Short answer
American Tower (AMT) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $936M (+20.8% year over year) and net income of $2.5B.
- Top risk flagged: AT&T Mexico arbitration over MLA lease calculations; ~$300M tenant revenue at risk, $30M reserves recorded in 2025 with future reserves expected
FY2025 key financial metrics · XBRL
- Revenue
- $936M
- +20.8% YoY
- Net income
- $2.5B
- +12.2% YoY
- Operating margin
- 517.8%
- −65.3 pp YoY
- EPS (diluted)
- $5.40
- +12.0% YoY
- ROE
- 69.3%
- +2.6 pp YoY
- Operating cash flow
- $5.5B
- +3.3% YoY
Source: XBRL data from the American Tower (AMT) FY2025 10-K on SEC EDGAR. USD.
American Tower FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global REIT leasing tower/data center space to wireless carriers; property ops = 97% of total revenue in 2025
- Portfolio of 149,686 communications sites across 4 regions plus 30 data center facilities in 11 U.S. markets
- Strategic pivot toward developed markets: divested South Africa fiber in 2025, Australia/India/New Zealand in 2024; $11.1B liquidity available
- Services segment grew to 3% of revenue in 2025 vs 2% in 2024 and 1% in 2023, signaling accelerating U.S. tower activity
- U.S. & Canada churn ~2% of tenant billings; $54B+ non-cancellable lease revenue backlog as of December 31, 2025
Management Discussion & Analysis
- Total revenue $10.64B, up 5% YoY ($10.13B in 2024); property revenue $10.31B up 4%, Services $340M up 75%
- Adjusted EBITDA $7.13B vs $6.81B prior year; net income $2.63B vs $2.28B (prior year burdened by $978M ATC TIPL discontinued operations loss)
- Best segment: Africa & APAC operating profit up 19% to $900M; worst: Latin America down 4% to $1.03B driven by FX headwinds and revenue reserves in Brazil/Mexico
- Operating cash flow $5.46B; capex $1.72B including $609M data centers; buybacks $365M; dividends $3.16B paid to common stockholders in 2025
- Key risks: AT&T Mexico arbitration (~$300M revenue exposure, $30M reserves booked); DISH default under SCA (~2% total property revenue); $37.4B total debt with $3.4B current portion
Risk Factors
- AT&T Mexico arbitration over MLA lease calculations; ~$300M tenant revenue at risk, $30M reserves recorded in 2025 with future reserves expected
- $37.2B consolidated debt as of Dec 31, 2025; covenant breaches could trigger cross-acceleration across credit facilities
- DISH Wireless defaulted on Strategic Collocation Agreement (SCA, March 2021); represented ~2% total and ~4% U.S. & Canada property revenue in 2025
- Data center segment (10% of 2025 revenues) exposed to AI-driven power density demands that existing facilities may not support
- OECD Pillar 2 Rules: U.S.-parented entity Top-Up Tax exposure potentially material from fiscal 2026 if Side-by-Side Safe Harbor not enacted
Generated from the filing text; verify against the original. How to read a 10-K
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