American Tower (AMT)
Leases multitenant communications sites worldwide and interconnected U.S. data-center capacity.
Something off on this page? Send us feedback.
American Tower is mostly a landlord for the places where wireless carriers bolt antennas, from North America to Europe, Latin America and Africa. Long leases from a few giant phone companies pay nearly all the bills. The newer bet is CoreSite, which rents powered computer rooms and private connections, while one-off tower project work is shrinking.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 9 more below
Towers and Rooftops
The core product is a small piece of height where a phone company mounts its gear. At June 2026, contracted rent stretched years ahead; watch how much extra equipment each existing site attracts.
Competes with Tower leasing (Crown Castle) · Tower leasing (SBA Communications) · Telecom infrastructure (Cellnex)
In plain English
Think of a tower as an apartment building for antennas. American Tower owns or controls the structure, then rents separate spots on it to phone companies. A second tenant, or more equipment from the first, adds rent without requiring another whole tower.
Initial leases usually run five to ten years and prices tend to rise over time. That makes the cash stream unusually steady, but also concentrated: T-Mobile, AT&T, Verizon and Telefónica together supplied 59% of FY2025 revenue. The same dependable contracts can become a problem when one giant tenant stops paying or removes equipment.
U.S. & Canada Property
This is the largest cash engine: after direct site costs, about 83 cents of each rental dollar remained in FY2025. Watch whether carrier upgrades add rent faster than old equipment comes down.
Competes with Tower leasing (Crown Castle) · Tower leasing (SBA Communications)
In plain English
The unglamorous giant of the company. American Tower rents outdoor tower spots, rooftop positions and indoor antenna systems to AT&T, T-Mobile, Verizon and other carriers across the United States and Canada.
Carriers keep paying because these sites already sit where their networks need antennas. When they add radios or antennas to handle more phone traffic, American Tower can charge more on a structure it already operates. The attraction is simple: additions bring in new rent while land, taxes and basic maintenance change much less.
Latin America Property
Rent slipped 4% in FY2025 despite long contracts. What reaches American Tower in dollars also depends on local currencies and whether AT&T Mexico pays disputed rent.
Competes with Latin American tower leasing (SBA Communications) · Latin American towers (Phoenix Tower International)
In plain English
A tower in Brazil or Mexico earns rent much like one in Texas, but the dollars can move even when the local contract grows. Phone companies including América Móvil, AT&T, Telefónica and TIM pay to place equipment on American Tower sites across the region.
Many contracts raise prices with local inflation, helping the rent keep pace with costs. American Tower still has to pay landowners and power providers locally, then translate the result into dollars. Permits can delay new gear, and a payment dispute with one large carrier can be felt across the regional business.
Africa & Asia Pacific Property
FY2025 revenue grew 18% from a base far smaller than North America. After the June 2026 Asian exits, the continuing business is essentially African towers, where power and currencies remain key swing factors.
Competes with African tower portfolio (IHS Towers) · Tower leasing (Helios Towers)
In plain English
Power is part of the product here. Across African markets, American Tower rents antenna space mainly to Airtel and MTN, while also keeping remote sites running when the local electricity supply is unreliable.
The carriers pay recurring rent for coverage they cannot provide without those sites. American Tower pays landlords, electricity suppliers and fuel vendors to keep each location usable, so adding a tenant helps much more than adding a whole new site. Revenue can grow quickly in local money while fuel costs or exchange-rate moves change what the company keeps in dollars.
Europe Property
Telefónica supplied 70% of FY2025 revenue here. Its large role makes renewal and network-upgrade decisions unusually important, while local planning rules can slow new sites.
Competes with Telecom infrastructure (Cellnex) · Macro Sites (Vantage Towers)
In plain English
Europe's sites sell shared height to mobile carriers. American Tower owns or controls towers and related locations, then Telefónica and other networks pay recurring rent to attach their radio equipment.
The business gets better when another carrier shares a site or an existing one installs more gear, because the structure is already standing. Contracts often raise rent with inflation, but planning approvals govern what can be built or changed. With one customer providing most of the region's revenue, that customer's choices carry more weight than broad growth in phone use.
Data Centers
CoreSite is the fastest-growing meaningful line, and management raised its 2026 growth goal to 15%. The watchpoint is whether electricity, land and construction arrive fast enough to open more rentable capacity.
Competes with IBX and Equinix Fabric (Equinix) · PlatformDIGITAL and ServiceFabric (Digital Realty)
In plain English
CoreSite turns electricity, cooling and floor space into rentable computer rooms. Companies, network operators and cloud providers place their machines there instead of building a specialized facility themselves.
Customers pay recurring rent for powered space, then pay again for private cable links to one another and to cloud services. It works like businesses renting shops inside the same busy arcade: being near many useful neighbors makes each location more valuable. Demand is growing, but no amount of customer interest produces revenue until power, cooling equipment and construction are ready.
