AMT - NYSE

American Tower Corporation

AMT·NYSE

$185.70

+0.092%

Real EstateREIT - Specialty

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$86.52B

EPS5.4000

P/E Ratio34.39

Earnings Date08/04/2026

5.46B

Operating Cash Flow

3Y+48.0%

5Y+41.0%

10Y+102.0%

-1.71B

Investing Cash Flow

-517%

3Y-27.0%

5Y-64.0%

10Y-19.0%

-4.36B

Financing Cash Flow

-20%

3Y+206.0%

5Y-458.0%

10Y+4288.0%

American Tower Corporation Cash Conversion Engine

AMT · NYSE

FCF Components

Net Income2.63B

Depreciation & Amortization2.04B

Stock-Based Compensation174.20M

Change in Working Capital-166.60M

Others786.30M

Capital Expenditures-1.68B

Free Cash Flow3.78B

Cash Flow Quality Analysis

FCF Conversion Rate

143.9%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

30.8%

Moderate capital requirements typical of many stable businesses. Healthy balance between reinvestment and cash generation.

FCF Growth Trend

+2.2%

Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.

Working Capital Impact

-$166.60M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Solid cash generation: Positive free cash flow with reasonable earnings quality provides financial flexibility for growth investments, debt reduction, or shareholder returns.

