The company is a real estate investment trust that owns, operates and develops multitenant communications sites, leasing space to wireless service providers, broadcasters, government agencies and other tenants, and also operates data center facilities leased primarily to enterprises, network operators and cloud providers. It reports results across property segments covering the United States and Canada, Africa and Asia-Pacific, Europe and Latin America, along with separate Data Centers and Services segments, the latter providing site application, zoning, permitting, structural analysis and construction management support. Its property portfolio includes owned and leased towers, distributed antenna system networks, managed rooftop sites, fiber and other telecommunications property interests, and operating data center facilities located across multiple countries in North America, Africa, Asia-Pacific, Europe and Latin America.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 10,645 | 10,127 | 10,012 | 6 |
| · Property | 10,305 | 9,934 | 9,869 | |
| · Services | 340 | 194 | 143 | |
| Selling, general and administrative | 941 | 933 | 946 | 1 |
| Impairments | 101 | 69 | 280 | |
| Total operating expenses | 5,799 | 5,611 | 6,887 | |
| Operating income | 4,846 | 4,516 | 3,126 | |
| Interest expense | — | — | 1,398 | 1 |
| Other income (expense), net | (1,802) | (892) | (1,596) | |
| Income before income taxes | 3,044 | 3,625 | 1,529 | 1 |
| Income tax provision | 416 | 366 | 91 | 1 |
| Net income incl. noncontrolling interests | 2,628 | 2,280 | 1,367 | |
| Less: noncontrolling interests | 99 | 25 | (116) | |
| Net income attributable to common | 2,530 | 2,255 | 1,483 | 2 |
| Diluted earnings per share | $5.40 | $4.82 | $3.18 | |
| Weighted-average diluted shares | 469 | 468 | 467 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 2,628 | 2,280 | 1,367 | |
| Share-based compensation | 174 | 204 | 196 | 1 |
| Deferred income taxes | 42 | 52 | (182) | |
| Change in receivables | 62 | 103 | 34 | |
| Change in payables | (66) | 48 | (12) | |
| Net cash provided by operating activities | 5,464 | 5,290 | 4,722 | 3 |
| Capital expenditure | 1,680 | 1,590 | 1,798 | 1 |
| Acquisitions, net of cash | 454 | 123 | 168 | |
| Net cash used in investing activities | (1,860) | 411 | (1,696) | |
| Dividends paid | 3,181 | 3,027 | 3,007 | 1 |
| Repurchases of common stock | 365 | 0 | 0 | 1 |
| Net cash used in financing activities | (4,208) | (5,452) | (3,097) | |
| Cash and equivalents at end of period | 1,605 | 2,108 | 2,093 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 1,475 | 2,000 | |
| Receivables, net | 650 | 540 | 1 |
| Total current assets | 2,742 | 3,179 | |
| Goodwill | 12,256 | 11,768 | 1 |
| Intangible assets, net | 14,531 | 14,474 | |
| Total assets | 63,190 | 61,077 | 1 |
| Accounts payable | 260 | 241 | |
| Current debt | 3,388 | 3,693 | |
| Total current liabilities | 6,914 | 7,076 | |
| Long-term debt | 33,832 | 32,809 | |
| Total liabilities | 52,835 | 51,429 | |
| Stockholders' equity | 3,652 | 3,382 | |
| Noncontrolling interests | 6,703 | 6,266 | |
| Total equity | 10,355 | 9,649 |
| Segments · as filed in the segment note · $ millions | U.S. & Canada | Latin America | Africa & APAC | Data Centers | Europe | Corporate / other | Consolidated |
|---|---|---|---|---|---|---|---|
| Net sales | 5,588 | 1,643 | 1,423 | 1,053 | 938 | — | 10,645 |
| Assets | 26,798 | 8,416 | 4,147 | 10,704 | 12,850 | 275 | 63,190 |
Not shown: Selling, general & administrative, Operating income. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Property | 10,305 | 96.8% |
| Services | 340 | 3.2% |
| Total revenues, as filed | 10,645 | 100.0% |
Product lines sum to the filed total.
