CONSOLIDATED HIGHLIGHTS
Second Quarter 2026
- Total revenue increased 4.7% to $2,749 million
- Total property revenue increased 6.3% to $2,688 million
- Net income increased 133.2% to $888 million(1)
- Adjusted EBITDA increased 3.2% to $1,808 million
- Net income attributable to AMT common stockholders increased 136.5% to $868 million(1)
- AFFO attributable to AMT common stockholders increased 3.8% to $1,264 million
BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended June 30, 2026.
Steve Vondran, American Tower’s Chief Executive Officer, stated, “We delivered another strong quarter, driven by robust leasing demand across our global tower portfolio, record leasing activity at CoreSite, and continued operational excellence. This momentum translated into mid-single-digit AFFO per share growth, normalized for one-time DISH churn, and enabled us to raise our full-year outlook for the second time this year.
The outlook for digital infrastructure remains exceptionally compelling. Mobile data consumption continues to grow at an extraordinary pace, cloud adoption remains strong, AI-driven applications are rapidly scaling, and network architectures are evolving to support a more connected and data-intensive world. We believe these powerful secular trends are creating a multi-year demand cycle for the digital infrastructure that underpins the global economy.
With our unmatched portfolio of communications towers and highly interconnected data centers, American Tower is uniquely positioned at the intersection of wireless, cloud, and AI. As our customers invest to expand capacity, increase network density, and accelerate digital transformation, we believe we are well positioned to capture that growth, strengthen our market leadership, and deliver sustainable long-term value for our shareholders.”
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended June 30, 2026 (all comparative information is presented against the quarter ended June 30, 2025).
($ in millions, except per share amounts.) |
| Q2 2026 |
| Growth Rate | |||
Total revenue |
| $ | 2,749 |
|
| 4.7 | % |
Total property revenue |
| $ | 2,688 |
|
| 6.3 | % |
Total Tenant Billings Growth |
| $ | 46 |
|
| 2.4 | % |
Organic Tenant Billings Growth |
| $ | 34 |
|
| 1.7 | % |
Property Gross Margin |
| $ | 1,980 |
|
| 4.9 | % |
Property Gross Margin % |
|
| 73.7 | % |
|
| |
Net income(1) |
| $ | 888 |
|
| 133.2 | % |
Net income attributable to AMT common stockholders(1) |
| $ | 868 |
|
| 136.5 | % |
Net income attributable to AMT common stockholders per diluted share(1) |
| $ | 1.86 |
|
| 138.5 | % |
Adjusted EBITDA |
| $ | 1,808 |
|
| 3.2 | % |
Adjusted EBITDA Margin % |
|
| 65.8 | % |
|
| |
|
|
|
|
| |||
Nareit Funds From Operations (FFO) attributable to AMT common stockholders(1) |
| $ | 1,249 |
|
| 63.4 | % |
AFFO attributable to AMT common stockholders |
| $ | 1,264 |
|
| 3.8 | % |
AFFO attributable to AMT common stockholders per Share |
| $ | 2.71 |
|
| 4.2 | % |
Cash provided by operating activities |
| $ | 1,487 |
|
| 16.0 | % |
Less: total cash capital expenditures(2) |
| $ | 329 |
|
| 5.1 | % |
Free Cash Flow |
| $ | 1,158 |
|
| 19.6 | % |
_______________ | ||
(1) |
| Q2 2026 growth rates impacted by foreign currency gains of approximately $42.1 million in the current period as compared to foreign currency losses of $(484.0) million in the prior-year period. |
(2) |
| Q2 2026 cash capital expenditures include $7.9 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 June 30, 2026, the Company declared the following regular cash distributions to its common stockholders:
Common Stock Distributions |
| Q2 2026(1) | ||
Distributions per share |
| $ | 1.79 |
|
Aggregate amount (in millions) |
| $ | 834.1 |
|
Year-over-year per share growth |
|
| 5.3 | % |
_______________ (1) The distribution declared on May 21, 2026 was paid on July 13, 2026 to stockholders of record as of the close of business on June 12, 2026. | ||||
Stock Repurchase Program – During the second quarter of 2026, the Company repurchased a total of approximately 0.1 million shares of its common stock for an aggregate of approximately $19 million, including commissions and fees.
