01—Abstract
Summary
Summary of the 8-K filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.
American Tower (AMT) reported first quarter 2026 results on April 28, 2026, with total revenue up 6.8% to $2,738 milliona and total property revenue up 7.3% to $2,670 million.
Adjusted EBITDA rose 5.2% to $1,835 millionb (67.0% margin), and AFFO attributable to common stockholders grew 2.6% to $1,324 million, or $2.84 per share (up 3.3%). Headline net income growth of 76.2% is distorted by a $68.1 million unrealized foreign currency gain versus a $345.7 million loss in the prior-year period, and by a $53.6 million South Africa Fiber gain in the prior year. Organic tenant billings growth was a modest 1.7%, with the U.S. & Canada segment nearly flat at 0.7% total tenant billings growth, while Latin America declined (2.1%) and Africa & APAC (+13.9%) and Europe (+6.0%) led growth.
The company raised the midpoints of its full-year 2026 outlook for property revenue (+$145 millionc), Adjusted EBITDA (+$105 million), and AFFO per share (+$0.12, to a $10.90-$11.07 range). Much of the uplift comes from favorable foreign exchange rates (about $55 million of AFFO) and accelerating straight-line revenue in Latin America, so investors should distinguish these effects from underlying operating growth. Management also flagged that the U.S. & Canada property revenue outlook is expected to decline about 3% at the midpoint because of lower non-cash straight-line revenue recognition.
Balance sheet metrics were stable. Net leverage was 4.9x annualized Adjusted EBITDA, with total liquidity of about $10.4 billiond, including $1.6 billion of cash and $8.8 billion of revolver availability.
The company repaid $500 million of notes in February and $700 million in April, and current debt maturities rose to $6.1 billion on the balance sheet. Free cash flow was $941 million, down 1.5%, and the company repurchased about $184 million of stock in the quarter and paid a $1.79 per share distribution, up 5.3% year over year.
02—Key points
Key Highlights
- Total revenue rose 6.8% to $2,738 million, and total property revenue rose 7.3% to $2,670 million, though organic tenant billings growth was only 1.7%.
- Adjusted EBITDA increased 5.2% to $1,835 million with a 67.0% margin; AFFO attributable to common stockholders increased 2.6% to $1,324 million ($2.84 per share, up 3.3%).
- Net income rose 76.2% to $879 million, but this is inflated by a $68.1 million FX gain versus a $345.7 million FX loss in Q1 2025, so it is not a clean indicator of operating performance.
- Full-year 2026 outlook midpoints were raised for property revenue (+$145M), Adjusted EBITDA (+$105M), and AFFO per share (+$0.12 to $10.90–$11.07), largely driven by favorable FX and accelerating Latin America straight-line revenue.
- U.S. & Canada property revenue is guided down about 3.0% at the midpoint due to lower non-cash straight-line revenue recognition, a meaningful headwind to the core domestic segment.
- Net leverage of 4.9x and roughly $10.4 billion of total liquidity, with $6.1 billion of current debt obligations that will need refinancing or repayment.
- Free cash flow was $941 million (down 1.5%), while the quarterly common distribution of $1.79 per share grew 5.3% and the company repurchased about $184 million of stock.
03—Questions
Frequently Asked Questions
Why did net income grow 76% when operating metrics grew much more modestly?
The jump is largely non-operating. Q1 2026 included a $68.1 million unrealized foreign currency gain, compared with a $345.7 million loss in Q1 2025. The prior year also included a $53.6 million gain on the South Africa Fiber sale. Adjusted EBITDA (+5.2%) and AFFO per share (+3.3%) are better gauges of underlying performance.
Did American Tower raise its 2026 guidance?
Yes, at the midpoint. Property revenue rose $145 million, Adjusted EBITDA rose $105 million, AFFO rose $55 million, and AFFO per share rose $0.12. Net income guidance was raised by $70 million, mainly from unrealized FX gains. About $55 million of the AFFO increase is attributed to favorable currency movements, so the operating improvement is smaller than the headline change.
What is weighing on U.S. & Canada revenue?
Management expects U.S. & Canada property revenue to decline about 3% at the midpoint, with over 3 percentage points attributed to lower non-cash straight-line revenue recognition. Organic tenant billings in the segment were only about 0.5% in the outlook, and Q1 total tenant billings growth was 0.7%, so domestic leasing growth remains weak.
How strong is the balance sheet and how is debt maturing?
Net leverage was 4.9x annualized Adjusted EBITDA on $35.7 billion of net debt. Liquidity was about $10.4 billion. The company repaid $1.2 billion of notes in February and April, but current long-term obligations rose to $6.1 billion, which investors should monitor for upcoming refinancing needs and interest cost.
Is the dividend still growing and is it covered by cash flow?
The Q1 2026 distribution was $1.79 per share, up 5.3% year over year, costing about $834 million. AFFO attributable to common stockholders was $1,324 million for the quarter, so the distribution is covered by AFFO, with room to spare. Free cash flow of $941 million also exceeded the distribution, though it fell 1.5% year over year.
04—Continue