What is American Tower's operating income?

American Tower's total operating income in 2025 was $4.85 billion, based on the following breakdown: Total Gross Profit: $7.90 billion Total Operating Expenses: $3.05 billion

American Tower (AMT) Financials

$171.70 +4.96 (+2.97%)

Closing price 07/28/2026 03:59 PM Eastern

Extended Trading

$171.81 +0.11 (+0.07%)

As of 08:14 AM Eastern

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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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	595	849	1,152	1,227	1,888	1,691	2,568	1,766	1,483	2,255	2,530
Consolidated Net Income / (Loss)	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280	2,629
Net Income / (Loss) Continuing Operations	672	970	1,260	1,265	1,917	1,692	2,568	1,973	1,439	3,259	2,629
Total Pre-Tax Income	830	1,126	1,256	1,155	1,916	1,821	2,829	2,086	1,529	3,625	3,044
Total Operating Income	1,613	1,853	1,998	1,905	2,688	2,888	3,132	2,739	3,126	4,517	4,846
Total Gross Profit	3,463	3,995	4,642	5,262	5,364	5,814	6,675	7,076	9,952	7,553	7,897
Total Revenue	4,772	5,786	6,664	7,440	7,580	8,042	9,357	9,645	10,012	10,127	10,645
Operating Revenue	4,772	5,786	6,664	7,440	7,580	8,042	-	9,645	10,012	10,127	10,645
Total Cost of Revenue	1,309	1,790	2,057	2,178	2,217	2,227	2,682	2,569	60	2,574	2,748
Operating Cost of Revenue	1,309	1,790	2,057	2,178	2,217	2,227	2,682	2,569	60	2,574	2,748
Total Operating Expenses	1,850	2,142	2,609	3,357	2,675	2,927	3,543	4,338	6,827	3,036	3,051
Selling, General & Admin Expense	565	617	893	1,247	897	1,045	1,210	902	946	933	941
Depreciation Expense	1,285	1,526	1,716	2,111	1,778	1,882	2,333	3,165	2,929	2,029	2,042
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	271	2,872	74	68
Total Other Income / (Expense), net	-783	-727	-742	-750	-772	-1,066	-303	-653	-1,596	-892	-1,802
Interest Expense	676	717	820	829	836	865	909	1,136	1,389	1,405	1,359
Interest & Investment Income	28	37	46	55	47	40	40	49	119	135	134
Other Income / (Expense), net	-135	-48	31	24	18	-241	566	435	-326	378	-576
Income Tax Expense	158	156	31	-110	-0.20	130	262	113	91	366	416
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-277	-71	-978	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-13	14	-14	28	29	0.90	-0.10	-69	-116	25	99
Basic Earnings per Share	$1.42	$2.00	$2.69	$2.79	$4.27	$3.81	$5.69	$3.83	$3.18	$4.83	$5.41
Weighted Average Basic Shares Outstanding	418.91M	425.14M	428.18M	439.61M	442.32M	443.64M	451.50M	461.52M	466.06M	467.01M	467.92M
Diluted Earnings per Share	$1.41	$1.98	$2.67	$2.77	$4.24	$3.79	$5.66	$3.82	$3.18	$4.82	$5.40
Weighted Average Diluted Shares Outstanding	423.02M	429.28M	431.69M	442.96M	445.52M	446.10M	453.29M	462.75M	467.16M	468.12M	468.76M
Weighted Average Basic & Diluted Shares Outstanding	419K	425.14M	440.85M	439.61M	442.91M	443.64M	455.88M	465.65M	466.35M	467.46M	466.08M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$5.86	$6.45	$6.48	$6.80

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	587	85	917	900	-792	1,230	489	367	853	821	868
Consolidated Net Income / (Loss)	577	13	922	908	-780	1,231	499	381	913	837	888
Net Income / (Loss) Continuing Operations	775	-113	830	770	428	1,000	499	381	913	837	888
Total Pre-Tax Income	824	-138	921	847	551	1,015	618	512	950	965	1,009
Total Operating Income	913	563	1,141	1,156	1,139	856	1,254	1,198	1,233	1,161	1,269
Total Gross Profit	2,509	2,728	1,894	1,895	1,871	1,558	1,928	1,938	2,664	1,366	2,008
Total Revenue	2,521	1,952	2,513	2,545	2,522	1,871	2,563	2,627	2,717	2,738	2,749
Total Cost of Revenue	13	-776	619	649	652	312	635	689	54	1,371	741
Operating Cost of Revenue	13	-776	619	649	652	312	635	689	54	1,371	741
Total Operating Expenses	1,596	2,165	753	739	726	705	674	741	1,430	202	739
Selling, General & Admin Expense	220	90	244	218	228	212	238	234	233	237	234
Depreciation Expense	723	647	509	521	499	419	493	510	523	516	514
Other Operating Expenses / (Income)	626	-	-0.40	-	-	-	-56	-3.50	657	-	-9.20
Total Other Income / (Expense), net	-89	-701	-220	-309	-589	159	-637	-686	-283	-196	-260
Interest Expense	357	343	364	363	357	316	325	343	347	344	358
Interest & Investment Income	33	24	31	34	38	5.80	27	31	36	40	44
Other Income / (Expense), net	235	-382	113	19	-275	472	-338	-374	28	105	54
Income Tax Expense	50	-25	91	77	122	15	119	131	37	128	122
Net Income / (Loss) Attributable to Noncontrolling Interest	-9.60	-72	4.30	8.10	12	0.90	9.90	14	59	16	20
Basic Earnings per Share	$1.26	$0.18	$1.97	$1.93	($1.70)	$2.63	$1.05	$0.78	$1.82	$1.76	$1.86
Weighted Average Basic Shares Outstanding	466.17M	466.06M	466.52M	467.04M	467.20M	467.01M	467.64M	468.18M	468.29M	467.92M	465.94M
Diluted Earnings per Share	$1.26	$0.18	$1.96	$1.92	($1.69)	$2.63	$1.04	$0.78	$1.82	$1.76	$1.86
Weighted Average Diluted Shares Outstanding	467.16M	467.16M	467.66M	467.78M	468.26M	468.12M	468.52M	468.79M	469.04M	468.76M	466.27M
Weighted Average Basic & Diluted Shares Outstanding	466.17M	466.35M	466.98M	467.08M	467.29M	467.46M	468.14M	468.25M	468.15M	466.08M	465.96M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-11	474	18	350	273	283	482	-203	-47	15	-503
Net Cash From Operating Activities	2,167	2,702	2,926	3,748	3,753	3,881	4,820	3,696	4,722	5,291	5,464
Net Cash From Continuing Operating Activities	2,167	2,702	2,926	3,748	3,753	3,881	4,820	3,696	4,722	5,291	5,464
Net Income / (Loss) Continuing Operations	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280	2,629
Consolidated Net Income / (Loss)	672	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280	2,629
Depreciation Expense	1,285	1,526	1,716	2,111	1,778	1,882	2,333	3,355	3,087	2,125	2,042
Amortization Expense	6.90	18	20	22	26	33	40	48	50	54	54
Non-Cash Adjustments To Reconcile Net Income	191	267	317	365	265	709	-721	216	1,033	1,218	906
Changes in Operating Assets and Liabilities, net	11	-79	-352	-14	-233	-435	600	-1,619	-814	-387	-167
Net Cash From Investing Activities	-7,742	-2,102	-2,801	-2,750	-3,988	-4,785	-20,692	-2,355	-1,696	411	-1,860
Net Cash From Continuing Investing Activities	-7,742	-2,102	-2,801	-2,750	-3,988	-4,785	-20,692	-2,355	-1,696	411	-1,860
Purchase of Property, Plant & Equipment	-729	-683	-804	-913	-991	-1,032	-1,377	-1,874	-1,798	-1,590	-1,680
Acquisitions	-7,021	-1,416	-2,007	-1,881	-2,960	-3,799	-19,304	-549	-168	-123	-454
Divestitures	-	-	-	-	-	-	-	0.00	0.00	2,159	0.00
Sale and/or Maturity of Investments	1,032	13	15	1,252	384	20	14	20	17	253	295
Other Investing Activities, net	-1.80	-16	-5.00	-53	-64	27	-0.90	48	253	-288	-20
Net Cash From Financing Activities	5,593	-99	-113	-608	522	1,215	16,425	-1,423	-3,097	-5,452	-4,209
Net Cash From Continuing Financing Activities	5,593	-99	-113	-608	522	1,215	16,425	-1,423	-3,097	-5,452	-4,209
Repayment of Debt	-6,505	-5,120	-6,600	-4,945	-9,382	-14,120	-13,408	-9,720	-13,375	-12,648	-9,684
Repurchase of Common Equity	0.00	0.00	-766	-233	-445	-918	-176	-19	0.00	0.00	-365
Payment of Dividends	-788	-755	-1,164	-1,377	-1,683	-1,941	-2,494	-2,641	-2,996	-3,466	-3,428
Issuance of Debt	9,057	5,683	8,033	5,848	11,927	18,096	26,966	5,512	13,247	10,510	9,078
Issuance of Common Equity	2,491	93	384	99	106	98	5,537	5,445	26	151	190
Effect of Exchange Rate Changes	-29	-27	6.70	-41	-14	-29	-70	-120	23	-234	101

