American Tower (AMT) Q4 2025 earnings summary

Executive summary

• Achieved robust revenue and AFFO per share growth in FY 2025, with AFFO per share as adjusted up 8.0% and Q4 2025 growth of 13.4%, driven by strong leasing demand, 4G/5G infrastructure, and data centers.

• Strategic focus on developed markets, operational efficiency, and disciplined capital allocation, including significant share repurchases and increased dividends.

• Continued investment in AI, automation, and hybrid/multi-cloud data center solutions to drive margin expansion and cost reduction.

• Completed sale of India operations in September 2024, using proceeds to pay down $2B in debt and impacting reported results.

• Returned to target leverage range, enabling flexibility for capital allocation.

Financial highlights

• FY 2025 property revenue grew 3.7% to $10.3B; Q4 2025 property revenue up 7.6% to $2,673 million.

• Adjusted EBITDA for 2025 rose 4.7% to $7.1B, with margin at 67.0%; Q4 2025 Adjusted EBITDA up 7.5%.

• AFFO per share as adjusted increased 8.0% to $10.76 for 2025; Q4 2025 AFFO per share up 13.4%.

• Repurchased $365 million in stock in Q4 2025, the largest buyback since 2017.

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

Outlook and guidance

• 2026 consolidated organic tenant billings growth expected at 1% (4% excluding DISH churn); U.S. and Canada at 0.5% (4.5% ex-DISH).

• 2026 property revenue guidance: $10,440 million to $10,590 million (2.0% growth at midpoint); adjusted EBITDA projected at $7,090–$7,160 million.

• AFFO per share guidance for 2026: $10.78–$10.95, up 1.0% at midpoint.

• Dividend expected to grow 5% in 2026, with $3.3 billion in distributions planned.

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