American Tower Corporation Reports $10.64 Billion Revenue for Fiscal Year 2025

American Tower Corporation (ATC) reported a total revenue of $10.64 billion for the fiscal year ended December 31, 2025, marking a 5% increase compared to the $10.13 billion reported in 2024. Property revenue, which constitutes 97% of the total revenue, reached $10.31 billion, up 4% from $9.93 billion in the previous year. The growth in property revenue was primarily driven by increased tenant billings and data center revenue. However, the company's net income attributable to common stockholders was $2.53 billion, compared to $2.26 billion in the prior year.

A significant change in ATC's financial landscape was the 75% increase in services revenue, which rose to $339.6 million in 2025 from $193.7 million in 2024. This surge was attributed to higher demand for construction management, site application, zoning, permitting services, and structural and mount analyses. The company's operating profit increased by 4% to $7.23 billion, while selling, general, administrative, and development expenses increased by 1% to $940.7 million. The company's effective tax rate increased to 13.7% from 10.1% in the prior year, due to increased earnings in certain foreign jurisdictions, taxes incurred as a result of the sale of South Africa Fiber, additions to reserves for uncertain tax positions, gains from equity securities in the United States and the reversal of permanent reinvestment assertions in Nigeria.

Operationally, ATC's communications real estate portfolio included 149,686 sites as of December 31, 2025, with 42,224 in the U.S. & Canada, 27,857 in Africa & APAC, 32,524 in Europe, and 47,081 in Latin America. The company also operated 30 data center facilities across eleven markets in the United States. The company's top tenants by revenue for the U.S. & Canada property segment were AT&T, T-Mobile, and Verizon Wireless, accounting for 85% of the segment's revenue. In Africa & APAC, Bharti Airtel and MTN Group accounted for 81% of the segment's revenue, while Telefónica accounted for 70% of the Europe property segment revenue. In Latin America, América Móvil, AT&T, Telefónica, and TIM S.p.A. accounted for 71% of the segment's revenue.

Looking ahead, ATC expects to continue investing in and expanding its existing communications real estate portfolio through its capital expenditure program, which is projected to range from $1.79 billion to $1.91 billion in 2026. This includes investments in site maintenance, increasing the capacity of existing sites, and projects such as new site and data center facility construction. The company also intends to pursue acquisitions of communications sites and other telecommunications infrastructure in existing or new markets, while maintaining a disciplined financial policy and a strong balance sheet. The company's Board of Directors has approved a share repurchase program, allowing the company to repurchase common stock through various methods, including open market purchases.