Surging Q1 earnings lift 2026 outlook at American Tower (NYSE: AMT)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
American Tower Corporation delivered strong Q1 2026 results, with total revenue of $2,738 million, up 6.8% year over year. Net income rose sharply to $879 million, up 76.2%, aided by foreign currency gains, while Adjusted EBITDA grew 5.2% to $1,835 million.
AFFO attributable to common stockholders increased 2.6% to $1,324 million, or $2.84 per share. The company declared a quarterly cash distribution of $1.79 per share, 5.3% higher than a year ago, and repurchased about 1.1 million shares for $184 million.
Net leverage stood at 4.9x based on annualized Q1 Adjusted EBITDA. For full year 2026, American Tower now targets midpoint property revenue of about $10.66 billion (up 3.4% vs. prior year) and net income of about $3.06 billion (up 16.2%), with AFFO per share guided to roughly $10.90–$11.07.
Positive
- Sharp earnings acceleration: Q1 2026 net income rose 76.2% to $879 million and net income attributable to AMT common stockholders increased 75.9% to $860 million, supported by a swing to foreign currency gains and solid operating performance.
- Cash-flow resilience: AFFO attributable to AMT common stockholders grew 2.6% to $1,324 million, or $2.84 per share, while cash provided by operating activities increased 8.2% to $1,401 million despite higher capital spending.
- Guidance raised for 2026: The company increased midpoints for full-year property revenue, Adjusted EBITDA, AFFO and net income, with net income midpoint up 16.2% and net income attributable to common stockholders up 18.8% versus the prior year.
- Active capital return and debt repayment: AMT declared a $1.79 per share distribution (5.3% year-over-year growth), repurchased about 1.1 million shares for $184 million in Q1, and repaid $1.2 billion of senior notes maturing in February and April 2026.
Negative
- None.
Insights
Q1 profit surged, outlook nudged higher, balance sheet remains manageable.
American Tower combined solid operational growth with powerful earnings optics in Q1 2026. Revenue increased 6.8% to $2,738 million, while net income jumped 76.2% to $879 million, helped by $68.1 million of unrealized foreign currency gains versus large FX losses a year earlier.
Core cash metrics were steadier: Adjusted EBITDA grew 5.2% to $1,835 million and AFFO attributable to common stockholders rose 2.6% to $1,324 million, or $2.84 per share. The company maintained substantial shareholder returns via a $1.79 per share distribution and $184 million of share repurchases in Q1.
Leverage remained moderate for a large tower and data center REIT, with net debt of $35,713 million and a Net Leverage Ratio of 4.9x first-quarter annualized Adjusted EBITDA as of March 31, 2026. Full-year 2026 guidance midpoints were raised for property revenue, Adjusted EBITDA, AFFO and net income, partly reflecting favorable currency and stronger Latin America straight-line revenue.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 total revenue: $2,738 million
Q1 2026 net income: $879 million
Q1 2026 Adjusted EBITDA: $1,835 million
+5 more
8 metrics
Q1 2026 total revenue
$2,738 million
Up 6.8% year over year
Q1 2026 net income
$879 million
Up 76.2% year over year
Q1 2026 Adjusted EBITDA
$1,835 million
Up 5.2% year over year; 67% margin
Q1 2026 AFFO
$1,324 million
AFFO attributable to AMT common stockholders; up 2.6%
Dividend per share Q1 2026
$1.79 per share
Aggregate $833.9 million; 5.3% YoY growth
Net Leverage Ratio
4.9x
Net debt to annualized Q1 2026 Adjusted EBITDA
2026 property revenue outlook
$10,585–$10,735 million
Midpoint growth 3.4% vs prior year
2026 AFFO per share outlook
$10.90–$11.07
Midpoint growth 2.1% vs prior year
Key Terms
Adjusted EBITDA, AFFO attributable to AMT common stockholders, Net Leverage Ratio, Tenant Billings Growth, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA increased 5.2% to $1,835 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
AFFO attributable to AMT common stockholders financial
"AFFO attributable to AMT common stockholders increased 2.6% to $1,324 million"
Net Leverage Ratio financial
"the Company’s Net Leverage Ratio was 4.9x net debt"
The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.
Tenant Billings Growth financial
"Total Tenant Billings Growth | $ | 44 | | | 2.3 | %"
Organic Tenant Billings Growth financial
"Organic Tenant Billings Growth | $ | 32 | | | 1.7 | %"
Nareit Funds From Operations (FFO) financial
"Nareit Funds From Operations (FFO) attributable to AMT common stockholders"
Nareit Funds From Operations (FFO) is a standard measure of a real estate investment trust’s operating performance that adjusts net income by removing profits or losses from property sales and adding back non‑cash building depreciation and specified items per Nareit rules. Think of it like looking at a household’s monthly cash flow after ignoring one‑time house sales and adding back accounting charges for wear‑and‑tear; investors use it to compare the regular cash‑generating ability of different REITs without distortions from sales or non‑cash accounting entries.
Earnings Snapshot
Total revenue: $2,738 million · Guidance included
Q1 2026
Total revenue
$2,738 million
6.8% year-over-year growth
Net income
$879 million
76.2% year-over-year growth
Adjusted EBITDA
$1,835 million
5.2% year-over-year growth
AFFO attributable to AMT common stockholders
$1,324 million
2.6% year-over-year growth
AFFO per share
$2.84
3.3% year-over-year growth
Guidance
For full year 2026, AMT guides total property revenue to $10,585–$10,735 million, net income to $3,015–$3,095 million, Adjusted EBITDA to $7,195–$7,265 million and AFFO attributable to AMT common stockholders to $5,090–$5,170 million, with AFFO per share of $10.90–$11.07.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 28, 2026
AMERICAN TOWER CORPORATION
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of Principal Executive Offices) (Zip Code)
(617 ) 375-7500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Item 2.02 Results of Operations and Financial Condition.
On April 28, 2026, American Tower Corporation (the “Company”) issued a press release (the “Press Release”) announcing financial results for the quarter ended March 31, 2026. A copy of the Press Release is furnished herewith as Exhibit 99.1.
