American Tower (AMT) financials

NYSE · Real Estate · REIT - Specialty · 4,866 employees · CEO Steven O. Vondran

Price: $187.78 +1.02%
Market cap: $87.1B
Enterprise value: $131B
Last report: Q3 '26 filed 2026-10-27
Next report: 2027-02-23 EPS est. $1.62

Revenue (TTM)$11B+5.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)44.1%-1.8 pp vs a year agoOperating income $4.86B

Net income (TTM)$3.29B+12.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.96B+7.3% vs a year agoCapex $1.75B

Diluted EPS (TTM)$7.09+13.3% vs a year agoSum of the last 4 quarters

Net cash-$43.4B-0.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $87.1B
Revenue: $11B
Revenue growth: +4%
Profit margin: 29.9%
P/E: 26.4×
P/S: 7.9×
EV / EBITDA: 17.8×
Free cash flow: $3.96B
Net income: $3.29B
Revenue estimate: $11B
Earnings: 2027-02-23
Dividend: $7.07

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 0.9%, EPS in lineRevenue $2.79B vs $2.76B expected (+0.9%); EPS $1.64 vs $1.64 (0.0%).
Revenue growth slowing: 2.5% year on yearQ3 '26 revenue $2.79B, against an average of 6.7% over the four quarters before.
Operating margin 44.1% (TTM), -1.8 pp on a year agoOperating income grew 1.2% while revenue grew 5.3%.
26.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.84B vs operating income $4.86B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 15.9% of revenue (a year ago 14.8%)$1.75B invested in the last 4 quarters (+13.1% on a year earlier). Free cash flow $3.96B = 120.3% of net income.
Returned $4.14B to shareholders = 104.5% of free cash flowBuybacks $868M (a year earlier $0), dividends $3.27B, stock-based pay $156M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 0.7% in a year466M diluted shares in Q3 '26, 469M a year earlier.
Net debt $43.4BCash + short-term investments $1.87B, debt incl. leases $45.3B; a year ago net debt $43.1B.
Property Data Centers: revenue +17.4%, margin 52.7% (was 52.5%)Fastest-growing reported segment in Q3 '26: operating income $165M on revenue $313M (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$2.79B	$2.72B	+2.5%
Gross margin	72.8%	75.1%	-2.3 pp
Operating income	$1.27B	$1.27B	+0.1%
Operating margin	45.6%	46.7%	-1.1 pp
Net income	$766M	$853M	-10.3%
Diluted EPS	$1.64	$1.82	-9.9%
Operating cash flow	$1.39B	$1.46B	-4.6%
Capex	$397M	$466M	-14.6%
Free cash flow	$995M	$995M	+0.1%
R&D	$0	$0	–
Stock-based compensation	$31.5M	$41.9M	-24.8%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$2.79B	$2.76B	+0.9%
EPS (as estimated)	$1.64	$1.64	0.0%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Property	$2.73B	+4.5%	98.2%	$10.8B	+14.0%
Services Revenue	$51.4M	-49.2%	1.8%	$245M	-27.8%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$1.33B	-6.6%	46.8%	$5.38B	-3.4%
Property, Africa	$428M	+15.4%	15.1%	$1.6B	+356.2%
Property, Latin America	$460M	+10.4%	16.2%	$1.82B	+11.9%
Property, Data Centers	$313M	+17.4%	11.0%	$1.18B	+17.0%
Property, Europe	$258M	+5.9%	9.1%	$1.03B	+13.6%
Services Segment	$51.4M	-49.2%	1.8%	$319M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Property US And Canada	$1.33B	-6.6%	$1.01B	-4.8%	76.1%	74.7%	$4.09B
Property Latin America	$460M	+10.4%	$302M	+18.2%	65.7%	61.3%	$1.19B
Property Africa APAC	$428M	+15.4%	$256M	+7.4%	59.8%	64.2%	$977M
Property Data Centers	$313M	+17.4%	$165M	+17.9%	52.7%	52.5%	$634M
Property Africa	–	–	–	–	–	–	–
Property Europe	$258M	+5.9%	$147M	+6.5%	56.8%	56.4%	$579M
Property Asia Pacific	–	–	–	–	–	–	–
Property	–	–	$1.88B	+2.6%	–	–	$7.47B
Services Segment	–	–	$13.2M	-67.9%	–	–	$78.1M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.71B
Capex: -$1.75B
Buybacks: -$868M
Dividends: -$3.27B
Acquisitions: -$297M
Net debt issued: -$246M
Stock-based compensation: $156M
Free cash flow: $3.96B
Returned to shareholders / FCF: 104.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	26.4×	49.0×	32.5× – 67.9×
EV / EBITDA	17.8×	22.9×	17.8× – 30.2×
EV / Sales	11.9×	14.6×	11.8× – 19.5×
Price / FCF	22.0×	34.3×	21.8× – 53.6×
Price / Book	24.8×	23.1×	17.5× – 26.0×
FCF yield	4.5%	3.3%	1.9% – 4.6%
Return on invested capital	7.0%	5.4%	4.0% – 7.0%
Return on equity	91.3%	50.7%	31.7% – 69.3%

