At a glance
American Tower Corp is worth $87.33B, about 35 times its fiscal 2025 earnings. Revenue grew 5.1% to $10.64B in fiscal 2025, with 23.8% kept as profit; over 3 years it has grown 3.3% a year. It pays a 3.75% dividend yield, raised every year for at least 3 years, and returned $14.58B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.5% over the past year with dividends reinvested and −4.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.8% in the 2020 crash (S&P 500: 33.7%) and 34.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
American Tower is a real estate investment trust (REIT). A REIT is a company that owns income-producing property and generally avoids U.S. federal income tax on that business by paying out its taxable income to shareholders. Its property is mainly towers, and it rents space on them to wireless carriers, radio and TV broadcasters, government agencies and others. As of December 31, 2025, it had 149,686 communications sites. It also had 30 data centers in eleven U.S. markets, leased mainly to businesses and cloud providers.
Property operations, including data centers, produced 97% of the $10.6 billion in revenue for 2025. U.S. services such as zoning, permitting and construction management made up the rest. Carrier leases usually start at five to ten years. Rent typically rises each year, by about 3% in the U.S. or in line with inflation in most other markets. Adding a tenant to an existing tower costs little, so most of the extra rent becomes profit.
By share of 2025 revenue, U.S. & Canada was 49%, Latin America 15%, Africa & Asia-Pacific 13%, data centers 10% and Europe 9%. Latin America had more sites (47,081) than the U.S. and Canada (42,224) but far less revenue. On average, a U.S. or Canadian site brings in much more rent. AT&T, T-Mobile and Verizon supplied 85% of U.S. & Canada property revenue.
Price history
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AMT +9.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.79B, up 2.5% from a year earlier, and net income was $765.8M (-10.3%).
- For fiscal 2025, revenue was $10.64B (+5.1% year over year; +3.3% a year from FY2022 to FY2025) with a 23.8% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +3.3% watch |
|---|---|
| Operating margin | 45.5% good |
| Free cash flow margin | 35.5% good |
| Return on equity (FY2025) | 69.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.04B | $1.69B | $2.85B |
| FY2021 | $9.36B | $2.57B | $3.44B |
| FY2022 | $9.65B | $1.77B | $1.82B |
| FY2023 | $10.01B | $1.48B | $2.92B |
| FY2024 | $10.13B | $2.25B | $3.70B |
| FY2025 | $10.64B | $2.53B | $3.78B |
Valuation snapshot
| Market value | $87.33B |
|---|---|
| P/E ratio | 34.9 |
| Dividend yield | 3.75% |
Rank among 1514 US companies
Market value at each year end
American Tower’s market value went from $44.99B at the end of 2016 to $87.33B on Nov 2, 2026, up 94%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $87.33B | +6.2% |
| 2025 | $82.19B | -4.1% |
| 2024 | $85.71B | -14.8% |
| 2023 | $100.64B | +2.0% |
| 2022 | $98.64B | -25.9% |
| 2021 | $133.21B | +33.6% |
| 2020 | $99.71B | -2.1% |
| 2019 | $101.80B | +46.1% |
| 2018 | $69.68B | +13.9% |
| 2017 | $61.18B | +36.0% |
| 2016 | $44.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMT price data to Nov 2, 2026 | +10.6% | +9.5% | +4.4% | -4.7% | +8.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.6% |
| 2025 | -0.9% |
| 2024 | -12.2% |
| 2023 | +5.4% |
| 2022 | -25.6% |
| 2021 | +32.9% |
| 2020 | -0.5% |
| 2019 | +47.9% |
| 2018 | +13.3% |
| 2017 | +37.7% |
| 2016 | +11.2% |
| 2015 | 0.0% |
| 2014 | +25.8% |
| 2013 | +4.8% |
| 2012 | +30.4% |
| 2011 | +16.9% |
| 2010 | +19.5% |
| 2009 | +47.4% |
| 2008 | -31.2% |
| 2007 | +14.3% |
| 2006 | +37.6% |
| 2005 | +47.3% |
| 2004 | +70.1% |
| 2003 | +206.5% |
| 2002 | -62.7% |
| 2001 | -75.0% |
| 2000 | +23.9% |
| 1999 | +3.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 37.2% over that stretch · deepest drop along the way 56.5%, back to its old high 19.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.8% over that stretch · deepest drop along the way 28.8%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.6% over that stretch · deepest drop along the way 34.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 17 open-market purchases ($1.1M) and 7 sales ($1.7M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Robert Joseph Meyer SVP & Advisor to the CFO | sell | $894K |
| Aug 21, 2026 | Rajesh Kalathur Director | buy | $501K |
| Mar 10, 2026 | Rajesh Kalathur Director | buy | $495K |
| Jul 29, 2026 | Ruth T Dowling EVP, Chief Admin Ofr, GC & Sec | sell (plan) | $194K |
| Oct 29, 2026 | Ruth T Dowling EVP, Chief Admin Ofr, GC & Sec | sell (plan) | $177K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Dec 31, 2024 |
| Vanguard Capital Management | 7.56% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.94% | Mar 31, 2026 |
ETFs with the most weight in AMT
| SRVR Pacer Data & Infrastructure Real Estate ETF | 16.71% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 14.93% |
| JPRE JPMorgan Realty Income ETF | 10.99% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 10.78% |
| FPRO Fidelity Real Estate Investment ETF | 9.87% |
| ICF iShares Cohen & Steers REIT ETF | 9.78% |
| XLRE Real Estate Select Sector SPDR Fund | 9.57% |
| DFAR Dimensional US Real Estate ETF | 8.27% |
What could go wrong
- Contract disputes with AT&T Mexico and DISH. AT&T Mexico, about $300 million of 2025 tenant revenue, has contested its rent in arbitration. DISH claimed it was excused from a 2021 agreement. The company says DISH was in default by January 2026.
