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American Tower (AMT) Financials

American Tower logo
$176.45 -3.32 (-1.85%)
Closing price 03:59 PM Eastern
Extended Trading
$176.90 +0.45 (+0.25%)
As of 04:23 PM Eastern
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Annual Income Statements for American Tower

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

Quarterly Income Statements for American Tower

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 476 587 85 917 900 -792 1,230 489 367 853 821
Consolidated Net Income / (Loss)		 462 577 13 922 908 -780 1,231 499 381 913 837
Net Income / (Loss) Continuing Operations		 462 775 -113 830 770 428 1,000 499 381 913 837
Total Pre-Tax Income 		475 824 -138 921 847 551 1,015 618 512 950 965
Total Operating Income		 874 913 563 1,141 1,156 1,139 856 1,254 1,198 1,233 1,161
Total Gross Profit		 2,755 2,509 2,728 1,894 1,895 1,871 1,558 1,928 1,938 2,664 1,366
Total Revenue		 2,772 2,521 1,952 2,513 2,545 2,522 1,871 2,563 2,627 2,717 2,738
Total Cost of Revenue		 17 13 -776 619 649 652 312 635 689 54 1,371
Operating Cost of Revenue		 17 13 -776 619 649 652 312 635 689 54 1,371
Total Operating Expenses		 1,881 1,596 2,165 753 739 726 705 674 744 1,430 202
Selling, General & Admin Expense		 244 220 90 244 218 228 212 238 234 233 237
Depreciation Expense		 765 723 647 509 521 499 419 493 510 523 516
Total Other Income / (Expense), net		 -399 -89 -701 -220 -309 -589 159 -637 -686 -283 -196
Interest Expense		 348 357 343 364 363 357 316 325 343 347 344
Interest & Investment Income		 31 33 24 31 34 38 5.80 27 31 36 40
Other Income / (Expense), net		 -81 235 -382 113 19 -275 472 -338 -370 28 105
Income Tax Expense		 13 50 -25 91 77 122 15 119 131 37 128
Net Income / (Loss) Attributable to Noncontrolling Interest		 -14 -9.60 -72 4.30 8.10 12 0.90 9.90 14 59 16
Basic Earnings per Share		 $1.02 $1.26 $0.18 $1.97 $1.93 ($1.70) $2.63 $1.05 $0.78 $1.82 $1.76
Weighted Average Basic Shares Outstanding		 466.09M 466.17M 466.06M 466.52M 467.04M 467.20M 467.01M 467.64M 468.18M 468.29M 467.92M
Diluted Earnings per Share		 $1.02 $1.26 $0.18 $1.96 $1.92 ($1.69) $2.63 $1.04 $0.78 $1.82 $1.76
Weighted Average Diluted Shares Outstanding		 466.98M 467.16M 467.16M 467.66M 467.78M 468.26M 468.12M 468.52M 468.79M 469.04M 468.76M
Weighted Average Basic & Diluted Shares Outstanding		 466.16M 466.17M 466.35M 466.98M 467.08M 467.29M 467.46M 468.14M 468.25M 468.15M 466.08M

