The company maintains strong operating leverage with NOI margins consistently hovering near 73.9% as of 2026Q1, despite revenue growth volatility that saw a shift from -9.6% in 2025Q1 to 6.8% in 2026Q1.
| 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 |
|---|
| Revenue | 10.82B | 10.65B | 10.13B | 10.01B | 9.65B | 9.36B | 8.04B | 7.58B | 7.44B | 6.66B | 5.79B | 4.77B | 4.1B | 3.36B | 2.88B | 2.44B | 1.99B | 1.72B | 1.59B | 1.46B | 1.32B | 944.79M | 706.66M | 715.14M | 788.42M | 1.13B | 735.27M | 258.08M | 103.54M | 17.51M |
| Revenue Growth % | 2.72% | 5.11% | 1.15% | 3.8% | 3.08% | 16.36% | 6.08% | 1.88% | 11.65% | 15.18% | 21.25% | 16.38% | 21.97% | 16.88% | 17.7% | 23.08% | 15.15% | 8.2% | 9.4% | 10.57% | 39.44% | 33.7% | -1.19% | -9.29% | -30.49% | 54.25% | 184.9% | 149.25% | 491.39% | - |
| Property Operating Expenses | 2.88B | 2.8B | 2.57B | 2.56B | 2.57B | 2.68B | 2.23B | 2.21B | 2.18B | 2.05B | 1.79B | 1.31B | 1.09B | 858.33M | 720.72M | 620.96M | 474.59M | 416.38M | 389.86M | 359.62M | 343.54M | 318.13M | 256.11M | 311.67M | 446.21M | 848.04M | 524.07M | 155.86M | 61.75M | 8.71M |
| Net Operating Income (NOI) | 7.94B | 7.84B | 7.55B | 7.45B | 7.08B | 6.67B | 5.81B | 5.37B | 5.26B | 4.61B | 4B | 3.46B | 3.01B | 2.5B | 2.16B | 1.82B | 1.51B | 1.31B | 1.2B | 1.1B | 973.85M | 626.66M | 450.55M | 403.48M | 342.21M | 286.15M | 211.2M | 102.22M | 41.79M | 8.8M |
| NOI Margin % | 73.37% | 73.68% | 74.58% | 74.42% | 73.36% | 71.34% | 72.3% | 70.79% | 70.73% | 69.18% | 69.1% | 72.61% | 73.36% | 74.47% | 74.94% | 74.59% | 76.1% | 75.85% | 75.53% | 75.31% | 73.92% | 66.33% | 63.76% | 56.42% | 43.4% | 25.23% | 28.72% | 39.61% | 40.36% | 50.23% |
| Operating Expenses | 3.15B | 2.96B | 3.04B | 4.33B | 4.34B | 3.54B | 2.93B | 2.68B | 3.36B | 2.61B | 2.14B | 1.85B | 1.52B | 1.29B | 1.04B | 902.44M | 726.37M | 635.48M | 596.89M | 718.61M | 687.38M | 449.23M | 380.79M | 371.99M | 437.86M | 475.48M | 312.83M | 143.28M | 69.94M | 7.86M |
| G&A Expenses | 943.2M | 944.2M | 933.4M | 946M | 902.1M | 811.6M | 778.7M | 733.2M | 733.2M | 639.9M | 545.83M | 499.89M | 448.38M | 417.09M | 329.06M | 288.82M | 229.77M | 201.69M | 180.37M | 186.48M | 159.32M | 37.98M | 27.47M | 26.87M | 24.35M | 26.48M | 14.96M | 9.14M | 17.87M | 1.54M |
| EBITDA | 6.87B | 6.94B | 6.64B | 6.21B | 6.09B | 5.46B | 4.77B | 4.47B | 4.02B | 3.71B | 3.38B | 2.9B | 2.49B | 2.01B | 1.76B | 1.48B | 1.25B | 1.09B | 1.01B | 909.08M | 824.24M | 633.89M | 472.06M | 437.5M | 250.19M | 270.29M | 197.38M | 95.59M | 25.81M | 7.45M |
| EBITDA Margin % | 63.51% | 65.21% | 65.58% | 62.04% | 63.18% | 58.4% | 59.31% | 58.93% | 53.98% | 55.74% | 58.4% | 60.74% | 60.75% | 59.93% | 61.34% | 60.39% | 62.72% | 63.04% | 63.51% | 62.41% | 62.57% | 67.09% | 66.8% | 61.18% | 31.73% | 23.83% | 26.84% | 37.04% | 24.93% | 42.53% |
| Depreciation & Amortization | 2.08B | 2.06B | 2.12B | 3.09B | 3.36B | 2.33B | 1.88B | 1.78B | 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 | 456.47M | 402.31M | 406.01M | 345.83M | 459.62M | 299.02M | 136.65M | 53.95M | 6.51M |
