American Tower (AMT) Financials

$213.64 +1.78 (+0.84%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$213.55 -0.09 (-0.04%)

As of 04:20 AM Eastern

Annual Income Statements for American Tower

This table shows American Tower's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,255	1,483	1,766	2,568	1,691	1,888	1,227	1,152	849	595
Consolidated Net Income / (Loss)	2,280	1,367	1,697	2,568	1,692	1,917	1,265	1,225	970	672
Net Income / (Loss) Continuing Operations	3,259	1,439	1,973	2,568	1,692	1,917	1,265	1,260	970	672
Total Pre-Tax Income	3,625	1,529	2,086	2,829	1,821	1,916	1,155	1,256	1,126	830
Total Operating Income	4,517	3,126	2,739	3,132	2,888	2,688	1,905	1,998	1,853	1,613
Total Gross Profit	7,553	9,952	7,076	6,675	5,814	5,364	5,262	4,642	3,995	3,463
Total Revenue	10,127	10,012	9,645	9,357	8,042	7,580	7,440	6,664	5,786	4,772
Operating Revenue	10,127	10,012	9,645	-	8,042	7,580	7,440	6,664	5,786	4,772
Total Cost of Revenue	2,574	60	2,569	2,682	2,227	2,217	2,178	2,057	1,790	1,309
Operating Cost of Revenue	2,574	60	2,569	2,682	2,227	2,217	2,178	2,057	1,790	1,309
Total Operating Expenses	3,036	6,827	4,338	3,543	2,927	2,675	3,357	2,609	2,142	1,850
Selling, General & Admin Expense	933	946	902	1,210	1,045	897	1,247	893	617	565
Depreciation Expense	2,029	2,929	3,165	2,333	1,882	1,778	2,111	1,716	1,526	1,285
Other Operating Expenses / (Income)	74	2,872	271	-	-	-	-	-	-	-
Total Other Income / (Expense), net	-892	-1,596	-653	-303	-1,066	-772	-750	-742	-727	-783
Interest Expense	1,405	1,389	1,136	909	865	836	829	820	717	676
Interest & Investment Income	135	119	49	40	40	47	55	46	37	28
Other Income / (Expense), net	378	-326	435	566	-241	18	24	31	-48	-135
Income Tax Expense	366	91	113	262	130	-0.20	-110	31	156	158
Net Income / (Loss) Discontinued Operations	-978	-71	-277	-	-	-	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	25	-116	-69	-0.10	0.90	29	28	-14	14	-13
Basic Earnings per Share	$4.83	$3.18	$3.83	$5.69	$3.81	$4.27	$2.79	$2.69	$2.00	$1.42
Weighted Average Basic Shares Outstanding	467.01M	466.06M	461.52M	451.50M	443.64M	442.32M	439.61M	428.18M	425.14M	418.91M
Diluted Earnings per Share	$4.82	$3.18	$3.82	$5.66	$3.79	$4.24	$2.77	$2.67	$1.98	$1.41
Weighted Average Diluted Shares Outstanding	468.12M	467.16M	462.75M	453.29M	446.10M	445.52M	442.96M	431.69M	429.28M	423.02M
Weighted Average Basic & Diluted Shares Outstanding	467.46M	466.35M	465.65M	455.88M	443.64M	442.91M	439.61M	440.85M	425.14M	419K
Cash Dividends to Common per Share	$6.48	$6.45	$5.86	-	-	-	-	-	-	-

This table shows American Tower's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	489	1,230	-792	900	917	85	587	476	336	-684	840
Consolidated Net Income / (Loss)	499	1,231	-780	908	922	13	577	462	315	-717	820
Net Income / (Loss) Continuing Operations	499	1,000	428	908	922	-113	775	462	315	-440	820
Total Pre-Tax Income	618	1,015	551	1,028	1,031	-138	824	475	368	-393	856
Total Operating Income	1,254	856	1,139	1,284	1,237	563	913	874	776	578	653
Total Gross Profit	1,928	1,558	1,871	2,078	2,046	2,728	2,509	2,755	1,961	1,529	1,835
Total Revenue	2,563	1,871	2,522	2,900	2,834	1,952	2,521	2,772	2,767	1,639	2,672
Total Cost of Revenue	635	312	652	822	788	-776	13	17	806	110	837
Operating Cost of Revenue	635	312	652	822	788	-776	13	17	806	110	837
Total Operating Expenses	674	705	726	796	809	2,165	1,596	1,881	1,186	951	1,182
Selling, General & Admin Expense	238	212	228	234	260	90	220	244	391	56	284
Depreciation Expense	493	419	499	562	549	647	723	765	794	625	898
Other Operating Expenses / (Income)	-56	-	-	-	-	-	626	810	-	-	-
Total Other Income / (Expense), net	-637	159	-589	-256	-206	-701	-89	-399	-407	-972	203
Interest Expense	325	316	357	365	367	343	357	348	340	303	294
Interest & Investment Income	27	5.80	38	44	48	24	33	31	31	6.10	19
Other Income / (Expense), net	-338	472	-275	68	113	-382	235	-81	-98	-675	479
Income Tax Expense	119	15	122	120	109	-25	50	13	53	47	36
Net Income / (Loss) Attributable to Noncontrolling Interest	9.90	0.90	12	8.10	4.30	-72	-9.60	-14	-21	-33	-20
Basic Earnings per Share	$1.05	$2.63	($1.70)	$1.93	$1.97	$0.18	$1.26	$1.02	$0.72	($1.49)	$1.80
Weighted Average Basic Shares Outstanding	467.64M	467.01M	467.20M	467.04M	466.52M	466.06M	466.17M	466.09M	465.74M	461.52M	465.59M
Diluted Earnings per Share	$1.04	$2.63	($1.69)	$1.92	$1.96	$0.18	$1.26	$1.02	$0.72	($1.49)	$1.80
Weighted Average Diluted Shares Outstanding	468.52M	468.12M	468.26M	467.78M	467.66M	467.16M	467.16M	466.98M	466.81M	462.75M	466.80M
Weighted Average Basic & Diluted Shares Outstanding	468.14M	467.46M	467.29M	467.08M	466.98M	466.35M	466.17M	466.16M	466.04M	465.65M	465.61M
Cash Dividends to Common per Share	$1.62	-	$1.62	-	-	-	$1.57	-	-	-	-

