Detailed financial statements for American Tower Corporation (AMT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries.
Analysis Summary
American Tower Corporation reported revenue of $10.65B in the most recent fiscal year, growing at a 5-year CAGR of 5.8%. Net income reached $2.53B, with a 8.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 73.2%, operating margin 44.4%, net margin 30.9%. Free cash flow grew at 5.8% CAGR over 5 years.
At the current price of $162.26, AMT trades at a P/E of 22.31 and an ROE of 90.23%. Market capitalisation stands at $75.6B, placing it among large-cap names.
Balance sheet quality for AMT: current ratio of 0.6, net debt of $43.49B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.78B represents 150% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.79B | $6.66B | $7.44B | $7.58B | $8.04B | $9.36B | $9.65B | $10.01B | $10.13B | $10.65B |
| Cost of Revenue | $1.79B | $2.05B | $2.18B | $2.21B | $2.23B | $2.68B | $2.57B | $2.56B | $2.57B | $2.80B |
| Gross Profit | $4.00B | $4.61B | $5.26B | $5.37B | $5.81B | $6.67B | $7.08B | $7.45B | $7.55B | $7.84B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $545.8M | $639.9M | $733.2M | $733.2M | $778.7M | $811.6M | $902.1M | $946.0M | $933.4M | $944.2M |
| Operating Expenses | $2.14B | $2.61B | $3.36B | $2.68B | $2.93B | $3.54B | $4.34B | $4.33B | $3.04B | $2.96B |
| Operating Income | $1.85B | $2.00B | $1.91B | $2.69B | $2.89B | $3.13B | $2.74B | $3.13B | $4.52B | $4.88B |
| EBITDA | $3.37B | $3.72B | $4.09B | $4.51B | $4.50B | $6.03B | $6.58B | $6.00B | $7.15B | $6.12B |
| Interest Expense | $718.3M | $750.8M | $825.6M | $814.2M | $793.5M | $870.9M | $1.14B | $1.39B | $1.40B | $1.02B |
| Pre-tax Income | $1.13B | $1.26B | $1.15B | $1.92B | $1.82B | $2.83B | $2.09B | $1.53B | $3.62B | $3.04B |
| Income Tax | $155.5M | $30.7M | -$110.1M | -$200,000 | $129.6M | $261.8M | $112.8M | $90.8M | $366.3M | $415.7M |
| Net Income | $956.4M | $1.24B | $1.24B | $1.89B | $1.69B | $2.57B | $1.77B | $1.48B | $2.25B | $2.53B |
| EPS | $2.00 | $2.69 | $2.81 | $4.27 | $3.81 | $5.69 | $3.83 | $3.18 | $4.83 | $5.40 |
| EPS (Diluted) | $1.98 | $2.67 | $2.79 | $4.24 | $3.79 | $5.66 | $3.82 | $3.18 | $4.82 | $5.39 |
| Shares Outstanding (Diluted) | $429.3M | $431.7M | $443.0M | $445.5M | $446.1M | $453.3M | $462.8M | $467.2M | $468.1M | $469.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.72B | $2.74B | $2.74B | $2.75B |
| Gross Profit | $2.04B | $1.94B | $2.02B | $2.01B |
| Operating Income | $1.27B | $1.16B | $1.16B | $1.27B |
| EBITDA | $1.47B | $1.85B | $1.83B | $1.88B |
| Net Income | $853.3M | $821.0M | $836.8M | $867.5M |
| EPS | $1.82 | $1.75 | $1.84 | $1.87 |
| EPS (Diluted) | $1.82 | $1.75 | $1.84 | $1.86 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $787.2M | $802.1M | $1.21B | $1.50B | $1.75B | $1.95B | $2.03B | $1.75B | $2.00B | $1.47B |
| Short-term Investments | $4.0M | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $366.1M | $621.5M | $671.4M | $675.8M | $754.8M | $1.08B | $1.13B | $813.2M | $784.8M | $650.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.69B | $2.04B | $2.39B | $2.55B | $2.91B | $3.73B | $3.62B | $3.71B | $3.18B | $2.49B |
