AMERICAN TOWER CORPORATION REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
AMERICAN TOWER CORP /MA/ (AMT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Contact: Spencer Kurn Senior Vice President, Investor Relations Telephone: (617) 375-7517 AMERICAN TOWER CORPORATION REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS CONSOLIDATED HIGHLIGHTS Third Quarter 2026 ● Total revenue increased 2.5% to $2,785 million (1) ● Total p
How this was made
The 30-second read
Why it matters
The raised guidance signals continued demand for tower and data‑center assets, likely supporting a bullish stance on AMT and related REITs.
Market read
The earnings release and raised outlook provide fresh, material information for traders, offering a clear catalyst for AMT and its sector.
What to watch
Potential headwinds such as rising interest rates could offset the positive impact of the raised guidance.
American Tower reported 2.5% total revenue growth and 2.4% AFFO growth in the third quarter, raised its full-year property revenue outlook, and maintained the midpoint of its Adjusted EBITDA and AFFO outlooks.
Property revenue, AFFO and Data Centers growth were positive, and the company raised property revenue outlook, while net income declined and Adjusted EBITDA growth was limited.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $2.79B | – | 2.5% |
| Q3 2026 property revenueGAAP | $2.73B | – | 4.5% |
| Q3 2026 services revenueGAAP | $51.4M | – | – |
| Q3 2026 Total Tenant Billings Growthother | $34M | – | 1.7% |
| Q3 2026 Organic Tenant Billings Growthother | $22M | – | 1.1% |
| Q3 2026 Property Gross Marginnon-GAAP | $2.01B | – | 2.5% |
| Q3 2026 Property Gross Margin %non-GAAP | 73.5% | – | – |
| Q3 2026 operating incomeGAAP | $1.27B | – | – |
| Q3 2026 net incomeGAAP | $781M | – | (14.4)% |
| Q3 2026 net income attributable to AMT common stockholdersGAAP | $766M | – | (10.3)% |
| Q3 2026 diluted net income attributable to AMT common stockholders per shareGAAP | $1.64 | – | (9.9)% |
| Q3 2026 Adjusted EBITDAnon-GAAP | $1.83B | – | 0.9% |
| Q3 2026 Adjusted EBITDA Margin %non-GAAP | 65.8% | – | – |
| Q3 2026 Adjusted EBITDA Marginnon-GAAP | 66% | – | – |
| Q3 2026 Nareit FFO attributable to AMT common stockholdersnon-GAAP | $1.17B | – | (7.7)% |
| Q3 2026 AFFO attributable to AMT common stockholdersnon-GAAP | $1.33B | – | 2.4% |
| Q3 2026 AFFO attributable to AMT common stockholders per Sharenon-GAAP | $2.87 | – | 3.2% |
| Q3 2026 cash provided by operating activitiesGAAP | $1.39B | – | (4.6)% |
| Q3 2026 total cash capital expendituresother | $407M | – | (14.6)% |
| Q3 2026 Free Cash Flownon-GAAP | $986M | – | 0.2% |
| Nine months ended September 30, 2026 total operating revenuesGAAP | $8.27B | – | – |
| Nine months ended September 30, 2026 property revenueGAAP | $8.09B | – | – |
| Nine months ended September 30, 2026 services revenueGAAP | $180.3M | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $3.78B | – | – |
| Nine months ended September 30, 2026 net incomeGAAP | $2.55B | – | – |
| Nine months ended September 30, 2026 net income attributable to American Tower Corporation common stockholdersGAAP | $2.49B | – | – |
| Nine months ended September 30, 2026 diluted net income attributable to American Tower Corporation common stockholders per shareGAAP | $5.35 | – | – |
| Nine months ended September 30, 2026 cash provided by operating activitiesGAAP | $4.28B | – | – |
| Nine months ended September 30, 2026 payments for purchase of property and equipment and construction activitiesGAAP | −$1.17B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. & CanadaStraight-Line Revenue was $(30) million in the current period, compared with $17 million in the prior-year period; cancellations were $(63) million. | $1.27B | – | (3.3)% |
| Latin AmericaForeign Currency Exchange Impact on components of revenue other than Total Tenant Billings was $9 million, and International Pass-Through Revenue was $123 million. | $460M | – | 10.4% |
| Africa & APACOrganic Tenant Billings Growth was 8.2% and New Site Tenant Billings were $9 million. | $428M | – | 15.4% |
| EuropeOrganic Tenant Billings Growth was 4.2% and New Site Tenant Billings were $3 million. | $258M | – | 5.9% |
| Data CentersCash revenue growth in Data Centers was 16.3%; Other Revenue was $306 million. | $313M | – | 17.4% |
| ServicesSegment operating profit was $13 million and Segment Operating Profit Margin was 26%. | $51M | – | (49.2)% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 outlook
- RevenueTotal property revenue: $10,785 to $10,865 million
- NoteNet income: $3,253 to $3,308 million
- NoteNet income attributable to AMT common stockholders: $3,183 to $3,238 million
