Revenue growth remains stagnant, fluctuating between -9.3% and 3.6% over the last ten quarters, while net margins frequently dip into negative territory, including a -1.9% margin 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 | Dec'96 |
|---|
| Sales/Revenue | 730.9M | 727.98M | 729.08M | 762.22M | 725.75M | 602.71M | 455.44M | 438.72M | 451.21M | 481.19M | 457M | 355.37M | 336.35M | 292.33M | 741.37M | 759.2M | 619.14M | 241.7M | 207.34M | 186.74M | 155.36M | 102.28M | 83.96M | 78.86M | 70.81M | 83.66M | 76.57M | 84M | 94.6M | 117.6M | 206M |
| Revenue Growth % | 1.29% | -0.15% | -4.35% | 5.03% | 20.41% | 32.33% | 3.81% | -2.77% | -6.23% | 5.29% | 28.6% | 5.66% | 15.06% | -60.57% | -2.35% | 22.62% | 156.16% | 16.57% | 11.03% | 20.2% | 51.89% | 21.82% | 6.46% | 11.38% | -15.36% | 9.26% | -8.84% | -11.21% | -19.56% | -42.91% | 11.59% |
| Cost of Goods Sold | 238.67M | 456.28M | 316.12M | 330.07M | 328.66M | 285.38M | 195.73M | 190.59M | 187.51M | 195.24M | 183.67M | 134.17M | 117.74M | 106.75M | 337.07M | 290.76M | 232.06M | 73.38M | 38.37M | 32.76M | 45.88M | 25.68M | 30.63M | 31.45M | 37.37M | 37.7M | 26.11M | 40.2M | 46.4M | 77.6M | 110.1M |
| COGS % of Revenue | - | 62.68% | 43.36% | 43.3% | 45.29% | 47.35% | 42.98% | 43.44% | 41.56% | 40.57% | 40.19% | 37.75% | 35% | 36.52% | 45.47% | 38.3% | 37.48% | 30.36% | 18.5% | 17.54% | 29.53% | 25.11% | 36.48% | 39.88% | 52.78% | 45.07% | 34.1% | 47.86% | 49.05% | 65.99% | 53.45% |
| Gross Profit | 310.01M | 271.7M | 412.95M | 432.15M | 397.09M | 317.33M | 259.71M | 248.13M | 263.7M | 285.95M | 273.33M | 221.2M | 218.61M | 185.58M | 404.3M | 468.44M | 387.08M | 168.32M | 168.98M | 153.98M | 109.48M | 76.6M | 53.33M | 47.41M | 33.44M | 45.96M | 50.46M | 43.8M | 48.2M | 40M | 95.9M |
| Gross Margin % | 42.42% | 37.32% | 56.64% | 56.7% | 54.71% | 52.65% | 57.02% | 56.56% | 58.44% | 59.43% | 59.81% | 62.25% | 65% | 63.48% | 54.53% | 61.7% | 62.52% | 69.64% | 81.5% | 82.46% | 70.47% | 74.89% | 63.52% | 60.12% | 47.23% | 54.93% | 65.9% | 52.14% | 50.95% | 34.01% | 46.55% |
| Gross Profit Growth % | - | -34.21% | -4.44% | 8.83% | 25.13% | 22.18% | 4.67% | -5.9% | -7.78% | 4.62% | 23.57% | 1.18% | 17.8% | -54.1% | -13.69% | 21.02% | 129.97% | -0.39% | 9.74% | 40.65% | 42.91% | 43.63% | 12.49% | 41.78% | -27.24% | -8.92% | 15.21% | -9.13% | 20.5% | -58.29% | -1.34% |
| Operating Expenses | 455.38M | 228.08M | 413.75M | 418.97M | 389.14M | 332.36M | 250.53M | 234.75M | 225.19M | 224.25M | 200.32M | 138.25M | 130.08M | 119.59M | 312.22M | 412.38M | 335.04M | 91.47M | 99.45M | 86.82M | 56.49M | 39.61M | 13.08M | 12.95M | 15.55M | 12.21M | 21.56M | 19.8M | 16.7M | 21.9M | 45.1M |
| OpEx % of Revenue | - | 31.33% | 56.75% | 54.97% | 53.62% | 55.14% | 55.01% | 53.51% | 49.91% | 46.6% | 43.83% | 38.9% | 38.67% | 40.91% | 42.11% | 54.32% | 54.11% | 37.84% | 47.97% | 46.49% | 36.36% | 38.73% | 15.58% | 16.42% | 21.96% | 14.59% | 28.15% | 23.57% | 17.65% | 18.62% | 21.89% |
