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Stocks · Real estate · Real Estate Investment Trusts

American Tower

AMT Clue Score67
United States Fiscal year ends December CIK 0001053507
$182.24 +9.30% Close, 9 Oct 2026
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Price $182.24 −30.34% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue6.66Operating income2.00Net income1.24EPS, diluted2.67Fiscal year 2018Revenue0.49 −92.6%Operating income1.91Net income1.24 −0.2%EPS, diluted2.77 +3.7%Fiscal year 2019Revenue0.53 +7.3%Operating income2.69Net income1.89 +52.7%EPS, diluted4.24 +53.1%Fiscal year 2020Revenue0.50 −6.0%Operating income2.89Net income1.69 −10.4%EPS, diluted3.79 −10.6%Fiscal year 2021Revenue0.72 +44.7%Operating income3.13Net income2.57 +51.9%EPS, diluted5.66 +49.3%Fiscal year 2022Revenue0.84 +17.2%Operating income2.74Net income1.70 −33.9%EPS, diluted3.82 −32.5%Fiscal year 2023Revenue0.75 −11.1%Operating income3.13Net income1.37 −19.4%EPS, diluted3.18 −16.8%Fiscal year 2024Revenue0.77 +3.7%Operating income4.52Net income2.28 +66.8%EPS, diluted4.82 +51.6%Fiscal year 2025Revenue0.94 +20.8%Operating income4.85Net income2.63 +15.3%EPS, diluted5.40 +12.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.66 0.49 0.53 0.50 0.72 0.84 0.75 0.77 0.94
Growth −92.6% +7.3% −6.0% +44.7% +17.2% −11.1% +3.7% +20.8%
Operating income 2.00 1.91 2.69 2.89 3.13 2.74 3.13 4.52 4.85
Net income 1.24 1.24 1.89 1.69 2.57 1.70 1.37 2.28 2.63
Growth −0.2% +52.7% −10.4% +51.9% −33.9% −19.4% +66.8% +15.3%
EPS, diluted 2.67 2.77 4.24 3.79 5.66 3.82 3.18 4.82 5.40
Growth +3.7% +53.1% −10.6% +49.3% −32.5% −16.8% +51.6% +12.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin30.0%Net margin18.6%Free cash flow margin31.8%Fiscal year 2018Operating margin387.7%Net margin251.7%Free cash flow margin577.1%Fiscal year 2019Operating margin509.9%Net margin358.1%Free cash flow margin523.8%Fiscal year 2020Operating margin582.5%Net margin341.1%Free cash flow margin574.9%Fiscal year 2021Operating margin436.7%Net margin358.0%Free cash flow margin480.1%Fiscal year 2022Operating margin325.8%Net margin201.8%Free cash flow margin216.8%Fiscal year 2023Operating margin418.2%Net margin182.9%Free cash flow margin391.3%Fiscal year 2024Operating margin583.1%Net margin294.4%Free cash flow margin477.7%Fiscal year 2025Operating margin517.8%Net margin280.9%Free cash flow margin404.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 30.0% 387.7% 509.9% 582.5% 436.7% 325.8% 418.2% 583.1% 517.8%
Net margin 18.6% 251.7% 358.1% 341.1% 358.0% 201.8% 182.9% 294.4% 280.9%
Free cash flow margin 31.8% 577.1% 523.8% 574.9% 480.1% 216.8% 391.3% 477.7% 404.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow2.93Capital expenditure−0.80Free cash flow2.12Buybacks−0.77Dividends paid−1.07Fiscal year 2018Operating cash flow3.75Capital expenditure−0.91Free cash flow2.84 +33.6%Buybacks−0.23Dividends paid−1.32Fiscal year 2019Operating cash flow3.75Capital expenditure−0.99Free cash flow2.76 −2.6%Buybacks−0.02Dividends paid−1.60Fiscal year 2020Operating cash flow3.88Capital expenditure−1.03Free cash flow2.85 +3.2%Buybacks−0.06Dividends paid−1.93Fiscal year 2021Operating cash flow4.82Capital expenditure−1.38Free cash flow3.44 +20.8%Buybacks0.00Dividends paid−2.27Fiscal year 2022Operating cash flow3.70Capital expenditure−1.87Free cash flow1.82 −47.1%Buybacks−0.02Dividends paid−2.72Fiscal year 2023Operating cash flow4.72Capital expenditure−1.80Free cash flow2.92 +60.4%Buybacks0.00Dividends paid−3.01Fiscal year 2024Operating cash flow5.29Capital expenditure−1.59Free cash flow3.70 +26.5%Buybacks0.00Dividends paid−3.03Fiscal year 2025Operating cash flow5.46Capital expenditure−1.68Free cash flow3.78 +2.2%Buybacks−0.36Dividends paid−3.18
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.93 3.75 3.75 3.88 4.82 3.70 4.72 5.29 5.46
Capital expenditure −0.80 −0.91 −0.99 −1.03 −1.38 −1.87 −1.80 −1.59 −1.68
Free cash flow 2.12 2.84 2.76 2.85 3.44 1.82 2.92 3.70 3.78
Growth +33.6% −2.6% +3.2% +20.8% −47.1% +60.4% +26.5% +2.2%
Buybacks −0.77 −0.23 −0.02 −0.06 0.00 −0.02 0.00 0.00 −0.36
Dividends paid −1.07 −1.32 −1.60 −1.93 −2.27 −2.72 −3.01 −3.03 −3.18

