EarningsQ2 2026 Earnings Report
MX:AMT Q2 2026 EPS Results
Actual EPS$33.78
Consensus EPS$28.46
Beat/MissBeat by +$5.32
One Year Ago EPS$14.17
MX:AMT Q2 2026 Revenue Results
Actual Revenue$49.93B
Expected Revenue$49.02B
Beat/MissBeat by +$901.12M
YoY Revenue Growth+4.65%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:AMT Upcoming Earnings
American Tower's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AMT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive and confident outlook driven by robust demand, record CoreSite leasing, and upwardly revised guidance across revenue, EBITDA and AFFO. Management emphasized strong secular drivers (5G densification, new spectrum, AI, 6G) and delivered concrete operational and capital-allocation achievements (margin expansion, targeted capex, deleveraging and active buybacks). However, near-term headwinds are notable: a one-time DISH-related churn materially depressed comparable growth and margins, refinancing and tax costs are weighing on AFFO this year, and certain regional challenges (notably Brazil) and divestitures modestly reduce near-term contributions. On balance, the positive operational momentum and upgraded guidance outweigh the transient or manageable headwinds, supporting an overall favorable view of the business trajectory.Company Guidance
Raised Full-Year Outlook and Upgrades to Key Metrics
Raised property revenue outlook by $110M at the midpoint (≈1% increase to prior outlook); raised adjusted EBITDA outlook by $45M at the midpoint (≈1% increase); raised attributable AFFO outlook by $0.09 per share (≈1% increase) implying ≈3% YoY AFFO growth on a reported basis and ~6% FX-neutral normalized growth excluding one-time DISH churn and refinancing impacts.
Strong Consolidated Revenue and Organic Growth
Consolidated property revenue grew over 5% YoY excluding noncash straight-line and FX; normalized growth was over 7% on a cash FX-neutral basis when excluding one-time DISH churn. Organic tenant billings grew nearly 2% (≈4% when excluding DISH churn).
CoreSite (Data Center) Outperformance and Record Leasing
CoreSite delivered record leasing activity and was the fastest-growing segment: data center property revenue grew ≈12% (excluding noncash straight-line). Management raised the data center growth outlook to ≈15% (up from prior 13%). Since the 2021 acquisition, megawatts in service have grown 1.5x and the development pipeline provides a path to nearly triple capacity.
Adjusted EBITDA and Cash Margin Discipline
Adjusted EBITDA grew over 3% excluding net straight-line and FX impacts and over 6% on a cash FX-neutral basis when normalized for DISH churn. Tower cash EBITDA margins expanded more than 300 basis points over the past 3 years; company targets an additional 200–300 bps of tower cash EBITDA margin expansion by 2030.
Balance Sheet Strength and Targeted Leverage
Ended the quarter with leverage of 4.9x, inside the targeted 3–5x range and noted as one of the strongest credit profiles among peers. Management has reduced floating-rate debt exposure and retains flexibility for M&A, buybacks, or deleveraging.
Disciplined Capital Allocation and Development Plans
Capital plan (~$1.9B) focused ~85% in developed markets: ≈$700M for data center development, ≈$370M to construct new towers, ≈$210M to purchase land beneath towers. Year-to-date >$230M allocated to acquisitions (towers and data center land) and >$200M to share repurchases; Board-approved $2B buyback program with ≈$600M deployed to date and ~$200M repurchased in 2026 YTD.
U.S. and Global Demand Trends Supporting Long-Term Thesis
Management highlighted multiple catalysts (5G capacity/densification phase, ~800 MHz of new spectrum over coming years, eventual 6G transition, and AI-driven uplink-heavy traffic) that support sustained demand for tower/site densification and data center interconnection; U.S./Canada organic growth ~1% (≈5% excl. DISH churn), Europe ≈4% organic growth, Africa/APAC mid-single digits, with strong U.S. new-business contribution of ~250 bps expected in 2026.
MX:AMT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed