Cash Flow Statement

Operating Cash Flow

+48%

+41%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(1 035)	(1 032)	(1 261)	(1 164)	(626)	(638)	(343)	(329)	(280)	(232)	(234)	(255)	(240)	(211)	(173)	(181)	(151)	(107)	(82)	27	52	24	80	57	77	256	256	347	364	262	269	247	285	328	354	374	369	382	269	382	500	421	672	594	545	595	526	482	515	652	696	803	805	741	632	672	758	793	959	970	996	1 193	1 263	1 225	1 198	1 124	1 167	1 265	1 392	1 512	1 640	1 917	1 928	1 942	1 899	1 692	1 925	2 225	2 488	2 568	2 618	2 761	2 855	1 697	1 309	880	637	1 367	1 974	2 421	1 063	2 280	1 857	1 329	3 022	2 629
Depreciation & Amortization	0	0	0	328	0	0	0	330	0	0	0	329	0	0	0	411	0	0	0	528	130	262	393	523	490	458	431	405	408	411	412	415	426	434	443	461	481	509	536	556	574	607	609	644	680	693	734	800	860	921	985	1 004	1 022	1 104	1 197	1 285	1 363	1 433	1 490	1 526	1 605	1 604	1 638	1 716	1 741	1 794	1 811	2 111	2 101	2 101	2 095	1 778	1 814	1 820	1 851	1 882	1 933	2 032	2 170	2 333	2 626	2 898	3 184	3 355	3 333	3 272	3 136	3 087	2 842	2 639	2 389	2 125	2 068	2 017	2 027	2 042
Change in Deffered Taxes	0	0	0	(84)	0	0	0	(86)	0	0	0	(96)	0	0	0	(11)	0	0	0	18	0	0	0	21	0	0	0	93	0	0	0	157	0	0	0	188	0	0	0	57	0	0	0	29	0	0	0	(29)	0	0	0	1	0	0	0	8	0	0	0	27	0	0	0	(87)	0	0	0	(303)	0	0	0	(55)	0	0	0	(23)	0	0	0	(41)	0	0	0	(237)	0	0	0	(182)	0	0	0	52	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	40	56	68	83	55	54	56	54	55	63	62	62	61	50	50	51	53	51	50	49	47	48	50	51	52	60	63	65	68	72	73	77	80	85	91	91	91	89	87	88	90	98	102	106	109	115	114	133	138	137	134	114	111	117	122	123	121	111	116	120	120	138	149	160	169	178	185	189	196	195	192	199	204	192	193	185	174
Other Non-Cash Items	1 083	1 073	1 287	985	710	763	504	262	495	466	489	272	513	502	513	192	650	695	720	79	495	423	261	106	138	(4)	49	(30)	76	191	207	87	229	222	234	88	105	112	227	234	210	305	87	153	217	215	287	365	346	257	246	169	239	284	329	353	294	248	248	285	290	249	245	423	516	629	579	690	471	585	795	346	230	97	(5)	765	565	361	117	(141)	(294)	(584)	(898)	500	977	1 538	2 046	1 265	987	860	2 421	1 220	1 601	2 070	431	961
Cash Taxes Paid	4	2	(1)	2	1	2	2	3	3	2	3	4	8	13	16	19	22	23	24	26	24	28	27	(29)	(22)	(22)	(22)	35	31	32	40	40	41	32	30	36	42	53	62	54	40	38	34	69	84	74	64	52	57	0	100	69	84	99	147	157	162	178	99	96	100	106	112	137	138	121	124	164	176	197	200	148	146	137	123	146	117	141	181	225	319	344	349	322	285	272	275	307	311	355	334	351	317	303	298	329
