AMERICAN TOWER CORP /MA/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
AMT$188.79-2.7%Stored close · as of Nov 6, 2026
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Table of Contents
AMERICAN TOWER CORPORATION
TABLE OF CONTENTS
FORM 10-K ANNUAL REPORT
FISCAL YEAR ENDED DECEMBER 31, 2025
| Page | ||
|---|---|---|
| Special Note Regarding Forward-Looking Statements | iii | |
| PART I | ||
| ITEM 1. | Business | 1 |
| Overview | 1 | |
| Products and Services | 2 | |
| Strategy | 4 | |
| Regulatory Matters | 6 | |
| Competition | 8 | |
| Human Capital Resources | 8 | |
| Executive Officers | 9 | |
| Available Information | 9 | |
| ITEM 1A. | Risk Factors | 10 |
| ITEM 1B. | Unresolved Staff Comments | 22 |
| ITEM 1C. | Cybersecurity | 22 |
| ITEM 2. | Properties | 24 |
| ITEM 3. | Legal Proceedings | 25 |
| ITEM 4. | Mine Safety Disclosures | 26 |
| PART II | ||
| ITEM 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 27 |
| Dividends | 27 | |
| Performance Graph | 27 | |
| Issuer Purchases of Equity Securities | 28 | |
| ITEM 6. | [Reserved] | 28 |
| ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29 |
| Executive Overview | 29 | |
| Non-GAAP Financial Measures | 35 | |
| Results of Operations: Years Ended December 31, 2025 and 2024 | 36 | |
| Liquidity and Capital Resources | 45 | |
| Critical Accounting Policies and Estimates | 54 | |
| Accounting Standards Updates | 56 | |
| ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | 56 |
| ITEM 8. | Financial Statements and Supplementary Data | 57 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 57 |
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AMERICAN TOWER CORPORATION
TABLE OF CONTENTS—(Continued)
FORM 10-K ANNUAL REPORT
FISCAL YEAR ENDED DECEMBER 31, 2025
| Page | ||
|---|---|---|
| ITEM 9A. | Controls and Procedures | 57 |
| Disclosure Controls and Procedures | 57 | |
| Changes in Internal Control over Financial Reporting | 58 | |
| Report of Independent Registered Public Accounting Firm | 59 | |
| ITEM 9B. | Other Information | 60 |
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | 60 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers and Corporate Governance | 61 |
| ITEM 11. | Executive Compensation | 63 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 63 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 63 |
| ITEM 14. | Principal Accounting Fees and Services | 63 |
| PART IV | ||
| ITEM 15. | Exhibits, Financial Statement Schedules | 64 |
| Index to Exhibits | 64 | |
| Signatures | 75 | |
| Index to Consolidated Financial Statements | F-1 | |
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