| Selling, General & Admin | 227.12M | 228.08M | 237.11M | 251.23M | 231.81M | 188.28M | 139.01M | 139.26M | 139.47M | 137.32M | 124.34M | 81.36M | 78.84M | 70.85M | 206.74M | 308.29M | 258.31M | 52.58M | 43M | 38.66M | 31.98M | 22.5M | 12.22M | 12.08M | 14.69M | 11.36M | 12.61M | 13.3M | 11.5M | 15.9M | 22.5M |
| SG&A % of Revenue | - | 31.33% | 32.52% | 32.96% | 31.94% | 31.24% | 30.52% | 31.74% | 30.91% | 28.54% | 27.21% | 22.89% | 23.44% | 24.24% | 27.89% | 40.61% | 41.72% | 21.75% | 20.74% | 20.7% | 20.58% | 22% | 14.55% | 15.32% | 20.75% | 13.58% | 16.46% | 15.83% | 12.16% | 13.52% | 10.92% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73.03M | 74.61M | 60.41M | 39.58M | 30.95M | 27.91M | 40.02M | 0 | 0 | 0 | 24.93M | 23.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 16.19% | 15.51% | 13.22% | 11.14% | 9.2% | 9.55% | 5.4% | - | - | - | 12.02% | 12.34% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 36.85M | 43.62M | -795K | 13.18M | 7.94M | -15.03M | 9.18M | 13.38M | 61.02M | 55.47M | 50.8M | 78.59M | 85.58M | 64.36M | 99.46M | 55.25M | 38.28M | 69.69M | 69.52M | 67.16M | 52.99M | 36.99M | 40.25M | 34.46M | 17.89M | 33.75M | 28.9M | 24M | 31.5M | 18.1M | 50.8M |
| Operating Margin % | 5.04% | 5.99% | -0.11% | 1.73% | 1.09% | -2.49% | 2.02% | 3.05% | 13.52% | 11.53% | 11.12% | 22.12% | 25.44% | 22.02% | 13.42% | 7.28% | 6.18% | 28.83% | 33.53% | 35.96% | 34.11% | 36.17% | 47.94% | 43.7% | 25.27% | 40.34% | 37.75% | 28.57% | 33.3% | 15.39% | 24.66% |
| Operating Income Growth % | - | 5586.29% | -106.03% | 65.89% | 152.86% | -263.68% | -31.37% | -78.08% | 10.01% | 9.2% | -35.37% | -8.16% | 32.96% | -35.29% | 80.02% | 44.32% | -45.07% | 0.24% | 3.52% | 26.75% | 43.24% | -8.1% | 16.8% | 92.61% | -46.99% | 16.77% | 20.43% | -23.81% | 74.03% | -64.37% | -5.93% |
| EBITDA | 138.98M | 181.5M | 145.45M | 167.44M | 156.09M | 95.48M | 97.49M | 102.5M | 146.74M | 142.4M | 126.78M | 135.49M | 136.81M | 113.1M | 204.95M | 159.35M | 115.02M | 108.58M | 101.27M | 93.84M | 78.32M | 54.52M | 54.96M | 46.94M | 28.65M | 43.15M | 37.02M | 29.7M | 35.8M | 23.4M | 70.1M |
| EBITDA Margin % | 19.02% | 24.93% | 19.95% | 21.97% | 21.51% | 15.84% | 21.41% | 23.36% | 32.52% | 29.59% | 27.74% | 38.13% | 40.68% | 38.69% | 27.64% | 20.99% | 18.58% | 44.92% | 48.84% | 50.25% | 50.41% | 53.31% | 65.46% | 59.51% | 40.46% | 51.58% | 48.34% | 35.36% | 37.84% | 19.9% | 34.03% |
| EBITDA Growth % | -2.79% | 24.79% | -13.13% | 7.27% | 63.48% | -2.06% | -4.89% | -30.15% | 3.05% | 12.32% | -6.43% | -0.97% | 20.97% | -44.82% | 28.61% | 38.54% | 5.93% | 7.21% | 7.92% | 19.83% | 43.64% | -0.8% | 17.1% | 63.82% | -33.6% | 16.57% | 24.64% | -17.04% | 52.99% | -66.62% | -3.44% |
