American Tower Corporation (AMT) Earnings
American Tower Corporation is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $1.55. AMT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +5.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.60 | $1.84 | +15.0% | $2.7B | +3.1% |
| Feb 24, 2026 | $2.54 | $2.63 | +3.5% | $2.7B | +2.4% |
| Jul 29, 2025 | $2.60 | $2.60 | +0.0% | $2.6B | -1.2% |
| Feb 27, 2024 | $2.18 | $2.29 | +5.0% | $2.8B | +1.6% |
| Oct 26, 2023 | $2.35 | $2.58 | +9.8% | $2.8B | +2.0% |
| Jul 27, 2023 | $2.36 | $2.46 | +4.2% | $2.8B | +1.6% |
| Feb 23, 2023 | $2.23 | $2.34 | +4.9% | $2.7B | +0.9% |
| Oct 27, 2022 | $1.13 | $1.80 | +59.3% | $2.7B | +1.0% |
| Jul 28, 2022 | $0.96 | $1.95 | +103.1% | $2.7B | +0.9% |
| Feb 24, 2022 | $2.17 | $2.18 | +0.5% | $2.4B | +1.4% |
| Oct 28, 2021 | $2.33 | $2.49 | +6.9% | $2.5B | +1.6% |
| Jul 29, 2021 | $2.34 | $2.42 | +3.4% | $2.3B | +4.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Driving durable revenue growth: ~4% organic tenant buildings growth across global tower portfolio (adjusting for one-time disrelated impacts) and double-digit growth from data center business; mobile data consumption growth, cloud adoption, AI-driven workloads support growth; 6G and AI applications expected to increase tower portfolio activity. - Driving operational efficiency: Progress on reducing direct tower costs, confident in delivering 200-300 basis points of cash adjusted EBITDA margin expansion in tower business by 2030; evaluating AI to accelerate efficiency gains. - Disciplined capital allocation: Strong financial position, prioritize growth capital toward highest return opportunities in developed tower markets and core site, allocate capital toward share repurchases, capital allocation framework unchanged with options like M&A, share repurchases, deleveraging guided by generating durable cash flow growth and attractive returns.
Guidance
Raising guidance across key consolidated financial metrics. Property revenue outlook raised by ~$145M at midpoint, implying ~3% YoY growth excluding non-cash straight line revenue and FX impacts, ~5% growth normalized for one-time dish-related churn. Adjusted EBITDA outlook raised by ~$105M at midpoint, implying ~2% growth YoY excluding non-cash net straight line and FX impacts, ~5% growth normalized for one-time DISH-related churn. Attributable AFFO outlook raised by $0.12 per share, implying ~2% growth YoY normalized for one-time dish-related churn and excluding refinancing costs, ~5% growth on FX neutral basis, with back half of year expected to have faster growth due to timing of maintenance capital and cash taxes.
Segment performance
Consolidated property revenue grew ~3% YoY excluding non-cash straight-line revenue and FX impacts; normalized for one-time dish churn, property revenue grew ~5% on cash FX neutral basis. Organic tenant buildings growth was ~2% or ~4% normalized for one-time dish churn, with data center cash revenue growth ~17%. Adjusted EBITDA grew 1% excluding net straight line and FX impacts; normalized for one-time dish churn, adjusted EBITDA grew ~4% on cash FX neutral basis. Attributable AFFO per share declined ~1% excluding FX impacts; normalized for one-time DISH churn and refinancing costs, Attributable AFFO per share grew ~4% on FX neutral basis. Organic growth across regions: US and Canada ~1% and ~5% excluding dish churn, Africa and APAC ~11%, Europe ~4%, Latin America declined ~2% due to elevated churn in Brazil. Data center property revenue growth ~17% driven by hybrid/multi-cloud, AI-related use cases, and interconnection activity.
Risks & headwinds
Discussed DISH-related litigation and potential impacts, as well as concerns about NIMBYism affecting data center construction in some areas, and market dynamics in emerging and developed markets that could impact growth and earnings
Analyst Q&A
Q: Regarding Spectrum deal between EchoStar Dish and AT&T, update on DISH.
A: Can't comment on ongoing litigation, believe contract is enforceable, de-risked earnings by taking DISH out of numbers.
Q: Europe new builds, model and return profile.
A: European market outperforming original business case, executing on Telefonica deal, adding built-to-suits, return profile expected above weighted average cost of capital by couple hundred basis points over time.
Q: M&A options for capital allocation.
A: Disciplined capital allocation, look at opportunities to create long-term shareholder value, hopeful for M&A opportunities but need willing counterparty, constructive regulatory environment, and economic sense.
Q: CoreSight business, mobile edge and long-term value.
A: Excited about edge opportunity, CoreSight is strategically important, has durable tailwinds, different from typical data center companies, nerve center for digital ecosystem.
Q: Relative attractiveness of M&A prospects across regions.
A: US is flagship market, Europe and emerging markets have opportunities but US remains primary focus, emerging markets should be smaller part of portfolio to avoid volatility.
Q: Domestic new build activity and interconnection on-ramps.
A: Talking to customers about build-a-suit market, hopeful for opportunities; CoreSight curates ecosystem, attracts cloud on-ramps and inferencing, focuses on sticky ecosystem.
Q: Private and consolidated portfolios in US and competitive dynamics.
A: Private tower companies don't affect competitive dynamic, private players see long-term value in towers due to demand drivers like mobile data growth, AI, 6G.
Q: CoreSight capacity expansion vs retrofitting.
A: Being more aggressive in expanding CoreSight, buying land, securing power, retrofitting some buildings, designing new facilities for higher density, excited about pipeline and new market opportunities.
Q: Brazil return to normal and data center NIMBYism.
A: Brazil market peaking in churn, expecting return to accelerated organic tenant billings growth in 2027 and beyond; handling data center NIMBYism with government affairs and zoning teams, confident in navigating through.
Q: SBA taken private and satellite impact.
A: Not commenting on SBA private take, portfolio optimizations based on own business; satellites are complimentary to terrestrial networks, not a major concern for tower business