American Tower Corporation (AMT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.55	$1.87	+20.6%	—	$2.7B	—
Q1 26	$1.57	$1.84	+17.2%	—	$2.7B	—
Q4 25	$1.47	$1.75	+19.0%	—	$2.7B	—
Q3 25	$1.65	$1.82	+10.3%	—	$2.7B	—
Q2 25	$1.66	$0.78	-53.0%	—	$2.6B	—
Q1 25	$1.57	$1.04	-33.8%	—	$2.6B	—
Q4 24	$1.98	$2.62	+32.3%	—	$2.5B	—
Q3 24	$1.55	$0.89	-42.6%	—	$2.5B	—
Q2 24	$1.58	$1.92	+21.5%	—	$2.9B	—
Q1 24	$1.76	$1.96	+11.4%	—	$2.8B	—
Q4 23	$0.94	$0.25	-73.4%	—	$2.8B	—
Q3 23	$1.13	$1.88	+66.4%	—	$2.5B	—
Q2 23	$1.08	$1.02	-5.6%	—	$2.8B	—
Q1 23	$1.11	$0.72	-35.1%	—	$2.8B	—
Q4 22	$1.05	-$1.47	-240.0%	—	$2.7B	—
Q3 22	$1.05	$1.8	+71.4%	—	$2.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.41	—	—	$10.6B	—
FY24	—	$4.83	—	—	$10.1B	—
FY23	—	$3.18	—	—	$11.1B	—
FY22	—	$3.83	—	—	$10.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.8B	$6.7B	$7.4B	$7.6B	$8B	$9.4B	$10.7B	$11.1B	$10.1B	$10.6B
YoY change	+21.3%	+15.2%	+11.6%	+1.88%	+6.08%	+16.4%	+14.5%	+4.04%	-9.13%	+5.11%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.8B	6.7B	7.4B	7.6B	8B	9.4B	10.7B	11.1B	10.1B	10.6B
Cost of revenue	1.8B	2.1B	2.2B	2.2B	2.2B	2.7B	3.3B	3.3B	2.6B	2.7B
Gross profit	4B	4.6B	5.3B	5.4B	5.8B	6.7B	7.4B	7.9B	7.6B	7.9B
Gross margin	69.1%	69.1%	70.8%	70.8%	72.3%	71.3%	69.5%	70.7%	74.6%	74.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	545.8M	637M	736.5M	733.2M	778.7M	811.6M	972.3M	992.5M	933.4M	940.7M
Operating expenses	619.1M	893M	770.2M	760.2M	804.4M	1B	1.1B	1B	921M	925.7M
Operating income	1.9B	2B	2.4B	2.8B	3.1B	3.3B	3B	3.8B	4.6B	4.9B
Operating margin	32%	30%	32.1%	37.3%	38.9%	35.6%	28.4%	33.9%	45.5%	46.3%
Non-operating income, net	-46.5M	-38.9M	-459.1M	-143.9M	-552.7M	331.5M	-251M	-1B	291.1M	-659.6M
Pretax income	1.1B	1.3B	1.2B	1.9B	1.8B	2.8B	1.7B	1.5B	3.6B	3B
Income tax	155.5M	30.7M	-110.1M	-200K	129.6M	261.8M	24M	154.2M	366.3M	415.7M
Net income	970.4M	1.2B	1.3B	1.9B	1.7B	2.6B	1.7B	1.4B	2.3B	2.6B
Net margin	16.8%	18.4%	17%	25.3%	21%	27.4%	15.8%	12.3%	22.5%	24.7%
EBITDA	3.4B	3.8B	4.6B	4.7B	5B	5.7B	6.4B	7.1B	6.9B	7.3B
EPS	2	2.69	2.79	4.27	3.81	5.69	3.83	3.18	4.83	5.41
Diluted EPS	1.98	2.67	2.77	4.24	3.79	5.66	3.82	3.18	4.82	5.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2.8B	2.8B	2.9B	2.5B	2.5B	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B
Cost of revenue	638M	811.4M	788.3M	821.9M	651.8M	654.4M	634.5M	688.7M	710.8M	714.1M	703.3M	741.3M
Gross profit	1.9B	2B	2B	2.1B	1.9B	1.9B	1.9B	1.9B	2B	2B	2B	2B
Gross margin	74.7%	70.9%	72.2%	71.7%	74.2%	74.3%	75.2%	73.8%	73.8%	73.9%	74.3%	73%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	220.3M	252.3M	257M	234.3M	227.7M	243.1M	237.5M	233.7M	233M	236.5M	257.4M	233.8M
Operating expenses	246.9M	63.9M	259.8M	232.4M	232.8M	225.7M	181.7M	230.2M	250.4M	263.4M	276.8M	224.6M
Operating income	913M	1.1B	1.2B	1.3B	1.1B	1.2B	1.3B	1.2B	1.2B	1.2B	1.2B	1.3B
Operating margin	36.2%	41.1%	43.6%	44.3%	45.2%	45.8%	48.9%	45.6%	45.4%	45.4%	45.3%	46.2%
Non-operating income, net	234.5M	-796.9M	113M	65.8M	-269.6M	428.2M	-338.2M	-373.9M	27.7M	24.8M	90.2M	50.6M
Pretax income	824.3M	35.2M	1B	1B	550.5M	1.3B	617.5M	511.8M	950M	964.9M	1B	1B
Income tax	49.5M	21.9M	109.2M	120M	122.4M	75.2M	118.9M	131.3M	37.4M	128.1M	139.6M	121.8M
Net income	577.3M	13.3M	921.7M	908.4M	-780.4M	1.2B	498.6M	380.5M	912.6M	836.8M	878.5M	887.5M
Net margin	22.9%	0.48%	32.5%	31.3%	-30.9%	48.3%	19.5%	14.5%	33.6%	30.6%	32.1%	32.3%
EBITDA	1.7B	2B	1.9B	2B	1.8B	1.7B	1.8B	1.8B	1.8B	1.9B	1.8B	1.8B
EPS	1.26	0.18	1.97	1.93	-1.7	2.63	1.05	0.78	1.82	1.76	1.84	1.86
Diluted EPS	1.26	0.18	1.96	1.92	-1.7	2.62	1.04	0.78	1.82	1.75	1.84	1.86

