10-QPeriod: Q1 FY2026

AMERICAN TOWER CORP /MA/ Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 28, 2026For Securities:AMT

Summary

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 billion, 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 million, 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.

Financial Highlights

49 data points
Beta

Revenue

$2.74B

Net Income

$859.50M

31.4% Net Margin

EPS (Diluted)

$1.84

Total Assets

$63.23B

Cash & Equivalents

$1.61B

Free Cash Flow

$951.10M

Financial Statements
Beta
Revenue$2.74B
SG&A Expenses$257.40M
Operating Expenses$1.50B
Operating Income$1.24B
Net Income$859.50M
EPS (Basic)$1.84
EPS (Diluted)$1.84
Shares Outstanding (Basic)466.20M
Shares Outstanding (Diluted)466.83M

Key Highlights

  • 1Total revenues increased 7% year-over-year to $2.74 billion, driven by property operations.
  • 2International property segments (Africa & APAC, Europe, Latin America) and Data Centers showed robust revenue growth (13%-25%).
  • 3Net income surged by 76% to $859.5 million attributable to common stockholders, largely due to favorable foreign currency impacts.
  • 4Adjusted EBITDA grew 5% to $1.84 billion, reflecting strong operational performance.
  • 5The company repurchased $183.7 million of its common stock during the quarter under its existing buyback program.
  • 6Total outstanding indebtedness was $37.5 billion, with current portion of $6.1 billion, demonstrating significant leverage.
  • 7DISH dispute continues, with impairment charges of $17.5 million recorded in the U.S. & Canada segment.

Frequently Asked Questions

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.

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.

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.

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.