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AMERICAN TOWER CORP /MA/

AMTCIK 000105350719 fiscal years, 69 SEC filingsREIT lens ↓

RevenueFY2025

$10.64B5.1%

Net incomeFY2025

$2.53B12.2%

Free cash flowFY2025

$3.78B2.2%

Diluted EPSFY2025

$5.4012.0%

Trends

FY2007–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

revenue 7.3× since FY2007 · net margin 3.9% → 23.8%

MarginsNet marginFCF margin

FY2025: net 23.8% · free cash flow 35.5% of revenue

Cash flowOperating cash flowFree cash flow

FY2025: $5.46B operating cash − $1.68B capex = $3.78B free cash flow

Returns on capitalReturn on equityReturn on assets

return on equity 12% (FY2008) → 69% (FY2025) · on assets 4.0%

Balance sheetLiabilitiesEquity

FY2025: $63.19B assets · $52.84B liabilities · $3.65B equity

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Click a value to open its filing; hover for the XBRL tag.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	10,645	10,127	10,012	9,645	9,357	8,042	7,580	7,440	6,664	5,786	4,772	4,100
Net income	2,530	2,255	1,483	1,766	2,568	1,691	1,888	1,236	1,239	956	685	825
Diluted EPS	5.40	4.82	3.18	3.82	5.66	3.79	4.24	2.77	2.67	1.98	1.41	2.00
Diluted shares	469	468	467	463	453	446	446	443	432	429	0	400
Operating cash flow	5,464	5,291	4,722	3,696	4,820	3,881	3,753	3,748	2,926	2,704	2,183	2,135
Capital expenditures	1,680	1,590	1,798	1,874	1,377	1,032	991	913	804	683	729	974
Free cash flow	3,784	3,701	2,924	1,823	3,443	2,850	2,761	2,835	2,122	2,021	1,454	1,160
Cash & equivalents	1,475	2,000	1,754	2,028	1,950	1,746	1,501	1,209	—	787	321	313
Total assets	63,190	61,077	66,028	67,195	69,888	47,234	42,802	33,010	—	30,879	26,904	21,264
Total liabilities	52,835	51,429	55,162	54,786	60,818	42,453	36,215	26,106	—	22,812	20,191	17,210
Shareholders' equity	3,653	3,382	4,198	5,572	5,081	4,094	5,055	5,336	—	6,764	6,652	3,954

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology

REIT lens

Metrics specific to REITs. Annual figures, in USD millions; ratios in percent.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Depreciation & amortization	2,042	2,029	2,929	3,165	2,333	1,882	1,778	2,111	1,716	1,526	1,285	1,004
Funds from operations (FFO)	4,571	4,284	4,412	4,931	4,900	3,573	3,666	3,347	2,955	2,482	1,970	1,829

FFO is computed by stonks as net income + D&A − gains on property sales: a NAREIT-style approximation, not the company's reported FFO. Where a filing doesn't tag gains on sale, FFO is net income + D&A (hover a value to see which).