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	44.9B	61.1B	69.5B	101.7B	99.6B	132.1B	97.8B	100.6B	85.7B	82.2B	78.3B
Enterprise value	62.7B	80.5B	89.5B	131.2B	134.5B	182.1B	142.8B	145.8B	127.6B	125.6B	128.5B
Shares outstanding	425.1M	428.2M	439.6M	442.3M	443.6M	451.5M	461.5M	466.1M	467M	467.9M	467.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	46.3	49.9	55	53	58.9	51.4	57.6	73.6	37.6	31.3	23.3
P/S	7.77	9.17	9.35	13.4	12.4	14.1	9.13	9.03	8.46	7.72	7.2
P/B	5.57	7.68	10.1	15.4	20.8	14.6	7.88	9.26	8.88	7.93	21.2
EV/EBITDA	18.6	21.4	19.5	28.1	26.8	31.9	22.1	20.6	18.4	17.1	18.2
EV/Sales	10.8	12.1	12	17.3	16.7	19.5	13.3	13.1	12.6	11.8	11.7
Earnings yield	2.16%	2.01%	1.82%	1.89%	1.7%	1.94%	1.74%	1.36%	2.66%	3.2%	4.3%
FCF yield	4.49%	3.47%	4.08%	2.72%	2.86%	2.61%	1.86%	2.91%	4.32%	4.61%	3.73%
PEG	—	—	—	—	—	—	—	—	—	—	0.17