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash0.80Total debt20.21Net cash (debt)−19.40Shareholders’ equity6.24Debt to equity3.24Fiscal year 2018Cash1.21Total debt21.16Net cash (debt)−19.95Shareholders’ equity5.34Debt to equity3.97Fiscal year 2019Cash1.50Total debt2.93Net cash (debt)−1.43Shareholders’ equity5.06Debt to equity0.58Fiscal year 2020Cash1.75Total debt0.79Net cash (debt)0.96Shareholders’ equity4.09Debt to equity0.19Fiscal year 2021Cash1.95Total debt48.07Net cash (debt)−46.12Shareholders’ equity5.08Debt to equity9.46Fiscal year 2022Cash1.55Total debt43.42Net cash (debt)−41.87Shareholders’ equity5.57Debt to equity7.79Fiscal year 2023Cash1.75Total debt3.07Net cash (debt)−1.31Shareholders’ equity4.20Debt to equity0.73Fiscal year 2024Cash2.00Total debt3.69Net cash (debt)−1.69Shareholders’ equity3.38Debt to equity1.09Fiscal year 2025Cash1.47Total debt3.39Net cash (debt)−1.91Shareholders’ equity3.65Debt to equity0.93
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.80 1.21 1.50 1.75 1.95 1.55 1.75 2.00 1.47
Total debt 20.21 21.16 2.93 0.79 48.07 43.42 3.07 3.69 3.39
Net cash (debt) −19.40 −19.95 −1.43 0.96 −46.12 −41.87 −1.31 −1.69 −1.91
Shareholders’ equity 6.24 5.34 5.06 4.09 5.08 5.57 4.20 3.38 3.65
Debt to equity 3.24 3.97 0.58 0.19 9.46 7.79 0.73 1.09 0.93

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
6.66 0.49 0.53 0.50 0.72 0.84 0.75 0.77 0.94
Growth −92.6% +7.3% −6.0% +44.7% +17.2% −11.1% +3.7% +20.8%
0.03 0.05 0.04 n/a n/a n/a n/a n/a n/a
0.64 0.73 0.73 0.78 0.81 0.90 0.95 0.93 0.94
2.00 1.91 2.69 2.89 3.13 2.74 3.13 4.52 4.85
Growth −4.7% +41.1% +7.4% +8.5% −12.6% +14.1% +44.5% +7.3%
1.26 1.15 1.92 1.82 2.83 2.09 1.53 3.62 3.04
0.03 −0.11 −0.00 0.13 0.26 0.11 0.09 0.37 0.42
1.24 1.24 1.89 1.69 2.57 1.70 1.37 2.28 2.63
Growth −0.2% +52.7% −10.4% +51.9% −33.9% −19.4% +66.8% +15.3%
Per share
2.69 2.79 4.27 3.81 5.69 3.83 3.18 4.83 5.41
2.67 2.77 4.24 3.79 5.66 3.82 3.18 4.82 5.40
Growth +3.7% +53.1% −10.6% +49.3% −32.5% −16.8% +51.6% +12.0%
428.2 439.6 442.3 443.6 451.5 461.5 466.1 467.0 467.9
431.7 443.0 445.5 446.1 453.3 462.8 467.2 468.1 468.8
Growth +2.6% +0.6% +0.1% +1.6% +2.1% +1.0% +0.2% +0.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.6% a year over five years, and earnings per share grew 7.3% a year.
  • The diluted share count rose 5.1% in five years, which is dilution.
  • Operating margin is down 64.7 points on five years ago, at 517.8%.
  • Profitable in every one of the 9 years on file.