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		Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date		9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	26,904	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077	63,190
Total Current Assets	996	1,690	2,038	2,385	2,554	2,906	3,729	3,622	3,710	3,179	2,742
Cash & Equivalents	321	787	802	1,209	1,501	1,746	1,950	2,028	1,754	2,000	1,475
Restricted Cash	142	149	153	96	77	115	393	112	120	109	130
Accounts Receivable	227	308	514	459	462	512	729	758	548	540	650
Prepaid Expenses	306	441	569	621	514	533	657	723	560	531	486
Plant, Property, & Equipment, net	9,866	10,517	11,101	11,247	12,084	12,809	19,784	19,998	18,863	19,057	20,356
Total Noncurrent Assets	16,041	18,672	20,075	19,378	28,163	31,519	46,375	43,574	43,454	38,842	40,092
Noncurrent Note & Lease Receivables	1,167	1,290	1,499	1,582	9,129	9,874	11,765	11,958	3,478	11,800	12,278
Goodwill	4,092	5,071	5,638	5,502	6,178	7,283	13,350	12,957	12,084	11,768	12,256
Intangible Assets	9,838	11,275	11,783	11,174	12,318	13,840	20,727	17,983	15,932	14,474	14,531
Noncurrent Deferred & Refundable Income Taxes	212	196	204	158	132	123	132	129	179	123	151
Other Noncurrent Operating Assets	733	842	950	963	406	400	401	547	8,960	677	877
Total Liabilities & Shareholders' Equity	26,904	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077	63,190
Total Liabilities	20,191	22,812	25,260	26,106	36,215	42,453	60,818	54,786	55,162	51,429	52,835
Total Current Liabilities	1,200	1,631	2,512	4,690	5,488	3,656	9,067	8,312	7,249	7,076	6,914
Short-Term Debt	50	239	775	2,755	2,928	790	4,569	4,514	3,067	3,693	3,388
Accounts Payable	97	119	143	131	148	139	272	219	251	241	260
Accrued Expenses	516	621	854	948	958	1,044	1,413	1,344	1,053	1,082	1,113
Dividends Payable	210	251	304	377	455	545	642	745	906	780	819
Current Deferred Revenue	211	245	269	304	294	391	1,204	440	434	329	325
Other Current Liabilities	-	-	-	0.00	495	540	713	789	690	577	585
Other Current Nonoperating Liabilities	116	157	167	175	209	208	255	261	848	374	425
Total Noncurrent Liabilities	18,991	21,180	22,748	21,416	30,727	38,798	51,751	46,474	47,913	44,353	45,921
Long-Term Debt	17,069	18,295	19,430	18,405	21,127	28,498	38,686	34,156	35,734	32,809	33,833
Asset Retirement Reserve & Litigation Obligation	857	966	1,175	1,210	1,384	1,571	2,003	2,047	2,080	2,394	2,513
Noncurrent Deferred & Payable Income Tax Liabilities	106	778	898	536	768	860	1,831	1,492	1,311	1,262	1,440
Other Noncurrent Operating Liabilities	959	1,143	1,244	1,265	7,447	7,869	9,232	8,779	7,965	7,889	8,136
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	6,713	6,976	6,828	5,900	5,490	4,568	9,070	12,409	10,865	9,649	10,355
Total Preferred & Common Equity	6,652	6,764	6,242	5,336	5,055	4,094	5,081	5,572	4,198	3,382	3,653
Total Common Equity	6,652	6,764	6,242	5,336	5,055	4,094	5,081	5,572	4,198	3,382	3,653
Common Stock	9,695	10,048	10,252	10,385	10,122	10,478	12,245	14,694	14,878	15,062	15,220
Retained Earnings	-999	-1,077	-1,058	-1,200	-1,017	-1,343	-1,142	-2,102	-3,639	-4,424	-5,086
Treasury Stock	-208	-208	-974	-1,207	-1,226	-1,282	-1,282	-1,301	-1,301	-1,301	-1,666
Accumulated Other Comprehensive Income / (Loss)	-1,837	-1,999	-1,978	-2,643	-2,824	-3,759	-4,739	-5,718	-5,740	-5,955	-4,816
Noncontrolling Interest	61	212	587	564	435	475	3,988	6,836	6,667	6,267	6,703

