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 property revenue increased 4.5% to $2,734 million, driven by 1.1% Organic Tenant Billings Growth and 16.3% cash revenue growth in Data Centers(1)
- Net income decreased 14.4% to $781 million(2)
- Adjusted EBITDA increased 0.9% to $1,832 million(3)
- Net income attributable to AMT common stockholders decreased 10.3% to $766 million(2)(3)
- AFFO attributable to AMT common stockholders increased 2.4% to $1,335 million
- Allocated $315 million to share repurchases, and subsequent to quarter end, the Board of Directors authorized an additional $2.0 billion for future repurchases
- Raising full-year 2026 outlook, reflecting consistent growth across our global tower portfolio, Data Centers outperformance, and disciplined capital allocation
BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended September 30, 2026.
Steve Vondran, American Tower’s Chief Executive Officer, stated, “We delivered another solid quarter, supported by consistent leasing demand across our global tower portfolio and continued outperformance from CoreSite. This momentum, combined with disciplined capital allocation, enabled us to raise our full-year outlook for the third time this year.
Our results reflect the strength of our business and a portfolio that has become increasingly focused on high-quality assets and attractive growth opportunities. The actions we have taken to simplify the portfolio and enhance financial flexibility are creating a stronger foundation for durable, long-term growth.
At the same time, demand for digital infrastructure continues to expand as wireless connectivity, cloud adoption, and AI applications become increasingly critical to the global economy. With our premier global tower portfolio and differentiated interconnection-focused data center platform, we believe American Tower is uniquely positioned to capitalize on these trends and deliver sustainable long-term value for our shareholders.”
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended September 30, 2026 (all comparative information is presented against the quarter ended September 30, 2025).
($ in millions, except per share amounts.) |
| Q3 2026 |
| Growth Rate | |||
Total revenue(1) |
| $ | 2,785 |
|
| 2.5 | % |
Total property revenue(1) |
| $ | 2,734 |
|
| 4.5 | % |
Total Tenant Billings Growth |
| $ | 34 |
|
| 1.7 | % |
Organic Tenant Billings Growth |
| $ | 22 |
|
| 1.1 | % |
Property Gross Margin(3) |
| $ | 2,009 |
|
| 2.5 | % |
Property Gross Margin % |
|
| 73.5 | % |
|
| |
Net income(2) |
| $ | 781 |
|
| (14.4 | )% |
Net income attributable to AMT common stockholders(2)(3) |
| $ | 766 |
|
| (10.3 | )% |
Net income attributable to AMT common stockholders per diluted share(2)(3) |
| $ | 1.64 |
|
| (9.9 | )% |
Adjusted EBITDA(3) |
| $ | 1,832 |
|
| 0.9 | % |
Adjusted EBITDA Margin % |
|
| 65.8 | % |
|
| |
|
|
|
|
| |||
Nareit Funds From Operations (FFO) attributable to AMT common stockholders(2)(3) |
| $ | 1,165 |
|
| (7.7 | )% |
AFFO attributable to AMT common stockholders |
| $ | 1,335 |
|
| 2.4 | % |
AFFO attributable to AMT common stockholders per Share |
| $ | 2.87 |
|
| 3.2 | % |
Cash provided by operating activities |
| $ | 1,393 |
|
| (4.6 | )% |
Less: total cash capital expenditures(4) |
| $ | 407 |
|
| (14.6 | )% |
Free Cash Flow |
| $ | 986 |
|
| 0.2 | % |
_______________ | |||||||
(1) Q3 2026 growth rates impacted by a decrease in non-cash straight-line revenue, which represented approximately $(24.0) million in the current period as compared to approximately $27.7 million in the prior-year period. | |||||||
(2) Q3 2026 growth rates impacted by unrealized losses on equity investments of approximately $(71.5) million in the current period as compared to unrealized gains of approximately $10.9 million in the prior-year period. | |||||||
(3) Q3 2026 growth rates impacted by a decrease in non-cash straight-line revenue, net of non-cash straight-line expense, which represented approximately $(31.7) million in the current period as compared to approximately $18.3 million in the prior-year period. | |||||||
(4) Q3 2026 cash capital expenditures include $9.1 million of finance lease and perpetual land easement payments reported in cash flows from financing activities in the condensed consolidated statements of cash flows. | |||||||
Please refer to “Non-GAAP and Defined Financial Measures” below for definitions and other information regarding the Company’s use of non-GAAP measures. For financial information and reconciliations to GAAP measures, please refer to the “Unaudited Selected Consolidated Financial Information” below.