- NoteAdjusted EBITDA: $7,248 to $7,303 million
- NoteAFFO attributable to AMT common stockholders: $5,148 to $5,203 million
- NoteAFFO attributable to AMT common stockholders per Share: $11.04 to $11.16
- NoteU.S. & Canada segment property revenue: $5,085 million to $5,095 million; midpoint growth rate of (3.0)%
- NoteLatin America segment property revenue: $1,813 million to $1,833 million; midpoint growth rate of 11.0%
- NoteAfrica & APAC segment property revenue: $1,644 million to $1,664 million; midpoint growth rate of 16.2%
- NoteEurope segment property revenue: $1,025 million to $1,045 million; midpoint growth rate of 10.4%
- NoteData Centers segment property revenue: $1,218 million to $1,228 million; midpoint growth rate of 16.1%
- NoteTotal Property Organic Tenant Billings: ~1%; New Site Tenant Billings: ~1%; Total Tenant Billings Growth: ~2%
- NoteTotal capital expenditures: $1,765 to $1,875 million
- NoteDiscretionary capital projects: $1,035 to $1,065 million, including the construction of 1,300 to 1,900 communications sites globally and $695 million of development spend in the Company’s Data Centers segment
- NoteGround lease purchases: $190 to $210 million
- NoteStart-up capital projects: $40 to $60 million
- NoteRedevelopment: $315 to $345 million
- NoteCapital improvement: $170 to $180 million
- NoteCorporate: $15 – 15 million
Capital returns
- Declared Q3 2026 common stock distributions per share of $1.79.
- Declared Q3 2026 common stock distributions with an aggregate amount of $831.0 million.
- Year-over-year per share distribution growth was 5.3%.
- Repurchased approximately 1.8 million shares for an aggregate of approximately $315 million, including commissions and fees, during the third quarter of 2026.
- Repurchased approximately 0.4 million shares for an aggregate of approximately $68 million, including commissions and fees, through October 20, 2026.
- Had approximately $1.1 billion remaining available under the stock repurchase program as of October 20, 2026.
- The Board authorized an additional $2.0 billion for share repurchases on October 23, 2026.
What drove it
- Total property revenue increased 4.5%, driven by 1.1% Organic Tenant Billings Growth and 16.3% cash revenue growth in Data Centers.
- Data Centers revenue increased 17.4% to $313 million.
- Africa & APAC revenue increased 15.4% to $428 million and Latin America revenue increased 10.4% to $460 million.
- Q3 2026 total revenue growth was affected by non-cash straight-line revenue of approximately $(24.0) million, compared with approximately $27.7 million in the prior-year period.
- The company stated that its increased property revenue outlook reflects Data Centers segment outperformance.
Concerns
- Net income decreased 14.4% to $781 million and net income attributable to AMT common stockholders decreased 10.3% to $766 million.
- Unrealized losses on equity investments were approximately $(71.5) million in the current period, compared with unrealized gains of approximately $10.9 million in the prior-year period.
- U.S. & Canada revenue decreased 3.3% to $1,275 million, while its Total Tenant Billings Growth and Organic Tenant Billings Growth were both 0.0%.
- Services revenue decreased 49.2% to $51 million.
- Adjusted EBITDA increased 0.9% to $1,832 million, trailing property revenue growth of 4.5%.
- The full-year outlook midpoint for net income and net income attributable to AMT common stockholders was lowered by $30 million and $30 million, respectively, primarily due to unrealized losses for equity securities.
What to watch
- Execution against full-year total property revenue guidance of $10,785 to $10,865 million, including Data Centers property revenue guidance of $1,218 million to $1,228 million.
- Whether Adjusted EBITDA reaches the maintained outlook range of $7,248 to $7,303 million.
- Progress in U.S. & Canada, where full-year property revenue is guided to $5,085 million to $5,095 million and Total Tenant Billings Growth is expected to be ~0.5%.
- Completion of the expected sale of the Canadian subsidiaries during the fourth quarter of 2026 for total aggregate consideration of approximately 288 million Canadian Dollars.
- Capital expenditures against the full-year outlook of $1,765 to $1,875 million and the company's repurchase activity following the additional $2.0 billion authorization.
Balance sheet and cash flow
- Cash and cash equivalents were $1,871.9 million as of September 30, 2026, compared with $1,474.8 million as of December 31, 2025.
- Total debt was $37,579 million, cash and cash equivalents were $1,872 million, and Net Debt was $35,707 million as of September 30, 2026.
- Net Leverage Ratio was 4.9x net debt to third quarter 2026 annualized Adjusted EBITDA.
