Earnings quality is obscured by significant depreciation, evidenced by an FFO-to-Net Income ratio of 1.67 in 2026Q1 and substantial quarterly capital expenditures that often exceed $400 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 5.57B | 5.46B | 5.29B | 4.72B | 3.7B | 4.82B | 3.88B | 3.75B | 3.75B | 2.93B | 2.7B | 2.18B | 2.13B | 1.6B | 1.41B | 1.17B | 1.02B | 842.13M | 773.26M | 692.68M | 620.74M | 397.2M | 216.7M | 156.39M | 105.15M | 26.07M | -25.04M | 97.01M | 18.43M | 9.91M |
| Operating CF Growth % | 22.31% | 3.28% | 12.03% | 27.76% | -23.31% | 24.18% | 3.43% | 0.11% | 28.12% | 8.21% | 23.85% | 2.27% | 33.49% | 13.06% | 21.31% | 14.2% | 21.24% | 8.91% | 11.63% | 11.59% | 56.28% | 83.3% | 38.57% | 48.73% | 303.33% | 204.11% | -125.81% | 426.4% | 85.91% | - |
| Operating CF / Revenue % | 51.48% | 51.33% | 52.24% | 47.17% | 38.32% | 51.51% | 48.27% | 49.5% | 50.38% | 43.9% | 46.73% | 45.75% | 52.06% | 47.57% | 49.18% | 47.72% | 51.43% | 48.84% | 48.53% | 47.55% | 47.12% | 42.04% | 30.67% | 21.87% | 13.34% | 2.3% | -3.41% | 37.59% | 17.8% | 56.62% |
| Net Income | 2.88B | 2.63B | 2.28B | 1.37B | 1.7B | 2.57B | 1.69B | 1.92B | 1.26B | 1.23B | 970.36M | 672.01M | 803.2M | 482.21M | 594.02M | 381.84M | 373.61M | 247.13M | 347.25M | 56.32M | 27.48M | -171.59M | -247.59M | -303.42M | -1.14B | -450.09M | -194.63M | -50.73M | -46.84M | -2.27M |
| Depreciation & Amortization | 2.07B | 2.04B | 2.12B | 3.09B | 3.36B | 2.33B | 1.88B | 1.8B | 2.11B | 1.72B | 1.53B | 1.29B | 1B | 800.14M | 644.28M | 555.52M | 460.73M | 414.62M | 405.33M | 530.72M | 537.77M | 458.83M | 402.31M | 389.06M | 335.04M | 459.62M | 299.02M | 136.65M | 53.69M | 6.51M |
| Stock-Based Compensation | 179.2M | 174.2M | 203.6M | 195.7M | 169.3M | 119.5M | 120.8M | 111.4M | 137.5M | 108.5M | 89.9M | 90.54M | 80.15M | 68.14M | 51.98M | 47.44M | 52.55M | 60.67M | 54.81M | 54.6M | 15.93M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 691M | 786.3M | 1.02B | 1.07B | 331M | -260.7M | 632.9M | 234.3M | 552.3M | 314.6M | 194.56M | 262.7M | 88.78M | 296.54M | 101.22M | 186.8M | 35.31M | 186.25M | -107.07M | -6.25M | 53.81M | 130.37M | 188.97M | 50.38M | 955.73M | 154.9M | 37.93M | 5.07M | 13.69M | 995.48K |
| Working Capital Changes | -357.3M | -166.6M | -386.5M | -813.9M | -1.62B | 102.1M | -423.6M | -250.4M | -14M | -352.2M | -103.81M | -135.29M | 157.27M | -18.5M | -6.41M | -62.5M | -89.55M | -63.4M | -19.57M | 36.05M | -31.8M | -10.02M | -34.55M | -35.27M | 24.04M | -17.94M | -106.48M | 8.08M | 2.38M | 4.53M |
| Cash from Investing | -1.87B | -1.71B | 410.6M | -1.7B | -2.36B | -20.69B | -4.78B | -3.99B | -2.75B | -2.8B | -2.11B | -7.74B | -1.95B | -5.17B | -2.56B | -2.79B | -1.3B | -543.07M | -274.94M | -186.18M | -129.11M | -80.53M | -45.22M | -56.01M | -115.26M | -1.45B | -2.01B | -1.14B | -350.38M | -216.78M |
| Acquisitions (Net) | -215.3M | -306.1M | 2.04B | -168M | -549M | -19.3B | -3.8B | -2.96B | -1.88B | -2.01B | -1.42B | -1.96B | -1.01B | -4.46B | -2B | -2.32B | -899.61M | -295.6M | -42.82M | -43.96M | 21.05M | -14.75M | -37.35M | -95.08M | -56.36M | -812.78M | -1.37B | -588.38M | -208.72M | -184.08M |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -25M | 0 | -355.9M | -1.15B | 0 | -750K | -1.02B | -1.4B | -427.27M | -352.31M | -42.59M | -52.2M | -6.3M | 0 | 0 | -6.88M | 0 | 31.99M | 0 | 109.35M | -55.36M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 253.2M | 17.3M | 19.6M | 14.3M | 19.6M | 383.5M | 1.25B | 14.7M | 13.06M | 1.03B | 1.43B | 421.71M | 374.68M | 69.97M | 21.72M | 9.1M | 5.37M | 22.16M | 6.88M | 0 | 2.78M | 0 | 7.67M | 1.68M | 0 | 0 | 0 | 0 |
