American Tower Corporation (AMT) Cash Flow Statement
Where AMT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.46B +3.3% vs 2024
- Capital expenditures
- $1.68B 15.8% of revenue
- Free cash flow
- $3.78B 35.5% margin
- Returned to shareholders
- $3.52B 93% of free cash flow
- Change in cash
- −$503.0M cash at year-end $1.61B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMT operating cash flow, capex and free cash flow
AMT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.70B2016 | $5.46B2025 | +8.1%/yr | |
| Capital expenditures | $682.5M2016 | $1.68B2025 | +10.5%/yr | |
| Free cash flow | $2.02B2016 | $3.78B2025 | +7.2%/yr | |
| Free cash flow margin | 34.9%2016 | 35.5%2025 | +0.6 pts | |
| Operating cash flow / net income | 2.792016 | 2.082025 | −0.71 | |
| Stock-based compensation | $89.9M2016 | $174.2M2025 | +7.6%/yr | |
| Dividends paid | $993.2M2016 | $3.16B2025 | +13.7%/yr | |
| Share buybacks (net) | $02016 | $364.6M2025 | — | |
| Capex / revenue | 11.8%2016 | 15.8%2025 | +4.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMT cash flow by activity
AMT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.63B | $2.28B | $1.37B | $1.70B | $2.57B | $1.69B | $1.92B | $1.26B | $1.23B | $970.4M |
| Depreciation & amortization | $2.04B | $2.12B | $3.09B | $3.36B | $2.33B | $1.87B | $1.80B | $2.11B | $1.72B | $1.53B |
| Stock-based compensation | $174.2M | $203.6M | $195.7M | $169.3M | $119.5M | $120.8M | $111.4M | $137.5M | $108.5M | $89.9M |
| Change in working capital | −$166.6M | −$386.5M | −$813.9M | −$1.61B | $134.8M | −$423.6M | −$250.4M | −$14.0M | −$352.2M | −$103.8M |
| Other non-cash items | $786.3M | $1.07B | $887.0M | $85.0M | −$334.6M | $621.3M | $179.2M | $249.3M | $228.0M | $221.6M |
| Cash from operating activities | $5.46B | $5.29B | $4.72B | $3.70B | $4.82B | $3.88B | $3.75B | $3.75B | $2.93B | $2.70B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.68B | −$1.59B | −$1.80B | −$1.87B | −$1.38B | −$1.03B | −$991.3M | −$913.2M | −$803.6M | −$682.5M |
| Investments (net) | $294.6M | $410.6M | −$2.01B | −$2.36B | −$10.7M | $19.6M | $27.6M | $97.9M | $14.7M | $12.3M |
| Acquisitions & other investing | −$325.9M | $1.59B | $2.12B | $1.87B | −$19.30B | −$3.77B | −$3.02B | −$1.93B | −$2.01B | −$1.44B |
| Cash from investing activities | −$1.71B | $410.6M | −$1.70B | −$2.36B | −$20.69B | −$4.78B | −$3.99B | −$2.75B | −$2.80B | −$2.11B |
| Financing activities | ||||||||||
| Dividends paid | −$3.16B | −$3.07B | −$2.95B | −$2.63B | −$2.27B | −$1.93B | −$1.60B | −$1.34B | −$1.16B | −$993.2M |
| Share repurchases & issuance (net) | −$364.6M | $46.4M | $22.1M | −$18.8M | $27.06B | −$56.0M | −$19.6M | −$232.8M | −$766.3M | $331.0M |
| Net borrowing (repayment) | −$372.2M | −$1.92B | −$1.28B | −$4.14B | $13.71B | $4.15B | $2.68B | $960.1M | $1.47B | $589.4M |
| Shares issued | $0 | $0 | $0 | $2.29B | $2.36B | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$462.6M | −$504.6M | $1.11B | $3.08B | −$24.44B | −$952.4M | −$536.1M | $7.4M | $344.0M | −$26.4M |
| Cash from financing activities | −$4.36B | −$5.45B | −$3.10B | −$1.42B | $16.42B | $1.22B | $521.7M | −$607.7M | −$113.0M | −$99.3M |
| Summary | ||||||||||
| Net change in cash | −$503.0M | $14.8M | −$47.3M | −$202.6M | $481.9M | $283.4M | $273.1M | $350.0M | $18.4M | $466.5M |
| Cash at end of period | $1.61B | $2.11B | $2.09B | $2.14B | $2.34B | $1.86B | $1.58B | $1.30B | $954.9M | $787.2M |
| Free cash flow | $3.78B | $3.70B | $2.92B | $1.82B | $3.44B | $2.85B | $2.76B | $2.84B | $2.12B | $2.02B |
| Free cash flow margin | 35.5% | 36.5% | 29.2% | 18.9% | 36.8% | 35.4% | 36.4% | 38.1% | 31.8% | 34.9% |
| Capex / revenue | 15.8% | 15.7% | 18.0% | 19.4% | 14.7% | 12.8% | 13.1% | 12.3% | 12.1% | 11.8% |
| Operating cash flow / net income | 2.08 | 2.32 | 3.45 | 2.18 | 1.88 | 2.29 | 1.96 | 2.96 | 2.39 | 2.79 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $867.5M | $859.5M | $836.8M | $912.6M | $380.5M | $498.6M | $1.23B | −$780.4M | $908.4M | $921.7M | $13.3M | $577.3M |
| Depreciation & amortization | $514.4M | $518.2M | $515.9M | $522.9M | $510.3M | $492.5M | $500.9M | $512.8M | $561.7M | $549.4M | $764.9M | $762.9M |
