AMT financial statements

The full income statement, balance sheet, and cash-flow statement for American Tower Corporation (REIT) (AMT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-03 467.0M2024-06 467.1M2024-09 467.3M2024-12 467.5M2025-03 468.1M2025-06 468.3M2025-09 468.1M2025-12 466.1M2026-03 465.9M-0.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.6B YoY+5.1%	10.1B YoY+1.1%	10.0B YoY+3.8%	9.65B YoY+3.1%	9.36B YoY+16.4%
Lease income	9.71B YoY+3.8%	9.35B YoY+0.9%	9.26B YoY+5.2%	8.80B YoY+1.9%	8.64B YoY+14.5%
Selling, general & administrative	941M YoY+0.8%	933M YoY-1.3%	946M YoY+4.9%	902M YoY+11.2%	812M YoY+4.2%
Amortization of intangibles	880M YoY-1.4%	892M YoY-36.3%	1.40B YoY-12.5%	1.60B YoY+33.3%	1.20B YoY+33.3%
Operating income	4.85B YoY+7.3%	4.52B YoY+44.5%	3.13B YoY+14.1%	2.74B YoY-12.6%	3.13B YoY+8.5%
Interest expense	1.36B YoY-3.2%	1.40B YoY+0.5%	1.40B YoY+23.0%	1.14B YoY+30.5%	871M YoY+9.8%
Other non-operating income	-576M YoY-252.6%	378M YoY+215.7%	-326M YoY-175.1%	435M YoY-23.2%	566M YoY+335.1%
Gain (loss) on equity securities	233M YoY+230.4%	70.4M YoY+1537.2%	4.30M YoY+125.7%	-16.7M YoY-373.8%	6.10M
Pre-tax income	3.04B YoY-16.0%	3.62B YoY+137.0%	1.53B YoY-26.7%	2.09B YoY-26.3%	2.83B YoY+55.4%
Income tax	416M YoY+13.5%	366M YoY+303.4%	90.8M YoY-19.5%	113M YoY-56.9%	262M YoY+102.0%
	2.63B YoY+15.3%	2.28B YoY+66.8%	1.37B YoY-19.4%	1.70B YoY-33.9%	2.57B YoY+51.9%
Discontinued operations	0.00 YoY+100.0%	-978M YoY-1270.2%	-71.4M YoY+74.2%	-277M	—
Net income to non-controlling interest	99.0M YoY+292.9%	25.2M YoY+121.7%	-116M YoY-68.2%	-69.1M YoY-69000.0%	-100K YoY-111.1%
Net income to common	2.53B YoY+12.2%	2.25B YoY+52.0%	1.48B YoY-16.0%	1.77B YoY-31.2%	2.57B YoY+51.9%
	$5.40 YoY+12.0%	$4.82 YoY+51.6%	$3.18 YoY-16.8%	$3.82 YoY-32.5%	$5.66 YoY+49.3%
EPS (basic)	$5.41 YoY+12.0%	$4.83 YoY+51.9%	$3.18 YoY-17.0%	$3.83 YoY-32.7%	$5.69 YoY+49.3%
	468M YoY+0.2%	467M YoY+0.2%	466M YoY+1.0%	462M YoY+2.2%	451M YoY+1.8%
	469M YoY+0.1%	468M YoY+0.2%	467M YoY+1.0%	463M YoY+2.1%	453M YoY+1.6%
Dividends per share	$6.72 YoY+2.4%	$6.56 YoY+1.7%	$6.45 YoY+10.1%	$5.86 YoY+17.6%	$4.98 YoY+14.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.74B YoY-13.7%	3.18B YoY-14.3%	3.71B YoY+2.4%	3.62B YoY-2.9%	3.73B YoY+28.4%
Cash & equivalents	1.47B YoY-26.2%	2.00B YoY+14.0%	1.75B YoY+13.2%	1.55B YoY-20.6%	1.95B YoY+11.7%
Accounts receivable	650M YoY+20.4%	540M YoY-1.4%	548M YoY-27.8%	758M YoY+4.0%	729M YoY+42.5%
Prepaid expenses	486M YoY-8.3%	531M YoY-5.2%	560M YoY-22.6%	723M YoY+10.1%	657M YoY+23.4%
	63.2B YoY+3.5%	61.1B YoY-7.5%	66.0B YoY-1.7%	67.2B YoY-3.9%	69.9B YoY+48.0%
Operating lease right-of-use	8.43B YoY+4.2%	8.09B YoY-1.4%	8.21B YoY-8.0%	8.92B YoY-3.3%	9.23B YoY+18.4%
Goodwill	12.3B YoY+4.1%	11.8B YoY-2.6%	12.1B YoY+0.1%	12.1B YoY-9.6%	13.4B YoY+83.3%
