American Tower (NYSE:AMT) reported a resilient finish to fiscal 2025, driven by record fourth-quarter revenue and robust demand for its distributed real estate.
Total revenue for the quarter rose 7.5% to $2,738 million, while property revenue—the company’s core leasing business—climbed 7.6% to $2,673 million.
For the full year, the company surpassed the $10 billion mark, reporting total revenue of $10,645 million.
Despite the top-line growth, net income for the fourth quarter fell 32% to $837 million.
The decline was primarily driven by non-cash impairments and fluctuating foreign exchange rates.
However, Adjusted Funds From Operations (AFFO)—the primary profitability metric for REITs—grew by a strong 13.1% to $1,230 million in the quarter, reflecting the high operating leverage of its global tower portfolio.
The company’s 2025 results highlight the continued densification of 5G networks in the United States and the expansion of mid-band spectrum coverage.
In the U.S. and Canada, American Tower saw steady organic tenant billing growth, while its International segment benefited from the ongoing digital transformation in Africa and Europe.