American Tower reported solid full-year 2025 results with high-single-digit growth in AFFO per Share, driven by robust leasing demand across its global tower and data center portfolios. The company is focused on durable revenue growth, cost efficiencies, and disciplined capital allocation for 2026, aiming to enhance earnings quality and financial flexibility.
Total revenue increased 7.5% to $2,738 million in Q4 2025 and 5.1% to $10,645 million for the full year 2025.
positiveAdjusted EBITDA increased 7.5% to $1,819 million in Q4 2025 and 4.7% to $7,130 million for the full year 2025.
positiveAFFO attributable to AMT common stockholders per Share, as adjusted, increased 13.4% to $2.63 in Q4 2025 and 8.0% to $10.76 for the full year 2025.
positiveCash provided by operating activities increased 19.1% to $1,428 million in Q4 2025 and 3.3% to $5,464 million for the full year 2025.
positiveNet income attributable to AMT common stockholders decreased 33.3% to $821 million in Q4 2025, impacted by foreign currency gains/losses and a decrease in non-cash straight-line revenue.
attentionNet income attributable to AMT common stockholders decreased 32.0% to $837 million in Q4 2025, impacted by foreign currency gains/losses and a decrease in non-cash straight-line revenue.
attentionFull year 2026 Adjusted EBITDA outlook is flat at 0.1% growth, with an estimated negative impact of over 2% from a decrease in net straight-line revenue recognition.
attentionFull year 2026 Total property revenue outlook is 2.0% growth, with an estimated negative impact of approximately 2% from a decrease in straight-line revenue recognition.
attentionQ4 2025 Property Gross Margin % was 74.7%, a slight decrease from 75.0% in the prior year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
U.S. & Canada Property | N/A | — | — | — |
Latin America Property | N/A | — | — | — |
Africa & APAC Property | N/A | — | — | — |
Europe Property | N/A | — | — | — |
Data Centers Property | N/A | — | — | — |
Services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy.
Leasing demand across our global tower portfolio and data center business remains robust, underpinned by sustained growth in mobile data consumption, continued 5G deployment, and increasing hybrid-cloud and AI-related workloads.
Alongside these demand trends, we’ve taken meaningful actions to streamline our global operations, enhance the quality and durability of our earnings, and improve financial flexibility by returning to our target leverage range.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.