AMERICAN TOWER CORP /MA/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMERICAN TOWER CORP /MA/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,786	6,664	7,440	7,580	8,042	9,357	9,645	10,012	10,127	10,645
Cost of revenue	27.7	34.6	49.1	43.1
Gross profit	5,758	6,629	7,391	7,537
Selling, general and administrative	543	637	733	730	779	812	902	946	933	941
Operating income	1,853	1,998	1,905	2,688	2,888	3,132	2,739	3,126	4,517	4,846
Interest expense		750	826	814	794	871	1,137	1,398	1,405	1,359
Interest income		35.4	54.7	46.8	39.7	40.4	49.1	119	135	134
Other non-operating income	-727	-742	-750	-772	-1,066	-303	-653	-1,596	-892	-1,802
Pre-tax income	1,126	1,256	1,155	1,916	1,821	2,829	2,086	1,529	3,625	3,044
Income tax	156	30.7	-110	-0.2	130	262	113	90.8	366	416
Net income to minority interests	14	-13.5	28.3	28.8	0.9	-0.1	-69.1	-116	25.2	99
Net income	956	1,239	1,236	1,888	1,691	2,568	1,766	1,483	2,255	2,530
EBITDA	3,379	3,714	4,016	4,467	4,770	5,465	5,904	6,054	6,545	6,887
EPS, basic	2.00	2.69	2.79	4.27	3.81	5.69	3.83	3.18	4.83	5.41
EPS, diluted	1.98	2.67	2.77	4.24	3.79	5.66	3.82	3.18	4.82	5.40
Shares, basic (weighted)	425	428	440	442	444	451	462	466	467	468
Shares, diluted (weighted)	429	432	443	446	446	453	463	467	468	469
Dividend per share							4.30	6.31	6.56	6.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	787	802	1,209	1,501	1,746	1,950	1,549	1,754	2,000	1,475
Short-term investments	4	1	0
Receivables	308	514	459	462	512	729	758	548	540	650
Other current assets	441	569	621	514	533	657	723	560	531	486
Total current assets	1,690	2,038	2,385	2,554	2,906	3,729	3,622	3,710	3,179	2,742
Property, plant and equipment	10,517	11,101	11,247	12,084	12,809	19,784	19,998	18,863	19,057	20,356
Lease right-of-use assets			0	7,357	7,789	9,225	8,919	8,205	8,090	8,427
Goodwill	5,071	5,638	5,502	6,178	7,283	13,350	12,075	12,084	11,768	12,256
Intangible assets	11,275	11,783	11,174	12,318	13,840	20,727	17,983	15,932	14,474	14,531
Other non-current assets	842	950	963	406	400	401	547	755	677	877
Total assets	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077	63,190
Accounts payable	119	143	131	148	139	272	219	251	241	260
Accrued liabilities	621	854	948	958	1,044	1,413	1,344	1,053	1,082	1,113
Deferred revenue	245	269	304	294	391	1,204	440	434	329	325
Short-term debt	239	775	2,755	2,928	790	4,569	4,514	3,067	3,693	3,388
Total current liabilities	1,631	2,512	4,690	5,488	3,656	9,067	8,312	7,249	7,076	6,914
Long-term debt	18,295	19,430	18,405	21,127	28,498	38,686	34,156	35,734	32,809	33,833
Lease liabilities			0	6,510	6,884	8,042	7,592	6,815	6,876	7,159
Other non-current liabilities	1,143	1,244	1,265	937	985	1,190	1,187	1,150	1,013	977
Total liabilities	22,812	25,260	26,106	36,215	42,453	60,818	54,786	55,162	51,429	52,835
Total debt	18,533	20,205	21,160	1.9	790	43,498	38,902	3,067	3,693	3,388
Paid-in capital	10,044	10,248	10,381	10,118	10,474	12,240	14,689	14,873	15,057	15,215
Retained earnings	-1,077	-1,058	-1,200	-1,017	-1,343	-1,142	-2,102	-3,639	-4,424	-5,086
Treasury stock	-208	-974	-1,207	-1,226	-1,282	-1,282	-1,301	-1,301	-1,301	-1,666
Other comprehensive income	-1,999	-1,978	-2,643	-2,824	-3,759	-4,739	-5,718	-5,740	-5,955	-4,816
Shareholders' equity	6,764	6,242	5,336	5,055	4,094	5,081	5,572	4,198	3,382	3,653
Minority interests	212	587	564	435	475	3,988	6,836	6,667	6,267	6,703
Total equity	6,976	6,828	5,900	5,490	4,568	9,070	12,409	10,865	9,649	10,355
Total liabilities and equity	30,879	33,214	33,010	42,802	47,234	69,888	67,195	66,028	61,077	63,190
Shares outstanding	427	429	441	443	444	456	466	466	467	466