Exhibit 99.1 is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such exhibit be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated April 28, 2026 (Furnished herewith). | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN TOWER CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| Date: | April 28, 2026 | By: | /s/ Rodney M. Smith | ||||||||
| Rodney M. Smith | |||||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
Exhibit 99.1
Contact: Spencer Kurn
Senior Vice President, Investor Relations
Telephone: (617) 375-7517
AMERICAN TOWER CORPORATION REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
| CONSOLIDATED HIGHLIGHTS | ||||||||
| First Quarter 2026 | ||||||||
| ● | Total revenue increased 6.8% to $2,738 million | |||||||
| ● | Total property revenue increased 7.3% to $2,670 million | |||||||
| ● | Net income increased 76.2% to $879 million(1)(2) | |||||||
| ● | Adjusted EBITDA increased 5.2% to $1,835 million | |||||||
| ● | Net income attributable to AMT common stockholders increased 75.9% to $860 million(1)(2) | |||||||
| ● | AFFO attributable to AMT common stockholders increased 2.6% to $1,324 million | |||||||
Boston, Massachusetts – April 28, 2026: American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended March 31, 2026.
Steve Vondran, American Tower’s Chief Executive Officer, stated, “We had an excellent start to 2026. The structural growth drivers of our business continue to strengthen, with rising mobile data consumption, accelerating cloud adoption and the rapid expansion of AI-driven workloads all pointing toward sustained investment in high-quality digital infrastructure.
I believe American Tower is now operating from its strongest strategic position in more than a decade, reflecting the actions we've taken to strengthen our balance sheet, reduce risk and enhance the quality and predictability of our earnings. With a best-in-class portfolio of towers and interconnection-rich data centers, we are well positioned to drive durable growth, expand margins and deliver attractive long-term value for our shareholders.”
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended March 31, 2026 (all comparative information is presented against the quarter ended March 31, 2025).
| ($ in millions, except per share amounts.) | Q1 2026 | Growth Rate | ||||||||||||
| Total revenue | $ | 2,738 | 6.8 | % | ||||||||||
| Total property revenue | $ | 2,670 | 7.3 | % | ||||||||||
| Total Tenant Billings Growth | $ | 44 | 2.3 | % | ||||||||||
| Organic Tenant Billings Growth | $ | 32 | 1.7 | % | ||||||||||
| Property Gross Margin | $ | 2,005 | 6.2 | % | ||||||||||
| Property Gross Margin % | 75.1 | % | ||||||||||||
Net income(1)(2) | $ | 879 | 76.2 | % | ||||||||||
Net income attributable to AMT common stockholders(1)(2) | $ | 860 | 75.9 | % | ||||||||||
Net income attributable to AMT common stockholders per diluted share(1)(2) | $ | 1.84 | 76.9 | % | ||||||||||
| Adjusted EBITDA | $ | 1,835 | 5.2 | % | ||||||||||
| Adjusted EBITDA Margin % | 67.0 | % | ||||||||||||
Nareit Funds From Operations (FFO) attributable to AMT common stockholders(1) | $ | 1,279 | 56.7 | % | ||||||||||
| AFFO attributable to AMT common stockholders | $ | 1,324 | 2.6 | % | ||||||||||
| AFFO attributable to AMT common stockholders per Share | $ | 2.84 | 3.3 | % | ||||||||||
| Cash provided by operating activities | $ | 1,401 | 8.2 | % | ||||||||||
Less: total cash capital expenditures(3) | $ | 460 | 35.3 | % | ||||||||||
| Free Cash Flow | $ | 941 | (1.5) | % | ||||||||||
_______________
(1)Q1 2026 growth rates impacted by foreign currency gains of approximately $68.1 million in the current period as compared to foreign currency losses of $(345.7) million in the prior-year period.
(2)Q1 2026 growth rates impacted by an increase in other operating expenses, primarily due to the gain on the sale of our fiber assets in South Africa (“South Africa Fiber”) of $53.6 million in the prior-year period.
(3)Q1 2026 cash capital expenditures include $10.4 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.
1
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter ended March 31, 2026, the Company declared the following regular cash distributions to its common stockholders:
| Common Stock Distributions | Q1 2026(1) | |||||||
| Distributions per share | $ | 1.79 | ||||||
| Aggregate amount (in millions) | $ | 833.9 | ||||||
| Year-over-year per share growth | 5.3 | % | ||||||
_______________
(1) The distribution declared on March 5, 2026 will be paid on April 28, 2026 to stockholders of record as of the close of business on April 14, 2026.
Stock Repurchase Program – During the first quarter of 2026, the Company repurchased a total of approximately 1.1 million shares of its common stock for an aggregate of approximately $184 million, including commissions and fees. Subsequent to the end of the first quarter, through April 21, 2026, the Company repurchased approximately 0.1 million shares of its common stock for an aggregate of approximately $19 million, including commissions and fees.
Capital Expenditures – During the first quarter of 2026, total capital expenditures were approximately $460 million, of which $48 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended March 31, 2026, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to first quarter 2026 annualized Adjusted EBITDA.
_______________
Calculation of Net Leverage Ratio ($ in millions, totals may not add due to rounding.) | As of March 31, 2026 | |||||||
| Total debt | $ | 37,322 | ||||||
| Less: Cash and cash equivalents | 1,609 | |||||||
| Net Debt | $ | 35,713 | ||||||
Divided By: First quarter annualized Adjusted EBITDA(1) | 7,341 | |||||||
| Net Leverage Ratio | 4.9x | |||||||
(1)Q1 2026 Adjusted EBITDA multiplied by four.
Liquidity and Financing Activities – As of March 31, 2026, the Company had approximately $10.4 billion of total liquidity, consisting of approximately $1.6 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.8 billion under its revolving credit facilities, net of any outstanding letters of credit.
On February 13, 2026, the Company repaid $500.0 million aggregate principal amount of its 4.400% senior unsecured notes due February 15, 2026 upon their maturity.
On April 14, 2026, the Company repaid $700.0 million aggregate principal amount of its 1.600% senior unsecured notes due April 15, 2026 upon their maturity.
2
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 April 28, 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 April 28, 2026 through December 31, 2026: (a) 1,623 Argentinean Pesos; (b) 123.30 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.37 Canadian Dollars; (e) 880 Chilean Pesos; (f) 3,800 Colombian Pesos; (g) 0.85 Euros; (h) 11.00 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 17.90 Mexican Pesos; (k) 1,430 Nigerian Naira; (l) 6,700 Paraguayan Guarani; (m) 3.40 Peruvian Soles; (n) 58.20 Philippine Pesos; (o) 16.90 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs.