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter ended September 30, 2026, the Company declared the following regular cash distributions to its common stockholders:
Common Stock Distributions |
| Q3 2026(1) | ||
Distributions per share |
| $ | 1.79 |
|
Aggregate amount (in millions) |
| $ | 831.0 |
|
Year-over-year per share growth |
|
| 5.3 | % |
_______________ | ||||
(1) The distribution declared on September 17, 2026 was paid on October 20, 2026 to stockholders of record as of the close of business on September 30, 2026. | ||||
Stock Repurchase Program – During the third quarter of 2026, the Company repurchased a total of approximately 1.8 million shares of its common stock for an aggregate of approximately $315 million, including commissions and fees. Subsequent to the end of the third quarter, through October 20, 2026, the Company repurchased approximately 0.4 million shares of its common stock for an aggregate of approximately $68 million, including commissions and fees. As of October 20, 2026, the Company had approximately $1.1 billion remaining available under its stock repurchase program.
On October 23, 2026, the Company’s Board of Directors authorized an increase in its share repurchase program to permit the Company to purchase up to an additional $2.0 billion of its outstanding common stock, in addition to the remaining available amount noted above. The Company may repurchase shares from time to time in the open market or in other privately negotiated transactions, subject to market conditions.
Divestitures – During the three months ended September 30, 2026, the Company, through its subsidiary, American Towers LLC, entered into an agreement pursuant to which it expects to sell 100% of the ownership interests in its subsidiaries in Canada for total aggregate consideration of approximately 288 million Canadian Dollars (approximately $202 million). The Company expects to complete the sale during the fourth quarter of 2026, subject to customary closing conditions.
Capital Expenditures – During the third quarter of 2026, total capital expenditures were approximately $407 million, of which $48 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended September 30, 2026, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to third quarter 2026 annualized Adjusted EBITDA.
Calculation of Net Leverage Ratio
|
| As of September 30, 2026 | |
Total debt |
| $ | 37,579 |
Less: Cash and cash equivalents |
|
| 1,872 |
Net Debt |
| $ | 35,707 |
Divided By: Third quarter annualized Adjusted EBITDA(1) |
|
| 7,327 |
Net Leverage Ratio |
| 4.9x | |
_______________ | |||
(1) Q3 2026 Adjusted EBITDA multiplied by four. | |||
Liquidity and Financing Activities – As of September 30, 2026, the Company had approximately $10.6 billion of total liquidity, consisting of approximately $1.9 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.7 billion under its revolving credit facilities, net of any outstanding letters of credit.
On September 14, 2026, the Company repaid $600.0 million aggregate principal amount of its 1.450% senior unsecured notes due September 15, 2026 (the “1.450% Notes”) upon their maturity.
On September 14, 2026, the Company issued an aggregate principal amount of $1.6 billion in senior unsecured notes due 2031, 2033, and 2036. The net proceeds were used to repay the 1.450% Notes, to repay the existing indebtedness under the Company’s $6.0 billion senior unsecured multicurrency revolving credit facility and for general corporate purposes.
On October 14, 2026, the Company repaid $1.0 billion aggregate principal amount of its 3.375% senior unsecured notes due October 15, 2026 upon their maturity.
FULL YEAR 2026 OUTLOOK
The following full year 2026 estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of October 27, 2026. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding “forward-looking statements” included in this press release when considering this information.
