AMERICAN TOWER CORP /MA/

Listed Company

AMTCIK 0001053507NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$10.64B

Net Income

$2.63B

Total Assets

$63.19B

Equity

$3.65B

Shares Out

465.89M

Op. Cash Flow

$5.46B

Business

AMERICAN TOWER CORP /MA/ is a REIT that owns, operates and develops multitenant communications real estate, leasing space on towers, rooftops and other infrastructure to wireless carriers, broadcasters, government agencies and other tenants. It offers tower leasing, managed networks (including DAS), fiber, shared generators, data centers and tower-related services. Segments are U.S. & Canada, Africa & APAC, Europe, Latin America, Data Centers and Services. It operates in the United States, Canada, Europe, Latin America, Africa and APAC via leasing, managed networks and data center colocation.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	10,645	10,127	10,012	9,645	9,357
Property	2,574	2,482	2,501	2,462	2,585
Depreciation, amortization and accretion	2,042	2,029	2,929	3,165	2,333
Selling, general, administrative and development expense	941	933	946	902	812
Other operating expense	68	74	371	271	—
Goodwill impairment	—	0	80	0	0
Total operating expenses	5,799	5,611	6,887	6,907	6,225
OPERATING INCOME	4,846	4,517	3,126	2,739	3,132
Interest income	134	135	119	49	40
Interest expense	−1,359	−1,405	−1,388	−1,136	—
Loss on retirement of long-term obligations	0	0	−300,000	−400,000	−38
Other (expense) income (including foreign currency (losses) gains of $(809.4), $308.3, and $(330.6) respectively)	−576	378	−326	435	566
Total other expense	−1,802	−892	−1,596	−653	−303
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	3,044	3,625	1,529	2,086	2,829
Income tax provision	−416	−366	−91	−113	−262
NET INCOME FROM CONTINUING OPERATIONS	2,629	3,259	1,439	1,973	—
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES	0	−978	−71	−277	—
NET INCOME	2,629	2,280	1,367	1,697	2,568
Net (income) loss attributable to noncontrolling interests	−99	−25	116	69	100,000
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, BASIC	2,530	2,255	1,483	1,766	2,568
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, DILUTED	2,530	2,255	1,483	1,766	2,568
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, BASIC	2,530	3,233	1,555	2,042	—
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, DILUTED	2,530	3,233	1,555	2,042	—
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, BASIC	0	−978	−71	−277	—
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS, DILUTED	0	−978	−71	−277	—
Basic net income from continuing operations attributable to American Tower Corporation common stockholders (in dollars per share)	5.41	6.92	3.34	4.43	—
Basic net loss from discontinued operations attributable to American Tower Corporation common stockholders per common share (in dollars per share)	0	−2.09	−0.15	−0.6	—
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share)	5.41	4.83	3.18	3.83	5.69
Diluted net income from continuing operations attributable to American Tower Corporation common stockholders (in dollars per share)	5.4	6.91	3.33	4.41	—
Diluted net loss from discontinued operations attributable to American Tower Corporation common stockholders (in dollars per share)	0	−2.09	−0.15	−0.6	—
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share)	5.4	4.82	3.18	3.82	5.66
BASIC (in shares)	468	467	466	462	451
DILUTED (in shares)	469	468	467	463	453

