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AMERICAN TOWER CORP /MA/

AMT
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Business Summary

American Tower Corporation is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The company's property operations accounted for 97% of total revenues for the year ended December 31, 2025 . The company also offers tower-related services in the United States, which it refers to as its services operations, including site application, zoning and permitting, structural and mount analyses, and construction management services.

The company's industry is highly competitive, and it competes with other public tower companies such as Crown Castle International Corp., SBA Communications Corporation, Vertical Bridge, Telesites S.A.B. de C.V. and Cellnex Telecom, S.A., as well as wireless carrier tower consortia, private tower companies, private equity sponsored firms, carrier-affiliated tower companies, independent wireless carriers, tower owners, broadcasters and owners of non-communications sites. The company's data center business also competes with a variety of companies offering similar data center solutions and services. The company believes that location and capacity, grid distribution constraints, network and/or interconnection density, price, quality and speed of service have been, and will continue to be, significant competitive factors. The company's top four customers by total revenue for the year ended December 31, 2025 were T-Mobile (18%) , AT&T (17%) , Verizon Wireless (14%) and Telefónica (10%) .

The company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The company's revenue is primarily generated from tenant leases. Within its tower leasing operations, tenants lease space on the company's communications real estate, where they install and maintain their equipment. The company's property operations accounted for 97% of total revenues for the year ended December 31, 2025 . The company also offers tower-related services in the United States, which it refers to as its services operations, including site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The services operations primarily support the site leasing business, including the addition of new tenants and equipment on the company's sites.

The company's property operations include the U.S. & Canada property segment, Africa & APAC property segment, Europe property segment, Latin America property segment, and Data Centers segment. For the year ended December 31, 2025, the U.S. & Canada property segment generated revenue of $5,248.7 million , the Africa & APAC property segment generated revenue of $1,422.9 million , the Europe property segment generated revenue of $937.7 million , the Latin America property segment generated revenue of $1,642.6 million , and the Data Centers segment generated revenue of $1,053.1 million . The company's communications real estate portfolio as of December 31, 2025 consisted of 149,686 communications sites , including 42,224 communications sites in the U.S. & Canada , 27,857 communications sites in Africa & APAC , 32,524 communications sites in Europe , and 47,081 communications sites in Latin America , as well as 30 operating data center facilities across eleven markets in the United States . The company's data center portfolio consisted of 30 operating data center facilities across eleven United States markets, across 3.7 million net rentable square feet .

The company's services segment accounted for 3% of total revenue for the year ended December 31, 2025 , compared to 2% for the year ended December 31, 2024 and 1% for the year ended December 31, 2023 . Services segment revenue was $339.6 million for the year ended December 31, 2025, compared to $193.7 million for the year ended December 31, 2024 and $143.0 million for the year ended December 31, 2023. The services segment offers tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction.

During the year ended December 31, 2025, the company completed the sale of its fiber assets in South Africa, receiving approximately $137.7 million from the sale. The company also completed the sale of equity securities in the U.S., receiving approximately $159.6 million . The company repurchased 2,036,100 shares of its common stock for an aggregate of $364.6 million , including commissions and fees, pursuant to its stock repurchase programs. The company completed a registered public offering of $3.0 billion in aggregate principal amount of senior unsecured notes, including 500.0 million EUR , with maturities ranging from 2030 to 2035. The company also repaid $525.0 million aggregate principal amount outstanding under its Secured Tower Revenue Notes, Series 2015-2, Class A. The company amended its 2021 Multicurrency Credit Facility, 2021 Credit Facility and 2021 Term Loan to extend maturity dates and update Applicable Margins.

For the year ended December 31, 2025, total revenues were $10,644.6 million , compared to $10,127.2 million for the year ended December 31, 2024 and $10,012.2 million for the year ended December 31, 2023. Net income was $2,628.5 million for the year ended December 31, 2025, compared to $2,280.2 million for the year ended December 31, 2024 and $1,367.1 million for the year ended December 31, 2023. Net income attributable to American Tower Corporation common stockholders was $2,529.5 million for the year ended December 31, 2025, compared to $2,255.0 million for the year ended December 31, 2024 and $1,483.3 million for the year ended December 31, 2023. Diluted net income per common share attributable to American Tower Corporation common stockholders was $5.40 for the year ended December 31, 2025, compared to $4.82 for the year ended December 31, 2024 and $3.18 for the year ended December 31, 2023. Adjusted EBITDA was $7,130.0 million for the year ended December 31, 2025, compared to $6,812.1 million for the year ended December 31, 2024.