The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for October 27, 2026 through December 31, 2026: (a) 1,575 Argentinean Pesos; (b) 5.10 Brazilian Reais; (c) 1.39 Canadian Dollars; (d) 970 Chilean Pesos; (e) 3,240 Colombian Pesos; (f) 0.89 Euros; (g) 11.80 Ghanaian Cedis; (h) 136 Kenyan Shillings; (i) 18.10 Mexican Pesos; (j) 1,370 Nigerian Naira; (k) 5,810 Paraguayan Guarani; (l) 3.45 Peruvian Soles; (m) 16.50 South African Rand; (n) 4,020 Ugandan Shillings; and (o) 580 West African CFA Francs.
As a result of Data Centers segment outperformance, the Company is raising the midpoint of its full year 2026 outlook for property revenue by $55 million. The midpoint of Adjusted EBITDA is unchanged from the Company’s prior outlook. The Company is lowering the midpoints for net income and net income attributable to AMT common stockholders by $30 million and $30 million, respectively, primarily due to unrealized losses for equity securities. The Company is maintaining the prior outlook midpoint of AFFO attributable to AMT common stockholders and raising the midpoint of AFFO attributable to AMT common stockholders per share by $0.02, primarily due to capital allocation decisions.
Additional information pertaining to the impact of foreign currency and Secured Overnight Financing Rate fluctuations on the Company’s outlook has been provided in the supplemental disclosure package available on the Company’s website.
2026 Outlook: ($ in millions, except per share amounts.) | Full Year 2026 |
| Midpoint Growth Rates vs. Prior Year | ||||||
Total property revenue(1)(2) | $ | 10,785 | to | $ | 10,865 |
| 5.0 | % | |
Net income |
| 3,253 | to |
| 3,308 |
| 24.8 | % | |
Net income attributable to AMT common stockholders |
| 3,183 | to |
| 3,238 |
| 26.9 | % | |
Adjusted EBITDA(3) |
| 7,248 | to |
| 7,303 |
| 2.0 | % | |
AFFO attributable to AMT common stockholders |
| 5,148 | to |
| 5,203 |
| 2.6 | % | |
AFFO attributable to AMT common stockholders per Share | $ | 11.04 | to | $ | 11.16 |
| 3.2 | % | |
______________ | |||||||||
(1) Includes U.S. & Canada segment property revenue of $5,085 million to $5,095 million, Latin America segment property revenue of $1,813 million to $1,833 million, Africa & APAC segment property revenue of $1,644 million to $1,664 million, Europe segment property revenue of $1,025 million to $1,045 million and Data Centers segment property revenue of $1,218 million to $1,228 million, reflecting midpoint growth rates of (3.0)%, 11.0%, 16.2%, 10.4% and 16.1%, respectively. The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition. Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets. | |||||||||
(2) Property revenue growth rate includes an estimated negative impact of approximately 2% associated with a decrease in straight-line revenue recognition. | |||||||||
(3) Adjusted EBITDA growth rate includes an estimated negative impact of approximately 2% associated with a decrease in net straight-line revenue recognition. | |||||||||
2026 Outlook for Total Property revenue, at the midpoint, includes the following components(1):
| U.S. & Canada Property(2) |
| Latin America Property |
| Africa & APAC Property |
| Europe Property |
| Data Centers Property(3) |
| Total Property | ||||||
International pass-through revenue | N/A |
|
| $ | 517 |
| $ | 500 |
| $ | 242 |
| N/A |
| $ | 1,259 |
|
Straight-line revenue | (124 | ) |
|
| 4 |
|
| 33 |
|
| 3 |
| 22 |
|
| (62 | ) |
_______________ | |||||||||||||||||
(1) For additional discussion regarding these components, please refer to “Revenue Components” below. | |||||||||||||||||
(2) U.S. & Canada property revenue includes revenue from all assets in the United States and Canada, other than data center facilities and related assets. | |||||||||||||||||
(3) Data Centers property revenue reflects revenue from the Company’s data center facilities and related assets. | |||||||||||||||||
2026 Outlook for Total Tenant Billings Growth, at the midpoint, includes the following components(1):
| U.S. & Canada Property |
| Latin America Property |
| Africa & APAC Property |
| Europe Property |
