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American Tower Corp Financials

AMT
Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

American Tower Corp has an operating margin of 44.6%, meaning the company retains $45 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 31.2% the prior year.

Growth
32

American Tower Corp's revenue grew a modest 1.1% year-over-year to $10.1B. This slow but positive growth earns a score of 32/100.

Leverage
0

American Tower Corp has elevated debt relative to equity (D/E of 9.70), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
0

American Tower Corp's current ratio of 0.45 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow
100

American Tower Corp converts 36.5% of revenue into free cash flow ($3.7B). This strong cash generation earns a score of 100/100.

Returns
100

American Tower Corp earns a strong 67.4% return on equity (ROE), meaning it generates $67 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 32.6% the prior year.

Altman Z-Score Distress
1.28

American Tower Corp scores 1.28, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($89.9B) relative to total liabilities ($51.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
6/9

American Tower Corp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.32x

For every $1 of reported earnings, American Tower Corp generates $2.32 in operating cash flow ($5.3B OCF vs $2.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
3.2x

American Tower Corp earns $3.2 in operating income for every $1 of interest expense ($4.5B vs $1.4B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows American Tower Corp (AMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue
$10.1B
YoY+1.1%
5Y CAGR+6.0%
10Y CAGR+9.5%

American Tower Corp generated $10.1B in revenue in fiscal year 2024. This represents an increase of 1.1% from the prior year.

EBITDA
$6.5B
YoY+8.1%
5Y CAGR+7.9%
10Y CAGR+10.1%

American Tower Corp's EBITDA was $6.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.1% from the prior year.

Free Cash Flow
$3.7B
YoY+26.5%
5Y CAGR+6.0%
10Y CAGR+12.3%

American Tower Corp generated $3.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 26.5% from the prior year.

Net Income
$2.3B
YoY+66.8%
5Y CAGR+3.8%
10Y CAGR+10.7%

American Tower Corp reported $2.3B in net income in fiscal year 2024. This represents an increase of 66.8% from the prior year.

EPS (Diluted)
$4.82
YoY+51.6%
5Y CAGR+2.6%
10Y CAGR+9.2%

American Tower Corp earned $4.82 per diluted share (EPS) in fiscal year 2024. This represents an increase of 51.6% from the prior year.

Cash & Debt
$2.0B
YoY+14.0%
5Y CAGR+5.9%
10Y CAGR+20.4%

American Tower Corp held $2.0B in cash against $32.8B in long-term debt as of fiscal year 2024.

Dividends Per Share
$6.56
YoY+4.0%

American Tower Corp paid $6.56 per share in dividends in fiscal year 2024. This represents an increase of 4.0% from the prior year.

Shares Outstanding
467M
YoY+0.2%
5Y CAGR+1.1%
10Y CAGR+1.7%

American Tower Corp had 467M shares outstanding in fiscal year 2024. This represents an increase of 0.2% from the prior year.

Gross Margin
N/A
Operating Margin
44.6%
YoY+13.4pp
5Y CAGR+9.1pp
10Y CAGR+8.3pp

American Tower Corp's operating margin was 44.6% in fiscal year 2024, reflecting core business profitability. This is up 13.4 percentage points from the prior year.

Net Margin
22.5%
YoY+8.9pp
5Y CAGR-2.4pp
10Y CAGR+2.4pp

American Tower Corp's net profit margin was 22.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 8.9 percentage points from the prior year.

Return on Equity
67.4%
YoY+34.9pp
5Y CAGR+30.1pp
10Y CAGR+46.6pp

American Tower Corp's ROE was 67.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 34.9 percentage points from the prior year.

R&D Spending
N/A
Share Buybacks
$0

American Tower Corp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$1.6B
YoY-11.6%
5Y CAGR+9.9%
10Y CAGR+5.0%

American Tower Corp invested $1.6B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 11.6% from the prior year.