Analysts

Consensus target $203.67 (+8.5%)
range $188.00 – $212.00 · rating Buy

Strong buy1

Buy40

Hold9

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$11B	+3.7%	$6.96	+29.2%	27.0×	8
FY2027	$11.4B	+3.1%	$6.94	-0.3%	27.0×	9
FY2028	$12.1B	+6.3%	$7.75	+11.7%	24.2×	12
FY2029	$12.8B	+5.7%	$8.46	+9.1%	22.2×	9
FY2030	$13.3B	+4.1%	$9.60	+13.4%	19.6×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 309 figures American Tower Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$210M	$239M	-12.2%	$260M	$241M	+7.9%
Accounts Receivable, after Allowance for Credit Loss, Current	$622M	$737M	-15.6%	$650M	$540M	+20.4%
Accounts Receivable, Allowance for Credit Loss, Current	$430M2025-12-31	$404M	+6.5%	$430M	$404M	+6.5%
Accrued Income Taxes, Current	$45.9M	$23.3M	+97.0%	$26.5M	$20.6M	+28.6%
Accrued Liabilities, Current	$1.21B	$1.23B	-1.3%	$1.11B	$1.08B	+2.8%
Accrued Rent, Current	$49.6M	$51.1M	-2.9%	$52M	$54.7M	-4.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$4.76B	-$4.82B	+1.3%	-$4.82B	-$5.95B	+19.1%
Additional Paid in Capital	$15.6B	$15.2B	+2.5%	$15.2B	$15.1B	+1.0%
Amortization of Debt Issuance Costs and Discounts	–	–	–	$54.1M	$54.1M	0.0%
Amortization of Intangible Assets	$215M	$226M	-4.9%	$880M	$892M	-1.4%
Asset Impairment Charges	–	–	–	$101M	$68.6M	+46.8%
Asset Retirement Obligation	$2.52B	$2.54B	-0.7%	$2.51B	$2.39B	+5.0%
Asset Retirement Obligation, Accretion Expense	–	–	–	$37.8M	$35.5M	+6.5%
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)	–	–	–	-$131M	$125M	-205.0%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$12.1M	$15.5M	-21.9%
Asset Retirement Obligation, Liabilities Settled	–	–	–	$24.3M	$41.3M	-41.2%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$93.5M	$304M	-69.3%
Assets	$63B	$63.9B	-1.4%	$63.2B	$61.1B	+3.5%
Assets, Current	$3.15B	$3.54B	-10.9%	$2.74B	$3.18B	-13.7%
Broker-Dealer, Payable to Customer	$81.3M	$70.6M	+15.2%	$70.9M	$74.7M	-5.1%
Business Combination, Acquisition Related Costs	-$200K2025-12-31	-$700K	+71.4%	$200K	$3.3M	-93.9%
Business Combination, Integration Related Costs	$1.3M2025-12-31	$2.6M	-50.0%	$5.2M	$8.9M	-41.6%
Cash and Cash Equivalents, at Carrying Value	$1.87B	$1.95B	-4.0%	$1.47B	$2B	-26.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.01B	$2.1B	-4.5%	$1.61B	$2.11B	-23.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$115M	-$109M	+205.4%	-$503M	$14.8M	-3,498.6%
Common Stock, Dividends, Per Share, Cash Paid	$1.79	$1.70	+5.3%	$6.80	$6.48	+4.9%
Common Stock, Dividends, Per Share, Declared	$1.702025-12-31	$1.62	+4.9%	$6.72	$6.56	+2.4%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Issued	480M	479M	+0.2%	479M	478M	+0.2%