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	970	1,225	1,265	1,917	1,692	2,568	1,697	1,367	2,280	2,629
Depreciation and amortization	1,526	1,716	2,111	1,778	1,882	2,333	3,165	2,929	2,029	2,042
Stock-based compensation	89.9	109	138	111	121	120	169	196	204	174
Deferred income tax	27	-86.6	-303	-55.1	-22.5	-41.2	-237	-182	52.3	42.5
Change in receivables	11.4	-191	-32.1	12.5	-176	-192	-78.6	-34.5	-103	-62.2
Change in payables	-42.9	95.8	69.3	-46.8	-69.2	33.2	-48.2	-11.9	48	-65.6
Cash from operations	2,702	2,926	3,748	3,753	3,881	4,820	3,696	4,722	5,291	5,464
Capital expenditures	-683	-804	-913	-991	-1,032	-1,377	-1,874	-1,798	-1,590	-1,680
Acquisitions	-1,411	-2,007	-1,881	-2,960	-3,799	-19,304	-549	-168	-123	-454
Purchases of investments	-0.8	0	-1,154	-356	0	0
Cash from investing	-2,102	-2,801	-2,750	-3,988	-4,785	-20,692	-2,355	-1,696	411	-1,860
Debt issued	0	0	585	4,877	7,925	6,762	1,294	5,678	3,569	3,001
Stock issued	0	0		0	0	2,362	2,292	0	0	26.8
Share buybacks	0	-766	-233	-19.6	-56	0	-18.8	0	0	-365
Dividends paid	-886	-1,073	-1,324	-1,603	-1,928	-2,271	-2,715	-3,007	-3,027	-3,181
Cash from financing	-99.3	-113	-608	522	1,215	16,425	-1,423	-3,097	-5,452	-4,209
Exchange rate effect	-26.5	6.7	-41.1	-13.7	-28.7	-70.3	-120	23.2	-234	101
Net change in cash	474	18.4	350	273	283	482	-203	-47.3	14.8	-503
Free cash flow	2,019	2,122	2,835	2,761	2,850	3,443	1,823	2,924	3,701	3,784
Interest paid	645	712	790	750	762	791	1,089	1,260	1,424	1,287
Income taxes paid	96.2	137	164	148	146	225	322	307	351	329

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $169.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	44.8%	Operating income / revenue.
EBITDA margin	63.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	36.0%	Pre-tax income / revenue.
Net margin	31.1%	Net income / revenue.
FCF margin	36.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	52.8%	Cash from operations / revenue.
Effective tax rate	10.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	91.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	60.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.6%	Capital expenditures / revenue.
D&A / revenue	18.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.35x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.3%	Total debt / total assets.
Liabilities / assets	83.8%	Total liabilities / total assets.
Net debt	$3.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.52x	Operating income / interest expense.
Working capital	-$5.75B	Current assets - current liabilities.
Goodwill and intangibles / assets	41.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$22.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	0.53x	Revenue / average property, plant and equipment.
Receivables turnover	16.8x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
FCF conversion	116.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.47	Revenue / diluted weighted shares.
FCF per share	$8.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.39	Cash from operations / diluted weighted shares.
Book value per share	$7.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$48.16	Tangible book value / shares outstanding.
Cash per share	$3.78	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$78.76B	Share price x shares outstanding.
Enterprise value	$82.23B	Market cap + total debt - cash - short-term investments.
P/E	23.2x	Market cap / net income. Only when net income is positive.
P/S	7.20x	Market cap / revenue.
P/B	21.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	7.51x	Enterprise value / revenue.
EV/EBIT	16.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
PEG	1.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was AMERICAN TOWER CORP /MA/'s revenue in fiscal 2025?

AMERICAN TOWER CORP /MA/ reported revenue of $10.64B for fiscal 2025, 5.1% higher than the year before.

Was AMERICAN TOWER CORP /MA/ profitable in fiscal 2025?

Yes. Net income was $2.53B, a net margin of 23.8%.

How much free cash flow did AMERICAN TOWER CORP /MA/ generate in fiscal 2025?

Cash from operations of $5.46B minus capital expenditures of $1.68B left free cash flow of $3.78B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to AMERICAN TOWER CORP /MA/