American Tower Corp. (NYSE:AMT) on Tuesday reported fourth-quarter 2025 results that topped Wall Street estimates for earnings and revenue.
The company posted quarterly earnings of $2.63 per share, beating analysts' consensus estimate of $2.53 and rising 13.4% from $2.32 a year earlier.
Revenue increased 7.5% to $2.74 billion from $2.55 billion in the same quarter last year, exceeding expectations of $2.69 billion. The company reported an adjusted EBITDA margin of 66% for the quarter. Operating income rose to $1.16 billion from $1.08 billion a year ago.
As of Dec. 31, American Tower had about $11.1 billion in total liquidity, including approximately $1.5 billion in cash and cash equivalents and roughly $9.6 billion available under its revolving credit facilities, net of outstanding letters of credit.
Regional Segment Performance
In the U.S. and Canada segment, revenue totaled $1.33 billion with an operating profit margin of 79%. Latin America generated $438 million in revenue with a 64% operating margin. Africa and Asia-Pacific reported revenue of $382 million and an operating margin of 61%, while Europe recorded $248 million in revenue with a 54% operating margin.
Management Commentary
Chief Executive Steven Vondran said leasing demand across the company's global tower portfolio and data center business remains strong, supported by continued growth in mobile data usage, ongoing 5G deployment, and increasing hybrid-cloud and artificial intelligence workloads.
He said the company is focused on driving durable revenue growth in 2026, advancing cost-efficiency initiatives, and maintaining disciplined capital allocation.
2026 Outlook
For 2026, the company expects adjusted funds from operations of $10.78 to $10.95 per share, below analysts' consensus estimate of $11.09.
American Tower projects total property revenue of $10.44 billion to $10.59 billion, up about 2% from the prior year. Net income is forecast at $2.945 billion to $3.025 billion, representing growth of about 14.1%, while adjusted EBITDA is expected to range from $7.09 billion to $7.16 billion, roughly flat year over year.
The company plans capital expenditures of $1.795 billion to $1.905 billion in 2026.
The company said rising mobile data use supports its tower business, while hybrid cloud and AI demand are boosting its data centers.
It believes its high-quality asset portfolio, seasoned leadership team, disciplined capital allocation strategy, and investment-grade balance sheet provide a strong foundation for delivering high-return growth and generating sustained long-term shareholder value.
AMT Price Action: American Tower shares were up 1.23% at $188.19 at the time of publication on Tuesday, according to Benzinga Pro data.
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