American Tower Corporation (AMT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AMT SEC filings page.
American Tower Corporation (AMT) reported $10.9B in revenue over the twelve months to Jun 30, 2026, up 6.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
American Tower’s numbers describe an asset-heavy, highly financed business where rising margins convert into recurring cash, but equity remains thin.
Operating margin was45.5% in FY2025, up from28.4% three years earlier. Revenue reached$10.6B in FY2025 after$9.6B in FY2022, so profitability improved much faster than the top line, indicating a shift in operating economics rather than mere volume growth.
Operating cash flow was
The balance sheet is debt-led:
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of American Tower Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. American Tower Corporation scores 69/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. American Tower Corporation scores 47/100 on it among other REITs.
American Tower Corporation's net debt of $32.4B, being $33.8B of long-term debt less $1.5B of cash, came to 4.70 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and American Tower Corporation scores 62/100 among other REITs.
American Tower Corporation's operating income of $4.8B covered its interest expense of $1.4B 3.56 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and American Tower Corporation scores 82/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. American Tower Corporation scores 62/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. American Tower Corporation scores 54/100 on it among other REITs.
American Tower Corporation scores 1.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($75.6B) relative to total liabilities ($52.8B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
American Tower Corporation passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, American Tower Corporation generates $2.08 in operating cash flow ($5.5B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
American Tower Corporation earns $3.56 in operating income for every $1 of interest expense ($4.8B vs $1.4B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
American Tower Corporation generated $2.7B in revenue in Q2 2026. This represents an increase of 4.7% from the same quarter a year earlier. Against the prior quarter it is up 0.4%.
American Tower Corporation's EBITDA was $1.8B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.4% from the same quarter a year earlier. Against the prior quarter it is up 1.5%.
American Tower Corporation reported $887.5M in net income in Q2 2026. This represents an increase of 133.2% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.
American Tower Corporation earned $1.86 per diluted share (EPS) in Q2 2026. This represents an increase of 138.5% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.
Cash & Balance Sheet
American Tower Corporation generated $1.2B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 19.3% from the same quarter a year earlier. Against the prior quarter it is up 22.6%.
American Tower Corporation held $1.8B in cash against $32.0B in long-term debt as of Q2 2026.
American Tower Corporation paid $1.79 per share in dividends in Q2 2026. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 5.3%.
Margins & Returns
American Tower Corporation's operating margin was 46.2% in Q2 2026, reflecting core business profitability. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
American Tower Corporation's net profit margin was 32.3% in Q2 2026, showing the share of revenue converted to profit. This is up 17.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
American Tower Corporation's ROE was 23.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 13.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
American Tower Corporation spent $26.7M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 84.8%.
American Tower Corporation invested $320.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.4% from the same quarter a year earlier. Against the prior quarter it is down 28.6%.
Not reported for Q2 2026.
AMT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7B+4.7% | $2.7B+6.8% | $2.7B+7.5% | $2.7B+7.7% | $2.6B+3.2% | $2.6B+2.0% | $2.5B+3.7% | $2.5B0.0% |
| SG&A Expenses | $233.8M0.0% | $257.4M+8.4% | $236.5M | $233.0M+2.3% | $233.7M+7.1% | $237.5M-2.8% | N/A | $227.7M+3.4% |
| Operating Income | $1.3B+5.9% | $1.2B-1.2% | $1.2B+7.5% | $1.2B+8.3% | $1.2B+3.6% | $1.3B+9.9% | $1.1B+76.3% | $1.1B+24.8% |
| EBITDA | $1.8B+4.4% | $1.8B+0.6% | $1.7B+6.0% | $1.8B+7.2% | $1.7B+1.9% | $1.7B+5.9% | $1.6B+18.2% | $1.6B-2.3% |