| Other Investing | 141.2M | 274.8M | -288.4M | 253.3M | 47.8M | -900K | 26.6M | -64.2M | -52.8M | -5M | -20.87M | -5.06B | -4.02M | 18.51M | -14.76M | 25.5M | -24.16M | -6.3M | 5.99M | -10M | -23.06M | 22.85M | -456K | 100.67M | 4.58M | -10.69M | -93.67M | -255.07M | -15.21M | -12.09M |
| Cash from Financing | -4.31B | -4.36B | -5.45B | -3.1B | -1.42B | 16.42B | 1.22B | 521.7M | -607.7M | -113M | -99.29M | 5.59B | -134.59M | 3.53B | 1.17B | 1.09B | 910.33M | -194.94M | -388.17M | -754.64M | -323.06M | -419.53M | -61.39M | -122.2M | 101.44M | 1.37B | 2.09B | 879.73M | 513.53M | 209.09M |
| Dividends Paid | -2.39B | -3.16B | -3.07B | -2.95B | -2.63B | -2.27B | -1.93B | -1.6B | -1.34B | -1.16B | -993.24M | -795.5M | -420.64M | -434.69M | -355.57M | -137.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -667K | -396K | 0 | 0 |
| Common Dividends | -2.39B | -3.16B | -3.07B | -2.95B | -2.63B | -2.27B | -1.93B | -1.6B | -1.32B | -1.07B | -886.1M | -710.9M | -404.63M | -434.69M | -355.57M | -137.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -667K | -396K | -393K | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -540.8M | -364.6M | 0 | 0 | -18.8M | 0 | -56M | -19.6M | -232.8M | -766.3M | 0 | 0 | -59.11M | -145.01M | -62.73M | -437.4M | -430.62M | -213.29M | -714.65M | -1.64B | -306.86M | -68.93M | 0 | 0 | 0 | 0 | 0 | 0 | -303.12M | 0 |
| Other Financing | -1.25B | -504.3M | -504.6M | -186.9M | 3.05B | 2.55B | -952.4M | -536.1M | 507.4M | 344M | 212.07M | 852.18M | -28.12M | 1.83B | 94.53M | 211.44M | 125.75M | 49.55M | 78.94M | -49.09M | -3.39M | -9.51M | 128.95M | -209.48M | 88.41M | -93.89M | -85.07M | -66.59M | -238.85M | 126M |
| Net Change in Cash | -501.3M | -503M | 14.8M | -47.3M | -202.6M | 481.9M | 283.4M | 273.1M | 350M | 18.4M | 466.48M | 7.19M | 19.92M | -75.04M | 38.43M | -553.77M | 636.67M | 104.22M | 109.95M | -248.14M | 168.56M | -102.86M | 110.09M | -21.83M | 91.33M | -46.08M | 56.83M | -160.96M | 181.58M | 2.22M |
| Exchange Rate Effect | 108.2M | 101.3M | -233.9M | 23.2M | -120.4M | -70.3M | -28.7M | -13.7M | -41.1M | 6.7M | -30.39M | -23.22M | -30.53M | -26.32M | 12.05M | -15M | 6.26M | 98K | -192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.61B | 2.11B | 2.09B | 2.14B | 2.34B | 1.86B | 1.58B | 1.3B | 954.9M | 936.5M | 320.69M | 313.49M | 293.58M | 368.62M | 330.19M | 883.96M | 247.29M | 143.08M | 33.12M | 281.26M | 112.7M | 215.56M | 105.47M | 127.29M | 35.96M | 82.04M | 25.21M | 186.18M | 4.6M | 2.37M |
| Cash at End | 1.74B | 1.61B | 2.11B | 2.09B | 2.14B | 2.34B | 1.86B | 1.58B | 1.3B | 954.9M | 787.16M | 320.69M | 313.49M | 293.58M | 368.62M | 330.19M | 883.96M | 247.29M | 143.08M | 33.12M | 281.26M | 112.7M | 215.56M | 105.47M | 127.29M | 35.96M | 82.04M | 25.21M | 186.18M | 4.6M |
| Free Cash Flow | 3.77B | 3.78B | 3.7B | 2.92B | 1.82B | 3.44B | 2.85B | 2.76B | 2.84B | 2.12B | 2.02B | 1.45B | 1.16B | 874.51M | 846.34M | 642.93M | 674.31M | 591.86M | 529.77M | 538.3M | 493.64M | 308.57M | 174.52M | 94.78M | -75.35M | -542.09M | -574.03M | -197.23M | -108.03M | -10.7M |
| FCF Growth % | -0.18% | 2.25% | 26.54% | 60.45% | -47.07% | 20.83% | 3.2% | -2.6% | 33.61% | 4.99% | 38.97% | 25.35% | 32.67% | 3.33% | 31.64% | -4.65% | 13.93% | 11.72% | -1.58% | 9.05% | 59.98% | 76.81% | 84.13% | 225.79% | 86.1% | 5.56% | -191.05% | -82.58% | -909.42% | - |