Annual Cash Flow Statements for American Tower

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

Quarterly Cash Flow Statements for American Tower

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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 12/31/2025
Net Change in Cash & Equivalents		 224 82 -138 423 102 -336 -174 131 -30 -109 -496
Net Cash From Operating Activities		 1,209 1,301 1,142 1,284 1,339 1,469 1,199 1,295 1,282 1,460 1,428
Net Cash From Continuing Operating Activities		 1,209 1,301 1,142 1,284 1,339 1,469 1,199 1,295 1,282 1,460 1,428
Net Income / (Loss) Continuing Operations		 462 577 13 922 908 -780 1,231 499 381 913 837
Consolidated Net Income / (Loss)		 462 577 13 922 908 -780 1,231 499 381 913 837
Depreciation Expense		 765 763 765 549 562 513 501 493 510 523 516
Non-Cash Adjustments To Reconcile Net Income		 180 -311 863 23 54 1,514 -373 405 523 12 -33
Changes in Operating Assets and Liabilities, net		 -197 271 -549 -211 -185 223 -214 -101 -132 13 53
Net Cash From Investing Activities		 -440 -449 -530 -436 -89 1,297 -361 -350 -491 -551 -468
Net Cash From Continuing Investing Activities		 -440 -449 -530 -436 -89 1,297 -361 -350 -491 -551 -468
Purchase of Property, Plant & Equipment		 -421 -391 -525 -397 -325 -425 -443 -331 -305 -466 -579
Acquisitions		 -30 -61 -16 -45 -10 -60 -8.10 -148 -185 -88 -34
Sale and/or Maturity of Investments		 3.80 6.10 4.30 6.00 246 1.70 - 138 - - 157
Other Investing Activities, net		 7.70 -3.80 6.50 -0.70 0.80 -379 91 -9.10 -1.80 2.90 -12
Net Cash From Financing Activities		 -561 -708 -816 -390 -1,028 -3,126 -909 -844 -907 -1,014 -1,444
Net Cash From Continuing Financing Activities		 -561 -708 -816 -390 -1,028 -3,126 -909 -844 -907 -1,014 -1,444
Repayment of Debt		 -5,548 -2,054 -810 -3,635 -3,642 -3,261 -2,110 -1,916 -3,493 -2,499 -1,776
Payment of Dividends		 -739 -744 -768 -963 -786 -930 -787 -798 -879 -825 -926
Issuance of Debt		 5,715 2,087 751 4,092 3,389 1,050 1,980 1,849 3,344 2,268 1,616
Issuance of Common Equity		 10 3.10 11 115 11 16 9.30 20 121 41 7.10
Effect of Exchange Rate Changes		 16 -62 66 -34 -120 23 -104 30 87 -4.10 -11

