American Tower raises 2026 data center revenue growth outlook to 16% while targeting 200 to 300 bps tower margin expansion by 2030 (NYSE:AMT)

RBC Capital reiterated an Outperform rating and $205 price target for American Tower (AMT) after its Q3 2026 results. CoreSite, its data center unit, reported $313M revenue, up 17.4% YoY. AMT's AFFO per share growth was flat, but underlying growth is ~7%. The company raised its full-year outlook and spent $950M on share buybacks. AMT's stock may be overvalued, according to InvestingPro.

American Tower (AMT) repurchased $383M in shares and authorized $2B more, with total repurchase capacity at $3.1B. The company raised full-year revenue guidance due to strong data center and tower portfolio performance. AMT refinanced $600M in debt and issued $1.6B in new notes. It also agreed to sell Canadian subsidiaries for ~$202M, expecting the deal to close in Q4 2026 and be accretive to AFFO per share.

American Tower Corp (AMT) reported Q3 2026 earnings, raising its outlook despite challenges. Organic tenant billings grew 1% (4% excluding DISH churn), with US/Canada growth flat due to DISH headwinds. Cash adjusted EBITDA margins declined 50 bps YoY. The company reduced its services revenue outlook to $220M, a $15M EBITDA headwind. Latin America saw a 2% organic decline due to Brazil churn. AMT faces litigation risks, including arbitration with AT&T Mexico and DISH mediation.

American Tower reported Q3 2026 revenue of $2.79B, up 2.5% YoY. Net income fell 10.3% to $765.8M, and EPS declined 9.9% to $1.64. Growth in data centers and international markets was offset by weaker U.S. and Canada revenue, according to the company.

American Tower (AMT) reported Q3 earnings with cash adjusted EBITDA margins down 50 bps YoY due to DISH churn. AFFO per share grew 1% excluding FX effects. The company raised its full-year property revenue outlook by $55M, citing strong data center performance. Management expects 2026 to be a trough year for U.S. organic growth. AMT also announced a $202M sale of its Canada portfolio, expected to be immediately accretive to AFFO per share.

American Tower (AMT) reported Q3 2026 revenue of $2.734B (+4.5% YoY), adjusted EBITDA of $1.832B (+0.9%), and AFFO per share of $2.87 (+3.2%). The company raised its full-year outlook, citing data center growth and stable tower performance. Shares fell 0.71% post-earnings.