| D&A (Non-Cash Add-back) | 102.13M | 137.88M | 146.24M | 154.26M | 148.15M | 110.51M | 88.31M | 89.13M | 85.72M | 86.93M | 75.98M | 56.89M | 51.23M | 48.74M | 105.49M | 104.1M | 76.74M | 38.89M | 31.75M | 26.69M | 25.33M | 17.53M | 14.71M | 12.47M | 10.76M | 9.4M | 8.11M | 5.7M | 4.3M | 5.3M | 19.3M |
| EBIT | 19.7M | 43.62M | -1.42M | 15.15M | 12.36M | -13.07M | 5.44M | 11.08M | 61.72M | 56.39M | 50.74M | 59.38M | 87.38M | 59.26M | 58.51M | 43.15M | 67.14M | 71.45M | 71.73M | 67.16M | 55.3M | 36.36M | 34.15M | 28.99M | 17.89M | 33.75M | 28.9M | 24.03M | 31.54M | 18.1M | 26.8M |
| Net Interest Income | -25.1M | -47.12M | -48.36M | -42.21M | -20.24M | -9.48M | -4.93M | -2.75M | -6.16M | -7.22M | -4.12M | -2.59M | -420K | -11.93M | -13.71M | -16.86M | -9.4M | -2.55M | -1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 430K | 702K | 1.19M | 476K | 174K | 132K | 421K | 2.26M | 1.81M | 1.61M | 1.24M | 588K | 0 | 0 | 406K | 427K | 0 | 0 | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -18.06M | -27.75M | -50.97M | -27.54M | -8.06M | -22.69M | 93K | 6.07M | 53.74M | 47.55M | 46.37M | 56.2M | 86.17M | 46.49M | 91.62M | 42.47M | 57.19M | 67.74M | 68.59M | 69.57M | 51.56M | 35.67M | 35.52M | 28.25M | 22.43M | 23.75M | 26.73M | 21.6M | 31.8M | 15.6M | 31M |
| Pretax Margin % | -2.47% | -3.81% | -6.99% | -3.61% | -1.11% | -3.76% | 0.02% | 1.38% | 11.91% | 9.88% | 10.15% | 15.81% | 25.62% | 15.9% | 12.36% | 5.59% | 9.24% | 28.03% | 33.08% | 37.25% | 33.19% | 34.88% | 42.3% | 35.82% | 31.68% | 28.39% | 34.9% | 25.71% | 33.62% | 13.27% | 15.05% |
| Income Tax | -2.45M | -4.23M | -19.11M | -8.79M | -473K | -1.88M | 801K | 4.11M | 18.87M | -1.34M | 21.61M | 24.14M | 28.15M | 9.54M | 38.46M | 20.57M | 19.61M | 31.16M | 29.55M | 28.93M | 25.54M | 20.8M | 19.49M | 16.01M | 12.94M | 14.56M | 14.4M | 11.9M | 15.9M | 7.7M | 13M |
| Effective Tax Rate % | 13.59% | 15.24% | 37.5% | 31.9% | 5.87% | 8.28% | 861.29% | 67.61% | 35.11% | -2.82% | 46.6% | 42.95% | 32.67% | 20.51% | 41.97% | 48.44% | 34.28% | 46% | 43.09% | 41.58% | 49.53% | 58.31% | 54.87% | 56.66% | 57.7% | 61.3% | 53.89% | 55.09% | 50% | 49.36% | 41.94% |
| Net Income | -9.45M | -14.91M | -26.43M | -14.54M | -5.64M | -22.11M | -14.12M | -10.81M | 19.82M | 31.49M | 12.54M | 16.94M | 48.15M | 311.73M | 48.93M | 21.79M | 38.45M | 35.54M | 34.8M | 37.94M | 23.5M | 13.6M | 12.12M | 12.24M | 9.49M | 9.19M | 12.32M | 9.7M | 15.9M | 7.9M | 18M |
| Net Margin % | -1.29% | -2.05% | -3.62% | -1.91% | -0.78% | -3.67% | -3.1% | -2.46% | 4.39% | 6.54% | 2.74% | 4.77% | 14.32% | 106.64% | 6.6% | 2.87% | 6.21% | 14.7% | 16.78% | 20.32% | 15.13% | 13.29% | 14.43% | 15.53% | 13.4% | 10.99% | 16.1% | 11.55% | 16.81% | 6.72% | 8.74% |
| Net Income Growth % | 67.46% | 43.6% | -81.79% | -157.54% | 74.47% | -56.55% | -30.69% | -154.53% | -37.07% | 151.08% | -25.97% | -64.82% | -84.55% | 537.07% | 124.52% | -43.32% | 8.2% | 2.13% | -8.28% | 61.45% | 72.82% | 12.22% | -1.04% | 29.06% | 3.22% | -25.43% | 27.06% | -38.99% | 101.27% | -56.11% | 4.65% |