More than 16 regions on this axis; not read.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Net cash used in investing activities · CF | (1,860) | 411 | −2,271 | -552.6% | ◐ outsized |
| Total assets · BS | 63,190 | 61,077 | +2,113 | +3.5% | — |
| Total liabilities · BS | 52,835 | 51,429 | +1,406 | +2.7% | — |
| Net cash used in financing activities · CF | (4,208) | (5,452) | +1,244 | +22.8% | — |
| Long-term debt · BS | 33,832 | 32,809 | +1,023 | +3.1% | — |
| Other income (expense), net · IS | (1,802) | (892) | −910 | -102.0% | ◐ outsized |
| Total equity · BS | 10,355 | 9,649 | +706 | +7.3% | — |
| Income before income taxes · IS | 3,044 | 3,625 | −581 | -16.0% | — |
| Cash and cash equivalents · BS | 1,475 | 2,000 | −525 | -26.2% | — |
| Total revenues · IS | 10,645 | 10,127 | +518 | +5.1% | — |
| Cash and equivalents at end of period · CF | 1,605 | 2,108 | −503 | -23.9% | — |
| Goodwill · BS | 12,256 | 11,768 | +488 | +4.1% | — |
| Total current assets · BS | 2,742 | 3,179 | −437 | -13.7% | — |
| Noncontrolling interests · BS | 6,703 | 6,266 | +437 | +7.0% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 71.9% sector median 7.4% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -0.2% sector median +0.0% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 10.19 sector median 0.71 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 28.6% sector median 23.6% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 2,563 | 2,627 | 2,717 | 2,738 | 2,749 |
| Selling, general and administrative | 238 | 234 | 233 | 257 | 234 |
| Total operating expenses | 1,309 | 1,429 | 1,484 | 1,498 | 1,480 |
| Operating income | 1,254 | 1,198 | 1,233 | 1,239 | 1,269 |
| Interest expense | 325 | 343 | 347 | 347 | 354 |
| Other income (expense), net | (637) | (686) | (283) | (221) | (260) |
| Income before income taxes | 618 | 512 | 950 | 1,018 | 1,009 |
| Income tax provision | 119 | 131 | 37 | 140 | 122 |
| Net income incl. noncontrolling interests | 499 | 380 | 913 | 878 | 888 |
| Less: noncontrolling interests | 10 | 14 | 59 | 19 | 20 |
| Net income attributable to common | 489 | 367 | 853 | 860 | 868 |
| Diluted earnings per share | $1.04 | $0.78 | $1.82 | $1.84 | $1.86 |
| Weighted-average diluted shares | 469 | 469 | 469 | 467 | 466 |
| Net cash provided by operating activities | 1,295 | — | — | 1,401 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 1,295 | 1,401 | +106 | +8.2% |
| Other income (expense), net | (221) | (260) | −39 | -17.6% |
| Operating income | 1,239 | 1,269 | +30 | +2.4% |
| Selling, general and administrative | 257 | 234 | −23 | -8.9% |
| Total operating expenses | 1,498 | 1,480 | −18 | -1.2% |
| Income tax provision | 140 | 122 | −18 | -12.9% |
| Total revenues | 2,738 | 2,749 | +11 | +0.4% |
| Net income incl. noncontrolling interests | 878 | 888 | +10 | +1.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $103,400M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 5 filings · 1 buys / 3 sells | net selling · −$703,358 |
| · Meyer Robert Joseph | SELL $894,450 | Form 4 filed 2026-07-31 · open market |
| · Kalathur Rajesh | BUY $500,733 | Form 4 filed 2026-08-25 · open market |
| · Dowling Ruth T | SELL $193,506 | Form 4 filed 2026-07-30 · open market |
| · Dowling Ruth T | SELL $116,135 | Form 4 filed 2026-07-30 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Ruth T. Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and Secretary | October 29, 2025 · 5,679 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from American Tower's Form 10-K for FY2025 (accession 0001053507-26-000035), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AMT is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.