American Tower AMT
We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. 10-K, Item 1
- Headquarters
- Boston, MA
- Next results
- around Feb 23, 2027
AMT among Real estate peers
Six ratios from the latest 10-K. Each corner is the share of 28 peers the company is above, not a score.
What changed
21 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 24, 2026 against Feb 25, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
10 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 9 checks found nothing to note
-
Receivables growing faster than revenueReceivables +20.4% vs revenue +5.1% (+15.3 pts)
-
Cash from operations $5.5B vs net income $2.6B (FY ending Dec 31, 2025)
8 more checks with nothing to note
-
Same auditor in both 10-Ks: Deloitte & Touche LLP
-
No statement of substantial doubt about going concern
-
No 8-K item 4.02 in the last 2 years
-
No NT 10-K or NT 10-Q in the last 2 years
-
No longer listed: F-2
-
No sentence in the 10-K concludes that controls were not effective because of a material weakness
-
No 8-K item 2.06 in the last 2 years
-
No 8-K item 1.03 in the last 2 years
In their words
21 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.
-
Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
Our business, results of operations and financial condition could be negatively impacted by disputes with our customers.
-
Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
For example, we are currently engaged in a legal dispute (the “Arbitration”) with one of our customers in Mexico, AT&T Comunicaciones Digitales, S. de R.L. de C.V. and related entities (collectively, “AT&T Mexico”). AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the…
-
Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
The following is a list of significant customers (representing at least 10% of revenue in any of the last three years) and the percentage of our total revenues for the specified time periods received from these customers:
-
Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
Our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments.
New risk paragraphs, against peers
Latest 10-K of each, Real estate companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $9.6B | $10.0B | $10.1B | $10.6B |
| Net income | $1.8B | $1.5B | $2.3B | $2.5B |
| Operating cash flow | $3.7B | $4.7B | $5.3B | $5.5B |
| Free cash flow | $1.8B | $2.9B | $3.7B | $3.8B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$10.6B ▲ 5.1% in FY2025$2.5B ▲ 12.2% in FY2025$3.8B ▲ 2.2% in FY2025
Recent filings
5 filings in the last 30 days · SEC EDGAR
-
8-KNov 13, 2026Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
-
8-KNov 9, 2026Other events 8-K item 8.01
-
8-KOct 27, 2026Quarterly results 8-K item 2.02
-
10-QOct 27, 2026Quarterly report (10-Q) period ended Sep 30, 2026
-
BuyOct 22, 2026Clarke Teresa Hillary (Director) bought $64K open-market purchase on Apr 28, 2023, reported 3 years late
About the company
American Tower, Boston, MA · from the 10-K filed Feb 24, 2026
We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 97% of our total revenues for the year ended December 31, 2025.
- Headquarters
- Boston, MA
- Country
- United States
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Oct 27, 2026
- Incorporated in
- DE
Email alerts
Sources
The 10-K filed Feb 24, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/AMT/export.csv") into a cell.