Independent owner, operator, and developer of wireless communications infrastructure including towers.MoreShow less
Profile & Fundamentals
American Tower (AMT.NYSE) Profile & Fundamentals
Review American Tower reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
American Tower: Company Profile & Ownership
American Tower Corporation one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 147,000 communications sites and a highly interconnected footprint of U.S. data center facilities. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
Company profile record
American Tower Corp
Common Stock · Real Estate · Telecom Tower REITs
Company
- Company / asset
- American Tower Corp
- Security type
- Common Stock
- Sector
- Real Estate
- Industry
- Telecom Tower REITs
- HQ
- 🇺🇸 United States
- Head office
- 222 Berkeley Street, Boston, MA, United States, 02116
Leadership & scale
- Chief executive
- Mr. Steven O. Vondran J.D.
- CEO year born
- 1971
- Full-time employees
- 4.9K
- Fiscal year end
- December
- IPO date
- 1998-06-05
Fundamentals snapshot
- Market Cap
- USD 90.4B
- P/E
- 27.5x
- Revenue (Q3 26)
- USD 2.8B
- Profit (Q3 26)
- USD 765.8M
- Dividend Yield
- 2.6%
- Revenue (FY 25)
- USD 10.6B
- Shares in public float
- 462.3M
- Insider ownership
- 0.08%
Reporting & identifiers
- Symbol
- AMT.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US03027X1000
- Asset ID
- equity_3ae93f3c-eda4-5ec9-bf36-83f6dd6f0e24
American Tower: Ownership
Shares Outstanding
Latest: 465.8M | Max: 469.1M | Min: 432.5M
Latest reported ownership snapshot
Float Shares
99.25%
462.3M latest reported shares
Insider Ownership
0.08%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 432,472,000 |
| 2018-01-01 | 444,304,000 |
| 2019-01-01 | 445,923,000 |
| 2020-01-01 | 446,347,000 |
| 2021-01-01 | 457,131,000 |
| 2022-01-01 | 466,696,000 |
| 2023-01-01 | 467,453,000 |
| 2024-01-01 | 468,418,000 |
| 2025-01-01 | 469,142,900 |
| 2026-01-01 | 465,758,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 45,796,561 | 9.88% | 2026-06-30 |
| Vanguard Capital Management, LLC | 30,437,771 | 6.56% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 27,851,812 | 6.01% | 2026-06-30 |
| State Street Corp | 22,066,202 | 4.76% | 2026-06-30 |
| Vanguard Real Estate Index Investor | 17,642,393 | 3.8% | 2026-09-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 14,789,873 | 3.19% | 2026-09-30 |
| Geode Capital Management, LLC | 13,838,970 | 2.98% | 2026-06-30 |
| Cohen & Steers Inc | 13,777,789 | 2.97% | 2026-06-30 |
| Vanguard 500 Index Investor | 12,238,114 | 2.64% | 2026-09-30 |
| FMR Inc | 11,376,427 | 2.45% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 9,610,971 | 2.07% | 2026-06-30 |
| JPMorgan Chase & Co | 8,853,450 | 1.91% | 2026-06-30 |
| Lazard Asset Management LLC | 8,403,123 | 1.81% | 2026-06-30 |
| Amvescap Plc. | 7,068,996 | 1.52% | 2026-06-30 |
| Deutsche Bank AG | 6,701,631 | 1.45% | 2026-06-30 |
American Tower: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
American Tower's financial results demonstrate steady operational strength underneath headline noise. Trailing twelve-month revenue reached $10.94 billion through mid-2026, with net income rebounding to $3.38 billion following prior impairment charges. This baseline reflects dependable multi-tenant leasing demand and double-digit revenue expansion at CoreSite data centers, which together countered customer churn. The underlying financial story confirms that 2026 represents an operational trough. Free cash flow generation reached $3.96 billion, comfortably covering the company's dividend obligations. As temporary customer cancellations roll off comparative figures, high operating margins on existing infrastructure will allow organic revenue growth to translate directly into expanding per-share cash earnings.