Annual Balance Sheets for American Tower

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

Quarterly Balance Sheets for American Tower

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 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 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
Total Assets		 66,818 66,879 65,653 66,028 66,679 65,838 62,817 61,077 62,056 63,755 63,889
Total Current Assets		 3,450 3,681 3,850 3,710 4,240 4,114 3,400 3,179 3,506 3,601 3,535
Cash & Equivalents		 1,803 2,016 2,119 1,754 2,389 2,492 2,150 2,000 2,104 2,076 1,951
Restricted Cash		 122 134 113 120 128 127 132 109 136 134 150
Accounts Receivable		 705 684 648 548 738 712 538 540 683 772 737
Prepaid Expenses		 819 848 971 560 985 783 580 531 584 620 698
Plant, Property, & Equipment, net		 19,843 19,759 19,612 18,863 20,094 19,928 19,278 19,057 19,266 19,800 20,135
Total Noncurrent Assets		 43,524 43,439 42,191 43,454 42,345 41,796 40,140 38,842 39,284 40,353 40,218
Noncurrent Note & Lease Receivables		 - 12,266 12,184 3,478 12,797 12,662 11,991 11,800 11,895 12,163 12,233
Goodwill		 12,997 13,051 12,570 12,084 12,557 12,483 12,046 11,768 11,922 12,246 12,256
Intangible Assets		 17,637 17,286 16,655 15,932 16,119 15,759 15,195 14,474 14,643 14,963 14,742
Noncurrent Deferred & Refundable Income Taxes		 107 126 127 179 161 139 143 123 133 157 166
Other Noncurrent Operating Assets		 12,783 710 655 8,960 711 753 764 677 692 825 821
Total Liabilities & Shareholders' Equity		 66,818 66,879 65,653 66,028 66,679 65,838 62,817 61,077 62,056 63,755 63,889
Total Liabilities		 54,567 54,872 54,419 55,162 56,017 55,414 52,624 51,429 52,119 53,276 53,123
Total Current Liabilities		 7,532 6,926 6,869 7,249 6,730 6,889 7,070 7,076 6,322 5,864 5,994
Short-Term Debt		 3,856 3,205 3,158 3,067 3,068 3,329 3,731 3,693 2,817 2,291 2,388
Accounts Payable		 206 216 216 251 182 206 221 241 200 230 239
Accrued Expenses		 1,172 1,182 1,223 1,053 1,134 1,166 982 1,082 1,121 1,145 1,225
Dividends Payable		 745 751 776 906 777 778 779 780 816 818 821
Current Deferred Revenue		 554 516 473 434 544 392 496 329 451 420 438
Other Current Liabilities		 790 795 780 690 715 703 600 577 593 614 615
Other Current Nonoperating Liabilities		 209 261 244 848 310 314 260 374 325 347 268
Total Noncurrent Liabilities		 47,035 47,946 47,550 47,913 49,288 48,526 45,554 44,353 45,797 47,412 47,129
Long-Term Debt		 34,686 35,590 35,442 35,734 36,192 35,639 33,368 32,809 34,045 35,194 34,851
Asset Retirement Reserve & Litigation Obligation		 2,094 2,123 2,113 2,080 2,607 2,562 2,503 2,394 2,445 2,525 2,540
Noncurrent Deferred & Payable Income Tax Liabilities		 1,506 1,488 1,423 1,311 1,394 1,399 1,401 1,262 1,358 1,546 1,513
Other Noncurrent Operating Liabilities		 8,751 8,746 8,572 7,965 9,094 8,925 8,282 7,889 7,949 8,147 8,225
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		 12,250 12,007 11,235 10,865 10,662 10,424 10,193 9,649 9,936 10,479 10,766
Total Preferred & Common Equity		 5,407 5,166 4,533 4,198 4,048 3,856 3,642 3,382 3,535 3,713 3,953
Total Common Equity		 5,407 5,166 4,533 4,198 4,048 3,856 3,642 3,382 3,535 3,713 3,953
Common Stock		 14,730 14,784 14,828 14,878 14,908 14,960 15,019 15,062 15,083 15,138 15,183
Retained Earnings		 -2,497 -2,756 -2,927 -3,639 -3,481 -3,341 -4,894 -4,424 -4,733 -5,164 -5,111
Treasury Stock		 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301 -1,301
Accumulated Other Comprehensive Income / (Loss)		 -5,526 -5,561 -6,066 -5,740 -6,078 -6,462 -5,182 -5,955 -5,514 -4,960 -4,818
Noncontrolling Interest		 6,844 6,841 6,701 6,667 6,614 6,568 6,551 6,267 6,402 6,766 6,813

