American Tower Corporation has reported its financial results for the third quarter of 2025, demonstrating solid growth across various key metrics compared to the same period in 2024.
Total revenue for the quarter increased by 7.7% to $2,717 million, with total property revenue also rising by 5.9% to $2,616 million. Net income surged by 216.9% to $913 million, while adjusted EBITDA grew by 7.6% to $1,816 million. Net income attributable to AMT common stockholders saw a significant increase of 207.7% to $853 million.
Moreover, the company's Adjusted Funds from Operations (AFFO) attributable to AMT common stockholders increased by 5.3% to $1,303 million and by 10.4% when adjusted, reaching the same amount. AFFO per share also increased by 5.3% to $2.78 and by 10.3% when adjusted.
The quarter's total tenant billings and organic tenant billings experienced growth rates of 5.5% and 5.0%, respectively. Additionally, property gross margin reached $1,959 million, up by 6.3%, with a margin percentage of 74.9%.
In terms of distributions to common stockholders, American Tower declared regular cash distributions of $1.70 per share, amounting to a total of $796.1 million, representing year-over-year per share growth of 4.9%.
Regarding capital expenditures, the company invested approximately $476 million during the third quarter of 2025, with $54 million allocated to non-discretionary capital improvements and corporate capital expenditures.
American Tower's net leverage ratio for the quarter ended September 30, 2025, was reported at 4.9x net debt to adjusted EBITDA. As of the same date, the company had total liquidity of around $10.7 billion, comprised of $2.0 billion in cash and cash equivalents, along with the potential to borrow approximately $8.7 billion under its revolving credit facilities, net of any outstanding letters of credit.
The company also engaged in financing activities, including the repayment of $500.0 million of senior unsecured notes and the issuance of $575.0 million in senior unsecured notes during the quarter.
Moreover, American Tower repurchased approximately 151,000 shares of its common stock for an aggregate of approximately $28.0 million subsequent to September 30, 2025. The company indicated its intention to continue managing the pacing of the remaining approximately $2.0 billion under its 2017 buyback program based on market conditions and other relevant factors.
The market has reacted to these announcements by moving the company's shares -0.94% to a price of $189.73. If you want to know more, read the company's complete 8-K report here.
