American Tower

AMT Q4 2025 Earnings

Reported Feb 24, 2026 at 7:05 AM ET · SEC Source

Q4 25 EPS

$1.75

BEAT +19.06%

Est. $1.47

Q4 25 Revenue

$2.74B

BEAT +1.93%

Est. $2.69B

vs S&P Since Q4 25

-8.5%

TRAILING MARKET

AMT -4.6% vs S&P +4.0%

Full Year 2025 Results

FY 25 EPS

$5.40

BEAT +5.61%

Est. $5.11

FY 25 Revenue

$10.64B

BEAT +0.49%

Est. $10.59B

Market Reaction

Did AMT Beat Earnings? Q4 2025 Results

American Tower delivered a convincing beat to close out 2025, with fourth-quarter earnings per diluted share of $1.75 clearing the $1.47 consensus estimate by 19.06% and revenue of $2.74 billion topping expectations by 1.93% on 7.5% year-over-year gr… Read more American Tower delivered a convincing beat to close out 2025, with fourth-quarter earnings per diluted share of $1.75 clearing the $1.47 consensus estimate by 19.06% and revenue of $2.74 billion topping expectations by 1.93% on 7.5% year-over-year growth. The headline GAAP results told a more complicated story, as net income fell 32.0% to $836.80 million, weighed down by unfavorable foreign currency swings and $100.20 million in impairment charges; however, the company's preferred metric, AFFO attributable to common stockholders, climbed 13.1% to $1.23 billion, or $2.63 per share, underscoring the durability of its core leasing business. The Data Centers segment was a notable bright spot, posting 19.0% revenue growth to $281.00 million in Q4, a momentum that aligns with growing institutional interest in the company's potential to support AI-driven infrastructure demand. Looking ahead, American Tower guided 2026 AFFO per share to a range of $10.78 to $10.95, while projecting net income growth of roughly 14.1% at the midpoint, signaling confidence in sustained cash flow generation despite near-term currency and straight-line revenue headwinds.

Key Takeaways

  • Sustained growth in mobile data consumption driving tower leasing demand
  • Continued 5G deployment across global markets
  • Increasing hybrid-cloud and AI-related workloads driving data center demand
  • Organic Tenant Billings Growth of 5.9% for Q4 2025
  • Strong Data Centers segment revenue growth of 19.0% in Q4
  • Africa & APAC segment revenue grew 23.6% and Europe grew 16.0% in Q4
  • Return to target leverage range at 4.9x net debt to annualized Adjusted EBITDA
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AMT YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

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AMT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
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AMT Revenue by Geography

With YoY comparisons, source: SEC Filings

Q3 25 Q4 25

“We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy. Leasing demand across our global tower portfolio and data center business remains robust, underpinned by sustained growth in mobile data consumption, continued 5G deployment, and increasing hybrid-cloud and AI-related workloads. Alongside these demand trends, we've taken meaningful actions to streamline our global operations, enhance the quality and durability of our earnings, and improve financial flexibility by returning to our target leverage range.”

— Steven Vondran, Q4 2025 Earnings Press Release