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Side-by-side financial comparison of American Tower (AMT) and Freeport-McMoRan (FCX). Click either name above to swap in a different company.
Freeport-McMoRan is the larger business by last-quarter revenue ($5.3B vs $2.7B, roughly 1.9× American Tower). American Tower runs the higher net margin — 110.1% vs 10.7%, a 99.4% gap on every dollar of revenue. American Tower produced more free cash flow last quarter ($941.0M vs $-312.0M). Over the past eight quarters, American Tower's revenue compounded faster (3.7% CAGR vs -7.9%).
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
AMT vs FCX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $5.3B |
| Net Profit | $3.0B | $565.0M |
| Gross Margin | — | 12.4% |
| Operating Margin | 0.0% | 15.4% |
| Net Margin | 110.1% | 10.7% |
| Revenue YoY | — | -10.4% |
| Net Profit YoY | — | -21.6% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $5.3B | ||
| Q3 25 | $2.7B | $6.8B | ||
| Q2 25 | $2.6B | $7.5B | ||
| Q1 25 | $2.6B | $5.6B | ||
| Q4 24 | $2.5B | $5.9B | ||
| Q3 24 | $2.5B | $6.7B | ||
| Q2 24 | $2.5B | $6.4B |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $565.0M | ||
| Q3 25 | $912.6M | $1.2B | ||
| Q2 25 | $380.5M | $1.5B | ||
| Q1 25 | $498.6M | $793.0M | ||
| Q4 24 | $1.2B | $721.0M | ||
| Q3 24 | $-780.4M | $1.2B | ||
| Q2 24 | $908.4M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 29.2% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 27.0% | ||
| Q3 24 | — | 30.0% | ||
| Q2 24 | — | 31.5% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 15.4% | ||
| Q3 25 | 45.4% | 28.9% | ||
| Q2 25 | 45.6% | 32.3% | ||
| Q1 25 | 48.9% | 23.4% | ||
| Q4 24 | 42.4% | 21.1% | ||
| Q3 24 | 45.2% | 29.0% | ||
| Q2 24 | 45.4% | 32.0% |
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 10.7% | ||
| Q3 25 | 33.6% | 18.3% | ||
| Q2 25 | 14.5% | 20.6% | ||
| Q1 25 | 19.5% | 14.2% | ||
| Q4 24 | 48.3% | 12.3% | ||
| Q3 24 | -30.9% | 18.5% | ||
| Q2 24 | 35.7% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | — | ||
| Q3 25 | $1.82 | $0.46 | ||
| Q2 25 | $0.78 | $0.53 | ||
| Q1 25 | $1.04 | $0.24 | ||
| Q4 24 | $2.63 | — | ||
| Q3 24 | $-1.69 | $0.36 | ||
| Q2 24 | $1.92 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $3.8B |
| Total DebtLower is stronger | — | $9.4B |
| Stockholders' EquityBook value | $10.2B | $18.9B |
| Total Assets | — | $58.2B |
| Debt / EquityLower = less leverage | — | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $2.0B | $4.3B | ||
| Q2 25 | $2.1B | $4.5B | ||
| Q1 25 | $2.1B | $4.4B | ||
| Q4 24 | $2.0B | $3.9B | ||
| Q3 24 | $2.2B | $5.0B | ||
| Q2 24 | $2.2B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $9.4B | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $35.2B | — | ||
| Q1 25 | $34.0B | $9.4B | ||
| Q4 24 | $32.8B | $8.9B | ||
| Q3 24 | $33.4B | $9.7B | ||
| Q2 24 | $35.6B | $9.4B |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $18.9B | ||
| Q3 25 | $4.0B | $18.7B | ||
| Q2 25 | $3.7B | $18.2B | ||
| Q1 25 | $3.5B | $17.7B | ||
| Q4 24 | $3.4B | $17.6B | ||
| Q3 24 | $3.6B | $17.5B | ||
| Q2 24 | $3.9B | $17.4B |
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $58.2B | ||
| Q3 25 | $63.9B | $56.8B | ||
| Q2 25 | $63.8B | $56.5B | ||
| Q1 25 | $62.1B | $56.0B | ||
| Q4 24 | $61.1B | $54.8B | ||
| Q3 24 | $62.8B | $55.4B | ||
| Q2 24 | $65.8B | $54.6B |
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 0.50× | ||
| Q3 25 | 8.82× | — | ||
| Q2 25 | 9.48× | — | ||
| Q1 25 | 9.63× | 0.53× | ||
| Q4 24 | 9.70× | 0.51× | ||
| Q3 24 | 9.16× | 0.55× | ||
| Q2 24 | 9.24× | 0.54× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $693.0M |
| Free Cash FlowOCF − Capex | $941.0M | $-312.0M |
| FCF MarginFCF / Revenue | 34.4% | -5.9% |
| Capex IntensityCapex / Revenue | 16.8% | 19.1% |
| Cash ConversionOCF / Net Profit | — | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | $6.7B | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $693.0M | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $5.3B | $1.4B | ||
| Q3 24 | $1.5B | $1.9B | ||
| Q2 24 | $1.3B | $2.0B |
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-312.0M | ||
| Q3 25 | $994.5M | $608.0M | ||
| Q2 25 | $976.9M | $934.0M | ||
| Q1 25 | $963.9M | $-114.0M | ||
| Q4 24 | $3.7B | $197.0M | ||
| Q3 24 | $1.0B | $673.0M | ||
| Q2 24 | $1.0B | $840.0M |
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -5.9% | ||
| Q3 25 | 36.6% | 8.9% | ||
| Q2 25 | 37.2% | 12.4% | ||
| Q1 25 | 37.6% | -2.0% | ||
| Q4 24 | 145.3% | 3.4% | ||
| Q3 24 | 41.4% | 10.1% | ||
| Q2 24 | 39.8% | 13.1% |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 19.1% | ||
| Q3 25 | 17.1% | 15.5% | ||
| Q2 25 | 11.6% | 16.8% | ||
| Q1 25 | 12.9% | 21.0% | ||
| Q4 24 | 62.4% | 21.1% | ||
| Q3 24 | 16.8% | 17.9% | ||
| Q2 24 | 12.8% | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 1.23× | ||
| Q3 25 | 1.60× | 1.33× | ||
| Q2 25 | 3.37× | 1.42× | ||
| Q1 25 | 2.60× | 1.33× | ||
| Q4 24 | 4.30× | 1.99× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | 1.47× | 1.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMT
Segment breakdown not available.
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