Intangible assets	14.5B YoY+0.4%	14.5B YoY-9.2%	15.9B YoY-11.4%	18.0B YoY-13.2%	20.7B YoY+49.8%
Deferred tax assets	151M YoY+23.4%	123M YoY-31.5%	179M YoY+38.6%	129M YoY-1.8%	132M YoY+6.9%
Other non-current assets	877M YoY+29.5%	677M YoY-10.4%	755M YoY+38.2%	547M YoY+36.4%	401M YoY+0.2%
	6.91B YoY-2.3%	7.08B YoY-2.4%	7.25B YoY-12.8%	8.31B YoY-8.3%	9.07B YoY+148.0%
Accounts payable	260M YoY+7.9%	241M YoY-4.2%	251M YoY+15.0%	219M YoY-19.8%	272M YoY+95.8%
Accrued liabilities	1.11B YoY+2.8%	1.08B YoY+2.8%	1.05B YoY-21.7%	1.34B YoY-4.9%	1.41B YoY+35.4%
Deferred revenue	325M YoY-1.3%	329M YoY-24.1%	434M YoY-1.3%	440M YoY-63.5%	1.20B YoY+208.2%
Short-term & current debt	3.39B YoY-8.3%	3.69B YoY+20.4%	3.07B YoY-32.1%	4.51B YoY-1.2%	4.57B YoY+478.5%
Current lease liability	585M YoY+1.4%	577M YoY-16.5%	690M YoY-12.5%	789M YoY+10.7%	713M YoY+32.0%
Finance lease liability (current)	—	2.60M YoY-23.5%	3.40M YoY-27.7%	4.70M YoY-29.9%	6.70M YoY+36.7%
	52.8B YoY+2.7%	51.4B YoY-6.8%	55.2B YoY+0.7%	54.8B YoY-9.9%	60.8B YoY+43.3%
Long-term debt	33.8B YoY+3.1%	32.8B YoY-8.2%	35.7B YoY-8.1%	38.9B YoY-10.6%	43.5B YoY+52.6%
Deferred revenue (non-current)	—	521M YoY+9.7%	475M YoY-3.0%	490M YoY-9.4%	540M YoY-6.2%
Non-current lease liability	7.16B YoY+4.1%	6.88B YoY+0.9%	6.82B YoY-10.2%	7.59B YoY-5.6%	8.04B YoY+16.8%
Operating lease liability (total)	7.74B YoY+3.9%	7.45B YoY-0.7%	7.51B YoY-10.4%	8.38B YoY-4.3%	8.75B YoY+17.9%
Finance lease liability (total)	15.9M YoY-4.2%	16.6M YoY-19.4%	20.6M YoY-25.9%	27.8M YoY-12.0%	31.6M YoY+13.3%
Finance lease liability	—	14.0M YoY-18.6%	17.2M YoY-25.5%	23.1M YoY-7.2%	24.9M YoY+8.3%
Deferred tax liabilities	1.44B YoY+14.1%	1.26B YoY-3.7%	1.31B YoY-12.2%	1.49B YoY-18.5%	1.83B YoY+113.0%
Other non-current liabilities	977M YoY-3.6%	1.01B YoY-11.9%	1.15B YoY-3.1%	1.19B YoY-0.3%	1.19B YoY+20.8%
	3.65B YoY+8.0%	3.38B YoY-19.4%	4.20B YoY-24.7%	5.57B YoY+9.7%	5.08B YoY+24.1%
Common stock	4.80M YoY+0.0%	4.80M YoY+0.0%	4.80M YoY+0.0%	4.80M YoY+2.1%	4.70M YoY+2.2%
Additional paid-in capital	15.2B YoY+1.0%	15.1B YoY+1.2%	14.9B YoY+1.3%	14.7B YoY+20.0%	12.2B YoY+16.9%
Retained earnings	-5.09B YoY-15.0%	-4.42B YoY-21.6%	-3.64B YoY-73.1%	-2.10B YoY-84.0%	-1.14B YoY+14.9%
Treasury stock	1.67B YoY+28.0%	1.30B YoY+0.0%	1.30B YoY+0.0%	1.30B YoY+1.5%	1.28B YoY+0.0%
Accumulated other comprehensive income	-4.82B YoY+19.1%	-5.95B YoY-3.7%	-5.74B YoY-0.4%	-5.72B YoY-20.7%	-4.74B YoY-26.1%
Non-controlling interest	6.70B YoY+7.0%	6.27B YoY-6.0%	6.67B YoY-2.5%	6.84B YoY+71.4%	3.99B YoY+739.8%
Total equity incl. non-controlling	10.4B YoY+7.3%	9.65B YoY-11.2%	10.9B YoY-12.4%	12.4B YoY+36.8%	9.07B YoY+98.5%
Total liabilities & equity	63.2B YoY+3.5%	61.1B YoY-7.5%	66.0B YoY-1.7%	67.2B YoY-3.9%	69.9B YoY+48.0%
	479M YoY+0.2%	478M YoY+0.2%	477M YoY+0.1%	477M YoY+2.1%	467M YoY+2.5%
	466M YoY-0.2%	467M YoY+0.2%	466M YoY+0.1%	466M YoY+2.2%	456M YoY+2.6%