The Company’s outlook reflects estimated positive impacts of foreign currency exchange rate fluctuations to total property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share of approximately $107 million, $67 million, $55 million and $0.12 per Share, respectively, relative to the Company’s prior 2026 outlook. The impact of foreign currency exchange rate fluctuations on net income metrics is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort.
As a result of the estimated positive foreign currency exchange rate fluctuations described above and accelerating straight-line revenue in Latin America, the Company is raising the midpoints of its full year 2026 outlook for property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share by $145 million, $105 million, $55 million and $0.12, respectively. The Company is increasing the midpoint for net income and net income attributable to AMT common stockholders by $70 million and $85 million, respectively, primarily due to unrealized foreign currency gains.
Additional information pertaining to the impact of foreign currency and Secured Overnight Financing Rate fluctuations on the Company’s outlook has been provided in the supplemental disclosure package available on the Company’s website.
2026 Outlook: ($ in millions, except per share amounts.) | Full Year 2026 | Midpoint Growth Rates vs. Prior Year | |||||||||||||||
Total property revenue(1)(2) | $ | 10,585 | to | $ | 10,735 | 3.4 | % | ||||||||||
| Net income | 3,015 | to | 3,095 | 16.2 | % | ||||||||||||
| Net income attributable to AMT common stockholders | 2,965 | to | 3,045 | 18.8 | % | ||||||||||||
Adjusted EBITDA(3) | 7,195 | to | 7,265 | 1.4 | % | ||||||||||||
| AFFO attributable to AMT common stockholders | 5,090 | to | 5,170 | 1.8 | % | ||||||||||||
| AFFO attributable to AMT common stockholders per Share | $ | 10.90 | to | $ | 11.07 | 2.1 | % | ||||||||||
(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,730 million to $1,750 million, Africa & APAC property revenue of $1,595 million to $1,615 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,175 million to $1,195 million, reflecting midpoint growth rates of (3.0)%, 5.9%, 12.8%, 10.9% and 12.5%, respectively. The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition. Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets.
(2)Property revenue growth rate includes an estimated negative impact of approximately 1% associated with a decrease in straight-line revenue recognition.
(3)Adjusted EBITDA growth rate includes an estimated negative impact of approximately 2% associated with a decrease in net straight-line revenue recognition.
2026 Outlook for Total Property revenue, at the midpoint, includes the following components(1): ($ in millions, totals may not add due to rounding.) | 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 | $ | 497 | $ | 403 | $ | 212 | N/A | $ | 1,112 | |||||||||||||||||||||||||
| Straight-line revenue | (124) | 6 | 70 | 3 | 18 | (27) | |||||||||||||||||||||||||||||
_______________
(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): (Totals may not add due to rounding.) | 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% | ~9% | ~1% | ||||||||||||||||||||||||
| Total Tenant Billings Growth | ~0.5% | (~3%) | ~12% | ~13% | ~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.
3
Outlook for Capital Expenditures: ($ in millions, totals may not add due to rounding.) | |||||||||||
| Full Year 2026 | |||||||||||
Discretionary capital projects(1) | $ | 1,050 | to | $ | 1,080 | ||||||
| Ground lease purchases | 200 | to | 220 | ||||||||
| Start-up capital projects | 35 | to | 55 | ||||||||
| Redevelopment | 335 | to | 365 | ||||||||
| Capital improvement | 165 | to | 175 | ||||||||
| Corporate | 15 | – | 15 | ||||||||
| Total | $ | 1,800 | to | $ | 1,910 | ||||||
_______________
(1)Includes the construction of 1,700 to 2,300 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 | $ | 3,015 | to | $ | 3,095 | ||||||
| Interest expense | 1,430 | to | 1,410 | ||||||||
| Depreciation, amortization and accretion | 2,135 | to | 2,145 | ||||||||
| Income tax provision | 470 | – | 470 | ||||||||
| Stock-based compensation expense | 145 | – | 145 | ||||||||
| Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense | — | – | — | ||||||||
| Adjusted EBITDA | $ | 7,195 | to | $ | 7,265 | ||||||
Reconciliation of Outlook for AFFO attributable to AMT common stockholders to Net income: ($ in millions, except share and per share data, totals may not add due to rounding.) | |||||||||||
| Full Year 2026 | |||||||||||
| Net income | $ | 3,015 | to | $ | 3,095 | ||||||
| Straight-line revenue | 27 | – | 27 | ||||||||
| Straight-line expense | 36 | – | 36 | ||||||||
| Depreciation, amortization and accretion | 2,135 | to | 2,145 | ||||||||
| Stock-based compensation expense | 145 | – | 145 | ||||||||
Deferred portion of income tax and other income tax adjustments | 152 | – | 152 | ||||||||
| 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 | 197 | – | 197 | ||||||||
| Capital improvement capital expenditures | (165) | to | (175) | ||||||||
| Corporate capital expenditures | (15) | – | (15) | ||||||||
| Adjustments and distributions for unconsolidated affiliates and noncontrolling interests | (437) | – | (437) | ||||||||
| AFFO attributable to AMT common stockholders | $ | 5,090 | to | $ | 5,170 | ||||||
| Divided by weighted average diluted shares outstanding (in thousands) | 467,000 | – | 467,000 | ||||||||
| AFFO attributable to AMT common stockholders per Share | $ | 10.90 | to | $ | 11.07 | ||||||
4
Reconciliation of Outlook for EBITDA to AFFO attributable to AMT common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share: ($ in millions, except share and per share data, totals may not add due to rounding.) | |||||||||||
| Full Year 2026 | |||||||||||
| Adjusted EBITDA | $ | 7,195 | to | $ | 7,265 | ||||||
| Straight-line revenue | 27 | – | 27 | ||||||||
| Straight-line expense | 36 | – | 36 | ||||||||
| Cash interest expense | (1,362) | to | (1,342) | ||||||||
| Interest income | 129 | – | 129 | ||||||||
| Cash paid for income taxes | (318) | – | (318) | ||||||||
| Capital improvement capital expenditures | (165) | to | (175) | ||||||||
| Corporate capital expenditures | (15) | – | (15) | ||||||||
| Adjustments and dividends from non-controlling interest | (437) | – | (437) | ||||||||
| AFFO Attributable to Common Stockholders | $ | 5,090 | to | $ | 5,170 | ||||||
| Divided by weighted average shares outstanding | 467,000 | – | 467,000 | ||||||||
| AFFO attributable to AMT common stockholders per Share | $ | 10.90 | to | $ | 11.07 | ||||||
5
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 March 31, 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 https://www.americantower.com/investor-relations/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 nearly 150,000 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
6
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. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures.