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,475	2,000	1,754	1,549	1,950
Restricted cash	130	109	120	111	393
Accounts receivable, net	650	540	548	758	729
Prepaid and other current assets	486	531	560	723	657
Total current assets	2,742	3,179	3,710	3,622	3,729
PROPERTY AND EQUIPMENT, net	20,356	19,057	18,863	19,998	19,784
GOODWILL	12,256	11,768	12,084	12,075	13,350
OTHER INTANGIBLE ASSETS, net	14,531	14,474	15,932	17,983	20,727
DEFERRED TAX ASSET	151	123	179	129	132
DEFERRED RENT ASSET	3,851	3,710	3,478	3,039	2,540
RIGHT-OF-USE ASSET	8,427	8,090	8,205	8,919	9,225
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS	877	677	755	547	401
TOTAL	63,190	61,077	66,028	67,195	69,888
Accounts payable	260	241	251	219	272
Accrued expenses	1,113	1,082	1,053	1,344	1,413
Distributions payable	819	780	906	745	642
Accrued interest	425	374	384	261	255
Current portion of operating lease liability	585	577	690	789	713
Current portion of long-term obligations	3,388	3,693	3,067	4,514	4,569
Unearned revenue	325	329	434	440	1,204
Total current liabilities	6,914	7,076	7,249	8,312	9,067
LONG-TERM OBLIGATIONS	33,833	32,809	35,734	34,156	38,686
OPERATING LEASE LIABILITY	7,159	6,876	6,815	7,592	8,042
ASSET RETIREMENT OBLIGATIONS	2,513	2,394	2,080	1,973	2,003
DEFERRED TAX LIABILITY	1,440	1,262	1,311	1,492	1,831
OTHER NON-CURRENT LIABILITIES	977	1,013	1,150	1,187	1,190
Total liabilities	52,835	51,429	55,162	54,786	60,818
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Common stock: $0.01 par value; 1,000,000 shares authorized; 479,358 and 478,388 shares issued; and 466,318 and 467,384 shares outstanding, respectively	5	5	5	5	5
Additional paid-in capital	15,215	15,057	14,873	14,689	12,240
Distributions in excess of earnings	−5,086	−4,424	−3,639	−2,102	−1,142
Accumulated other comprehensive loss	−4,816	−5,955	−5,740	−5,718	−4,739
Treasury stock (13,040 and 11,004 shares at cost, respectively)	−1,666	−1,301	−1,301	−1,301	−1,282
Total American Tower Corporation equity	3,653	3,382	4,198	5,572	5,081
Noncontrolling interests	6,703	6,267	6,667	6,836	3,988
Total equity	10,355	9,649	10,865	12,409	9,070
TOTAL	63,190	61,077	66,028	67,195	69,888

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and accretion	2,042	2,125	3,087	3,355	—
Stock-based compensation expense	174	204	196	169	120
Loss (gain) on investments, unrealized foreign currency loss (gain) and other non-cash expense	607	−380	279	−401	−535
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses	83	97	740	684	196
Loss on early retirement of long-term obligations	0	0	300,000	400,000	38
Loss on sale of ATC TIPL	0	1,246	0	0	—
Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest	54	54	50	48	40
Deferred income taxes	43	52	−182	−237	−41
Accounts receivable	−62	−103	−35	−79	−192
Prepaid and other assets	−700,000	33	−343	−196	−33
Deferred rent asset	−101	−276	−472	−500	−466
Right-of-use asset and Operating lease liability, net	−2	−21	−104	−9	−33
Accounts payable and accrued expenses	−66	48	−12	−48	33
Accrued interest	45	−10	129	7	43
Unearned revenue	−31	−79	−43	−819	744
Other non-current liabilities	50	22	66	25	5
Cash provided by operating activities	5,464	5,291	4,722	3,696	4,820
Payments for purchase of property and equipment and construction activities	−1,680	−1,590	−1,798	−1,874	−1,377
Payments for acquisitions, net of cash acquired	−454	−123	−168	−549	−19,304
Proceeds from sales of short-term investments and other non-current assets	295	253	17	20	14
Proceeds from the sale of ATC TIPL	0	2,159	0	0	—
Deposits and other	−20	−288	253	48	−900,000
Cash (used for) provided by investing activities	−1,860	411	−1,696	−2,355	−20,692
Proceeds from short-term borrowings, net	0	9	149	29	0
Borrowings under credit facilities	6,077	6,933	6,120	4,190	12,857
Proceeds from issuance of senior notes, net	3,001	3,569	5,678	1,294	6,762
Proceeds from issuance of securities in securitization transaction	0	0	1,300	0	0
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases	−9,450	−12,430	−13,230	−9,626	−13,178
Contributions from noncontrolling interest holders	148	105	4	3,121	3,078
Distributions to noncontrolling interest holders	−271	−391	−47	−11	−223
Purchases of common stock	−365	0	0	−19	0
Proceeds from stock options and employee stock purchase plan	42	46	22	32	97
Distributions paid on common stock	−3,157	−3,075	−2,949	−2,630	—
Deferred financing costs and other financing activities	−234	−219	−145	−95	−156
Cash used for financing activities	−4,209	−5,452	−3,097	−1,423	16,425
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash	101	−234	23	−120	−70
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH	−503	15	−47	−203	482

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