AMT American Tower FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-24 · 469M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · REAL ESTATE · CIK 1053507
REVENUE$10.6B+5.1% YoY
NET INCOME$2.5B+12.2% YoY
OPERATING CASH FLOW$5.5B+3.3% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$3.8B+2.3% YoY
57
FILING SCORE / 100
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How the score is computed: 7 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 7/14 on claims and 9/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
MIXED14 CHECKS · 1 red · 3 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues10,64510,12710,0126
· Property revenue10,3059,9349,869
· Service340194143
Selling, general and administrative9419339461
Impairments10169280
Total operating expenses5,7995,6116,887
Operating income4,8464,5163,126
Interest expense——1,3981
Other income (expense), net(1,802)(892)(1,596)
Income before income taxes3,0443,6251,5291
Income tax provision416366911
Net income incl. noncontrolling interests2,6282,2801,367
Less: noncontrolling interests9925(116)
Net income attributable to common2,5302,2551,4832
Diluted earnings per share$5.40$4.82$3.18
Weighted-average diluted shares4694684671
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests2,6282,2801,367
Share-based compensation1742041961
Deferred income taxes4252(182)
Change in receivables6210334
Change in payables(66)48(12)
Net cash provided by operating activities5,4645,2904,7223
Capital expenditure1,6801,5901,7981
Acquisitions, net of cash454123168
Net cash used in investing activities(1,860)411(1,696)
Dividends paid3,1813,0273,0071
Repurchases of common stock365001
Net cash used in financing activities(4,208)(5,452)(3,097)
Cash and equivalents at end of period1,6052,1082,093
Balance sheet · $ millions20252024
Cash and cash equivalents1,4752,000
Receivables, net6505401
Total current assets2,7423,179
Goodwill12,25611,7681
Intangible assets, net14,53114,474
Total assets63,19061,0771
Accounts payable260241
Current debt3,3883,693
Total current liabilities6,9147,076
Long-term debt33,83232,809
Total liabilities52,83551,429
Stockholders' equity3,6523,382
Noncontrolling interests6,7036,266
Total equity10,3559,649
Segments · as filed in the segment note · $ millionsProperty US and canadaProperty data centersProperty latin americaProperty africa APACProperty europeConsolidated
Net sales6321521182410936

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Net cash used in investing activities · CF(1,860)411−2,271-552.6%◐ outsized
Total assets · BS63,19061,077+2,113+3.5%—
Total liabilities · BS52,83551,429+1,406+2.7%—
Net cash used in financing activities · CF(4,208)(5,452)+1,244+22.8%—
Long-term debt · BS33,83232,809+1,023+3.1%—
Other income (expense), net · IS(1,802)(892)−910-102.0%◐ outsized
Total equity · BS10,3559,649+706+7.3%—
Income before income taxes · IS3,0443,625−581-16.0%—
Cash and cash equivalents · BS1,4752,000−525-26.2%—
Total revenues · IS10,64510,127+518+5.1%—
Cash and equivalents at end of period · CF1,6052,108−503-23.9%—
Goodwill · BS12,25611,768+488+4.1%—
Total current assets · BS2,7423,179−437-13.7%—
Noncontrolling interests · BS6,7036,266+437+7.0%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
71.9%
sector median 7.1%
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 0.69
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
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 · $ millionsDEC 24MAR 25JUN 25SEP 25MAR 26
Total revenues2,5482,5632,6272,7172,738
Selling, general and administrative—238234233257
Total operating expenses—1,3091,4291,4841,498
Operating income1,0801,2541,1981,2331,239
Interest expense—325343347347
Other income (expense), net—(637)(686)(283)(221)
Income before income taxes—6185129501,018
Income tax provision—11913137140
Net income incl. noncontrolling interests—499380913878
Less: noncontrolling interests—10145919
Net income attributable to common1,230489367853860
Diluted earnings per share$2.62$1.04$0.78$1.82$1.84
Weighted-average diluted shares—469469469467
Net cash provided by operating activities—1,295——1,401
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities1,2951,401+106+8.2%
Income tax provision37140+103+278.4%
Income before income taxes9501,018+68+7.2%
Other income (expense), net(283)(221)+62+21.9%
Less: noncontrolling interests5919−40-67.8%
Net income incl. noncontrolling interests913878−35-3.8%
Selling, general and administrative233257+24+10.3%
Total revenues2,7172,738+21+0.8%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$103,400M10-K cover · as of 2025-06-30
Insider Form 4s, 90d5 filings · 0 buys / 3 sellsnet selling · −$1,204,091
· Meyer Robert JosephSELL $894,450Form 4 filed 2026-07-31 · open market
· Dowling Ruth TSELL $193,506Form 4 filed 2026-07-30 · open market
· Dowling Ruth TSELL $116,135Form 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 adoptedRuth T. Dowling, Executive Vice President, Chief Administrative Officer, General Counsel and SecretaryOctober 29, 2025 · 5,679 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.