American Tower Corporation Cash Flow Statement

AMT • NYSE

American Tower Corporation Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
OPERATING ACTIVITIES
Net Income	2.6B	2.3B	1.4B	1.7B	2.6B	1.7B	1.9B	1.3B	1.2B	970.4M	672M	803.2M	482.2M	594M	381.8M	373.6M	247.1M	347.2M	56.3M	27.5M
Depreciation & Amortization	2B	2.1B	3.1B	3.4B	2.3B	1.9B	1.8B	2.1B	1.7B	1.5B	1.3B	1B	800.1M	644.3M	555.5M	460.7M	414.6M	405.3M	530.7M	537.8M
Change in Deferred Taxes	0.0	52.3M	-182M	-236.7M	-41.2M	-22.5M	-55.1M	-303M	-86.6M	27M	7.8M	1.4M	-29.5M	29.3M	56.9M	188.3M	-3.1M	92.5M	21.2M	17.5M
Stock-Based Compensation	174.2M	203.6M	195.7M	169.3M	119.5M	120.8M	111.4M	137.5M	108.5M	89.9M	90.5M	80.2M	68.1M	52M	47.4M	52.6M	60.7M	54.8M	54.6M	15.9M
Other Non-Cash Items	786.3M	1B	1.1B	331M	-260.7M	632.9M	234.3M	552.3M	314.6M	194.6M	262.7M	88.8M	296.5M	101.2M	186.8M	35.3M	186.2M	-107.1M	-6.2M	53.8M
Cash Taxes Paid	(0.0)	(350.8M)	(306.5M)	(322.3M)	(225.2M)	(146.3M)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Change in Working Capital	-166.6M	-386.5M	-813.9M	-1.6B	102.1M	-423.6M	-250.4M	-14M	-352.2M	-103.8M	-135.3M	157.3M	-18.5M	-6.4M	-62.5M	-89.6M	-63.4M	-19.6M	36.1M	-31.8M
Cash from Operating Activities	5.5B	5.3B	4.7B	3.7B	4.8B	3.9B	3.8B	3.7B	2.9B	2.7B	2.2B	2.1B	1.6B	1.4B	1.2B	1B	842.1M	773.3M	692.7M	620.7M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-1.7B	-1.6B	-1.8B	-1.9B	-1.4B	-1B	-991.3M	-913.2M	-803.6M	-682.5M	-728.8M	-974.4M	-724.5M	-568M	-523M	-346.7M	-250.3M	-243.5M	-154.4M	-127.1M
Acquisitions, Net	-306.1M	(2B)	-168M	-549M	-19.3B	-3.8B	-3B	-1.9B	-2B	-1.4B	-2B	-1B	-4.5B	-2B	-2.3B	-899.6M	-295.6M	-42.8M	-44M	(21.1M)
Purchase of Investments	(0.0)	(0.0)	(0.0)	(0.0)	-25M	(0.0)	-355.9M	-1.2B	(0.0)	-750K	-1B	-1.4B	-427.3M	-352.3M	-42.6M	-52.2M	-6.3M	(0.0)	(0.0)	-6.9M
Sale/Maturity of Investments	0.0	253.2M	17.3M	19.6M	14.3M	19.6M	383.5M	1.3B	14.7M	13.1M	1B	1.4B	421.7M	374.7M	70M	21.7M	9.1M	5.4M	22.2M	6.9M
Other Investing Items	274.8M	-288.4M	253.3M	47.8M	-900K	26.6M	-64.2M	-52.8M	-5M	-20.9M	-5.1B	-4M	18.5M	-14.8M	25.5M	-24.2M	-6.3M	6M	-10M	-23.1M
Cash from Investing Activities	-1.7B	(410.6M)	-1.7B	-2.4B	-20.7B	-4.8B	-4B	-2.7B	-2.8B	-2.1B	-7.7B	-1.9B	-5.2B	-2.6B	-2.8B	-1.3B	-543.1M	-274.9M	-186.2M	-129.1M
FINANCING ACTIVITIES
Net Issuance of Common Stock	-322.9M	46.4M	1.3B	2.3B	2.4B	-56M	-19.6M	-232.8M	-766.3M	92.5M	2.4B	586.3M	-145M	-62.7M	-437.4M	-430.6M	-213.3M	-714.7M	-1.5B	-265.9M
Net Issuance of Debt	-372.2M	-1.9B	-1.3B	-4.1B	13.8B	4.2B	2.7B	460.1M	1.5B	589.4M	1.7B	-209.8M	2.3B	1.5B	1.4B	1.2B	-31.2M	247.5M	813.2M	-53.8M
Cash Paid for Dividends	-3.2B	-3.1B	-2.9B	-2.6B	-2.3B	-1.9B	-1.6B	-1.3B	-1.2B	-993.2M	-795.5M	-420.6M	-434.7M	-355.6M	-137.8M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Share Repurchases	-364.6M	(0.0)	(0.0)	-18.8M	(0.0)	-56M	-19.6M	-232.8M	-766.3M	(0.0)	(0.0)	-59.1M	-145M	-62.7M	-437.4M	-430.6M	-213.3M	-714.7M	-1.6B	-306.9M
Other Financing Items	-504.3M	-504.6M	-186.9M	3B	2.5B	-952.4M	-536.1M	507.4M	344M	212.1M	852.2M	-28.1M	1.8B	94.5M	211.4M	125.8M	49.5M	78.9M	-49.1M	-3.4M
Cash from Financing Activities	-4.4B	-5.5B	-3.1B	-1.4B	16.4B	1.2B	521.7M	-607.7M	-113M	-99.3M	5.6B	-134.6M	3.5B	1.2B	1.1B	910.3M	-194.9M	-388.2M	-754.6M	-323.1M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	101.3M	-233.9M	23.2M	-120.4M	-70.3M	-28.7M	-13.7M	-41.1M	6.7M	-30.4M	-23.2M	-30.5M	-26.3M	12.1M	-15M	6.3M	98K	-192K	0.0	0.0
Net Change in Cash	-503M	14.8M	-47.3M	-202.6M	481.9M	283.4M	273.1M	350M	18.4M	466.5M	7.2M	19.9M	-75M	38.4M	-553.8M	636.7M	104.2M	110M	-248.1M	168.6M
Cash at Beginning of Period	2.1B	2.1B	2.1B	2.3B	1.9B	1.6B	1.3B	954.9M	936.5M	320.7M	313.5M	293.6M	368.6M	330.2M	884M	247.3M	143.1M	33.1M	281.3M	112.7M
Cash at End of Period	1.6B	2.1B	2.1B	2.1B	2.3B	1.9B	1.6B	1.3B	954.9M	787.2M	320.7M	313.5M	293.6M	368.6M	330.2M	884M	247.3M	143.1M	33.1M	281.3M
Free Cash Flow	3.8B	3.7B	2.9B	1.8B	3.4B	2.8B	2.8B	2.8B	2.1B	2B	1.5B	1.2B	874.5M	846.3M	642.9M	674.3M	591.9M	529.8M	538.3M	493.6M

SEC Filings

AMT - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	June 02, 2026	June 02, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 27, 2026	May 27, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 21, 2026	May 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 19, 2026	May 19, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 07, 2026	May 07, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	April 28, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 28, 2026	April 28, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 08, 2026	May 20, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 10, 2026	March 06, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 05, 2026	March 05, 2026	2026	View Filing

Showing 1 to 10 of 774 filings

Related Guides

Blog Categories

Continue your AMT research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.