American Tower Corporation reported its third‑quarter 2025 results, with total revenue of $2.717 billion, up 7.7 % year‑over‑year, and property revenue of $2.616 billion, up 5.9 %. Tenant billings grew 5.5 % and organic tenant billings rose 5.0 %. Adjusted EBITDA reached $1.816 billion, a 7.6 % increase. Net income attributable to common shareholders was $853 million, up 207.7 % from the same quarter a year earlier, while overall net income was $913 million, up 216.9 %. Earnings per share were $1.82, beating analyst estimates, and Adjusted Funds From Operations per share were $2.78, also exceeding expectations.
The company’s property gross margin stood at 74.9 %. Funds From Operations were $1.262 billion and Adjusted Funds From Operations were $1.303 billion. Cash provided by operating activities was $1.460 billion, with capital expenditures of $476 million and free cash flow of $984 million. Net leverage was 4.9×, and total liquidity reached $10.7 billion, including $2.0 billion in cash and $8.7 billion available under credit facilities.
American Tower raised its full‑year 2025 outlook, projecting property revenue between $10.210 billion and $10.290 billion, adjusted EBITDA between $7.058 billion and $7.113 billion, and Adjusted Funds From Operations per share between $10.60 and $10.72. The midpoint of the AFFO per share range is $10.66, reflecting stronger foreign‑currency gains and higher property revenue. The company also lifted its guidance for AFFO per share to this midpoint.
Capital‑allocation highlights included a regular dividend of $1.70 per share, a 4.9 % year‑over‑year growth, a repayment of $500 million of senior unsecured notes due September 15 2025, and the issuance of $575 million of new senior unsecured notes (comprising $200 million due 2030 and $375 million due 2035). The net proceeds were used to repay existing indebtedness under the revolving credit facility and for general corporate purposes. The company also repurchased approximately 151,000 shares for $28 million after the quarter, part of a $2 billion buyback authorization.
The data center segment posted a 14.1 % year‑over‑year revenue increase, driven by hybrid‑cloud demand and AI‑related workloads. CEO Steven Vondran highlighted strong leasing activity, global data demand, and robust data center performance. The company beat analyst expectations for revenue, net income, adjusted EBITDA, and AFFO per share, and the dramatic increase in net income was primarily due to foreign‑currency losses in the prior‑year period. American Tower remains a leading global REIT with an investment‑grade credit rating and a disciplined capital‑allocation strategy.
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