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q2 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	6/30/2026
Total Assets	66,879	65,653	66,028	66,679	65,838	62,817	61,077	62,056	63,755	63,889	63,300
Total Current Assets	3,681	3,850	3,710	4,240	4,114	3,400	3,179	3,506	3,601	3,535	3,122
Cash & Equivalents	2,016	2,119	1,754	2,389	2,492	2,150	2,000	2,104	2,076	1,951	1,763
Restricted Cash	134	113	120	128	127	132	109	136	134	150	130
Accounts Receivable	684	648	548	738	712	538	540	683	772	737	651
Prepaid Expenses	848	971	560	985	783	580	531	584	620	698	579
Plant, Property, & Equipment, net	19,759	19,612	18,863	20,094	19,928	19,278	19,057	19,266	19,800	20,135	20,573
Total Noncurrent Assets	43,439	42,191	43,454	42,345	41,796	40,140	38,842	39,284	40,353	40,218	39,605
Noncurrent Note & Lease Receivables	12,266	12,184	3,478	12,797	12,662	11,991	11,800	11,895	12,163	12,233	12,239
Goodwill	13,051	12,570	12,084	12,557	12,483	12,046	11,768	11,922	12,246	12,256	12,182
Intangible Assets	17,286	16,655	15,932	16,119	15,759	15,195	14,474	14,643	14,963	14,742	13,981
Noncurrent Deferred & Refundable Income Taxes	126	127	179	161	139	143	123	133	157	166	175
Other Noncurrent Operating Assets	710	655	8,960	711	753	764	677	692	825	821	1,028
Total Liabilities & Shareholders' Equity	66,879	65,653	66,028	66,679	65,838	62,817	61,077	62,056	63,755	63,889	63,300
Total Liabilities	54,872	54,419	55,162	56,017	55,414	52,624	51,429	52,119	53,276	53,123	53,048
Total Current Liabilities	6,926	6,869	7,249	6,730	6,889	7,070	7,076	6,322	5,864	5,994	8,871
Short-Term Debt	3,205	3,158	3,067	3,068	3,329	3,731	3,693	2,817	2,291	2,388	5,227
Accounts Payable	216	216	251	182	206	221	241	200	230	239	203
Accrued Expenses	1,182	1,223	1,053	1,134	1,166	982	1,082	1,121	1,145	1,225	1,117
Dividends Payable	751	776	906	777	778	779	780	816	818	821	853
Current Deferred Revenue	516	473	434	544	392	496	329	451	420	438	497
Other Current Liabilities	795	780	690	715	703	600	577	593	614	615	644
Other Current Nonoperating Liabilities	261	244	848	310	314	260	374	325	347	268	331
Total Noncurrent Liabilities	47,946	47,550	47,913	49,288	48,526	45,554	44,353	45,797	47,412	47,129	44,177
Long-Term Debt	35,590	35,442	35,734	36,192	35,639	33,368	32,809	34,045	35,194	34,851	31,963
Asset Retirement Reserve & Litigation Obligation	2,123	2,113	2,080	2,607	2,562	2,503	2,394	2,445	2,525	2,540	2,527
Noncurrent Deferred & Payable Income Tax Liabilities	1,488	1,423	1,311	1,394	1,399	1,401	1,262	1,358	1,546	1,513	1,574
Other Noncurrent Operating Liabilities	8,746	8,572	7,965	9,094	8,925	8,282	7,889	7,949	8,147	8,225	8,113
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	12,007	11,235	10,865	10,662	10,424	10,193	9,649	9,936	10,479	10,766	10,253
Total Preferred & Common Equity	5,166	4,533	4,198	4,048	3,856	3,642	3,382	3,535	3,713	3,953	3,720
Total Common Equity	5,166	4,533	4,198	4,048	3,856	3,642	3,382	3,535	3,713	3,953	3,720
Common Stock	14,784	14,828	14,878	14,908	14,960	15,019	15,062	15,083	15,138	15,183	15,282
Retained Earnings	-2,756	-2,927	-3,639	-3,481	-3,341	-4,894	-4,424	-4,733	-5,164	-5,111	-5,032
Treasury Stock	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,301	-1,869
Accumulated Other Comprehensive Income / (Loss)	-5,561	-6,066	-5,740	-6,078	-6,462	-5,182	-5,955	-5,514	-4,960	-4,818	-4,661
Noncontrolling Interest	6,841	6,701	6,667	6,614	6,568	6,551	6,267	6,402	6,766	6,813	6,533