Divestitures – On June 15, 2026, the Company completed the sale of its subsidiary in the Philippines (“ATC Philippines”) for a total consideration of $75.6 million at the date of closing. On June 29, 2026, the Company completed the sale of its controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for total consideration of $6.9 million at the date of closing.
Capital Expenditures – During the second quarter of 2026, total capital expenditures were approximately $329 million, of which $47 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website.
LEVERAGE AND FINANCING OVERVIEW
Leverage – For the quarter ended June 30, 2026, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to second quarter 2026 annualized Adjusted EBITDA.
Calculation of Net Leverage Ratio ($ in millions, totals may not add due to rounding.) |
| As of June 30, 2026 | ||
Total debt |
| $ | 37,190 | |
Less: Cash and cash equivalents |
|
| 1,763 | |
Net Debt |
| $ | 35,427 | |
Divided By: Second quarter annualized Adjusted EBITDA(1) |
|
| 7,233 | |
Net Leverage Ratio |
| 4.9 | x | |
_______________ (1) Q2 2026 Adjusted EBITDA multiplied by four. | ||||
Liquidity and Financing Activities – As of June 30, 2026, the Company had approximately $9.9 billion of total liquidity, consisting of approximately $1.8 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.2 billion under its revolving credit facilities, net of any outstanding letters of credit.
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.
On May 7, 2026, the Company amended its $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Multicurrency Credit Facility”), its $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended, and its $1.0 billion term loan, as amended and restated in December 2021, as further amended (collectively, the “Loans”), to, among other things, extend the maturity dates under the Loans, and to include limited conditionality provisions in the 2021 Multicurrency Credit Facility, permitting the Company to borrow up to $5.0 billion in connection with certain acquisitions subject to such limited conditionality provisions.
On May 21, 2026, the Company repaid €500.0 million aggregate principal amount of its 1.950% senior unsecured notes due May 22, 2026 upon their maturity.
On May 27, 2026, the Company issued €750.0 million (approximately $872.0 million at the date of issuance) aggregate principal amount of 4.000% senior unsecured notes due 2033. The net proceeds from this offering were used to repay existing indebtedness under the 2021 Multicurrency Credit Facility and to partially redeem the 4.125% Notes. On June 18, 2026, the Company redeemed €250.0 million of its 4.125% senior unsecured notes due May 16, 2027 (the “4.125% Notes”). Upon completion of this partial redemption, €350.0 million aggregate principal amount of the 4.125% Notes remain outstanding.
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 July 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 July 28, 2026 through December 31, 2026: (a) 1,527 Argentinean Pesos; (b) 5.15 Brazilian Reais; (c) 1.37 Canadian Dollars; (d) 895 Chilean Pesos; (e) 3,700 Colombian Pesos; (f) 0.86 Euros; (g) 11.80 Ghanaian Cedis; (h) 135 Kenyan Shillings; (i) 17.50 Mexican Pesos; (j) 1,380 Nigerian Naira; (k) 6,300 Paraguayan Guarani; (l) 3.45 Peruvian Soles; (m) 16.60 South African Rand; (n) 3,770 Ugandan Shillings; and (o) 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 $35 million, $22 million, $29 million and $0.06 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, Data Center outperformance and one-time expense benefits, 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 $110 million, $45 million, $45 million and $0.09, respectively. The Company is increasing the midpoint for net income and net income attributable to AMT common stockholders by $255 million and $235 million, respectively, primarily due to unrealized foreign currency gains.
Additional information pertaining to the impact of foreign currency and Secured Overnight Financing Rate fluctuations on the Company’s outlook has been provided in the supplemental disclosure package available on the Company’s website.