| Interest Expense | $354.5M+3.5% | $347.3M+6.8% | $344.4M | $347.1M-2.7% | $342.6M-5.5% | $325.3M-11.3% | N/A | $356.8M-0.7% |
| Income Tax | $121.8M-7.2% | $139.6M+17.4% | $128.1M | $37.4M-69.4% | $131.3M+69.6% | $118.9M+30.2% | N/A | $122.4M+147.3% |
| Net Income | $887.5M+133.2% | $878.5M+76.2% | $836.8M-31.9% | $912.6M+216.9% | $380.5M-58.1% | $498.6M-45.9% | $1.2B+1348.3% | -$780.4M-235.2% |
| EPS (Basic) | $1.86+138.5% | $1.84+75.2% | $1.76-33.1% | $1.82+207.1% | $0.78-59.6% | $1.05-46.7% | $2.63+1361.1% | -$1.70-234.9% |
| EPS (Diluted) | $1.86+138.5% | $1.84+76.9% | $1.76-32.8% | $1.82+207.7% | $0.78-59.4% | $1.04-46.9% | $2.62+1355.6% | -$1.69-234.1% |
| Diluted Shares (Avg) | 466M-0.5% | 467M-0.4% | N/A | 469M+0.2% | 469M+0.2% | 469M+0.2% | N/A | 468M+0.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AMT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $63.3B-0.7% | $63.2B+1.9% | $63.2B+3.5% | $63.9B+1.7% | $63.8B-3.2% | $62.1B-6.9% | $61.1B-7.5% | $62.8B-4.3% |
| Current Assets | $3.1B-13.3% | $3.0B-15.7% | $2.7B-13.7% | $3.5B+4.0% | $3.6B-12.5% | $3.5B-17.3% | $3.2B-14.3% | $3.4B-11.7% |
| Cash & Equivalents | $1.8B-15.1% | $1.6B-23.5% | $1.5B-26.2% | $2.0B-9.3% | $2.1B-3.8% | $2.1B-5.1% | $2.0B+14.0% | $2.2B+8.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $650.9M-15.7% | $718.9M+5.2% | $650.3M+20.4% | $737.0M+37.0% | $772.1M+8.4% | $683.3M-7.5% | $540.0M-1.4% | $537.8M-17.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $12.2B-0.5% | $12.2B+2.3% | $12.3B+4.1% | $12.3B+1.7% | $12.2B-1.9% | $11.9B-5.1% | $11.8B-2.6% | $12.0B-4.2% |
| Total Liabilities | $53.0B-0.4% | $53.1B+1.8% | $52.8B+2.7% | $53.1B+0.9% | $53.3B-3.9% | $52.1B-7.0% | $51.4B-6.8% | $52.6B-3.3% |
| Current Liabilities | $8.9B+51.3% | $9.7B+53.7% | $6.9B-2.3% | $6.0B-15.2% | $5.9B-14.9% | $6.3B-6.1% | $7.1B-2.4% | $7.1B+2.9% |
| Non-Current Liabilities | $44.2B-6.8% | $43.4B-5.3% | $45.9B+3.5% | $47.1B+3.5% | $47.4B-2.3% | $45.8B-7.1% | $44.4B-7.4% | $45.6B-4.2% |
| Long-Term Debt | $32.0B-9.2% | $31.2B-8.4% | $33.8B+3.1% | $34.9B+4.4% | $35.2B-1.3% | $34.0B-5.9% | $32.8B-8.2% | $33.4B-5.9% |
| Total Equity | $3.7B+0.2% | $3.5B-0.3% | $3.7B+8.0% | $4.0B+8.5% | $3.7B-3.7% | $3.5B-12.7% | $3.4B-19.4% | $3.6B-19.7% |
| Retained Earnings | -$5.0B+2.6% | -$5.1B-7.0% | -$5.1B-15.0% | -$5.1B-4.5% | -$5.2B-54.6% | -$4.7B-35.9% | -$4.4B-21.6% | -$4.9B-67.2% |
Not reported in any period shown, so not listed: Inventory.
AMT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B+16.0% | $1.4B+8.2% | $1.4B+19.1% | $1.5B-0.6% | $1.3B-4.3% | $1.3B+0.9% | $1.2B+5.0% | $1.5B+13.0% |
| Depreciation & Amortization | $514.4M+0.8% | $518.2M+5.2% | $515.9M+3.0% | $522.9M+4.9% | $510.3M-2.0% | $492.5M-3.2% | $500.9M-30.9% | $498.5M-34.7% |
| Stock-Based Compensation | $34.2M-27.7% | $58.4M+9.4% | N/A | $41.9M-4.1% | $47.3M+6.8% | $53.4M-17.7% | N/A | $43.7M+10.9% |
| Capital Expenditures | $320.9M+5.4% | $449.5M+35.8% | $579.2M+30.6% | $465.5M+9.6% | $304.6M-6.3% | $331.1M-16.5% | $443.4M-15.5% | $424.7M+8.7% |
| Free Cash Flow | $1.2B+19.3% | $951.1M-1.3% | $848.3M+12.3% | $994.5M-4.8% | $976.9M-3.6% | $963.9M+8.7% | $755.6M+22.4% | $1.0B+14.8% |
| Investing Cash Flow | -$360.0M+26.7% | -$473.7M-35.3% | -$468.1M-29.8% | -$550.5M-142.5% | -$491.1M-450.6% | -$350.1M+19.7% | -$360.7M+31.9% | $1.3B+388.7% |
| Financing Cash Flow | -$971.7M-7.2% | -$831.0M+1.5% | -$1.4B-58.9% | -$1.0B+67.6% | -$906.7M+11.8% | -$843.8M-116.2% | -$908.5M-11.3% | -$3.1B-341.7% |
| Dividends Paid | $833.9M+4.8% | $792.9M+4.7% | $831.9M+9.9% | $796.0M+5.2% | $795.8M+5.2% | $757.1M-4.5% | $757.0M+0.2% | $756.7M+3.4% |
| Share Buybacks | $26.7M | $176.2M | N/A | N/A | $0 | $0 | N/A | N/A |
AMT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 46.2%+0.6pp | 45.3%-3.7pp | 42.4%0.0pp | 45.4%+0.2pp | 45.6%+0.2pp | 48.9%+3.5pp | 42.4%+17.4pp | 45.2%+9.0pp |
| Net Margin | 32.3%+17.8pp | 32.1%+12.6pp | 30.6%-17.7pp | 33.6%+64.5pp | 14.5%-21.2pp | 19.5%-17.2pp | 48.3%+44.8pp | -30.9%-53.8pp |
| Return on Equity | 23.9%+13.6pp | 24.9%+10.8pp | 22.9%-13.4pp | 23.1%+44.5pp | 10.3%-13.3pp | 14.1%-8.7pp | 36.4%+34.3pp | -21.4%-34.2pp |
| Return on Assets | 1.4%+0.8pp | 1.4%+0.6pp | 1.3%-0.7pp | 1.4%+2.7pp | 0.6%-0.8pp | 0.8%-0.6pp | 2.0%+1.9pp | -1.2%-2.1pp |
| Current Ratio | 0.35-0.3x | 0.30-0.3x | 0.40-0.1x | 0.59+0.1x | 0.610.0x | 0.55-0.1x | 0.45-0.1x | 0.48-0.1x |
| Debt-to-Equity | 8.59-0.9x | 8.86-0.8x | 9.26-0.4x | 8.82-0.3x | 9.48+0.2x | 9.63+0.7x | 9.70+1.2x | 9.16+1.3x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x |
