American Tower (AMT) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 rose 3.2% year-over-year to $2.63 billion, with property operations accounting for 96% of revenues and services revenue more than doubling.

• Net income attributable to common stockholders dropped 58.1% to $381 million, mainly due to $484 million in foreign currency losses and higher tax provision.

• Adjusted EBITDA increased 1.8% to $1,752 million, with AFFO as adjusted up 2.6% to $1,218 million; CoreSite data centers saw double-digit growth.

• U.S. Services revenue was among the highest on record, and international activity remained steady despite customer events in Latin America.

• Over 75% of discretionary capital expenditures were deployed to developed markets, and €500 million in senior unsecured notes were issued.

Financial highlights

• Q2 2025 total property revenue was $2,527 million, up 1.2% year-over-year (1.9% FX-neutral).

• Adjusted EBITDA margin was 66.7% for Q2 2025.

• AFFO attributable to common stockholders was $1,218 million, down 6.7% year-over-year, or $2.60 per share; as adjusted, AFFO grew 2.6%.

• Nareit FFO attributable to common stockholders fell 43.4% to $765 million.

• Free cash flow decreased 4.1% to $969 million; cash from operations was $1,282 million, down 4.3%.

Outlook and guidance

• Full-year 2025 property revenue expected at $10,135–$10,285 million, up 2.8% at midpoint; adjusted EBITDA guidance raised to $7,005–$7,075 million.

• AFFO per share guidance increased to $10.46–$10.65, up 0.2% year-over-year; midpoint now $10.56, representing ~6% year-over-year growth as-adjusted.

• Organic tenant billings growth expected at ~5% consolidated; U.S./Canada revised to ~4.3%, Europe at 5%, Africa/APAC >12%, Latin America >2%.

• 2025 capital expenditures plan revised to $1.7B, down $20M; $3.2B dividend distribution expected.

• Net income guidance reduced by $400 million due to unrealized FX losses.