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American Tower vs Prologis: revenue, profit, margins and growth compared

American Tower brought in $10.6B of revenue in fiscal 2025, Prologis $8.8B in fiscal 2025. Revenue changed by +5.1% at American Tower and +7.2% at Prologis on the year before, so Prologis grew faster. American Tower kept 23.8% of its revenue as net profit, Prologis 37.9%.

Side by side, latest fiscal year

AMTPLD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$10.6B$8.8B
Revenue growth+5.1%+7.2%
Net income$2.5B$3.3B
Net margin23.8%37.9%
Free cash flow$3.8Bn/a
Free cash flow margin35.5%n/a
Earnings per share (diluted)$5.40$3.56
Cash$1.5B$1.1B
Debt$3.4B$35B
Price to earnings31.337.4
Market value$78.8B$126.1B
Dividend yield3.98%0.02%
Rank by revenue in sector#2 of 195 · Real estate#4 of 195 · 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: $10.6BPLD FY2018: $2.8BPLD FY2019: $3.3BPLD FY2020: $4.4BPLD FY2021: $4.8BPLD FY2022: $6BPLD FY2023: $8BPLD FY2024: $8.2BPLD FY2025: $8.8BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $10.6BPLD $8.8B
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: $2.5BPLD FY2018: $1.6BPLD FY2019: $1.6BPLD FY2020: $1.5BPLD FY2021: $2.9BPLD FY2022: $3.4BPLD FY2023: $3.1BPLD FY2024: $3.7BPLD FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $2.5BPLD $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%PLD FY2018: 58.8%PLD FY2019: 47.2%PLD FY2020: 33.4%PLD FY2021: 61.8%PLD FY2022: 56.3%PLD FY2023: 38.1%PLD FY2024: 45.5%PLD FY2025: 37.9%FY18FY19FY20FY21FY22FY23FY24FY25
AMT 23.8%PLD 37.9%
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%PLD FY2019: +18.8%PLD FY2020: +33.3%PLD FY2021: +7.2%PLD FY2022: +25.5%PLD FY2023: +34.3%PLD FY2024: +2.2%PLD FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
AMT +5.1%PLD +7.2%
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: $3.8BPLD FY2018: $1.7BFY18FY19FY20FY21FY22FY23FY24FY25
AMT $3.8BPLD $1.7B

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

Questions about American Tower and Prologis

Which is bigger by revenue, American Tower or Prologis?

American Tower is bigger by revenue: $10.6B in fiscal 2025, against $8.8B for Prologis in fiscal 2025.

Which keeps more of its revenue as profit, American Tower or Prologis?

American Tower had a net margin of 23.8% in fiscal 2025; Prologis had 37.9% in fiscal 2025.

Which grew revenue faster, American Tower or Prologis?

In their latest fiscal years revenue changed by +5.1% at American Tower and +7.2% at Prologis.

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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