Annual Metrics And Ratios for American Tower

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%

Quarterly Metrics And Ratios for American Tower

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.64% -5.63% 19.09% 2.42% 4.64% 0.05% -4.19% 2.00% 3.23% 7.74% 7.45%
EBITDA Growth		 -21.64% -5.87% 31.74% 29.02% 22.90% -27.91% 93.27% -21.91% -22.99% 29.52% -15.22%
EBIT Growth		 -31.72% 1.42% 288.17% 99.11% 70.60% -24.66% 632.08% -26.97% -29.61% 45.86% -20.92%
NOPAT Growth		 9.48% 37.23% -2.61% 66.71% 33.56% 3.23% 114.08% -1.49% -15.24% 33.73% -1.11%
Net Income Growth		 -48.20% -29.57% 101.86% 192.60% 96.84% -235.18% 9,151.88% -45.90% -58.11% 216.94% -32.00%
EPS Growth		 -47.69% -30.00% 112.08% 172.22% 88.24% -234.13% 1,361.11% -46.94% -59.38% 207.69% -33.08%
Operating Cash Flow Growth		 32.13% 39.50% -3.64% 19.91% 10.67% 12.98% 5.00% 0.89% -4.26% -0.64% 19.06%
Free Cash Flow Firm Growth		 118.08% 118.47% 163.03% 14.53% 100.73% 126.17% -29.88% 61.31% -35.53% -93.04% -138.29%
Invested Capital Growth		 -1.22% -1.36% -6.26% -2.67% -3.62% -5.29% -3.47% -5.75% -1.98% 2.05% 4.47%
Revenue Q/Q Growth		 0.16% -9.04% -22.57% 1.70% 2.34% -13.03% -25.84% 37.01% 2.50% 3.45% 0.74%
EBITDA Q/Q Growth		 5.79% 22.69% -50.47% 70.39% 0.77% -28.03% 32.79% -22.99% -5.03% 33.37% -0.15%
EBIT Q/Q Growth		 16.92% 44.80% -84.19% 286.04% 0.18% -36.06% 53.61% -31.03% -9.67% 52.42% 0.35%
NOPAT Q/Q Growth		 28.08% 1.03% -54.06% 308.16% 2.61% -21.91% -4.73% 19.98% -12.07% 33.05% -15.04%
Net Income Q/Q Growth		 46.51% 25.09% -97.70% 6,830.08% -1.44% -185.91% 257.68% -59.48% -23.69% 139.84% -8.31%
EPS Q/Q Growth		 41.67% 23.53% -85.71% 988.89% -2.04% -188.02% 255.62% -60.46% -25.00% 133.33% -3.30%
Operating Cash Flow Q/Q Growth		 12.98% 7.54% -12.20% 12.41% 4.28% 9.78% -18.40% 8.01% -1.04% 13.93% -2.23%
Free Cash Flow Firm Q/Q Growth		 -31.27% 4.70% 129.99% 98.23% 20.45% 17.97% -28.69% 54.12% -51.69% -86.89% -520.11%
Invested Capital Q/Q Growth		 -0.31% -2.10% -3.71% -1.01% -1.29% -3.80% -1.85% 1.12% 2.67% 0.16% 0.47%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 99.38% 99.50% 139.73% 72.19% 71.66% 74.16% 83.30% 75.24% 73.78% 98.02% 49.91%
EBITDA Margin		 56.18% 75.78% 48.47% 67.01% 65.98% 54.60% 97.78% 54.96% 50.92% 65.65% 65.07%
Operating Margin		 31.52% 36.21% 28.85% 43.63% 44.28% 45.17% 45.78% 48.93% 45.59% 45.39% 42.40%
EBIT Margin		 28.59% 45.52% 9.29% 47.62% 46.62% 34.27% 71.00% 35.74% 31.49% 46.40% 46.22%
Profit (Net Income) Margin		 16.65% 22.90% 0.68% 32.52% 31.32% -30.94% 65.78% 19.46% 14.48% 33.58% 30.57%
Tax Burden Percent		 97.22% 70.04% -9.63% 89.41% 88.33% -141.76% 121.23% 80.74% 74.35% 96.06% 86.72%
Interest Burden Percent		 59.90% 71.83% -76.13% 76.39% 76.07% 63.68% 76.43% 67.42% 61.86% 75.34% 76.25%
Effective Tax Rate		 2.78% 6.01% 0.00% 10.59% 11.67% 22.23% 1.45% 19.26% 25.65% 3.94% 13.28%
Return on Invested Capital (ROIC)		 6.69% 7.48% 4.18% 8.90% 9.10% 8.41% 9.93% 8.54% 7.34% 9.80% 8.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.69% 6.73% 3.14% 8.41% 8.49% 3.86% 11.01% 7.14% 5.96% 9.04% 8.00%
Return on Net Nonoperating Assets (RNNOA)		 19.32% 21.25% 9.92% 27.67% 28.44% 13.21% 38.39% 25.52% 21.06% 31.10% 28.96%
