Companies /Real Estate

American Tower Corp

NYSE: AMT Reit - Specialty
$175.85
▼ $1.90 (−1.07%) today
Markets closed · 10:43pm ET

Q3 2025 Earnings

Reported Oct 28, 2025, 7:04am ET · SEC source
$1.82
Beat +10.06%
EPS · est. $1.65
$2.7B
Beat +2.31%
Revenue · est. $2.7B
−0.3%
Trailing market
AMT vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Oct 28Oct 29report 7:04am ETearnings+0.5%−4.3%
−6%−3%0Oct 28Oct 29earnings+0.5%−4.3%
AMT −4.3%S&P 500 +0.5%
−6%−3%0Oct 28Oct 29report 7:04am ETearnings+1.1%−4.3%
−6%−3%0Oct 28Oct 29earnings+1.1%−4.3%
AMT −4.3%NASDAQ +1.1%
−6%−3%0Oct 27Nov 4report 7:04am ETearnings−1.5%−4.6%
−6%−3%0Oct 27Nov 4earnings−1.5%−4.6%
AMT −4.6%S&P 500 −1.5%
−6%−3%0Oct 27Nov 4report 7:04am ETearnings−1.5%−4.6%
−6%−3%0Oct 27Nov 4earnings−1.5%−4.6%
AMT −4.6%NASDAQ −1.5%
−3.69%
Day of report
−1.99%
Next session
−1.30%
One week
−0.79%
30 days

S&P 500 over the same 30 days: −0.53%.

Did AMT Beat Earnings? Q3 2025 Results

American Tower posted a convincing third-quarter 2025 beat, with earnings per diluted share of $1.82 clearing the $1.65 consensus estimate by 10.06% and revenue of $2.72 billion topping expectations by 2.31% on 7.7% year-over-year growth. The results were anchored by broad-based segment strength, most notably a 14.1% surge in Data Centers revenue to $267.00 million, where record retail leasing activity and rising AI-driven demand helped lift overall Adjusted EBITDA to $1.82 billion at a 66.8% margin. Net income swung sharply positive to $912.60 million, aided by the absence of the $1.20 billion loss on the India operations sale that had weighed on the prior-year period. Management responded to the momentum by raising full-year 2025 guidance, lifting AFFO per share guidance to a range of $10.60 to $10.72, with foreign currency tailwinds cited as the primary driver of the increase. With peer tower operators similarly reporting healthy demand for wireless infrastructure, American Tower's diversified global footprint and data center expansion appear well-positioned heading into year-end.

Key Takeaways
  • Rapid growth in global data demand driving tower leasing activity
  • Robust carrier investment in network coverage and capacity across U.S. and international markets
  • Strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads in Data Centers segment
  • Record quarter of signed retail new leasing in Data Centers
  • Positive foreign currency exchange rate fluctuations compared to prior year
  • Organic Tenant Billings Growth of 5.0%
  • Decrease in non-cash straight-line revenue recognition creating headwind to reported revenue growth

“We delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted. Our unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand. Leasing activity across our U.S. and international towers remains robust as carriers invest in network coverage and capacity, and in our data center business, strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads drove a strong quarter, including a record quarter of signed retail new leasing.”

American Tower CEO, on the earnings call

Forward Guidance & Outlook

American Tower raised the midpoints of its full year 2025 outlook. Total property revenue is expected at $10,210M to $10,290M (midpoint growth of 3.2%). Adjusted EBITDA is guided at $7,058M to $7,113M (midpoint growth of 4.0%). AFFO attributable to common stockholders is expected at $4,973M to $5,028M (midpoint growth of 1.3%, or 7.3% as adjusted). AFFO per share guidance is $10.60 to $10.72. Net income is expected at $2,458M to $2,513M. The outlook raises were primarily driven by estimated positive foreign currency exchange rate fluctuations. Full-year capital expenditures are expected at $1,620M to $1,730M, including $600M of data center development spend and construction of 1,850 to 2,450 communications sites globally. U.S. & Canada property revenue is expected at $5,230M to $5,240M, international property revenue at $3,940M to $4,000M, and Data Centers property revenue at $1,040M to $1,050M.

AMT YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$800.0M$1.6B$2.4B$2.5B$2.7BRevenue$1.9B$1.5BGross Profit$1.1B$1.2BOperating Income$289.5M$912.6MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

AMT Revenue by Segment

U.S. & Canada Property$1.3B+0.1%
Latin America Property$417.0M+3.4%
Africa & APAC Property$371.0M+22.5%
Data Centers$267.0M+14.1%
Europe Property$244.0M+14.5%
Services$101.0M+92.9%

AMT Revenue by Geography

United States$1.3B+0.1%
Latin America$417.0M+3.4%
Africa$371.0M+22.5%
Europe$244.0M+14.5%

Figures from SEC filings and company reports. Not investment advice.