wireless technology that could reduce demand for tower space, foreign currency fluctuations impacting international operations, and ongoing legal disputes with significant customers like AT&T Mexico and DISH.

The company anticipates continued growth driven by fundamental industry trends such as the rapid increase in mobile data consumption, the ongoing deployment of 4G and 5G technologies, and network densification. These factors are expected to sustain demand for its communications infrastructure. The company also sees growth potential in its Data Centers segment, driven by demand for hybrid-cloud, multi-cloud, and AI-related workloads.