| FCF / Revenue % | 34.85% | 35.54% | 36.54% | 29.21% | 18.9% | 36.8% | 35.44% | 36.43% | 38.11% | 31.84% | 34.93% | 30.48% | 28.3% | 26.02% | 29.43% | 26.31% | 33.96% | 34.33% | 33.25% | 36.96% | 37.47% | 32.66% | 24.7% | 13.25% | -9.56% | -47.8% | -78.07% | -76.42% | -104.33% | -61.12% |
Carrier CAPEX spending deceleration
As reported in financial statements, the significant divergence between GAAP Net Income and FFO, which reached a 1.67 ratio in 2026Q1, suggests that non-cash depreciation charges continue to obscure the actual cash-generating capacity of the company's massive global tower portfolio.
The persistent gap between accounting earnings and FFO highlights the capital-intensive nature of the business, where heavy depreciation of tower assets masks the underlying cash flow. Investors should monitor whether this distortion remains stable or if rising maintenance requirements begin to erode the cash-based earnings profile.
Based on the company's reported figures, the dividend payout ratio relative to AFFO has fluctuated significantly, reaching as high as 0.91 in 2025Q2, which suggests that the margin of safety for dividend distributions may be thinner than historical averages would imply.
The volatility in AFFO, particularly the negative figures observed in 2024Q3, indicates that the company's ability to cover its dividend is sensitive to operational disruptions and non-recurring charges. A payout ratio approaching unity warrants further investigation into the sustainability of current dividend growth targets.
According to recent SEC filings, quarterly capital expenditures have remained substantial, often exceeding $400 million, which reflects the ongoing necessity of investing in tenant improvements and site maintenance to preserve the competitive utility of the 219,000-site global footprint.
While the tower model benefits from high operating leverage, the recurring need for capital investment to support 5G densification appears to be a persistent drag on free cash flow. Analysts should distinguish between growth-oriented acquisition spending and the mandatory maintenance capex required to prevent site churn.
As evidenced by the provided data, the conversion of GAAP operating cash flow into FFO has shown erratic trends, with the FFO-to-Net Income ratio swinging from 13.45 in 2023Q4 to 1.67 in 2026Q1, indicating potential instability in the quality of reported earnings.
This volatility suggests that non-recurring items or accounting adjustments are frequently impacting the headline FFO, making it difficult to rely on a single quarter as a proxy for normalized performance. Investors should monitor these conversion metrics to determine if the underlying cash flow quality is truly improving or merely reflecting accounting noise.
Quick answers to the most common questions about buying AMT stock.
American Tower Corporation (AMT) generated $5.46B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Tower Corporation (AMT) generated $3.78B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
American Tower Corporation (AMT) spent $1.68B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, American Tower Corporation (AMT) returned $3.16B to shareholders via cash dividends and spent $364.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.