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American Tower cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$995M in Q3 2026 · $4.0B over twelve months

Operating cash flow$1.4B
Capital spending−$397M
Free cash flow+$995M
Cash / net income1.8×

Analysis

In Q3 2026, American Tower generated $1.4B of operating cash flow and spent $397M on capital projects, leaving free cash flow of $995M. That is $900K more than in Q3 2025 ($994M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.7B; the largest uses were other financing ($3.5B), capital spending ($1.7B), buybacks ($868M); besides operations, cash came from net borrowing (+) / repaid (−) ($625M), other investing ($209M); the cash balance fell by $93.5M.

Operating cash flow was $1.4B against net income of $781M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$519M, deferred revenue −$108M, other non-cash +$42.5M.

Free cash flow

American Tower: free cash flow by quarterAmerican Tower: free cash flow by quarter$756MQ4 2024$964MQ1 2025$977MQ2 2025$994MQ3 2025$848MQ4 2025$951MQ1 2026$1.2BQ2 2026$995MQ3 2026
Operating cash flow less capital spending.
American Tower: operating cash flow against capital spendingAmerican Tower: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$443MQ4 2024$1.3B$331MQ1 2025$1.3B$305MQ2 2025$1.5B$466MQ3 2025$1.4B$579MQ4 2025$1.4B$450MQ1 2026$1.5B$321MQ2 2026$1.4B$397MQ3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $397M.

Capital allocation, year by year

American Tower: where the cash came from (up) and went (down), by fiscal yearAmerican Tower: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $4.8BFY2021: Net borrowing $6.4BFY2021: Shares issued $2.4BFY2021: Capital spending −$1.4BFY2021: Acquisitions −$19.3BFY2021: Dividends −$2.3B$13.7BFY2021FY2022: Operating cash flow $3.7BFY2022: Net borrowing −$4.1BFY2022: Shares issued $2.3BFY2022: Capital spending −$1.9BFY2022: Acquisitions −$549MFY2022: Buybacks −$18.8MFY2022: Dividends −$2.7B$6.0BFY2022FY2023: Operating cash flow $4.7BFY2023: Net borrowing −$1.4BFY2023: Shares issued $7.7MFY2023: Capital spending −$1.8BFY2023: Acquisitions −$168MFY2023: Dividends −$3.0B$4.7BFY2023FY2024: Operating cash flow $5.3BFY2024: Net borrowing −$1.9BFY2024: Shares issued $31.3MFY2024: Asset sales $2.2BFY2024: Capital spending −$1.6BFY2024: Acquisitions −$123MFY2024: Dividends −$3.0B$7.5BFY2024FY2025: Operating cash flow $5.5BFY2025: Net borrowing −$372MFY2025: Shares issued $26.8MFY2025: Capital spending −$1.7BFY2025: Acquisitions −$454MFY2025: Buybacks −$365MFY2025: Dividends −$3.2B$5.5BFY2025
Over these 5 years operating cash flow totalled $24.0B; the largest uses were acquisitions ($20.6B) and dividends ($14.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.9B
Debt$37.6B
Net debt$35.7B
Due within a year$5.4B

American Tower funds itself: free cash flow was $4.0B over the last twelve months, and $1.9B of cash and investments stands against $37.6B of debt ($5.4B due within a year, 0.3× covered by cash).

Where the cash came from and went

American Tower: sources (+) and uses (−) of cash, Q3 2026American Tower: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.4BDividends−$834MNet borrowing (+) / repaid (−)$458MCapital spending−$397MBuybacks−$300MAcquisitions−$130MCash drawn (+) / kept (−)−$115MPartners−$33.7MOther financing−$21.2MExchange rates−$13.8MOther investing−$5.9M
American Tower: sources (+) and uses (−) of cash, TTM to Q3 2026American Tower: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$5.7BOther financing−$3.5BCapital spending−$1.7BBuybacks−$868MNet borrowing (+) / repaid (−)$625MAcquisitions−$297MPartners−$254MOther investing$209MCash drawn (+) / kept (−)$93.5MShares issued$28.1MExchange rates$11.4M

From profit to cash

American Tower: net income to operating cash flow, Q3 2026American Tower: net income to operating cash flow, Q3 2026Net income$781MDepreciation & amortization$519MStock-based pay$31.5MOther non-cash$42.5MDeferred revenue−$108MOther liabilities$14.2MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$397M−$130M−$300M−$834M$458M—−$115M$995M
Q2 2026$1.5B−$321M−$114M−$26.7M−$834M−$34.7M$8.5M−$155M$1.2B
Q1 2026$1.4B−$450M−$19.2M−$176M−$793M$234M$12.5M−$133M$951M
Q4 2025$1.4B−$579M−$34.0M−$365M−$796M−$32.4M$7.1M$496M$848M
Q3 2025$1.5B−$466M−$87.9M—−$796M−$214M$4.5M$109M$994M
Q2 2025$1.3B−$305M−$185M—−$796M−$133M$10.9M$29.6M$977M
Q1 2025$1.3B−$331M−$148M—−$757M$7.3M$19.2M−$131M$964M
Q4 2024$1.2B−$443M−$8.1M—−$757M−$14.3M$8.3M$174M$756M

American Tower: income statement and cash flow

American Tower, Q3 2026: revenue $2.8B (+2% year over year), operating margin 45.6%. The chart follows the revenue to costs, profit and cash.

American Tower: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.