| D&A / Revenue % | 19.26% | 19.36% | 20.98% | 30.83% | 34.78% | 24.93% | 23.41% | 23.46% | 28.37% | 25.75% | 26.37% | 26.94% | 24.48% | 23.8% | 22.4% | 22.73% | 23.21% | 24.05% | 25.44% | 36.44% | 40.82% | 48.31% | 56.93% | 56.77% | 43.86% | 40.52% | 40.67% | 52.95% | 52.11% | 37.2% |
| Operating Income | 4.79B | 4.88B | 4.52B | 3.13B | 2.74B | 3.13B | 2.89B | 2.69B | 1.91B | 2B | 1.85B | 1.61B | 1.49B | 1.21B | 1.12B | 920.13M | 784.38M | 672.26M | 606.75M | 378.36M | 286.47M | 177.43M | 69.75M | 31.49M | -95.64M | -189.33M | -101.63M | -41.06M | -28.14M | 932.71K |
| Operating Margin % | 44.24% | 45.85% | 44.6% | 31.22% | 28.39% | 33.47% | 35.91% | 35.47% | 25.6% | 29.99% | 32.03% | 33.8% | 36.27% | 36.12% | 38.93% | 37.66% | 39.51% | 38.99% | 38.08% | 25.98% | 21.75% | 18.78% | 9.87% | 4.4% | -12.13% | -16.69% | -13.82% | -15.91% | -27.18% | 5.33% |
| Interest Expense | 3M | 1.02B | 1.4B | 1.39B | 1.14B | 870.9M | 793.5M | 814.2M | 825.6M | 750.8M | 718.29M | 584.74M | 569.69M | 436.06M | 387.41M | 311.85M | 246.02M | 249.8M | 253.58M | 14.21M | 14.21M | 14.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.99x | 3.58x | 2.10x | 2.84x | 4.25x | 3.30x | 3.35x | 2.40x | 2.67x | 2.57x | 2.87x | 2.54x | 2.30x | 2.85x | 2.63x | 3.27x | 2.69x | 2.47x | 26.63x | 20.16x | 12.47x | - | - | - | - | - | - | - | - |
| Non-Operating Income | 162.3M | 818.5M | -512.8M | 208M | -483.4M | -568.3M | 272.9M | -42.2M | -75.2M | -7.3M | 8.8M | -66.3M | 39.5M | 212.78M | 15.28M | 99.91M | -19.15M | 968K | -18.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 3.39B | 3.04B | 3.62B | 1.53B | 2.09B | 2.83B | 1.82B | 1.92B | 1.15B | 1.26B | 1.13B | 829.96M | 865.7M | 541.75M | 701.29M | 506.89M | 556.02M | 421.49M | 371.92M | 152.84M | 70.86M | -127.47M | -314.14M | -308.63M | -379.4M | -566.88M | -249.95M | -49.14M | -42.44M | -2.05M |
| Pretax Margin % | 31.35% | 28.6% | 35.79% | 15.27% | 21.63% | 30.24% | 22.65% | 25.28% | 15.52% | 18.85% | 19.46% | 17.39% | 21.11% | 16.12% | 24.38% | 20.74% | 28.01% | 24.45% | 23.34% | 10.49% | 5.38% | -13.49% | -44.45% | -43.16% | -48.12% | -49.98% | -33.99% | -19.04% | -40.99% | -11.7% |
| Income Tax | 424.9M | 415.7M | 366.3M | 90.8M | 112.8M | 261.8M | 129.6M | -200K | -110.1M | 30.7M | 155.5M | 157.96M | 62.51M | 59.54M | 107.3M | 125.08M | 182.49M | 182.56M | 135.51M | 59.81M | 41.77M | 4M | -80.18M | -66.14M | -64.63M | -116.79M | -59.66M | 214K | -4.49M | -472.67K |
| Effective Tax Rate % | 12.53% | 13.66% | 10.11% | 5.94% | 5.41% | 9.25% | 7.12% | -0.01% | -9.54% | 2.44% | 13.81% | 19.03% | 7.22% | 10.99% | 15.3% | 24.68% | 32.82% | 43.31% | 36.43% | 39.13% | 58.94% | -3.14% | 25.52% | 21.43% | 17.04% | 20.6% | 23.87% | -0.44% | 10.58% | 23.07% |
| Net Income | 2.88B | 2.53B | 2.25B | 1.48B | 1.77B | 2.57B | 1.69B | 1.89B | 1.24B | 1.24B | 956.42M | 685.07M | 824.91M | 551.33M | 637.28M | 392.69M | 372.94M | 246.59M | 347.25M | 56.32M | 27.48M | -171.59M | -247.59M | -303.42M | -1.14B | -450.09M | -194.63M | -50.73M | -46.84M | -2.27M |
| Net Margin % | 26.6% | 23.76% | 22.27% | 14.81% | 18.31% | 27.44% | 21.02% | 24.9% | 16.62% | 18.59% | 16.53% | 14.36% | 20.12% | 16.4% | 22.16% | 16.07% | 18.78% | 14.3% | 21.79% | 3.87% | 2.09% | -18.16% | -35.04% | -42.43% | -144.83% | -39.68% | -26.47% | -19.66% | -45.24% | -12.96% |