Cash Interest Paid	276	259	263	252	255	248	235	223	207	205	198	210	172	196	168	183	181	192	189	203	208	230	236	236	243	237	234	249	241	242	240	243	239	233	226	219	234	231	271	274	301	324	344	366	384	376	384	397	457	486	553	548	593	569	582	578	557	576	622	645	699	708	713	712	710	743	769	790	810	827	770	750	763	726	772	762	739	756	696	791	856	932	1 067	1 089	1 174	1 240	1 291	1 260	1 313	1 382	1 422	1 424	1 352	1 305	1 313	1 287
Change in Working Capital	(6)	32	59	40	36	(1)	(12)	(21)	(34)	(23)	(29)	(33)	4	(15)	(12)	(14)	(43)	(63)	(26)	(32)	(36)	1	(25)	(14)	(1)	(40)	(21)	(42)	(51)	(40)	(51)	(63)	(50)	(35)	(65)	(90)	(93)	(128)	(124)	(63)	(0)	37	64	(6)	(65)	(97)	(134)	(18)	(9)	87	127	157	101	(32)	(51)	(152)	(186)	(23)	(87)	(106)	(102)	(209)	(313)	(352)	(330)	(277)	(196)	(14)	(223)	(360)	(507)	(233)	(204)	(139)	(3)	(435)	(249)	(481)	498	102	(518)	(679)	(1 910)	(1 619)	(1 280)	(1 055)	(818)	(814)	(685)	(673)	(457)	(387)	(277)	(223)	(296)	(167)
Cash from Operating Activities	42 N/A	73 +72%	84 +16%	105 +25%	120 +14%	123 +3%	150 +22%	156 +4%	181 +16%	211 +17%	226 +7%	217 -4%	278 +28%	276 0%	328 +19%	397 +21%	456 +15%	525 +15%	612 +17%	621 +1%	640 +3%	710 +11%	709 0%	693 -2%	704 +2%	670 -5%	715 +7%	773 +8%	797 +3%	823 +3%	836 +2%	842 +1%	890 +6%	949 +7%	967 +2%	1 021 +6%	1 051 +3%	1 064 +1%	1 096 +3%	1 166 +6%	1 284 +10%	1 369 +7%	1 432 +5%	1 414 -1%	1 406 -1%	1 436 +2%	1 442 +0%	1 599 +11%	1 682 +5%	1 887 +12%	2 024 +7%	2 135 +5%	2 168 +2%	2 099 -3%	2 109 +0%	2 167 +3%	2 237 +3%	2 458 +10%	2 618 +7%	2 702 +3%	2 816 +4%	2 863 +2%	2 860 0%	2 926 +2%	3 039 +4%	3 185 +5%	3 274 +3%	3 748 +14%	3 742 0%	3 838 +3%	4 022 +5%	3 753 -7%	3 768 +0%	3 720 -1%	3 743 +1%	3 881 +4%	4 174 +8%	4 137 -1%	5 273 +27%	4 820 -9%	4 391 -9%	4 354 -1%	3 190 -27%	3 696 +16%	4 103 +11%	4 397 +7%	4 766 +8%	4 722 -1%	4 936 +5%	5 065 +3%	5 233 +3%	5 291 +1%	5 302 +0%	5 245 -1%	5 236 0%	5 464 +4%
Investing Cash Flow
Capital Expenditures	(503)	(380)	(266)	(180)	(116)	(82)	(71)	(62)	(54)	(48)	(44)	(42)	(47)	(60)	(73)	(89)	(101)	(109)	(120)	(127)	(130)	(138)	(143)	(154)	(168)	(184)	(213)	(243)	(248)	(260)	(261)	(250)	(256)	(269)	(296)	(347)	(390)	(451)	(515)	(523)	(546)	(513)	(503)	(568)	(571)	(622)	(639)	(725)	(815)	(910)	(1 000)	(974)	(920)	(819)	(769)	(729)	(724)	(737)	(686)	(683)	(696)	(735)	(762)	(804)	(834)	(857)	(859)	(913)	(936)	(953)	(1 027)	(991)	(985)	(952)	(936)	(1 032)	(1 142)	(1 210)	(1 280)	(1 377)	(1 438)	(1 530)	(1 675)	(1 874)	(1 949)	(2 000)	(1 932)	(1 798)	(1 733)	(1 637)	(1 671)	(1 590)	(1 524)	(1 504)	(1 545)	(1 680)