Services
Project work is shrinking toward about $245M in FY2026. Its useful role is to help carriers get equipment approved and installed, sometimes setting up the recurring rent that follows.
Competes with Site Development (SBA Communications) · Solutions & Service Delivery (Crown Castle)
In plain English
Before a carrier can bolt new equipment onto a site, someone has to check the structure, secure local permission and coordinate the work. American Tower sells that help to United States carriers as a separate project service.
The customer pays a fee for each job rather than a steady monthly rent, so the line rises and falls with carrier building schedules. A completed assignment can lead to more equipment on an American Tower site and therefore more rent later. For now, though, carriers are ordering less of this work than they did last year.
Towers and RooftopsThe core product is a small piece of height where a phone company mounts its gear. At June 2026, contracted rent stretched years ahead; watch how much extra equipment each existing site attracts.The core product is a small piece of height where a phone company mounts its gear. At June 2026, contracted rent stretched years ahead; watch how much extra equipment each existing site attracts.
In plain English
Think of a tower as an apartment building for antennas. American Tower owns or controls the structure, then rents separate spots on it to phone companies. A second tenant, or more equipment from the first, adds rent without requiring another whole tower.
Initial leases usually run five to ten years and prices tend to rise over time. That makes the cash stream unusually steady, but also concentrated: T-Mobile, AT&T, Verizon and Telefónica together supplied 59% of FY2025 revenue. The same dependable contracts can become a problem when one giant tenant stops paying or removes equipment.
Competes with Tower leasing (Crown Castle) · Tower leasing (SBA Communications) · Telecom infrastructure (Cellnex)
U.S. & Canada PropertyThis is the largest cash engine: after direct site costs, about 83 cents of each rental dollar remained in FY2025. Watch whether carrier upgrades add rent faster than old equipment comes down.This is the largest cash engine: after direct site costs, about 83 cents of each rental dollar remained in FY2025. Watch whether carrier upgrades add rent faster than old equipment comes down.
In plain English
The unglamorous giant of the company. American Tower rents outdoor tower spots, rooftop positions and indoor antenna systems to AT&T, T-Mobile, Verizon and other carriers across the United States and Canada.
Carriers keep paying because these sites already sit where their networks need antennas. When they add radios or antennas to handle more phone traffic, American Tower can charge more on a structure it already operates. The attraction is simple: additions bring in new rent while land, taxes and basic maintenance change much less.
Competes with Tower leasing (Crown Castle) · Tower leasing (SBA Communications)
Latin America PropertyRent slipped 4% in FY2025 despite long contracts. What reaches American Tower in dollars also depends on local currencies and whether AT&T Mexico pays disputed rent.Rent slipped 4% in FY2025 despite long contracts. What reaches American Tower in dollars also depends on local currencies and whether AT&T Mexico pays disputed rent.
In plain English
A tower in Brazil or Mexico earns rent much like one in Texas, but the dollars can move even when the local contract grows. Phone companies including América Móvil, AT&T, Telefónica and TIM pay to place equipment on American Tower sites across the region.
Many contracts raise prices with local inflation, helping the rent keep pace with costs. American Tower still has to pay landowners and power providers locally, then translate the result into dollars. Permits can delay new gear, and a payment dispute with one large carrier can be felt across the regional business.
Competes with Latin American tower leasing (SBA Communications) · Latin American towers (Phoenix Tower International)
Africa & Asia Pacific PropertyFY2025 revenue grew 18% from a base far smaller than North America. After the June 2026 Asian exits, the continuing business is essentially African towers, where power and currencies remain key swing factors.FY2025 revenue grew 18% from a base far smaller than North America. After the June 2026 Asian exits, the continuing business is essentially African towers, where power and currencies remain key swing factors.
In plain English
Power is part of the product here. Across African markets, American Tower rents antenna space mainly to Airtel and MTN, while also keeping remote sites running when the local electricity supply is unreliable.
The carriers pay recurring rent for coverage they cannot provide without those sites. American Tower pays landlords, electricity suppliers and fuel vendors to keep each location usable, so adding a tenant helps much more than adding a whole new site. Revenue can grow quickly in local money while fuel costs or exchange-rate moves change what the company keeps in dollars.
Competes with African tower portfolio (IHS Towers) · Tower leasing (Helios Towers)
Europe PropertyTelefónica supplied 70% of FY2025 revenue here. Its large role makes renewal and network-upgrade decisions unusually important, while local planning rules can slow new sites.Telefónica supplied 70% of FY2025 revenue here. Its large role makes renewal and network-upgrade decisions unusually important, while local planning rules can slow new sites.
