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% |
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.