Return on Equity (ROE)		 26.02% 28.73% 14.10% 36.57% 37.53% 21.63% 48.32% 34.05% 28.40% 40.90% 37.44%
Cash Return on Invested Capital (CROIC)		 5.89% 6.54% 12.53% 9.11% 10.75% 12.77% 12.35% 14.59% 10.38% 7.12% 4.69%
Operating Return on Assets (OROA)		 4.62% 7.41% 1.40% 8.00% 7.97% 6.05% 11.31% 5.65% 4.99% 7.66% 7.92%
Return on Assets (ROA)		 2.69% 3.73% 0.10% 5.46% 5.35% -5.46% 10.48% 3.08% 2.29% 5.54% 5.24%
Return on Common Equity (ROCE)		 13.88% 13.19% 5.92% 15.09% 15.10% 8.25% 17.85% 12.54% 10.28% 14.82% 13.16%
Return on Equity Simple (ROE_SIMPLE)		 17.03% 14.06% 0.00% 48.76% 62.78% 29.19% 0.00% 52.54% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 849 858 394 1,106 1,134 886 844 1,013 890 1,185 1,007
NOPAT Margin		 30.65% 34.04% 20.19% 39.01% 39.11% 35.12% 45.12% 39.51% 33.90% 43.60% 36.77%
Net Nonoperating Expense Percent (NNEP)		 1.00% 0.76% 1.04% 0.49% 0.60% 4.55% -1.08% 1.40% 1.38% 0.76% 0.47%
Return On Investment Capital (ROIC_SIMPLE)		 - - 0.79% - - - 1.83% 2.16% 1.86% 2.47% 2.12%
Cost of Revenue to Revenue		 0.62% 0.50% -39.73% 27.81% 28.34% 25.84% 16.70% 24.76% 26.22% 1.98% 50.09%
SG&A Expenses to Revenue		 8.82% 8.74% 4.61% 9.17% 8.08% 9.03% 11.31% 9.27% 8.90% 8.57% 8.64%
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		 67.86% 63.29% 110.89% 28.55% 27.45% 28.79% 37.69% 26.31% 28.32% 52.63% 7.39%
Earnings before Interest and Taxes (EBIT)		 793 1,148 181 1,350 1,352 865 1,328 916 827 1,261 1,265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,557 1,910 946 1,899 1,914 1,377 1,829 1,408 1,338 1,784 1,781
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 16.89 16.21 23.19 22.37 23.54 29.61 25.34 28.54 27.87 22.78 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)		 7.99 6.83 9.72 8.08 8.00 9.51 8.46 9.91 10.09 8.61 7.72
Price to Earnings (P/E)		 90.20 102.82 65.62 43.85 36.46 97.13 38.01 55.24 80.03 30.65 32.49
Dividend Yield		 3.29% 3.91% 3.09% 3.32% 3.37% 2.84% 3.53% 3.00% 3.00% 4.34% 3.87%
Earnings Yield		 1.11% 0.97% 1.52% 2.28% 2.74% 1.03% 2.63% 1.81% 1.25% 3.26% 3.08%
Enterprise Value to Invested Capital (EV/IC)		 2.63 2.40 3.01 2.76 2.79 3.24 2.80 3.11 3.10 2.81 2.64
Enterprise Value to Revenue (EV/Rev)		 11.98 10.83 14.08 11.94 11.79 13.16 12.48 13.94 14.18 12.63 11.70
Enterprise Value to EBITDA (EV/EBITDA)		 24.26 22.11 23.74 21.29 20.11 24.41 17.87 21.42 23.38 19.91 19.56
Enterprise Value to EBIT (EV/EBIT)		 61.73 54.61 50.35 38.83 33.36 40.06 25.82 31.15 34.58 28.67 29.16
Enterprise Value to NOPAT (EV/NOPAT)		 56.04 46.07 47.94 42.50 38.80 42.99 31.12 34.78 36.65 31.03 29.76
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.73 24.46 29.84 27.13 26.40 28.51 23.89 26.77 27.74 25.21 22.79
Enterprise Value to Free Cash Flow (EV/FCFF)		 44.40 36.40 23.24 29.89 25.49 24.68 22.23 20.65 29.59 39.88 57.48
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.23 3.44 3.57 3.68 3.74 3.64 3.78 3.71 3.58 3.46 3.59
Long-Term Debt to Equity		 2.96 3.15 3.29 3.39 3.42 3.27 3.40 3.43 3.36 3.24 3.27
Financial Leverage		 3.40 3.16 3.16 3.29 3.35 3.42 3.49 3.57 3.53 3.44 3.62
Leverage Ratio		 5.94 5.61 5.72 5.83 5.92 6.00 6.20 6.25 6.20 6.05 6.21
Compound Leverage Factor		 3.56 4.03 -4.36 4.45 4.50 3.82 4.74 4.21 3.84 4.55 4.74