In plain English
Europe's sites sell shared height to mobile carriers. American Tower owns or controls towers and related locations, then Telefónica and other networks pay recurring rent to attach their radio equipment.
The business gets better when another carrier shares a site or an existing one installs more gear, because the structure is already standing. Contracts often raise rent with inflation, but planning approvals govern what can be built or changed. With one customer providing most of the region's revenue, that customer's choices carry more weight than broad growth in phone use.
Competes with Telecom infrastructure (Cellnex) · Macro Sites (Vantage Towers)
Data CentersCoreSite is the fastest-growing meaningful line, and management raised its 2026 growth goal to 15%. The watchpoint is whether electricity, land and construction arrive fast enough to open more rentable capacity.CoreSite is the fastest-growing meaningful line, and management raised its 2026 growth goal to 15%. The watchpoint is whether electricity, land and construction arrive fast enough to open more rentable capacity.
In plain English
CoreSite turns electricity, cooling and floor space into rentable computer rooms. Companies, network operators and cloud providers place their machines there instead of building a specialized facility themselves.
Customers pay recurring rent for powered space, then pay again for private cable links to one another and to cloud services. It works like businesses renting shops inside the same busy arcade: being near many useful neighbors makes each location more valuable. Demand is growing, but no amount of customer interest produces revenue until power, cooling equipment and construction are ready.
Competes with IBX and Equinix Fabric (Equinix) · PlatformDIGITAL and ServiceFabric (Digital Realty)
ServicesProject work is shrinking toward about $245M in FY2026. Its useful role is to help carriers get equipment approved and installed, sometimes setting up the recurring rent that follows.Project work is shrinking toward about $245M in FY2026. Its useful role is to help carriers get equipment approved and installed, sometimes setting up the recurring rent that follows.
In plain English
Before a carrier can bolt new equipment onto a site, someone has to check the structure, secure local permission and coordinate the work. American Tower sells that help to United States carriers as a separate project service.
The customer pays a fee for each job rather than a steady monthly rent, so the line rises and falls with carrier building schedules. A completed assignment can lead to more equipment on an American Tower site and therefore more rent later. For now, though, carriers are ordering less of this work than they did last year.
Competes with Site Development (SBA Communications) · Solutions & Service Delivery (Crown Castle)
Named in filings, launches and programs
- DAS, Wi-Fi and Private NetworksEcosystemIndoor and campus radio systems that spread wireless coverage where an outdoor tower cannot; their rent sits inside the property business.
- New Tower DevelopmentServiceBuilds new sites around carrier commitments, creating construction work first and potential recurring rent once equipment is installed.
- Backup PowerServiceKeeps eligible communications sites available through managed generators, giving tenants coverage when ordinary electricity fails.
- Open Cloud ExchangePlatformLets CoreSite customers create private links among their computers, networks and cloud providers without laying a new physical cable each time.
- MyCoreSite Customer Service Delivery PlatformPlatformThe online control panel customers use to order, watch and manage CoreSite services.
- Construction-Ready EdgeEcosystem · RampingRoughly a thousand pre-zoned tower locations positioned for large local computer facilities, with power and high-speed data connections considered in advance.
- Verizon TransactionCustomer programA long-running agreement covering roughly eleven thousand sites, with extended leases and purchase options that can transfer sites to American Tower.
- AT&T TransactionCustomer programA roughly fifteen-hundred-tower portfolio under long leases, with purchase options that have already moved many sites to American Tower.
- AST SpaceMobile investmentEcosystemAmerican Tower sold half its stake, kept the rest and retained a board seat in this outside company.
DAS, Wi-Fi and Private NetworksEcosystem
Indoor and campus radio systems that spread wireless coverage where an outdoor tower cannot; their rent sits inside the property business.
New Tower DevelopmentService
Builds new sites around carrier commitments, creating construction work first and potential recurring rent once equipment is installed.
Backup PowerService
Keeps eligible communications sites available through managed generators, giving tenants coverage when ordinary electricity fails.
Open Cloud ExchangePlatform
Lets CoreSite customers create private links among their computers, networks and cloud providers without laying a new physical cable each time.
MyCoreSite Customer Service Delivery PlatformPlatform
The online control panel customers use to order, watch and manage CoreSite services.
Construction-Ready EdgeEcosystem · Ramping
Roughly a thousand pre-zoned tower locations positioned for large local computer facilities, with power and high-speed data connections considered in advance.
Verizon TransactionCustomer program
A long-running agreement covering roughly eleven thousand sites, with extended leases and purchase options that can transfer sites to American Tower.
AT&T TransactionCustomer program
A roughly fifteen-hundred-tower portfolio under long leases, with purchase options that have already moved many sites to American Tower.
AST SpaceMobile investmentEcosystem
American Tower sold half its stake, kept the rest and retained a board seat in this outside company.