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.1%	69.1%	70.8%	70.8%	72.3%	71.3%	69.5%	70.7%	74.6%	74.2%	73%
Operating margin	32%	30%	32.1%	37.3%	38.9%	35.6%	28.4%	33.9%	45.5%	46.3%	45.4%
Net margin	16.8%	18.4%	17%	25.3%	21%	27.4%	15.8%	12.3%	22.5%	24.7%	31.1%
ROE	12%	15.4%	18.3%	29.1%	35.4%	28.3%	13.7%	12.6%	23.6%	25.4%	33.9%
ROA	3.14%	3.69%	3.83%	4.48%	3.58%	3.67%	2.53%	2.07%	3.73%	4.16%	4.89%
ROIC	6.19%	7.13%	8.88%	7.82%	7.31%	5.11%	5.21%	6.06%	8.02%	7.9%	8.31%
Return on tangible assets	-53.6%	-75.2%	-369.8%	33%	33.9%	148.1%	31.9%	17.7%	26.5%	27.3%	32%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45	0.4	0.35
Quick ratio	1.04	0.81	0.51	0.47	0.79	0.41	0.44	0.51	0.45	0.4	0.35
Debt / equity	2.3	2.54	3.06	4.72	7.68	5.73	3.79	4.34	4.56	4.34	4.39
Debt / assets	0.6	0.61	0.64	0.73	0.78	0.74	0.7	0.71	0.72	0.71	0.71
Net debt / EBITDA	5.27	5.15	4.36	6.34	6.96	8.77	6.98	6.37	6.05	5.93	5.87
Interest coverage	2.57	2.68	2.4	3.35	3.3	4.25	2.51	2.09	3.58	3.24	3.83
Effective tax rate	13.8%	2.44%	0%	0%	7.12%	9.25%	1.39%	10.1%	10.1%	13.7%	10.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.6	15.6	16.9	17.1	18.1	20.7	23.2	23.9	21.7	22.7	23.4
EPS (basic)	2	2.69	2.79	4.27	3.81	5.69	3.83	3.18	4.83	5.41	5.41
EPS (diluted)	1.98	2.67	2.77	4.24	3.79	5.66	3.82	3.18	4.82	5.4	7.27
Book value per share	19	18.6	15.7	14.9	10.8	20.1	26.9	23.3	20.7	22.1	7.98
FCF per share	4.75	4.96	6.45	6.24	6.42	7.63	3.95	6.27	7.92	8.09	8.49
Cash per share	1.86	1.88	2.75	3.39	3.94	4.32	4.4	4.23	4.28	3.15	3.78
Capex per share	1.61	1.88	2.08	2.24	2.33	3.05	4.06	3.86	3.4	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	11.8%	12.1%	12.3%	13.1%	12.8%	14.7%	17.5%	16.1%	15.7%	—	—
Capex / operating cash flow	26.6%	28.7%	27.6%	27.7%	32.4%	26.9%	52%	45.9%	36.9%	—	—
Payout ratio	102.3%	95%	106.1%	83.6%	114%	88.4%	155%	215.7%	134.9%	120.1%	96%
Dividend yield	2.21%	1.91%	1.93%	1.58%	1.94%	1.72%	2.69%	2.93%	3.59%	3.84%	4.26%

Yield

4.26%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.79

ex-dividend Jun 12, 2026

Payout ratio

96%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 12, 2026	$1.79
Apr 14, 2026	$1.79
Dec 29, 2025	$1.70