This table details how cash moves in and out of American Tower's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	15	-47	-203	482	283	273	350	18	474	-11
Net Cash From Operating Activities	5,291	4,722	3,696	4,820	3,881	3,753	3,748	2,926	2,702	2,167
Net Cash From Continuing Operating Activities	5,291	4,722	3,696	4,820	3,881	3,753	3,748	2,926	2,702	2,167
Net Income / (Loss) Continuing Operations	2,280	1,367	1,697	2,568	1,692	1,917	1,265	1,225	970	672
Consolidated Net Income / (Loss)	2,280	1,367	1,697	2,568	1,692	1,917	1,265	1,225	970	672
Depreciation Expense	2,125	3,087	3,355	2,333	1,882	1,778	2,111	1,716	1,526	1,285
Amortization Expense	54	50	48	40	33	26	22	20	18	6.90
Non-Cash Adjustments To Reconcile Net Income	1,218	1,033	216	-721	709	265	365	317	267	191
Changes in Operating Assets and Liabilities, net	-387	-814	-1,619	600	-435	-233	-14	-352	-79	11
Net Cash From Investing Activities	411	-1,696	-2,355	-20,692	-4,785	-3,988	-2,750	-2,801	-2,102	-7,742
Net Cash From Continuing Investing Activities	411	-1,696	-2,355	-20,692	-4,785	-3,988	-2,750	-2,801	-2,102	-7,742
Purchase of Property, Plant & Equipment	-1,590	-1,798	-1,874	-1,377	-1,032	-991	-913	-804	-683	-729
Acquisitions	-123	-168	-549	-19,304	-3,799	-2,960	-1,881	-2,007	-1,416	-7,021
Divestitures	2,159	0.00	0.00	-	-	-	-	-	-	-
Sale and/or Maturity of Investments	253	17	20	14	20	384	1,252	15	13	1,032
Other Investing Activities, net	-288	253	48	-0.90	27	-64	-53	-5.00	-16	-1.80
Net Cash From Financing Activities	-5,452	-3,097	-1,423	16,425	1,215	522	-608	-113	-99	5,593
Net Cash From Continuing Financing Activities	-5,452	-3,097	-1,423	16,425	1,215	522	-608	-113	-99	5,593
Repayment of Debt	-12,648	-13,375	-9,720	-13,408	-14,120	-9,382	-4,945	-6,600	-5,120	-6,505
Repurchase of Common Equity	0.00	0.00	-19	-176	-918	-445	-233	-766	0.00	0.00
Payment of Dividends	-3,466	-2,996	-2,641	-2,494	-1,941	-1,683	-1,377	-1,164	-755	-788
Issuance of Debt	10,510	13,247	5,512	26,966	18,096	11,927	5,848	8,033	5,683	9,057
Issuance of Common Equity	151	26	5,445	5,537	98	106	99	384	93	2,491
Effect of Exchange Rate Changes	-234	23	-120	-70	-29	-14	-41	6.70	-27	-29

This table details how cash moves in and out of American Tower's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	131	-174	-336	102	423	-138	82	224	-215	-109	47
Net Cash From Operating Activities	1,295	1,199	1,469	1,339	1,284	1,142	1,301	1,209	1,071	1,185	932
Net Cash From Continuing Operating Activities	1,295	1,199	1,469	1,339	1,284	1,142	1,301	1,209	1,071	1,185	932
Net Income / (Loss) Continuing Operations	499	1,231	-780	908	922	13	577	462	315	-717	820
Consolidated Net Income / (Loss)	499	1,231	-780	908	922	13	577	462	315	-717	820
Depreciation Expense	493	501	513	562	549	765	763	765	794	815	898
Non-Cash Adjustments To Reconcile Net Income	405	-373	1,514	54	23	863	-311	180	301	1,190	-417
Changes in Operating Assets and Liabilities, net	-101	-214	223	-185	-211	-549	271	-197	-339	-150	-368
Net Cash From Investing Activities	-350	-361	1,297	-89	-436	-530	-449	-440	-277	-849	-603
Net Cash From Continuing Investing Activities	-350	-361	1,297	-89	-436	-530	-449	-440	-277	-849	-603
Purchase of Property, Plant & Equipment	-331	-443	-425	-325	-397	-525	-391	-421	-462	-658	-459
Acquisitions	-148	-8.10	-60	-10	-45	-16	-61	-30	-61	-190	-141
Sale and/or Maturity of Investments	138	-	1.70	246	6.00	4.30	6.10	3.80	3.10	3.60	6.80
Other Investing Activities, net	-9.10	91	-379	0.80	-0.70	6.50	-3.80	7.70	243	-4.50	-9.50
Net Cash From Financing Activities	-844	-909	-3,126	-1,028	-390	-816	-708	-561	-1,013	-463	-205
Net Cash From Continuing Financing Activities	-844	-909	-3,126	-1,028	-390	-816	-708	-561	-1,013	-463	-205
Repayment of Debt	-1,916	-2,110	-3,261	-3,642	-3,635	-810	-2,054	-5,548	-4,963	-1,041	-2,651
Payment of Dividends	-798	-787	-930	-786	-963	-768	-744	-739	-745	-692	-669
Issuance of Debt	1,849	1,980	1,050	3,389	4,092	751	2,087	5,715	4,693	705	614
Issuance of Common Equity	20	9.30	16	11	115	11	3.10	10	1.80	584	2,501
Effect of Exchange Rate Changes	30	-104	23	-120	-34	66	-62	16	3.60	18	-78
Cash Interest Paid	370	-	414	361	442	-	373	293	389	-	323
Cash Income Taxes Paid	33	-	45	113	67	-	66	69	62	-	63

This table presents American Tower's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	61,077	66,028	67,195	69,888	47,234	42,802	33,010	33,214	30,879	26,904
Total Current Assets	3,179	3,710	3,622	3,729	2,906	2,554	2,385	2,038	1,690	996
Cash & Equivalents	2,000	1,754	2,028	1,950	1,746	1,501	1,209	802	787	321
Restricted Cash	109	120	112	393	115	77	96	153	149	142
Accounts Receivable	540	548	758	729	512	462	459	514	308	227
Prepaid Expenses	531	560	723	657	533	514	621	569	441	306
Other Current Nonoperating Assets	0.00	730	-	-	-	-	-	-	-	-
Plant, Property, & Equipment, net	19,057	18,863	19,998	19,784	12,809	12,084	11,247	11,101	10,517	9,866
Total Noncurrent Assets	38,842	43,454	43,574	46,375	31,519	28,163	19,378	20,075	18,672	16,041
Noncurrent Note & Lease Receivables	11,800	3,478	11,958	11,765	9,874	9,129	1,582	1,499	1,290	1,167
Goodwill	11,768	12,084	12,957	13,350	7,283	6,178	5,502	5,638	5,071	4,092
Intangible Assets	14,474	15,932	17,983	20,727	13,840	12,318	11,174	11,783	11,275	9,838
Noncurrent Deferred & Refundable Income Taxes	123	179	129	132	123	132	158	204	196	212
Other Noncurrent Operating Assets	677	8,960	547	401	400	406	963	950	842	733
Other Noncurrent Nonoperating Assets	0.00	2,821	-	-	-	-	-	-	-	-
Total Liabilities & Shareholders' Equity	61,077	66,028	67,195	69,888	47,234	42,802	33,010	33,214	30,879	26,904
Total Liabilities	51,429	55,162	54,786	60,818	42,453	36,215	26,106	25,260	22,812	20,191
Total Current Liabilities	7,076	7,249	8,312	9,067	3,656	5,488	4,690	2,512	1,631	1,200
Short-Term Debt	3,693	3,067	4,514	4,569	790	2,928	2,755	775	239	50
Accounts Payable	241	251	219	272	139	148	131	143	119	97
Accrued Expenses	1,082	1,053	1,344	1,413	1,044	958	948	854	621	516
Dividends Payable	780	906	745	642	545	455	377	304	251	210
Current Deferred Revenue	329	434	440	1,204	391	294	304	269	245	211
Other Current Liabilities	577	690	789	713	540	495	0.00	-	-	-
Other Current Nonoperating Liabilities	374	848	261	255	208	209	175	167	157	116
Total Noncurrent Liabilities	44,353	47,913	46,474	51,751	38,798	30,727	21,416	22,748	21,180	18,991
Long-Term Debt	32,809	35,734	34,156	38,686	28,498	21,127	18,405	19,430	18,295	17,069
Asset Retirement Reserve & Litigation Obligation	2,394	2,080	2,047	2,003	1,571	1,384	1,210	1,175	966	857
Noncurrent Deferred & Payable Income Tax Liabilities	1,262	1,311	1,492	1,831	860	768	536	898	778	106
Other Noncurrent Operating Liabilities	7,889	7,965	8,779	9,232	7,869	7,447	1,265	1,244	1,143	959
Other Noncurrent Nonoperating Liabilities	0.00	823	-	-	-	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,649	10,865	12,409	9,070	4,568	5,490	5,900	6,828	6,976	6,713
Total Preferred & Common Equity	3,382	4,198	5,572	5,081	4,094	5,055	5,336	6,242	6,764	6,652
Total Common Equity	3,382	4,198	5,572	5,081	4,094	5,055	5,336	6,242	6,764	6,652
Common Stock	15,062	14,878	14,694	12,245	10,478	10,122	10,385	10,252	10,048	9,695
Retained Earnings	-4,424	-3,639	-2,102	-1,142	-1,343	-1,017	-1,200	-1,058	-1,077	-999
Treasury Stock	-1,301	-1,301	-1,301	-1,282	-1,282	-1,226	-1,207	-974	-208	-208
Accumulated Other Comprehensive Income / (Loss)	-5,955	-5,740	-5,718	-4,739	-3,759	-2,824	-2,643	-1,978	-1,999	-1,837
Noncontrolling Interest	6,267	6,667	6,836	3,988	475	435	564	587	212	61

