Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of AMT revenue, profitability and cash conversion; reported revenue growth was 20.82%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 774.60 million to USD 935.90 million. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 2.280 billion to USD 2.628 billion. Operating income moved from USD 4.516 billion to USD 4.846 billion. Net margin moved from 294.37% to 280.85%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 5.290 billion in the earlier period and USD 5.464 billion in the later period. Selected free cash flow was USD 3.700 billion and USD 3.784 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Occupancy, leasing spreads, maturity schedules and reconciled FFO disclosures.

Risks and uncertainties

Lease rollover, refinancing, development costs, tenant concentration and property values.

Sources & dates

Methodology protocol ↗SMS research updates ↗