American Tower's financial results demonstrate steady operational strength underneath headline noise. Trailing twelve-month revenue reached $10.94 billion through mid-2026, with net income rebounding to $3.38 billion following prior impairment charges. This baseline reflects dependable multi-tenant leasing demand and double-digit revenue expansion at CoreSite data centers, which together countered customer churn. The underlying financial story confirms that 2026 represents an operational trough. Free cash flow generation reached $3.96 billion, comfortably covering the company's dividend obligations. As temporary customer cancellations roll off comparative figures, high operating margins on existing infrastructure will allow organic revenue growth to translate directly into expanding per-share cash earnings.
Revenue, Net Income, and Free Cash Flow
Latest: USD 10.6B | Max: USD 10.6B | Min: USD 956.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 33x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating profitability highlights the structural efficiency of the tower business model. Consolidated gross margins held firmly at 73.7% in 2025, while operating margins stood at 45.8%. Because adding extra antennas to an existing tower requires virtually no additional day-to-day operating expense, incremental customer leases generate near-total cash drop-through. This high operating leverage protects corporate profitability against inflationary cost pressures. Master lease agreements contain contractual annual rent escalators that automatically outpace routine ground-lease and site-maintenance inflation. As high-margin data center leasing scales and customer churn normalizes, underlying cash profit margins are primed to remain among the most resilient in the global infrastructure sector.
Operating profitability highlights the structural efficiency of the tower business model. Consolidated gross margins held firmly at 73.7% in 2025, while operating margins stood at 45.8%. Because adding extra antennas to an existing tower requires virtually no additional day-to-day operating expense, incremental customer leases generate near-total cash drop-through. This high operating leverage protects corporate profitability against inflationary cost pressures. Master lease agreements contain contractual annual rent escalators that automatically outpace routine ground-lease and site-maintenance inflation. As high-margin data center leasing scales and customer churn normalizes, underlying cash profit margins are primed to remain among the most resilient in the global infrastructure sector.
Profitability Margins
Latest: 73.7% | Max: 74.6% | Min: 14.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
73.7%
Gross profit / revenue
Operating Margin
45.8%
Operating income / revenue
Net Margin
23.8%
Net income / revenue
FCF Margin
35.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 5,785,668,000 | 956,425,000 | 2,021,099,000 |
| 2017-12-31 | 6,663,900,000 | 1,238,900,000 | 2,122,000,000 |
| 2018-12-31 | 7,440,100,000 | 1,236,400,000 | 2,835,100,000 |
| 2019-12-31 | 7,580,300,000 | 1,887,800,000 | 2,761,300,000 |
| 2020-12-31 | 8,041,500,000 | 1,690,600,000 | 2,849,700,000 |
| 2021-12-31 | 9,356,900,000 | 2,567,700,000 | 3,443,200,000 |
| 2022-12-31 | 9,645,400,000 | 1,765,800,000 | 1,822,600,000 |
| 2023-12-31 | 10,012,200,000 | 1,483,300,000 | 2,924,300,000 |
| 2024-12-31 | 10,127,200,000 | 2,255,000,000 | 3,700,500,000 |
| 2025-12-31 | 10,645,100,000 | 2,529,800,000 | 3,783,600,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 32.6 | Trailing four quarters |
| 2024-12-31 | 38.1 | Trailing four quarters |
| 2023-12-31 | 68 | Trailing four quarters |
| 2022-12-31 | 56 | Annual net income |
| 2021-12-31 | 52.1 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 69.1 | 32.03 | 16.53 | 34.93 |
| 2017-12-31 | 69.18 | 29.99 | 18.59 | 31.84 |
| 2018-12-31 | 70.73 | 25.6 | 16.62 | 38.11 |
| 2019-12-31 | 70.79 | 35.47 | 24.9 | 36.43 |
| 2020-12-31 | 72.3 | 35.91 | 21.02 | 35.44 |
| 2021-12-31 | 71.34 | 33.47 | 27.44 | 36.8 |
| 2022-12-31 | 73.36 | 28.39 | 18.31 | 18.9 |
| 2023-12-31 | 74.42 | 31.22 | 14.81 | 29.21 |
| 2024-12-31 | 74.58 | 44.6 | 22.27 | 36.54 |
| 2025-12-31 | 73.68 | 45.85 | 23.76 | 35.54 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-03.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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