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AMT logoAmerican Tower Corporation(AMT)Earnings, Financials & Key Ratios

AMT•NYSE•REIT / Real Estate
$178.12
$82.98B mkt cap·33.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustrySpecialty REITsSub-IndustryDigital Infrastructure REITs
AboutAmerican Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.Show more
  • Revenue$10.65B+5.1%
  • FFO$4.59B+4.8%
  • FFO/Share9.78+4.6%
  • FFO Payout68.78%-2.0%
  • FFO per Share9.78+4.6%
  • NOI Margin73.68%-1.2%
  • FFO Margin43.12%-0.3%
  • ROE25.29%+15.0%
  • ROA4.07%+14.7%
  • Debt/Assets71.16%-1.1%
  • Net Debt/EBITDA6.27-0.8%
  • Book Value/Share22.07+7.1%
Analysis→Technical→

AMT Key Insights

American Tower Corporation (AMT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.0%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 27.4% TTM
  • ✓Sustainable FFO payout ratio of 68.8%
  • ✓11 consecutive years of dividend growth
  • ✓High NOI margin of 73.7%

✗Weaknesses

  • ✗High debt to equity ratio of 4.3x
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AMT Price & Volume

American Tower Corporation (AMT) stock price & volume — 10-year historical chart

Loading chart...

AMT Growth Metrics

American Tower Corporation (AMT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years8.36%
5 Years5.77%
3 Years3.34%
TTM2.72%

Profit CAGR

10 Years13.96%
5 Years8.39%
3 Years12.73%
TTM57.58%

EPS CAGR

10 Years14.35%
5 Years7.3%
3 Years12.16%
TTM59.13%

Return on Capital

10 Years6.77%
5 Years6.5%
3 Years7.31%
Last Year8.62%

AMT Recent Earnings

American Tower Corporation (AMT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 28, 2026
EPS
$1.84
Est $1.60
+15.0%
Revenue
$2.7B
Est $2.7B
+3.1%
Q1 2026
Feb 24, 2026
EPS
$1.75
Est $1.48
+18.2%
Revenue
$2.7B
Est $2.7B
+1.9%
Q4 2025
Oct 28, 2025
EPS
$2.78
Est $2.62
+6.1%
Revenue
$2.7B
Est $2.7B
+0.9%
Q3 2025
Jul 29, 2025
EPS
$2.60
Est $2.60
+0.0%
Revenue
$2.6B
Est $2.7B
-1.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.84vs $1.60+15.0%
$2.7Bvs $2.7B+3.1%
Q1 2026Feb 24, 2026
$1.75vs $1.48+18.2%
$2.7Bvs $2.7B+1.9%
Q4 2025Oct 28, 2025
$2.78vs $2.62+6.1%
$2.7Bvs $2.7B+0.9%
Q3 2025Jul 29, 2025
$2.60vs $2.60+0.0%
$2.6Bvs $2.7B-1.2%
Based on last 12 quarters of dataView full earnings history →

AMT Peer Comparison

American Tower Corporation (AMT) competitors in Digital Infrastructure REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CCI logoCCICrown Castle Inc.Direct Competitor38.88B89.1087.35-35.06%25.13%7.39%
SBAC logoSBACSBA Communications CorporationDirect Competitor23.06B217.3822.185.06%35.66%4.63%
UNIT logoUNITUniti Group Inc.Direct Competitor2.73B11.502.3691.49%56.8%342.98%26.35
IRM logoIRMIron Mountain IncorporatedProduct Competitor39.18B131.70268.7812.22%3.76%
LUMN logoLUMNLumen Technologies, Inc.Product Competitor9.51B9.23-5.27-5.39%-14.34%-79.42%3.9%
TMUS logoTMUST-Mobile US, Inc.Product Competitor210.32B194.3519.998.49%11.65%17.82%4.92%2.07
VZ logoVZVerizon Communications Inc.Supply Chain199.66B47.3411.662.52%12.43%16.42%10.08%1.90
T logoTAT&T Inc.Supply Chain181.06B25.938.532.71%16.92%16.85%10.74%1.35

Compare AMT vs Peers

American Tower Corporation (AMT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CCI

Most directly comparable listed peer for AMT.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare AMT against a more recognizable public peer.

