Q2 25 EPS
$0.78
MISS 53.14%
Est. $1.66
Q2 25 Revenue
$2.63B
BEAT +1.26%
Est. $2.59B
vs S&P Since Q2 25
-28.0%
TRAILING MARKET
AMT -14.5% vs S&P +13.4%
Market Reaction
Did AMT Beat Earnings? Q2 2025 Results
American Tower delivered a sharply mixed second quarter, beating revenue expectations while falling well short on the bottom line, as a wave of unrealized foreign currency losses distorted headline earnings. Revenue came in at $2.63 billion, topping … Read more American Tower delivered a sharply mixed second quarter, beating revenue expectations while falling well short on the bottom line, as a wave of unrealized foreign currency losses distorted headline earnings. Revenue came in at $2.63 billion, topping the $2.59 billion consensus by 1.26%, though still down 9.4% year-over-year, while earnings per diluted share of $0.78 missed the $1.66 estimate by 53.14%, the gap driven almost entirely by $484 million in unrealized currency losses that caused net income to plunge 58.1% to $381 million. Strip away that accounting headwind and the operational picture looks considerably more constructive, with Adjusted EBITDA rising 1.8% to $1.75 billion and the Data Centers segment posting 13.5% revenue growth to $262 million, fueled by accelerating demand for AI-ready infrastructure at CoreSite. Management responded to the underlying momentum by raising its full-year 2025 outlook, lifting the property revenue guidance midpoint by $165 million and now targeting AFFO per share of $10.46 to $10.65, even as net income guidance was trimmed by $400 million at the midpoint due to continued currency headwinds.
Key Takeaways
- • Broad-based midband upgrades and accelerating densification activity in the U.S.
- • Growing demand for AI-ready interconnection solutions fueling double-digit growth at CoreSite
- • Organic Tenant Billings growth of 4.7% across total property portfolio
- • International activity remains steady with solid cash flow conversion enhanced through cost and capital discipline
- • Services revenue contributions at one of the highest quarters on record
AMT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
AMT Revenue by Segment
With YoY comparisons, source: SEC Filings
AMT Revenue by Geography
With YoY comparisons, source: SEC Filings
“Demand for our high-quality global portfolio of telecommunications sites continued into the second quarter. In the U.S., broad-based midband upgrades, paired with accelerating densification activity, supported one of the highest quarters of U.S. Services revenue contributions on record. Growing demand for AI-ready interconnection solutions fueled double-digit growth at CoreSite. While we continue to manage through certain customer events, particularly in Latin America, international activity remains steady, with a solid cash flow conversion enhanced through cost and capital discipline.”
— Steven Vondran, Q2 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% |