AMT Financials American Tower

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 13.6% per year over the past 5 years.
Net income has grown slower than revenue (9.2% vs 13.6% per year).
Operating margin has contracted, at 517.8% in the latest year.
Free cash flow has grown 5.8% per year over the past 5 years.

Financial health

Total debt has grown in line with revenue (14.0% vs 13.6% per year).
Operating income covered interest expense 3.6× in the latest year.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 121.0% of earnings and 84.1% of free cash flow.
The dividend has grown 10.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$936M	$2.6B	0.0%	517.8%	$3.8B	—	$1.5B
2024	$775M	$2.3B	0.0%	583.1%	$3.7B	—	$2.0B
2023	$747M	$1.4B	0.0%	418.2%	$2.9B	—	$1.8B
2022	$841M	$1.7B	0.0%	325.8%	$1.8B	$38.9B	$1.5B
2021	$717M	$2.6B	0.0%	436.7%	$3.4B	$43.5B	$1.9B
2020	$496M	$1.7B	0.0%	582.5%	$2.8B	—	$1.7B
2019	$527M	$1.9B	91.8%	509.9%	$2.8B	$2M	$1.5B
2018	$491M	$1.3B	90.0%	387.7%	$2.8B	$21.2B	$1.2B
2017	—	$1.2B	—	—	$2.1B	$20.2B	$802M
2016	—	$970M	—	—	$2.0B	$18.5B	$787M
2015	—	$672M	—	—	—	$17.1B	$321M
2014	—	$803M	—	—	—	$14.5B	$313M
2013	—	$482M	—	—	—	$14.5B	$294M
2012	—	$594M	—	—	—	$8.8B	$369M
2011	—	$382M	—	—	—	$7.2B	$330M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$216M	$879M	0.0%	573.4%	$951M	—	$1.6B
Dec '25	$220M	$837M	0.0%	528.1%	$848M	—	$1.5B
Sep '25	$246M	$913M	0.0%	500.5%	$995M	—	$2.0B
Jun '25	$244M	$381M	0.0%	491.5%	$977M	—	$2.1B
Mar '25	$226M	$499M	0.0%	554.9%	$964M	—	$2.1B
Dec '24	$215M	$1.2B	0.0%	502.8%	$756M	—	$2.0B
Sep '24	$190M	-$780M	0.0%	598.3%	$1.0B	—	$2.2B
Jun '24	$196M	$908M	0.0%	588.7%	$1.0B	—	$2.2B
Mar '24	$173M	$922M	0.0%	659.5%	$887M	—	$2.2B
Dec '23	$164M	$13M	0.0%	372.7%	$617M	—	$1.8B
Sep '23	$186M	$577M	0.0%	491.7%	$910M	—	$2.0B
Jun '23	$196M	$462M	0.0%	434.6%	$789M	—	$2.0B
Mar '23	$206M	$315M	0.0%	377.1%	$609M	—	$1.8B
Dec '22	$208M	-$717M	0.0%	92.3%	$527M	$38.9B	$1.5B
Sep '22	$221M	$820M	0.0%	296.0%	$473M	—	$2.1B
Jun '22	$217M	$891M	0.0%	360.5%	$545M	—	$2.1B
Mar '22	$209M	$703M	0.0%	346.4%	$278M	—	$1.9B
Dec '21	$191M	$441M	0.0%	328.1%	$219M	$43.5B	$1.9B
Sep '21	$205M	$726M	0.0%	404.3%	$1.8B	—	$3.3B
Jun '21	$180M	$748M	0.0%	472.8%	$674M	—	$1.9B

Valuation over time

How the market has priced AMT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 56.1× (Mar '23) to 29.9× (Jun '26).
The price-to-sales ratio has fallen from 113.2× (Mar '23) to 84.0× (Jun '26).
The dividend yield has risen from 2.9% (Mar '23) to 4.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AMT growing its revenue and profit?

Over the past 5 years, American Tower's revenue has grown 13.6% per year, and net income grown 9.2% per year. These are computed facts, not advice.

How much debt does AMT have?

As of FY2025, American Tower reported — of total debt against $1.5B of cash; operating income covered interest expense 3.6×.

What is AMT's profit margin?

In FY2025, gross margin was —, operating margin 517.8%, and net margin 280.9%.

What is AMT's P/E ratio?

As of Jun '26, American Tower traded at a price-to-earnings ratio of about 29.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.