Q1 25 EPS
$1.04
MISS 33.55%
Est. $1.57
Q1 25 Revenue
$2.56B
BEAT +0.75%
Est. $2.54B
vs S&P Since Q1 25
-45.5%
TRAILING MARKET
AMT -15.5% vs S&P +30.0%
Market Reaction
Did AMT Beat Earnings? Q1 2025 Results
American Tower delivered a mixed first quarter for 2025, with a sharp earnings miss overshadowing a modest revenue beat as foreign currency swings distorted the bottom line. The wireless tower REIT posted revenue of $2.56 billion, edging past the $2.… Read more American Tower delivered a mixed first quarter for 2025, with a sharp earnings miss overshadowing a modest revenue beat as foreign currency swings distorted the bottom line. The wireless tower REIT posted revenue of $2.56 billion, edging past the $2.54 billion consensus by 0.75% but falling 9.6% year-over-year, while earnings per diluted share of $1.04 came in well below the $1.57 consensus estimate, a miss of 33.55%. The culprit was a brutal swing in currency impacts, with foreign exchange losses of roughly $345.70 million in Q1 reversing a $127.70 million gain in the prior-year period and pulling net income down 46.7% to $489.00 million. Beneath the headline noise, operational trends held firm, with Adjusted EBITDA rising 1.9% to $1.74 billion and U.S. Services revenue hitting its highest level since 2021 at $75.00 million, buoyed by accelerating 5G mid-band deployments. Looking ahead, management raised full-year AFFO per share guidance to a range of $10.35 to $10.54 and lifted property revenue guidance to $9.97 billion to $10.12 billion, citing favorable currency tailwinds and resilient global demand across its tower and data center portfolio.
Key Takeaways
- • Accelerating broad-based mid-band deployments in the U.S.
- • Early indications of capacity-driven new site demand
- • Highest quarter of services revenue since 2021
- • Favorable leasing and pricing trends at CoreSite data centers
- • Steady leasing activity in international markets
- • Continued global cost management focus
- • Gain on sale of South Africa Fiber of $53.6 million
AMT YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
AMT Revenue by Segment
With YoY comparisons, source: SEC Filings
AMT Revenue by Geography
With YoY comparisons, source: SEC Filings
“The solid leasing trends we saw over the course of 2024 carried into the first quarter, with sustained demand across our global portfolio. In the U.S., accelerating broad-based mid-band deployments and the early indications of capacity-driven new site demand supported our highest quarter of services revenue since 2021. Complemented by favorable leasing and pricing trends at CoreSite, steady activity in our international markets and a continued focus on global cost management, we delivered Attributable AFFO per Share growth, on an as adjusted basis, of 6.6%, while resuming mid-single digit dividend per share growth.”
— Steven Vondran, Q1 2025 Earnings Press Release
AMT Earnings Trends
AMT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMT EPS Trend
Earnings per share: estimate vs actual
AMT Revenue Trend
Quarterly revenue: estimate vs actual
AMT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.84 | — | $2.74B | +3.27% |
| Q4 25 BEAT FY | $1.47 | $1.75 | +19.06% | $2.74B | +1.93% |
| FY Full Year | $5.11 | $5.40 | +5.61% | $10.64B | +0.49% |
| Q3 25 BEAT | $1.65 | $1.82 | +10.06% | $2.72B | +2.31% |
| Q2 25 MISS | $1.66 | $0.78 | -53.14% | $2.63B | +1.26% |
| Q1 25 MISS | $1.57 | $1.04 | -33.55% | $2.56B | +0.75% |