Other Items	(631)	(235)	(133)	65	116	114	52	(164)	(202)	(202)	9	167	155	159	29	8	17	5	(22)	(2)	(4)	(15)	(6)	(32)	(55)	(39)	(48)	(31)	(6)	(98)	(167)	(293)	(390)	(349)	(762)	(954)	(1 435)	(1 621)	(1 486)	(2 268)	(1 861)	(1 988)	(1 902)	(1 990)	(2 073)	(1 771)	(1 703)	(4 449)	(4 273)	(4 498)	(4 318)	(975)	(5 988)	(6 373)	(7 281)	(7 013)	(1 954)	(2 469)	(1 638)	(1 420)	(2 141)	(1 039)	(1 064)	(1 997)	(2 327)	(2 572)	(2 487)	(1 836)	(857)	(545)	(1 068)	(2 996)	(2 933)	(3 084)	(2 622)	(3 753)	(3 828)	(12 442)	(13 059)	(19 316)	(19 329)	(10 560)	(9 999)	(482)	(170)	(168)	(83)	103	(122)	133	1 913	2 001	2 021	1 599	(208)	(179)
Cash from Investing Activities	(1 133) N/A	(615) +46%	(399) +35%	(115) +71%	(0) +100%	33 N/A	(18) N/A	(226) -1 129%	(256) -13%	(249) +3%	(35) +86%	125 N/A	107 -14%	99 -8%	(44) N/A	(81) -83%	(85) -5%	(104) -23%	(142) -37%	(129) +9%	(134) -4%	(152) -14%	(149) +2%	(186) -25%	(223) -20%	(224) 0%	(260) -16%	(275) -6%	(255) +7%	(358) -40%	(428) -20%	(543) -27%	(645) -19%	(618) +4%	(1 058) -71%	(1 301) -23%	(1 825) -40%	(2 071) -14%	(2 001) +3%	(2 791) -39%	(2 408) +14%	(2 500) -4%	(2 405) +4%	(2 558) -6%	(2 644) -3%	(2 393) +9%	(2 343) +2%	(5 173) -121%	(5 088) +2%	(5 408) -6%	(5 318) +2%	(1 950) +63%	(6 908) -254%	(7 192) -4%	(8 050) -12%	(7 742) +4%	(2 678) +65%	(3 206) -20%	(2 324) +28%	(2 102) +10%	(2 837) -35%	(1 773) +37%	(1 827) -3%	(2 801) -53%	(3 161) -13%	(3 429) -8%	(3 346) +2%	(2 750) +18%	(1 792) +35%	(1 497) +16%	(2 095) -40%	(3 988) -90%	(3 918) +2%	(4 036) -3%	(3 557) +12%	(4 785) -35%	(4 970) -4%	(13 651) -175%	(14 339) -5%	(20 692) -44%	(20 767) 0%	(12 090) +42%	(11 674) +3%	(2 355) +80%	(2 119) +10%	(2 168) -2%	(2 015) +7%	(1 696) +16%	(1 855) -9%	(1 504) +19%	241 N/A	411 +70%	497 +21%	95 -81%	(1 752) N/A	(1 860) -6%
Financing Cash Flow
Net Issuance of Common Stock	3	0	2	1	0	3	126	127	131	134	25	41	44	43	63	(4)	(158)	(268)	(300)	(266)	(572)	(823)	(1 158)	(1 519)	(1 238)	(964)	(932)	(632)	(456)	(425)	(229)	(147)	(163)	(208)	(222)	(292)	(398)	(373)	(394)	(352)	(239)	(140)	5	(7)	(9)	(82)	(145)	(100)	(79)	569	644	586	4 356	3 768	3 763	3 829	60	94	98	93	(32)	(527)	(548)	(647)	(516)	(146)	(210)	(134)	(127)	(19)	86	86	30	8	20	42	73	2 452	2 438	2 459	2 465	2 382	2 349	2 305	2 299	4	5	22	34	36	48	46	52	53	43	(323)
Net Issuance of Debt	56	68	50	12	145	93	62	(1 072)	(302)	(330)	(397)	(1 303)	(317)	(339)	(354)	(406)	(240)	(137)	(60)	(54)	33	425	515	813	878	473	473	248	97	141	(5)	(31)	(16)	(138)	458	1 215	1 175	1 383	1 036	1 450	1 514	1 562	1 433	1 494	(279)	(441)	3 286	2 273	3 864	3 280	(488)	(210)	1 094	1 218	2 071	1 703	426	1 762	866	589	1 009	415	452	1 474	1 835	1 365	1 567	460	12	(15)	257	2 680	2 968	3 775	2 780	4 152	3 783	9 658	8 394	13 713	14 011	5 337	5 116	(4 113)	(6 051)	(3 654)	(1 566)	(1 283)	745	309	(1 947)	(1 919)	(2 435)	(2 335)	(353)	(372)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(138)	0	(221)	(308)	(356)	0	(376)	(395)	(435)	(435)	(459)	(495)	(421)	(580)	(654)	(724)	(796)	(872)	(915)	(954)	(993)	(1 034)	(1 082)	(1 123)	(1 164)	(1 210)	(1 250)	(1 296)	(1 342)	(1 396)	(1 463)	(1 531)	(1 603)	(1 681)	(1 762)	(1 843)	(1 928)	(2 018)	(2 091)	(2 181)	(2 271)	(2 367)	(2 455)	(2 543)	(2 630)	(2 723)	(2 812)	(2 878)	(2 949)	(3 018)	(3 047)	(3 073)	(3 075)	(3 041)	(3 080)	(3 119)	(3 157)
Other	69	63	52	88	(194)	(173)	(318)	993	243	324	242	1 031	(87)	(191)	(11)	(10)	(11)	(11)	(11)	(3)	(7)	(37)	(42)	(49)	(47)	(17)	(12)	(4)	(1)	(10)	(10)	(16)	(17)	(7)	(13)	(13)	(7)	18	73	126	114	112	64	39	1 821	1 805	1 808	1 787	(11)	(19)	(92)	(90)	(91)	773	850	856	849	(12)	(27)	212	481	473	479	224	438	398	405	409	(565)	(546)	(561)	(642)	(752)	(759)	(781)	(1 051)	(496)	(710)	2 366	2 524	2 545	2 819	2 258	3 015	4 289	4 220	1 695	1 113	(237)	(239)	(388)	(505)	(482)	(422)	(244)	(356)
Cash from Financing Activities	129 N/A	131 +2%	104 -21%	101 -2%	(48) N/A	(78) -62%	(130) -68%	48 N/A	72 +51%	128 +78%	(130) N/A	(231) -78%	(361) -56%	(488) -35%	(301) +38%	(420) -39%	(409) +3%	(416) -2%	(372) +11%	(323) +13%	(545) -69%	(435) +20%	(685) -57%	(755) -10%	(407) +46%	(507) -25%	(471) +7%	(388) +18%	(360) +7%	(294) +18%	(245) +17%	(195) +20%	(195) 0%	(353) -81%	223 N/A	910 +307%	770 -15%	1 028 +33%	715 -30%	1 086 +52%	1 251 +15%	1 314 +5%	1 194 -9%	1 170 -2%	1 178 +1%	905 -23%	4 553 +403%	3 526 -23%	3 338 -5%	3 371 +1%	(431) N/A	(135) +69%	4 778 N/A	5 105 +7%	5 960 +17%	5 593 -6%	463 -92%	929 +101%	(17) N/A	(99) -497%	425 N/A	(720) N/A	(740) -3%	(113) +85%	546 N/A	366 -33%	467 +27%	(608) N/A	(2 075) -242%	(2 044) +2%	(1 748) +14%	522 N/A	566 +9%	1 262 +123%	177 -86%	1 215 +587%	1 341 +10%	9 309 +594%	11 018 +18%	16 425 +49%	16 654 +1%	8 082 -51%	7 181 -11%	(1 423) N/A	(2 185) -54%	(2 242) -3%	(2 744) -22%	(3 097) -13%	(2 475) +20%	(2 942) -19%	(5 360) -82%	(5 452) -2%	(5 906) -8%	(5 785) +2%	(3 673) +37%	(4 209) -15%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	(0)	0	0	1	9	6	13	9	(4)	(15)	(19)	(33)	(16)	12	30	19	5	(26)	(40)	(15)	(20)	(31)	(49)	(20)	(26)	(29)	(9)	(46)	(35)	(27)	(24)	(9)	(11)	7	(4)	(64)	(57)	(41)	(53)	18	(24)	(14)	(115)	(126)	(81)	(29)	48	100	17	(70)	0	(144)	(147)	(120)	(145)	(41)	(25)	23	(14)	(149)	(64)	(234)	(170)	36	9	101