Pre-paid amortization revenue: The Company recovers a portion of the costs it incurs for the redevelopment and development of its properties from its tenants. These upfront payments are then amortized over the initial term of the corresponding tenant lease. Given this amortization is not necessarily directly representative of underlying leasing activity on its real estate portfolio (i.e., does not have a renewal option or escalation as our tenant leases do), the Company believes that it is appropriate to provide insight into the impact of pre-paid amortization revenue on certain revenue growth rates to provide transparency into the underlying performance of our real estate business.
Foreign currency exchange impact: The majority of the Company’s Latin America, Africa & APAC and Europe revenue and operating expenses are denominated in each country’s local currency. As a result, foreign currency fluctuations may distort the underlying performance of our real estate business from period to period, depending on the movement of foreign currency exchange rates versus the U.S. Dollar. The Company believes it is appropriate to quantify the impact of foreign currency exchange rate fluctuations on its reported growth to provide transparency into the underlying performance of its real estate business.
Other revenue: Other revenue represents revenue not captured by the above listed items and can include items such as customer settlements, fiber solutions revenue and data centers revenue.
Non-GAAP and Defined Financial Measure Definitions
Adjusted EBITDA: Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and Stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector.
Adjusted EBITDA Margin: The percentage that results from dividing Adjusted EBITDA by total revenue.
Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders: Nareit FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of income tax and other income tax adjustments, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, and (viii) other operating income (expense), less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. The Company believes this measure provides valuable insight into the operating performance of its assets by further adjusting the Nareit AFFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may otherwise cause material fluctuations in Nareit FFO attributable to American Tower Corporation common stockholders growth from period to period that would not be representative of the underlying performance of the Company’s property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. The Company believes providing this metric, excluding the impacts of noncontrolling interests, enhances transparency, given the minority interests in its Europe business and its U.S. data center business.
AFFO attributable to American Tower Corporation common stockholders per Share: AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding.
Free Cash Flow: Cash provided by operating activities less total cash capital expenditures, including the impacts associated with discontinued operations and payments on finance leases and perpetual land easements. The Company believes that Free Cash Flow is useful to investors as the basis for comparing our performance and coverage ratios with other companies in its industry, although this measure of Free Cash Flow may not be directly comparable to similar measures used by other companies.
Nareit Funds From Operations (FFO), as defined by the National Association of Real Estate Investment Trusts (Nareit), attributable to American Tower Corporation common stockholders: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion, and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company’s operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector.
Net Debt: Total long-term debt, including current portion and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents.
Net Leverage Ratio: Net debt (total long-term debt, including current portion, and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents) divided by the quarter’s annualized Adjusted EBITDA (the quarter’s Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings.
New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties.
Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which
7
enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company’s property assets.
Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets.
Segment Operating Profit: Segment Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets while also taking into account the overhead expenses required to manage each of its operating segments.
Segment Operating Profit and Segment Gross Margin are before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to noncontrolling interest and income tax benefit (provision).
Segment Operating Profit Margin: The percentage that results from dividing Segment Operating Profit by revenue.
Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio.
8
Cautionary Language Regarding Forward-Looking Statements
This press release contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to, statements regarding our full year 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements and the expected impacts of such agreements on our business and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) a significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand; (2) our business, results of operations and financial condition could be negatively impacted by disputes with our customers; (3) a substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected; (6) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (7) new technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results; (8) divestitures may materially and adversely affect our financial condition, results of operations or cash flows; (9) our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments; (10) our leverage, debt service obligations and repurchase activity may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements; (11) increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases; (12) restrictive covenants in the agreements related to our securitization transaction, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (13) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (14) our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape; (15) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (16) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (17) we could have liability under environmental and occupational safety and health laws; (18) we may be adversely affected by regulations related to climate change; (19) if we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage; (20) our data center segment contains certain operational differences from our tower leasing operations, resulting in different operational risks. If we do not successfully operate our data center segment or identify or manage the related operational risks, such operations may produce results that are lower than anticipated; (21) if we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results; (22) our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations; (23) the transformation initiatives we undertake may not deliver the results we expect; (24) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (25) our towers, data centers, other telecommunications assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (26) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information that is provided in the section entitled “Risk Factors” in our most recent annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