This table presents American Tower's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	62,056	61,077	62,817	65,838	66,679	66,028	65,653	66,879	66,818	67,195	66,513
Total Current Assets	3,506	3,179	3,400	4,114	4,240	3,710	3,850	3,681	3,450	3,622	3,759
Cash & Equivalents	2,104	2,000	2,150	2,492	2,389	1,754	2,119	2,016	1,803	2,028	2,122
Restricted Cash	136	109	132	127	128	120	113	134	122	112	128
Accounts Receivable	683	540	538	712	738	548	648	684	705	758	722
Prepaid Expenses	584	531	580	783	985	560	971	848	819	723	787
Plant, Property, & Equipment, net	19,266	19,057	19,278	19,928	20,094	18,863	19,612	19,759	19,843	19,998	19,403
Total Noncurrent Assets	39,284	38,842	40,140	41,796	42,345	43,454	42,191	43,439	43,524	43,574	43,351
Noncurrent Note & Lease Receivables	11,895	11,800	11,991	12,662	12,797	3,478	12,184	12,266	-	11,958	11,736
Goodwill	11,922	11,768	12,046	12,483	12,557	12,084	12,570	13,051	12,997	12,957	12,686
Intangible Assets	14,643	14,474	15,195	15,759	16,119	15,932	16,655	17,286	17,637	17,983	18,320
Noncurrent Deferred & Refundable Income Taxes	133	123	143	139	161	179	127	126	107	129	116
Other Noncurrent Operating Assets	692	677	764	753	711	8,960	655	710	12,783	547	493
Total Liabilities & Shareholders' Equity	62,056	61,077	62,817	65,838	66,679	66,028	65,653	66,879	66,818	67,195	66,513
Total Liabilities	52,119	51,429	52,624	55,414	56,017	55,162	54,419	54,872	54,567	54,786	54,194
Total Current Liabilities	6,322	7,076	7,070	6,889	6,730	7,249	6,869	6,926	7,532	8,312	6,623
Short-Term Debt	2,817	3,693	3,731	3,329	3,068	3,067	3,158	3,205	3,856	4,514	3,015
Accounts Payable	200	241	221	206	182	251	216	216	206	219	212
Accrued Expenses	1,121	1,082	982	1,166	1,134	1,053	1,223	1,182	1,172	1,344	1,203
Dividends Payable	816	780	779	778	777	906	776	751	745	745	697
Current Deferred Revenue	451	329	496	392	544	434	473	516	554	440	530
Other Current Liabilities	593	577	600	703	715	690	780	795	790	789	766
Other Current Nonoperating Liabilities	325	374	260	314	310	848	244	261	209	261	200
Total Noncurrent Liabilities	45,797	44,353	45,554	48,526	49,288	47,913	47,550	47,946	47,035	46,474	47,572
Long-Term Debt	34,045	32,809	33,368	35,639	36,192	35,734	35,442	35,590	34,686	34,156	35,314
Asset Retirement Reserve & Litigation Obligation	2,445	2,394	2,503	2,562	2,607	2,080	2,113	2,123	2,094	2,047	2,010
Noncurrent Deferred & Payable Income Tax Liabilities	1,358	1,262	1,401	1,399	1,394	1,311	1,423	1,488	1,506	1,492	1,497
Other Noncurrent Operating Liabilities	7,949	7,889	8,282	8,925	9,094	7,965	8,572	8,746	8,751	8,779	8,751
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,936	9,649	10,193	10,424	10,662	10,865	11,235	12,007	12,250	12,409	12,319
Total Preferred & Common Equity	3,535	3,382	3,642	3,856	4,048	4,198	4,533	5,166	5,407	5,572	6,282
Total Common Equity	3,535	3,382	3,642	3,856	4,048	4,198	4,533	5,166	5,407	5,572	6,282
Common Stock	15,083	15,062	15,019	14,960	14,908	14,878	14,828	14,784	14,730	14,694	14,652
Retained Earnings	-4,733	-4,424	-4,894	-3,341	-3,481	-3,639	-2,927	-2,756	-2,497	-2,102	-689
Treasury Stock	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,282
Accumulated Other Comprehensive Income / (Loss)	-5,514	-5,955	-5,182	-6,462	-6,078	-5,740	-6,066	-5,561	-5,526	-5,718	-6,398
Noncontrolling Interest	6,402	6,267	6,551	6,568	6,614	6,667	6,701	6,841	6,844	6,836	6,037

