American Tower Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.15%.
Did AMT Beat Earnings? Q4 2025 Results
American Tower delivered a convincing beat to close out 2025, with fourth-quarter earnings per diluted share of $1.75 clearing the $1.47 consensus estimate by 19.06% and revenue of $2.74 billion topping expectations by 1.93% on 7.5% year-over-year growth. The headline GAAP results told a more complicated story, as net income fell 32.0% to $836.80 million, weighed down by unfavorable foreign currency swings and $100.20 million in impairment charges; however, the company's preferred metric, AFFO attributable to common stockholders, climbed 13.1% to $1.23 billion, or $2.63 per share, underscoring the durability of its core leasing business. The Data Centers segment was a notable bright spot, posting 19.0% revenue growth to $281.00 million in Q4, a momentum that aligns with growing institutional interest in the company's potential to support AI-driven infrastructure demand. Looking ahead, American Tower guided 2026 AFFO per share to a range of $10.78 to $10.95, while projecting net income growth of roughly 14.1% at the midpoint, signaling confidence in sustained cash flow generation despite near-term currency and straight-line revenue headwinds.
- Sustained growth in mobile data consumption driving tower leasing demand
- Continued 5G deployment across global markets
- Increasing hybrid-cloud and AI-related workloads driving data center demand
- Organic Tenant Billings Growth of 5.9% for Q4 2025
- Strong Data Centers segment revenue growth of 19.0% in Q4
- Africa & APAC segment revenue grew 23.6% and Europe grew 16.0% in Q4
- Return to target leverage range at 4.9x net debt to annualized Adjusted EBITDA
“We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy. Leasing demand across our global tower portfolio and data center business remains robust, underpinned by sustained growth in mobile data consumption, continued 5G deployment, and increasing hybrid-cloud and AI-related workloads. Alongside these demand trends, we've taken meaningful actions to streamline our global operations, enhance the quality and durability of our earnings, and improve financial flexibility by returning to our target leverage range.”
American Tower CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, American Tower expects total property revenue of $10,440M to $10,590M (2.0% midpoint growth), net income of $2,945M to $3,025M (14.1% midpoint growth), net income attributable to AMT common stockholders of $2,980M to $3,060M (24.1% midpoint growth), Adjusted EBITDA of $7,090M to $7,160M (-0.1% midpoint growth), AFFO attributable to AMT common stockholders of $5,035M to $5,115M (0.7% midpoint growth), and AFFO per share of $10.78 to $10.95 (1.0% midpoint growth). Total capital expenditures are expected at $1,795M to $1,905M, including $695M of data center development spend and 1,700 to 2,300 new communications site builds globally. The outlook reflects an estimated positive FX impact of ~$87M on property revenue and ~$0.09/share on AFFO, and a negative ~2% impact on property revenue growth from declining straight-line revenue recognition.
AMT YoY Financials
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.