| Total Property |
Organic Tenant Billings | ~0.5% |
| (~3%) |
| ~8.5% |
| ~4% |
| ~1% |
New Site Tenant Billings | ~0% |
| ~0% |
| ~3.5% |
| ~4% |
| ~1% |
Total Tenant Billings Growth | ~0.5% |
| (~3%) |
| ~12% |
| ~8% |
| ~2% |
_______________ | |||||||||
(1) For additional discussion regarding the component growth rates, please refer to “Revenue Components” below. Tenant Billings Growth is not applicable to the Data Centers segment. For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website. | |||||||||
Outlook for Capital Expenditures:
|
|
|
| |||
Full Year 2026 | ||||||
Discretionary capital projects(1) | $ | 1,035 | to | $ | 1,065 | |
Ground lease purchases |
| 190 | to |
| 210 | |
Start-up capital projects |
| 40 | to |
| 60 | |
Redevelopment |
| 315 | to |
| 345 | |
Capital improvement |
| 170 | to |
| 180 | |
Corporate |
| 15 | – |
| 15 | |
Total | $ | 1,765 | to | $ | 1,875 | |
_______________ | ||||||
(1) Includes the construction of 1,300 to 1,900 communications sites globally and $695 million of development spend in the Company’s Data Centers segment. | ||||||
Reconciliation of Outlook for Adjusted EBITDA to Net income: ($ in millions, totals may not add due to rounding.) |
|
|
| ||||
Full Year 2026 | |||||||
Net income | $ | 3,253 |
| to | $ | 3,308 |
|
Interest expense |
| 1,446 |
| to |
| 1,436 |
|
Depreciation, amortization and accretion |
| 2,065 |
| to |
| 2,075 |
|
Income tax provision |
| 490 |
| – |
| 490 |
|
Stock-based compensation expense |
| 149 |
| – |
| 149 |
|
Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense |
| (155 | ) | – |
| (155 | ) |
Adjusted EBITDA | $ | 7,248 |
| to | $ | 7,303 |
|
Reconciliation of Outlook for AFFO attributable to AMT common stockholders to Net income:
|
|
|
| ||||
Full Year 2026 | |||||||
Net income | $ | 3,253 |
| to | $ | 3,308 |
|
Straight-line revenue |
| 62 |
| – |
| 62 |
|
Straight-line expense |
| 32 |
| – |
| 32 |
|
Depreciation, amortization and accretion |
| 2,065 |
| to |
| 2,075 |
|
Stock-based compensation expense |
| 149 |
| – |
| 149 |
|
Deferred portion of income tax and other income tax adjustments |
| 149 |
| – |
| 149 |
|
Other, including other operating expense, amortization of deferred financing costs, debt discounts and premiums, (gain) loss on retirement of long-term obligations, other (income) expense and long-term deferred interest charges |
| 58 |
| – |
| 58 |
|
Capital improvement capital expenditures |
| (170 | ) | to |
| (180 | ) |
Corporate capital expenditures |
| (15 | ) | – |
| (15 | ) |
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests |
| (435 | ) | – |
| (435 | ) |
AFFO attributable to AMT common stockholders | $ | 5,148 |
| to | $ | 5,203 |
|
Divided by weighted average diluted shares outstanding (in thousands) |
| 466,200 |
| – |
| 466,200 |
|
AFFO attributable to AMT common stockholders per Share | $ | 11.04 |
| to | $ | 11.16 |
|
Reconciliation of Outlook for EBITDA to AFFO attributable to AMT common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share:
|
|
|
| ||||
Full Year 2026 | |||||||
Adjusted EBITDA | $ | 7,248 |
| to | $ | 7,303 |
|
Straight-line revenue |
| 62 |
| – |
| 62 |
|
Straight-line expense |
| 32 |
| – |
| 32 |
|
Cash interest expense |
| (1,395 | ) | to |
| (1,385 | ) |
Interest income |
| 162 |
| – |
| 162 |
|
Cash paid for income taxes |
| (341 | ) | – |
| (341 | ) |
Capital improvement capital expenditures |
| (170 | ) | to |
| (180 | ) |
Corporate capital expenditures |
| (15 | ) | – |
| (15 | ) |
Adjustments and dividends from non-controlling interest |
| (435 | ) | – |
| (435 | ) |
AFFO Attributable to Common Stockholders | $ | 5,148 |
| to | $ | 5,203 |
|
Divided by weighted average shares outstanding |
| 466,200 |
| – |
| 466,200 |
|
AFFO attributable to AMT common stockholders per Share | $ | 11.04 |
| to | $ | 11.16 |
|
Conference Call Information
American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the quarter ended September 30, 2026 and its updated outlook for 2026. Supplemental materials for the call will be available on the Company’s website, www.americantower.com.