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2.8B	$2.8B	$2.9B	$2.5B	$2.5B	$2.6B	$2.6B	$2.7B	$2.7B	$2.7B	$2.7B
YoY change	-5.63%	+3.02%	+2.42%	+4.64%	+0.05%	-8.58%	-9.57%	-9.43%	+7.74%	+7.45%	+6.82%	+4.65%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	791.2M	803.1M	1.2B	1.5B	1.7B	1.9B	2B	2B	2B	1.5B
Receivables	308.4M	513.6M	459M	462.2M	511.6M	728.9M	758.3M	669.7M	540M	650.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.7B	2B	2.4B	2.6B	2.9B	3.7B	3.6B	3.7B	3.2B	2.7B
Property, plant & equipment	11.1B	11.9B	12.3B	20.7B	22.3B	25.5B	25.3B	24.9B	23.4B	24.6B
Goodwill & intangibles	32.7B	34.8B	33.4B	37B	42.2B	68.2B	61.9B	58.3B	52.5B	53.6B
Total assets	30.9B	33.2B	33B	42.8B	47.2B	69.9B	67.2B	66B	61.1B	63.2B
Accounts payable	118.7M	142.9M	130.8M	148.1M	139.1M	272.4M	218.6M	258.7M	240.8M	259.8M
Short-term debt	238.8M	774.8M	2.8B	3.4B	1.3B	5.3B	5.3B	4B	4.3B	4B
Total current liabilities	1.6B	2.5B	4.7B	5.5B	3.7B	9.1B	8.3B	7.2B	7.1B	6.9B
Long-term debt	18.3B	19.4B	18.4B	27.6B	35.4B	46.7B	41.7B	43.2B	39.7B	41B
Total liabilities	22.8B	25.3B	26.1B	36.2B	42.5B	60.8B	54.8B	55.2B	51.4B	52.8B
Shareholders' equity	8.1B	8B	6.9B	6.6B	4.8B	9.1B	12.4B	10.9B	9.6B	10.4B
Total debt	18.5B	20.2B	21.2B	31.1B	36.7B	52B	47.1B	47.2B	44B	45B
Net debt	17.7B	19.4B	20B	29.6B	35B	50.1B	45B	45.2B	42B	43.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.1B	2B	2.4B	2.5B	2.2B	2B	2.1B	2.1B	2B	1.5B	1.6B	1.8B
Receivables	647.7M	669.7M	738.4M	712.3M	537.8M	540M	683.3M	772.1M	737M	650.3M	718.9M	650.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.8B	3.7B	4.2B	4.1B	3.4B	3.2B	3.5B	3.6B	3.5B	2.7B	3B	3.1B
Property, plant & equipment	28.4B	24.9B	29.3B	28.9B	27.6B	23.4B	27.4B	28.2B	28.6B	24.6B	28.9B	29B
Goodwill & intangibles	58.4B	58.3B	57.4B	56.5B	54.5B	52.5B	53.1B	54.4B	54B	53.6B	52.8B	52.3B
Total assets	65.7B	66B	66.7B	65.8B	62.8B	61.1B	62.1B	63.8B	63.9B	63.2B	63.2B	63.3B
Accounts payable	216.2M	258.7M	182.1M	206M	221.3M	240.8M	199.6M	229.7M	239M	259.8M	220.8M	202.8M
Short-term debt	3.9B	4B	3.8B	4B	4.3B	4.3B	3.4B	2.9B	3B	4B	6.8B	5.9B
Total current liabilities	6.9B	7.2B	6.7B	6.9B	7.1B	7.1B	6.3B	5.9B	6B	6.9B	9.7B	8.9B
Long-term debt	42.9B	43.2B	44.1B	43.4B	40.5B	39.7B	41B	42.3B	42B	41B	38.4B	39.1B
Total liabilities	54.4B	55.2B	56B	55.4B	52.6B	51.4B	52.1B	53.3B	53.1B	52.8B	53.1B	53B
Shareholders' equity	11.2B	10.9B	10.7B	10.4B	10.2B	9.6B	9.9B	10.5B	10.8B	10.4B	10.2B	10.3B
