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Mar 31, 2025
American Tower Q1 2025 Earnings Report
American Tower delivered modest revenue growth but faced net income pressure due to foreign currency losses in Q1 2025.
Key Takeaways
American Tower saw steady revenue growth and leasing demand but suffered a significant decline in net income primarily due to foreign currency impacts.
Revenue increased 2.0% year-over-year to $2,563,000,000.
Net income dropped 45.9% year-over-year to $499,000,000 due to FX losses.
Adjusted EBITDA grew by 1.9% to $1,744,000,000.
AFFO per share, as adjusted, rose 6.6% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
American Tower raised property revenue, Adjusted EBITDA, and AFFO guidance midpoints for 2025 due to favorable FX trends but lowered net income outlook.
Positive Outlook
- Raised 2025 property revenue guidance midpoint by $50,000,000.
- Raised 2025 Adjusted EBITDA guidance midpoint by $30,000,000.
- Raised 2025 AFFO guidance midpoint by $20,000,000.
- AFFO per share guidance midpoint increased by $0.04.
- Strong global leasing demand supports continued growth.
Challenges Ahead
- Lowered 2025 net income midpoint by $185,000,000.
- Foreign currency volatility continues to impact earnings.
- Expected flat to negative U.S. & Canada segment growth.
- International growth partially offset by FX translation losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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