Pre-Registration Link for Dial-in Access
Participants can pre-register for the conference call here to receive dial-in information and a personalized PIN.
Access via Webcast
The earnings call will be broadcast live (listen only) and can be replayed shortly after the conclusion of the call via the Investor Relations webcast at www.americantower.com/webcasts.
About American Tower
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 147,000 communications sites and a highly interconnected footprint of U.S. data center facilities. For more information about American Tower, please visit the “Earnings Materials” and “Investor Presentations” sections of our investor relations hub at www.americantower.com.
Non-GAAP and Defined Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following Non-GAAP and Defined Financial Measures: Segment Gross Margin, Segment Operating Profit, Segment Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Nareit Funds From Operations (FFO) attributable to American Tower Corporation common stockholders, Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders, AFFO attributable to American Tower Corporation common stockholders per Share, Free Cash Flow, Net Debt and Net Leverage Ratio. In addition, the Company presents: Tenant Billings, Tenant Billings Growth, Organic Tenant Billings Growth and New Site Tenant Billings Growth.
These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company's core businesses and are commonly used across its industry peer group. As outlined in detail below, the Company believes that these measures can assist in comparing company performance on a consistent basis irrespective of depreciation and amortization or capital structure, while also providing valuable incremental insight into the underlying operating trends of its business.
Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost basis, are involved. The Company's Non-GAAP and Defined Financial Measures may not be comparable to similarly titled measures used by other companies.
Revenue Components
In addition to reporting total revenue, the Company believes that providing transparency around the components of its revenue provides investors with insight into the indicators of the underlying demand for, and operating performance of, its real estate portfolio. Accordingly, the Company has provided disclosure of the following revenue components: (i) Tenant Billings; (ii) New Site Tenant Billings; (iii) Organic Tenant Billings; (iv) International pass-through revenue; (v) Straight-line revenue; (vi) Pre-paid amortization revenue; (vii) Foreign currency exchange impact; and (viii) Other revenue.
Tenant Billings: The majority of the Company’s revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) “escalations” reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) “cancellations” reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) “new sites” reflects the impact of new property construction and acquisitions.
New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition to our portfolio are not included in New Site Tenant Billings. In certain cases, this could also include the net impact of certain divestitures. The Company believes providing New Site Tenant Billings enhances an investor’s ability to analyze the Company’s existing real estate portfolio growth as well as its development program growth, as the Company’s construction and acquisition activities can drive variability in growth rates from period to period.
Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company’s portfolio.
International pass-through revenue: A portion of the Company’s pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices. As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company’s real estate business and its economic exposure to power and fuel costs. Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company’s markets. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates.
Straight-line revenue: Under GAAP, the Company recognizes revenue on a straight-line basis over the term of the contract for certain of its tenant leases. Due to the Company’s significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon these events are initially deferred. These signings and renewals are only a portion of the Company’s underlying business growth and can distort the underlying performance of our Tenant Billings Growth.
Contacts
Spencer Kurn
Senior Vice President, Investor Relations
Telephone: (617) 375-7517
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