| Property, Plant & Equipment | $10.52B | $11.10B | $11.25B | $19.44B | $20.60B | $29.01B | $28.92B | $19.79B | $27.15B | $28.78B |
| Goodwill | $5.07B | $5.64B | $5.50B | $6.18B | $7.28B | $13.35B | $12.96B | $12.64B | $11.77B | $12.26B |
| Intangible Assets | $11.27B | $11.78B | $11.17B | $12.32B | $13.84B | $20.73B | $17.98B | $16.52B | $14.47B | $14.53B |
| Total Assets | $30.88B | $33.21B | $33.01B | $42.80B | $47.23B | $69.89B | $67.19B | $66.03B | $61.08B | $63.19B |
| Accounts Payable | $118.7M | $142.9M | $130.8M | $148.1M | $139.1M | $272.4M | $218.6M | $251.3M | $240.8M | 0 |
| Short-term Debt | $238.8M | $774.8M | $2.75B | $2.93B | $789.8M | $4.57B | $4.51B | $3.07B | $3.69B | $3.97B |
| Total Current Liabilities | $1.63B | $2.51B | $4.69B | $5.49B | $3.66B | $9.07B | $8.31B | $7.25B | $7.08B | $3.97B |
| Long-term Debt | $18.29B | $19.43B | $18.41B | $21.13B | $28.50B | $38.69B | $34.16B | $35.73B | $32.81B | $33.80B |
| Total Liabilities | $22.81B | $25.26B | $26.11B | $36.21B | $42.45B | $60.82B | $54.79B | $55.16B | $51.43B | $52.84B |
| Retained Earnings | -$1.08B | -$1.06B | -$1.20B | -$1.02B | -$1.34B | -$1.14B | -$2.10B | -$3.64B | -$4.42B | -$5.09B |
| Total Equity | $6.76B | $6.24B | $5.34B | $5.06B | $4.09B | $5.08B | $5.57B | $4.20B | $3.38B | $3.65B |
| Total Debt | $18.53B | $20.21B | $21.16B | $31.06B | $36.71B | $52.01B | $47.05B | $46.31B | $43.95B | $44.96B |
| Net Debt | $17.74B | $19.40B | $19.95B | $29.56B | $34.97B | $50.06B | $45.02B | $44.55B | $41.95B | $43.49B |
| Working Capital | $58.6M | -$474.0M | -$2.30B | -$2.93B | -$749.9M | -$5.34B | -$4.69B | -$3.54B | -$3.90B | -$1.48B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.95B | $1.47B | $1.47B | $1.76B |
| Total Assets | $63.89B | $63.19B | $63.19B | $63.30B |
| Total Liabilities | $53.12B | $52.84B | $52.84B | $53.05B |
| Total Equity | $3.95B | $3.65B | $3.65B | $3.72B |
| Total Debt | $45.01B | $44.96B | $45.13B | $44.98B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $970.4M | $1.23B | $1.26B | $1.92B | $1.69B | $2.57B | $1.70B | $1.37B | $2.28B | $2.63B |
| Depreciation & Amortization | $1.53B | $1.72B | $2.11B | $1.80B | $1.88B | $2.33B | $3.36B | $3.09B | $2.12B | $2.04B |
| 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 | -$103.8M | -$352.2M | -$14.0M | -$250.4M | -$423.6M | $102.1M | -$1.62B | -$813.9M | -$386.5M | -$166.6M |
| Operating Cash Flow | $2.70B | $2.93B | $3.75B | $3.75B | $3.88B | $4.82B | $3.70B | $4.72B | $5.29B | $5.46B |
| Capital Expenditure | -$682.5M | -$803.6M | -$913.2M | -$991.3M | -$1.03B | -$1.38B | -$1.87B | -$1.80B | -$1.59B | -$1.68B |
| Acquisitions | -$1.42B | -$2.01B | -$1.88B | -$2.96B | -$3.80B | -$19.30B | -$549.0M | -$168.0M | $2.04B | -$306.1M |
| Stock Repurchased | 0 | -$766.3M | -$232.8M | -$19.6M | -$56.0M | 0 | -$18.8M | 0 | 0 | -$364.6M |
| Dividends Paid | -$993.2M | -$1.16B | -$1.34B | -$1.60B | -$1.93B | -$2.27B | -$2.63B | -$2.95B | -$3.07B | -$3.16B |
