AMERICAN TOWER CORP /MA/AMT
AMERICAN TOWER CORP /MA/ Segments Disclosure
BUSINESS SEGMENTS
Property
Communications Sites and Related Communications Infrastructure—The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company has historically reported these operations on a geographic basis.
Data Centers— The Company operates 30 data center facilities across eleven markets in the United States. The Company’s Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different types of leased land, infrastructure and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada.
As of December 31, 2025, the Company’s property operations consisted of the following:
•U.S. & Canada: property operations in Canada and the United States;
•Africa & APAC: property operations in Bangladesh, Burkina Faso, Ghana, Kenya, Niger, Nigeria, the Philippines, South Africa and Uganda;
•Europe: property operations in France, Germany and Spain;
•Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and
•Data Centers: data center property operations in the United States.
Services—The Company’s Services segment offers tower-related services in the United States, including AZP, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company’s services operations primarily support its site leasing business, including the addition of new tenants and equipment on its communications sites. The Services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments.
The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating
expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. The Company’s definition of segment operating profit aligns with the Company’s definition of Adjusted EBITDA. Adjusted EBITDA is widely used in the telecommunications real estate sector to measure operating performance as depreciation, amortization and accretion may vary significantly among companies depending upon accounting methods and useful lives, particularly where acquisitions and non-operating factors are involved.
The Company’s chief operating decision maker (the “CODM”) is the Company’s chief executive officer. The CODM uses segment gross margin and segment operating profit to evaluate the segments’ operating performance, in making capital allocation decisions, and in establishing management’s compensation. Additionally, the CODM uses these metrics to monitor budget versus actual results. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets.
Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2025, 2024 and 2023 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.
| Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2025 | U.S. & Canada | Africa & APAC | Europe | Latin America | Data Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 5,248.7 | $ | 1,422.9 | $ | 937.7 | $ | 1,642.6 | $ | 1,053.1 | $ | 10,305.0 | $ | 339.6 | $ | 10,644.6 | ||||||||||||||||||||||||||||||||||||||||
| Segment operating expenses | 870.0 | 446.5 | 344.2 | 511.0 | 402.4 | 2,574.1 | 174.0 | 2,748.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment gross margin | 4,378.7 | 976.4 | 593.5 | 1,131.6 | 650.7 | 7,730.9 | 165.6 | 7,896.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment selling, general, administrative and development expense (1) | 166.6 | 76.1 | 69.6 | 102.6 | 88.5 | 503.4 | 27.4 | 530.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 4,212.1 | $ | 900.3 | $ | 523.9 | $ | 1,029.0 | $ | 562.2 | $ | 7,227.5 | $ | 138.2 | $ | 7,365.7 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | $ | 174.2 | 174.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other selling, general, administrative and development expense | 235.7 | 235.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 2,041.6 | 2,041.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense (2) | 1,870.0 | 1,870.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 3,044.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures (3) (4) | $ | 395.5 | $ | 227.8 | $ | 283.6 | $ | 138.1 | $ | 665.2 | $ | 1,710.2 | $ | — | $ | 10.5 | $ | 1,720.7 | ||||||||||||||||||||||||||||||||||||||
_______________
(1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $174.2 million.
(2)Primarily includes interest expense and $100.7 million in impairment charges, as further discussed in note 15, and losses from foreign currency exchange rate fluctuations, partially offset by gains from equity securities of $232.6 million. The year ended December 31, 2025 also includes a gain of $53.6 million on the sale of South Africa Fiber.
(3)Includes $4.3 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
(4)Includes $36.0 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
| Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | U.S. & Canada | Africa & APAC (1) | Europe | Latin America | Data Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 5,248.1 | $ | 1,208.0 | $ | 834.7 | $ | 1,717.9 | $ | 924.8 | $ | 9,933.5 | $ | 193.7 | $ | 10,127.2 | ||||||||||||||||||||||||||||||||||||||||
| Segment operating expenses | 870.9 | 380.5 | 309.4 | 530.2 | 390.8 | 2,481.8 | 92.6 | 2,574.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment gross margin | 4,377.2 | 827.5 | 525.3 | 1,187.7 | 534.0 | 7,451.7 | 101.1 | 7,552.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment selling, general, administrative and development expense (2) | 161.1 | 68.0 | 64.8 | 111.0 | 78.8 | 483.7 | 21.0 | 504.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 4,216.1 | $ | 759.5 | $ | 460.5 | $ | 1,076.7 | $ | 455.2 | $ | 6,968.0 | $ | 80.1 | $ | 7,048.1 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | $ | 192.7 | 192.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other selling, general, administrative and development expense | 236.0 | 236.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 2,028.8 | 2,028.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense (3) | 965.8 | 965.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 3,624.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures (4) (5) (6) | $ | 318.6 | $ | 260.9 | $ | 249.6 | $ | 174.2 | $ | 545.0 | $ | 1,548.3 | $ | — | $ | 67.5 | $ | 1,615.8 | ||||||||||||||||||||||||||||||||||||||
_______________
(1) Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 21 for further discussion.
