How American Tower Corporation (REIT) makes money

Period

FY2025

How does American Tower Corporation (REIT) make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

American Tower Corporation (REIT) · FY2025 · year ended 2025-12-31

Revenue$10.6BGross profit$10.6B · 100%Cost of revenue$0 · 0%Operating income$4.8B · 46%Operating expenses$5.8B · 54%SG&A$941M · 9%Other opex$4.9B · 46%Pre-tax income$3.0B · 29%Other expense$1.8B · 17%Net income$2.6B · 25%Income tax$416M · 4%Property Revenue$10.3B · 97%Service$340M · 3%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.