American Tower Corporation Reports Third Quarter 2025 Financial Results

CONSOLIDATED HIGHLIGHTS(1)(2)Third Quarter 2025 Total revenue increased 7.7% to $2,717 million(3) Total property revenue increased 5.9% to $2,616 million(3) Net income increased 216.9% to $913 million, primarily due to foreign currency losses in the prior year period(4)(5)(6) Adjusted EBITDA increased 7.6% to $1,816 million(5) Net income attributable to AMT common stockholders increased 207.7% to $853 million, primarily due to foreign currency losses in the prior year period(4)(5)(6) AFFO attributable to AMT common stockholders increased 5.3% to $1,303 million AFFO attributable to AMT common stockholders, as adjusted, increased 10.4% to $1,303 million(7) BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended September 30, 2025. Steven Vondran, American Tower’s Chief Executive Officer, stated, “We delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted. Our unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand. Leasing activity across our U.S. and international towers remains robust as carriers invest in network coverage and capacity, and in our data center business, strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads drove a strong quarter, including a record quarter of signed retail new leasing. As we close out 2025, we remain confident that our strategic focus on maximizing organic growth, expanding margins, prudently allocating capital, and maintaining balance sheet strength will continue to deliver durable growth and strong returns into 2026 and beyond.” CONSOLIDATED OPERATING RESULTS OVERVIEW(1)(2) American Tower generated the following operating results for the quarter ended September 30, 2025 (all comparative information is presented against the quarter ended September 30, 2024). ($ in millions, except per share amounts.) Q3 2025 Growth Rate Total revenue(3) $ 2,717 7.7 % Total property revenue(3) $ 2,616 5.9 % Total Tenant Billings Growth $ 102 5.5 % Organic Tenant Billings Growth $ 92 5.0 % Property Gross Margin(5) $ 1,959 6.3 % Property Gross Margin % 74.9 % Net income(4)(5)(6) $ 913 216.9 % Net income attributable to AMT common stockholders(4)(5)(6) $ 853 207.7 % Net income attributable to AMT common stockholders per diluted share(4)(5)(6) $ 1.82 207.7 % Adjusted EBITDA(5) $ 1,816 7.6 % Adjusted EBITDA Margin % 66.8 % Nareit Funds From Operations (FFO) attributable to AMT common stockholders(4)(5) $ 1,262 47.2 % AFFO attributable to AMT common stockholders $ 1,303 5.3 % AFFO attributable to AMT common stockholders per Share $ 2.78 5.3 % AFFO attributable to AMT common stockholders, as adjusted(7) $ 1,303 10.4 % AFFO attributable to AMT common stockholders per Share, as adjusted(7) $ 2.78 10.3 % Cash provided by operating activities $ 1,460 (0.6 )% Less: total cash capital expenditures(8) $ 476 10.0 % Free Cash Flow $ 984 (5.1 )% (1) On September 12, 2024, American Tower Corporation (the “Company” or “American Tower”) completed the sale of 100% of the equity interests in its operations in India (“ATC TIPL”) to Data Infrastructure Trust, an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management (the “ATC TIPL Transaction”). The ATC TIPL Transaction qualified for presentation as discontinued operations. Prior to the divestiture and classification as discontinued operations, ATC TIPL’s operating results were included within the Asia-Pacific property segment. Accordingly, the operating results of ATC TIPL are reported as discontinued operations for all prior periods presented. Please refer to the footnotes and definitions in this release regarding treatment of discontinued operations. (2) Prior period results and associated growth rates for total revenue, total property revenue, total Tenant Billings Growth, Organic Tenant Billings Growth, Property Gross Margin, Adjusted EBITDA, AFFO attributable to AMT common stockholders, as adjusted, and AFFO attributable to AMT common stockholders per Share, as adjusted, exclude the impacts associated with discontinued operations related to the ATC TIPL Transaction. Net income, Net income attributable to AMT common stockholders, Net income attributable to AMT common stockholders per diluted share, Nareit Funds From Operations (FFO) attributable to AMT common stockholders, AFFO attributable to AMT common stockholders, AFFO attributable to AMT common stockholders per