Filing Flows › American Tower (AMT) › Q3 2025
American Tower (AMT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
American Tower (AMT) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before. Operating margin was 45.4%, net earnings $853M (31.4% of revenue).
American Tower, Q3 2025: revenue $2.7B (+8% year over year), operating margin 45.4%, net earnings $853M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +3% | +8% |
| Operating profit | $1.2B | +3% | +8% |
| Net earnings | $853M | +133% | — |
| Operating cash flow | $1.5B | +14% | -0.6% |
| Free cash flow | $994M | +2% | -5% |
What changed
Revenue was $2.7B in Q3 2025, up 8% year over year and up 3% from the previous quarter. U.S. & Canada was the largest line at 52% of revenue. Africa & APAC added $0.07B year over year (up 23%), 35% of the total change.
Operating profit was $1.2B, a 45.4% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 45% margin then. Total costs grew 7% against revenue growth of 8%. Net earnings were $0.85B. The effective tax rate was 3.9%.
Operating cash flow was $1.5B (down 1% year over year), 160% of net income including minority interests. Non-cash charges added back $0.52B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.47B left free cash flow of $1.0B.
Questions
What was American Tower's revenue in the third quarter 2025?
American Tower (AMT) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +8% from a year earlier and +3% from the quarter before.
Was American Tower profitable in the third quarter 2025?
Operating profit was $1.2B (45.4% of revenue) and net earnings $853M.
Source: American Tower 10-Q on SEC EDGAR.