AMERICAN TOWER CORP /MA/

AMT 10-K · Q4 2025

AMT Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 2,737.5 2,547.6 +7.5%
Show Product Lines breakouts
Property 2,673.1 2,483.9 +7.6%
Service 64.4 63.7 +1.1%
Show Business Segments breakouts
Africa & APAC 382.2 309.1 +23.6%
Africa & APAC · Operating Segments 382.2 309.1 +23.6%
Data Centers 280.5 235.7 +19.0%
Data Centers · Operating Segments 280.5 235.7 +19.0%
Europe 248.4 214.2 +16.0%
Europe · Operating Segments 248.4 214.2 +16.0%
Latin America 437.5 420.9 +3.9%
Latin America · Operating Segments 437.5 420.9 +3.9%
Property · Operating Segments 2,673.1 2,483.9 +7.6%
Services · Operating Segments 64.4 63.7 +1.1%
U.S. & Canada 1,388.9 1,367.7 +1.6%
U.S. & Canada · Operating Segments 1,324.5 1,304 +1.6%
Show Consolidation Items breakouts
Operating Segments 2,737.5 2,547.6 +7.5%
Direct Costs Of Leased And Rented Property Or Equipment 676.9 622.6 +8.7%
Cost of Revenue (Q)
Show Product Lines breakouts
Service 37.2 31.8 +17.0%
Depreciation Amortization And Accretion Net 515.9 500.9 +3.0%
Show Consolidation Items breakouts
Material Reconciling Items 515.9 500.9 +3.0%
Selling, General & Administrative 236.5 243.1 -2.7%
Show Business Segments breakouts
Africa & APAC · Operating Segments 18.6 15.3 +21.6%
Data Centers · Operating Segments 23.8 22.2 +7.2%
Europe · Operating Segments 22.4 19.5 +14.9%
Latin America · Operating Segments 25.8 32.9 -21.6%
Property · Operating Segments 135.4 133.2 +1.7%
Services · Operating Segments 8.3 6.4 +29.7%
U.S. & Canada · Operating Segments 44.8 43.3 +3.5%
Show Consolidation Items breakouts
Operating Segments 143.7 139.6 +2.9%
Total Costs & Expenses 1,576.8 1,467.5 +7.4%
Operating Income 1,160.7 1,080.1 +7.5%
Show Business Segments breakouts
Africa & APAC · Operating Segments 235 199.5 +17.8%
Data Centers · Operating Segments 160.4 115.1 +39.4%
Europe · Operating Segments 133.7 111.2 +20.2%
Latin America · Operating Segments 280.1 262.7 +6.6%
Property · Operating Segments 1,860.8 1,728.1 +7.7%
Services · Operating Segments 18.9 25.5 -25.9%
U.S. & Canada · Operating Segments 1,051.6 1,039.6 +1.2%
Show Consolidation Items breakouts
Operating Segments 1,879.7 1,753.6 +7.2%
Interest Income Other 40.4 32.1 +25.9%
Interest Expense -344.4 -321.2 -7.2%
Other Non-Operating Income (Expense) 108.2 514.7 -79.0%
Non-Operating Income (Expense) -195.8 225.6 -186.8%
Income Before Taxes 964.9 1,305.7 -26.1%
Income Tax Expense (Benefit) -128.1 -75.2 -70.3%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest 836.8 1,230.5 -32.0%
Net Income 836.8 1,230.5 -32.0%
Net Income Loss Attributable To Noncontrolling Interest -16.1 -0.9 -1688.9%
Net Income Loss Available To Common Stockholders Basic 820.7 1,229.6 -33.3%
Net Income Loss Available To Common Stockholders Diluted 820.7 1,229.6 -33.3%
Net Income Loss From Continuing Operations Available To Common Shareholders Basic 820.7 1,229.6 -33.3%
Net Income Loss From Continuing Operations Available To Common Shareholders Diluted 820.7 1,229.6 -33.3%
Income Loss From Continuing Operations Per Basic Share 1.76 2.63 -33.1%
EPS (Basic) 1.76 2.63 -33.1%
Income Loss From Continuing Operations Per Diluted Share 1.76 2.63 -33.1%
EPS (Diluted) 1.76 2.63 -33.1%
