American Tower dividend
American Tower paid a $6.80 dividend per share in 2025 against AFFO per share of $10.76. That produced a 63.2% payout, while operating cash flow was $5,464.0 million and free cash flow after total capital expenditure was approximately $3,743 million.
How much does American Tower pay in dividends?
FFO starts with accounting earnings and removes much of the depreciation and property-sale noise. AFFO then makes company-defined adjustments for straight-line rent, stock compensation, taxes and financing, while deducting capital improvements. In 2025, AFFO per share was $10.76 against a dividend of $6.80, producing a 63.2% payout.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO per share | 8.88 | ||||
| AFFO per share (company's measure) | 10.76 | 9.96 | 9.41 | ||
| Dividend per share | 6.80 | 6.48 | 6.45 | 5.86 | 5.21 |
| AFFO payout ratio | 63.2% | 65.1% | 68.5% | ||
| Diluted shares (average of the year), change | 0.1% | 0.2% | 1.0% | 2.1% | 1.6% |
What this means. The company’s adjusted profit per share is higher than the standard profit per share because it excludes India and assumes savings from repaying debt, so the two numbers are not directly comparable.
Does American Tower cover its dividend with cash?
Maintenance capital was modest relative to property revenue, which supports the idea that mature towers need limited recurring investment. But redevelopment, new capacity, land purchases and data-center construction require additional cash. Operating cash flow was $5,464.0 million, while free cash flow after total capital expenditure was approximately $3,743 million.
The recent cash bridge makes the trade-off clear. Operating cash paid the dividend, but development and capital spending consumed most of the cash left afterward. Acquisitions used more, and repurchases exceeded the remaining amount. A covered dividend therefore does not mean that every investment and buyback was funded without borrowing, asset sales, or cash already on hand.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 5,464.0 | ||||
| − Dividends paid | 3,157.2 | 3,074.9 | 2,949.3 | 2,630.4 | 2,271.0 |
| = Operating cash after dividends | 2,306.8 | ||||
| − Acquisitions | 454.2 | 123.0 | 168.0 | ||
| − Development and capital spending | 1,680.4 | 1,537.7 | 1,686.2 | 1,750.6 | |
| − Shares bought back | 364.6 | 0 | 0 | 18.8 | 0 |
What this means. The dividend was paid from cash generated by the business, but most of the cash left afterward was spent on acquisitions and development.
What could change American Tower's dividend?
The dividend starts from the $1.79 quarterly rate, or $7.16 annualized. The base case grows it 5% annually to $8.30, supported by a 63.2% payout ratio in 2025 and 2026 AFFO-per-share guidance of $11.00 to $11.17. The bear case freezes the payment at $7.16 because leverage and maturities limit flexibility. The bull case compounds it at 7% to $8.78, requiring faster AFFO growth and controlled financing costs.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| AFFO attributable to AMT common stockholders | 5,408 (5,097 / 5,537) | 5,651 (5,097 / 5,925) | 5,905 (5,148 / 6,340) |
| Shares (millions) | 466 (467 / 464) | 466 (468 / 463) | 466 (469 / 462) |
| Dividends per share | 7.52 (7.16 / 7.66) | 7.90 (7.16 / 8.20) | 8.30 (7.16 / 8.78) |
| Price to AFFO attributable to AMT common stockholders | 16.50 (15.00 / 18.00) | 16.50 (14.00 / 19.00) | 16.50 (13.00 / 20.00) |
What this means. The price-to-adjusted funds from operations number shows how many dollars investors pay for each dollar of the company's yearly cash earnings.
What is American Tower's dividend yield today?
The multiple implies an AFFO yield of about 6.1%. The dividend yield is 3.9%, so AMT retains part of its recurring cash for investment or debt reduction. A 10-year U.S. Treasury yield of 5.100% gives investors another return to compare with the stock’s dividend. AFFO is not cash sitting untouched in the bank, and it is a company-defined measure rather than a universal accounting number.