American Tower Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.15%.
Did AMT Beat Earnings? Q2 2025 Results
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
Forward Guidance & Outlook
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
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.