| Stock-based compensation | $34.2M | $58.4M | $31.6M | $41.9M | $47.3M | $53.4M | $41.9M | $50.5M | $46.3M | $64.9M | $37.7M | $43.1M |
| Change in working capital | $32.8M | −$89.8M | −$116.4M | −$5.5M | −$145.6M | −$116.4M | −$49.3M | $89.9M | −$207.7M | −$219.4M | −$207.3M | −$132.8M |
| Other non-cash items | $37.9M | $54.3M | $159.6M | −$11.9M | $489.0M | $366.9M | −$525.0M | $1.60B | $29.8M | −$33.0M | $533.3M | $50.1M |
| Cash from operating activities | $1.49B | $1.40B | $1.43B | $1.46B | $1.28B | $1.29B | $1.20B | $1.47B | $1.34B | $1.28B | $1.14B | $1.30B |
| Investing activities | ||||||||||||
| Capital expenditures | −$320.9M | −$449.5M | −$579.2M | −$465.5M | −$304.6M | −$331.1M | −$443.4M | −$424.7M | −$325.2M | −$396.7M | −$524.6M | −$390.7M |
| Investments (net) | $76.5M | $0 | $156.9M | −$550.5M | −$491.1M | −$350.1M | −$360.7M | $1.30B | −$89.2M | −$436.1M | −$529.9M | −$449.1M |
| Acquisitions & other investing | −$115.6M | −$24.2M | −$45.8M | $465.5M | $415.1M | $331.1M | $443.4M | $424.7M | $325.2M | $396.7M | $524.6M | −$325.8M |
| Cash from investing activities | −$360.0M | −$473.7M | −$468.1M | −$550.5M | −$380.6M | −$350.1M | −$360.7M | $1.30B | −$89.2M | −$436.1M | −$529.9M | −$1.17B |
| Financing activities | ||||||||||||
| Dividends paid | −$834.7M | −$806.6M | −$796.2M | −$796.3M | −$796.2M | −$768.5M | −$758.0M | −$757.7M | −$757.1M | −$802.1M | −$756.1M | −$731.9M |
| Share repurchases & issuance (net) | −$26.7M | −$176.2M | −$364.6M | $34.6M | $30.1M | $19.2M | $46.4M | $38.1M | — | — | $1.31B | $12.3M |
| Net borrowing (repayment) | −$37.5M | $233.9M | −$33.6M | −$213.9M | −$133.2M | $8.5M | −$14.3M | −$2.20B | — | — | — | $59.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$72.8M | −$82.1M | −$249.4M | −$38.6M | −$117.9M | −$103.0M | −$182.6M | −$210.2M | −$270.8M | $411.9M | −$1.37B | −$47.7M |
| Cash from financing activities | −$971.7M | −$831.0M | −$1.44B | −$1.01B | −$1.02B | −$843.8M | −$908.5M | −$3.13B | −$1.03B | −$390.2M | −$815.9M | −$707.7M |
| Summary | ||||||||||||
| Net change in cash | $154.7M | $132.7M | −$495.6M | −$108.8M | −$29.6M | $131.0M | −$174.0M | −$336.4M | $101.9M | $423.3M | −$138.2M | $82.2M |
| Cash at end of period | $1.89B | $1.74B | $1.61B | $2.10B | $2.21B | $2.24B | $2.11B | $2.28B | $2.62B | $2.52B | $2.09B | $2.23B |
| Free cash flow | $1.17B | $951.1M | $848.3M | $994.5M | $976.9M | $963.9M | $755.6M | $1.04B | $1.01B | $886.9M | $617.3M | $909.9M |
| Free cash flow margin | 42.4% | 34.7% | 31.0% | 36.6% | 37.2% | 37.6% | 29.7% | 41.4% | 34.9% | 31.3% | 22.2% | 36.1% |
| Capex / revenue | 11.7% | 16.4% | 21.2% | 17.1% | 11.6% | 12.9% | 17.4% | 16.8% | 11.2% | 14.0% | 18.8% | 15.5% |
| Operating cash flow / net income | 1.71 | 1.63 | 1.71 | 1.60 | 3.37 | 2.60 | 0.97 | — | 1.47 | 1.39 | 85.86 | 2.25 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AMT cash generation
In fiscal 2025 (ended December 31, 2025), American Tower generated $5.5 billion of cash from operations (up 3.3%) and spent $1.7 billion on capital expenditures, leaving free cash flow of $3.8 billion, 35.5% of revenue. It returned $3.5 billion to shareholders through dividends ($3.2 billion) and net share buybacks ($364.6 million). Cash and equivalents fell by $503.0 million over the year.
Related: AMT income statement, AMT balance sheet, AMT dividend history. See the AMT stock overview for the latest quote and news.
AMT cash flow FAQ
What is American Tower's free cash flow?
American Tower's free cash flow was $3.8 billion in fiscal 2025: $5.5 billion of operating cash flow minus $1.7 billion of capital expenditures It was $3.7 billion a year earlier..
How much cash does American Tower generate from operations?
American Tower generated $5.5 billion of cash from operating activities in fiscal 2025, 2.08 times its net income of $2.6 billion.
How much does American Tower spend on capital expenditures?
American Tower spent $1.7 billion on capital expenditures in fiscal 2025, 15.8% of revenue, compared with $1.6 billion the year before.
How much stock does American Tower buy back?
American Tower spent $364.6 million on net share repurchases in fiscal 2025.
How much does American Tower pay in dividends?
American Tower paid $3.2 billion in dividends in fiscal 2025, 83.4% of free cash flow.