Filing Flows › American Tower (AMT) › Q4 2025
American Tower (AMT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
American Tower (AMT) reported revenue of $2.7B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.7% from the quarter before. Operating margin was 42.4%, net earnings $821M (30.0% of revenue).
American Tower, Q4 2025: revenue $2.7B (+8% year over year), operating margin 42.4%, net earnings $821M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +0.7% | +7% |
| Operating profit | $1.2B | -6% | +7% |
| Net earnings | $821M | -4% | -33% |
| Operating cash flow | $1.4B | -2% | +19% |
| Free cash flow | $848M | -15% | +12% |
What changed
Revenue was $2.7B in Q4 2025, up 7% year over year and up 1% from the previous quarter. U.S. & Canada was the largest line at 51% of revenue.
Operating profit was $1.2B, a 42.4% margin (unchanged year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 42% margin then. Total costs grew 7% against revenue growth of 7%. Net earnings were $0.82B, down 33% year over year. The effective tax rate was 13.3%.
Operating cash flow was $1.4B (up 19% year over year), 171% of net earnings. Non-cash charges added back $0.52B of depreciation and amortization and $0.03B of share-based compensation. Capital expenditures of $0.58B left free cash flow of $0.85B.
Questions
What was American Tower's revenue in the fourth quarter 2025?
American Tower (AMT) reported revenue of $2.7B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.7% from the quarter before.
Was American Tower profitable in the fourth quarter 2025?
Operating profit was $1.2B (42.4% of revenue) and net earnings $821M.
Source: American Tower 10-K on SEC EDGAR.