This table displays calculated financial ratios and metrics derived from American Tower's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.15%	3.80%	3.08%	16.36%	6.08%	1.88%	11.65%	15.18%	21.26%	16.38%
EBITDA Growth	19.16%	-9.74%	8.32%	33.07%	1.14%	11.04%	7.86%	12.45%	20.89%	14.28%
EBIT Growth	74.84%	-11.79%	-14.19%	39.72%	-2.19%	40.29%	-4.97%	12.43%	22.16%	3.72%
NOPAT Growth	38.10%	13.49%	-8.86%	5.97%	-0.25%	28.85%	7.03%	22.07%	22.31%	-5.35%
Net Income Growth	66.79%	-19.43%	-33.92%	51.79%	-11.74%	51.55%	3.21%	26.28%	44.40%	-16.33%
EPS Growth	51.57%	-16.75%	-32.51%	49.34%	-10.61%	53.07%	3.75%	34.85%	40.43%	-29.50%
Operating Cash Flow Growth	12.03%	27.76%	-23.31%	24.18%	3.43%	0.11%	28.12%	8.29%	24.68%	1.51%
Free Cash Flow Firm Growth	-6.28%	72.12%	123.37%	-2,649.65%	-302.11%	-88.93%	614.00%	144.18%	80.51%	-681.52%
Invested Capital Growth	-3.47%	-6.26%	-1.83%	54.37%	10.87%	8.85%	-1.31%	6.16%	10.02%	28.75%
Revenue Q/Q Growth	-10.70%	-6.99%	-7.71%	3.57%	2.53%	-2.67%	6.09%	2.54%	4.70%	5.15%
EBITDA Q/Q Growth	15.69%	12.62%	-8.76%	6.14%	0.20%	-0.65%	10.93%	-1.29%	4.06%	5.64%
EBIT Q/Q Growth	31.40%	31.17%	-21.12%	4.19%	-2.04%	10.66%	4.23%	-6.76%	4.46%	3.67%
NOPAT Q/Q Growth	16.99%	16.22%	-2.05%	-2.26%	-8.12%	11.62%	6.49%	0.67%	1.81%	3.09%
Net Income Q/Q Growth	114.51%	114.55%	-40.56%	3.20%	-10.94%	16.87%	8.39%	-3.02%	1.18%	6.33%
EPS Q/Q Growth	103.38%	110.60%	-39.27%	2.91%	-10.61%	18.11%	4.14%	1.14%	0.00%	5.22%
Operating Cash Flow Q/Q Growth	1.09%	-0.90%	15.86%	-8.60%	3.70%	-6.70%	14.48%	2.30%	3.84%	2.77%
Free Cash Flow Firm Q/Q Growth	-5.98%	89.43%	156.26%	-66.94%	-137.84%	-89.93%	47.86%	-71.26%	29.35%	9.10%
Invested Capital Q/Q Growth	-1.85%	-3.71%	1.32%	25.97%	15.86%	10.20%	0.18%	2.65%	-0.57%	0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.58%	99.40%	73.36%	71.34%	72.30%	70.76%	70.73%	69.66%	69.05%	72.57%
EBITDA Margin	69.84%	59.28%	68.18%	64.88%	56.73%	59.50%	54.59%	56.51%	57.88%	58.05%
Operating Margin	44.60%	31.22%	28.39%	33.47%	35.91%	35.47%	25.60%	29.99%	32.03%	33.80%
EBIT Margin	48.33%	27.96%	32.90%	39.52%	32.91%	35.70%	25.92%	30.46%	31.20%	30.97%
Profit (Net Income) Margin	22.52%	13.65%	17.59%	27.44%	21.03%	25.28%	17.00%	18.39%	16.77%	14.08%
Tax Burden Percent	62.91%	89.39%	81.34%	90.75%	92.88%	100.01%	109.54%	97.56%	86.19%	80.96%
Interest Burden Percent	74.06%	54.63%	65.74%	76.51%	68.81%	70.82%	59.86%	61.89%	62.37%	56.16%
Effective Tax Rate	10.11%	5.94%	5.41%	9.25%	7.12%	-0.01%	-9.54%	2.44%	13.81%	19.04%
Return on Invested Capital (ROIC)	8.82%	6.08%	5.14%	6.78%	8.56%	9.43%	7.59%	7.26%	6.42%	6.20%
ROIC Less NNEP Spread (ROIC-NNEP)	3.85%	1.80%	2.89%	6.00%	4.70%	5.88%	3.49%	3.42%	2.84%	2.16%
Return on Net Nonoperating Assets (RNNOA)	13.41%	5.67%	10.66%	30.30%	21.20%	18.99%	9.43%	8.04%	6.71%	6.28%
Return on Equity (ROE)	22.23%	11.75%	15.80%	37.08%	29.76%	28.41%	17.02%	15.30%	13.13%	12.48%
Cash Return on Invested Capital (CROIC)	12.35%	12.53%	6.99%	-35.97%	-1.75%	0.95%	8.91%	1.28%	-3.12%	-18.93%
Operating Return on Assets (OROA)	7.70%	4.20%	4.63%	6.32%	5.88%	7.14%	5.83%	6.33%	6.25%	6.14%
Return on Assets (ROA)	3.59%	2.05%	2.48%	4.38%	3.76%	5.06%	3.82%	3.82%	3.36%	2.79%
Return on Common Equity (ROCE)	8.21%	4.93%	7.84%	24.56%	23.95%	21.88%	13.26%	12.42%	11.92%	12.30%
Return on Equity Simple (ROE_SIMPLE)	67.42%	32.56%	30.45%	50.53%	41.32%	37.91%	23.70%	19.63%	14.35%	10.10%
Net Operating Profit after Tax (NOPAT)	4,060	2,940	2,591	2,842	2,682	2,689	2,087	1,950	1,597	1,306
NOPAT Margin	40.09%	29.36%	26.86%	30.38%	33.35%	35.47%	28.05%	29.26%	27.60%	27.37%
Net Nonoperating Expense Percent (NNEP)	4.98%	4.28%	2.25%	0.78%	3.86%	3.55%	4.10%	3.84%	3.58%	4.05%
Return On Investment Capital (ROIC_SIMPLE)	8.80%	5.92%	5.07%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	25.42%	0.60%	26.64%	28.66%	27.70%	29.24%	29.27%	30.86%	30.95%	27.43%
SG&A Expenses to Revenue	9.22%	9.45%	9.35%	12.93%	12.99%	11.83%	16.75%	13.40%	10.66%	11.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.98%	68.18%	44.97%	37.86%	36.40%	35.29%	45.12%	39.15%	37.03%	38.77%
Earnings before Interest and Taxes (EBIT)	4,894	2,799	3,173	3,698	2,647	2,706	1,929	2,030	1,805	1,478
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,073	5,936	6,576	6,071	4,562	4,510	4,062	3,766	3,349	2,770
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	25.34	23.19	16.56	24.28	22.12	17.95	11.44	8.40	5.59	5.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.46	9.72	9.57	13.19	11.26	11.97	8.20	7.87	6.53	7.09
Price to Earnings (P/E)	38.01	65.62	52.25	48.05	53.57	48.07	49.74	45.53	44.50	56.83
Dividend Yield	3.53%	3.09%	2.96%	1.92%	2.22%	1.85%	2.27%	2.14%	2.44%	2.27%
Earnings Yield	2.63%	1.52%	1.91%	2.08%	1.87%	2.08%	2.01%	2.20%	2.25%	1.76%
Enterprise Value to Invested Capital (EV/IC)	2.80	3.01	2.72	3.31	3.60	3.86	3.02	2.65	2.17	2.13
Enterprise Value to Revenue (EV/Rev)	12.48	14.08	14.06	17.98	14.76	15.14	11.08	11.01	9.80	10.59
Enterprise Value to EBITDA (EV/EBITDA)	17.87	23.74	20.63	27.72	26.01	25.44	20.30	19.49	16.93	18.24
Enterprise Value to EBIT (EV/EBIT)	25.82	50.35	42.74	45.50	44.84	42.41	42.75	36.16	31.40	34.19
Enterprise Value to NOPAT (EV/NOPAT)	31.12	47.94	52.36	59.21	44.25	42.68	39.51	37.65	35.49	38.69
Enterprise Value to Operating Cash Flow (EV/OCF)	23.89	29.84	36.70	34.91	30.58	30.58	22.00	25.09	20.98	23.32
Enterprise Value to Free Cash Flow (EV/FCFF)	22.23	23.24	38.49	0.00	0.00	423.00	33.65	213.87	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.78	3.57	3.12	4.77	6.13	3.65	3.06	2.54	2.30	2.55
Long-Term Debt to Equity	3.40	3.29	2.75	4.27	5.96	3.21	2.67	2.44	2.27	2.54
Financial Leverage	3.49	3.16	3.69	5.05	4.51	3.23	2.70	2.35	2.37	2.91
Leverage Ratio	6.20	5.72	6.38	8.46	7.92	5.62	4.46	4.00	3.91	4.47
Compound Leverage Factor	4.59	3.13	4.20	6.47	5.45	3.98	2.67	2.48	2.44	2.51
Debt to Total Capital	79.09%	78.12%	75.71%	82.67%	85.97%	78.50%	75.40%	71.75%	69.67%	71.83%
