# American Tower Corporation (AMT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AMT/thesis · /stocks/AMT/memo

## Financial Snapshot

---
ticker: AMT
step: 04
generated: 2026-05-12
source: quick-research
---

### American Tower Corporation (AMT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $9.65B | $10.01B | $10.13B | +1.1% |
| Gross Margin | ~72% | ~72% | ~72% | flat |
| Operating Margin | ~25% | ~26% | ~28% | +2pp |
| Net Income | ~$1.7B | ~$1.6B | ~$2.25B | +41% |
| AFFO per Share (diluted) | ~$9.70 | ~$9.94 | ~$9.97 | flat |

*Note: AFFO (Adjusted Funds From Operations) is the primary performance metric for tower REITs, as GAAP net income includes large non-cash depreciation/amortization charges on tower assets. FY2025 AFFO per share grew 8% to $10.76. FY2026 guidance of $10.78–$10.95 per share implies only ~1% growth — a significant deceleration from FY2025, driven by expected U.S. revenue headwinds.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5.3B |
| Adjusted EBITDA | ~$7.4B |
| Net Leverage | 5.1x (improved to 4.9x by end of FY2025) |
| Liquidity | ~$11.1B |

*Note: AMT carries significant debt, typical for infrastructure REITs with long-duration asset bases. Net leverage of 4.9x is the lowest among tower peers. Debt is predominantly fixed-rate, insulating against interest rate moves on existing obligations.*

#### Key Ratios (approximate)
- P/AFFO: ~18–20x | EV/EBITDA: ~20x | Dividend Yield: ~3.0%
- Revenue Growth (FY2024): +1.1% | AFFO Margin: ~47%
- FY2025 AFFO per share: $10.76 (actual, +8% YoY)

#### Growth Profile
AMT's organic growth historically compounded at 5–8% AFFO per share annually through 3% embedded U.S. lease escalators plus net new lease additions on existing towers. FY2025 accelerated to 8% AFFO per share growth driven by international markets and CoreSite. However, FY2026 guidance dramatically decelerates to ~1% AFFO per share growth, driven by a forecasted 3.0% decline in U.S. & Canada property revenue and near-zero U.S. organic tenant billings growth (0.5% vs. 5–7% historical). International markets (Africa, Europe, India) are expected to partially offset U.S. weakness.

#### Forward Estimates
- FY2026E AFFO per share: $10.78–$10.95 (company guidance, ~1% growth)
- FY2026E Revenue: ~$11.0–11.4B (continued modest growth from international + CoreSite)
- Near-term risk: U.S. carrier spending slowdown; medium-term recovery if 5G densification accelerates

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AMT/fundamental

## Navigation

- Overview: /stocks/AMT
- Financials (this page): /stocks/AMT/financials
- Thesis: /stocks/AMT/thesis
- Investment Memo: /stocks/AMT/memo
- Coverage universe: /stocks