Wtd Avg Shares (Basic) -114 92 -223.9%
Wtd Avg Shares (Diluted) -99 119 -183.2%
Revenue 219.8 214.8 +2.3%
Show Product Lines breakouts
Non-lease property revenue 155.4 151.1 +2.8%
Non-lease property revenue · Africa & APAC 4.7 10.8 -56.5%
Non-lease property revenue · Data Centers 40.1 34.3 +16.9%
Non-lease property revenue · Europe 3.3 -1 +430.0%
Non-lease property revenue · Latin America 34.8 27.3 +27.5%
Non-lease property revenue · U.S. & Canada 72.5 79.7 -9.0%
Services Revenue [Member] 64.4 63.7 +1.1%
Services Revenue [Member] · U.S. & Canada 64.4 63.7 +1.1%
Show Business Segments breakouts
Africa & APAC 4.7 10.8 -56.5%
Data Centers 40.1 34.3 +16.9%
Europe 3.3 -1 +430.0%
Latin America 34.8 27.3 +27.5%
U.S. & Canada 136.9 143.4 -4.5%
Cost of Revenue (Q)
Show Business Segments breakouts
Africa & APAC · Operating Segments 128.6 94.3 +36.4%
Data Centers · Operating Segments 96.3 98.4 -2.1%
Europe · Operating Segments 92.3 83.5 +10.5%
Latin America · Operating Segments 131.6 125.3 +5.0%
Property · Operating Segments 676.9 622.6 +8.7%
Services · Operating Segments 37.2 31.8 +17.0%
U.S. & Canada · Operating Segments 228.1 221.1 +3.2%
Show Consolidation Items breakouts
Operating Segments 714.1 654.4 +9.1%
Gross Profit (Q)
Show Business Segments breakouts
Africa & APAC · Operating Segments 253.6 214.8 +18.1%
Data Centers · Operating Segments 184.2 137.3 +34.2%
Europe · Operating Segments 156.1 130.7 +19.4%
Latin America · Operating Segments 305.9 295.6 +3.5%
Property · Operating Segments 1,996.2 1,861.3 +7.2%
Services · Operating Segments 27.2 31.9 -14.7%
U.S. & Canada · Operating Segments 1,096.4 1,082.9 +1.2%
Show Consolidation Items breakouts
Operating Segments 2,023.4 1,893.2 +6.9%
Comprehensive Income 822.6 457.2 +79.9%
Operating Lease Lease Income 2,517.7 2,332.8 +7.9%
Show Business Segments breakouts
Africa & APAC 377.5 298.3 +26.6%
Data Centers 240.4 201.4 +19.4%
Europe 245.1 215.2 +13.9%
Latin America 402.7 393.6 +2.3%
U.S. & Canada 1,252 1,224.3 +2.3%
Other Expenses 306.1 -156.5 +295.6%
Show Consolidation Items breakouts
Material Reconciling Items 306.1 -156.5 +295.6%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 1,474.8 1,999.6 -26.2%
Restricted Cash And Cash Equivalents At Carrying Value 130.4 108.6 +20.1%
Accounts Receivable 650.3 540 +20.4%
Prepaid Expenses & Other Current Assets 486.3 530.6 -8.3%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Total non-lease revenue 41.5 45.2 -8.2%
Total Current Assets 2,741.8 3,178.8 -13.7%
Non-Current Assets
Goodwill 12,255.5 11,768.1 +4.1%
Show Business Segments breakouts
Africa & APAC 521.9 516.5 +1.0%
Data Centers 2,920 2,920 0.0%
Europe 3,247.3 2,862.3 +13.5%
Latin America 927.5 832.6 +11.4%
Services 2 2 0.0%
U.S. & Canada 4,636.8 4,634.7 0.0%
Deferred Tax Assets 151.4 122.7 +23.4%
Deferred Rent Receivables Net Noncurrent 3,851.3 3,710.2 +3.8%
Operating Lease Right-of-Use Assets 8,426.5 8,089.6 +4.2%
Other Non-Current Assets 876.9 676.9 +29.5%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Total non-lease revenue 39 30.4 +28.3%
Total Assets 63,190.4 61,077.4 +3.5%
Show Business Segments breakouts
Africa & APAC · Operating Segments 4,147.2 3,993.1 +3.9%
Data Centers · Operating Segments 10,703.9 10,431.6 +2.6%
