--- title: "American Tower: Business Model" description: "American Tower revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/american-tower/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # American Tower: Business Model & Revenue Engine ## Direct Answer American Tower reports revenue across 6 business segments in its fiscal 2025 Form 10-K. Property US and Canada is the largest, with $5.2 billion of revenue (49% of the total), followed by Property Latin America at $1.6 billion (15%). ## How Does American Tower Make Money? No single line supplies a majority of revenue: the largest, Property US and Canada, is 49%, which spreads American Tower's exposure across several demand drivers. Between fiscal 2024 and 2025, Services grew fastest (+75.3%) and Property Latin America slowest (-4.4%), so the revenue mix tilts toward Services while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Property US and Canada | $5.2 billion | $5.4 billion | 49.3% | -3.5% | | Property Latin America | $1.6 billion | $1.7 billion | 15.4% | -4.4% | | Property Africa APAC | $1.4 billion | $1.2 billion | 13.4% | 17.8% | | Property Data Centers | $1.1 billion | $925 million | 9.9% | 13.9% | | Property Europe | $938 million | $835 million | 8.8% | 12.3% | | Services | $340 million | $194 million | 3.2% | 75.3% | ![Bar chart of American Tower revenue by segment for fiscal 2025: Property US and Canada 49.3%, Property Latin America 15.4%, Property Africa APAC 13.4%, Property Data Centers 9.9%, Property Europe 8.8%, Services 3.2%.](https://www.getswoopr.com/images/charts/american-tower-business-model-segment-mix.webp) *American Tower revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which American Tower Segments Earn the Most? | Segment | FY2025 segment operating income | Segment margin | | --- | --- | --- | | Property US and Canada | $4.2 billion | 80.3% | | Property Latin America | $1.0 billion | 62.6% | | Property Africa APAC | $900 million | 63.3% | | Property Data Centers | $562 million | 53.4% | | Property Europe | $524 million | 55.9% | | Services | $138 million | 40.7% | Segment operating income is the profit measure American Tower reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within American Tower more safely than against another company. ## What Does American Tower Sell? American Tower also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Property Revenue | $10.3 billion | $9.9 billion | 96.8% | 3.7% | | Service | $340 million | $194 million | 3.2% | 75.3% | ## What the Segment Figures Do Not Show The rows above add up to 100% of American Tower's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value American Tower reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0001053507-26-000035), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are American Tower's business segments? In its fiscal 2025 Form 10-K, American Tower reports revenue for Property US and Canada, Property Latin America, Property Africa APAC, Property Data Centers, Property Europe and Services. ### Which part of American Tower brings in the most revenue? Property US and Canada, with $5.2 billion of revenue in fiscal 2025, or 49% of the total. ### Where does American Tower report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: AMERICAN TOWER CORP /MA/ Form 10-K filed February 24, 2026](https://www.sec.gov/Archives/edgar/data/1053507/000105350726000035/amt-20251231.htm) - [SEC EDGAR: AMERICAN TOWER CORP /MA/ annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1053507&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [American Tower company dossier](https://www.getswoopr.com/stocks/companies/american-tower/) - [American Tower financial metrics](https://www.getswoopr.com/stocks/companies/american-tower/metrics/) - [American Tower financial risk indicators](https://www.getswoopr.com/stocks/companies/american-tower/risks/) - [American Tower peer comparison](https://www.getswoopr.com/stocks/companies/american-tower/competitors/) - [American Tower business model and revenue mix](https://www.getswoopr.com/stocks/companies/american-tower/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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