Lead
Operations
Revenue
Total revenue for the fourth quarter rose to $2,738 million, up from $2,548 million in the corresponding quarter last year. Total property revenue increased 7.6% year-over-year to $2,673 million.
Margins & Profitability
Adjusted EBITDA increased 7.5% to $1,819 million, with an Adjusted EBITDA margin of 66.4%, compared to 66.4% in the prior-year period. Property Gross Margin grew 7.2% to $1,996 million, representing a margin of 74.7% versus 75.0% in the prior year.
Bottom Line
Net income decreased 32.0% to $837 million, compared to $1,230 million in the fourth quarter of 2024. On a per-share basis, net income attributable to AMT common stockholders was $1.75, a decrease of 33.2% from $2.62 in the prior-year period. Adjusted Funds From Operations (AFFO) attributable to common stockholders per share increased 13.4% to $2.63.
Outlook
For the full year 2026, management expects total property revenue to range between $10,440 million and $10,590 million. Net income is projected to be between $2,945 million and $3,025 million, while Adjusted EBITDA is guided between $7,090 million and $7,160 million. Management forecasts AFFO attributable to common stockholders per share of $10.78 to $10.95.