American Tower Corporation

AMTNYSEReal Estate● Active

$189.49

$-4.63(-2.39%)

Market Cap$88.3B

P/E Ratio—

52W High$234.33

52W Low$165.08

Avg Volume3.2M

Open$193.00

Beta0.89

Overview

American Tower Corporation (AMT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AMT · free cash flow · updated Jun 8, 2026

Core FCF metrics

AMT · FCF · TTM · margin & CAGR

Free cash flow was $3.78B for FY2025 (fiscal year ending 2025-12-31), up 2.2% year-over-year The FCF margin was 35.5%. Five-year CAGR stands at +5.8%.

FY2025 Free Cash Flow$3.78B▲ +2.2% YoY

Trailing 12M (TTM)$3.77Btrailing 4 quarters sum

FCF Margin35.5%$3.78B ÷ revenue

3-Year CAGR+27.6%FY2022 → FY2025

5-Year CAGR+5.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

AMT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$5.46B(1.68B)$3.78B▲ +2.2%35.5%

FY2024$5.29B(1.59B)$3.70B▲ +26.5%36.5%

FY2023$4.72B(1.80B)$2.92B▲ +60.4%29.2%

FY2022$3.70B(1.87B)$1.82B▼ 47.1%18.9%

FY2021$4.82B(1.38B)$3.44B▲ +20.8%36.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

AMT · P/FCF · FCF yield · FCF per share

American Tower Corporation (AMT) trades at a FCF yield of 4.26% and a price-to-free-cash-flow ratio of 23.6x. FCF per share stands at $8.04, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.26%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$8.04

TTM FCF ÷ Shares Outstanding

Price / FCF

x23.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x35.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

AMT · cash flow statement · operating / investing / financing

For FY2025, American Tower Corporation generated $5.46B in operating cash flow and spent 1.68B in capital expenditures, yielding $3.78B in free cash flow.

Operating Activities

+$5.46B

Cash from core business operations

2025-12-31

Investing Activities

−$1.71B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.36B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($5.46B) − |CapEx| (1.68B) = FCF ($3.78B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

AMT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

American Tower CorporationYOU

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Digital Realty Trust, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

American Tower Corporation (AMT) reported free cash flow of $3.78B for FY2025 (fiscal year ending 2025-12-31), up 2.2% year-over-year. The FCF margin was 35.5%.

Based on available data, American Tower Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $3.78B in FY2025. The 5-year CAGR stands at +5.8%.

American Tower Corporation's FCF yield is 4.26% and price-to-FCF ratio is 23.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

AMT free cash flow · 8 questions

American Tower Corporation free cash flow was $3.78B for FY2025, up 2.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.77B.

AMT free cash flowAMT FCFAMT FCF 2025AMT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · American Tower Corporation · American Tower Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026