American Tower (AMT) Q4 2025 earnings summary

Executive summary

• Delivered 8% year-over-year growth in attributable AFFO per share as adjusted in 2025, with over 13% growth in Q4, driven by strong leasing, 4G/5G infrastructure, and data center demand.

• Strategic focus on developed markets, operational efficiency, and disciplined capital allocation, with leverage reduced to 4.9x and robust cost management.

• Continued investment in AI, automation, and technology to drive margin expansion and cost reduction.

• Net income for Q4 2025 fell 32%, but full-year net income grew 15.3%, reflecting discontinued operations and FX impacts.

• Positioned for durable, industry-leading AFFO per share growth, supported by secular trends in mobile data, 5G/6G, and AI-driven demand.

Financial highlights

• FY 2025 property revenue grew 3.7% year-over-year to $10.3B; adjusted EBITDA up 4.7% to $7.1B; AFFO per share as adjusted increased 8.0% to $10.76.

• Q4 2025 property revenue increased 7.6% to $2,673 million; full-year free cash flow reached $3,743 million, up 1.9%.

• Data center revenue saw double-digit growth for the second consecutive year.

• U.S. services revenue grew ~75% year-over-year.

• Leverage reduced to 4.9x, within the 3-5x target range; stock repurchases in Q4 2025 totaled $365 million.

Outlook and guidance

• 2026 consolidated property revenue expected at $10,440–$10,590 million, up 2% at midpoint; AFFO per share guidance of $10.78–$10.95, up 1% at midpoint.

• Adjusted EBITDA for 2026 projected between $7,090 million and $7,160 million, roughly flat year-over-year.

• Organic Tenant Billings Growth expected at ~1%, or ~4% excluding DISH churn; U.S. data center revenue projected to grow ~13%.

• Dividend expected to grow ~5% to ~$3.3B in distributions.

• Capital expenditures for 2026 expected to range from $1,795 million to $1,905 million.