Business Description

1 Overview 1 Products and Services 2 Strategy 4 Regulatory Matters 6 Competition 8 Human Capital Resources 8 Executive Officers 9 Available Information 9 ITEM 1A. Risk Factors 10 ITEM 1B. Unresolved Staff Comments 22 ITEM 1C. Cybersecurity 22 ITEM 2. Properties 24 ITEM 3. Legal Proceedings 25 ITEM 4. Mine Safety Disclosures 26 PART II ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Dividends 27 Performance Graph 27 Issuer Purchases of Equity Securities 28 ITEM 6. [Reserved] 28 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 Executive Overview 29 Non-GAAP Financial Measures 35 Results of Operations: Years Ended December 31, 2025 and 2024 36 Liquidity and Capital Resources 45 Critical Accounting Policies and Estimates 54 Accounting Standards Updates 56 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 56 ITEM 8. Financial Statements and Supplementary Data 57 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 i Table of Contents AMERICAN TOWER CORPORATION TABLE OF CONTENTS—(Continued) FORM 10-K ANNUAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2025 Page ITEM 9A. Controls and Procedures 57 Disclosure Controls and Procedures 57 Management’s Annual Report on Internal Control over Financial Reporting 58 Changes in Internal Control over Financial Reporting 58 Report of Independent Registered Public Accounting Firm 59 ITEM 9B. Other Information 60 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 60 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 61 ITEM 11. Executive Compensation 63 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 63 ITEM 14. Principal Accounting Fees and Services 63 PART IV ITEM 15. Exhibits, Financial Statement Schedules 64 Index to Exhibits 64 ITEM 16. Form 10-K Summary 74 Signatures 75 Index to Consolidated Financial Statements F- 1 ii Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Annual Report”) contains statements about future events and expectations, or forward-looking statements, all of which are inherently uncertain. We have based those forward-looking statements on our current expectations and projections about future results. When we use words such as “anticipates,” “intends,” “plans,” “believes,” “estimates,” “expects” or similar expressions, we are making forward-looking statements. Examples of forward-looking statements include, but are not limited to, future prospects of growth in the communications infrastructure leasing industry, our relationships with our customers, the creditworthiness and financial strength of our customers, our ability to maintain or increase our market share, the effects of consolidation among companies in our industry and among our customers and other competitive and financial pressures, our plans to fund our future liquidity needs, our expectations for the closing of signed agreements, including divestitures, and the expected impacts of such agreements on our business, the expected impacts of strategic partnerships on our business, our substantial leverage and debt service obligations, our future financing transactions, our future operating results, the level of future expenditures by companies in this industry and other trends in this industry, the impacts of technology failures, including cybersecurity, data governance and data privacy incidents, on our business, our ability to operate our distinct data centers business, our ability to protect our rights to the land under our towers and buildings in which our data centers are located, changes in zoning, tax and other laws and regulations and administrative and judicial decisions, economic, political and other events, particularly those relating to our international operations, our future capital expenditure levels, the impact of technology changes on our industry and our business, our ability to remain qualified for taxation as a real estate investment trust (“REIT”), the amount and timing of any future distributions including those we are required to make as a REIT, the expected impact of our transformation initiatives on our business and natural disasters and similar events.…