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Sep 30, 2025
American Tower Q3 2025 Earnings Report
American Tower posted strong Q3 results with robust international growth and record data center leasing.
Key Takeaways
American Tower reported solid third-quarter performance driven by increased international tenant billings and strong demand in its data center segment, with notable gains in net income due to favorable foreign exchange impacts.
Net income rose sharply to $853,000,000, largely due to foreign currency gains compared to losses last year.
Adjusted EBITDA reached $1,816,000,000, reflecting healthy operational performance.
AFFO per share (adjusted) increased to $2.78, up from $2.52 a year ago.
Data centers and Africa/APAC regions delivered the highest revenue growth across segments.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
American Tower raised the midpoints of its full-year 2025 outlook for key financial metrics due to favorable foreign exchange and data center growth.
Positive Outlook
- Increased full-year AFFO guidance by $50,000,000
- Raised Adjusted EBITDA outlook midpoint by $45,000,000
- Improved property revenue forecast due to FX gains
- Data center segment expected to grow 13% YoY
- Uptick in international leasing demand
Challenges Ahead
- U.S. & Canada revenue growth projected flat or slightly negative
- Free cash flow down 5.1% YoY this quarter
- Higher capital expenditures expected through year-end
- Minor dilution from noncontrolling interests in Europe
- Straight-line revenue impact weighing on headline growth
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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