Total debt	46.8B	47.2B	47.8B	47.4B	44.8B	44B	44.4B	45.2B	45B	45B	45.1B	45B
Net debt	44.7B	45.2B	45.5B	44.9B	42.6B	42B	42.3B	43.1B	43.1B	43.5B	43.5B	43.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	970.4M	1.2B	1.3B	1.9B	1.7B	2.6B	1.7B	1.4B	2.3B	2.6B
Depreciation & amortization	1.5B	1.7B	2.1B	1.8B	1.9B	2.3B	3.4B	3.1B	2.1B	2B
Stock-based compensation	89.9M	108.5M	137.5M	111.4M	120.8M	119.5M	169.3M	195.7M	203.6M	174.2M
Change in working capital	-60.2M	-181.5M	79.3M	-215.2M	-506.2M	92.4M	-1.4B	-599.9M	-409.7M	-210.9M
Operating cash flow	2.6B	2.8B	3.3B	3.6B	3.2B	5.1B	3.6B	3.9B	4.3B	5.5B
Capital expenditure	-682.5M	-803.6M	-913.2M	-991.3M	-1B	-1.4B	-1.9B	-1.8B	-1.6B	—
Investing cash flow	-2.1B	-2.8B	-2.7B	-4B	-4.8B	-20.7B	-2.4B	-1.7B	410.6M	-179.4M
Dividends paid	-993.2M	-1.2B	-1.3B	-1.6B	-1.9B	-2.3B	-2.6B	-2.9B	-3.1B	-3.2B
Share repurchases	0	-766.3M	-232.8M	-19.6M	-56M	0	-18.8M	0	0	-364.6M
Financing cash flow	-191.8M	-232.7M	-706.6M	416.2M	1.1B	16.3B	-1.5B	-3.1B	-5.5B	-4.3B
Net change in cash	276.3M	-231.9M	-144.7M	8.1M	-479.5M	746.3M	-208.6M	-897.8M	-782.9M	1B
Free cash flow	2B	2.1B	2.8B	2.8B	2.8B	3.4B	1.8B	2.9B	3.7B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	577.3M	13.3M	921.7M	908.4M	-780.4M	1.2B	498.6M	380.5M	912.6M	836.8M	878.5M	887.5M
Depreciation & amortization	762.9M	764.9M	549.4M	561.7M	512.8M	500.9M	492.5M	510.3M	522.9M	515.9M	518.2M	514.4M
Stock-based compensation	43.1M	37.7M	64.9M	46.3M	50.5M	41.9M	53.4M	47.3M	41.9M	31.6M	58.4M	34.2M
Change in working capital	-132.8M	-215M	-219.4M	-207.7M	89.9M	-147.4M	-116.4M	-145.6M	-5.5M	-53.3M	-114M	21.1M
Operating cash flow	1.3B	297.3M	1.3B	1.3B	223.9M	1.3B	1.3B	1.3B	1.5B	1.4B	1.4B	1.5B
Capital expenditure	-390.7M	-524.6M	-396.7M	-325.2M	-424.7M	-443.4M	-331.1M	—	—	—	—	—
Investing cash flow	-449.1M	-529.9M	-436.1M	-89.2M	1.3B	-360.7M	-350.1M	-186.5M	-85M	111.1M	-24.2M	-39.1M
Dividends paid	-731.9M	-756.1M	-802.1M	-757.1M	-757.7M	-758M	-768.5M	-796.2M	-796.3M	-796.2M	-806.6M	-834.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-176.2M	-26.7M
Financing cash flow	-709.7M	-825.7M	-404.1M	-1B	-3.1B	-916.8M	-863M	-917.6M	-1B	-1.1B	-843.5M	479.8M
Net change in cash	141.8M	-1.1B	443.4M	211.6M	-1.6B	54.6M	81.9M	177.4M	356.3M	452.3M	532.9M	1.9B
Free cash flow	909.9M	617.3M	886.9M	1B	1B	755.6M	963.9M	976.9M	994.5M	848.3M	951.1M	1.2B

American Tower Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement