American Tower Corporation income statement & cash flow
In the fiscal year ended Dec 31, 2025, American Tower Corporation reported net income of $2.63B on revenue of $10.64B. Operating cash flow was $5.46B and capital expenditures were $1.68B, leaving $3.78B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.79B | $6.66B | $7.44B | $7.58B | $8.04B | $9.36B | $9.65B | $10.01B | $10.13B | $10.64B |
| Operating income | $1.85B | $2.00B | $1.91B | $2.69B | $2.89B | $3.13B | $2.74B | $3.13B | $4.52B | $4.85B |
| Net income | $956.40M | $1.24B | $1.24B | $1.89B | $1.69B | $2.57B | $1.70B | $1.37B | $2.28B | $2.63B |
| Diluted EPS | $1.98 | $2.67 | $2.77 | $4.24 | $3.79 | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 |
| Operating cash flow | $2.70B | $2.93B | $3.75B | $3.75B | $3.88B | $4.82B | $3.70B | $4.72B | $5.29B | $5.46B |
| Capital expenditures | $682.50M | $803.60M | $913.20M | $991.30M | $1.03B | $1.38B | $1.87B | $1.80B | $1.59B | $1.68B |
| Reported in | 10-K 2019 | 10-K 2020 | 10-K 2021 | 10-K 2021 | 10-K 2021 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | 45.5% | 24.7% |
| Dec 2024 | — | 44.6% | 22.5% |
| Dec 2023 | — | 31.2% | 13.7% |
| Dec 2022 | — | 28.4% | 17.6% |
| Dec 2021 | — | 33.5% | 27.4% |
Source: SEC EDGAR XBRL company facts for CIK 1053507 (raw data). Most recent filing in this dataset: 10-Q filed Oct 27, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.