Europe · Operating Segments 12,850.4 11,267.2 +14.1%
Latin America · Operating Segments 8,415.6 7,470.7 +12.6%
Services · Operating Segments 124.7 113.7 +9.7%
U.S. & Canada · Operating Segments 26,798.3 26,750.1 +0.2%
Show Consolidation Items breakouts
Material Reconciling Items 150.3 1,051 -85.7%
Intangible Assets 14,530.7 14,474.3 +0.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Acquired licenses and other intangibles 790.3 926.4 -14.7%
Customer Relationships 11,027.5 10,842.3 +1.7%
Network location intangible assets 2,712.9 2,705.6 +0.3%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 20,356.3 19,056.8 +6.8%
Intangible Assets Net Excluding Goodwill 14,530.7 14,474.3 +0.4%
Current Liabilities
Accounts Payable 259.8 240.8 +7.9%
Accrued Liabilities 1,112.5 1,082 +2.8%
Dividends Payable Current 818.6 780.3 +4.9%
Interest Payable Current 425.2 373.6 +13.8%
Operating Lease Liability Current 584.9 576.7 +1.4%
Current Portion of Long-Term Debt 3,387.8 3,693 -8.3%
Show Debt Instrument breakouts
1.450% senior notes · Parent Company 600
1.600% senior notes · Parent Company 700
1.950% senior notes · Parent Company 500
3.375% senior notes · Parent Company 1
4.400% Senior Notes Due 2026 [Member] · Parent Company 500
Deferred Revenue (Current) 325 329.2 -1.3%
Total Current Liabilities 6,913.8 7,075.6 -2.3%
Non-Current Liabilities
Operating Lease Liabilities 7,158.7 6,875.6 +4.1%
Deferred Tax Liabilities 1,440.3 1,262 +14.1%
Other Non-Current Liabilities 976.9 1,012.9 -3.6%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Total non-lease revenue 233.3 239.1 -2.4%
Total Liabilities 52,835.1 51,428.7 +2.7%
Long-Term Debt (Q)
Show Debt Instrument breakouts
0.400% senior notes · Parent Company 585.8 515 +13.7%
0.450% senior notes · Parent Company 879.7 774.1 +13.6%
0.500% senior notes · Parent Company 878.3 772.6 +13.7%
0.875% senior notes · Parent Company 878.2 773 +13.6%
0.950% senior notes · Parent Company 583.1 512.6 +13.8%
1.000% senior notes · Parent Company 758.8 667.6 +13.7%
1.250% senior notes · Parent Company 582.4 512.1 +13.7%
1.450% senior notes · Parent Company 598.9 597.4 +0.3%
1.500% senior notes · Parent Company 648.5 647.8 +0.1%
1.600% senior notes · Parent Company 699.7 698.5 +0.2%
1.875% senior notes · Parent Company 795.2 794.3 +0.1%
1.950% senior notes · Parent Company 586.9 516.4 +13.7%
2.100% senior notes · Parent Company 745.2 744.1 +0.1%
2.300% senior notes · Parent Company 694.5 693.6 +0.1%
2.700% senior notes · Parent Company 696.3 695.6 +0.1%
2.750% senior notes · Parent Company 749 748 +0.1%
2.900% senior notes · Parent Company 746 745.1 +0.1%
2.950% senior notes · Parent Company 1,024.5 1,023.8 +0.1%
2021 Multicurrency Credit Facility · Parent Company 380
2021 Term Loan · Parent Company 998.1 997.9 0.0%
3.100% senior notes · Parent Company 1,039.1 1,038.8 0.0%
3.125% senior notes · Parent Company 399.6 399.3 +0.1%
3.375% senior notes · Parent Company 998.5 996.6 +0.2%
3.55% Notes · Parent Company 748.7 747.9 +0.1%
3.600% senior notes · Parent Company 697.9 697 +0.1%
3.625% senior notes · Parent Company 583.9
3.650% senior notes · Parent Company 648 646.4 +0.2%
3.700% senior notes · Parent Company 592.8 592.6 0.0%