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.38%	21.26%	15.18%	11.65%	1.88%	6.08%	16.36%	3.08%	3.80%	1.15%	5.11%
EBITDA Growth	14.28%	20.89%	12.45%	7.86%	11.04%	1.14%	33.07%	8.32%	-9.74%	19.16%	-10.01%
EBIT Growth	3.72%	22.16%	12.43%	-4.97%	40.29%	-2.19%	39.72%	-14.19%	-11.79%	74.84%	-12.76%
NOPAT Growth	-5.35%	22.31%	22.07%	7.03%	28.85%	-0.25%	5.97%	-8.86%	13.49%	38.10%	3.05%
Net Income Growth	-16.33%	44.40%	26.28%	3.21%	51.55%	-11.74%	51.79%	-33.92%	-19.43%	66.79%	15.28%
EPS Growth	-29.50%	40.43%	34.85%	3.75%	53.07%	-10.61%	49.34%	-32.51%	-16.75%	51.57%	12.03%
Operating Cash Flow Growth	1.51%	24.68%	8.29%	28.12%	0.11%	3.43%	24.18%	-23.31%	27.76%	12.03%	3.28%
Free Cash Flow Firm Growth	-681.52%	80.51%	144.18%	614.00%	-88.93%	-302.11%	-2,649.65%	123.37%	72.12%	-6.28%	-61.89%
Invested Capital Growth	28.75%	10.02%	6.16%	-1.31%	8.85%	10.87%	54.37%	-1.83%	-6.26%	-3.47%	4.47%
Revenue Q/Q Growth	5.15%	4.70%	2.54%	6.09%	-2.67%	2.53%	3.57%	-7.71%	-6.99%	-10.70%	1.82%
EBITDA Q/Q Growth	5.64%	4.06%	-1.29%	10.93%	-0.65%	0.20%	6.14%	-8.76%	12.62%	15.69%	-4.01%
EBIT Q/Q Growth	3.67%	4.46%	-6.76%	4.23%	10.66%	-2.04%	4.19%	-21.12%	31.17%	31.40%	-7.27%
NOPAT Q/Q Growth	3.09%	1.81%	0.67%	6.49%	11.62%	-8.12%	-2.26%	-2.05%	16.22%	16.99%	-1.65%
Net Income Q/Q Growth	6.33%	1.18%	-3.02%	8.39%	16.87%	-10.94%	3.20%	-40.56%	114.55%	114.51%	-13.03%
EPS Q/Q Growth	5.22%	0.00%	1.14%	4.14%	18.11%	-10.61%	2.91%	-39.27%	110.60%	103.38%	-13.88%
Operating Cash Flow Q/Q Growth	2.77%	3.84%	2.30%	14.48%	-6.70%	3.70%	-8.60%	15.86%	-0.90%	1.09%	4.36%
Free Cash Flow Firm Q/Q Growth	9.10%	29.35%	-71.26%	47.86%	-89.93%	-137.84%	-66.94%	156.26%	89.43%	-5.98%	-34.57%
Invested Capital Q/Q Growth	0.62%	-0.57%	2.65%	0.18%	10.20%	15.86%	25.97%	1.32%	-3.71%	-1.85%	0.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.57%	69.05%	69.66%	70.73%	70.76%	72.30%	71.34%	73.36%	99.40%	74.58%	74.18%
EBITDA Margin	58.05%	57.88%	56.51%	54.59%	59.50%	56.73%	64.88%	68.18%	59.28%	69.84%	59.80%
Operating Margin	33.80%	32.03%	29.99%	25.60%	35.47%	35.91%	33.47%	28.39%	31.22%	44.60%	45.52%
EBIT Margin	30.97%	31.20%	30.46%	25.92%	35.70%	32.91%	39.52%	32.90%	27.96%	48.33%	40.11%
Profit (Net Income) Margin	14.08%	16.77%	18.39%	17.00%	25.28%	21.03%	27.44%	17.59%	13.65%	22.52%	24.69%
Tax Burden Percent	80.96%	86.19%	97.56%	109.54%	100.01%	92.88%	90.75%	81.34%	89.39%	62.91%	86.34%
Interest Burden Percent	56.16%	62.37%	61.89%	59.86%	70.82%	68.81%	76.51%	65.74%	54.63%	74.06%	71.30%
Effective Tax Rate	19.04%	13.81%	2.44%	-9.54%	-0.01%	7.12%	9.25%	5.41%	5.94%	10.11%	13.66%
Return on Invested Capital (ROIC)	6.20%	6.42%	7.26%	7.59%	9.43%	8.56%	6.78%	5.14%	6.08%	8.82%	9.06%
ROIC Less NNEP Spread (ROIC-NNEP)	2.16%	2.84%	3.42%	3.49%	5.88%	4.70%	6.00%	2.89%	1.80%	3.85%	4.76%
Return on Net Nonoperating Assets (RNNOA)	6.28%	6.71%	8.04%	9.43%	18.99%	21.20%	30.30%	10.66%	5.67%	13.41%	17.22%
Return on Equity (ROE)	12.48%	13.13%	15.30%	17.02%	28.41%	29.76%	37.08%	15.80%	11.75%	22.23%	26.28%
Cash Return on Invested Capital (CROIC)	-18.93%	-3.12%	1.28%	8.91%	0.95%	-1.75%	-35.97%	6.99%	12.53%	12.35%	4.69%
Operating Return on Assets (OROA)	6.14%	6.25%	6.33%	5.83%	7.14%	5.88%	6.32%	4.63%	4.20%	7.70%	6.87%
Return on Assets (ROA)	2.79%	3.36%	3.82%	3.82%	5.06%	3.76%	4.38%	2.48%	2.05%	3.59%	4.23%
Return on Common Equity (ROCE)	12.30%	11.92%	12.42%	13.26%	21.88%	23.95%	24.56%	7.84%	4.93%	8.21%	9.24%
Return on Equity Simple (ROE_SIMPLE)	10.10%	14.35%	19.63%	23.70%	37.91%	41.32%	50.53%	30.45%	32.56%	67.42%	0.00%
Net Operating Profit after Tax (NOPAT)	1,306	1,597	1,950	2,087	2,689	2,682	2,842	2,591	2,940	4,060	4,184
NOPAT Margin	27.37%	27.60%	29.26%	28.05%	35.47%	33.35%	30.38%	26.86%	29.36%	40.09%	39.31%
Net Nonoperating Expense Percent (NNEP)	4.05%	3.58%	3.84%	4.10%	3.55%	3.86%	0.78%	2.25%	4.28%	4.98%	4.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.07%	5.92%	8.80%	8.79%
Cost of Revenue to Revenue	27.43%	30.95%	30.86%	29.27%	29.24%	27.70%	28.66%	26.64%	0.60%	25.42%	25.82%
SG&A Expenses to Revenue	11.83%	10.66%	13.40%	16.75%	11.83%	12.99%	12.93%	9.35%	9.45%	9.22%	8.84%
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	38.77%	37.03%	39.15%	45.12%	35.29%	36.40%	37.86%	44.97%	68.18%	29.98%	28.66%
Earnings before Interest and Taxes (EBIT)	1,478	1,805	2,030	1,929	2,706	2,647	3,698	3,173	2,799	4,894	4,270
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,770	3,349	3,766	4,062	4,510	4,562	6,071	6,576	5,936	7,073	6,365
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.08	5.59	8.40	11.44	17.95	22.12	24.28	16.56	23.19	25.34	22.50
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)	7.09	6.53	7.87	8.20	11.97	11.26	13.19	9.57	9.72	8.46	7.72
Price to Earnings (P/E)	56.83	44.50	45.53	49.74	48.07	53.57	48.05	52.25	65.62	38.01	32.49
Dividend Yield	2.27%	2.44%	2.14%	2.27%	1.85%	2.22%	1.92%	2.96%	3.09%	3.53%	3.87%
Earnings Yield	1.76%	2.25%	2.20%	2.01%	2.08%	1.87%	2.08%	1.91%	1.52%	2.63%	3.08%
Enterprise Value to Invested Capital (EV/IC)	2.13	2.17	2.65	3.02	3.86	3.60	3.31	2.72	3.01	2.80	2.64
Enterprise Value to Revenue (EV/Rev)	10.59	9.80	11.01	11.08	15.14	14.76	17.98	14.06	14.08	12.48	11.70
Enterprise Value to EBITDA (EV/EBITDA)	18.24	16.93	19.49	20.30	25.44	26.01	27.72	20.63	23.74	17.87	19.56
Enterprise Value to EBIT (EV/EBIT)	34.19	31.40	36.16	42.75	42.41	44.84	45.50	42.74	50.35	25.82	29.16
Enterprise Value to NOPAT (EV/NOPAT)	38.69	35.49	37.65	39.51	42.68	44.25	59.21	52.36	47.94	31.12	29.76
Enterprise Value to Operating Cash Flow (EV/OCF)	23.32	20.98	25.09	22.00	30.58	30.58	34.91	36.70	29.84	23.89	22.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	213.87	33.65	423.00	0.00	0.00	38.49	23.24	22.23	57.48
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.55	2.30	2.54	3.06	3.65	6.13	4.77	3.12	3.57	3.78	3.59
Long-Term Debt to Equity	2.54	2.27	2.44	2.67	3.21	5.96	4.27	2.75	3.29	3.40	3.27
Financial Leverage	2.91	2.37	2.35	2.70	3.23	4.51	5.05	3.69	3.16	3.49	3.62
Leverage Ratio	4.47	3.91	4.00	4.46	5.62	7.92	8.46	6.38	5.72	6.20	6.21
Compound Leverage Factor	2.51	2.44	2.48	2.67	3.98	5.45	6.47	4.20	3.13	4.59	4.43
Debt to Total Capital	71.83%	69.67%	71.75%	75.40%	78.50%	85.97%	82.67%	75.71%	78.12%	79.09%	78.23%
Short-Term Debt to Total Capital	0.21%	0.90%	2.75%	9.82%	9.56%	2.32%	8.73%	8.84%	6.18%	8.00%	7.12%