(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $192.7 million.
(3) Primarily includes interest expense and $68.6 million in impairment charges, as further discussed in note 15, partially offset by gains from foreign currency exchange rate fluctuations and an unrealized gain from equity securities of $70.4 million. The year ended December 31, 2024 also includes a net gain of $8.5 million on the sales of ATC Australia and ATC New Zealand.
(4) Includes $4.7 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
(5) Includes $32.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
(6) Other capital expenditures includes capital expenditures associated with discontinued operations.
| Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2023 | U.S. & Canada | Africa & APAC (1) | Europe | Latin America | Data Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 5,216.2 | $ | 1,244.4 | $ | 775.6 | $ | 1,798.3 | $ | 834.7 | $ | 9,869.2 | $ | 143.0 | $ | 10,012.2 | ||||||||||||||||||||||||||||||||||||||||
| Segment operating expenses | 849.9 | 438.4 | 299.5 | 566.0 | 347.6 | 2,501.4 | 60.1 | 2,561.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment gross margin | 4,366.3 | 806.0 | 476.1 | 1,232.3 | 487.1 | 7,367.8 | 82.9 | 7,450.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment selling, general, administrative and development expense (2) | 165.1 | 87.3 | 65.6 | 107.9 | 72.4 | 498.3 | 22.9 | 521.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 4,201.2 | $ | 718.7 | $ | 410.5 | $ | 1,124.4 | $ | 414.7 | $ | 6,869.5 | $ | 60.0 | $ | 6,929.5 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | $ | 183.3 | 183.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other selling, general, administrative and development expense | 241.5 | 241.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 2,928.5 | 2,928.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other expense (3) | 2,046.9 | 2,046.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 1,529.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures (4) (5) (6) | $ | 410.6 | $ | 435.7 | $ | 218.0 | $ | 205.2 | $ | 428.1 | $ | 1,697.6 | $ | — | $ | 132.2 | $ | 1,829.8 | ||||||||||||||||||||||||||||||||||||||
_______________
(1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 21 for further discussion.
(2) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $183.3 million.
(3) Primarily includes interest expense and $200.0 million in impairment charges, $80.0 million of goodwill impairment charges in Spain, as further discussed in note 15, and losses from foreign currency exchange rate fluctuations. The year ended December 31, 2023 also includes a net loss of $78.9 million on the sales of Mexico Fiber and ATC Poland.
(4) Includes $6.2 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
(5) Includes $38.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
(6) Other capital expenditures includes capital expenditures associated with discontinued operations.
Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,:
| 2025 | 2024 | ||||||||||
| Total Assets (1): | |||||||||||
| U.S. & Canada property | $ | 26,798.3 | $ | 26,750.1 | |||||||
Africa & APAC property | 4,147.2 | 3,993.1 | |||||||||
| Europe property | 12,850.4 | 11,267.2 | |||||||||
| Latin America property | 8,415.6 | 7,470.7 | |||||||||
| Data Centers | 10,703.9 | 10,431.6 | |||||||||
| Services | 124.7 | 113.7 | |||||||||
| Other (2) | 150.3 | 1,051.0 | |||||||||
| Total assets | $ | 63,190.4 | $ | 61,077.4 | |||||||
_______________
(1)Balances are translated at the applicable period end exchange rate, which may impact comparability between periods.
(2)Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.
Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2025, 2024 and 2023 and long-lived assets as of December 31, 2025 and 2024 is as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating Revenues: | |||||||||||||||||
| U.S. & Canada: | |||||||||||||||||
| Canada (1) | $ | 12.0 | $ | 13.3 | $ | 11.7 | |||||||||||
| United States (2) | 6,629.4 | 6,353.3 | 6,182.2 | ||||||||||||||
Africa & APAC (1)(3): | |||||||||||||||||
| Australia (4) | — | 2.6 | 2.6 | ||||||||||||||
| Bangladesh | 11.0 | 7.9 | 5.7 | ||||||||||||||
| New Zealand (4) | — | 1.6 | 1.6 | ||||||||||||||
| Philippines | 10.4 | 9.2 | 8.9 | ||||||||||||||
| Burkina Faso | 56.5 | 40.1 | 38.1 | ||||||||||||||
| Ghana | 182.8 | 126.7 | 128.6 | ||||||||||||||
| Kenya | 177.6 | 141.1 | 120.0 | ||||||||||||||
| Niger | 52.4 | 51.3 | 48.4 | ||||||||||||||
| Nigeria | 461.7 | 384.4 | 495.4 | ||||||||||||||
| South Africa (4) | 172.6 | 174.0 | 157.9 | ||||||||||||||
| Uganda | 297.9 | 269.1 | 237.2 | ||||||||||||||
| Europe (1): | |||||||||||||||||
| France | 130.3 | 121.7 | 113.4 | ||||||||||||||
| Germany | 455.5 | 402.2 | 363.6 | ||||||||||||||
| Poland (4) | — | — | 0.6 | ||||||||||||||
| Spain | 351.9 | 310.8 | 298.0 | ||||||||||||||
| Latin America (1): | |||||||||||||||||
| Argentina | 43.6 | 36.2 | 43.8 | ||||||||||||||
| Brazil | 708.3 | 786.1 | 787.3 | ||||||||||||||
| Chile | 117.4 | 103.7 | 106.3 | ||||||||||||||
| Colombia | 122.2 | 110.4 | 117.0 | ||||||||||||||
| Costa Rica | 25.7 | 25.3 | 24.7 | ||||||||||||||
| Mexico | 508.9 | 544.9 | 611.8 | ||||||||||||||
| Paraguay | 17.6 | 16.3 | 16.3 | ||||||||||||||
| Peru | 98.9 | 95.0 | 91.1 | ||||||||||||||
| Total operating revenues | $ | 10,644.6 | $ | 10,127.2 | $ | 10,012.2 | |||||||||||
_______________
(1) Balances are translated at the applicable exchange rate, which may impact comparability between periods.
(2) Balances include revenue from the Company’s Services and Data Centers segments.
(3) For the years ended December 31, 2024 and 2023, excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 21 for further discussion.
(4) During the year ended December 31, 2025, the Company completed the sale of South Africa Fiber. During the year ended December 31, 2024, the Company completed the sales of ATC Australia and ATC New Zealand. During the year ended December 31, 2023, the Company completed the sale of ATC Poland.
| 2025 | 2024 | ||||||||||
| Long-Lived Assets (1): | |||||||||||
| U.S. & Canada: | |||||||||||
| Canada (2) | $ | 205.8 | $ | 200.5 | |||||||
| United States (3) | 28,333.1 | 28,214.3 | |||||||||
Africa & APAC (2): | |||||||||||
| Bangladesh | 24.5 | 30.2 | |||||||||
| Philippines | 27.7 | 30.2 | |||||||||
| Burkina Faso | 248.4 | 230.9 | |||||||||
| Ghana | 225.9 | 244.9 | |||||||||
| Kenya | 665.4 | 672.7 | |||||||||
| Niger | 193.8 | 177.1 | |||||||||
| Nigeria | 385.8 | 325.4 | |||||||||
| South Africa (4) | 258.8 | 327.4 | |||||||||
| Uganda | 948.9 | 939.1 | |||||||||
| Europe (2): | |||||||||||
| France | 1,432.6 | 1,265.6 | |||||||||
| Germany | 6,208.4 | 5,429.5 | |||||||||
| Spain | 3,213.9 | 2,834.8 | |||||||||
| Latin America (2): | |||||||||||
| Argentina | 179.0 | 185.3 | |||||||||
| Brazil | 1,756.2 | 1,592.1 | |||||||||
| Chile | 560.4 | 510.1 | |||||||||
| Colombia | 264.7 | 231.2 | |||||||||
| Costa Rica | 101.3 | 106.8 | |||||||||
| Mexico | 931.2 | 859.1 | |||||||||
| Paraguay | 103.1 | 86.4 | |||||||||
| Peru | 873.6 | 805.6 | |||||||||
| Total long-lived assets | $ | 47,142.5 | $ | 45,299.2 | |||||||
_______________
(1) Includes Property and equipment, net, Goodwill and Other intangible assets, net.
(2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods.
(3) Balances include the Company’s data centers assets located in the United States and corporate assets.
(4) As of December 31, 2024, included assets associated with South Africa Fiber, which was sold during the year ended December 31, 2025.
The following customers within the property and services segments individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31,:
| 2025 | 2024 | 2023 | |||||||||||||||
| T-Mobile | 18 | % | 19 | % | 19 | % | |||||||||||
| AT&T | 17 | % | 18 | % | 18 | % | |||||||||||
| Verizon Wireless | 14 | % | 13 | % | 14 | % | |||||||||||
| Telefónica | 10 | % | 10 | % | 10 | % | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.