10x Insights
Loading account…
Companies / Real Estate / American Tower
AMT

American Tower

Real EstateREITsS&P 500
Ticker AMTBOSTON, MAFiscal year ends DecemberBook value per share $7.97Diluted shares 466.6M

American Tower Corporation (NYSE: AMT) owns, operates and develops multitenant communications real estate, leasing space to wireless service providers, broadcasters, wireless data providers, government agencies and other customers. Its portfolio includes towers, distributed antenna system networks, fiber and other… From the company’s description.

In fiscal 2025, American Tower reported revenue of $10.64B, up 5.1% from fiscal 2024, and net income of $2.63B. Its operating margin was 45.5%, and operations generated $5.46B in cash. Over the twelve months to Jun 30, 2026, revenue was $10.94B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$10.64BFY2025
+5.1% year over year
Last 12 mo $10.94B
45.52%FY2025
+0.9 percentage points
Last 12 mo 44.80%
$2.63BFY2025
+15.3% year over year
Last 12 mo $3.52B
69.25%FY2025
+2.6 percentage points
Last 12 mo 91.43%
Cash & financing
$5.46BFY2025
+3.3% year over year
Last 12 mo $5.77B
$3.78BFY2025
+2.2% year over year
Last 12 mo $3.96B
10.19FY2025
Was 10.79× a year earlier
Last 12 mo 10.00
468.8MFY2025
+0.1% year over year
Last 12 mo 466.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What American Tower does

In the company’s own words

American Tower Corporation (NYSE: AMT) owns, operates and develops multitenant communications real estate, leasing space to wireless service providers, broadcasters, wireless data providers, government agencies and other customers. Its portfolio includes towers, distributed antenna system networks, fiber and other telecommunications assets, property interests, and U.S. data centers; it also provides tower-related services in the United States, including permitting, structural analysis and construction management. The company reports six segments: U.S. & Canada property, Africa & APAC property, Europe property, Latin America property, Data Centers and Services. In 2025, these segments generated 49%, 13%, 9%, 15%, 10% and 3% of total revenue, respectively. American Tower operated 149,686 communications sites and 30 data center facilities across eleven U.S. markets at year-end 2025, and employed 4,866 people. It expanded into data centers through its 2021 acquisition of CoreSite Realty Corporation. Its website is www.americantower.com.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
BOSTON, MA
Fiscal year end
December
CIK
1053507
SIC
6798

Financial performance, year by year

Fiscal 2013–2025 · USD
$-1.11B$2.23B$5.57B$8.92B$12.26B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns American Tower — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

895
funds hold it
1 of 35
superinvestors hold it
$30.41B
held by funds, at market
37.7%
of shares held by funds
42
bond issues held by funds

Superinvestors in American Tower · what they did last quarter

Chuck AkreDECREASED -42.4%
Akre Capital Management
0.1%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · American Tower’s weight in each

VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.11%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.12%of fund net assets
Fidelity 500 Index Fund
FXAIX · Fidelity Concord Street Trust
0.13%of fund net assets
iShares Core S&P 500 ETF
IVV · iShares Trust
0.12%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

American Tower’s bonds, as funds hold them

Funds report holding 42 issues of American Tower’s debt, $5.21B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 3.99%, maturing 2026 to 2051.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do American Tower and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of American Tower's earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in American Tower's last four quarterly filings that the numbers alone won't show?”
See how it works →All research tools with a subscription. Use your own AI account.