American Tower (AMT) Q1 2025 Earnings
How Did AMT Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.33%.
Did AMT Beat Earnings? Q1 2025 Results
No. American Tower reported Q1 2025 earnings of $1.04 a share on Apr 29, 2025, missing the $1.57 consensus estimate by 33.6%. Revenue was $2.6B against a $2.5B estimate.
American Tower delivered a mixed first quarter for 2025, with a sharp earnings miss overshadowing a modest revenue beat as foreign currency swings distorted the bottom line. The wireless tower REIT posted revenue of $2.56 billion, edging past the $2.54 billion consensus by 0.75% but falling 9.6% year-over-year, while earnings per diluted share of $1.04 came in well below the $1.57 consensus estimate, a miss of 33.55%. The culprit was a brutal swing in currency impacts, with foreign exchange losses of roughly $345.70 million in Q1 reversing a $127.70 million gain in the prior-year period and pulling net income down 46.7% to $489.00 million. Beneath the headline noise, operational trends held firm, with Adjusted EBITDA rising 1.9% to $1.74 billion and U.S. services revenue hitting its highest level since 2021 at $75.00 million, buoyed by accelerating 5G mid-band deployments. Looking ahead, management raised full-year AFFO per share guidance to a range of $10.35 to $10.54 and lifted property revenue guidance to $9.97 billion to $10.12 billion, citing favorable currency tailwinds and resilient global demand across its tower and data center portfolio.
- Accelerating broad-based mid-band deployments in the U.S.
- Early indications of capacity-driven new site demand
- Highest quarter of services revenue since 2021
- Favorable leasing and pricing trends at CoreSite data centers
- Steady leasing activity in international markets
- Continued global cost management focus
- Gain on sale of South Africa Fiber of $53.6 million
“The solid leasing trends we saw over the course of 2024 carried into the first quarter, with sustained demand across our global portfolio. In the U.S., accelerating broad-based mid-band deployments and the early indications of capacity-driven new site demand supported our highest quarter of services revenue since 2021. Complemented by favorable leasing and pricing trends at CoreSite, steady activity in our international markets and a continued focus on global cost management, we delivered Attributable AFFO per Share growth, on an as adjusted basis, of 6.6%, while resuming mid-single digit dividend per share growth.”
American Tower CEO, on the earnings call
What Was American Tower's Outlook in Q1 2025?
For full year 2025, American Tower raised midpoints for property revenue, Adjusted EBITDA, AFFO, and AFFO per share by $50M, $30M, $20M, and $0.04 respectively, driven by estimated positive foreign currency impacts. Total property revenue is expected at $9,970M to $10,120M (midpoint growth of 1.1%). Net income guidance was reduced by $185M at midpoint to $2,740M-$2,840M due to unrealized FX losses. Adjusted EBITDA is expected at $6,885M-$6,955M (midpoint growth 1.6%). AFFO attributable to common stockholders is expected at $4,850M-$4,940M, and AFFO per share at $10.35-$10.54 (midpoint growth as adjusted of 4.8%). Full-year capex outlook is $1,635M-$1,745M. Segment property revenue midpoints: U.S. & Canada $5,190M-$5,250M, International $3,755M-$3,825M, Data Centers $1,025M-$1,045M (11.9% midpoint growth).
AMT YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $2.6B | $2.8B | −9.6% |
| Gross Profit | $1.5B | $2.0B | −28.1% |
| Operating Income | $1.3B | $1.2B | +1.4% |
| Net Income | $498.6M | $917.4M | −45.7% |
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.