01—Abstract
Summary
Summary of the 10-Q filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.
American Tower Corporation (AMT) reported its first-quarter 2026 financial results, demonstrating continued revenue growth driven by its property operations, which represent the vast majority of its business.
Total revenues increased by 7% year-over-year to $2.74 billiona, primarily fueled by strong performance in its international segments (Africa & APAC, Europe, and Latin America) and its growing Data Centers segment. While the U.S. & Canada property segment saw a slight revenue dip, this was largely due to accounting adjustments and churn related to DISH, with overall tenant billings showing positive underlying growth. The company generated significant operating income of $1.24 billion, though slightly down from the prior year, reflecting increased operating expenses and foreign currency headwinds.
Net income saw a substantial increase of 76% to $878.5 millionb, heavily influenced by favorable foreign currency exchange rate movements compared to the prior year's losses. Adjusted EBITDA, a key performance indicator for the company, grew 5% to $1.84 billion, indicating solid operational performance. The company also repurchased approximately $183.7 million of its common stock during the quarter, demonstrating a commitment to returning capital to shareholders.
02—Key points
Key Highlights
- Total revenues increased 7% year-over-year to $2.74 billion, driven by property operations.
- International property segments (Africa & APAC, Europe, Latin America) and Data Centers showed robust revenue growth (13%-25%).
- Net income surged by 76% to $859.5 million attributable to common stockholders, largely due to favorable foreign currency impacts.
- Adjusted EBITDA grew 5% to $1.84 billion, reflecting strong operational performance.
- The company repurchased $183.7 million of its common stock during the quarter under its existing buyback program.
- Total outstanding indebtedness was $37.5 billion, with current portion of $6.1 billion, demonstrating significant leverage.
- DISH dispute continues, with impairment charges of $17.5 million recorded in the U.S. & Canada segment.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 28, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.74B$2.56B | +6.8% |
| SG&A Expenses | $257.40M$237.50M | +8.4% |
| Operating Expenses | $1.50B$1.31B | +14.5% |
| Operating Income | $1.24B$1.25B | −1.2% |
| Net Income | $859.50M$488.70M | +75.9% |
| EPS (Basic) | $1.84$1.05 | +75.2% |
| EPS (Diluted) | $1.84$1.04 | +76.9% |
| Shares Outstanding (Basic) | 466.20M467.64M | −0.3% |
| Shares Outstanding (Diluted) | 466.83M468.52M | −0.4% |
05—Questions
Frequently Asked Questions
What is the overall revenue trend for American Tower Corporation?
American Tower Corporation reported a 7% year-over-year increase in total revenues for the first quarter of 2026, reaching $2.74 billion. This growth was primarily driven by its property operations, with strong performance observed across its international segments and the Data Centers business.
How is the company managing its debt and liquidity?
As of March 31, 2026, American Tower had total outstanding indebtedness of $37.5 billion. The company had approximately $8.8 billion available under its credit facilities and $1.6 billion in cash and cash equivalents, providing ample liquidity. Management believes current cash flows, borrowing capacity, and planned financing will be sufficient to meet obligations, including required distributions.
What are the key customer disputes impacting the company?
The company is involved in two significant customer disputes: one with AT&T Mexico concerning lease calculations, which has led to an escrow arrangement for disputed amounts and a scheduled arbitration hearing in August 2026; and another with DISH, where DISH has defaulted on its obligations under a Strategic Collocation Agreement, resulting in a legal filing by American Tower and $17.5 million in impairment charges.
How did foreign currency exchange rates impact the financial results?
Foreign currency exchange rates had a significant positive impact on the company's net income in the first quarter of 2026, with $68.1 million in gains compared to $345.7 million in losses in the prior year. This fluctuation contributed substantially to the large year-over-year increase in net income.
06—Continue