Business Outlook

The company expects that its 2026 total capital expenditures will be in a range of $1,795 million to $1,905 million . This includes discretionary capital projects of $1,050 million to $1,080 million , ground lease purchases of $200 million to $220 million , capital improvements and corporate expenditures of $175 million to $185 million , redevelopment of $335 million to $365 million , and start-up capital projects of $35 million to $55 million . The discretionary capital projects include the construction of approximately 1,700 to 2,300 communications sites globally and approximately $695 million of anticipated spend related to data center assets . The company expects that its 2026 total distributions declared to its common stockholders will be $3.3 billion .

The company expects to continue to invest in and expand its existing communications real estate portfolio through its capital expenditure program, including capital expenditures associated with site maintenance, increasing the capacity of existing sites and projects such as new site and data center facility construction, land interest acquisitions and power solutions. The company intends to continue to pursue acquisitions of communications sites and other telecommunications infrastructure in its existing or new markets where it can meet or exceed its risk-adjusted return on investment criteria. The company also expects to explore new opportunities to enhance or extend its shared communications infrastructure businesses, including those that may make its assets incrementally more attractive to new customers, or to existing customers for new uses, and those that increase its operational efficiency.

The company expects to continue to invest in and expand its existing communications real estate portfolio through its capital expenditure program. The company expects that its 2026 total capital expenditures will be in a range of $1,795 million to $1,905 million , including discretionary capital projects of $1,050 million to $1,080 million which includes the construction of approximately 1,700 to 2,300 communications sites globally and approximately $695 million of anticipated spend related to data center assets . The company also expects ground lease purchases of $200 million to $220 million , capital improvements and corporate expenditures of $175 million to $185 million , redevelopment of $335 million to $365 million , and start-up capital projects of $35 million to $55 million .

The company expects that its 2026 total capital expenditures will be in a range of $1,795 million to $1,905 million . This includes discretionary capital projects of $1,050 million to $1,080 million , ground lease purchases of $200 million to $220 million , capital improvements and corporate expenditures of $175 million to $185 million , redevelopment of $335 million to $365 million , and start-up capital projects of $35 million to $55 million . The company expects to continue to invest in its systems and people as it strives to improve efficiency and provide superior service to its customers. The company is also focused on developing and implementing power solutions across its footprint to help improve the overall efficiency of the communications infrastructure and wireless industries through its power as a service (PaaS) initiatives.

The company expects that its 2026 total capital expenditures will be in a range of $1,795 million to $1,905 million . The company expects that its 2026 total distributions declared to its common stockholders will be $3.3 billion . The company has a stock repurchase program (the 2017 Buyback) with approximately $1.6 billion remaining as of February 17, 2026 . The company expects to continue to manage the pacing of the remaining $1.6 billion under the 2017 Buyback in response to general market conditions and other relevant factors . The company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities.

The company is currently engaged in a legal dispute (the Arbitration) with one of its customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, AT&T Mexico). AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025 , is challenging the calculation of the monthly lease amount established under its Master Lease Agreement with AT&T Mexico, as well as certain other provisions of the MLA, seeking rent abatement both retroactively and prospectively, and withheld certain tower rents during 2025. The company incurred approximately $30 million of reserves during the year ended December 31, 2025 related to this customer . The company expects to record future reserves until the Arbitration is settled. The Arbitration is scheduled for a hearing in August 2026 .

The company faces risks related to its substantial leverage and debt service obligations. As of December 31, 2025, the company had approximately $37.2 billion of consolidated debt and the ability to borrow additional aggregate amounts of approximately $9.6 billion under its credit facilities , net of approximately $36.8 million of outstanding undrawn letters of credit . The company's leverage and debt service obligations could have significant negative consequences, including requiring the dedication of a substantial portion of its cash flow from operations to service its debt, thereby reducing the amount of cash flow available for other purposes, including capital expenditures and REIT distributions. The company also faces risks related to increased inflation and interest rates, which may adversely affect it by increasing costs beyond what it can recover through price increases.