3.800% senior notes · Parent Company 1,642.4 1,640.5 +0.1%
3.900% senior notes · Parent Company 583.3 512.9 +13.7%
3.950% senior notes · Parent Company 596 594.8 +0.2%
4.050% senior notes · Parent Company 644.4 643.7 +0.1%
4.100% Notes · Parent Company 580.8 510.5 +13.8%
4.125% Senior Notes due 2027 · Parent Company 703.1 618.5 +13.7%
4.400% Senior Notes Due 2026 [Member] · Parent Company 499.9 499.3 +0.1%
4.625% Notes · Parent Company 582.2 511.7 +13.8%
4.700% senior notes · Parent Company 840.4
4.900% Notes · Parent Company 848
5.000% senior notes · Parent Company 594.4 593.2 +0.2%
5.200% senior notes · Parent Company 645.1 643.7 +0.2%
5.250% senior notes · Parent Company 646.4 645.2 +0.2%
5.350% senior notes · Parent Company 731.4
5.400% senior notes · Parent Company 592.5 591.9 +0.1%
5.450% senior notes · Parent Company 641.5 640.6 +0.1%
5.500% senior notes · Parent Company 696.5 695 +0.2%
5.550% senior notes · Parent Company 842.2 841.4 +0.1%
5.650% senior notes · Parent Company 792.3 791.4 +0.1%
5.800% senior notes · Parent Company 745.9 744.6 +0.2%
5.900% senior notes · Parent Company 742.9 742.2 +0.1%
Bangladesh Term Loan · Subsidiaries 150
CoreSite DE1 Note · Subsidiaries 4
Other subsidiary debt · Subsidiaries 5.2
Series 2018-1A Securities · Subsidiaries 498.3 497.6 +0.1%
Series 2023-1A Securities · Subsidiaries 1,291.7 1,288 +0.3%
Show Consolidated Entities breakouts
Parent Company 35,409.2 34,174.9 +3.6%
Subsidiaries 1,795.2 2,310.3 -22.3%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging 4.7
Other Liabilities
Long Term Debt And Capital Lease Obligations 33,832.5 32,808.8 +3.1%
Asset Retirement Obligation 2,512.9 2,393.8 +5.0%
Stockholders' Equity
Common Stock 4.8 4.8 0.0%
Additional Paid-In Capital 15,215.3 15,057.3 +1.0%
Retained Earnings -5,086 -4,424.1 -15.0%
Accumulated Other Comprehensive Income -4,815.8 -5,954.6 +19.1%
Treasury Stock Common Value -1,665.8 -1,301.2 -28.0%
Show Plan Name breakouts
2017 Buyback -347
Total Stockholders' Equity 3,652.5 3,382.2 +8.0%
Minority Interest 6,702.8 6,266.5 +7.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 10,355.3 9,648.7 +7.3%
Show Equity Components breakouts
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest -4.8 -6 +20.0%
Accumulated Other Comprehensive Income -4,815.8 -5,954.6 +19.1%
Additional Paid In Capital 15,215.3 15,057.3 +1.0%
Common Stock 4.8 4.8 0.0%
Noncontrolling Interest 6,702.8 6,266.5 +7.0%
Retained Earnings -5,086 -4,424.1 -15.0%
Treasury Stock Common -1,665.8 -1,301.2 -28.0%
Total Liabilities & Equity 63,190.4 61,077.4 +3.5%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 31.6 41.9 -24.6%
Change in Deferred Revenue -112.6 -135.4 +16.8%
Net Cash from Operations 1,427.5 1,199 +19.1%
Investing Activities
Capital Expenditures -579.2 -443.4 -30.6%
Other Investing Activities -11.8 90.8 -113.0%
Net Cash from Investing -468.1 -360.7 -29.8%
Financing Activities
Net Cash from Financing -1,443.8 -908.5 -58.9%
Supplemental
Income Taxes Paid 156.9 126.4 +24.1%
Interest Paid 182.2 207.6 -12.2%
Other Cash Flow
Net Change in Cash -495.6 -174 -184.8%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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