9
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In millions)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | $ | 1,608.8 | $ | 1,474.8 | |||||||
| Restricted cash | 129.1 | 130.4 | |||||||||
| Accounts receivable, net | 718.9 | 650.3 | |||||||||
| Prepaid and other current assets | 499.6 | 486.3 | |||||||||
| Total current assets | 2,956.4 | 2,741.8 | |||||||||
| PROPERTY AND EQUIPMENT, net | 20,441.0 | 20,356.3 | |||||||||
| GOODWILL | 12,192.7 | 12,255.5 | |||||||||
| OTHER INTANGIBLE ASSETS, net | 14,225.1 | 14,530.7 | |||||||||
| DEFERRED TAX ASSET | 153.6 | 151.4 | |||||||||
| DEFERRED RENT ASSET | 3,864.4 | 3,851.3 | |||||||||
| RIGHT-OF-USE ASSET | 8,492.3 | 8,426.5 | |||||||||
| NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 909.1 | 876.9 | |||||||||
| TOTAL | $ | 63,234.6 | $ | 63,190.4 | |||||||
| LIABILITIES | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable | $ | 220.8 | $ | 259.8 | |||||||
| Accrued expenses | 1,092.2 | 1,112.5 | |||||||||
| Distributions payable | 851.9 | 818.6 | |||||||||
| Accrued interest | 333.7 | 425.2 | |||||||||
| Current portion of operating lease liability | 641.9 | 584.9 | |||||||||
| Current portion of long-term obligations | 6,119.0 | 3,387.8 | |||||||||
| Unearned revenue | 459.9 | 325.0 | |||||||||
| Total current liabilities | 9,719.4 | 6,913.8 | |||||||||
| LONG-TERM OBLIGATIONS | 31,202.5 | 33,832.5 | |||||||||
| OPERATING LEASE LIABILITY | 7,167.8 | 7,158.7 | |||||||||
| ASSET RETIREMENT OBLIGATIONS | 2,516.4 | 2,512.9 | |||||||||
| DEFERRED TAX LIABILITY | 1,497.4 | 1,440.3 | |||||||||
| OTHER NON-CURRENT LIABILITIES | 979.0 | 976.9 | |||||||||
| Total liabilities | 53,082.5 | 52,835.1 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| EQUITY: | |||||||||||
| Common stock | 4.8 | 4.8 | |||||||||
| Additional paid-in capital | 15,236.0 | 15,215.3 | |||||||||
| Distributions in excess of earnings | (5,063.4) | (5,086.0) | |||||||||
| Accumulated other comprehensive loss | (4,805.3) | (4,815.8) | |||||||||
| Treasury stock | (1,849.5) | (1,665.8) | |||||||||
| Total American Tower Corporation equity | 3,522.6 | 3,652.5 | |||||||||
| Noncontrolling interests | 6,629.5 | 6,702.8 | |||||||||
| Total equity | 10,152.1 | 10,355.3 | |||||||||
| TOTAL | $ | 63,234.6 | $ | 63,190.4 | |||||||
10
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| REVENUES: | |||||||||||
| Property | $ | 2,669.9 | $ | 2,488.2 | |||||||
| Services | 67.6 | 74.6 | |||||||||
| Total operating revenues | 2,737.5 | 2,562.8 | |||||||||
| OPERATING EXPENSES: | |||||||||||
| Costs of operations (exclusive of items shown separately below): | |||||||||||
| Property | 664.8 | 599.6 | |||||||||
| Services | 38.5 | 34.9 | |||||||||
| Depreciation, amortization and accretion | 518.2 | 492.5 | |||||||||
Selling, general, administrative and development expense(1) | 257.4 | 237.5 | |||||||||
| Other operating expense (income) | 19.4 | (55.8) | |||||||||
| Total operating expenses | 1,498.3 | 1,308.7 | |||||||||
| OPERATING INCOME | 1,239.2 | 1,254.1 | |||||||||
| OTHER INCOME (EXPENSE): | |||||||||||
| Interest income | 36.0 | 26.9 | |||||||||
| Interest expense | (347.3) | (325.3) | |||||||||
| Other income (expense) (including unrealized foreign currency gains (losses) of $68.1 and $(345.7) respectively) | 90.2 | (338.2) | |||||||||
| Total other expense | (221.1) | (636.6) | |||||||||
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,018.1 | 617.5 | |||||||||
| Income tax provision | (139.6) | (118.9) | |||||||||
| NET INCOME | 878.5 | 498.6 | |||||||||
| Net income attributable to noncontrolling interests | (19.0) | (9.9) | |||||||||
| NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ | 859.5 | $ | 488.7 | |||||||
| NET INCOME PER COMMON SHARE AMOUNTS: | |||||||||||
| Basic net income attributable to American Tower Corporation common stockholders | $ | 1.84 | $ | 1.05 | |||||||
| Diluted net income attributable to American Tower Corporation common stockholders | $ | 1.84 | $ | 1.04 | |||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands): | |||||||||||
| BASIC | 466,202 | 467,640 | |||||||||
| DILUTED | 466,833 | 468,519 | |||||||||
_______________
(1)Selling, general, administrative and development expense includes stock-based compensation expense in aggregate amounts of $58.4 million and $53.4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 878.5 | $ | 498.6 | |||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
| Depreciation, amortization and accretion | 518.2 | 492.5 | |||||||||
| Stock-based compensation expense | 58.4 | 53.4 | |||||||||
| Other non-cash items reflected in statements of operations | 35.3 | 351.3 | |||||||||
| Increase in net deferred rent balances | (18.9) | (17.1) | |||||||||
| Right-of-use asset and Operating lease liability, net | 24.2 | 15.6 | |||||||||
| Changes in unearned revenue | 136.3 | 109.8 | |||||||||
| Increase in assets | (109.2) | (155.8) | |||||||||
| Increase in liabilities | (122.2) | (53.3) | |||||||||
| Cash provided by operating activities | 1,400.6 | 1,295.0 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Payments for purchase of property and equipment and construction activities | (449.5) | (331.1) | |||||||||
| Payments for acquisitions, net of cash acquired | (19.2) | (147.6) | |||||||||
| Proceeds from sales of short-term investments and other non-current assets | — | 137.7 | |||||||||
| Deposits and other | (5.0) | (9.1) | |||||||||
| Cash used for investing activities | (473.7) | (350.1) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Borrowings under credit facilities | 1,460.0 | 850.0 | |||||||||
| Proceeds from issuance of senior notes, net | — | 998.0 | |||||||||
| Proceeds from other borrowings | — | 1.2 | |||||||||
Repayments of notes payable, credit facilities, senior notes, secured debt and finance leases(1) | (1,226.1) | (1,840.7) | |||||||||
| Distributions to noncontrolling interest holders | (29.9) | (29.0) | |||||||||
| Contributions from noncontrolling interest holders | 0.8 | 0.8 | |||||||||
| Purchases of common stock | (176.2) | — | |||||||||
| Proceeds from stock options | 12.5 | 19.2 | |||||||||
| Distributions paid on common stock | (806.6) | (768.5) | |||||||||
Deferred financing costs and other financing activities(2) | (65.5) | (74.8) | |||||||||
| Cash used for financing activities | (831.0) | (843.8) | |||||||||
| Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | 36.8 | 29.9 | |||||||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | 132.7 | 131.0 | |||||||||
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,605.2 | 2,108.2 | |||||||||
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ | 1,737.9 | $ | 2,239.2 | |||||||
| CASH PAID FOR INCOME TAXES, NET | $ | 44.3 | $ | 32.9 | |||||||
| CASH PAID FOR INTEREST | $ | 434.8 | $ | 370.1 | |||||||
_____________
(1)Three months ended March 31, 2026 and March 31, 2025 include $0.8 million and $0.7 million of finance lease payments, respectively.