Long-Term Debt to Total Capital	71.62%	68.77%	69.00%	65.58%	68.95%	83.65%	73.93%	66.87%	71.95%	71.09%	71.11%
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	0.26%	4.90%	6.08%	5.59%	5.00%	2.02%	7.62%	13.38%	13.42%	13.58%	14.09%
Common Equity to Total Capital	27.91%	25.43%	22.16%	19.01%	16.50%	12.02%	9.71%	10.91%	8.45%	7.33%	7.68%
Debt to EBITDA	6.18	5.53	5.37	5.21	5.33	6.42	7.13	5.88	6.54	5.16	5.85
Net Debt to EBITDA	6.01	5.25	5.11	4.89	4.98	6.01	6.74	5.56	6.22	4.86	5.60
Long-Term Debt to EBITDA	6.16	5.46	5.16	4.53	4.68	6.25	6.37	5.19	6.02	4.64	5.32
Debt to NOPAT	13.11	11.60	10.36	10.14	8.95	10.92	15.22	14.93	13.20	8.99	8.90
Net Debt to NOPAT	12.76	11.02	9.87	9.52	8.36	10.23	14.39	14.10	12.56	8.47	8.51
Long-Term Debt to NOPAT	13.07	11.46	9.97	8.82	7.86	10.63	13.61	13.19	12.15	8.08	8.09
Altman Z-Score	1.30	1.33	1.59	1.69	1.77	1.58	1.41	1.18	1.21	1.25	1.13
Noncontrolling Interest Sharing Ratio	1.50%	9.23%	18.83%	22.08%	22.98%	19.52%	33.76%	50.40%	58.02%	63.05%	64.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45	0.40
Quick Ratio	0.46	0.67	0.52	0.36	0.36	0.62	0.30	0.34	0.32	0.36	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,985	-777	343	2,450	271	-548	-15,076	3,524	6,065	5,684	2,166
Operating Cash Flow to CapEx	297.32%	395.85%	364.06%	410.46%	378.55%	376.21%	350.11%	197.28%	262.63%	332.74%	325.16%
Free Cash Flow to Firm to Interest Expense	-5.89	-1.08	0.42	2.96	0.32	-0.63	-16.58	3.10	4.37	4.05	1.59
Operating Cash Flow to Interest Expense	3.20	3.77	3.57	4.52	4.49	4.49	5.30	3.25	3.40	3.77	4.02
Operating Cash Flow Less CapEx to Interest Expense	2.13	2.82	2.59	3.42	3.30	3.29	3.79	1.60	2.11	2.63	2.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.20	0.21	0.22	0.20	0.18	0.16	0.14	0.15	0.16	0.17
Accounts Receivable Turnover	22.38	21.60	16.21	15.30	16.46	16.52	15.09	12.97	15.34	18.62	17.89
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	0.55	0.57	0.62	0.67	0.65	0.65	0.57	0.48	0.52	0.53	0.54
Accounts Payable Turnover	13.99	16.62	15.72	15.91	15.90	15.51	13.04	10.47	0.26	10.46	10.98
Days Sales Outstanding (DSO)	16.31	16.90	22.51	23.86	22.18	22.10	24.20	28.14	23.80	19.60	20.41
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)	26.09	21.96	23.21	22.94	22.96	23.53	28.00	34.88	1,426.90	34.89	33.24
Cash Conversion Cycle (CCC)	-9.78	-5.06	-0.70	0.92	-0.78	-1.43	-3.81	-6.74	-1,403.10	-15.29	-12.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,695	26,068	27,675	27,311	29,729	32,959	50,877	49,944	46,820	45,196	47,214
Invested Capital Turnover	0.23	0.23	0.25	0.27	0.27	0.26	0.22	0.19	0.21	0.22	0.23
Increase / (Decrease) in Invested Capital	5,291	2,374	1,606	-364	2,417	3,230	17,918	-933	-3,125	-1,624	2,018
Enterprise Value (EV)	50,525	56,687	73,393	82,451	114,751	118,677	168,280	135,633	140,935	126,366	124,510
Market Capitalization	33,808	37,791	52,431	61,028	90,742	90,564	123,381	92,267	97,339	85,706	82,193
Book Value per Share	$15.70	$15.89	$14.55	$12.11	$11.41	$9.22	$11.16	$11.97	$9.01	$7.24	$7.80
Tangible Book Value per Share	($17.18)	($22.51)	($26.07)	($25.74)	($30.35)	($38.34)	($63.67)	($54.48)	($51.09)	($48.92)	($49.42)
Total Capital	23,832	26,601	28,159	28,064	30,642	34,068	52,324	51,079	49,667	46,151	47,576
Total Debt	17,119	18,534	20,205	21,160	24,055	29,288	43,254	38,670	38,801	36,502	37,220
Total Long-Term Debt	17,069	18,295	19,430	18,405	21,127	28,498	38,686	34,156	35,734	32,809	33,833
Net Debt	16,656	17,593	19,249	19,855	22,477	27,426	40,911	36,530	36,928	34,394	35,615
Capital Expenditures (CapEx)	729	683	804	913	991	1,032	1,377	1,874	1,798	1,590	1,680
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-616	-643	-655	-855	-1,584	-1,822	-3,113	-2,316	-2,345	-2,312	-2,389
Debt-free Net Working Capital (DFNWC)	-153	297	301	450	-5.70	40	-769	-175	-472	-204	-784
Net Working Capital (NWC)	-204	59	-474	-2,305	-2,934	-750	-5,338	-4,690	-3,539	-3,897	-4,172
Net Nonoperating Expense (NNE)	634	627	724	822	772	991	275	894	1,573	1,780	1,556
Net Nonoperating Obligations (NNO)	16,982	18,001	19,721	20,407	23,142	28,179	41,808	37,536	35,954	35,548	36,859
Total Depreciation and Amortization (D&A)	1,292	1,543	1,736	2,133	1,804	1,915	2,373	3,403	3,136	2,179	2,096
Debt-free, Cash-free Net Working Capital to Revenue	-12.92%	-11.12%	-9.83%	-11.49%	-20.89%	-22.65%	-33.26%	-24.01%	-23.43%	-22.83%	-22.45%
Debt-free Net Working Capital to Revenue	-3.21%	5.14%	4.51%	6.05%	-0.08%	0.50%	-8.22%	-1.82%	-4.71%	-2.01%	-7.37%
Net Working Capital to Revenue	-4.27%	1.01%	-7.11%	-30.98%	-38.70%	-9.33%	-57.05%	-48.62%	-35.35%	-38.48%	-39.19%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.42	$2.00	$2.69	$2.79	$4.27	$3.81	$5.69	$3.83	$3.18	$4.83	$5.41
Adjusted Weighted Average Basic Shares Outstanding	418.91M	425.14M	428.18M	439.61M	442.32M	443.64M	451.50M	461.52M	466.06M	467.01M	467.92M
Adjusted Diluted Earnings per Share	$1.41	$1.98	$2.67	$2.77	$4.24	$3.79	$5.66	$3.82	$3.18	$4.82	$5.40
Adjusted Weighted Average Diluted Shares Outstanding	423.02M	429.28M	431.69M	442.96M	445.52M	446.10M	453.29M	462.75M	467.16M	468.12M	468.76M
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	423.90M	427.20M	440.85M	441.13M	442.91M	444.38M	455.88M	465.65M	466.35M	467.46M	466.08M
Normalized Net Operating Profit after Tax (NOPAT)	1,306	1,597	1,950	1,334	1,882	2,682	2,842	2,591	3,015	4,060	4,184
Normalized NOPAT Margin	27.37%	27.60%	29.26%	17.92%	24.83%	33.35%	30.38%	26.86%	30.12%	40.09%	39.31%
Pre Tax Income Margin	17.39%	19.46%	18.85%	15.52%	25.28%	22.65%	30.24%	21.63%	15.27%	35.79%	28.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.19	2.52	2.48	2.33	3.24	3.06	4.07	2.79	2.02	3.48	3.14
NOPAT to Interest Expense	1.93	2.23	2.38	2.52	3.21	3.10	3.13	2.28	2.12	2.89	3.08
EBIT Less CapEx to Interest Expense	1.11	1.57	1.50	1.23	2.05	1.87	2.55	1.14	0.72	2.35	1.90
NOPAT Less CapEx to Interest Expense	0.85	1.28	1.40	1.42	2.03	1.91	1.61	0.63	0.82	1.76	1.84
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	117.31%	77.77%	95.02%	108.90%	87.83%	114.72%	97.14%	155.67%	219.14%	151.99%	130.42%
Augmented Payout Ratio	117.31%	77.77%	157.56%	127.31%	111.06%	168.97%	103.98%	156.78%	219.14%	151.99%	144.29%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	466,084,820.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	466,084,820.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.63%	19.09%	2.42%	4.64%	0.05%	-4.19%	2.00%	3.23%	7.74%	7.45%	4.65%