Short-Term Debt to Total Capital	8.00%	6.18%	8.84%	8.73%	2.32%	9.56%	9.82%	2.75%	0.90%	0.21%
Long-Term Debt to Total Capital	71.09%	71.95%	66.87%	73.93%	83.65%	68.95%	65.58%	69.00%	68.77%	71.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.58%	13.42%	13.38%	7.62%	2.02%	5.00%	5.59%	6.08%	4.90%	0.26%
Common Equity to Total Capital	7.33%	8.45%	10.91%	9.71%	12.02%	16.50%	19.01%	22.16%	25.43%	27.91%
Debt to EBITDA	5.16	6.54	5.88	7.13	6.42	5.33	5.21	5.37	5.53	6.18
Net Debt to EBITDA	4.86	6.22	5.56	6.74	6.01	4.98	4.89	5.11	5.25	6.01
Long-Term Debt to EBITDA	4.64	6.02	5.19	6.37	6.25	4.68	4.53	5.16	5.46	6.16
Debt to NOPAT	8.99	13.20	14.93	15.22	10.92	8.95	10.14	10.36	11.60	13.11
Net Debt to NOPAT	8.47	12.56	14.10	14.39	10.23	8.36	9.52	9.87	11.02	12.76
Long-Term Debt to NOPAT	8.08	12.15	13.19	13.61	10.63	7.86	8.82	9.97	11.46	13.07
Altman Z-Score	1.25	1.21	1.18	1.41	1.58	1.77	1.69	1.59	1.33	1.30
Noncontrolling Interest Sharing Ratio	63.05%	58.02%	50.40%	33.76%	19.52%	22.98%	22.08%	18.83%	9.23%	1.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.45	0.51	0.44	0.41	0.79	0.47	0.51	0.81	1.04	0.83
Quick Ratio	0.36	0.32	0.34	0.30	0.62	0.36	0.36	0.52	0.67	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,684	6,065	3,524	-15,076	-548	271	2,450	343	-777	-3,985
Operating Cash Flow to CapEx	332.74%	262.63%	197.28%	350.11%	376.21%	378.55%	410.46%	364.06%	395.85%	297.32%
Free Cash Flow to Firm to Interest Expense	4.05	4.37	3.10	-16.58	-0.63	0.32	2.96	0.42	-1.08	-5.89
Operating Cash Flow to Interest Expense	3.77	3.40	3.25	5.30	4.49	4.49	4.52	3.57	3.77	3.20
Operating Cash Flow Less CapEx to Interest Expense	2.63	2.11	1.60	3.79	3.29	3.30	3.42	2.59	2.82	2.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.15	0.14	0.16	0.18	0.20	0.22	0.21	0.20	0.20
Accounts Receivable Turnover	18.62	15.34	12.97	15.09	16.52	16.46	15.30	16.21	21.60	22.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.53	0.52	0.48	0.57	0.65	0.65	0.67	0.62	0.57	0.55
Accounts Payable Turnover	10.46	0.26	10.47	13.04	15.51	15.90	15.91	15.72	16.62	13.99
Days Sales Outstanding (DSO)	19.60	23.80	28.14	24.20	22.10	22.18	23.86	22.51	16.90	16.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	34.89	1,426.90	34.88	28.00	23.53	22.96	22.94	23.21	21.96	26.09
Cash Conversion Cycle (CCC)	-15.29	-1,403.10	-6.74	-3.81	-1.43	-0.78	0.92	-0.70	-5.06	-9.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	45,196	46,820	49,944	50,877	32,959	29,729	27,311	27,675	26,068	23,695
Invested Capital Turnover	0.22	0.21	0.19	0.22	0.26	0.27	0.27	0.25	0.23	0.23
Increase / (Decrease) in Invested Capital	-1,624	-3,125	-933	17,918	3,230	2,417	-364	1,606	2,374	5,291
Enterprise Value (EV)	126,366	140,935	135,633	168,280	118,677	114,751	82,451	73,393	56,687	50,525
Market Capitalization	85,706	97,339	92,267	123,381	90,564	90,742	61,028	52,431	37,791	33,808
Book Value per Share	$7.24	$9.01	$11.97	$11.16	$9.22	$11.41	$12.11	$14.55	$15.89	$15.70
Tangible Book Value per Share	($48.92)	($51.09)	($54.48)	($63.67)	($38.34)	($30.35)	($25.74)	($26.07)	($22.51)	($17.18)
Total Capital	46,151	49,667	51,079	52,324	34,068	30,642	28,064	28,159	26,601	23,832
Total Debt	36,502	38,801	38,670	43,254	29,288	24,055	21,160	20,205	18,534	17,119
Total Long-Term Debt	32,809	35,734	34,156	38,686	28,498	21,127	18,405	19,430	18,295	17,069
Net Debt	34,394	36,928	36,530	40,911	27,426	22,477	19,855	19,249	17,593	16,656
Capital Expenditures (CapEx)	1,590	1,798	1,874	1,377	1,032	991	913	804	683	729
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,312	-2,345	-2,316	-3,113	-1,822	-1,584	-855	-655	-643	-616
Debt-free Net Working Capital (DFNWC)	-204	-472	-175	-769	40	-5.70	450	301	297	-153
Net Working Capital (NWC)	-3,897	-3,539	-4,690	-5,338	-750	-2,934	-2,305	-474	59	-204
Net Nonoperating Expense (NNE)	1,780	1,573	894	275	991	772	822	724	627	634
Net Nonoperating Obligations (NNO)	35,548	35,954	37,536	41,808	28,179	23,142	20,407	19,721	18,001	16,982
Total Depreciation and Amortization (D&A)	2,179	3,136	3,403	2,373	1,915	1,804	2,133	1,736	1,543	1,292
Debt-free, Cash-free Net Working Capital to Revenue	-22.83%	-23.43%	-24.01%	-33.26%	-22.65%	-20.89%	-11.49%	-9.83%	-11.12%	-12.92%
Debt-free Net Working Capital to Revenue	-2.01%	-4.71%	-1.82%	-8.22%	0.50%	-0.08%	6.05%	4.51%	5.14%	-3.21%
Net Working Capital to Revenue	-38.48%	-35.35%	-48.62%	-57.05%	-9.33%	-38.70%	-30.98%	-7.11%	1.01%	-4.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.83	$3.18	$3.83	$5.69	$3.81	$4.27	$2.79	$2.69	$2.00	$1.42
Adjusted Weighted Average Basic Shares Outstanding	467.01M	466.06M	461.52M	451.50M	443.64M	442.32M	439.61M	428.18M	425.14M	418.91M
Adjusted Diluted Earnings per Share	$4.82	$3.18	$3.82	$5.66	$3.79	$4.24	$2.77	$2.67	$1.98	$1.41
Adjusted Weighted Average Diluted Shares Outstanding	468.12M	467.16M	462.75M	453.29M	446.10M	445.52M	442.96M	431.69M	429.28M	423.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	467.46M	466.35M	465.65M	455.88M	444.38M	442.91M	441.13M	440.85M	427.20M	423.90M
Normalized Net Operating Profit after Tax (NOPAT)	4,060	3,015	2,591	2,842	2,682	1,882	1,334	1,950	1,597	1,306
Normalized NOPAT Margin	40.09%	30.12%	26.86%	30.38%	33.35%	24.83%	17.92%	29.26%	27.60%	27.37%
Pre Tax Income Margin	35.79%	15.27%	21.63%	30.24%	22.65%	25.28%	15.52%	18.85%	19.46%	17.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.48	2.02	2.79	4.07	3.06	3.24	2.33	2.48	2.52	2.19
NOPAT to Interest Expense	2.89	2.12	2.28	3.13	3.10	3.21	2.52	2.38	2.23	1.93
EBIT Less CapEx to Interest Expense	2.35	0.72	1.14	2.55	1.87	2.05	1.23	1.50	1.57	1.11
NOPAT Less CapEx to Interest Expense	1.76	0.82	0.63	1.61	1.91	2.03	1.42	1.40	1.28	0.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	151.99%	219.14%	155.67%	97.14%	114.72%	87.83%	108.90%	95.02%	77.77%	117.31%
Augmented Payout Ratio	151.99%	219.14%	156.78%	103.98%	168.97%	111.06%	127.31%	157.56%	77.77%	117.31%

