10-QPeriod: Q2 FY2026

AMERICAN TOWER CORP /MA/ Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 28, 2026For Securities:AMT

Summary

American Tower Corporation (AMT) reported solid financial results for the six months ended June 30, 2026. Total revenues increased by 6% year-over-year to $5.49 billion, driven by continued growth in property leasing across its global segments, particularly in Europe and Latin America, which saw double-digit percentage increases. The Data Centers segment also demonstrated strong performance with a 16% revenue increase. Adjusted EBITDA grew by 4% to $3.64 billion, reflecting operational efficiencies and revenue growth, although the Services segment experienced a significant revenue decline of 26% due to reduced service offerings. The company managed its debt effectively, repaying several senior notes and partially redeeming others, while also issuing new EUR-denominated notes. Capital expenditures remained robust, with a significant portion allocated to data center development and new site construction. Despite challenges like the DISH Network bankruptcy filing and an ongoing dispute with AT&T Mexico, AMT maintained a strong liquidity position with over $8 billion available under its credit facilities, underscoring its financial resilience. Management anticipates continued operational performance and liquidity to meet its obligations, including REIT distribution requirements.

Key Highlights

  • 1Total revenues increased by 6% year-over-year to $5.49 billion for the first six months of 2026, indicating sustained demand for communication infrastructure.
  • 2Adjusted EBITDA grew by 4% to $3.64 billion, showcasing effective cost management and operational leverage.
  • 3The company successfully repaid $2.07 billion in senior notes and issued $872 million in new EUR-denominated notes, demonstrating active debt management.
  • 4Capital expenditures totaled $788.7 million for the six months ended June 30, 2026, with significant investment in data center assets and new site construction.
  • 5Despite legal disputes with AT&T Mexico and the bankruptcy filing of DISH Network, the company maintained a strong liquidity position with $8.18 billion available under its credit facilities.
  • 6The Data Centers segment showed robust growth with a 16% increase in revenue, highlighting its strategic importance and expansion.
  • 7Foreign currency translation had a notable impact, contributing positively to revenues in Africa & APAC (+$23.7M) and Europe (+$7.1M) for Q2 2026, but also negatively affecting SG&A expenses in some regions.

Frequently Asked Questions

The primary driver of revenue growth was the continued demand for communication site leases across AMT's global portfolio, particularly in Europe and Latin America, which experienced double-digit revenue increases. The Data Centers segment also contributed significantly with a 16% revenue increase.

American Tower has been actively managing its debt by repaying several senior notes upon maturity, including $2.07 billion in aggregate principal amount during the six months ended June 30, 2026. Additionally, the company issued new EUR-denominated notes and amended its credit facilities to extend maturity dates, ensuring continued access to liquidity and managing its debt profile.

The company is navigating legal disputes, notably with AT&T Mexico concerning lease agreements, and the bankruptcy filing of DISH Network in the U.S. These situations required the company to record reserves and pursue legal action, though management believes they have meritorious defenses and are defending their contractual rights vigorously. The company also noted that churn, primarily related to DISH, impacted U.S. & Canada property segment revenue.

American Tower maintains a strong liquidity position with over $8.18 billion available under its credit facilities. The company expects its operating cash flow, combined with its borrowing capacity, to be sufficient to fund its operations, capital expenditures, required distributions for REIT compliance, and debt service obligations. Significant capital expenditures are planned for new site construction and data center expansion.