| Net Income Growth % | 57.58% | 12.19% | 52.03% | -16% | -31.23% | 51.88% | -10.45% | 52.69% | -0.2% | 29.53% | 39.61% | -16.95% | 49.62% | -13.49% | 62.29% | 5.3% | 51.23% | -28.99% | 516.6% | 104.9% | 116.02% | 30.7% | 18.4% | 73.43% | -153.7% | -131.26% | -283.68% | -8.29% | -1963.56% | - |
| Funds From Operations (FFO) | 4.96B | 4.59B | 4.38B | 4.57B | 5.12B | 4.9B | 3.57B | 3.67B | 3.35B | 2.95B | 2.48B | 1.97B | 1.83B | 1.35B | 1.28B | 948.2M | 833.66M | 661.21M | 752.58M | 587.03M | 565.25M | 284.88M | 154.72M | 102.59M | -796.05M | 9.52M | 104.39M | 85.92M | 7.11M | 4.24M |
| FFO Margin % | 45.86% | 43.12% | 43.25% | 45.64% | 53.09% | 52.37% | 44.43% | 48.36% | 44.99% | 44.34% | 42.9% | 41.29% | 44.6% | 40.21% | 44.56% | 38.8% | 41.99% | 38.35% | 47.23% | 40.3% | 42.91% | 30.15% | 21.89% | 14.35% | -100.97% | 0.84% | 14.2% | 33.29% | 6.87% | 24.24% |
| FFO Growth % | 568.59% | 4.81% | -4.16% | -10.76% | 4.5% | 37.15% | -2.54% | 9.53% | 13.28% | 19.05% | 25.97% | 7.75% | 35.31% | 5.46% | 35.16% | 13.74% | 26.08% | -12.14% | 28.2% | 3.85% | 98.42% | 84.13% | 50.81% | 112.89% | -8460.09% | -90.88% | 21.5% | 1108.1% | 67.58% | - |
| FFO per Share | 10.63 | 9.78 | 9.36 | 9.78 | 11.07 | 10.81 | 8.01 | 8.23 | 7.56 | 6.84 | 5.78 | 4.66 | 4.57 | 3.39 | 3.21 | 2.37 | 2.06 | 1.62 | 1.80 | 1.38 | 1.30 | 0.94 | 0.69 | 0.49 | -4.07 | 0.05 | 0.62 | 0.57 | 0.09 | 0.02 |
| FFO Payout Ratio % | 48.14% | 68.78% | 70.21% | 64.54% | 51.37% | 46.34% | 53.97% | 43.72% | 39.54% | 36.31% | 35.7% | 36.08% | 22.13% | 32.16% | 27.75% | 14.53% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.64% | 0.46% | 5.53% | 0% |
| EPS (Diluted) | 6.16 | 5.39 | 4.82 | 3.18 | 3.82 | 5.66 | 3.79 | 4.24 | 2.79 | 2.67 | 1.98 | 1.41 | 2.00 | 1.38 | 1.60 | 0.99 | 0.92 | 0.61 | 0.84 | 0.13 | 0.06 | -0.57 | -1.10 | -1.46 | -5.84 | -2.35 | -1.15 | -0.34 | -0.59 | -0.01 |
| EPS Growth % | 59.13% | 11.83% | 51.57% | -16.75% | -32.51% | 49.34% | -10.61% | 51.97% | 4.49% | 34.85% | 40.43% | -29.5% | 44.93% | -13.75% | 61.62% | 7.61% | 50.82% | -27.38% | 546.15% | 116.67% | 110.53% | 48.18% | 24.66% | 75% | -148.51% | -104.35% | -238.24% | 42.37% | - | - |
| EPS (Basic) | - | 5.40 | 4.83 | 3.18 | 3.83 | 5.69 | 3.81 | 4.27 | 2.81 | 2.69 | 2.00 | 1.42 | 2.02 | 1.40 | 1.61 | 1.00 | 0.93 | 0.62 | 0.88 | 0.14 | 0.06 | -0.57 | -1.10 | -1.46 | -5.84 | -2.35 | -1.15 | -0.34 | -0.59 | -0.01 |
| Diluted Shares Outstanding | 466.83M | 469.14M | 468.12M | 467.16M | 462.75M | 453.29M | 446.1M | 445.52M | 442.96M | 431.69M | 429.28M | 423.02M | 400.09M | 399.15M | 399.29M | 400.2M | 404.07M | 406.95M | 418.36M | 426.08M | 436.22M | 302.51M | 224.34M | 208.1M | 195.45M | 191.59M | 168.72M | 149.75M | 79.79M | 275.32M |
Carrier CAPEX spending deceleration
As reported in recent financial filings, American Tower's revenue growth has exhibited significant volatility, shifting from a 4.6% increase in 2024Q2 to a 6.8% expansion by 2026Q1, suggesting that organic growth drivers are currently struggling to overcome the impact of recent international divestitures and carrier consolidation.