This table displays calculated financial ratios and metrics derived from American Tower's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.00%	-4.19%	0.05%	4.64%	2.42%	19.09%	-5.63%	3.64%	4.02%	-32.96%	8.85%
EBITDA Growth	-21.91%	93.27%	-27.91%	22.90%	29.02%	31.74%	-5.87%	-21.64%	-17.93%	-48.58%	26.39%
EBIT Growth	-26.97%	632.08%	-24.66%	70.60%	99.11%	288.17%	1.42%	-31.72%	-30.67%	-112.80%	13.79%
NOPAT Growth	-1.49%	114.08%	3.23%	33.56%	66.71%	-2.61%	37.23%	9.48%	-5.61%	-22.61%	-19.08%
Net Income Growth	-45.90%	9,151.88%	-235.18%	96.84%	192.60%	101.86%	-29.57%	-48.20%	-55.17%	-262.42%	12.88%
EPS Growth	-46.94%	1,361.11%	-234.13%	88.24%	172.22%	112.08%	-30.00%	-47.69%	-53.85%	-252.04%	13.92%
Operating Cash Flow Growth	0.89%	5.00%	12.98%	10.67%	19.91%	-3.64%	39.50%	32.13%	61.32%	74.55%	-55.53%
Free Cash Flow Firm Growth	61.31%	-29.88%	126.17%	100.73%	14.53%	163.03%	118.47%	118.08%	111.83%	107.69%	25.82%
Invested Capital Growth	-5.75%	-3.47%	-5.29%	-3.62%	-2.67%	-6.26%	-1.36%	-1.22%	-2.85%	-1.83%	22.06%
Revenue Q/Q Growth	37.01%	-25.84%	-13.03%	2.34%	1.70%	-22.57%	-9.04%	0.16%	2.30%	-38.64%	-0.10%
EBITDA Q/Q Growth	-22.99%	32.79%	-28.03%	0.77%	70.39%	-50.47%	22.69%	5.79%	344.68%	-64.61%	2.13%
EBIT Q/Q Growth	-31.03%	53.61%	-36.06%	0.18%	286.04%	-84.19%	44.80%	16.92%	240.13%	-108.52%	-2.52%
NOPAT Q/Q Growth	19.98%	-4.73%	-21.91%	2.61%	308.16%	-54.06%	1.03%	28.08%	393.43%	-35.27%	-19.40%
Net Income Q/Q Growth	-59.48%	257.68%	-185.91%	-1.44%	6,830.08%	-97.70%	25.09%	46.51%	143.96%	-187.42%	-7.99%
EPS Q/Q Growth	-60.46%	255.62%	-188.02%	-2.04%	988.89%	-85.71%	23.53%	41.67%	148.32%	-182.78%	-7.69%
Operating Cash Flow Q/Q Growth	8.01%	-18.40%	9.78%	4.28%	12.41%	-12.20%	7.54%	12.98%	-9.66%	27.11%	1.86%
Free Cash Flow Firm Q/Q Growth	54.12%	-28.69%	17.97%	20.45%	98.23%	129.99%	4.70%	-31.27%	99.20%	116.15%	-2.50%
Invested Capital Q/Q Growth	1.12%	-1.85%	-3.80%	-1.29%	-1.01%	-3.71%	-2.10%	-0.31%	-0.25%	1.32%	-1.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.24%	83.30%	74.16%	71.66%	72.19%	139.73%	99.50%	99.38%	70.87%	93.27%	68.69%
EBITDA Margin	54.96%	97.78%	54.60%	65.98%	67.01%	48.47%	75.78%	56.18%	53.19%	43.82%	75.97%
Operating Margin	48.93%	45.78%	45.17%	44.28%	43.63%	28.85%	36.21%	31.52%	28.03%	35.28%	24.44%
EBIT Margin	35.74%	71.00%	34.27%	46.62%	47.62%	9.29%	45.52%	28.59%	24.49%	-5.88%	42.35%
Profit (Net Income) Margin	19.46%	65.78%	-30.94%	31.32%	32.52%	0.68%	22.90%	16.65%	11.38%	-43.71%	30.68%
Tax Burden Percent	80.74%	121.23%	-141.76%	88.33%	89.41%	-9.63%	70.04%	97.22%	85.50%	182.20%	95.78%
Interest Burden Percent	67.42%	76.43%	63.68%	76.07%	76.39%	-76.13%	71.83%	59.90%	54.35%	407.99%	75.64%
Effective Tax Rate	19.26%	1.45%	22.23%	11.67%	10.59%	0.00%	6.01%	2.78%	14.50%	0.00%	4.22%
Return on Invested Capital (ROIC)	8.54%	9.93%	8.41%	9.10%	8.90%	4.18%	7.48%	6.69%	5.13%	4.72%	5.46%
ROIC Less NNEP Spread (ROIC-NNEP)	7.14%	11.01%	3.86%	8.49%	8.41%	3.14%	6.73%	5.69%	4.25%	1.90%	6.03%
Return on Net Nonoperating Assets (RNNOA)	25.52%	38.39%	13.21%	28.44%	27.67%	9.92%	21.25%	19.32%	15.75%	7.01%	18.54%
Return on Equity (ROE)	34.05%	48.32%	21.63%	37.53%	36.57%	14.10%	28.73%	26.02%	20.88%	11.74%	24.00%
Cash Return on Invested Capital (CROIC)	14.59%	12.35%	12.77%	10.75%	9.11%	12.53%	6.54%	5.89%	7.46%	6.99%	-13.97%
Operating Return on Assets (OROA)	5.65%	11.31%	6.05%	7.97%	8.00%	1.40%	7.41%	4.62%	3.88%	-0.83%	6.97%
Return on Assets (ROA)	3.08%	10.48%	-5.46%	5.35%	5.46%	0.10%	3.73%	2.69%	1.80%	-6.15%	5.05%
Return on Common Equity (ROCE)	12.54%	17.85%	8.25%	15.10%	15.09%	5.92%	13.19%	13.88%	10.46%	5.82%	12.75%
Return on Equity Simple (ROE_SIMPLE)	52.54%	0.00%	29.19%	62.78%	48.76%	0.00%	14.06%	17.03%	24.21%	0.00%	45.44%
Net Operating Profit after Tax (NOPAT)	1,013	844	886	1,134	1,106	394	858	849	663	405	625
NOPAT Margin	39.51%	45.12%	35.12%	39.11%	39.01%	20.19%	34.04%	30.65%	23.97%	24.69%	23.41%
Net Nonoperating Expense Percent (NNEP)	1.40%	-1.08%	4.55%	0.60%	0.49%	1.04%	0.76%	1.00%	0.87%	2.83%	-0.57%
Return On Investment Capital (ROIC_SIMPLE)	2.16%	1.83%	-	-	-	0.79%	-	-	-	0.79%	-
Cost of Revenue to Revenue	24.76%	16.70%	25.84%	28.34%	27.81%	-39.73%	0.50%	0.62%	29.13%	6.73%	31.31%
SG&A Expenses to Revenue	9.27%	11.31%	9.03%	8.08%	9.17%	4.61%	8.74%	8.82%	14.14%	3.39%	10.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.31%	37.69%	28.79%	27.45%	28.55%	110.89%	63.29%	67.86%	42.84%	57.99%	44.25%
Earnings before Interest and Taxes (EBIT)	916	1,328	865	1,352	1,350	181	1,148	793	678	-96	1,131
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,408	1,829	1,377	1,914	1,899	946	1,910	1,557	1,472	718	2,030
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	28.54	25.34	29.61	23.54	22.37	23.19	16.21	16.89	16.73	16.56	14.91
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	9.91	8.46	9.51	8.00	8.08	9.72	6.83	7.99	8.36	9.57	8.96
Price to Earnings (P/E)	55.24	38.01	97.13	36.46	43.85	65.62	102.82	90.20	65.07	52.25	32.26
Dividend Yield	3.00%	3.53%	2.84%	3.37%	3.32%	3.09%	3.91%	3.29%	3.02%	2.96%	2.75%
Earnings Yield	1.81%	2.63%	1.03%	2.74%	2.28%	1.52%	0.97%	1.11%	1.54%	1.91%	3.10%
Enterprise Value to Invested Capital (EV/IC)	3.11	2.80	3.24	2.79	2.76	3.01	2.40	2.63	2.69	2.72	2.75
Enterprise Value to Revenue (EV/Rev)	13.94	12.48	13.16	11.79	11.94	14.08	10.83	11.98	12.38	14.06	12.99
Enterprise Value to EBITDA (EV/EBITDA)	21.42	17.87	24.41	20.11	21.29	23.74	22.11	24.26	23.01	20.63	18.84
Enterprise Value to EBIT (EV/EBIT)	31.15	25.82	40.06	33.36	38.83	50.35	54.61	61.73	53.86	42.74	33.75
Enterprise Value to NOPAT (EV/NOPAT)	34.78	31.12	42.99	38.80	42.50	47.94	46.07	56.04	58.07	52.36	51.33
Enterprise Value to Operating Cash Flow (EV/OCF)	26.77	23.89	28.51	26.40	27.13	29.84	24.46	29.73	32.63	36.70	42.55
Enterprise Value to Free Cash Flow (EV/FCFF)	20.65	22.23	24.68	25.49	29.89	23.24	36.40	44.40	35.53	38.49	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.71	3.78	3.64	3.74	3.68	3.57	3.44	3.23	3.15	3.12	3.11
Long-Term Debt to Equity	3.43	3.40	3.27	3.42	3.39	3.29	3.15	2.96	2.83	2.75	2.87
Financial Leverage	3.57	3.49	3.42	3.35	3.29	3.16	3.16	3.40	3.70	3.69	3.08
Leverage Ratio	6.25	6.20	6.00	5.92	5.83	5.72	5.61	5.94	6.35	6.38	5.77
Compound Leverage Factor	4.21	4.74	3.82	4.50	4.45	-4.36	4.03	3.56	3.45	26.04	4.37
