American Tower Corp. ( AMT ) reported its third-quarter results on Tuesday, before the market opened, surpassing Wall Street estimates.

American Tower ( AMT ) reported quarterly earnings of $2.78 per share, topping analysts’ consensus estimate of $2.58 and marking a 5.3% year-over-year increase from $2.64 a year ago.

The quarterly revenue rose 7.7% to $2.72 billion, exceeding expectations of $2.65 billion, compared with $2.52 billion in the same quarter last year.

Also Read: American Tower Sees Slightly Weaker US Growth As International Performance Strengthens

The company reported an adjusted EBITDA margin of 66.8% for the third quarter. The operating income rose to $1.23 billion, up from $1.14 billion in the same period last year.

As of September 30, the company had approximately $10.7 billion of total liquidity, consisting of approximately $2.0 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.7 billion under its revolving credit facilities, net of any outstanding letters of credit.

During the quarter, the company declared a cash dividend of $1.70 per share, which was paid on October 20, 2025, to stockholders of record as of the close of business on September 30, 2025.

In the third quarter of 2025, American Tower’s total capital spending amounted to approximately $476 million, including $54 million allocated for non-discretionary capital improvements and corporate expenditures.

Segment Performance

In the U.S. and Canada, revenue totaled $1.32 billion with an operating profit margin of 80%. Latin America generated $417 million in revenue, achieving an operating profit margin of 61%.

In Africa & APAC, revenue reached $371 million with an operating margin of 64%. Europe recorded $244 million in revenue, supported by an operating margin of 56%.

Altogether, international revenue amounted to $1.03 billion, with a combined operating margin of 61%.

Outlook

American Tower ( AMT ) raised its full-year 2025 adjusted funds from operations (AFFO) outlook to a range of $10.60 to $10.72 per share, up from its prior guidance of $10.46 to $10.65, and well above the analyst consensus estimate of $9.94.

American Tower ( AMT ) expects total property revenue of $10.21–$10.29 billion, up 3.2% year over year. Net income is projected at $2.46–$2.51 billion (+9%), and adjusted EBITDA at $7.06–$7.11 billion (+4%).

Regional growth will be led by Data Centers (+13%) and International operations (+5.6%), while U.S. & Canada remain flat due to lower straight-line revenue. Total tenant billings are expected to grow about 5.5%.

Capital spending is planned between $1.62–$1.73 billion, primarily for discretionary projects, ground lease purchases, and redevelopment.

CEO Commentary

Steven Vondran, American Tower’s CEO, stated, “We delivered another strong quarter, resulting in mid-to-high single-digit growth in revenue and Adjusted EBITDA, and double-digit growth in AFFO per Share, as adjusted. Our unmatched portfolio of digital infrastructure continues to benefit from rapid growth in global data demand.”

“Leasing activity across our U.S. and international towers remains robust as carriers invest in network coverage and capacity, and in our data center business, strong hybrid-cloud demand, favorable pricing, and rising AI-related workloads drove a strong quarter, including a record quarter of signed retail new leasing.”

Price Action: AMT shares were trading lower by 3.23% to $183.61 at last check Tuesday.

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