Net Change in Cash	(962) N/A	(411) +57%	(211) +49%	91 N/A	72 -21%	78 +9%	1 -98%	(22) N/A	(3) +88%	90 N/A	61 -33%	110 +81%	24 -78%	(112) N/A	(18) +84%	(103) -482%	(37) +64%	5 N/A	98 +1 929%	169 +72%	(38) N/A	123 N/A	(124) N/A	(248) -99%	74 N/A	(61) N/A	(17) +73%	110 N/A	181 +65%	172 -5%	163 -5%	104 -36%	50 -52%	(21) N/A	142 N/A	637 +348%	10 -98%	30 +198%	(194) N/A	(554) -185%	108 N/A	149 +38%	205 +37%	38 -81%	(30) N/A	(33) -13%	3 658 N/A	(75) N/A	(108) -44%	(165) -53%	(3 745) -2 163%	20 N/A	(10) N/A	(8) +18%	(8) +1%	(11) -32%	13 N/A	136 +945%	243 +79%	474 +95%	380 -20%	361 -5%	282 -22%	18 -93%	421 +2 186%	57 -86%	339 +496%	350 +3%	(179) N/A	316 N/A	155 -51%	273 +76%	301 +10%	820 +173%	282 -66%	283 +1%	593 +109%	(105) N/A	1 969 N/A	482 -76%	278 -42%	202 -27%	(1 450) N/A	(203) +86%	(346) -71%	(54) +84%	(18) +66%	(47) -163%	591 N/A	469 -21%	51 -89%	15 -71%	(278) N/A	(409) -47%	(181) +56%	(503) -177%
Free Cash Flow
Free Cash Flow	(460) N/A	(307) +33%	(182) +41%	(75) +59%	4 N/A	41 +898%	79 +92%	95 +19%	127 +34%	164 +28%	181 +11%	175 -4%	230 +32%	216 -6%	255 +18%	309 +21%	355 +15%	416 +17%	492 +18%	494 +0%	510 +3%	573 +12%	566 -1%	538 -5%	536 0%	486 -9%	503 +4%	530 +5%	548 +3%	563 +3%	576 +2%	592 +3%	634 +7%	680 +7%	671 -1%	674 +0%	662 -2%	613 -7%	581 -5%	643 +11%	738 +15%	857 +16%	930 +9%	846 -9%	835 -1%	814 -3%	803 -1%	875 +9%	867 -1%	977 +13%	1 025 +5%	1 160 +13%	1 248 +8%	1 279 +2%	1 340 +5%	1 438 +7%	1 513 +5%	1 721 +14%	1 932 +12%	2 019 +5%	2 120 +5%	2 129 +0%	2 098 -1%	2 122 +1%	2 205 +4%	2 328 +6%	2 415 +4%	2 835 +17%	2 806 -1%	2 886 +3%	2 995 +4%	2 761 -8%	2 783 +1%	2 768 -1%	2 807 +1%	2 850 +2%	3 032 +6%	2 928 -3%	3 994 +36%	3 443 -14%	2 953 -14%	2 824 -4%	1 515 -46%	1 823 +20%	2 154 +18%	2 397 +11%	2 834 +18%	2 924 +3%	3 203 +10%	3 427 +7%	3 562 +4%	3 701 +4%	3 778 +2%	3 741 -1%	3 691 -1%	3 784 +3%

Income Statement Balance Sheet Cash Flow Statement

American Tower Corp
NYSE:AMT

Cash Flow Statement

Cash Flow Statement
American Tower Corp

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American Tower Corp NYSE:AMT

Cash Flow Statement

Cash Flow Statement American Tower Corp

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American Tower Corp
NYSE:AMT

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American Tower Corp