EBITDA Growth	-5.87%	31.74%	29.02%	22.90%	-27.91%	93.27%	-21.91%	-22.99%	29.52%	-15.22%	37.70%
EBIT Growth	1.42%	288.17%	99.11%	70.60%	-24.66%	632.08%	-26.97%	-29.61%	45.86%	-20.92%	60.55%
NOPAT Growth	37.23%	-2.61%	66.71%	33.56%	3.23%	114.08%	-1.49%	-15.24%	33.73%	-1.11%	25.30%
Net Income Growth	-29.57%	101.86%	192.60%	96.84%	-235.18%	9,151.88%	-45.90%	-58.11%	216.94%	-32.00%	133.25%
EPS Growth	-30.00%	112.08%	172.22%	88.24%	-234.13%	1,361.11%	-46.94%	-59.38%	207.69%	-33.08%	138.46%
Operating Cash Flow Growth	39.50%	-3.64%	19.91%	10.67%	12.98%	5.00%	0.89%	-4.26%	-0.64%	19.06%	0.00%
Free Cash Flow Firm Growth	118.47%	163.03%	14.53%	100.73%	126.17%	-29.88%	61.31%	-35.53%	-93.04%	-138.29%	-29.13%
Invested Capital Growth	-1.36%	-6.26%	-2.67%	-3.62%	-5.29%	-3.47%	-5.75%	-1.98%	2.05%	4.47%	-0.40%
Revenue Q/Q Growth	-9.04%	-22.57%	1.70%	2.34%	-13.03%	-25.84%	37.01%	2.50%	3.45%	0.74%	0.00%
EBITDA Q/Q Growth	22.69%	-50.47%	70.39%	0.77%	-28.03%	32.79%	-22.99%	-5.03%	33.37%	-0.15%	0.00%
EBIT Q/Q Growth	44.80%	-84.19%	286.04%	0.18%	-36.06%	53.61%	-31.03%	-9.67%	52.42%	0.35%	0.00%
NOPAT Q/Q Growth	1.03%	-54.06%	308.16%	2.61%	-21.91%	-4.73%	19.98%	-12.07%	33.05%	-15.04%	0.00%
Net Income Q/Q Growth	25.09%	-97.70%	6,830.08%	-1.44%	-185.91%	257.68%	-59.48%	-23.69%	139.84%	-8.31%	0.00%
EPS Q/Q Growth	23.53%	-85.71%	988.89%	-2.04%	-188.02%	255.62%	-60.46%	-25.00%	133.33%	-3.30%	0.00%
Operating Cash Flow Q/Q Growth	7.54%	-12.20%	12.41%	4.28%	9.78%	-18.40%	8.01%	-1.04%	13.93%	-2.23%	0.00%
Free Cash Flow Firm Q/Q Growth	4.70%	129.99%	98.23%	20.45%	17.97%	-28.69%	54.12%	-51.69%	-86.89%	-520.11%	0.00%
Invested Capital Q/Q Growth	-2.10%	-3.71%	-1.01%	-1.29%	-3.80%	-1.85%	1.12%	2.67%	0.16%	0.47%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	99.50%	139.73%	72.19%	71.66%	74.16%	83.30%	75.24%	73.78%	98.02%	49.91%	73.03%
EBITDA Margin	75.78%	48.47%	67.01%	65.98%	54.60%	97.78%	54.96%	50.92%	65.65%	65.07%	66.82%
Operating Margin	36.21%	28.85%	43.63%	44.28%	45.17%	45.78%	48.93%	45.59%	45.39%	42.40%	46.15%
EBIT Margin	45.52%	9.29%	47.62%	46.62%	34.27%	71.00%	35.74%	31.49%	46.40%	46.22%	48.11%
Profit (Net Income) Margin	22.90%	0.68%	32.52%	31.32%	-30.94%	65.78%	19.46%	14.48%	33.58%	30.57%	32.28%
Tax Burden Percent	70.04%	-9.63%	89.41%	88.33%	-141.76%	121.23%	80.74%	74.35%	96.06%	86.72%	87.93%
Interest Burden Percent	71.83%	-76.13%	76.39%	76.07%	63.68%	76.43%	67.42%	61.86%	75.34%	76.25%	76.31%
Effective Tax Rate	6.01%	0.00%	10.59%	11.67%	22.23%	1.45%	19.26%	25.65%	3.94%	13.28%	12.07%
Return on Invested Capital (ROIC)	7.48%	4.18%	8.90%	9.10%	8.41%	9.93%	8.54%	7.34%	9.80%	8.47%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	6.73%	3.14%	8.41%	8.49%	3.86%	11.01%	7.14%	5.96%	9.04%	8.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	21.25%	9.92%	27.67%	28.44%	13.21%	38.39%	25.52%	21.06%	31.10%	28.96%	0.00%
Return on Equity (ROE)	28.73%	14.10%	36.57%	37.53%	21.63%	48.32%	34.05%	28.40%	40.90%	37.44%	0.00%
Cash Return on Invested Capital (CROIC)	6.54%	12.53%	9.11%	10.75%	12.77%	12.35%	14.59%	10.38%	7.12%	4.69%	0.40%
Operating Return on Assets (OROA)	7.41%	1.40%	8.00%	7.97%	6.05%	11.31%	5.65%	4.99%	7.66%	7.92%	0.00%
Return on Assets (ROA)	3.73%	0.10%	5.46%	5.35%	-5.46%	10.48%	3.08%	2.29%	5.54%	5.24%	0.00%
Return on Common Equity (ROCE)	13.19%	5.92%	15.09%	15.10%	8.25%	17.85%	12.54%	10.28%	14.82%	13.16%	0.00%
Return on Equity Simple (ROE_SIMPLE)	14.06%	0.00%	48.76%	62.78%	29.19%	0.00%	52.54%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	858	394	1,106	1,134	886	844	1,013	890	1,185	1,007	1,116
NOPAT Margin	34.04%	20.19%	39.01%	39.11%	35.12%	45.12%	39.51%	33.90%	43.60%	36.77%	40.58%
Net Nonoperating Expense Percent (NNEP)	0.76%	1.04%	0.49%	0.60%	4.55%	-1.08%	1.40%	1.38%	0.76%	0.47%	0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	0.79%	-	-	-	1.83%	2.16%	1.86%	2.47%	2.12%	2.35%
Cost of Revenue to Revenue	0.50%	-39.73%	27.81%	28.34%	25.84%	16.70%	24.76%	26.22%	1.98%	50.09%	26.97%
SG&A Expenses to Revenue	8.74%	4.61%	9.17%	8.08%	9.03%	11.31%	9.27%	8.90%	8.57%	8.64%	8.50%
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	63.29%	110.89%	28.55%	27.45%	28.79%	37.69%	26.31%	28.32%	52.63%	7.39%	26.88%
Earnings before Interest and Taxes (EBIT)	1,148	181	1,350	1,352	865	1,328	916	827	1,261	1,265	1,323
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,910	946	1,899	1,914	1,377	1,829	1,408	1,338	1,784	1,781	1,837
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.21	23.19	22.37	23.54	29.61	25.34	28.54	27.87	22.78	22.50	20.50
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)	6.83	9.72	8.08	8.00	9.51	8.46	9.91	10.09	8.61	7.72	0.00
Price to Earnings (P/E)	102.82	65.62	43.85	36.46	97.13	38.01	55.24	80.03	30.65	32.49	0.00
Dividend Yield	3.91%	3.09%	3.32%	3.37%	2.84%	3.53%	3.00%	3.00%	4.34%	3.87%	4.27%
Earnings Yield	0.97%	1.52%	2.28%	2.74%	1.03%	2.63%	1.81%	1.25%	3.26%	3.08%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.40	3.01	2.76	2.79	3.24	2.80	3.11	3.10	2.81	2.64	2.53
Enterprise Value to Revenue (EV/Rev)	10.83	14.08	11.94	11.79	13.16	12.48	13.94	14.18	12.63	11.70	0.00
Enterprise Value to EBITDA (EV/EBITDA)	22.11	23.74	21.29	20.11	24.41	17.87	21.42	23.38	19.91	19.56	57.00
Enterprise Value to EBIT (EV/EBIT)	54.61	50.35	38.83	33.36	40.06	25.82	31.15	34.58	28.67	29.16	0.00
Enterprise Value to NOPAT (EV/NOPAT)	46.07	47.94	42.50	38.80	42.99	31.12	34.78	36.65	31.03	29.76	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	24.46	29.84	27.13	26.40	28.51	23.89	26.77	27.74	25.21	22.79	20.44
Enterprise Value to Free Cash Flow (EV/FCFF)	36.40	23.24	29.89	25.49	24.68	22.23	20.65	29.59	39.88	57.48	634.09
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.44	3.57	3.68	3.74	3.64	3.78	3.71	3.58	3.46	3.59	3.63
Long-Term Debt to Equity	3.15	3.29	3.39	3.42	3.27	3.40	3.43	3.36	3.24	3.27	3.12
Financial Leverage	3.16	3.16	3.29	3.35	3.42	3.49	3.57	3.53	3.44	3.62	3.52
Leverage Ratio	5.61	5.72	5.83	5.92	6.00	6.20	6.25	6.20	6.05	6.21	6.13
Compound Leverage Factor	4.03	-4.36	4.45	4.50	3.82	4.74	4.21	3.84	4.55	4.74	4.68
Debt to Total Capital	77.46%	78.12%	78.64%	78.90%	78.45%	79.09%	78.77%	78.15%	77.57%	78.23%	78.39%
