So, American Tower Corp. American Tower Corp. (AMT) just told everyone how it did in the last quarter of 2025, and the numbers are pretty good. They beat what Wall Street was expecting on both earnings and revenue. It's the kind of report that makes you think the business of renting out space on cell towers and in data centers is still humming along.

Here's the breakdown: earnings came in at $2.63 per share. That's better than the $2.53 analysts had penciled in, and it's a nice 13.4% jump from the $2.32 they reported a year ago. Revenue climbed 7.5% to $2.74 billion, also topping expectations. The company's adjusted EBITDA margin was a healthy 66% for the quarter, and operating income rose to $1.16 billion. Financially, they're sitting pretty with about $11.1 billion in total liquidity as of year-end.

Now, where is all this money coming from? Let's look at the map. The U.S. and Canada segment is the big earner, bringing in $1.33 billion with a very impressive operating profit margin of 79%. Latin America generated $438 million in revenue with a 64% margin. Over in Africa and Asia-Pacific, revenue was $382 million with a 61% margin, and Europe recorded $248 million with a 54% margin. So, it's a global story, but the home turf is still the most profitable piece of the pie.

The CEO, Steven Vondran, had a straightforward message: demand is strong. He said leasing demand across their global tower portfolio and data center business remains robust. The drivers? The usual suspects, plus a new one. There's continued growth in mobile data usage (everyone's still scrolling), ongoing 5G deployment (carriers are still building), and now, increasing hybrid-cloud and artificial intelligence workloads. It seems the AI boom isn't just for chipmakers; it's also good for the companies that house the servers. Vondran said the focus for 2026 is on driving durable revenue growth, being more cost-efficient, and sticking to a disciplined plan for spending their money.

Speaking of 2026, the company laid out its expectations. They're forecasting adjusted funds from operations (AFFO) to be in the range of $10.78 to $10.95 per share. For those keeping score at home, that's a bit below the consensus estimate of $11.09. Total property revenue is projected to be between $10.44 billion and $10.59 billion, which would be up about 2% from the prior year. They expect net income to grow about 14.1% to a range of $2.945 billion to $3.025 billion. Adjusted EBITDA is expected to be roughly flat year-over-year. They also plan to spend between $1.795 billion and $1.905 billion on capital expenditures next year.

The thesis here is simple: more mobile data means more need for towers, and more AI and cloud computing means more need for data centers. American Tower thinks its portfolio of assets, its leadership, its spending strategy, and its strong balance sheet put it in a good position to keep growing and delivering value for shareholders over the long term. The market seemed to like the news; shares were up over 1% following the report.