FirmAtlas
Company handbook · AMT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AMT · CIK 1053507 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
American Tower Corporation
$185.27
+3.91 (+2.16%)
Close, Oct 16, 2026 · 52-week $160–196
Last fiscal year
American Tower Corporation reported revenue of $936M for the year ended Dec 31, 2025 (FY25), up 20.8% from FY24. Net income was $2.5B, operating cash flow $5.5B and free cash flow $3.8B. Source: 10-K filed Feb 24, 2026.
Market cap
$86.4B
P/E
25.4
EV/EBITDA
20.0x
P/B
23.2
Div yield
3.82%
ROIC
12.0%
Revenue 1Y
20.8%/yr
EPS 1Y
12.0%/yr
Shares 1Y
−0.2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQBoston, MA
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.0%
−7.2%
3.1%
−3.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.4B deployed
Capex
$3.3B
31.4%
Acquisitions
$577M
5.5%
Dividends
$6.2B
59.6%
Buybacks
$365M
3.5%
Operating cash flow over the period: $10.8B. Total debt changed by +$1.0B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
775
936+20.8%
893
YoY
+20.8%
Operating income
4,516
4,846+7.3%
4,902
Operating margin
583.1%
517.8%−65.3 pp
—
EBITDA
5,616
5,946+5.9%
—
EBITDA margin
725.1%
635.3%−89.8 pp
—
Interest expense
1,404
1,359−3.2%
—
Interest coverage
4.00x
4.37x+0.37x
—
Net income
2,255
2,530+12.2%
3,401
YoY
+12.2%
Net margin
291.1%
270.3%−20.8 pp
—
EPS (diluted, $)
4.82
5.40+12.0%
7.28
YoY
+12.0%
Balance sheet
Total assets
61,077
63,190+3.5%
63,300
Cash & short-term investments
2,108
1,605−23.9%
—
Accounts receivable
540
650+20.4%
—
Net PP&E
19,057
20,356+6.8%
—
Other assets
39,372
40,579+3.1%
—
Total liabilities
57,695
59,538+3.2%
59,580
Accounts payable
241
260+7.9%
—
Total debt
32,809
33,832+3.1%
31,963
Other liabilities
24,646
25,446+3.2%
—
Shareholders’ equity
3,382
3,652+8.0%
3,720
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,290
5,464+3.3%
5,775
Net income
2,280
2,628+15.3%
—
Depreciation & amortization
1,100
1,100+0.0%
—
Stock-based compensation
204
174−14.4%
—
Working capital & other
1,707
1,561−8.5%
—
Cash from investing
411
(1,860)−552.9%
—
Capex
(1,590)
(1,680)n/m
—
Acquisitions
(123)
(454)n/m
—
Other investing
2,124
275−87.1%
—
Cash from financing
(5,452)
(4,208)n/m
—
Debt raised
3,569
3,001−15.9%
—
Debt repaid
(12,430)
(9,450)n/m
—
Dividends
(3,027)
(3,181)n/m
—
Buybacks
0
(365)n/m
—
Shares issued
0
27n/m
—
Other financing
6,436
5,760−10.5%
—
Net change in cash
15
(503)−3498.6%
—
Free cash flow (OCF − capex)
3,700
3,784+2.2%
3,960
Where the cash went
Operating cash flow
5,290
5,464+3.3%
5,775
Reinvested in the business
1,713
2,135+24.6%
—
% of operating cash flow
32.4%
39.1%
Capex
1,590
1,680+5.7%
1,815
Acquisitions
123
454+269.3%
—
Free cash flow
3,700
3,784+2.2%
3,960
YoY
+2.2%
Returned to shareholders
3,027
3,545+17.1%
—
% of free cash flow
81.8%
93.7%
Dividends
3,027
3,181+5.1%
—
Buybacks
0
365n/m
—
Change in total debt
—
1,024
—
Cash left over
—
808
—
FCF conversion (FCF ÷ net income)
164.1%
149.6%−14.5 pp
—
Owner earnings
—
1,858
—
Owner earnings margin
—
198.5%
—
Buyback yield
—
0.4%
—
Returns & ratios
ROIC (all capital)
11.9%
12.0%+0.0 pp
—
ROIC (operating)
21.0%
20.9%−0.1 pp
—
Net debt / EBITDA
5.47x
5.42x−0.05x
—
Debt / equity
9.70x
9.26x−0.44x
—
ROE
66.7%
69.3%+2.6 pp
—
ROA
3.7%
4.0%+0.3 pp
—
ROCE
8.4%
8.6%+0.2 pp
—
NOPAT
4,060
4,184+3.1%
—
Invested capital (operating)
19,356
20,747+7.2%
—
Invested capital (all)
34,083
35,880+5.3%
—
Reinvestment rate
—
33.2%
—
Net debt is 5.4x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
246
220
216
211
vs year-ago quarter
Operating income
1,233
1,161
1,239
1,269
Net income
853
821
860
868
vs year-ago quarter
Net margin
346.3%
373.4%
397.7%
410.9%
EPS (diluted, $)
1.82
1.76
1.84
1.86
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
63,889
63,190
63,235
63,300
Cash & equivalents
2,101
1,605
1,738
1,893
Total debt
34,851
33,832
31,202
31,963
Shareholders’ equity
3,953
3,652
3,523
3,720
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,460
1,428
1,401
1,487
Capex
466
579
450
321
Free cash flow
994
848
951
1,166
vs year-ago quarter