Debt to Total Capital		 76.36% 77.46% 78.12% 78.64% 78.90% 78.45% 79.09% 78.77% 78.15% 77.57% 78.23%
Short-Term Debt to Total Capital		 6.31% 6.34% 6.18% 6.14% 6.74% 7.89% 8.00% 6.02% 4.78% 4.97% 7.12%
Long-Term Debt to Total Capital		 70.06% 71.12% 71.95% 72.50% 72.16% 70.56% 71.09% 72.75% 73.38% 72.60% 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		 13.47% 13.45% 13.42% 13.25% 13.30% 13.85% 13.58% 13.68% 14.11% 14.19% 14.09%
Common Equity to Total Capital		 10.17% 9.10% 8.45% 8.11% 7.81% 7.70% 7.33% 7.55% 7.74% 8.23% 7.68%
Debt to EBITDA		 7.20 7.32 6.54 6.24 5.86 6.07 5.16 5.57 6.02 5.62 5.85
Net Debt to EBITDA		 6.80 6.90 6.22 5.84 5.47 5.70 4.86 5.23 5.67 5.30 5.60
Long-Term Debt to EBITDA		 6.60 6.72 6.02 5.75 5.36 5.46 4.64 5.14 5.65 5.26 5.32
Debt to NOPAT		 16.63 15.26 13.20 12.46 11.31 10.69 8.99 9.03 9.44 8.75 8.90
Net Debt to NOPAT		 15.71 14.38 12.56 11.66 10.55 10.03 8.47 8.49 8.88 8.26 8.51
Long-Term Debt to NOPAT		 15.25 14.01 12.15 11.49 10.34 9.61 8.08 8.34 8.86 8.19 8.09
Altman Z-Score		 1.04 0.91 1.08 1.09 1.10 1.28 1.06 1.21 1.21 1.09 0.98
Noncontrolling Interest Sharing Ratio		 46.66% 54.08% 58.02% 58.74% 59.78% 61.85% 63.05% 63.19% 63.79% 63.77% 64.83%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.53 0.56 0.51 0.63 0.60 0.48 0.45 0.55 0.61 0.59 0.40
Quick Ratio		 0.39 0.40 0.32 0.46 0.47 0.38 0.36 0.44 0.49 0.45 0.31
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,461 1,530 3,519 2,435 2,933 3,460 2,467 3,803 1,837 241 -1,011
Operating Cash Flow to CapEx		 287.34% 332.89% 217.67% 323.57% 411.59% 345.99% 270.41% 391.12% 420.72% 313.64% 246.46%
Free Cash Flow to Firm to Interest Expense		 4.19 4.29 10.25 6.64 8.03 9.70 7.82 11.69 5.36 0.69 -2.94
Operating Cash Flow to Interest Expense		 3.47 3.65 3.33 3.50 3.66 4.12 3.80 3.98 3.74 4.21 4.14
Operating Cash Flow Less CapEx to Interest Expense		 2.26 2.55 1.80 2.42 2.77 2.93 2.39 2.96 2.85 2.87 2.46
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.16 0.15 0.17 0.17 0.18 0.16 0.16 0.16 0.17 0.17
Accounts Receivable Turnover		 14.78 15.71 15.34 15.53 16.24 19.13 18.62 14.32 13.82 16.40 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 0.55 0.52 0.56 0.57 0.58 0.53 0.52 0.52 0.53 0.54
Accounts Payable Turnover		 12.00 7.66 0.26 16.71 19.17 21.43 10.46 13.57 12.07 8.83 10.98
Days Sales Outstanding (DSO)		 24.69 23.23 23.80 23.50 22.47 19.08 19.60 25.49 26.40 22.25 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)		 30.41 47.63 1,426.90 21.84 19.04 17.04 34.89 26.90 30.24 41.35 33.24
Cash Conversion Cycle (CCC)		 -5.72 -24.40 -1,403.10 1.66 3.44 2.04 -15.29 -1.40 -3.84 -19.10 -12.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 49,664 48,623 46,820 48,491 47,866 46,048 45,196 45,701 46,919 46,992 47,214
Invested Capital Turnover		 0.22 0.22 0.21 0.23 0.23 0.24 0.22 0.22 0.22 0.22 0.23
Increase / (Decrease) in Invested Capital		 -612 -672 -3,125 -1,330 -1,799 -2,575 -1,624 -2,790 -947 944 2,018
Enterprise Value (EV)		 130,748 116,546 140,935 133,895 133,688 149,207 126,366 141,913 145,509 132,005 124,510
Market Capitalization		 87,262 73,477 97,339 90,538 90,771 107,840 85,706 100,889 103,468 90,054 82,193
Book Value per Share		 $11.09 $9.72 $9.01 $8.68 $8.26 $7.80 $7.24 $7.56 $7.93 $8.44 $7.80
Tangible Book Value per Share		 ($54.01) ($52.97) ($51.09) ($52.79) ($52.22) ($50.52) ($48.92) ($49.26) ($50.19) ($49.22) ($49.42)
Total Capital		 50,802 49,834 49,667 49,921 49,392 47,291 46,151 46,799 47,963 48,005 47,576
Total Debt		 38,795 38,600 38,801 39,260 38,968 37,098 36,502 36,862 37,485 37,239 37,220
Total Long-Term Debt		 35,590 35,442 35,734 36,192 35,639 33,368 32,809 34,045 35,194 34,851 33,833
Net Debt		 36,645 36,368 36,928 36,743 36,350 34,816 34,394 34,623 35,275 35,138 35,615
Capital Expenditures (CapEx)		 421 391 525 397 325 425 443 331 305 466 579
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,189 -2,093 -2,345 -1,939 -2,064 -2,222 -2,312 -2,238 -2,181 -2,171 -2,389
Debt-free Net Working Capital (DFNWC)		 -39 139 -472 578 555 61 -204 1.00 29 -70 -784
Net Working Capital (NWC)		 -3,244 -3,019 -3,539 -2,490 -2,775 -3,670 -3,897 -2,816 -2,262 -2,458 -4,172
Net Nonoperating Expense (NNE)		 388 281 381 184 226 1,666 -387 514 510 272 170
Net Nonoperating Obligations (NNO)		 37,657 37,388 35,954 37,829 37,442 35,856 35,548 35,765 36,440 36,227 36,859
Total Depreciation and Amortization (D&A)		 765 763 765 549 562 513 501 493 510 523 516
Debt-free, Cash-free Net Working Capital to Revenue		 -20.05% -19.44% -23.43% -17.30% -18.20% -19.59% -22.83% -21.99% -21.26% -20.77% -22.45%
Debt-free Net Working Capital to Revenue		 -0.36% 1.29% -4.71% 5.15% 4.89% 0.53% -2.01% 0.01% 0.28% -0.67% -7.37%
Net Working Capital to Revenue		 -29.72% -28.04% -35.35% -22.21% -24.47% -32.36% -38.48% -27.67% -22.05% -23.51% -39.19%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.02 $1.26 $0.18 $1.97 $1.93 ($1.70) $2.63 $1.05 $0.78 $1.82 $1.76
Adjusted Weighted Average Basic Shares Outstanding		 466.09M 466.17M 466.06M 466.52M 467.04M 467.20M 467.01M 467.64M 468.18M 468.29M 467.92M
Adjusted Diluted Earnings per Share		 $1.02 $1.26 $0.18 $1.96 $1.92 ($1.69) $2.63 $1.04 $0.78 $1.82 $1.76
Adjusted Weighted Average Diluted Shares Outstanding		 466.98M 467.16M 467.16M 467.66M 467.78M 468.26M 468.12M 468.52M 468.79M 469.04M 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		 466.16M 466.17M 466.35M 466.98M 467.08M 467.29M 467.46M 468.14M 468.25M 468.15M 466.08M
Normalized Net Operating Profit after Tax (NOPAT)		 909 883 394 1,106 1,134 886 844 1,013 890 1,201 1,007
Normalized NOPAT Margin		 32.81% 35.03% 20.19% 39.01% 39.11% 35.12% 45.12% 39.51% 33.90% 44.21% 36.77%
Pre Tax Income Margin		 17.13% 32.70% -7.07% 36.37% 35.46% 21.83% 54.26% 24.09% 19.48% 34.96% 35.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.27 3.22 0.53 3.68 3.70 2.42 4.21 2.82 2.41 3.63 3.67
NOPAT to Interest Expense		 2.44 2.41 1.15 3.02 3.10 2.48 2.67 3.11 2.60 3.41 2.92
EBIT Less CapEx to Interest Expense		 1.07 2.12 -1.00 2.60 2.81 1.23 2.80 1.80 1.53 2.29 1.99
NOPAT Less CapEx to Interest Expense		 1.23 1.31 -0.38 1.93 2.21 1.29 1.27 2.10 1.71 2.07 1.24
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 323.45% 458.22% 219.14% 162.82% 134.68% 324.26% 151.99% 177.72% 255.33% 108.82% 130.42%
Augmented Payout Ratio		 323.45% 458.22% 219.14% 162.82% 134.68% 324.26% 151.99% 177.72% 255.33% 108.82% 144.29%

