American Tower Corp
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.33%.
Did AMT Beat Earnings? Q1 2025 Results
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
Forward Guidance & Outlook
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
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.