| FCF Margin | 42.4%+5.2pp | 34.7%-2.9pp | 31.0%+1.3pp | 36.6%-4.8pp | 37.2%-2.6pp | 37.6%+2.3pp | 29.7%+4.5pp | 41.4%+5.3pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.40), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| American Tower Corporation AMT | FY2025 | $10.6B | $2.6B | 24.7% | $75.6B | 63/100 |
| Equinix, Inc. EQIX | FY2025 | $9.2B | $1.4B | 14.6% | $101.2B | 48/100 |
| Digital Realty Trust, Inc. DLR | FY2025 | $6.1B | $1.3B | 21.5% | $66.2B | 58/100 |
| Crown Castle Inc. CCI | FY2025 | $4.3B | $444.0M | 10.4% | $28.3B | 26/100 |
| SBA Communications Corp SBAC | FY2025 | $2.8B | $1.1B | 37.4% | $16.8B | 52/100 |
| Iron Mountain Inc. IRM | FY2025 | $6.9B | $152.3M | 2.2% | $33.8B | 39/100 |
Where American Tower Corporation Ranks
Frequently Asked Questions
What is American Tower Corporation's annual revenue?
American Tower Corporation (AMT) reported $10.6B in total revenue for fiscal year 2025. This represents a 5.1% 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 Corporation's revenue growing?
American Tower Corporation (AMT) revenue grew by 5.1% year-over-year, from $10.1B to $10.6B in fiscal year 2025.
Is American Tower Corporation profitable?
Yes, American Tower Corporation (AMT) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 24.7%.
What is American Tower Corporation's EBITDA?
American Tower Corporation (AMT) had EBITDA of $6.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does American Tower Corporation have?
As of fiscal year 2025, American Tower Corporation (AMT) had $1.5B in cash and equivalents against $33.8B in long-term debt.
What is American Tower Corporation's operating margin?
American Tower Corporation (AMT) had an operating margin of 45.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is American Tower Corporation's net profit margin?
American Tower Corporation (AMT) had a net profit margin of 24.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does American Tower Corporation pay dividends?
Yes, American Tower Corporation (AMT) paid $6.72 per share in dividends during fiscal year 2025.
What is American Tower Corporation's return on equity (ROE)?
American Tower Corporation (AMT) has a return on equity of 72.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is American Tower Corporation's free cash flow?
American Tower Corporation (AMT) generated $3.8B in free cash flow during fiscal year 2025. This represents a 2.2% 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 Corporation's operating cash flow?
American Tower Corporation (AMT) generated $5.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are American Tower Corporation's total assets?
American Tower Corporation (AMT) had $63.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are American Tower Corporation's capital expenditures?
American Tower Corporation (AMT) invested $1.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is American Tower Corporation's current ratio?
American Tower Corporation (AMT) had a current ratio of 0.40 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is American Tower Corporation's debt-to-equity ratio?
American Tower Corporation (AMT) had a debt-to-equity ratio of 9.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is American Tower Corporation's return on assets (ROA)?
American Tower Corporation (AMT) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is American Tower Corporation's P/E ratio?
American Tower Corporation (AMT) trades at 21.5x earnings, its market capitalization divided by net income of $3.5B net income, trailing 12 months to June 30, 2026. The market capitalization is $75.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is American Tower Corporation's price-to-sales ratio?
American Tower Corporation (AMT) trades at 6.9x sales, its market capitalization divided by revenue of $10.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $75.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is American Tower Corporation's Altman Z-Score?
American Tower Corporation (AMT) has an Altman Z-Score of 1.09, 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 Corporation's Piotroski F-Score?
American Tower Corporation (AMT) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are American Tower Corporation's earnings high quality?
American Tower Corporation (AMT) has an earnings quality ratio of 2.08x, 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 Corporation cover its interest payments?
American Tower Corporation (AMT) has an interest coverage ratio of 3.56x, 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 Corporation?
American Tower Corporation (AMT) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.