Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.79B | $6.66B | $491M | $527M | $496M | $717M | $841M | $747M | $775M | $936M |
| Revenue growth | — | 15.2% | -92.6% | 7.3% | -6.0% | 44.7% | 17.2% | -11.1% | 3.7% | 20.8% |
| Operating income | $1.85B | $2.00B | $1.91B | $2.69B | $2.89B | $3.13B | $2.74B | $3.13B | $4.52B | $4.85B |
| Operating margin | 32.0% | 30.0% | 387.7% | 509.9% | 582.5% | 436.7% | 325.8% | 418.2% | 583.1% | 517.8% |
| Net income | $970M | $1.23B | $1.26B | $1.92B | $1.69B | $2.57B | $1.70B | $1.37B | $2.28B | $2.63B |
| Net margin | 16.8% | 18.4% | 257.4% | 363.5% | 341.2% | 358.0% | 201.8% | 182.9% | 294.4% | 280.9% |
| EPS (diluted) | $1.98 | $2.67 | $2.77 | $4.24 | $3.79 | $5.66 | $3.82 | $3.18 | $4.82 | $5.40 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.70B | $2.93B | $3.75B | $3.75B | $3.88B | $4.82B | $3.70B | $4.72B | $5.29B | $5.46B |
| Capital expenditures | $683M | $804M | $913M | $991M | $1.03B | $1.38B | $1.87B | $1.80B | $1.59B | $1.68B |
| Free cash flow | $2.02B | $2.12B | $2.84B | $2.76B | $2.85B | $3.44B | $1.82B | $2.92B | $3.70B | $3.78B |
| Share buybacks | — | $766M | $233M | $19.6M | $56.0M | $0.00 | $18.8M | $0.00 | $0.00 | $365M |
| Dividends paid | $886M | $1.07B | $1.32B | $1.60B | $1.93B | $2.27B | $2.72B | $3.01B | $3.03B | $3.18B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $787M | $802M | $1.21B | $1.50B | $1.75B | $1.95B | $1.55B | $1.75B | $2.00B | $1.47B |
| Total assets | $30.9B | $33.2B | $33.0B | $42.8B | $47.2B | $69.9B | $67.2B | $66.0B | $61.1B | $63.2B |
| Total liabilities | $22.8B | $25.3B | $26.1B | $36.2B | $42.5B | $60.8B | $54.8B | $55.2B | $51.4B | $52.8B |
| Long-term debt | $18.5B | $20.2B | $21.2B | $1.90M | — | $43.5B | $38.9B | — | — | — |
| Shareholders' equity | $6.76B | $6.24B | $5.34B | $5.06B | $4.09B | $5.08B | $5.57B | $4.20B | $3.38B | $3.65B |
| Retained earnings | -$1.08B | -$1.06B | -$1.20B | -$1.02B | -$1.34B | -$1.14B | -$2.10B | -$3.64B | -$4.42B | -$5.09B |
| Shares (wtd avg diluted) | 429M | 432M | 443M | 446M | 446M | 453M | 463M | 467M | 468M | 469M |
Every figure is extracted from AMERICAN TOWER CORP /MA/’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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