American Tower (AMT) Q2 2025 Earnings
How Did AMT Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.15%.
Did AMT Beat Earnings? Q2 2025 Results
No. American Tower reported Q2 2025 earnings of $0.78 a share on Jul 29, 2025, missing the $1.66 consensus estimate by 53.1%. Revenue was $2.6B against a $2.6B estimate.
American Tower delivered a sharply mixed second quarter, beating revenue expectations while falling well short on the bottom line, as a wave of unrealized foreign currency losses distorted headline earnings. Revenue came in at $2.63 billion, topping the $2.59 billion consensus by 1.26%, though still down 9.4% year-over-year, while earnings per diluted share of $0.78 missed the $1.66 estimate by 53.14%, the gap driven almost entirely by $484 million in unrealized currency losses that caused net income to plunge 58.1% to $381 million. Strip away that accounting headwind and the operational picture looks considerably more constructive, with Adjusted EBITDA rising 1.8% to $1.75 billion and the Data Centers segment posting 13.5% revenue growth to $262 million, fueled by accelerating demand for AI-ready infrastructure at CoreSite. Management responded to the underlying momentum by raising its full-year 2025 outlook, lifting the property revenue guidance midpoint by $165 million and now targeting AFFO per share of $10.46 to $10.65, even as net income guidance was trimmed by $400 million at the midpoint due to continued currency headwinds.
- Broad-based midband upgrades and accelerating densification activity in the U.S.
- Growing demand for AI-ready interconnection solutions fueling double-digit growth at CoreSite
- Organic Tenant Billings growth of 4.7% across total property portfolio
- International activity remains steady with solid cash flow conversion enhanced through cost and capital discipline
- Services revenue contributions at one of the highest quarters on record
“Demand for our high-quality global portfolio of telecommunications sites continued into the second quarter. In the U.S., broad-based midband upgrades, paired with accelerating densification activity, supported one of the highest quarters of U.S. Services revenue contributions on record. Growing demand for AI-ready interconnection solutions fueled double-digit growth at CoreSite. While we continue to manage through certain customer events, particularly in Latin America, international activity remains steady, with a solid cash flow conversion enhanced through cost and capital discipline.”
American Tower CEO, on the earnings call
What Was American Tower's Outlook in Q2 2025?
American Tower raised its full year 2025 outlook. Total property revenue is now expected at $10,135 million to $10,285 million (midpoint growth of 2.8%), with U.S. & Canada property revenue of $5,200-$5,260 million, international property revenue of $3,900-$3,970 million, and Data Centers property revenue of $1,035-$1,055 million (midpoint growth of 13.0%). Adjusted EBITDA is expected at $7,005-$7,075 million (midpoint growth of 3.3%). AFFO attributable to common stockholders is expected at $4,905-$4,995 million, or $10.46-$10.65 per share. Net income guidance was reduced to $2,340-$2,440 million, primarily due to unrealized foreign currency losses. Full year capital expenditures are expected at $1,615-$1,725 million, including $600 million in data center development spend and 1,850-2,450 new communications site builds globally. The outlook reflects estimated positive FX impacts of approximately $130 million to property revenue, $80 million to Adjusted EBITDA, and $55 million to AFFO.
AMT YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $2.6B | $2.9B | −9.4% |
| Gross Profit | $1.9B | $2.1B | −6.8% |
| Operating Income | $1.2B | $1.3B | −6.7% |
| Net Income | $380.5M | $900.4M | −57.7% |
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.