- A handful of carriers pay most rent. AT&T, T-Mobile and Verizon supplied 85% of U.S. & Canada property revenue in 2025. Telefónica supplied 70% in Europe. Financial trouble at one of them could cut rent and slow growth.
- Carrier mergers, network sharing and new technology. When carriers merge, exit or share equipment, they need fewer leases. Satellite links, new wireless equipment or other technology shifts could also cut demand for tower space.
- Heavy debt and interest-rate pressure. Total debt was about $37.6 billion as of September 30, 2026, against $1.9 billion in cash and investments. Higher rates raise borrowing costs, and debt agreements could limit dividend payments.
- Foreign politics and currency swings. Latin America (15%), Africa & Asia-Pacific (13%) and Europe (9%) supplied a large part of 2025 revenue. Political or economic trouble there, or a stronger U.S. dollar, can shrink results reported in dollars.
- Data centers bring different operating risks. Data centers, 10% of 2025 revenue, depend on reliable power, cooling and network connections. The 10-K warns they carry risks unlike towers and could earn less than expected.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results; Other company announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Dividends per share rose for three straight years to $6.72 for 2025, growing about 9.2% a year from 2020. The dividend yield (yearly dividends divided by share price) was 3.85% as of October 28, 2026. Dividends equaled 126% of 2025 earnings. REITs often pay out more than they earn because depreciation, an accounting charge for aging towers, shrinks reported profit. Against free cash flow (cash left after operating and capital spending), the payout was 84%, leaving a modest cushion. Buybacks were small ($365 million in 2025), and the share count rose 1.8% over five years to October 20, 2026.
The shares fell hard in downturns. They dropped 56.5% in the 2008 financial crisis and recovered about 19.5 months after the low. They fell 28.8% in the 2020 COVID crash and recovered within a month. They lost 34.6% in the 2022 bear market and had not regained the January 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does American Tower make money?
Mostly by renting space on towers. Property operations, including data centers, produced 97% of its $10.6 billion in revenue for 2025. Wireless carriers, broadcasters, government agencies and others lease spots for their antennas and equipment. Contracts usually start at five to ten years, with yearly rent increases. The rest of revenue comes from U.S. tower services such as zoning and permitting. As of December 31, 2025, it expected more than $54 billion in future rent from leases that cannot be canceled.
Does American Tower raise its dividend every year?
Yes, for three straight years through 2025, when dividends per share reached $6.72. That streak is short. From 2020 to 2025, regular dividends per share grew about 9.2% a year. The company paid $3.18 billion in dividends in 2025, and the yield was 3.85% as of October 28, 2026. As a REIT, it must pay out most of its taxable income, which ties dividends closely to rental cash flow.
Is American Tower's dividend covered by cash flow?
Yes, for 2025, though not by a wide margin. Dividends paid were $3.18 billion, which equaled 84% of its $3.78 billion of free cash flow (the cash left after operating and capital spending) and 126% of net income. For REITs, cash flow is usually the better gauge because depreciation lowers reported earnings. Debt adds pressure: total debt was about $37.6 billion as of September 30, 2026. The 10-K warns that debt agreements could restrict dividend payments.
Who are American Tower's biggest customers?
Large wireless carriers. In 2025, AT&T, T-Mobile and Verizon supplied 85% of U.S. & Canada property revenue. Bharti Airtel and MTN made up 81% of Africa & Asia-Pacific property revenue, and Telefónica 70% of Europe's. In Latin America, América Móvil, AT&T, Telefónica and TIM together supplied 71%. Because of this concentration, trouble at one carrier can hit results. The disputes with AT&T Mexico and DISH described in the 10-K show how.
How has American Tower stock performed?
Unevenly. Measured by share price as of October 28, 2026, the stock gained about 7.5% a year over 10 years. Over five years it lost about 5.4% a year, a 24% drop. Over three years it gained about 5.9% a year, and over one year 4.7%. The shares had not regained their January 2022 peak. The share price was 34 times 2025 earnings. Dividends, at a 3.85% yield on the same date, come on top of these price figures.