Debt to Total Capital	78.77%	79.09%	78.45%	78.90%	78.64%	78.12%	77.46%	76.36%	75.88%	75.71%	75.68%
Short-Term Debt to Total Capital	6.02%	8.00%	7.89%	6.74%	6.14%	6.18%	6.34%	6.31%	7.59%	8.84%	5.95%
Long-Term Debt to Total Capital	72.75%	71.09%	70.56%	72.16%	72.50%	71.95%	71.12%	70.06%	68.29%	66.87%	69.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.68%	13.58%	13.85%	13.30%	13.25%	13.42%	13.45%	13.47%	13.47%	13.38%	11.92%
Common Equity to Total Capital	7.55%	7.33%	7.70%	7.81%	8.11%	8.45%	9.10%	10.17%	10.64%	10.91%	12.40%
Debt to EBITDA	5.57	5.16	6.07	5.86	6.24	6.54	7.32	7.20	6.62	5.88	5.32
Net Debt to EBITDA	5.23	4.86	5.70	5.47	5.84	6.22	6.90	6.80	6.29	5.56	5.01
Long-Term Debt to EBITDA	5.14	4.64	5.46	5.36	5.75	6.02	6.72	6.60	5.96	5.19	4.90
Debt to NOPAT	9.03	8.99	10.69	11.31	12.46	13.20	15.26	16.63	16.71	14.93	14.49
Net Debt to NOPAT	8.49	8.47	10.03	10.55	11.66	12.56	14.38	15.71	15.88	14.10	13.64
Long-Term Debt to NOPAT	8.34	8.08	9.61	10.34	11.49	12.15	14.01	15.25	15.04	13.19	13.35
Altman Z-Score	1.21	1.06	1.28	1.10	1.09	1.08	0.91	1.04	1.06	1.02	1.18
Noncontrolling Interest Sharing Ratio	63.19%	63.05%	61.85%	59.78%	58.74%	58.02%	54.08%	46.66%	49.91%	50.40%	46.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.45	0.48	0.60	0.63	0.51	0.56	0.53	0.46	0.44	0.57
Quick Ratio	0.44	0.36	0.38	0.47	0.46	0.32	0.40	0.39	0.33	0.34	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,803	2,467	3,460	2,933	2,435	3,519	1,530	1,461	2,126	1,338	-8,282
Operating Cash Flow to CapEx	391.12%	270.41%	345.99%	411.59%	323.57%	217.67%	332.89%	287.34%	231.76%	180.04%	203.03%
Free Cash Flow to Firm to Interest Expense	11.69	7.82	9.70	8.03	6.64	10.25	4.29	4.19	6.25	4.42	-28.13
Operating Cash Flow to Interest Expense	3.98	3.80	4.12	3.66	3.50	3.33	3.65	3.47	3.15	3.91	3.17
Operating Cash Flow Less CapEx to Interest Expense	2.96	2.39	2.93	2.77	2.42	1.80	2.55	2.26	1.79	1.74	1.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.18	0.17	0.17	0.15	0.16	0.16	0.16	0.14	0.16
Accounts Receivable Turnover	14.32	18.62	19.13	16.24	15.53	15.34	15.71	14.78	14.18	12.97	14.19
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.52	0.53	0.58	0.57	0.56	0.52	0.55	0.55	0.54	0.48	0.62
Accounts Payable Turnover	13.57	10.46	21.43	19.17	16.71	0.26	7.66	12.00	15.52	10.47	14.88
Days Sales Outstanding (DSO)	25.49	19.60	19.08	22.47	23.50	23.80	23.23	24.69	25.74	28.14	25.72
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.90	34.89	17.04	19.04	21.84	1,426.90	47.63	30.41	23.51	34.88	24.53
Cash Conversion Cycle (CCC)	-1.40	-15.29	2.04	3.44	1.66	-1,403.10	-24.40	-5.72	2.23	-6.74	1.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	45,701	45,196	46,048	47,866	48,491	46,820	48,623	49,664	49,821	49,944	49,295
Invested Capital Turnover	0.22	0.22	0.24	0.23	0.23	0.21	0.22	0.22	0.21	0.19	0.23
Increase / (Decrease) in Invested Capital	-2,790	-1,624	-2,575	-1,799	-1,330	-3,125	-672	-612	-1,463	-933	8,908
Enterprise Value (EV)	141,913	126,366	149,207	133,688	133,895	140,935	116,546	130,748	133,904	135,633	135,753
Market Capitalization	100,889	85,706	107,840	90,771	90,538	97,339	73,477	87,262	90,444	92,267	93,636
Book Value per Share	$7.56	$7.24	$7.80	$8.26	$8.68	$9.01	$9.72	$11.09	$11.61	$11.97	$13.49
Tangible Book Value per Share	($49.26)	($48.92)	($50.52)	($52.22)	($52.79)	($51.09)	($52.97)	($54.01)	($54.18)	($54.48)	($53.10)
Total Capital	46,799	46,151	47,291	49,392	49,921	49,667	49,834	50,802	50,792	51,079	50,648
Total Debt	36,862	36,502	37,098	38,968	39,260	38,801	38,600	38,795	38,542	38,670	38,329
Total Long-Term Debt	34,045	32,809	33,368	35,639	36,192	35,734	35,442	35,590	34,686	34,156	35,314
Net Debt	34,623	34,394	34,816	36,350	36,743	36,928	36,368	36,645	36,617	36,530	36,080
Capital Expenditures (CapEx)	331	443	425	325	397	525	391	421	462	658	459
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,238	-2,312	-2,222	-2,064	-1,939	-2,345	-2,093	-2,189	-2,151	-2,316	-2,098
Debt-free Net Working Capital (DFNWC)	1.00	-204	61	555	578	-472	139	-39	-226	-175	152
Net Working Capital (NWC)	-2,816	-3,897	-3,670	-2,775	-2,490	-3,539	-3,019	-3,244	-4,082	-4,690	-2,864
Net Nonoperating Expense (NNE)	514	-387	1,666	226	184	381	281	388	348	1,121	-194
Net Nonoperating Obligations (NNO)	35,765	35,548	35,856	37,442	37,829	35,954	37,388	37,657	37,570	37,536	36,976
Total Depreciation and Amortization (D&A)	493	501	513	562	549	765	763	765	794	815	898
Debt-free, Cash-free Net Working Capital to Revenue	-21.99%	-22.83%	-19.59%	-18.20%	-17.30%	-23.43%	-19.44%	-20.05%	-19.88%	-24.01%	-20.07%
Debt-free Net Working Capital to Revenue	0.01%	-2.01%	0.53%	4.89%	5.15%	-4.71%	1.29%	-0.36%	-2.09%	-1.82%	1.45%
Net Working Capital to Revenue	-27.67%	-38.48%	-32.36%	-24.47%	-22.21%	-35.35%	-28.04%	-29.72%	-37.73%	-48.62%	-27.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$2.63	($1.70)	$1.93	$1.97	$0.18	$1.26	$1.02	$0.72	($1.49)	$1.80
Adjusted Weighted Average Basic Shares Outstanding	467.64M	467.01M	467.20M	467.04M	466.52M	466.06M	466.17M	466.09M	465.74M	461.52M	465.59M
Adjusted Diluted Earnings per Share	$1.04	$2.63	($1.69)	$1.92	$1.96	$0.18	$1.26	$1.02	$0.72	($1.49)	$1.80
Adjusted Weighted Average Diluted Shares Outstanding	468.52M	468.12M	468.26M	467.78M	467.66M	467.16M	467.16M	466.98M	466.81M	462.75M	466.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	468.14M	467.46M	467.29M	467.08M	466.98M	466.35M	466.17M	466.16M	466.04M	465.65M	465.61M
Normalized Net Operating Profit after Tax (NOPAT)	1,013	844	886	1,134	1,106	394	883	909	663	405	625
Normalized NOPAT Margin	39.51%	45.12%	35.12%	39.11%	39.01%	20.19%	35.03%	32.81%	23.97%	24.69%	23.41%
Pre Tax Income Margin	24.09%	54.26%	21.83%	35.46%	36.37%	-7.07%	32.70%	17.13%	13.31%	-23.99%	32.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.82	4.21	2.42	3.70	3.68	0.53	3.22	2.27	1.99	-0.32	3.84
NOPAT to Interest Expense	3.11	2.67	2.48	3.10	3.02	1.15	2.41	2.44	1.95	1.34	2.12
EBIT Less CapEx to Interest Expense	1.80	2.80	1.23	2.81	2.60	-1.00	2.12	1.07	0.63	-2.49	2.28
NOPAT Less CapEx to Interest Expense	2.10	1.27	1.29	2.21	1.93	-0.38	1.31	1.23	0.59	-0.84	0.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	177.72%	151.99%	324.26%	134.68%	162.82%	219.14%	458.22%	323.45%	209.69%	155.67%	89.19%
Augmented Payout Ratio	177.72%	151.99%	324.26%	134.68%	162.82%	219.14%	458.22%	323.45%	209.69%	156.78%	89.19%

