American Tower Corporation (NYSE: AMT)

Lead

American Tower Corporation (NYSE: AMT) reported a 7.5% increase in total revenue for the fourth quarter ended December 31, 2025, driven by leasing demand and data center growth, though net income declined 32.0% largely due to significant fluctuations in foreign currency exchange impacts compared to the prior-year period.

Operations

Total Tenant Billings grew 6.5% for the quarter, while Organic Tenant Billings increased 5.9%. New Site Tenant Billings contributed approximately $10 million to property revenue in the fourth quarter.

Revenue

Total revenue for the fourth quarter rose to $2,738 million, up from $2,548 million in the corresponding quarter last year. Total property revenue increased 7.6% year-over-year to $2,673 million.

Margins & Profitability

Adjusted EBITDA increased 7.5% to $1,819 million, with an Adjusted EBITDA margin of 66.4%, compared to 66.4% in the prior-year period. Property Gross Margin grew 7.2% to $1,996 million, representing a margin of 74.7% versus 75.0% in the prior year.

Bottom Line

Net income decreased 32.0% to $837 million, compared to $1,230 million in the fourth quarter of 2024. On a per-share basis, net income attributable to AMT common stockholders was $1.75, a decrease of 33.2% from $2.62 in the prior-year period. Adjusted Funds From Operations (AFFO) attributable to common stockholders per share increased 13.4% to $2.63.

Outlook

For the full year 2026, management expects total property revenue to range between $10,440 million and $10,590 million. Net income is projected to be between $2,945 million and $3,025 million, while Adjusted EBITDA is guided between $7,090 million and $7,160 million. Management forecasts AFFO attributable to common stockholders per share of $10.78 to $10.95.