Short-Term Debt to Total Capital	6.34%	6.18%	6.14%	6.74%	7.89%	8.00%	6.02%	4.78%	4.97%	7.12%	11.02%
Long-Term Debt to Total Capital	71.12%	71.95%	72.50%	72.16%	70.56%	71.09%	72.75%	73.38%	72.60%	71.11%	67.37%
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	13.45%	13.42%	13.25%	13.30%	13.85%	13.58%	13.68%	14.11%	14.19%	14.09%	13.77%
Common Equity to Total Capital	9.10%	8.45%	8.11%	7.81%	7.70%	7.33%	7.55%	7.74%	8.23%	7.68%	7.84%
Debt to EBITDA	7.32	6.54	6.24	5.86	6.07	5.16	5.57	6.02	5.62	5.85	17.95
Net Debt to EBITDA	6.90	6.22	5.84	5.47	5.70	4.86	5.23	5.67	5.30	5.60	17.04
Long-Term Debt to EBITDA	6.72	6.02	5.75	5.36	5.46	4.64	5.14	5.65	5.26	5.32	15.43
Debt to NOPAT	15.26	13.20	12.46	11.31	10.69	8.99	9.03	9.44	8.75	8.90	0.00
Net Debt to NOPAT	14.38	12.56	11.66	10.55	10.03	8.47	8.49	8.88	8.26	8.51	0.00
Long-Term Debt to NOPAT	14.01	12.15	11.49	10.34	9.61	8.08	8.34	8.86	8.19	8.09	0.00
Altman Z-Score	0.91	1.08	1.09	1.10	1.28	1.06	1.21	1.21	1.09	0.98	0.71
Noncontrolling Interest Sharing Ratio	54.08%	58.02%	58.74%	59.78%	61.85%	63.05%	63.19%	63.79%	63.77%	64.83%	64.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.56	0.51	0.63	0.60	0.48	0.45	0.55	0.61	0.59	0.40	0.35
Quick Ratio	0.40	0.32	0.46	0.47	0.38	0.36	0.44	0.49	0.45	0.31	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,530	3,519	2,435	2,933	3,460	2,467	3,803	1,837	241	-1,011	1,302
Operating Cash Flow to CapEx	332.89%	217.67%	323.57%	411.59%	345.99%	270.41%	391.12%	420.72%	313.64%	246.46%	0.00%
Free Cash Flow to Firm to Interest Expense	4.29	10.25	6.64	8.03	9.70	7.82	11.69	5.36	0.69	-2.94	3.64
Operating Cash Flow to Interest Expense	3.65	3.33	3.50	3.66	4.12	3.80	3.98	3.74	4.21	4.14	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.55	1.80	2.42	2.77	2.93	2.39	2.96	2.85	2.87	2.46	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.15	0.17	0.17	0.18	0.16	0.16	0.16	0.17	0.17	0.00
Accounts Receivable Turnover	15.71	15.34	15.53	16.24	19.13	18.62	14.32	13.82	16.40	17.89	0.00
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	0.55	0.52	0.56	0.57	0.58	0.53	0.52	0.52	0.53	0.54	0.00
Accounts Payable Turnover	7.66	0.26	16.71	19.17	21.43	10.46	13.57	12.07	8.83	10.98	0.00
Days Sales Outstanding (DSO)	23.23	23.80	23.50	22.47	19.08	19.60	25.49	26.40	22.25	20.41	0.00
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)	47.63	1,426.90	21.84	19.04	17.04	34.89	26.90	30.24	41.35	33.24	0.00
Cash Conversion Cycle (CCC)	-24.40	-1,403.10	1.66	3.44	2.04	-15.29	-1.40	-3.84	-19.10	-12.84	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	48,623	46,820	48,491	47,866	46,048	45,196	45,701	46,919	46,992	47,214	46,733
Invested Capital Turnover	0.22	0.21	0.23	0.23	0.24	0.22	0.22	0.22	0.22	0.23	0.00
Increase / (Decrease) in Invested Capital	-672	-3,125	-1,330	-1,799	-2,575	-1,624	-2,790	-947	944	2,018	-186
Enterprise Value (EV)	116,546	140,935	133,895	133,688	149,207	126,366	141,913	145,509	132,005	124,510	118,067
Market Capitalization	73,477	97,339	90,538	90,771	107,840	85,706	100,889	103,468	90,054	82,193	76,237
Book Value per Share	$9.72	$9.01	$8.68	$8.26	$7.80	$7.24	$7.56	$7.93	$8.44	$7.80	$7.98
Tangible Book Value per Share	($52.97)	($51.09)	($52.79)	($52.22)	($50.52)	($48.92)	($49.26)	($50.19)	($49.22)	($49.42)	($48.17)
Total Capital	49,834	49,667	49,921	49,392	47,291	46,151	46,799	47,963	48,005	47,576	47,442
Total Debt	38,600	38,801	39,260	38,968	37,098	36,502	36,862	37,485	37,239	37,220	37,190
Total Long-Term Debt	35,442	35,734	36,192	35,639	33,368	32,809	34,045	35,194	34,851	33,833	31,963
Net Debt	36,368	36,928	36,743	36,350	34,816	34,394	34,623	35,275	35,138	35,615	35,297
Capital Expenditures (CapEx)	391	525	397	325	425	443	331	305	466	579	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,093	-2,345	-1,939	-2,064	-2,222	-2,312	-2,238	-2,181	-2,171	-2,389	-2,414
Debt-free Net Working Capital (DFNWC)	139	-472	578	555	61	-204	1.00	29	-70	-784	-522
Net Working Capital (NWC)	-3,019	-3,539	-2,490	-2,775	-3,670	-3,897	-2,816	-2,262	-2,458	-4,172	-5,748
Net Nonoperating Expense (NNE)	281	381	184	226	1,666	-387	514	510	272	170	228
Net Nonoperating Obligations (NNO)	37,388	35,954	37,829	37,442	35,856	35,548	35,765	36,440	36,227	36,859	36,480
Total Depreciation and Amortization (D&A)	763	765	549	562	513	501	493	510	523	516	514
Debt-free, Cash-free Net Working Capital to Revenue	-19.44%	-23.43%	-17.30%	-18.20%	-19.59%	-22.83%	-21.99%	-21.26%	-20.77%	-22.45%	0.00%
Debt-free Net Working Capital to Revenue	1.29%	-4.71%	5.15%	4.89%	0.53%	-2.01%	0.01%	0.28%	-0.67%	-7.37%	0.00%
Net Working Capital to Revenue	-28.04%	-35.35%	-22.21%	-24.47%	-32.36%	-38.48%	-27.67%	-22.05%	-23.51%	-39.19%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.26	$0.18	$1.97	$1.93	($1.70)	$2.63	$1.05	$0.78	$1.82	$1.76	$1.86
Adjusted Weighted Average Basic Shares Outstanding	466.17M	466.06M	466.52M	467.04M	467.20M	467.01M	467.64M	468.18M	468.29M	467.92M	465.94M
Adjusted Diluted Earnings per Share	$1.26	$0.18	$1.96	$1.92	($1.69)	$2.63	$1.04	$0.78	$1.82	$1.76	$1.86
Adjusted Weighted Average Diluted Shares Outstanding	467.16M	467.16M	467.66M	467.78M	468.26M	468.12M	468.52M	468.79M	469.04M	468.76M	466.27M
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	466.17M	466.35M	466.98M	467.08M	467.29M	467.46M	468.14M	468.25M	468.15M	466.08M	465.96M
Normalized Net Operating Profit after Tax (NOPAT)	883	394	1,106	1,134	886	844	1,013	890	1,201	1,007	1,116
Normalized NOPAT Margin	35.03%	20.19%	39.01%	39.11%	35.12%	45.12%	39.51%	33.90%	44.21%	36.77%	40.58%
Pre Tax Income Margin	32.70%	-7.07%	36.37%	35.46%	21.83%	54.26%	24.09%	19.48%	34.96%	35.25%	36.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.22	0.53	3.68	3.70	2.42	4.21	2.82	2.41	3.63	3.67	3.70
NOPAT to Interest Expense	2.41	1.15	3.02	3.10	2.48	2.67	3.11	2.60	3.41	2.92	3.12
EBIT Less CapEx to Interest Expense	2.12	-1.00	2.60	2.81	1.23	2.80	1.80	1.53	2.29	1.99	3.70
NOPAT Less CapEx to Interest Expense	1.31	-0.38	1.93	2.21	1.29	1.27	2.10	1.71	2.07	1.24	3.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	458.22%	219.14%	162.82%	134.68%	324.26%	151.99%	177.72%	255.33%	108.82%	130.42%	0.00%
Augmented Payout Ratio	458.22%	219.14%	162.82%	134.68%	324.26%	151.99%	177.72%	255.33%	108.82%	144.29%	0.00%