Frequently Asked Questions About American Tower's Financials

When does American Tower's financial year end?

According to the most recent income statement we have on file, American Tower's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has American Tower's net income changed over the last 9 years?

American Tower's net income appears to be on an upward trend, with a most recent value of $2.28 billion in 2024, rising from $672 million in 2015. The previous period was $1.37 billion in 2023. See where experts think American Tower is headed by visiting American Tower's forecast page.

What is American Tower's operating income?

American Tower's total operating income in 2024 was $4.52 billion, based on the following breakdown:

Total Gross Profit: $7.55 billion
Total Operating Expenses: $3.04 billion

How has American Tower revenue changed over the last 9 years?

Over the last 9 years, American Tower's total revenue changed from $4.77 billion in 2015 to $10.13 billion in 2024, a change of 112.2%.

How much debt does American Tower have?

American Tower's total liabilities were at $51.43 billion at the end of 2024, a 6.8% decrease from 2023, and a 154.7% increase since 2015.

How much cash does American Tower have?

In the past 9 years, American Tower's cash and equivalents has ranged from $320.69 million in 2015 to $2.03 billion in 2022, and is currently $2.00 billion as of their latest financial filing in 2024.

How has American Tower's book value per share changed over the last 9 years?

Over the last 9 years, American Tower's book value per share changed from 15.70 in 2015 to 7.24 in 2024, a change of -53.9%.

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This page (NYSE:AMT) was last updated on 5/28/2025 by MarketBeat.com Staff

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American Tower (AMT) Financials

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American Tower (AMT) Financials

Annual Income Statements for American Tower

Quarterly Income Statements for American Tower

Annual Cash Flow Statements for American Tower

Quarterly Cash Flow Statements for American Tower

Annual Balance Sheets for American Tower

Quarterly Balance Sheets for American Tower

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Quarterly Metrics And Ratios for American Tower

Frequently Asked Questions About American Tower's Financials

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