American Tower Corporation (NYSE: AMT) has reported its financial results for the second quarter of 2025, showing a 3.2% increase in total revenue to $2,627 million. The total property revenue also increased by 1.2% to $2,527 million.
However, net income decreased by 58.1% to $381 million, primarily due to foreign currency losses in the current period. Adjusted EBITDA increased by 1.8% to $1,752 million, while net income attributable to AMT common stockholders decreased by 59.3% to $367 million, also primarily due to foreign currency losses.
AFFO attributable to AMT common stockholders decreased by 6.7% to $1,218 million, but when adjusted, it increased by 2.6% to the same amount. This translated to a decrease in AFFO attributable to AMT common stockholders per share by 6.8%, and an increase of 2.4% when adjusted.
Looking at the operating results, total tenant billings grew by $97 million, representing a 5.2% increase, with organic tenant billings growing by 4.7%. Property gross margin increased by 0.9% to $1,887 million, with a property gross margin percentage of 74.7%.
In terms of capital allocation, the company declared regular cash distributions to its common stockholders, with a year-over-year per share growth of 4.9%. The distribution declared on May 15, 2025, and paid on July 11, 2025, amounted to $1.70 per share, totaling $796.0 million.
During the second quarter of 2025, the company's total capital expenditures were approximately $313 million, with $40 million allocated for non-discretionary capital improvements and corporate capital expenditures. Additionally, the company spent approximately $185 million on acquisitions during the same period, mainly driven by the acquisition of a multi-tenant data center facility in Denver, Colorado.
In terms of leverage and financing, American Tower Corporation reported a net leverage ratio of 5.1x net debt to second quarter 2025 annualized adjusted EBITDA.
As of June 30, 2025, the company had approximately $10.5 billion of total liquidity, comprising $2.1 billion in cash and cash equivalents, along with the ability to borrow an aggregate of approximately $8.4 billion under its revolving credit facilities, net of any outstanding letters of credit.
Finally, the company provided full-year 2025 estimates, based on management's assumptions as of July 29, 2025, with cautionary language regarding the potential variance of actual results from these estimates due to various factors. The market has reacted to these announcements by moving the company's shares -2.46% to a price of $224.21. For the full picture, make sure to review AMERICAN TOWER CORP /MA/'s 8-K report.