Peer Set

Compare Top 5

vs CCI, SBAC, UNIT, IRM

AMT Income Statement

American Tower Corporation (AMT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue6.66B7.44B7.58B8.04B9.36B9.65B10.01B10.13B10.65B10.82B
Revenue Growth %15.18%11.65%1.88%6.08%16.36%3.08%3.8%1.15%5.11%2.72%
Property Operating Expenses2.05B2.18B2.21B2.23B2.68B2.57B2.56B2.57B2.8B2.88B
Net Operating Income (NOI)
4.61B▲ 0%
5.26B▲ 14.1%
5.37B▲ 2.0%
5.81B▲ 8.3%
6.67B▲ 14.8%
7.08B▲ 6.0%
7.45B▲ 5.3%
7.55B▲ 1.4%
7.84B▲ 3.9%
7.94B▲ 0%
NOI Margin %69.18%70.73%70.79%72.3%71.34%73.36%74.42%74.58%73.68%73.37%
Operating Expenses2.61B3.36B2.68B2.93B3.54B4.34B4.33B3.04B2.96B3.15B
G&A Expenses639.9M733.2M733.2M778.7M811.6M902.1M946M933.4M944.2M943.2M
EBITDA3.71B4.02B4.47B4.77B5.46B6.09B6.21B6.64B6.94B6.87B
EBITDA Margin %55.74%53.98%58.93%59.31%58.4%63.18%62.04%65.58%65.21%63.51%
Depreciation & Amortization1.72B2.11B1.78B1.88B2.33B3.36B3.09B2.12B2.06B2.08B
D&A / Revenue %25.75%28.37%23.46%23.41%24.93%34.78%30.83%20.98%19.36%19.26%
Operating Income
2B▲ 0%
1.91B▼ 4.7%
2.69B▲ 41.1%
2.89B▲ 7.4%
3.13B▲ 8.5%
2.74B▼ 12.6%
3.13B▲ 14.1%
4.52B▲ 44.5%
4.88B▲ 8.1%
4.79B▲ 0%
Operating Margin %29.99%25.6%35.47%35.91%33.47%28.39%31.22%44.6%45.85%44.24%
Interest Expense750.8M825.6M814.2M793.5M870.9M1.14B1.39B1.4B1.02B3M
Interest Coverage2.67x2.40x3.35x3.30x4.25x2.84x2.10x3.58x3.99x-
Non-Operating Income-7.3M-75.2M-42.2M272.9M-568.3M-483.4M208M-512.8M818.5M162.3M
Pretax Income
1.26B▲ 0%
1.15B▼ 8.1%
1.92B▲ 66.0%
1.82B▼ 5.0%
2.83B▲ 55.4%
2.09B▼ 26.3%
1.53B▼ 26.7%
3.62B▲ 137.0%
3.04B▼ 16.0%
3.39B▲ 0%
Pretax Margin %18.85%15.52%25.28%22.65%30.24%21.63%15.27%35.79%28.6%31.35%
Income Tax30.7M-110.1M-200K129.6M261.8M112.8M90.8M366.3M415.7M424.9M
Effective Tax Rate %2.44%-9.54%-0.01%7.12%9.25%5.41%5.94%10.11%13.66%12.53%
Net Income
1.24B▲ 0%
1.24B▼ 0.2%
1.89B▲ 52.7%
1.69B▼ 10.4%
2.57B▲ 51.9%
1.77B▼ 31.2%
1.48B▼ 16.0%
2.25B▲ 52.0%
2.53B▲ 12.2%
2.88B▲ 0%
Net Margin %18.59%16.62%24.9%21.02%27.44%18.31%14.81%22.27%23.76%26.6%
Net Income Growth %29.53%-0.2%52.69%-10.45%51.88%-31.23%-16%52.03%12.19%57.58%
Funds From Operations (FFO)
2.95B▲ 0%
3.35B▲ 13.3%
3.67B▲ 9.5%
3.57B▼ 2.5%
4.9B▲ 37.2%
5.12B▲ 4.5%
4.57B▼ 10.8%
4.38B▼ 4.2%
4.59B▲ 4.8%
4.96B▲ 0%
FFO Margin %44.34%44.99%48.36%44.43%52.37%53.09%45.64%43.25%43.12%45.86%
FFO Growth %19.05%13.28%9.53%-2.54%37.15%4.5%-10.76%-4.16%4.81%568.59%
FFO per Share6.847.568.238.0110.8111.079.789.369.7810.63
FFO Payout Ratio %36.31%39.54%43.72%53.97%46.34%51.37%64.54%70.21%68.78%48.14%
EPS (Diluted)
2.67▲ 0%
2.79▲ 4.5%
4.24▲ 52.0%
3.79▼ 10.6%
5.66▲ 49.3%
3.82▼ 32.5%
3.18▼ 16.8%
4.82▲ 51.6%
5.39▲ 11.8%
6.16▲ 0%
EPS Growth %34.85%4.49%51.97%-10.61%49.34%-32.51%-16.75%51.57%11.83%59.13%
EPS (Basic)2.692.814.273.815.693.833.184.835.40-
Diluted Shares Outstanding431.69M442.96M445.52M446.1M453.29M462.75M467.16M468.12M469.14M466.83M