AMT Income Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Revenue $2.7B+3.4% $2.6B+2.5% $2.6B+0.6% $2.5B+1.0% $2.5B-0.9% $2.5B+1.3% $2.5B+2.3% $2.5B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $233.0M-0.3% $233.7M-1.6% $237.5M-2.3% $243.1M+6.8% $227.7M+4.3% $218.3M-10.6% $244.3M+12.4% $217.4M
Operating Income $1.2B+3.0% $1.2B-4.5% $1.3B+16.1% $1.1B-5.2% $1.1B-1.5% $1.2B+1.3% $1.1B+86.2% $612.8M
Interest Expense $347.1M+1.3% $342.6M+5.3% $325.3M+2.2% $318.3M-10.8% $356.8M-1.6% $362.7M-1.1% $366.7M+4.6% $350.7M
Income Tax $37.4M-71.5% $131.3M+10.4% $118.9M+58.1% $75.2M-38.6% $122.4M+58.1% $77.4M-15.2% $91.3M+460.9% -$25.3M
Net Income $912.6M+139.8% $380.5M-23.7% $498.6M-59.5% $1.2B+257.6% -$780.4M-185.9% $908.4M-1.4% $921.7M+985.6% $84.9M
EPS (Diluted) $1.82+133.3% $0.78-25.0% $1.04-60.3% $2.62+255.0% $-1.69-188.0% $1.92-2.0% $1.96+988.9% $0.18

AMT Balance Sheet

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Total Assets $63.9B+0.2% $63.8B+2.7% $62.1B+1.6% $61.1B-2.8% $62.8B-4.6% $65.8B-1.3% $66.7B+1.0% $66.0B
Current Assets $3.5B-1.8% $3.6B+2.7% $3.5B+10.3% $3.2B-6.5% $3.4B-17.4% $4.1B-3.0% $4.2B+14.3% $3.7B
Cash & Equivalents $2.0B-6.0% $2.1B-1.3% $2.1B+5.2% $2.0B-7.0% $2.2B-0.4% $2.2B-2.6% $2.2B+26.4% $1.8B
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $737.0M-4.5% $772.1M+13.0% $683.3M+26.5% $540.0M+0.4% $537.8M-24.5% $712.3M-3.5% $738.4M+34.9% $547.5M
Goodwill $12.3B+0.1% $12.2B+2.7% $11.9B+1.3% $11.8B-2.3% $12.0B-3.5% $12.5B-0.6% $12.6B+3.9% $12.1B
Total Liabilities $53.1B-0.3% $53.3B+2.2% $52.1B+1.3% $51.4B-2.3% $52.6B-5.0% $55.4B-1.1% $56.0B+1.6% $55.2B
Current Liabilities $6.0B+2.2% $5.9B-7.3% $6.3B-10.7% $7.1B+0.1% $7.1B+2.6% $6.9B+2.4% $6.7B-7.2% $7.2B
Long-Term Debt $34.9B-1.0% $35.2B+3.4% $34.0B+3.8% $32.8B-1.7% $33.4B-6.4% $35.6B-1.5% $36.2B+1.3% $35.7B
Total Equity $4.0B+6.5% $3.7B+5.0% $3.5B+4.5% $3.4B-7.1% $3.6B-5.6% $3.9B-4.7% $4.0B-3.6% $4.2B
Retained Earnings -$5.1B+1.0% -$5.2B-9.1% -$4.7B-7.0% -$4.4B+9.6% -$4.9B-46.5% -$3.3B+4.0% -$3.5B+4.3% -$3.6B

AMT Cash Flow Statement

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Operating Cash Flow $1.5B+13.9% $1.3B-1.0% $1.3B+8.0% $1.2B-18.4% $1.5B+9.8% $1.3B+4.3% $1.3B+12.4% $1.1B
Capital Expenditures $465.5M+52.8% $304.6M-8.0% $331.1M-25.3% $443.4M+4.4% $424.7M+30.6% $325.2M-18.0% $396.7M-24.4% $524.6M
Free Cash Flow $994.5M+1.8% $976.9M+1.3% $963.9M+27.6% $755.6M-27.7% $1.0B+3.1% $1.0B+14.3% $886.9M+43.7% $617.3M
Investing Cash Flow -$550.5M-12.1% -$491.1M-40.3% -$350.1M+2.9% -$360.7M-127.8% $1.3B+1553.6% -$89.2M+79.5% -$436.1M+17.7% -$529.9M
Financing Cash Flow -$1.0B-11.9% -$906.7M-7.5% -$843.8M+7.1% -$908.5M+70.9% -$3.1B-204.1% -$1.0B-163.4% -$390.2M+52.2% -$815.9M
Dividends Paid $796.0M0.0% $795.8M+5.1% $757.1M0.0% $757.0M0.0% $756.7M0.0% $756.5M-4.6% $792.7M+5.0% $755.2M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AMT Financial Ratios