(2)Three months ended March 31, 2026 and March 31, 2025 include $9.6 million and $8.2 million of perpetual land easement payments, respectively.
12
UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY SEGMENT
($ in millions, totals may not add due to rounding.)
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Property | Services | Total | |||||||||||||||||||||||||||||||||||||||||||||
| U.S. & Canada | Latin America | Africa & APAC | Europe | Data Centers(1) | Total Property | ||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 1,262 | $ | 480 | $ | 379 | $ | 261 | $ | 289 | $ | 2,670 | $ | 68 | $ | 2,738 | |||||||||||||||||||||||||||||||
| Segment operating expenses | 206 | 134 | 120 | 93 | 112 | 665 | 39 | 703 | |||||||||||||||||||||||||||||||||||||||
| Segment Gross Margin | $ | 1,055 | $ | 346 | $ | 259 | $ | 168 | $ | 177 | $ | 2,005 | $ | 29 | $ | 2,034 | |||||||||||||||||||||||||||||||
Segment SG&A(2) | 38 | 30 | 19 | 17 | 25 | 129 | 5 | 134 | |||||||||||||||||||||||||||||||||||||||
| Segment Operating Profit | $ | 1,017 | $ | 316 | $ | 240 | $ | 151 | $ | 152 | $ | 1,876 | $ | 24 | $ | 1,900 | |||||||||||||||||||||||||||||||
| Segment Operating Profit Margin | 81 | % | 66 | % | 63 | % | 58 | % | 53 | % | 70 | % | 35 | % | 69 | % | |||||||||||||||||||||||||||||||
| Growth Metrics | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue Growth | (2.8) | % | 20.3 | % | 13.5 | % | 22.4 | % | 18.4 | % | 7.3 | % | (9.4) | % | 6.8 | % | |||||||||||||||||||||||||||||||
Total Tenant Billings Growth | 0.7 | % | (2.1) | % | 13.9 | % | 6.0 | % | N/A | 2.3 | % | ||||||||||||||||||||||||||||||||||||
Organic Tenant Billings Growth | 0.6 | % | (2.0) | % | 10.5 | % | 3.9 | % | N/A | 1.7 | % | ||||||||||||||||||||||||||||||||||||
Revenue Components(3) | |||||||||||||||||||||||||||||||||||||||||||||||
| Prior-Year Tenant Billings | $ | 1,256 | $ | 280 | $ | 228 | $ | 144 | $ | — | $ | 1,908 | |||||||||||||||||||||||||||||||||||
| Colocations/Amendments | 34 | 6 | 16 | 4 | — | 60 | |||||||||||||||||||||||||||||||||||||||||
| Escalations | 38 | 10 | 10 | 4 | — | 63 | |||||||||||||||||||||||||||||||||||||||||
| Cancellations | (63) | (21) | (4) | (1) | — | (89) | |||||||||||||||||||||||||||||||||||||||||
| Other | (1) | (1) | 1 | (1) | — | (2) | |||||||||||||||||||||||||||||||||||||||||
| Organic Tenant Billings | $ | 1,264 | $ | 274 | $ | 252 | $ | 150 | $ | — | $ | 1,941 | |||||||||||||||||||||||||||||||||||
| New Site Tenant Billings | 1 | (0) | 8 | 3 | — | 12 | |||||||||||||||||||||||||||||||||||||||||
| Total Tenant Billings | $ | 1,265 | $ | 274 | $ | 260 | $ | 153 | $ | — | $ | 1,952 | |||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Impact(4) | 0 | 35 | 21 | 18 | — | 74 | |||||||||||||||||||||||||||||||||||||||||
| Total Tenant Billings (Current Period) | $ | 1,265 | $ | 309 | $ | 281 | $ | 171 | $ | — | $ | 2,026 | |||||||||||||||||||||||||||||||||||
| Straight-Line Revenue | (25) | 22 | 10 | 1 | 5 | 13 | |||||||||||||||||||||||||||||||||||||||||
| Pre-paid Amortization Revenue | 18 | 1 | 0 | 8 | — | 27 | |||||||||||||||||||||||||||||||||||||||||
| Other Revenue | 3 | 20 | (13) | 16 | 284 | 311 | |||||||||||||||||||||||||||||||||||||||||
| International Pass-Through Revenue | — | 112 | 89 | 56 | — | 257 | |||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Impact(5) | (0) | 16 | 11 | 9 | — | 36 | |||||||||||||||||||||||||||||||||||||||||
| Total Property Revenue (Current Period) | $ | 1,262 | $ | 480 | $ | 379 | $ | 261 | $ | 289 | $ | 2,670 | |||||||||||||||||||||||||||||||||||
_______________
(1)For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website.
(2)Excludes stock-based compensation expense.
(3)All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(4)Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(5)Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
13
UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY SEGMENT (CONTINUED)
($ in millions, totals may not add due to rounding.)