| Net Income (Continuing) | -15.61M | -23.52M | -31.85M | -18.75M | -7.58M | -20.81M | -708K | 1.97M | 34.87M | 48.89M | 24.21M | 32.06M | 58.02M | 36.94M | 53.17M | 21.9M | 37.58M | 36.58M | 39.04M | 40.64M | 26.03M | 13.78M | 16.03M | 12.24M | 9.49M | 9.19M | 12.32M | 9.7M | 15.9M | 7.9M | 12.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 88.42M | 196.51M | 182.26M | 182.65M | 188.49M | 173.94M | 108.69M | 129.96M | 127.94M | 141.5M | 132.22M | 81.42M | 60.96M | 56.52M | 60.09M | 58.26M | 45.27M | 26.69M | 32.79M | 27.24M | 25.93M | 21.94M | 19.72M | 19.81M | 20.07M | 21.22M | 21.2M | 20.4M | 18.7M | 16.1M | 15M |
| EPS (Diluted) | -0.62 | -0.98 | -1.74 | -1.25 | -0.67 | -1.39 | -0.89 | 0.12 | 1.24 | 1.95 | 0.78 | 1.05 | 3.01 | 19.71 | 3.13 | 1.41 | 2.48 | 2.32 | 2.28 | 2.48 | 1.72 | 1.08 | 0.40 | 0.39 | 0.30 | 0.73 | 1.00 | 0.82 | 1.29 | 0.27 | 0.24 |
| EPS Growth % | 57.14% | 43.68% | -39.2% | -86.57% | 51.8% | -56.18% | -841.67% | -90.32% | -36.41% | 150% | -25.71% | -65.12% | -84.73% | 529.71% | 121.99% | -43.15% | 6.9% | 1.75% | -8.06% | 44.19% | 59.26% | 170% | 2.56% | 30% | -58.9% | -27% | 21.95% | -36.43% | 377.78% | 12.5% | 9.09% |
| EPS (Basic) | - | -0.98 | -1.74 | -1.25 | -0.67 | -1.39 | -0.89 | 0.12 | 1.24 | 1.95 | 0.78 | 1.06 | 3.03 | 19.85 | 3.15 | 1.42 | 2.51 | 2.33 | 2.29 | 2.50 | 1.73 | 1.09 | 0.40 | 0.39 | 0.30 | 0.74 | 1.00 | 0.82 | 1.30 | 0.27 | 0.24 |
| Diluted Shares Outstanding | 15.28M | 15.26M | 15.23M | 15.6M | 15.75M | 15.87M | 15.92M | 15.98M | 16.04M | 16.21M | 16.23M | 16.14M | 16.01M | 15.82M | 15.62M | 15.49M | 15.48M | 15.34M | 15.27M | 15.3M | 13.67M | 12.57M | 12.56M | 12.59M | 12.68M | 12.53M | 12.28M | 11.79M | 12.31M | 12.27M | 30.68M |
| Basic Shares Outstanding | 15.28M | 15.26M | 15.23M | 15.6M | 15.75M | 15.87M | 15.92M | 15.98M | 15.99M | 16.14M | 16.13M | 16.02M | 15.9M | 15.7M | 15.53M | 15.4M | 15.32M | 15.23M | 15.21M | 15.17M | 13.57M | 12.5M | 12.56M | 12.54M | 12.5M | 12.47M | 12.28M | 11.76M | 12.25M | 12.27M | 30.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 54.84% | 61.06% | 167.17% | 112.57% | 36.32% | 3.88% | 37.79% | 62.88% | 32.69% | 54.59% | 28.82% | 23.3% | 28.22% | 42.1% | 42.26% | 54.27% | 43.89% | 43.43% | 40.51% | 28.87% | 4.4% | - | - |
Geographic and regulatory concentration
According to the provided quarterly data, ATNI's revenue growth remains largely stagnant, fluctuating between -9.3% and 3.6% over the last ten quarters, suggesting that the transition from legacy wholesale roaming to retail fiber-to-the-home services has yet to catalyze a meaningful acceleration in top-line performance.