AMT Balance Sheet

American Tower Corporation (AMT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets33.21B33.01B42.8B47.23B69.89B67.19B66.03B61.08B63.19B63.19B
Asset Growth %7.56%-0.61%29.66%10.35%47.96%-3.85%-1.74%-7.5%3.46%3.83%
Real Estate & Other Assets950.1M962.6M406.4M400.1M400.9M3.56B5.26B4.28B4.96B13.16B
PP&E (Net)11.1B11.25B19.44B20.6B29.01B28.92B19.79B27.15B28.78B20.36B
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets2.04B2.39B2.55B2.91B3.73B3.62B3.71B3.18B2.49B2.74B
Cash & Equivalents802.1M1.21B1.5B1.75B1.95B2.03B1.75B2B1.47B1.47B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets224.6M174.4M134.2M194.7M474M228.2M989.7M234.6M369.7M130.4M
Intangible Assets11.78B11.17B12.32B13.84B20.73B17.98B16.52B14.47B14.53B14.53B
Total Liabilities25.26B26.11B36.21B42.45B60.82B54.79B55.16B51.43B52.84B52.84B
Total Debt20.21B21.16B31.06B36.71B52.01B47.05B46.31B43.95B44.96B45.13B
Net Debt19.4B19.95B29.56B34.97B50.06B45.02B44.55B41.95B43.49B43.66B
Long-Term Debt19.43B18.41B21.13B28.5B38.69B34.16B35.73B32.81B33.8B33.83B
Short-Term Borrowings774.8M2.75B2.93B789.8M4.57B4.51B3.07B3.69B3.97B3.39B
Capital Lease Obligations007B7.42B8.75B8.38B7.51B7.45B7.19B30.44B
Total Current Liabilities2.51B4.69B5.49B3.66B9.07B8.31B7.25B7.08B3.97B6.91B
Accounts Payable142.9M130.8M148.1M139.1M272.4M218.6M251.3M240.8M0259.8M
Deferred Revenue268.8M304.1M294.3M390.6M1.2B439.7M433.8M329.2M325M325M
Other Liabilities1.91B1.97B1.8B1.98B2.65B2.74B3.58B2.89B6.11B3.49B
Total Equity
7.95B▲ 0%
6.9B▼ 13.2%
6.59B▼ 4.6%
4.78B▼ 27.4%
9.07B▲ 89.7%
12.41B▲ 36.8%
10.87B▼ 12.4%
9.65B▼ 11.2%
10.36B▲ 7.3%
10.36B▲ 0%
Equity Growth %-1.4%-13.2%-4.6%-27.42%89.72%36.81%-12.44%-11.2%7.32%17.69%
Shareholders Equity6.24B5.34B5.06B4.09B5.08B5.57B4.2B3.38B3.65B3.65B
Minority Interest1.71B1.57B1.53B687M3.99B6.84B6.67B6.27B6.7B6.7B
Common Stock4.4M4.5M4.5M4.6M4.7M4.8M4.8M4.8M4.8M4.8M
Additional Paid-in Capital10.25B10.38B10.12B10.47B12.24B14.69B14.87B15.06B15.22B15.22B
Retained Earnings-1.06B-1.2B-1.02B-1.34B-1.14B-2.1B-3.64B-4.42B-5.09B-5.09B
Preferred Stock0000000000
Return on Assets (ROA)3.87%3.73%4.98%3.76%4.38%2.58%2.23%3.55%4.07%4.53%
Return on Equity (ROE)15.47%16.64%27.99%29.74%37.08%16.44%12.75%21.98%25.29%27.44%
Debt / Assets60.83%64.1%72.57%77.72%74.42%70.02%70.13%71.96%71.16%71.42%
Debt / Equity2.54x3.06x4.72x7.68x5.73x3.79x4.26x4.56x4.34x4.34x
Net Debt / EBITDA5.22x4.97x6.62x7.33x9.16x7.39x7.17x6.32x6.27x6.27x
Book Value per Share18.4315.5914.7810.7220.0126.8123.2620.6122.0722.18