Share, Cash provided by operating activities, total cash capital expenditures and Free Cash Flow include the impacts associated with discontinued operations related to the ATC TIPL Transaction. (3) Q3 2025 growth rates impacted by a decrease in non-cash straight-line revenue, which represented approximately $27.7 million in the current period as compared to approximately $68.5 million in the prior-year period. (4) Q3 2025 growth rates impacted by foreign currency gains of approximately $18.0 million in the current period as compared to foreign currency losses of approximately $(337.4) million in the prior-year period. (5) Q3 2025 growth rates impacted by a decrease in non-cash straight-line revenue, net of non-cash straight-line expense, which represented approximately $18.3 million in the current period as compared to approximately $51.2 million in the prior-year period. (6) Q3 2025 growth rates impacted by a loss on the sale of ATC TIPL of $1.2 billion in the prior-year period, which primarily included the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion. The loss on the sale of ATC TIPL is included in Loss from discontinued operations, net of taxes in the consolidated statements of operations. (7) Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the Company’s $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended, at the applicable historical borrowing cost for the respective prior period. No additional adjustments are required related to the repayment of approximately $120 million under the Company’s unsecured term loan in India, as amended in January 2024 (the “India Term Loan”), as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations. (8) Q3 2025 cash capital expenditures include $10.4 million of finance lease and perpetual land easement payments reported in cash flows from financing activities in the condensed consolidated statements of cash flows. Please refer to “Non-GAAP and Defined Financial Measures” below for definitions and other information regarding the Company’s use of non-GAAP measures. For financial information and reconciliations to GAAP measures, please refer to the “Unaudited Selected Consolidated Financial Information” below. CAPITAL ALLOCATION OVERVIEW Distributions – During the quarter ended September 30, 2025, the Company declared the following regular cash distributions to its common stockholders: Common Stock Distributions Q3 2025(1) Distributions per share $ 1.70 Aggregate amount (in millions) $ 796.1 Year-over-year per share growth 4.9 % (1) The distribution declared on September 18, 2025 was paid on October 20, 2025 to stockholders of record as of the close of business on September 30, 2025. Capital Expenditures – During the third quarter of 2025, total capital expenditures were approximately $476 million, of which $54 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website. LEVERAGE AND FINANCING OVERVIEW Leverage – For the quarter ended September 30, 2025, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to third quarter 2025 annualized Adjusted EBITDA. Calculation of Net Leverage Ratio ($ in millions, totals may not add due to rounding.) As of September 30, 2025 Total debt $ 37,239 Less: Cash and cash equivalents 1,951 Net Debt $ 35,288 Divided By: Third quarter annualized Adjusted EBITDA(1) 7,262 Net Leverage Ratio 4.9x (1) Q3 2025 Adjusted EBITDA multiplied by four. Liquidity and Financing Activities – As of September 30, 2025, the Company had approximately $10.7 billion of total liquidity, consisting of approximately $2.0 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.7 billion under its revolving credit facilities, net of any outstanding letters of credit. On September 12, 2025, the Company repaid $500.0 million aggregate principal amount of its 1.300% senior unsecured notes due September 15, 2025 upon their maturity. Additionally, on September 16, 2025, the Company issued $575.0 million aggregate principal amount in senior unsecured notes. The Company used the net proceeds of the offering to repay existing indebtedness under its $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended, and for general corporate purposes. During the third quarter of 2025, there were no repurchases under either of the Company’s buyback programs. Subsequent to September 30, 2025, through October 21, 2025, the Company repurchased approximately 151,000 shares of its common stock for an aggregate of approximately $28.0 million, including commissions and fees. There are no amounts remaining under the Company’s 2011 buyback program. The Company expects to continue managing the pacing of the remaining approximately $2.0 billion under the Company’s 2017 buyback program in response to general market conditions and other relevant factors. FULL YEAR 2025 OUTLOOK The following full year 2025 estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of October 28, 2025. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding “forward-looking statements” included in this press release when considering this information. The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for October 28, 2025 through December 31, 2025: (a) 1,404 Argentinean Pesos; (b) 124 Bangladeshi Taka; (c) 5.55 Brazilian Reais; (d) 1.38 Canadian Dollars; (e) 965 Chilean Pesos; (f) 4,190 Colombian Pesos; (g) 0.86 Euros; (h) 12.30 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 19.30 Mexican Pesos; (k) 1,550 Nigerian Naira; (l) 7,390 Paraguayan Guarani; (m) 3.60 Peruvian Soles; (n) 58 Philippine Pesos; (o) 17.50 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs. The Company’s outlook reflects estimated positive impacts of foreign currency exchange rate fluctuations to total property revenue, Adjusted EBITDA, AFFO attributable and AFFO attributable per Share to AMT common stockholders of approximately $50 million, $30 million, $20 million and $0.04 per Share, respectively, relative to the Company’s prior 2025 outlook. The impact of foreign currency exchange rate fluctuations on net income metrics is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort. The Company’s 2024 results, for the purposes of the growth rates described below, are presented on a continuing operations basis, with the exception of Net Income, Net Income attributable to AMT common stockholders, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share. The Company is raising the midpoints of its full year 2025 outlook for property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share by $40 million, $45 million, $50 million and $0.10, respectively, primarily as a result of estimated positive foreign currency exchange rate fluctuations described above. The Company is increasing the midpoint for net income and net income attributable to AMT common stockholders by $95 million and $40 million, respectively, primarily due to unrealized foreign currency gains. The increase, driven by unrealized foreign currency gains, to net income attributable to AMT common stockholders is partially offset by increased minority interests as a result of a recent tax law change in Europe. Additional information pertaining to the impact of foreign currency and Secured Overnight Financing Rate fluctuations on the Company’s outlook has been provided in the supplemental disclosure package available on the Company’s website. 2025 Outlook: ($ in millions, except per share amounts.) Full Year 2025 Midpoint Growth Rates vs. Prior Year Midpoint Growth Rates vs. Prior Year, As Adjusted Total property revenue(1)(2) $ 10,210 to $ 10,290 3.2% N/A Net income 2,458 to 2,513 9.0% N/A Net income attributable to AMT common stockholders 2,363 to 2,418 6.0% N/A Adjusted EBITDA(3) 7,058 to 7,113 4.0% N/A AFFO attributable to AMT common stockholders 4,973 to 5,028 1.3% 7.3% AFFO attributable to AMT common stockholders per Share $ 10.60 to $ 10.72 1.1% 7.0% (1) Includes U.S. & Canada segment property revenue of $5,230 million to $5,240 million, international property revenue of $3,940 million to $4,000 million and Data Centers segment property revenue of $1,040 million to $1,050 million, reflecting midpoint growth rates of (0.2)%, 5.6% and 13.0%, respectively. The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition. International property revenue reflects the Company’s Africa & APAC, Europe and Latin America segments. Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets. (2) Property revenue growth rate includes an estimated negative impact of approximately 2% associated with straight-line revenue recognition. (3) Adjusted EBITDA growth rate includes an estimated negative impact of approximately 3% associated with net straight-line revenue recognition. 