Metric Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 45.4%-0.2pp 45.6%-3.3pp 48.9%+6.5pp 42.4%-2.8pp 45.2%-0.3pp 45.4%+0.0pp 45.4%+20.5pp 24.9%
Net Margin 33.6%+19.1pp 14.5%-5.0pp 19.5%-28.8pp 48.3%+79.2pp -30.9%-66.6pp 35.7%-1.0pp 36.7%+33.2pp 3.5%
Return on Equity 23.1%+12.8pp 10.3%-3.9pp 14.1%-22.2pp 36.4% N/A 23.6%+0.8pp 22.8%+20.8pp 2.0%
Return on Assets 1.4%+0.8pp 0.6%-0.2pp 0.8%-1.2pp 2.0%+3.3pp -1.2%-2.6pp 1.4%0.0pp 1.4%+1.3pp 0.1%
Current Ratio 0.59-0.0 0.61+0.1 0.55+0.1 0.45-0.0 0.48-0.1 0.60-0.0 0.63+0.1 0.51
Debt-to-Equity 8.82-0.7 9.48-0.2 9.63-0.1 9.70+0.5 9.16-0.1 9.24+0.3 8.94+0.4 8.51
FCF Margin 36.6%-0.6pp 37.2%-0.4pp 37.6%+8.0pp 29.7%-11.8pp 41.4%+1.6pp 39.8%+4.5pp 35.3%+10.2pp 25.1%

Note: The current ratio is below 1.0 (0.45), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is American Tower Corp's annual revenue?

American Tower Corp (AMT) reported $10.1B in total revenue for fiscal year 2024. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is American Tower Corp's revenue growing?

American Tower Corp (AMT) revenue grew by 1.1% year-over-year, from $10.0B to $10.1B in fiscal year 2024.

Is American Tower Corp profitable?

Yes, American Tower Corp (AMT) reported a net income of $2.3B in fiscal year 2024, with a net profit margin of 22.5%.

What is American Tower Corp's earnings per share (EPS)?

American Tower Corp (AMT) reported diluted earnings per share of $4.82 for fiscal year 2024. This represents a 51.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is American Tower Corp's EBITDA?

American Tower Corp (AMT) had EBITDA of $6.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does American Tower Corp have?

As of fiscal year 2024, American Tower Corp (AMT) had $2.0B in cash and equivalents against $32.8B in long-term debt.

What is American Tower Corp's operating margin?

American Tower Corp (AMT) had an operating margin of 44.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is American Tower Corp's net profit margin?

American Tower Corp (AMT) had a net profit margin of 22.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does American Tower Corp pay dividends?

Yes, American Tower Corp (AMT) paid $6.56 per share in dividends during fiscal year 2024.

What is American Tower Corp's return on equity (ROE)?

American Tower Corp (AMT) has a return on equity of 67.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is American Tower Corp's free cash flow?

American Tower Corp (AMT) generated $3.7B in free cash flow during fiscal year 2024. This represents a 26.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is American Tower Corp's operating cash flow?

American Tower Corp (AMT) generated $5.3B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are American Tower Corp's total assets?

American Tower Corp (AMT) had $61.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are American Tower Corp's capital expenditures?

American Tower Corp (AMT) invested $1.6B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does American Tower Corp have outstanding?

American Tower Corp (AMT) had 467M shares outstanding as of fiscal year 2024.

What is American Tower Corp's current ratio?

American Tower Corp (AMT) had a current ratio of 0.45 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is American Tower Corp's debt-to-equity ratio?

American Tower Corp (AMT) had a debt-to-equity ratio of 9.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is American Tower Corp's return on assets (ROA)?

American Tower Corp (AMT) had a return on assets of 3.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is American Tower Corp's Altman Z-Score?

American Tower Corp (AMT) has an Altman Z-Score of 1.28, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is American Tower Corp's Piotroski F-Score?

American Tower Corp (AMT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are American Tower Corp's earnings high quality?

American Tower Corp (AMT) has an earnings quality ratio of 2.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can American Tower Corp cover its interest payments?

American Tower Corp (AMT) has an interest coverage ratio of 3.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is American Tower Corp?

American Tower Corp (AMT) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.