AMT Cash Flow Statement

American Tower Corporation (AMT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations2.93B3.75B3.75B3.88B4.82B3.7B4.72B5.29B5.46B5.46B
Operating CF Growth %8.21%28.12%0.11%3.43%24.18%-23.31%27.76%12.03%3.28%22.31%
Operating CF / Revenue %43.9%50.38%49.5%48.27%51.51%38.32%47.17%52.24%51.33%50.5%
Net Income1.23B1.26B1.92B1.69B2.57B1.7B1.37B2.28B2.63B2.88B
Depreciation & Amortization1.72B2.11B1.8B1.88B2.33B3.36B3.09B2.12B2.04B2.07B
Stock-Based Compensation108.5M137.5M111.4M120.8M119.5M169.3M195.7M203.6M174.2M179.2M
Other Non-Cash Items314.6M552.3M234.3M632.9M-260.7M331M1.07B1.02B786.3M691M
Working Capital Changes-352.2M-14M-250.4M-423.6M102.1M-1.62B-813.9M-386.5M-166.6M-357.3M
Cash from Investing-2.8B-2.75B-3.99B-4.78B-20.69B-2.36B-1.7B410.6M-1.71B-1.87B
Acquisitions (Net)-2.01B-1.88B-2.96B-3.8B-19.3B-549M-168M2.04B-306.1M-215.3M
Purchase of Investments0-1.15B-355.9M0-25M00000
Sale of Investments14.7M1.25B383.5M19.6M14.3M19.6M17.3M253.2M00
Other Investing-5M-52.8M-64.2M26.6M-900K47.8M253.3M-288.4M274.8M141.2M
Cash from Financing-113M-607.7M521.7M1.22B16.42B-1.42B-3.1B-5.45B-4.36B-4.31B
Dividends Paid-1.16B-1.34B-1.6B-1.93B-2.27B-2.63B-2.95B-3.07B-3.16B-2.39B
Common Dividends-1.07B-1.32B-1.6B-1.93B-2.27B-2.63B-2.95B-3.07B-3.16B-2.39B
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K-1000K-1000K-1000K-2M
Share Repurchases-766.3M-232.8M-19.6M-56M0-18.8M00-364.6M-540.8M
Other Financing344M507.4M-536.1M-952.4M2.55B3.05B-186.9M-504.6M-504.3M-1.25B
Net Change in Cash
18.4M▲ 0%
350M▲ 1802.2%
273.1M▼ 22.0%
283.4M▲ 3.8%
481.9M▲ 70.0%
-202.6M▼ 142.0%
-47.3M▲ 76.7%
14.8M▲ 131.3%
-503M▼ 3498.6%
-501.3M▲ 0%
Exchange Rate Effect6.7M-41.1M-13.7M-28.7M-70.3M-120.4M23.2M-233.9M101.3M108.2M
Cash at Beginning936.5M954.9M1.3B1.58B1.86B2.34B2.14B2.09B2.11B1.61B
Cash at End954.9M1.3B1.58B1.86B2.34B2.14B2.09B2.11B1.61B1.74B
Free Cash Flow
2.12B▲ 0%
2.84B▲ 33.6%
2.76B▼ 2.6%
2.85B▲ 3.2%
3.44B▲ 20.8%
1.82B▼ 47.1%
2.92B▲ 60.4%
3.7B▲ 26.5%
3.78B▲ 2.2%
3.77B▲ 0%
FCF Growth %4.99%33.61%-2.6%3.2%20.83%-47.07%60.45%26.54%2.25%-0.18%
FCF / Revenue %31.84%38.11%36.43%35.44%36.8%18.9%29.21%36.54%35.54%34.85%

AMT Key Ratios

American Tower Corporation (AMT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share6.847.568.238.0110.8111.079.789.369.7810.63
FFO Payout Ratio36.31%39.54%43.72%53.97%46.34%51.37%64.54%70.21%68.78%48.14%
NOI Margin69.18%70.73%70.79%72.3%71.34%73.36%74.42%74.58%73.68%73.37%
Net Debt / EBITDA5.22x4.97x6.62x7.33x9.16x7.39x7.17x6.32x6.27x6.27x
Debt / Assets60.83%64.1%72.57%77.72%74.42%70.02%70.13%71.96%71.16%71.42%
Interest Coverage2.67x2.40x3.35x3.30x4.25x2.84x2.10x3.58x3.99x-
Book Value / Share18.4315.5914.7810.7220.0126.8123.2620.6122.0722.18
Revenue Growth15.18%11.65%1.88%6.08%16.36%3.08%3.8%1.15%5.11%2.72%

AMT SEC Filings & Documents

American Tower Corporation (AMT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Mar 10, 2026·SEC

Material company update

Mar 5, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 28, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Jul 29, 2025·SEC

AMT Frequently Asked Questions

American Tower Corporation (AMT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

American Tower Corporation (AMT) reported $10.82B in revenue for fiscal year 2025. This represents a 61698% increase from $17.5M in 1997.

American Tower Corporation (AMT) grew revenue by 5.1% over the past year. This is steady growth.

Yes, American Tower Corporation (AMT) is profitable, generating $2.88B in net income for fiscal year 2025 (23.8% net margin).

Dividend & Returns

Yes, American Tower Corporation (AMT) pays a dividend with a yield of 3.78%. This makes it attractive for income-focused investors.

American Tower Corporation (AMT) has a return on equity (ROE) of 25.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

American Tower Corporation (AMT) generated Funds From Operations (FFO) of $4.96B in the trailing twelve months. FFO is the primary profitability metric for REITs.

American Tower Corporation (AMT) offers a 3.78% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More AMT

American Tower Corporation (AMT) financial analysis — history, returns, DCA and operating performance tools

Full AMT Stock Analysis

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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