AMERICAN TOWER CORP /MA/ (AMT) Company Report

American Tower posted Q3 2025 total property revenue of $2,616 M (up 5.9% Y/Y), total revenue of $2,717 M (+7.7% Y/Y), adjusted EBITDA of $1,816 M (+7.6% Y/Y) and AFFO per share, as adjusted, of $2.78 (+10.3% Y/Y).
Net income attributable to common stockholders was $853 M, or $1.82 per diluted share, reversing a $(792) M loss in Q3 2024.
Raised full‐year 2025 outlook: property revenue to $10,250 M (from $10,210 M), adjusted EBITDA to $7,085 M (from $7,040 M), and attributable AFFO to $5,000 M (from $4,950 M).
Maintained a strong balance sheet with 4.9x net leverage (LQA) and $10.7 B liquidity as of Sept 30, 2025; targeting ~$3.2 B in dividends for 2025.

Oct 28, 2025, 12:30 PM

Presentation

American Tower reports Q3 2025 results

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% year-over-year, adjusted EBITDA rose nearly 8%, and attributable AFFO per share as adjusted increased approximately 10% in Q3 2025.
Consolidated organic tenant billings advanced 5%, while the data center segment property revenue climbed over 14%, driven by record retail leasing and pricing growth at CoreSite.
Raised full-year 2025 guidance across property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share, now targeting ~7% AFFO per share growth net of FX (or ~9% excluding FX and financing costs) at the midpoint.
Capital allocation plan includes a $3.2 billion common dividend, $1.7 billion in capital expenditures ($1.5 billion for ~2,150 new towers; $600 million for data centers), 4.9x net leverage, $10.7 billion liquidity, and $28 million in share repurchases year-to-date (with $2 billion remaining).
Legal developments cover a $30 million reserve for the AT&T Mexico revenue dispute (including $19 million through Q3; arbitration set for August 2026) and a lawsuit against Dish to enforce spectrum-related lease payments through 2036 (~2% of property revenue).

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results and raises full-year guidance

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% YoY, with adjusted EBITDA up ~8% and attributable AFFO per share as adjusted up ~10% in Q3 2025.
Consolidated property revenue rose ~6% (U.S. flat; International +12%; Data Center +14%), and organic tenant billings grew ~5%, driven by robust U.S. services and double-digit CoreSite growth.
Full-year guidance was raised: property revenue to ~3% growth (or ~5% ex straight-line & FX), organic billings ~5%, data center ~13%, adjusted EBITDA ~4% (or ~7% ex impacts), and AFFO per share ~7% (or ~9% ex FX & financing).
Capital plan: $3.2 billion dividend; $1.7 billion capex (≈2,150 new towers; $600 million in data centers); net leverage 4.9×; $10.7 billion liquidity; $28 million in share repurchases since quarter-end.

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% year-over-year, adjusted EBITDA up nearly 8%, and attributable AFFO per share increased ~10% in Q3 2025.
Consolidated organic tenant billings grew 5%, with U.S. & Canada organic up 4% (over 5% ex-Sprint), international up 7%, and data center property revenue up 14%+.
Raised full-year 2025 outlook: property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share guidance increased, underpinned by FX tailwinds, U.S. services, and net interest benefits.
Balance sheet remains strong with net leverage at 4.9x, $10.7 billion liquidity, and $28 million of share repurchases executed since quarter-end.

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results

AMT

Earnings

Dividends

Total revenue of $2,717 M (+7.7%) and property revenue of $2,616 M (+5.9%) in Q3 2025.
Net income increased 216.9% to $913 M, with net income attributable to common stockholders of $853 M (EPS $1.82).
Adjusted EBITDA rose 7.6% to $1,816 M, and AFFO grew 5.3% to $1,303 M (AFFO per share $2.78).
Declared Q3 regular cash distribution of $1.70 per share (aggregate $796.1 M, +4.9% YoY).
Net leverage ratio of 4.9x and $10.7 B in total liquidity as of September 30, 2025.

Oct 28, 2025, 11:04 AM

8-K

American Tower reports Q3 2025 results

AMT

Earnings

Dividends

Total revenue was $2,717 million, up 7.7%, and adjusted EBITDA was $1,816 million, up 7.6% year-over-year.
Net income was $913 million (up 216.9%), with net income attributable to common stockholders of $853 million (up 207.7%).
AFFO attributable to common stockholders was $1,303 million (up 5.3%), or $2.78 per share, and as-adjusted AFFO grew 10.4% to $1,303 million.
The Company declared a $1.70 per share cash distribution (up 4.9%) and reported a net leverage ratio of 4.9x as of September 30, 2025.

Oct 28, 2025, 11:00 AM

Press Release

American Tower declares quarterly distribution and EVP retirement

AMT

Dividends

Management Change

Board declares quarterly cash distribution of $1.70 per share, payable October 20, 2025, to shareholders of record as of September 30, 2025.
Olivier Puech to retire as Executive Vice President and President, International, effective January 2, 2026.
Announcements made via Form 8-K filed September 18, 2025.

Sep 18, 2025, 8:15 PM

8-K

American Tower completes senior notes offering

AMT

Debt Issuance

Completed $200 million 4.900% Senior Notes due 2030 and $375 million 5.350% Senior Notes due 2035, generating net proceeds of approximately $587.8 million.
Notes are fungible with the Company’s outstanding March 14, 2025 series and were issued under the June 1, 2022 indenture, as supplemented by Supplemental Indenture No. 8.
Net proceeds will be used to repay borrowings under its $4.0 billion senior unsecured revolving credit facility and for general corporate purposes.
Both series mature on March 15, 2030 and March 15, 2035, respectively, pay interest semi-annually and include customary covenants and redemption provisions.
Cleary Gottlieb Steen & Hamilton LLP opines that the Securities are valid, binding and enforceable obligations of the Company.

Sep 16, 2025, 8:15 PM

8-K

American Tower provides 2025 guidance and strategic update at communications conference

AMT

Guidance Update

New Projects/Investments

2025 organic tenant billings growth guidance of ~4.3%, supported by U.S. 5G rollouts and rising mobile data demand, alongside AFFO per share growth targets.
Capital allocation focused on developed markets, with increased investments in the U.S., Europe, and CoreSite data centers, reduced emerging-market spend, and a BBB+ balance sheet with no 2025 refinancing needs remaining.
DISH lease obligations represent only 2% of global and 4% of U.S. revenues, limited to minimum contractual payments, with no expected impact on the 2025 outlook.
European operations (France, Germany, Spain) delivering mid-single-digit organic revenue growth, outperforming original acquisition targets, though contributing modestly to overall AFFO.
CoreSite data centers achieving double-digit economic growth; interconnection services account for 15–20% of revenues, with disciplined expansion in multi-tenant, edge-focused sites and no hyperscale commitments.

Sep 16, 2025, 1:30 PM

Transcript

American Tower prices senior unsecured notes offering

AMT

Debt Issuance

On September 11, 2025, American Tower priced $200.0 million of 4.900% senior unsecured notes due 2030 at 102.452% of face value.
Concurrently, it priced $375.0 million of 5.350% senior unsecured notes due 2035 at 103.567% of face value.
The combined net proceeds of approximately $587.8 million will be used to repay borrowings under its $4.0 billion revolving credit facility and for general corporate purposes.
Both series will be consolidated and fully fungible with the Company’s outstanding notes issued on March 14, 2025.

Sep 11, 2025, 9:07 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for AMERICAN TOWER CORP /MA/.

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