AMERICAN TOWER CORP /MA/ (AMT) Earnings History

AMERICAN TOWER CORP /MA/ - Q3 2025 Earnings

Filed at: Oct 27, 2025, 8:00 PM EDT|Read from source

EXECUTIVE SUMMARY

American Tower reported a strong third quarter with mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted, driven by robust leasing activity and strong demand in its data center business.

POSITIVE HIGHLIGHTS

  • •

    Total revenue increased 7.7% to $2,717 million.

    positive
  • •

    Total property revenue increased 5.9% to $2,616 million.

    positive
  • •

    Adjusted EBITDA increased 7.6% to $1,816 million.

    positive
  • •

    AFFO attributable to AMT common stockholders, as adjusted, increased 10.4% to $1,303 million.

    positive
  • •

    Data Centers segment revenue grew 92.9%.

    positive

CONCERNS & RISKS

  • •

    Cash provided by operating activities decreased 0.6% to $1,460 million.

    attention
  • •

    Free Cash Flow decreased 5.1% to $984 million.

    attention
  • •

    The U.S. & Canada property revenue growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition.

    attention
  • •

    Property revenue growth rate includes an estimated negative impact of approximately 2% associated with straight-line revenue recognition.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$2.72B
+7.7%
Prior year: $2.52B
Annual (YTD)
$10.21B
N/A
Net Income
Quarterly
$913.00M
+216.9%
Prior year: $-780.40M
Annual (YTD)
$2.46B
N/A
EPS (Diluted)
Quarterly
$1.82
+207.7%
Prior year: $-1.69
Annual (YTD)
$3.64
N/A
Prior year: $2.19
Operating Income
Quarterly
$1.23B
+8.3%
Prior year: $1.14B
EPS (Basic)
Quarterly
$1.82
+207.6%
Prior year: $-1.70
Annual (YTD)
$3.65
N/A
Prior year: $2.20

MARGIN ANALYSIS

Gross Margin
Current Quarter
74.9%
YoY Change
N/A
Operating Margin
Current Quarter
45.4%
Prior Year
45.2%
YoY Change
+20 bps
Net Margin
Current Quarter
33.6%
Prior Year
-30.9%
YoY Change
+6450 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY 2025

total property revenue
$10210000.0B—$10290000.0B
Mid-point: $10250000.0B
net income
2,458,000,000—2,513,000,000
Mid-point: 2,485,500,000
net income attributable to AMT common stockholders
2,363,000,000—2,418,000,000
Mid-point: 2,390,500,000
Adjusted EBITDA
7,058,000,000—7,113,000,000
Mid-point: 7,085,500,000
AFFO attributable to AMT common stockholders
4,973,000,000—5,028,000,000
Mid-point: 5,000,500,000
AFFO attributable to AMT common stockholders per Share
$10.60—$10.72
Mid-point: $10.66

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q3 2024
Loss on sale of ATC TIPL
Primarily included the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion.
+$1,200M
$2.58 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted.

— AMERICAN TOWER CORP /MA/, Q3 2025 2025 Earnings Call

Unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand.

— AMERICAN TOWER CORP /MA/, Q3 2025 2025 Earnings Call

Leasing activity across U.S. and international towers remains robust as carriers invest in network coverage and capacity.

— AMERICAN TOWER CORP /MA/, Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Organic Tenant Billings Growth
5
Prior year: 5.2
percent
Total Tenant Billings Growth
5.5
Prior year: 5.9
percent

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.