| Free Cash Flow | $2.02B | $2.12B | $2.84B | $2.76B | $2.85B | $3.44B | $1.82B | $2.92B | $3.70B | $3.78B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.46B | $1.43B | $1.40B | $1.49B |
| Capital Expenditure | -$465.5M | -$579.2M | -$449.5M | -$320.9M |
| Free Cash Flow | $994.5M | $848.3M | $951.1M | $1.17B |
| Dividends Paid | -$796.3M | -$796.2M | -$806.6M | -$834.7M |
| Stock-based Compensation | $41.9M | $31.6M | $58.4M | $34.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.2% | +11.6% | +1.9% | +6.1% | +16.4% | +3.1% | +3.8% | +1.1% | +5.1% | |
| Net Income Growth (YoY) | +29.5% | -0.2% | +52.7% | -10.4% | +51.9% | -31.2% | -16.0% | +52.0% | +12.2% | |
| EPS Growth (YoY) | +34.5% | +4.5% | +52.0% | -10.8% | +49.3% | -32.7% | -17.0% | +51.9% | +11.8% | |
| Shares Change (YoY) | +0.6% | +2.6% | +0.6% | +0.1% | +1.6% | +2.1% | +1.0% | +0.2% | +0.2% | |
| FCF Growth (YoY) | +5.0% | +33.6% | -2.6% | +3.2% | +20.8% | -47.1% | +60.4% | +26.5% | +2.2% | |
| Gross Margin | 69.1% | 69.2% | 70.7% | 70.8% | 72.3% | 71.3% | 73.4% | 74.4% | 74.6% | 73.7% |
| Operating Margin | 32.0% | 30.0% | 25.6% | 35.5% | 35.9% | 33.5% | 28.4% | 31.2% | 44.6% | 45.8% |
| EBITDA Margin | 58.2% | 55.8% | 55.0% | 59.5% | 55.9% | 64.5% | 68.2% | 60.0% | 70.6% | 57.5% |
| Net Margin | 16.5% | 18.6% | 16.6% | 24.9% | 21.0% | 27.4% | 18.3% | 14.8% | 22.3% | 23.8% |
| FCF Margin | 34.9% | 31.8% | 38.1% | 36.4% | 35.4% | 36.8% | 18.9% | 29.2% | 36.5% | 35.5% |
| Effective Tax Rate | 13.8% | 2.4% | -9.5% | -0.0% | 7.1% | 9.3% | 5.4% | 5.9% | 10.1% | 13.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.71 | $4.92 | $6.40 | $6.20 | $6.39 | $7.60 | $3.94 | $6.26 | $7.91 | $8.06 |
| Dividends Per Share | $2.31 | $2.70 | $3.03 | $3.60 | $4.32 | $5.01 | $5.68 | $6.31 | $6.57 | $6.73 |
| Shares Outstanding (Basic) | $425.1M | $428.2M | $439.6M | $442.3M | $443.6M | $451.5M | $461.5M | $466.1M | $467.0M | $469.1M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 90.23% |
| Return on Invested Capital | 7.20% |
| Return on Assets | 5.34% |
| Gross Margin | 73.19% |
| Operating Margin | 44.40% |
| Net Margin | 30.88% |
Financial Health
| Debt / Equity | 12.09 |
| Current Ratio | 0.35 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.22 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 52.84 | 53.04 | 56.30 | 53.82 | 58.91 | 51.41 | 55.32 | 67.89 | 37.97 | 32.51 |
| P/B | 6.64 | 9.79 | 13.03 | 20.11 | 24.33 | 25.99 | 17.55 | 23.97 | 25.33 | 22.55 |
| P/S | 7.77 | 9.17 | 9.35 | 13.41 | 12.38 | 14.11 | 10.14 | 10.05 | 8.46 | 7.74 |
| Gross Margin | 69.1% | 69.2% | 70.7% | 70.8% | 72.3% | 71.3% | 73.4% | 74.4% | 74.6% | 73.7% |
| Operating Margin | 32.0% | 30.0% | 25.6% | 35.5% | 35.9% | 33.5% | 28.4% | 31.2% | 44.6% | 45.8% |
| Net Margin | 16.5% | 18.6% | 16.6% | 24.9% | 21.0% | 27.4% | 18.3% | 14.8% | 22.3% | 23.8% |
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Explore sector: Real Estate · REIT - Specialty
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