Common Stock, Shares, Outstanding	464M	468M	-0.9%	466M	467M	-0.2%
Common Stock, Value, Issued	$4.8M	$4.8M	0.0%	$4.8M	$4.8M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$16.7M	$39.2M	-142.6%	$559M	-$209M	+367.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$671M	$995M	-32.6%	$3.67B	$2.04B	+79.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$654M	$1.03B	-36.8%	$4.23B	$1.83B	+130.9%
Construction Payable, Current	$206M	$206M	+0.3%	$196M	$167M	+17.3%
Contract with Customer, Liability, Current	$403M	$438M	-8.0%	$325M	$329M	-1.3%
Contract with Customer, Liability, Revenue Recognized	–	–	–	$133M	$117M	+14.0%
Costs and Expenses	$1.52B	$1.48B	+2.2%	$5.8B	$5.61B	+3.4%
Current Federal Tax Expense (Benefit)	–	–	–	$37.6M	$1.1M	+3,318.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$329M	$305M	+7.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$7.1M	$8M	-11.3%
Debt Instrument, Redemption Price, Percentage	0.0%2025-12-31	0.0%	–	101.0%	101.0%	0.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$215M2025-12-31	$255M	-15.7%	$215M	$255M	-15.7%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$24.3M	$7.6M	+219.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$16.5M	$43.5M	-62.1%
Deferred Income Tax Assets, Net	$167M	$166M	+0.6%	$151M	$123M	+23.4%
Deferred Income Tax Liabilities, Net	$1.52B	$1.51B	+0.4%	$1.44B	$1.26B	+14.1%
Deferred Income Taxes and Tax Credits	–	–	–	$42.5M	$52.3M	-18.7%
Deferred Rent Receivables, Net, Noncurrent	$3.74B	$3.81B	-1.8%	$3.85B	$3.71B	+3.8%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$1.7M	$1.2M	+41.7%
Deferred Tax Assets, Capital Loss Carryforwards	$312M2025-12-31	$293M	+6.3%	$312M	$293M	+6.3%
Deferred Tax Assets, Deferred Income	$24.5M2025-12-31	$19.8M	+23.7%	$24.5M	$19.8M	+23.7%
Deferred Tax Assets, Other	$9.6M2025-12-31	$58.6M	-83.6%	$9.6M	$58.6M	-83.6%
Deferred Tax Assets, Tax Credit Carryforwards	$379M2025-12-31	$311M	+21.8%	$379M	$311M	+21.8%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$10.2M2025-12-31	$9.9M	+3.0%	$10.2M	$9.9M	+3.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations	$265M2025-12-31	$246M	+7.8%	$265M	$246M	+7.8%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Returns and Allowances	$157M2025-12-31	$46.1M	+240.8%	$157M	$46.1M	+240.8%
Deferred Tax Assets, Unrealized Currency Losses	$23M2025-12-31	$25.6M	-10.2%	$23M	$25.6M	-10.2%
Deferred Tax Assets, Valuation Allowance	$760M2025-12-31	$682M	+11.5%	$760M	$682M	+11.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01