	466M YoY-0.3%	467M YoY+0.2%	466M YoY+0.2%	466M YoY+2.1%	456M YoY+2.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.46B YoY+3.3%	5.29B YoY+12.0%	4.72B YoY+27.8%	3.70B YoY-23.3%	4.82B YoY+24.2%
Depreciation & amortization	2.04B YoY+0.6%	2.03B YoY-30.7%	2.93B YoY-7.5%	3.16B YoY+35.7%	2.33B YoY+23.9%
Intangible amortization	880M YoY-1.4%	892M YoY-36.3%	1.40B YoY-12.5%	1.60B YoY+33.3%	1.20B YoY+33.3%
Share-based compensation	174M YoY-14.4%	204M YoY+4.0%	196M YoY+15.6%	169M YoY+41.7%	120M YoY-1.1%
Change in receivables	62.2M YoY-39.8%	103M YoY+199.7%	34.5M YoY-56.1%	78.6M YoY-59.0%	192M YoY+9.2%
	-1.86B YoY-552.9%	411M YoY+124.2%	-1.70B YoY+28.0%	-2.36B YoY+88.6%	-20.7B YoY-332.5%
Capital expenditure	1.68B YoY+5.7%	1.59B YoY-11.6%	1.80B YoY-4.0%	1.87B YoY+36.1%	1.38B YoY+33.4%
Free cash flow	3.78B YoY+2.2%	3.70B YoY+26.5%	2.92B YoY+60.4%	1.82B YoY-47.1%	3.44B YoY+20.8%
Acquisitions	454M YoY+269.3%	123M YoY-26.8%	168M YoY-69.4%	549M YoY-97.2%	19.3B YoY+408.1%
Other investing activities	19.8M YoY-93.1%	288M YoY+213.9%	-253M YoY-429.9%	-47.8M YoY-5411.1%	900K YoY+103.4%
	-4.21B YoY+22.8%	-5.45B YoY-76.0%	-3.10B YoY-117.6%	-1.42B YoY-108.7%	16.4B YoY+1251.5%
Long-term debt issued	3.00B YoY-15.9%	3.57B YoY-37.2%	5.68B YoY+339.0%	1.29B YoY-80.9%	6.76B YoY-14.7%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00 YoY-100.0%	2.29B YoY-3.0%	2.36B
Common stock repurchased	365M	0.00	0.00 YoY-100.0%	18.8M	0.00 YoY-100.0%
Dividends paid	3.18B YoY+5.1%	3.03B YoY+0.7%	3.01B YoY+10.7%	2.72B YoY+19.6%	2.27B YoY+17.8%
Other financing activities	-234M YoY-6.9%	-219M YoY-51.2%	-145M YoY-52.3%	-94.9M YoY+39.1%	-156M YoY+11.7%
FX effect on cash	101M YoY+143.3%	-234M YoY-1108.2%	23.2M YoY+119.3%	-120M YoY-71.3%	-70.3M YoY-144.9%
Net change in cash	-503M YoY-3498.6%	14.8M YoY+131.3%	-47.3M YoY+76.7%	-203M YoY-142.0%	482M YoY+70.0%
Interest paid	1.29B YoY-9.6%	1.42B YoY+13.0%	1.26B YoY+15.7%	1.09B YoY+37.6%	791M YoY+3.8%
Income taxes paid	329M YoY-6.3%	351M YoY+14.5%	307M YoY-4.9%	322M YoY+43.1%	225M YoY+53.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	81.8B YoY-4.6%	85.7B YoY-14.8%	101B YoY+2.0%	98.6B YoY-26.0%	133B YoY+33.7%
P/E	31.1× YoY-17.2%	37.6× YoY-36.6%	59.3× YoY+54.4%	38.4× YoY-26.0%	51.9× YoY-12.0%
P/S	7.7× YoY-9.2%	8.5× YoY-22.6%	10.9× YoY+16.0%	9.4× YoY-33.8%	14.3× YoY+14.9%
P/B	22.4× YoY-11.6%	25.3× YoY+14.2%	22.2× YoY+41.4%	15.7× YoY-40.2%	26.2× YoY+7.7%
P/FCF	21.6× YoY-6.7%	23.2× YoY-34.8%	35.5× YoY-45.5%	65.1× YoY+68.2%	38.7× YoY+10.6%
	3.2% YoY+20.8%	2.7% YoY+57.7%	1.7% YoY-35.2%	2.6% YoY+35.2%	1.9% YoY+13.6%
	4.6% YoY+7.1%	4.3% YoY+53.3%	2.8% YoY+83.4%	1.5% YoY-40.5%	2.6% YoY-9.6%
	3.8% YoY+7.0%	3.6% YoY+19.7%	3.0% YoY+8.0%	2.8% YoY+62.4%	1.7% YoY-11.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AMT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AMT filings on SEC EDGAR → Not investment advice.