- Total liquidity was approximately $10.6 billion as of September 30, 2026, consisting of approximately $1.9 billion in cash and cash equivalents and approximately $8.7 billion of revolving credit facility capacity, net of outstanding letters of credit.
- Repaid $600.0 million aggregate principal amount of 1.450% senior unsecured notes on September 14, 2026.
- Issued an aggregate principal amount of $1.6 billion in senior unsecured notes due 2031, 2033, and 2036 on September 14, 2026.
- Repaid $1.0 billion aggregate principal amount of 3.375% senior unsecured notes on October 14, 2026.
- Nine-month cash used for investing activities was $(1,366.9) million.
- Nine-month cash used for financing activities was $(2,533.8) million.
- Total assets were $62,980.3 million and total liabilities were $53,214.7 million as of September 30, 2026.
Analysis
American Tower reported third-quarter total revenue of $2,785 million, up 2.5%, with property revenue rising 4.5% to $2,734 million. Organic Tenant Billings Growth was 1.1%, while Data Centers cash revenue growth was 16.3%. Segment results showed the strongest reported revenue growth in Data Centers at 17.4%, Africa & APAC at 15.4%, and Latin America at 10.4%. U.S. & Canada revenue declined 3.3%, with both Total Tenant Billings Growth and Organic Tenant Billings Growth at 0.0%.
Profitability growth was modest relative to property revenue growth. Property Gross Margin increased 2.5% to $2,009 million and Adjusted EBITDA increased 0.9% to $1,832 million. The company reported a 73.5% Property Gross Margin % and a 65.8% Adjusted EBITDA Margin %. Q3 growth rates were affected by a decrease in non-cash straight-line revenue, which was approximately $(24.0) million in the current period compared with approximately $27.7 million in the prior-year period.
GAAP earnings declined despite higher operating income. Net income fell 14.4% to $781 million, and net income attributable to AMT common stockholders fell 10.3% to $766 million, or $1.64 per diluted share. The company cited unrealized losses on equity investments of approximately $(71.5) million in the current period, compared with unrealized gains of approximately $10.9 million in the prior-year period. AFFO attributable to AMT common stockholders nevertheless increased 2.4% to $1,335 million, while AFFO per Share increased 3.2% to $2.87.
Cash generation and capital allocation remained active. Cash provided by operating activities was $1,393 million, total cash capital expenditures were $407 million, and Free Cash Flow was $986 million. The company allocated approximately $315 million to third-quarter repurchases, declared $1.79 per share of common stock distributions, and subsequently received authorization for an additional $2.0 billion of share repurchases. Net debt was $35,707 million and the Net Leverage Ratio was 4.9x.
Management raised the midpoint of full-year property revenue outlook by $55 million because of Data Centers outperformance, while leaving the Adjusted EBITDA midpoint unchanged and maintaining the AFFO midpoint. It lowered the midpoints for net income and net income attributable to AMT common stockholders by $30 million each, primarily because of unrealized losses for equity securities. The revised outlook calls for total property revenue of $10,785 to $10,865 million, Adjusted EBITDA of $7,248 to $7,303 million, and AFFO attributable to AMT common stockholders of $5,148 to $5,203 million.
Management, verbatim
We delivered another solid quarter, supported by consistent leasing demand across our global tower portfolio and continued outperformance from CoreSite. This momentum, combined with disciplined capital allocation, enabled us to raise our full-year outlook for the third time this year.
Steve Vondran, Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparisons of actual results with prior guidance are unavailable.
- Full-year 2026 total revenue guidance was not provided.
- Full-year 2026 gross margin, operating expenses, and tax rate guidance were not provided.
- Q3 2026 sequential comparisons were not provided for the reported metrics.
- Q3 2026 GAAP tax rate was not provided.
- Q3 2026 prior-year values for cash provided by operating activities, total cash capital expenditures, and Free Cash Flow were not printed on their respective Q3 metric rows.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
American Tower Corporation (NYSE: AMT) filed a Form 8‑K reporting its Q3 2026 financial results, including revenue growth, adjusted EBITDA, and a raised full‑year outlook.
Ticker impact
American Tower issued its Q3 2026 results and raised its full‑year outlook, citing revenue growth and data‑center outperformance.
likely upward pressure as investors price in the raised outlook
The company disclosed higher revenue and a raised full‑year outlook, which typically supports a bullish reaction in the stock.
Market effects
The tower and data‑center sector may see renewed investor interest as AMT highlights strong demand for digital infrastructure.
U.S. REIT and infrastructure investors could adjust exposure based on the raised outlook.
Global telecom and cloud providers may benefit from AMT's growth narrative, influencing related equities worldwide.
Counterpoint
If the raised outlook is already priced in, the stock could face a short‑term pullback on profit‑taking.
Key entities
- CompanyAmerican Tower Corporation
U.S. REIT that owns and operates wireless communication towers and data‑center facilities.
