American Tower debt and dilution6

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$37,189.6M

Cash & equivalents

USD millions

$1,762.5M

Net debt

USD millions

$35,427.1M

Debt / equity

3.63×

Debt / assets

58.75%

Net debt / EBITDA

× · TTM

5.08×

Debt / FCF

× · TTM

9.39×

Interest coverage

× · TTM

3.52×

Current ratio

0.35×

Diluted shares

Million shares

466.27M shares

Basic shares

Million shares

465.94M shares

Share count growth

-0.48%

Share repurchases

USD millions

$26.7M

Quarterly data

American Tower capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	37,189.6	1,762.5	35,427.1	3.63×	58.75%	5.08×	9.39×	3.52×	0.35×	466.27	465.94	-0.48%	26.7
FY 2026 Q1	Mar 31, 2026	37,321.5	1,608.8	35,712.7	3.68×	59.02%	5.18×	9.9×	3.5×	0.3×	466.83	466.2	-0.31%	176.2
FY 2025 Q4	Dec 31, 2025	37,220.3	1,474.8	35,745.5	3.59×	58.9%	5.19×	9.84×	3.56×	0.4×	468.46	467.58	0.06%	—
FY 2025 Q3	Sep 30, 2025	37,238.9	1,950.7	35,288.2	3.46×	58.29%	5.2×	10.09×	3.57×	0.59×	469.04	468.29	0.23%	—
FY 2025 Q2	Jun 30, 2025	37,484.5	2,076	35,408.5	3.58×	58.8%	5.31×	10.02×	3.47×	0.61×	468.79	468.18	0.24%	0
FY 2025 Q1	Mar 31, 2025	36,862.3	2,103.7	34,758.6	3.71×	59.4%	5.1×	9.76×	3.48×	0.55×	468.52	467.64	0.24%	0
FY 2024 Q4	Dec 31, 2024	36,501.8	1,999.6	34,502.2	3.78×	59.76%	5.27×	9.86×	3.22×	0.45×	468.47	467.29	0.22%	—
FY 2024 Q3	Sep 30, 2024	37,098.3	2,150.3	34,948	3.64×	59.06%	5.26×	10.41×	2.97×	0.48×	468.26	467.2	0.22%	—
FY 2024 Q2	Jun 30, 2024	38,968.4	2,492.1	36,476.3	3.74×	59.19%	5.71×	11.37×	2.63×	0.6×	467.78	467.04	0.2%	—
FY 2024 Q1	Mar 31, 2024	39,259.5	2,389.1	36,870.4	3.68×	58.88%	5.96×	12.26×	2.37×	0.63×	467.66	466.52	0.17%	—
FY 2023 Q4	Dec 31, 2023	38,921.5	1,973.3	36,948.2	3.58×	58.95%	6.05×	13.31×	2.16×	0.51×	467.54	466.25	0.14%	—
FY 2023 Q3	Sep 30, 2023	38,599.9	2,118.9	36,481	3.44×	58.79%	6.52×	13.62×	1.85×	0.56×	467.16	466.17	0.12%	—
FY 2023 Q2	Jun 30, 2023	38,794.6	2,015.7	36,778.9	3.23×	58.01%	6.38×	16.18×	1.94×	0.53×	466.98	466.09	1.59%	—
FY 2023 Q1	Mar 31, 2023	38,542	1,803	36,739	3.15×	57.68%	6.4×	17.9×	1.98×	0.46×	466.81	465.74	2.15%	—
FY 2022 Q4	Dec 31, 2022	38,670.2	2,028.4	36,641.8	3.12×	57.55%	6.42×	21.22×	2.07×	0.44×	466.87	465.61	2.22%	—
FY 2022 Q3	Sep 30, 2022	38,329.1	2,121.8	36,207.3	3.11×	57.63%	6.06×	25.3×	2.64×	0.57×	466.8	465.59	2.28%	—
FY 2022 Q2	Jun 30, 2022	40,844	2,066.7	38,777.3	3.81×	59.96%	6.62×	14.46×	2.99×	0.5×	459.82	458.78	1.81%	—
FY 2022 Q1	Mar 31, 2022	43,464.4	1,941.5	41,522.9	4.7×	62.3%	7.34×	14.72×	3.27×	0.41×	457.21	455.95	2.58%	—
FY 2021 Q4	Dec 31, 2021	43,254.2	1,949.9	41,304.3	4.77×	61.89%	7.56×	12.56×	3.6×	0.41×	457.19	455.5	2.52%	0
FY 2021 Q3	Sep 30, 2021	33,545.4	3,277.2	30,268.2	3.54×	55.42%	5.66×	8.4×	3.77×	0.77×	456.98	455.22	2.58%	0
FY 2021 Q2	Jun 30, 2021	35,583.6	1,928	33,655.6	5.21×	60.33%	6.51×	12.15×	3.88×	0.56×	452.35	450.62	1.62%	0
FY 2021 Q1	Mar 31, 2021	29,326.8	1,913.6	27,413.2	6.76×	62.47%	5.58×	9.67×	3.76×	0.72×	446.29	444.49	0.32%	0
FY 2020 Q4	Dec 31, 2020	29,287.5	1,746.3	27,541.2	6.41×	62.01%	5.77×	10.28×	3.64×	0.79×	446.39	444.3	0.31%	0
FY 2020 Q3	Sep 30, 2020	24,782.3	1,626	23,156.3	5.92×	59.77%	4.9×	8.98×	3.6×	0.87×	446.16	443.77	0.23%	0
FY 2020 Q2	Jun 30, 2020	25,215.2	2,038.1	23,177.1	6.21×	60.74%	5×	9.27×	3.48×	0.54×	445.87	443.44	0.28%	16.3
FY 2020 Q1	Mar 31, 2020	24,577.4	1,326	23,251.4	6.05×	60.25%	5.03×	8.99×	3.45×	0.49×	445.83	443.06	0.39%	39.7
FY 2019 Q4	Dec 31, 2019	24,055.4	1,501.2	22,554.2	4.38×	56.2%	5.05×	8.71×	3.3×	0.47×	446.02	442.94	0.48%	19.6
FY 2019 Q3	Sep 30, 2019	21,483.6	1,352.6	20,131	3.71×	54.66%	4.46×	7.25×	2.94×	0.49×	445.83	442.76	0.43%	0
FY 2019 Q2	Jun 30, 2019	21,058.1	1,192.2	19,865.9	3.48×	53.89%	4.56×	7.38×	2.72×	0.46×	445.34	442.2	0.16%	0
FY 2019 Q1	Mar 31, 2019	21,204.3	1,004.8	20,199.5	3.59×	54.47%	4.79×	7.64×	2.54×	0.47×	444.62	441.35	1.43%	0
FY 2018 Q4	Dec 31, 2018	21,159.9	1,208.7	19,951.2	3.59×	64.1%	4.97×	7.46×	2.31×	0.51×	444.42	440.84	2.8%	51.6
FY 2018 Q3	Sep 30, 2018	21,264.2	1,026.5	20,237.7	3.59×	64.29%	5.54×	8.9×	2.29×	0.53×	444.12	440.89	2.7%	82.6
FY 2018 Q2	Jun 30, 2018	21,113.8	834.5	20,279.3	3.45×	63.58%	5.58×	9.22×	2.34×	0.47×	444.36	441.5	3.32%	98.6
FY 2018 Q1	Mar 31, 2018	21,372	1,125.4	20,246.6	3.08×	62.18%	5.61×	9.86×	—	0.62×	438.52	435.12	1.84%	0
FY 2017 Q4	Dec 31, 2017	20,205.1	802.1	19,403	2.96×	60.83%	5.22×	9.52×	2.67×	0.81×	432.78	428.84	0.65%	96.61
FY 2017 Q3	Sep 30, 2017	19,268.76	799.47	18,469.3	2.71×	59.62%	4.86×	9.28×	—	0.87×	432.83	429.28	0.88%	28.37
FY 2017 Q2	Jun 30, 2017	19,241.97	770.02	18,471.95	2.73×	59.87%	5.02×	9.09×	—	0.55×	430.49	427.3	0.56%	494.15
FY 2017 Q1	Mar 31, 2017	18,890.08	712.78	18,177.31	2.56×	58.93%	5.14×	8.96×	—	0.53×	430.2	427.28	0.76%	147.17
FY 2016 Q4	Dec 31, 2016	18,533.47	787.16	17,746.3	2.66×	60.02%	5.25×	9.17×	—	1.04×	430.07	426.07	0.55%	0
FY 2016 Q3	Sep 30, 2016	18,679.14	530.36	18,148.78	2.76×	60.93%	5.57×	9.67×	—	0.9×	429.93	425.52	0.51%	0
FY 2016 Q2	Jun 30, 2016	18,717.08	410.54	18,306.54	2.74×	60.89%	5.87×	10.88×	—	0.8×	429	424.91	0.41%	0
FY 2016 Q1	Mar 31, 2016	17,022.09	336.4	16,685.69	2.43×	62.89%	5.55×	11.25×	—	0.87×	427.89	424.06	4.68%	0
FY 2015 Q4	Dec 31, 2015	17,119.01	320.69	16,798.32	2.55×	63.63%	5.8×	11.77×	—	0.83×	427.95	423.73	6.85%	—
FY 2015 Q3	Sep 30, 2015	17,027.41	287.4	16,740	2.55×	63.24%	6.08×	12.71×	2.62×	0.69×	427.23	423.38	6.85%	—
FY 2015 Q2	Jun 30, 2015	16,224.03	274.7	15,949.32	2.2×	61.29%	6.03×	12.68×	2.62×	0.91×	426.93	423.15	6.89%	—
FY 2015 Q1	Mar 31, 2015	15,720.1	323.4	15,396.7	2.12×	60.62%	5.98×	12.59×	2.66×	0.53×	409.4	405.11	2.52%	—
FY 2014 Q4	Dec 31, 2014	14,608.71	313.49	14,295.22	3.6×	68.48%	5.74×	12.59×	2.56×	0.49×	400.92	396.55	0.46%	0
FY 2014 Q3	Sep 30, 2014	13,934.3	295.61	13,638.68	3.33×	67.65%	5.64×	13.6×	2.51×	0.51×	400.4	396.24	0.38%	0
FY 2014 Q2	Jun 30, 2014	13,975.46	282.96	13,692.5	3.17×	67.04%	6.01×	14.31×	2.54×	0.45×	399.59	395.87	0.11%	0
FY 2014 Q1	Mar 31, 2014	14,334.18	333.44	14,000.74	3.87×	70.21%	6.58×	16.53×	2.59×	0.82×	399.12	395.15	-0.02%	0
FY 2013 Q4	Dec 31, 2013	14,478.28	293.58	14,184.7	4.03×	71.42%	7.04×	16.56×	2.65×	1.03×	398.76	394.75	-0.12%	0
FY 2013 Q3	Sep 30, 2013	12,645.81	4,040.35	8,605.45	3.5×	69.55%	4.45×	15.75×	2.84×	5.76×	398.35	394.76	-0.12%	70.39
FY 2013 Q2	Jun 30, 2013	8,855.95	448.45	8,407.51	2.45×	61.76%	4.47×	10.88×	2.83×	1.21×	399.46	395.42	0.17%	62.15
FY 2013 Q1	Mar 31, 2013	8,849.12	441.71	8,407.42	2.34×	61.18%	4.61×	10.59×	2.74×	1.22×	399.66	395.24	0.34%	12.48
FY 2012 Q4	Dec 31, 2012	8,753.38	368.62	8,384.76	2.38×	62.13%	4.75×	10.34×	2.79×	1.31×	399.89	395.21	0.47%	29.29
FY 2012 Q3	Sep 30, 2012	7,489.56	382.31	7,107.25	2.03×	57.78%	4.19×	8.06×	2.84×	1.03×	399.49	395.24	0.02%	6.26
FY 2012 Q2	Jun 30, 2012	7,465.42	481.94	6,983.48	2.14×	58.74%	4.29×	8.71×	2.85×	1.01×	398.81	394.74	-0.47%	6.51
FY 2012 Q1	Mar 31, 2012	7,288.44	471.26	6,817.18	2.03×	57.67%	4.4×	9.88×	2.94×	1.04×	398.45	393.89	-0.98%	20.67
FY 2011 Q4	Dec 31, 2011	7,236.31	330.19	6,906.12	2.12×	59.16%	4.68×	11.26×	2.95×	1.08×	399.39	393.35	-1.41%	46.3
FY 2011 Q3	Sep 30, 2011	5,831.66	177.51	5,654.16	1.74×	53.52%	4×	10.04×	2.97×	0.59×	395.18	395.18	-1.35%	159.52
FY 2011 Q2	Jun 30, 2011	5,701.84	332.54	5,369.3	1.58×	51.96%	3.92×	9.3×	3.07×	0.7×	400.25	396.6	-1.52%	103.86
FY 2011 Q1	Mar 31, 2011	5,565.83	362.82	5,203.01	1.59×	51.73%	3.99×	8.41×	3.14×	1.15×	401.9	397.77	-1.14%	127.72
FY 2010 Q4	Dec 31, 2010	5,587.39	883.96	4,703.43	1.59×	53.89%	3.78×	8.29×	3.19×	2.59×	401.16	398.97	-0.64%	80.17
FY 2010 Q3	Sep 30, 2010	4,804.96	371.88	4,433.08	1.39×	50.85%	3.69×	7.16×	3.17×	1.54×	403.46	400.6	0.83%	149.92
FY 2010 Q2	Jun 30, 2010	4,153.65	302.89	3,850.76	1.21×	48.38%	3.33×	6.11×	3.01×	2.15×	405.02	402.73	1.34%	141.7
FY 2010 Q1	Mar 31, 2010	4,229.93	352.89	3,877.05	1.22×	48.76%	3.44×	6.67×	2.84×	1.94×	406.08	402.35	—	58.84
FY 2009 Q4	Dec 31, 2009	4,211.58	247.29	3,964.29	1.27×	49.47%	3.65×	7.12×	2.69×	1.66×	402.93	401.55	—	23.62
FY 2009 Q3	Sep 30, 2009	4,186.75	229.67	3,957.08	1.29×	49.87%	—	—	—	1.84×	405.73	397.32	—	123.93
FY 2009 Q2	Jun 30, 2009	4,444.27	323.64	4,120.63	1.44×	52.37%	—	—	—	2.06×	408.83	397.42	—	61.08

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · AMT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.

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