Income StatementBalance SheetCash FlowSegments
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American Tower Cash Flow Statement

Operating, investing, and financing cash movements

American Tower generated $5.6B in operating cash flow over the trailing twelve months. After $1.8B in capital expenditures, free cash flow was $3.8B. Free cash flow decreased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$5.6BNet Cash From Investing (TTM)-$2.0BNet Cash From Financing (TTM)-$4.2BCapital Expenditures (TTM)$1.8BDepreciation And Amortization Cf (TTM)$2.1BNet Change In Cash (TTM)-$501.3M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$85.7B
P/E Ratio28.47
ROE85.26%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)—-$351.3M-$475.3M——-$35.3M
Other non-cash income (expense)—-$351.3M-$475.3M——-$35.3M
Change in accounts payable$12.0M-$16.4M-$16.4M-$16.4M-$16.4M—
Change in accounts receivable$25.9M$15.6M$15.6M$15.6M$15.6M—
Change in deferred revenue-$135.4M$109.8M-$63.0M$35.1M-$112.6M$136.3M
Change in other liabilities—-$53.3M———-$122.2M
Deferred income taxes$13.1M$10.6M$10.6M$10.6M$10.6M—
Other Non-Cash Income (Expense)—-$351.3M-$475.3M——-$35.3M
Other Non-cash Income (Expense)—-$351.3M-$475.3M——-$35.3M
Other Non-cash Income (Expense)—-$351.3M-$475.3M——-$35.3M
Change in other non-current liabilities$5.5M$12.6M$12.6M$12.6M$12.6M—
Net cash from operating activities$1.2B$1.3B$1.3B$1.5B$1.4B$1.4B
Net income$1.2B$498.6M$380.5M$912.6M$836.8M$878.5M
Other non-cash income (expense)—-$351.3M-$475.3M——-$35.3M
Non-cash interest expense$13.5M$13.5M$13.5M$13.5M$13.5M—
Depreciation, amortization and accretion$500.9M$492.5M$510.3M$522.9M$515.9M$518.2M
Increase Decrease In Operating Assets—$155.8M$64.0M$17.9M—$109.2M
Other long-term liabilities$5.5M$12.6M$12.6M$12.6M$12.6M—
Increase (Decrease) in Prepaid Expense and Other Assets-$8.2M$175.0K$175.0K$175.0K$175.0K—
Increase (Decrease) In Right-Of-Use Asset And Operating Lease Liability$47.6M-$15.6M-$13.7M-$18.4M$49.3M-$24.2M
Loss (Gain) On Investments And Other Non-cash (Income) Expense-$95.0M$151.7M$151.7M$151.7M$151.7M—
Other Noncash Income (Expense)—-$351.3M-$475.3M——-$35.3M
Restructuring charges, net of cash paid (Note 15)$24.2M$20.8M$20.8M$20.8M$20.8M—
Straight Line Rent$55.9M$17.1M$28.2M$27.7M$28.0M$18.9M
Other Non-cash Income and Expense—-$351.3M-$475.3M——-$35.3M
Restructuring Costs and Asset Impairment Charges$24.2M$20.8M$20.8M$20.8M$20.8M—
Other Non-Cash Adjustments—-$351.3M-$475.3M——-$35.3M
Other Non-Cash Income and Expense—-$351.3M-$475.3M——-$35.3M
Asset Impairment and Exit Costs, Net of Cash Paid$24.2M$20.8M$20.8M$20.8M$20.8M—
Restructuring Charges, Net of Cash Paid$24.2M$20.8M$20.8M$20.8M$20.8M—
Stock-based compensation$41.9M$53.4M$47.3M$41.9M$31.6M$58.4M
Change in Interest Payable-$2.4M$11.3M$11.3M$11.3M$11.3M—

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$8.1M$147.6M$184.7M$87.9M$34.0M$19.2M
Capital expenditures$443.4M$331.1M$304.6M$465.5M$579.2M$449.5M
Payment for (Proceeds from) Other Investing Activity—$9.1M$1.8M—$11.8M$5.0M
Net cash from investing activities—-$350.1M-$491.1M-$550.5M-$468.1M-$473.7M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Proceeds from lines of credit$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Proceeds from Lines of Credit$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Proceeds from minority shareholders$1.0M$800.0K$110.5M$36.8M$0.0$800.0K
Distributions to noncontrolling interests$29.0M$29.0M$82.9M$28.8M$130.1M$29.9M
Proceeds From Issuance Of Senior Long Term Debt$1.2B$998.0M$562.0M$593.3M$847.3M$0.0
Proceeds from exercises of stock options and other stock issuances$8.3M$19.2M$10.9M$4.5M$7.1M$12.5M
Other, net-$116.5M-$74.8M-$15.8M-$16.5M-$126.4M-$65.5M
Repayment of Long-Term Debt, Long-Term Lease Obligation, and Capital Security$2.0B$1.8B$3.5B$2.5B$1.6B$1.2B
Proceeds from Other Debt—$1.2M———$0.0
Net proceeds from sales of subsidiary shares$1.0M$800.0K$110.5M$36.8M$0.0$800.0K
Payment of Deferred Purchase Consideration-$116.5M-$74.8M-$15.8M-$16.5M-$126.4M-$65.5M
Noncontrolling interest transactions and other-$116.5M-$74.8M-$15.8M-$16.5M-$126.4M-$65.5M
Proceeds from Borrowings on Revolving Credit Facility$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Proceeds from Minority Shareholders$1.0M$800.0K$110.5M$36.8M$0.0$800.0K
Proceeds from Sale of Noncontrolling Interests$1.0M$800.0K$110.5M$36.8M$0.0$800.0K
Net cash from financing activities-$908.5M-$843.8M-$906.7M-$1.0B-$1.4B-$831.0M
Borrowings Under Acquisition Credit Facilities$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Noncontrolling Interests Activity and Other-$116.5M-$74.8M-$15.8M-$16.5M-$126.4M-$65.5M
Proceeds from Minority Shareholders$1.0M$800.0K$110.5M$36.8M$0.0$800.0K
Proceeds from Secured Lines of Credit$785.0M$850.0M$2.8B$1.7B$770.0M$1.5B
Repurchases of common stock$0.0$0.0———$176.2M
Proceeds from Minority Shareholders$1.0M$800.0K$110.5M$36.8M$0.0$800.0K

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$755.6M$963.9M$976.9M$994.5M$848.3M$951.1M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$103.8M$29.9M$86.7M——$36.8M
Net increase (decrease) in cash—$131.0M-$29.6M-$108.8M-$495.6M$132.7M
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities—-$41.1M———-$13.6M
Payments of Ordinary Dividends, Common Stock And Share-Based Payment Arrangement$758.0M$768.5M$796.2M$796.3M$796.2M$806.6M
Proceeds from sale of short-term investments and other non-current assets$0.0$137.7M——$156.9M$0.0

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-cash Capital Expenditures—$1.4M$5.3M$12.8M—$4.1M
Capital Lease Obligations Incurred—$1.4M$5.3M$12.8M—$4.1M
Interest paid—$370.1M$314.1M$421.0M—$434.8M
Income Taxes Paid, Net—$32.9M$98.5M$40.4M—$44.3M
Capital Lease Obligations Incurred—$1.4M$5.3M$12.8M—$4.1M