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American Tower cash flow statement

In fiscal 2025, American Tower's operations generated $5.46bn of cash; it spent $1.68bn on capital projects, leaving free cash flow of $3.78bn. It returned $3.18bn in dividends and $365m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations8421,0211,1661,4141,5992,1352,1672,7022,9263,7483,7533,8814,8203,6964,7225,2915,4645,708
Depreciation and amortisation4154615566448001,0041,2851,5261,7162,1111,7781,8822,3333,1652,9292,0292,0422,068
Stock-based pay6153475268809190109138111121120169196204174156
Capital spending2503475235687259747296838049139911,0321,3771,8741,7981,5901,6801,747
Free cash flow5926746438468751,1601,4382,0192,1222,8352,7612,8503,4431,8232,9243,7013,7843,961
Free cash flow after stock pay5316225957948061,0801,3481,9292,0142,6982,6502,7293,3241,6532,7293,4973,6093,805
Dividends paid001383564354057118861,0731,3241,6031,9282,2712,7153,0073,0273,1813,257
Share buybacks21343143763145000766233205601900365868
Shares issued661398655002,4400099002,3622,29200——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from American Tower's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to American Tower.