The revenue trajectory appears increasingly dependent on the company's ability to drive colocation rates rather than relying on new site builds. Investors should monitor whether the recent pivot away from the Indian market provides a sustainable margin floor or if it permanently impairs the company's long-term volume growth potential.
Based on the provided income statement data, American Tower maintains a robust NOI margin profile, consistently hovering near 74% throughout the 2026Q1 period, which underscores the inherent operating leverage of the macro-tower business model where incremental tenant additions flow directly to the property-level bottom line.
The stability of these margins suggests that the company has successfully managed its ground lease costs and property-level expenses despite inflationary pressures. However, the slight fluctuations in margin performance may indicate that the integration of data center assets is introducing a different, potentially more complex, cost structure than the legacy tower portfolio.
According to the company's reported figures, FFO per share has experienced extreme swings, including a notable contraction to -0.60 in 2024Q3 before recovering to 2.90 in 2026Q1, which warrants further investigation into the non-recurring items and accounting adjustments currently impacting the headline earnings metrics.
The wide variance in FFO suggests that investors should look past headline figures to understand the impact of FX translation and potential impairment charges on the reported earnings quality. The recovery in recent quarters appears to be a stabilization effort, yet the sustainability of this growth remains contingent on the company's ability to manage its debt service costs in a higher interest rate environment.
As evidenced by the significant gap between Net Income and AFFO in recent periods, American Tower's earnings quality is heavily influenced by massive depreciation charges, which may mask the true cash-generating capacity required to maintain the global portfolio of 219,000 sites against ongoing technological obsolescence.
The reliance on AFFO as a primary metric is essential, but the volatility in this figure suggests that the company's capital expenditure requirements for maintenance and upgrades are substantial. Investors should be cautious of the potential for capitalized leasing commissions and tenant improvements to inflate cash flow metrics, potentially overstating the actual discretionary capital available for dividend growth.
Quick answers to the most common questions about buying AMT stock.
For fiscal year 2025, American Tower Corporation (AMT) reported total revenue of $10.65B. This represents a 60699.7% increase compared to $17.5M in 1997.
American Tower Corporation (AMT) is profitable, generating $2.53B in net income for the fiscal year ending 2025 with a net profit margin of 23.8%.
American Tower Corporation (AMT) reported an operating income of $4.88B, resulting in an operating profit margin of 45.8%. This margin reflects the operational efficiency of the business before interest and taxes.
American Tower Corporation (AMT) generated $7.84B in gross profit for the year, representing a gross profit margin of 73.7%. This demonstrates the company's core pricing power and production efficiency.