2026 Outlook: ($ in millions, except per share amounts.) | Full Year 2026 |
| Midpoint Growth Rates vs. Prior Year | |||||||
Total property revenue(1)(2) | $ | 10,695 | to | $ | 10,845 |
| 4.5 | % | ||
Net income |
| 3,270 | to |
| 3,350 |
| 25.9 | % | ||
Net income attributable to AMT common stockholders |
| 3,200 | to |
| 3,280 |
| 28.1 | % | ||
Adjusted EBITDA(3) |
| 7,240 | to |
| 7,310 |
| 2.0 | % | ||
AFFO attributable to AMT common stockholders |
| 5,135 | to |
| 5,215 |
| 2.7 | % | ||
AFFO attributable to AMT common stockholders per Share | $ | 11.00 | to | $ | 11.17 |
| 3.0 | % | ||
______________ | ||
(1) |
| Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively. The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition. Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets. |
(2) |
| Property revenue growth rate includes an estimated negative impact of approximately 2% associated with a decrease in straight-line revenue recognition. |
(3) |
| Adjusted EBITDA growth rate includes an estimated negative impact of approximately 2% associated with a decrease in net straight-line revenue recognition. |
2026 Outlook for Total Property revenue, at the midpoint, includes the following components(1): ($ 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 |
|
| $ | 516 |
| $ | 478 |
| $ | 230 |
| N/A |
| $ | 1,224 |
| |
Straight-line revenue | (124 | ) |
|
| 3 |
|
| 33 |
|
| 3 |
| 19 |
|
| (66 | ) | |
_______________ | ||
(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% |
| ~6% |
| ~1% | |
Total Tenant Billings Growth | ~0.5% |
| (~3%) |
| ~12% |
| ~10% |
| ~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: ($ 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 |
| 170 | to |
| 180 | ||
Corporate |
| 15 | – |
| 15 | ||
Total | $ | 1,805 | to | $ | 1,915 | ||
_______________ | ||
(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 | $ | 3,270 |
| to | $ | 3,350 |
| |
Interest expense |
| 1,450 |
| to |
| 1,430 |
| |
Depreciation, amortization and accretion |
| 2,055 |
| to |
| 2,065 |
| |
Income tax provision |
| 490 |
| – |
| 490 |
| |
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 |
| (170 | ) | – |
| (170 | ) | |
Adjusted EBITDA | $ | 7,240 |
| to | $ | 7,310 |
| |
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 | $ | 3,270 |
| to | $ | 3,350 |
| |
Straight-line revenue |
| 66 |
| – |
| 66 |
| |
Straight-line expense |
| 34 |
| – |
| 34 |
| |
Depreciation, amortization and accretion |
| 2,055 |
| to |
| 2,065 |
| |
Stock-based compensation expense |
| 145 |
| – |
| 145 |
| |
Deferred portion of income tax and other income tax adjustments |
| 151 |
| – |
| 151 |
| |
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 |
| 34 |
| – |
| 34 |
| |
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 | $ | 5,135 |
| to | $ | 5,215 |
| |
Divided by weighted average diluted shares outstanding (in thousands) |
| 467,000 |
| – |
| 467,000 |
| |
AFFO attributable to AMT common stockholders per Share | $ | 11.00 |
| to | $ | 11.17 |
| |
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 | $ | 7,240 |
| to | $ | 7,310 |
| |
Straight-line revenue |
| 66 |
| – |
| 66 |
| |
Straight-line expense |
| 34 |
| – |
| 34 |
| |
Cash interest expense |
| (1,400 | ) | to |
| (1,380 | ) | |
Interest income |
| 154 |
| – |
| 154 |
| |
Cash paid for income taxes |
| (339 | ) | – |
| (339 | ) | |
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 | $ | 5,135 |
| to | $ | 5,215 |
| |
Divided by weighted average shares outstanding |
| 467,000 |
| – |
| 467,000 |
| |
AFFO attributable to AMT common stockholders per Share | $ | 11.00 |
| to | $ | 11.17 |
| |
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 June 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 148,000 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. 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.
Contacts
Spencer Kurn
Senior Vice President, Investor Relations
Telephone: (617) 375-7517
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