American Tower Corporation (NYSE: AMT) reported third-quarter 2025 results that came in ahead of expectations, but the stock fell more than 5% intra-day on Tuesday.
Revenue increased 7.7% year over year to $2.72 billion, above the $2.66 billion consensus. Adjusted funds from operations (AFFO) were $2.78 per share, showing solid growth from a year earlier. Total property revenue rose 5.9% to $2.62 billion, supported by 5.0% organic tenant billings growth across the tower portfolio.
The data center business was a standout, with revenue up 14.1% to $267 million. Management cited “record retail new leasing,” attributing strength to hybrid-cloud demand, favorable pricing, and rising AI-related workloads.
Net income jumped 216.9% to $913 million, a comparison that benefited from foreign-currency losses in the prior-year period. Adjusted EBITDA increased 7.6% to $1.82 billion, with margins steady at 66.8%.
American Tower kept a disciplined capital allocation stance, declaring a quarterly dividend of $1.70 per share, up 4.9% year over year. The company also raised its full-year 2025 outlook for property revenue, adjusted EBITDA, and AFFO per share, helped in part by favorable FX movements.