Risk Factors

A substantial portion of the company's current and projected future revenue is derived from a small number of customers, with T-Mobile representing 18% , AT&T representing 17% , Verizon Wireless representing 14% , and Telefónica representing 10% of total revenues for the year ended December 31, 2025. If any of these customers are unwilling or unable to perform their obligations under their agreements, the company's revenues, results of operations, financial condition and liquidity could be materially and adversely affected. The company is currently engaged in a legal dispute with AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025 , and has incurred approximately $30 million of reserves related to this customer . The company also faces risks related to its substantial leverage, with approximately $37.2 billion of consolidated debt as of December 31, 2025 , and debt service obligations that could require the dedication of a substantial portion of its cash flow from operations to service its debt. The company's foreign operations are subject to economic, political and other risks, including risks associated with fluctuations in foreign currency exchange rates, as 31% of its revenues and 40% of its total operating expenses were denominated in foreign currencies for the year ended December 31, 2025 .

Management Priorities

Management's message emphasizes the company's position as one of the largest global REITs and a leading independent owner, operator and developer of multitenant communications real estate. The company's primary operational focus is to increase the occupancy of its existing communications real estate portfolio to support global connectivity, invest in and selectively grow its communications real estate portfolio and service offerings, further improve its operational performance and efficiency, and maintain a strong balance sheet. The company expects that its 2026 total capital expenditures will be in a range of $1,795 million to $1,905 million , and that its 2026 total distributions declared to its common stockholders will be $3.3 billion . The company remains committed to disciplined financial policies, which it believes result in its ability to maintain a strong balance sheet and will support its overall strategy and focus on asset growth and operational excellence.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Overview
  2. [2] Item 1, Business — Products and Services
  3. [3] Item 1, Business — Products and Services
  4. [4] Item 1, Business — Products and Services
  5. [5] Item 1, Business — Products and Services
  6. [6] Item 1, Business — Overview
  7. [7] Item 7, MD&A — Results of Operations
  8. [8] Item 7, MD&A — Results of Operations
  9. [9] Item 7, MD&A — Results of Operations
  10. [10] Item 7, MD&A — Results of Operations
  11. [11] Item 7, MD&A — Results of Operations
  12. [12] Item 1, Business — Overview
  13. [13] Item 1, Business — Overview
  14. [14] Item 1, Business — Overview
  15. [15] Item 1, Business — Overview
  16. [16] Item 1, Business — Overview
  17. [17] Item 1, Business — Overview
  18. [18] Item 2, Properties
  19. [19] Item 1, Business — Products and Services
  20. [20] Item 1, Business — Products and Services
  21. [21] Item 1, Business — Products and Services
  22. [22] Item 7, MD&A — Results of Operations
  23. [23] Item 7, MD&A — Results of Operations
  24. [24] Item 7, MD&A — Results of Operations
  25. [25] Item 7, MD&A — Liquidity and Capital Resources
  26. [26] Item 7, MD&A — Liquidity and Capital Resources
  27. [27] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  28. [28] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  29. [29] Item 7, MD&A — Liquidity and Capital Resources
  30. [30] Item 7, MD&A — Liquidity and Capital Resources
  31. [31] Item 7, MD&A — Liquidity and Capital Resources
  32. [32] Item 7, MD&A — Results of Operations
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  46. [46] Item 7, MD&A — Liquidity and Capital Resources
  47. [47] Item 7, MD&A — Liquidity and Capital Resources
  48. [48] Item 7, MD&A — Liquidity and Capital Resources
  49. [49] Item 7, MD&A — Liquidity and Capital Resources
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  51. [51] Item 7, MD&A — Liquidity and Capital Resources
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  69. [69] Item 7, MD&A — Liquidity and Capital Resources
  70. [70] Item 7, MD&A — Liquidity and Capital Resources
  71. [71] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  72. [72] Item 5, Market for Registrant's Common Equity — Issuer Purchases of Equity Securities
  73. [73] Item 1A, Risk Factors
  74. [74] Item 1A, Risk Factors
  75. [75] Item 3, Legal Proceedings
  76. [76] Item 1A, Risk Factors
  77. [77] Item 1A, Risk Factors
  78. [78] Item 1A, Risk Factors
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  84. [84] Item 1A, Risk Factors
  85. [85] Item 1A, Risk Factors
  86. [86] Item 7A, Quantitative and Qualitative Disclosures About Market Risk
  87. [87] Item 7, MD&A — Liquidity and Capital Resources
  88. [88] Item 7, MD&A — Liquidity and Capital Resources
  89. [89] Item 7, MD&A — Results of Operations
  90. [90] Item 7, MD&A — Results of Operations
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  98. [98] Item 7, MD&A — Results of Operations
  99. [99] Item 7, MD&A — Liquidity and Capital Resources
  100. [100] Item 7, MD&A — Liquidity and Capital Resources
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Analysis on 6/9/2026