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Property | Services | Total | |||||||||||||||||||||||||||||||||||||||||||||
| U.S. & Canada | Latin America | Africa & APAC | Europe | Data Centers(1) | Total Property | ||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 1,298 | $ | 399 | $ | 334 | $ | 213 | $ | 244 | $ | 2,488 | $ | 75 | $ | 2,563 | |||||||||||||||||||||||||||||||
| Segment operating expenses | 202 | 123 | 99 | 76 | 99 | 600 | 35 | 635 | |||||||||||||||||||||||||||||||||||||||
| Segment Gross Margin | $ | 1,096 | $ | 277 | $ | 234 | $ | 137 | $ | 145 | $ | 1,889 | $ | 40 | $ | 1,928 | |||||||||||||||||||||||||||||||
Segment SG&A(2) | 39 | 21 | 20 | 16 | 23 | 119 | 6 | 126 | |||||||||||||||||||||||||||||||||||||||
| Segment Operating Profit | $ | 1,057 | $ | 256 | $ | 214 | $ | 121 | $ | 122 | $ | 1,770 | $ | 33 | $ | 1,803 | |||||||||||||||||||||||||||||||
Segment Operating Profit Margin | 81 | % | 64 | % | 64 | % | 57 | % | 50 | % | 71 | % | 45 | % | 70 | % | |||||||||||||||||||||||||||||||
| Growth Metrics | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Growth | (0.9) | % | (10.4) | % | 12.3 | % | 4.2 | % | 8.7 | % | 0.2 | % | 147.0 | % | 2.0 | % | |||||||||||||||||||||||||||||||
Total Tenant Billings Growth | 3.7 | % | 3.1 | % | 16.6 | % | 7.1 | % | N/A | 5.2 | % | ||||||||||||||||||||||||||||||||||||
Organic Tenant Billings Growth | 3.6 | % | 3.0 | % | 13.2 | % | 5.4 | % | N/A | 4.7 | % | ||||||||||||||||||||||||||||||||||||
Revenue Components(3) | |||||||||||||||||||||||||||||||||||||||||||||||
| Prior-Year Tenant Billings | $ | 1,212 | $ | 312 | $ | 201 | $ | 139 | $ | — | $ | 1,864 | |||||||||||||||||||||||||||||||||||
| Colocations/Amendments | 38 | 7 | 12 | 5 | — | 62 | |||||||||||||||||||||||||||||||||||||||||
| Escalations | 37 | 16 | 15 | 4 | — | 72 | |||||||||||||||||||||||||||||||||||||||||
| Cancellations | (29) | (13) | (3) | (1) | — | (45) | |||||||||||||||||||||||||||||||||||||||||
| Other | (3) | (1) | 3 | (0) | — | (1) | |||||||||||||||||||||||||||||||||||||||||
| Organic Tenant Billings | $ | 1,255 | $ | 322 | $ | 227 | $ | 147 | $ | — | $ | 1,951 | |||||||||||||||||||||||||||||||||||
| New Site Tenant Billings | 1 | 0 | 7 | 2 | — | 10 | |||||||||||||||||||||||||||||||||||||||||
| Total Tenant Billings | $ | 1,256 | $ | 322 | $ | 234 | $ | 149 | $ | — | $ | 1,961 | |||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Impact(4) | (0) | (42) | (6) | (5) | — | (53) | |||||||||||||||||||||||||||||||||||||||||
| Total Tenant Billings (Current Period) | $ | 1,256 | $ | 280 | $ | 228 | $ | 144 | $ | — | $ | 1,908 | |||||||||||||||||||||||||||||||||||
| Straight-Line Revenue | 10 | (7) | 13 | 1 | 0 | 17 | |||||||||||||||||||||||||||||||||||||||||
| Pre-paid Amortization Revenue | 19 | 1 | 1 | 9 | — | 29 | |||||||||||||||||||||||||||||||||||||||||
| Other Revenue | 13 | 18 | 3 | 5 | 244 | 283 | |||||||||||||||||||||||||||||||||||||||||
| International Pass-Through Revenue | — | 124 | 92 | 56 | — | 272 | |||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Impact(5) | 0 | (17) | (2) | (2) | — | (21) | |||||||||||||||||||||||||||||||||||||||||
| Total Property Revenue (Current Period) | $ | 1,298 | $ | 399 | $ | 334 | $ | 213 | $ | 244 | $ | 2,488 | |||||||||||||||||||||||||||||||||||
_______________
(1)For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website.
(2)Excludes stock-based compensation expense.
(3)All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.
(4)Reflects foreign currency exchange impact on all components of Total Tenant Billings.
(5)Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.
14
UNAUDITED SELECTED CONSOLIDATED FINANCIAL INFORMATION
($ in millions, except share and per share data, totals may not add due to rounding.)
| The reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA Margin are as follows: | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 878.5 | $ | 498.6 | |||||||
| Income tax provision | 139.6 | 118.9 | |||||||||
| Other expense | (90.2) | 338.2 | |||||||||
| Interest expense | 347.3 | 325.3 | |||||||||
| Interest income | (36.0) | (26.9) | |||||||||
| Other operating expense (income) | 19.4 | (55.8) | |||||||||
| Depreciation, amortization and accretion | 518.2 | 492.5 | |||||||||
| Stock-based compensation expense | 58.4 | 53.4 | |||||||||
| Adjusted EBITDA | $ | 1,835.2 | $ | 1,744.2 | |||||||
| Total revenue | $ | 2,737.5 | $ | 2,562.8 | |||||||
| Adjusted EBITDA Margin | 67 | % | 68 | % | |||||||
| The reconciliation of Nareit FFO attributable to American Tower Corporation common stockholders to net income and the calculation of AFFO attributable to American Tower Corporation common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share are as follows: | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 878.5 | $ | 498.6 | |||||||
| Real estate related depreciation, amortization and accretion | 483.6 | 457.3 | |||||||||
Losses (gains) from sale or disposal of real estate and real estate related impairment charges(1) | 24.2 | (49.1) | |||||||||
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(2) | (107.4) | (90.8) | |||||||||
| Nareit FFO attributable to AMT common stockholders | $ | 1,278.9 | $ | 816.0 | |||||||
| Straight-line revenue | (18.9) | (17.1) | |||||||||
| Straight-line expense | 8.5 | 9.1 | |||||||||
| Stock-based compensation expense | 58.4 | 53.4 | |||||||||
Deferred portion of income tax and other income tax adjustments(3) | 94.8 | 86.0 | |||||||||
Non-real estate related depreciation, amortization and accretion | 34.6 | 35.2 | |||||||||
| Amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges | 13.0 | 13.8 | |||||||||
Other (income) expense(4) | (90.2) | 338.2 | |||||||||
Other operating income(5) | (4.8) | (6.7) | |||||||||
| Capital improvement capital expenditures | (43.1) | (36.3) | |||||||||
| Corporate capital expenditures | (5.2) | (1.4) | |||||||||
Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(6) | (1.9) | (0.0) | |||||||||
| AFFO attributable to AMT common stockholders | $ | 1,324.1 | $ | 1,290.2 | |||||||
| Divided by weighted average diluted shares outstanding (in thousands) | 466,833 | 468,519 | |||||||||
| AFFO attributable to AMT common stockholders per Share | $ | 2.84 | $ | 2.75 | |||||||
_______________
(1)For the three months ended March 31, 2025, includes a gain on the sale of South Africa Fiber of $53.6 million.