Financials Breakdown Chart

Key Financial Trends

American Tower (NYSE: AMT) shows a mixed but still fundamentally resilient picture based on its recent quarterly financials. Revenue has continued to grow year over year, operating cash flow remains strong, and the company is still producing substantial profits. At the same time, AMT carries a heavy debt load, interest expense is significant, and equity on the balance sheet remains relatively thin versus total liabilities.

Revenue trend remains positive. Q4 2025 revenue rose to $2.74 billion, up from $2.63 billion in Q2 2025 and $2.51 billion in Q1 2024.
Operating cash flow is robust. AMT generated $1.43 billion in operating cash flow in Q4 2025, after $1.46 billion in Q3 2025 and $1.28 billion in Q2 2025.
Profitability is still strong. Q4 2025 net income was $836.8 million, with diluted EPS of $1.76.
Gross profit remains healthy. Q4 2025 gross profit was $1.37 billion, showing the business still converts revenue into substantial margin.
Capital spending is manageable relative to cash generation. Q4 2025 capex of $579.2 million was well below operating cash flow.
Cash balance is still sizable. AMT ended Q3 2025 with $1.95 billion in cash and equivalents, giving it liquidity flexibility.
Dividend commitment remains high. AMT paid $926.3 million in dividends in Q4 2025, consistent with its status as an income-oriented REIT-style name.
Depreciation is large but expected for the model. Depreciation was $515.9 million in Q4 2025, reflecting the capital-intensive tower portfolio.
Equity remains limited relative to liabilities. As of Q3 2025, total common equity was only $3.95 billion versus $53.1 billion in liabilities.
Share count is broadly stable. Diluted shares in Q4 2025 were 468.8 million, similar to recent quarters.
Debt remains the biggest risk. Q3 2025 long-term debt was $34.85 billion, with additional short-term debt of $2.39 billion.
Interest expense is a heavy drag. Q4 2025 interest expense was $344.4 million, and Q3 2025 was $347.1 million.
Financing cash flow was negative in Q4 2025. The company used $1.44 billion in financing cash flow, reflecting debt repayment and dividend payments that outweighed issuance.
Cash declined in Q4 2025. Net change in cash and equivalents was negative $495.6 million for the quarter.
Profitability has been somewhat volatile over the last year. Q3 2024 included a large loss tied to discontinued operations, showing non-core items can materially affect reported earnings.

Bottom line: AMT looks like a steady cash-generating infrastructure business with solid top-line growth and strong operating cash flow, but investors should keep a close eye on leverage, interest costs, and the company’s ability to keep funding dividends and capital needs without stretching the balance sheet further.

07/29/26 08:23 AM ETAI Generated. May Contain Errors.

American Tower Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Tower's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

American Tower's net income appears to be on an upward trend, with a most recent value of $2.63 billion in 2025, rising from $672 million in 2015. The previous period was $2.28 billion in 2024. See where experts think American Tower is headed by visiting American Tower's forecast page.

American Tower's total operating income in 2025 was $4.85 billion, based on the following breakdown:

Total Gross Profit: $7.90 billion
Total Operating Expenses: $3.05 billion

Over the last 10 years, American Tower's total revenue changed from $4.77 billion in 2015 to $10.64 billion in 2025, a change of 123.1%.

American Tower's total liabilities were at $52.84 billion at the end of 2025, a 2.7% increase from 2024, and a 161.7% increase since 2015.

In the past 10 years, American Tower's cash and equivalents has ranged from $320.69 million in 2015 to $2.03 billion in 2022, and is currently $1.47 billion as of their latest financial filing in 2025.

Over the last 10 years, American Tower's book value per share changed from 15.70 in 2015 to 7.80 in 2025, a change of -50.3%.

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Financial statements for NYSE:AMT last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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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

Annual Metrics And Ratios for American Tower

Quarterly Metrics And Ratios for American Tower

Financials Breakdown Chart

Key Financial Trends

American Tower Financials - Frequently Asked Questions

When does American Tower's financial year end?

How has American Tower's net income changed over the last 10 years?

What is American Tower's operating income?

How has American Tower's revenue changed over the last 10 years?

How much debt does American Tower have?

How much cash does American Tower have?

How has American Tower's book value per share changed over the last 10 years?

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