2025 Outlook for Total Property revenue, at the midpoint, includes the following components(1): ($ in millions, totals may not add due to rounding.) U.S. & Canada Property(2) International Property(3) Data Centers Property(4) Total Property International pass-through revenue N/A $ 1,080 N/A $ 1,080 Straight-line revenue 48 32 7 87 (1) For additional discussion regarding these components, please refer to “Revenue Components” below. (2) U.S. & Canada property revenue includes revenue from all assets in the United States and Canada, other than data center facilities and related assets. (3) International property revenue reflects the Company’s Africa & APAC, Europe and Latin America segments. (4) Data Centers property revenue reflects revenue from the Company’s data center facilities and related assets. 2025 Outlook for Total Tenant Billings Growth, at the midpoint, includes the following components(1): (Totals may not add due to rounding.) U.S. & Canada Property International Property(2) Total Property Organic Tenant Billings ~4.3% >6% ~5% New Site Tenant Billings ~0% ~1% ~0.5% Total Tenant Billings Growth ~4.3% >7% ~5.5% (1) For additional discussion regarding the component growth rates, please refer to “Revenue Components” below. Tenant Billings Growth is not applicable to the Data Centers segment. For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website. (2) International property Tenant Billings Growth reflects the Company’s Africa & APAC, Europe and Latin America segments. Outlook for Capital Expenditures: ($ in millions, totals may not add due to rounding.) Full Year 2025 Discretionary capital projects(1) $ 865 to $ 895 Ground lease purchases 200 to 220 Start-up capital projects 65 to 85 Redevelopment 320 to 350 Capital improvement 160 to 170 Corporate 10 – 10 Total $ 1,620 to $ 1,730 (1) Includes the construction of 1,850 to 2,450 communications sites globally and $600 million of development spend in the Company’s Data Centers segment. Reconciliation of Outlook for Adjusted EBITDA to Net income: ($ in millions, totals may not add due to rounding.) Full Year 2025 Net income $ 2,458 to $ 2,513 Interest expense 1,370 to 1,360 Depreciation, amortization and accretion 2,035 to 2,045 Income tax provision 425 – 425 Stock-based compensation expense 175 – 175 Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense 595 – 595 Adjusted EBITDA $ 7,058 to $ 7,113 Reconciliation of Outlook for AFFO attributable to AMT common stockholders to Net income: ($ in millions, except share and per share data, totals may not add due to rounding.) Full Year 2025 Net income $ 2,458 to $ 2,513 Straight-line revenue (87 ) – (87 ) Straight-line expense 36 – 36 Depreciation, amortization and accretion 2,035 to 2,045 Stock-based compensation expense 175 – 175 Deferred portion of income tax and other income tax adjustments 149 – 149 Other, including other operating expense, amortization of deferred financing costs, debt discounts and premiums, (gain) loss on retirement of long-term obligations, other (income) expense and long-term deferred interest charges 768 – 768 Capital improvement capital expenditures (160 ) to (170 ) Corporate capital expenditures (10 ) – (10 ) Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (391 ) – (391 ) AFFO attributable to AMT common stockholders $ 4,973 to $ 5,028 Divided by weighted average diluted shares outstanding (in thousands) 468,900 – 468,900 AFFO attributable to AMT common stockholders per Share $ 10.60 to $ 10.72 Reconciliation of Outlook for EBITDA to AFFO attributable to AMT common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share: ($ in millions, except share and per share data, totals may not add due to rounding.) Full Year 2025 Adjusted EBITDA $ 7,058 to $ 7,113 Straight-line revenue (87 ) – (87 ) Straight-line expense 36 – 36 Cash interest expense (1,317 ) to (1,307 ) Interest income 120 – 120 Cash paid for income taxes (276 ) – (276 ) Capital improvement capital expenditures (160 ) to (170 ) Corporate capital expenditures (10 ) – (10 ) Adjustments and dividends from non-controlling interest (391 ) – (391 ) AFFO Attributable to Common Stockholders $ 4,973 to $ 5,028 Divided by weighted average shares outstanding 468,900 – 468,900 AFFO attributable to AMT common stockholders per Share $ 10.60 to $ 10.72 Conference Call InformationRead the full story here

American Tower Corporation Reports Third Quarter 2025 Financial Results

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