American Tower Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,629	2,280	1,367	1,697	2,568
Depreciation & Amortization	2,042	2,125	3,087	3,355	2,333
Stock-Based Compensation	174.2	203.6	195.7	169.3	119.5
Other Adjustments	786.3	1,068	887	94.3	-301.9
Change in Receivables	-62.2	-103.4	-34.5	-78.6	-191.7
Changes in Accounts Payable	-65.6	48	-11.9	-48.2	33.2
Changes in Accrued Expenses	45	-9.6	128.6	6.6	42.9
Changes in Unearned Revenue	-30.7	-79.3	-43.4	-818.9	743.8
Changes in Other Operating Activities	-53.1	-242.2	-852.7	-680.1	-526.1
Operating Cash Flow	5,464	5,291	4,722	3,696	4,820
Operating Cash Flow Growth	3.28%	12.03%	27.76%	-23.31%	24.18%
Capital Expenditures	-1,680	-1,590	-1,798	-1,874	-1,377
Purchases of Investments	-	-	-	-	-25
Proceeds from Sale of Investments	294.6	253.2	17.3	19.6	14.3
Payments for Business Acquisitions	-454.2	-123	-168	-549	-19,304
Proceeds from Business Divestments	-	2,159	-	-	-
Other Investing Activities	-19.8	-288.4	253.3	47.8	-0.9
Investing Cash Flow	-1,860	410.6	-1,696	-2,355	-20,692
Short-Term Debt Issued	-	8.8	148.7	28.8	-
Net Short-Term Debt Issued (Repaid)	-	8.8	148.7	28.8	-
Long-Term Debt Issued	9,078	10,502	13,098	5,484	26,966
Long-Term Debt Repaid	-9,450	-12,430	-13,230	-9,626	-13,252
Net Long-Term Debt Issued (Repaid)	-372.2	-1,928	-132	-4,142	13,713
Issuance of Common Stock	41.7	46.4	22.1	2,324	2,459
Repurchase of Common Stock	-364.6	-	-	-18.8	-
Net Common Stock Issued (Repurchased)	-322.9	46.4	22.1	2,305	2,459
Common Dividends Paid	-3,157	-3,075	-2,949	-2,630	-2,271
Other Financing Activities	-356.2	-504.6	-186.9	3,015	2,524
Financing Cash Flow	-4,209	-5,452	-3,097	-1,423	16,425
Effect of Exchange Rate Changes on Cash and Cash Equivalents	101.3	-233.9	23.2	-	-
Net Cash Flow	-503	14.8	-47.3	-82.2	552.2
Free Cash Flow	3,784	3,701	2,924	1,823	3,443
Free Cash Flow Growth	2.25%	26.54%	60.45%	-47.07%	20.83%
FCF Margin	35.54%	36.54%	29.21%	18.90%	36.80%
Free Cash Flow Per Share	8.07	7.91	6.26	3.94	7.60
Levered Free Cash Flow	2,414	587.4	2,009	-2,406	17,531
Unlevered Free Cash Flow	4,441	4,312	3,449	2,531	4,092

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.