American Tower Corporation reported fourth‑quarter and full‑year 2025 results that surpassed analyst expectations. Total property revenue rose 7.5% to $2.738 billion, while earnings per share of $2.63 beat consensus estimates of $2.54 by $0.09. The company also posted adjusted EBITDA of $1.819 billion, up 13.1% from the prior year, and attributable AFFO of $1.230 billion, a 13.4% increase.
Revenue growth was driven by robust leasing activity in the tower and data‑center segments, supported by continued demand for 5G and AI‑related workloads. Q4 2024 revenue was $2.548 billion, so the current quarter represents a $190 million increase. The company’s property gross margin held at 74.7%, slightly below the 75.0% margin recorded in 2024, while the adjusted EBITDA margin remained steady at 66.4%.
Adjusted EBITDA and AFFO gains were largely attributable to disciplined cost management and a favorable mix of high‑margin contracts. The company’s net income fell due to foreign‑currency impacts and a reduction in non‑cash straight‑line revenue, but the operating leverage remained strong. Management highlighted that “We delivered another strong year, achieving high‑single‑digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy. Leasing demand across our global tower portfolio and data center business remains robust, underpinned by sustained growth in mobile data consumption, continued 5G deployment, and increasing hybrid‑cloud and AI‑related workloads.”
Looking ahead, American Tower reiterated its 2026 guidance, projecting total property revenue of $10.44 billion to $10.59 billion and attributable AFFO per share of $10.78 to $10.95. The guidance is below analyst consensus, reflecting a cautious outlook amid the DISH default and foreign‑currency headwinds. The company also noted that “We anticipate carriers will densify their networks not only to meet the capacity demands of 5G, but also to plan ahead for the 6G cycle.” and that “DISH has defaulted on its payment obligations. We continue to pursue legal action to recover the value of its remaining lease obligations.”
Investors responded with a muted reaction, as the conservative revenue outlook and the impact of the DISH default tempered enthusiasm despite the earnings beat. The results underscore American Tower’s continued ability to generate high‑quality cash flow while navigating short‑term headwinds, positioning the company for steady growth in the evolving telecommunications infrastructure market.
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