COVERAGE / AMT / Real Estate

AMERICAN TOWER CORP /MA/

Real Estate Investment Trusts

COVERAGE STATUSACTIVE

DATA THROUGH2025-12-31

RESEARCH REPORTS2

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-12-31 · Prior / 2024-12-31 · USD · Annual periods

Revenue

$0.94bn

Prior / $0.77bn

Change / +20.82%

SOURCE / 2026-02-24

Operating income

$4.85bn

Prior / $4.52bn

Change / +7.29%

SOURCE / 2026-02-24

Net income

$2.63bn

Prior / $2.28bn

Change / +15.27%

SOURCE / 2026-02-24

Diluted EPS

$5.40

Prior / $4.82

Change / +12.03%

SOURCE / 2026-02-24

Free cash flow

$3.78bn

Prior / $3.7bn

Change / +2.25%

SOURCE / 2026-02-24

Gross margin

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

Operating margin

517.77%

Prior / 583.08%

Change / -65.31 pp

SOURCE / 2026-02-24

Return on avg. equity

74.73%

Prior / 60.16%

Change / +14.57 pp

SOURCE / 2026-02-24

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 935900000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 2628500000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:ProfitLoss",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 4845800000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 5.4,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 5464000000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2025-01-01",
    "end": "2025-12-31",
    "val": 1680400000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-12-31",
    "val": 63190400000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-12-31",
    "val": 52835100000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-12-31",
    "val": 3652500000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-12-31",
    "val": 2741800000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-12-31",
    "val": 6913800000,
    "accn": "0001053507-26-000035",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2026-02-24",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-12-31	$0.94bn	$2.63bn	$3.78bn	$5.40
2024-12-31	$0.77bn	$2.28bn	$3.7bn	$4.82
2023-12-31	$0.75bn	$1.37bn	$2.92bn	$3.18
2022-12-31	$0.84bn	$1.7bn	$1.82bn	$3.82

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-12-31. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	32.51x	Unavailable	44.72x	6
P/S	87.42x	Unavailable	19.40x	3
P/B	22.40x	Unavailable	7.15x	3
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	4.62%	Unavailable	4.62%	1

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-21 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 175.58,
  "tradingDate": "2026-09-17",
  "marketCap": 81813265227.84,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-21"
}

Company & operating context

AMERICAN TOWER CORP /MA/ is an SEC-reporting issuer listed on NYSE under AMT. Its SEC industry description is Real Estate Investment Trusts. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Property owners and infrastructure REITs depend on occupancy, contractual income and financing. GAAP earnings and cash flow do not substitute for a reconciled FFO measure.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2026-02-24PERIOD / 2025-12-31

Annual-disclosure reading guide for AMT: Occupancy, leasing spreads, maturity schedules and reconciled FFO disclosures. Filing metadata only; this note is not a substantive review of the full document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0012AMTEarnings Review

AMT: the annual earnings and cash-flow comparison ↗

AMERICAN TOWER CORP /MA/

Research abstract

A two-period review of AMT revenue, profitability and cash conversion; reported revenue growth was 20.82%.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

HR-0013AMTCompany Research

AMT: reading the FY2025 financial structure ↗

AMERICAN TOWER CORP /MA/

Research abstract

Annual revenue of USD 935.90 million and net income of USD 2.628 billion for the period ended 2025-12-31.

DATA THROUGH2025-12-312 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Lease rollover, refinancing, development costs, tenant concentration and property values.

Occupancy, leasing spreads, maturity schedules and reconciled FFO disclosures.

REAL ESTATE SYSTEM ↗

Sources & dates

SEC annual filing · 2025-12-31 ↗Source date 2026-02-24
SEC annual filing · 2024-12-31 ↗Source date 2026-02-24
SEC annual filing · 2023-12-31 ↗Source date 2026-02-24
SEC annual filing · 2022-12-31 ↗Source date 2025-02-25
SEC issuer record ↗Source date 2026-09-18