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American Tower vs Blackstone Real Estate Income Trust: revenue, profit, margins and growth compared

American Tower brought in $10.6B of revenue in fiscal 2025, Blackstone Real Estate Income Trust $8B in fiscal 2025. Revenue changed by +5.1% at American Tower and -6.7% at Blackstone Real Estate Income Trust on the year before, so American Tower grew faster. American Tower kept 23.8% of its revenue as net profit, Blackstone Real Estate Income Trust -41.2%. Free cash flow was $3.8B at American Tower and $1.1B at Blackstone Real Estate Income Trust.

Side by side, latest fiscal year

AMTBSTT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$10.6B$8B
Revenue growth+5.1%-6.7%
Net income$2.5B-$3.3B
Net margin23.8%-41.2%
Free cash flow$3.8B$1.1B
Free cash flow margin35.5%13.4%
Earnings per share (diluted)$5.40-$0.92
Cash$1.5B$1.6B
Debt$3.4B$55.5B
Price to earnings31.1n/a
Market value$78.3Bn/a
Dividend yield4.00%n/a
Rank by revenue in sector#3 of 230 · Real estate#6 of 230 · Real estate

Over the years

Revenue
AMT FY2018: $7.4BAMT FY2019: $7.6BAMT FY2020: $8BAMT FY2021: $9.4BAMT FY2022: $9.6BAMT FY2023: $10BAMT FY2024: $10.1BAMT FY2025: $10.6BBSTT FY2018: $723.3MBSTT FY2019: $1.7BBSTT FY2020: $2.6BBSTT FY2021: $3.7BBSTT FY2022: $7.6BBSTT FY2023: $8.9BBSTT FY2024: $8.5BBSTT FY2025: $8BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $10.6BBSTT $8B
Net income
AMT FY2018: $1.2BAMT FY2019: $1.9BAMT FY2020: $1.7BAMT FY2021: $2.6BAMT FY2022: $1.8BAMT FY2023: $1.5BAMT FY2024: $2.3BAMT FY2025: $2.5BBSTT FY2018: -$281.1MBSTT FY2019: -$401.8MBSTT FY2020: -$853.4MBSTT FY2021: -$804.8MBSTT FY2022: -$883.5MBSTT FY2023: -$691.8MBSTT FY2024: -$890.5MBSTT FY2025: -$3.3BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $2.5BBSTT -$3.3B
Net margin
AMT FY2018: 16.6%AMT FY2019: 24.9%AMT FY2020: 21.0%AMT FY2021: 27.4%AMT FY2022: 18.3%AMT FY2023: 14.8%AMT FY2024: 22.3%AMT FY2025: 23.8%BSTT FY2018: -38.9%BSTT FY2019: -23.8%BSTT FY2020: -33.4%BSTT FY2021: -21.8%BSTT FY2022: -11.6%BSTT FY2023: -7.7%BSTT FY2024: -10.4%BSTT FY2025: -41.2%FY18FY19FY20FY21FY22FY23FY24FY25
AMT 23.8%BSTT -41.2%
Revenue growth
AMT FY2019: +1.9%AMT FY2020: +6.1%AMT FY2021: +16.4%AMT FY2022: +3.1%AMT FY2023: +3.8%AMT FY2024: +1.1%AMT FY2025: +5.1%BSTT FY2019: +133.1%BSTT FY2020: +51.3%BSTT FY2021: +44.9%BSTT FY2022: +106.8%BSTT FY2023: +16.8%BSTT FY2024: -4.5%BSTT FY2025: -6.7%FY19FY20FY21FY22FY23FY24FY25
AMT +5.1%BSTT -6.7%
Free cash flow
AMT FY2018: $2.8BAMT FY2019: $2.8BAMT FY2020: $2.8BAMT FY2021: $3.4BAMT FY2022: $1.8BAMT FY2023: $2.9BAMT FY2024: $3.7BAMT FY2025: $3.8BBSTT FY2018: $150.4MBSTT FY2019: $401.2MBSTT FY2020: $644.7MBSTT FY2021: $1.2BBSTT FY2022: $1.4BBSTT FY2023: $1.2BBSTT FY2024: $950.5MBSTT FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $3.8BBSTT $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about American Tower and Blackstone Real Estate Income Trust

Which is bigger by revenue, American Tower or Blackstone Real Estate Income Trust?

American Tower is bigger by revenue: $10.6B in fiscal 2025, against $8B for Blackstone Real Estate Income Trust in fiscal 2025.

Which keeps more of its revenue as profit, American Tower or Blackstone Real Estate Income Trust?

American Tower had a net margin of 23.8% in fiscal 2025; Blackstone Real Estate Income Trust had -41.2% in fiscal 2025.

Which grew revenue faster, American Tower or Blackstone Real Estate Income Trust?

In their latest fiscal years revenue changed by +5.1% at American Tower and -6.7% at Blackstone Real Estate Income Trust.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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