(2)Includes distributions to noncontrolling interest holders, distributions related to the outstanding mandatorily convertible preferred equity in connection with the Company’s agreements with certain investment vehicles affiliated with Stonepeak Partners LP and adjustments for the impact of noncontrolling interests on Nareit FFO attributable to American Tower Corporation common stockholders.
(3)For the three months ended March 31, 2026, includes adjustments for refunds in Germany of $0.5 million. We believe that these tax payments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.
(4)For the three months ended March 31, 2026 and 2025, includes (gains) losses on foreign currency exchange rate fluctuations of $(68.1) million and $345.7 million, respectively.
15
(5)Primarily includes acquisition-related costs, integration costs and disposition costs.
(6)Includes adjustments for the impact of noncontrolling interests on other line items, excluding those already adjusted for in Nareit FFO attributable to American Tower Corporation common stockholders.
| The reconciliation of Adjusted EBITDA to AFFO attributable to American Tower Corporation common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share are as follows: | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Adjusted EBITDA | $ | 1,835.2 | $ | 1,744.2 | |||||||
| Straight-line revenue | (18.9) | (17.1) | |||||||||
| Straight-line expense | 8.5 | 9.1 | |||||||||
| Cash interest expense | (334.3) | (311.5) | |||||||||
| Interest income | 36.0 | 26.9 | |||||||||
| Cash paid for income taxes | (44.8) | (32.9) | |||||||||
| Capital improvement capital expenditures | (43.1) | (36.3) | |||||||||
| Corporate capital expenditures | (5.2) | (1.4) | |||||||||
| Adjustments and dividends for non-controlling interests | (109.3) | (90.8) | |||||||||
| AFFO Attributable to Common Stockholders | $ | 1,324.1 | $ | 1,290.2 | |||||||
| Divided by weighted average diluted shares outstanding | 466.8 | 468.5 | |||||||||
| AFFO Attributable to Common Stockholders per Share | $ | 2.84 | $ | 2.75 | |||||||
| The reconciliations of segment gross margins are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Property | Services | Total | |||||||||||||||||||||||||||||||||||||||||||||
| U.S. & Canada | Latin America | Africa & APAC | Europe | Data Centers | Total Property | ||||||||||||||||||||||||||||||||||||||||||
| Gross Margin | $ | 908.0 | $ | 299.4 | $ | 200.3 | $ | 86.6 | $ | 27.2 | $ | 1,521.5 | $ | 29.1 | $ | 1,550.6 | |||||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 147.3 | 46.9 | 58.2 | 81.6 | 149.6 | 483.6 | — | 483.6 | |||||||||||||||||||||||||||||||||||||||
| Segment Gross Margin | $ | 1,055.3 | $ | 346.3 | $ | 258.5 | $ | 168.2 | $ | 176.8 | $ | 2,005.1 | $ | 29.1 | $ | 2,034.2 | |||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Property | Services | Total | |||||||||||||||||||||||||||||||||||||||||||||
| U.S. & Canada | Latin America | Africa & APAC | Europe | Data Centers | Total Property | ||||||||||||||||||||||||||||||||||||||||||
| Gross Margin | $ | 948.3 | $ | 229.7 | $ | 188.6 | $ | 67.0 | $ | (2.3) | $ | 1,431.3 | $ | 39.7 | $ | 1,471.0 | |||||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 147.7 | 46.8 | 45.7 | 70.0 | 147.1 | 457.3 | — | 457.3 | |||||||||||||||||||||||||||||||||||||||
| Segment Gross Margin | $ | 1,096.0 | $ | 276.5 | $ | 234.3 | $ | 137.0 | $ | 144.8 | $ | 1,888.6 | $ | 39.7 | $ | 1,928.3 | |||||||||||||||||||||||||||||||
16
FAQ
How did American Tower (AMT) perform financially in Q1 2026?
American Tower delivered higher revenue and profits in Q1 2026. Total revenue rose 6.8% to $2,738 million, while net income increased 76.2% to $879 million and Adjusted EBITDA grew 5.2% to $1,835 million, reflecting stronger property revenue and favorable foreign currency movements.
What was American Tower’s Q1 2026 AFFO and why is it important for AMT investors?
AFFO shows American Tower’s recurring cash generation. In Q1 2026, AFFO attributable to AMT common stockholders increased 2.6% to $1,324 million, or $2.84 per share. This measure underpins the company’s ability to fund its dividend, capital investments and share repurchases over time.
Did American Tower (AMT) change its full-year 2026 outlook?
American Tower raised several 2026 guidance midpoints. It now targets total property revenue of about $10.585–$10.735 billion, net income of $3.015–$3.095 billion and AFFO attributable to AMT common stockholders of $5.090–$5.170 billion, reflecting positive foreign currency impacts and stronger Latin America trends.
What is American Tower’s dividend for Q1 2026 and how does it compare year over year?
For Q1 2026, American Tower declared a regular cash distribution of $1.79 per common share, with an aggregate amount of $833.9 million. This represented 5.3% year-over-year per share growth, underscoring continued commitment to returning cash to shareholders alongside capital spending and debt reduction.
How leveraged is American Tower (AMT) after Q1 2026?
American Tower ended March 31, 2026 with total debt of $37,322 million and cash of $1,609 million, resulting in net debt of $35,713 million. Using first-quarter annualized Adjusted EBITDA of $7,341 million, the company’s Net Leverage Ratio was 4.9x, consistent with an investment-grade capital structure.
What capital expenditures and growth projects does American Tower plan for 2026?
For full year 2026, American Tower expects total capital expenditures of $1,800–$1,910 million. This includes $1,050–$1,080 million of discretionary projects, 1,700–2,300 new communications site constructions globally, $695 million of data center development spend, plus redevelopment, capital improvements and ground lease purchases.
How are American Tower’s different regions and data centers contributing to growth?
In Q1 2026, property revenue rose across most segments. Latin America grew 20.3%, Africa & APAC 13.5%, Europe 22.4% and Data Centers 18.4%, while U.S. & Canada declined 2.8%. Organic Tenant Billings were strongest in Africa & APAC at 10.5% and Europe at 3.9%.