The lack of consistent revenue growth indicates that the company is struggling to offset the secular decline in its wholesale roaming business with new retail subscriptions. Investors should monitor whether the current fiber deployment in Guyana can eventually drive a breakout in organic growth as the regional economy expands.
As reported in financial statements, ATNI maintains gross margins consistently near 56%, yet net margins have frequently dipped into negative territory, with a -1.9% net margin recorded in 2026Q1, highlighting the difficulty of converting gross profit into bottom-line earnings given the high fixed-cost infrastructure base.
The stability of gross margins suggests that the company possesses some pricing power in its niche markets, but the inability to achieve consistent net profitability implies that operating expenses and depreciation are disproportionately high. This structural burden warrants further investigation into whether the current fiber-to-the-home strategy will eventually yield the operating leverage necessary to improve net margins.
Based on the income statement history, operating income has shown extreme volatility, ranging from a loss of $38.4M in 2024Q3 to a peak of $15.1M in 2025Q4, which suggests that SG&A expenses are not scaling efficiently with the company's revenue base or gross profit generation.
The erratic nature of operating income indicates that the company lacks the operating leverage typically expected from a mature telecommunications provider. The persistent SG&A load appears to be a significant drag on profitability, suggesting that management may need to rationalize its cost structure across its disparate international and domestic segments.
Analysis of the reported figures reveals that net income is frequently impacted by non-operating items and significant quarterly swings, as evidenced by the shift from a $9.0M profit in 2024Q2 to a $32.7M loss in 2024Q3, complicating the assessment of true recurring earnings power.
The frequent divergence between operating income and net income suggests that one-time charges, restructuring costs, or non-controlling interest adjustments are significantly distorting the bottom line. Investors should be cautious in relying on EPS as a primary metric until the company demonstrates a more stable and predictable path to GAAP profitability.
Quick answers to the most common questions about buying ATNI stock.
For fiscal year 2025, ATN International, Inc. (ATNI) reported total revenue of $728.0M. This represents a 253.4% increase compared to $206.0M in 1996.
ATN International, Inc. (ATNI) reported a net loss of $14.9M for the fiscal year ending 2025.
ATN International, Inc. (ATNI) reported an operating income of $43.6M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
ATN International, Inc. (ATNI) generated $271.7M in gross profit for the year, representing a gross profit margin of 37.3%. This demonstrates the company's core pricing power and production efficiency.