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AMERICAN TOWER CORP /MA/ 8-K Report, Financial Results (Feb 24, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 24, 2026
Period End
February 24, 2026
Security
AMT
In the record · 2016–202610-K1110-Q328-K268

AMT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 268 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’18Nov ’18
  2. Material agreement8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Mar ’23Mar ’23
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.

American Tower (AMT) reported Q4 and full-year 2025 results on February 24, 2026, alongside its 2026 outlook.

Full-year 2025 total revenue rose 5.1% to $10,645 milliona and Adjusted EBITDA grew 4.7% to $7,130 million. Net income attributable to common stockholders rose 12.2% to $2,530 million, but that comparison is flattered by the prior year's $1.2 billion loss on the India (ATC TIPL) sale. Core operating momentum was solid: FY2025 Organic Tenant Billings grew 5.1%, and AFFO attributable to common stockholders per share, as adjusted, rose 8.0% to $10.76.

Reported AFFO per share growth was 2.1% because of the 2024 divestiture effects. Growth quality is mixed. Non-cash straight-line revenue fell sharply, from $277.6 million in 2024 to $101.0 millionb in 2025, and foreign currency swung to an $809.4 million loss in 2025 from a $308.3 million gain in 2024.

Q4 2025 was flattered by a larger share of non-recurring items, and Q4 AFFO grew 13.1% largely on lower straight-line and FX effects. Balance sheet metrics improved: net leverage was 4.9x at year-end, and the company describes this as a return to its target range. It repurchased roughly 2 million shares in Q4 for about $365 millionc and retains about $1.6 billion under its buyback authorization.

Liquidity was approximately $11.1 billiond. For 2026, management guides to total property revenue of $10.44 to $10.59 billion (about 2.0% midpoint growth), Adjusted EBITDA of $7.09 to $7.16 billion (roughly flat, -0.1%), and AFFO per share of $10.78 to $10.95 (about 1.0% growth). Management expects a more than 2% headwind from lower straight-line revenue.

Organic Tenant Billings growth is guided to roughly 1%, with Data Centers property revenue growth of about 12.5% and capex of $1.80 to $1.91 billion. Investors should weigh strong secular demand against near-flat 2026 earnings growth and continued reliance on non-cash and FX-driven items.

02—Key points

Key Highlights

  1. FY2025 total revenue up 5.1% to $10,645M; Adjusted EBITDA up 4.7% to $7,130M with a 67.0% margin.
  2. FY2025 AFFO per share, as adjusted, up 8.0% to $10.76; reported AFFO per share up only 2.1% due to 2024 divestiture effects.
  3. Net income attributable to common stockholders up 12.2% to $2,530M, but inflated by the lapping of the prior-year $1.2B India loss; FX swung to an $809M loss from a $308M gain.
  4. 2026 guidance points to only about 1% AFFO per share growth and roughly flat Adjusted EBITDA, with over 2% headwind from lower straight-line revenue.
  5. Data Centers segment guided to about 12.5% property revenue growth in 2026, the strongest segment outlook, while U.S. & Canada revenue is guided down about 3%.
  6. Net leverage of 4.9x at year-end 2025; liquidity of about $11.1B; Q4 buybacks of about $365M with about $1.6B remaining authorization.
  7. FY2025 distributions of $6.80 per share, up 4.9% year over year; capex of about $1.7B in 2025 and $1.8–1.9B guided for 2026.

03—Questions

Frequently Asked Questions

  1. How did American Tower perform in fiscal 2025?

    Revenue rose 5.1% to $10.6B and Adjusted EBITDA rose 4.7% to $7.1B. AFFO per share, as adjusted, grew 8.0% to $10.76. Reported net income grew 15.3%, though that figure is distorted by 2024 India divestiture charges and 2025 FX losses.

  2. What is the 2026 outlook?

    Management guides to total property revenue of $10.44–10.59B (about 2% midpoint growth), Adjusted EBITDA of $7.09–7.16B (about flat), and AFFO per share of $10.78–10.95 (about 1% growth). Lower straight-line revenue is a headwind of more than 2%.

  3. Why does the reported growth look different from the underlying growth?

    Reported 2025 AFFO per share grew only 2.1% because the 2024 base included discontinued India operations. The company's as-adjusted figure, which removes the interest savings effect of divestiture proceeds, grew 8.0%. Straight-line revenue declines and FX swings also distort reported comparisons.

  4. How strong is the balance sheet and capital return program?

    Net leverage is 4.9x, which management says is back within its target range. Liquidity is about $11.1B. The company repurchased about $365M of stock in Q4 2025 and has about $1.6B remaining under its buyback program. The quarterly distribution was $1.70 per share, and the company has about $3.2B in annual distributions.

  5. Which segments are driving growth?

    Data Centers is the fastest-growing segment, with 2026 property revenue guided to about 12.5% growth on $695M of development spend. Africa & APAC and Europe are guided to about 8.6% and 10.9% growth, respectively. U.S. & Canada is guided down about 3%, largely due to straight-line revenue declines.

04—Continue

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