Financials Breakdown Chart

Key Financial Trends

American Tower Corp (AMT) has shown stronger revenue and solid cash generation in 2025, but continues to operate with a very high debt load. Below are the key takeaways from AMT’s quarterly statements over the last four years, focusing on the most important trends for retail investors.

  • Revenue growth: AMT’s Q4 2025 revenue rose to 2.7375 billion, up from 1.8705 billion in Q4 2024, signaling continued expansion of its tower portfolio and tenancy.
  • Strong cash flow from operations: Net cash from continuing operating activities was 1.4275 billion in Q4 2025, continuing a pattern of robust quarterly cash generation.
  • Solid free cash flow potential: For Q4 2025, cash from operations (about 1.43B) minus capex (about 0.58B) implies roughly 0.85B of free cash flow, supporting dividends and debt management.
  • Earnings strength at the bottom line: Net income attributable to common shareholders was about 820.7 million in Q4 2025, with quarterly earnings per share around 1.76 USD.
  • Stable, meaningful earnings per share and margin discipline: Diluted earnings per share around 1.76 USD in Q4 2025 (and ~1.82 in Q3 2025) reflect consistent profitability across recent periods.
  • Healthy interest coverage: Operating income of approximately 1.1607 billion against interest expense near 344 million yields a solid coverage ratio in the low-3x range, supporting debt service.
  • High leverage and debt load: Long-term debt near 34.9 billion and total liabilities around 53.1 billion at 2025-Q3 indicate a very large debt burden, which could become a risk if interest rates rise or growth moderates.
  • Asset mix with large goodwill/intangible assets: The balance sheet features substantial noncurrent assets (goodwill and intangibles), which could pose impairment risk if market conditions soften.
  • Liquidity headroom in the context of debt: Cash and equivalents around 1.95 billion (as of 2025-Q3) provides liquidity, but the scale of debt suggests investors should monitor near-term liquidity headroom and debt maturities.
  • Financing activity pressure: Periods show notable net cash outflows from financing activities due to debt repayments and dividends, indicating reliance on external financing to support capex and shareholder payments.
05/08/26 04:24 PM 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. Check out American Tower's forecast to explore projected trends and price targets.

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 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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