AMT · Q1 2026 Earnings

Bullish

American Tower

Reported April 28, 2026

30-second summary

Q1 FY2026 revenue grew 6.8% YoY to $2.74B with AFFO/share of $2.84 and adjusted EBITDA margin of 67.0%; consolidated organic tenant billings growth printed 1.7% (~4% ex-DISH), with management noting churn is back-half-weighted and reiterating the ~1% FY organic guide. Management raised FY2026 property revenue, EBITDA, and AFFO/share guides by $145M, $105M, and $0.12 at the midpoint respectively — primarily FX tailwinds (~$107M property revenue) plus accelerated straight-line revenue in Latin America tied to OI. Management's posture is the most forward-committed in years: CoreSite framed as a long-term core asset, Brazil "market repair" called observable now, European new-build pipeline expanded to 700+ sites.

Headline numbers

EPS

Q1 FY2026

$1.84

Revenue

Q1 FY2026

$2.74B

+6.8% YoY

Gross margin

Q1 FY2026

75.1%

Free cash flow

Q1 FY2026

$0.94B

Operating margin

Q1 FY2026

45.3%

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$2.74B	+6.8%	$2.74B	+0.0%
EPS	$1.84	—	$1.75	+5.1%
Gross margin	75.1%	—	72.9%	+220bps
Operating margin	45.3%	—	42.4%	+290bps
Free cash flow	$0.94B	—	$0.84B	+12.6%

Guidance

American Tower raised full-year FY2026 guidance across all key metrics (property revenue +$145M, Adjusted EBITDA +$105M, AFFO per share +$0.12 midpoint) on strong international portfolio performance and data center momentum, though growth rates remain modest (1.4-3.4% midpoint).

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

New guidance

Metric	Period	Guide	YoY
Property revenue growth rate	FY 2026	3.4% midpoint	—
Adjusted EBITDA growth rate	FY 2026	1.4% midpoint	—
AFFO attributable to AMT common stockholders per Share growth rate	FY 2026	2.1% midpoint	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Total property revenue	FY 2026	$10,440 million to $10,590 million	$10,585 million to $10,735 million	+$145 million midpoint increase	Raised
Adjusted EBITDA	FY 2026	$7,090 million to $7,160 million	$7,195 million to $7,265 million	+$105 million midpoint increase	Raised
AFFO attributable to AMT common stockholders	FY 2026	$5,035 million to $5,115 million	$5,090 million to $5,170 million	+$55 million midpoint increase	Raised
AFFO attributable to AMT common stockholders per Share	FY 2026	$10.78 to $10.95	$10.90 to $11.07	+$0.12 midpoint increase	Raised
Net income	FY 2026	—	$3,015 million to $3,095 million	—	Raised
Net income attributable to AMT common stockholders	FY 2026	$2,980 million to $3,060 million	$2,965 million to $3,045 million	-$5 million midpoint (but +$85M reported midpoint increase due to FX gains)	Raised
Organic Tenant Billings Growth	FY 2026	approximately 1%	—	implicit reduction	Lowered

Segment KPIs

Q1 FY2026

Segment	Q1 FY2026	YoY
U.S. & Canada	$1.262B	-2.8%
Latin America	$0.48B	+20.3%
Africa & APAC	$0.379B	+13.5%
Europe	$0.261B	+22.4%
Data Centers	$0.289B	+18.4%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Total Tenant Billings Growth	2.3%
Organic Tenant Billings Growth	1.7%
Adjusted EBITDA	$1,835 million
Adjusted EBITDA Margin	67.0%
AFFO attributable to AMT common stockholders	$1,324 million
AFFO per Share	$2.84
Net Leverage Ratio	4.9x
Distribution per Share	$1.79

Management tone

The CoreSite re-rating completed in stages and is now anchored as a core long-term asset. Management framed CoreSite this quarter as a strategic foundation with edge synergy as the convergence story. Steve: "After more than four years leading CoreSite, my conviction of the platform is stronger than ever. The business has meaningfully exceeded our expectations." The shift from optionality language to commitment language matters: management is now explicitly underwriting CoreSite's continued capacity expansion as a primary capital allocation priority, not a hedge.

Brazil moved from "uncertain recovery timing" to "visible inflection." Rod described "the prospects of an earlier than expected market repair in Brazil and the forthcoming acceleration in organic growth in 2027." The Q1 FY2026 LATAM print of +20.3% reported is FX- and straight-line-aided; organic LatAm tenant billings actually declined ~2% on elevated Brazil churn. The risk: management is now publicly committed to a 2027 organic growth inflection, which is a falsifiable forecast.

European new-build commitment widened. This quarter management is committing to 700+ planned sites. The expansion in stated ambition is now firmly in the "growth-by-deployment" camp.

AI moved from speculative upside to embedded thesis. Steve embedded AI as a structural demand driver: "new AI applications are going to place meaningfully greater demands on wireless networks... notably, those projections don't fully capture the potential incremental upside from the transition to 6G or AI-enabled applications." The thesis now sits alongside 6G densification and mobile data doubling as the three structural pillars supporting long-duration tower demand.

Strongest-decade language is the new anchor. Steve: "American Tower is on its strongest strategic footing in at least a decade." This is the most confident posture statement in recent memory — supported by leverage held at 4.9x, the DISH overhang now reflected in the base, and CoreSite/international compounding. The risk it creates: every subsequent quarter is now benchmarked against this framing.

Recurring themes management leaned on this quarter:

AI-driven infrastructure demand as material secular tailwindCoreSight interconnection-hub model outperforming as differentiator vs. traditional data centerLatin America (Brazil) market repair and return to growth trajectory 2027-2028European expansion via new builds accelerating beyond original business case6G densification and mobile data consumption doubling as long-duration driversBalance sheet strength enabling disciplined capital allocation and flexibility

Risks management surfaced:

DISH litigation and contract enforceability outcomes (though stated as de-risked)Brazil and Latin America macroeconomic volatility and churn accelerationNIMBYism and permitting delays for data center expansion (explicitly acknowledged as growing wave)FX headwinds/tailwinds variability (noted as 200 bps in 2026 guidance)Interest rate impacts on refinancing costs (100 bps headwind noted)

Answers to last quarter's watch list

FY2026 quarterly cadence on organic tenant billings growth — Q1 FY2026 consolidated organic tenant billings printed 1.7% (~4% ex-DISH), with total tenant billings at 2.3%. Management reiterated the ~1% FY organic guide (~4% ex-DISH) and explicitly framed DISH churn as back-half-weighted; the Q1 print is consistent with front-loaded organic and back-half churn. U.S. & Canada printed -2.8% YoY in Q1; ex-DISH U.S. organic was ~5% per Rod. Status: Tracking to plan

CoreSite signings and pre-leasing — Data Centers grew 18.4% YoY to $289M (cash growth ~17% ex straight-line). Management characterized CoreSite as having "meaningfully exceeded expectations" with "strongest conviction" framing, called out an "inflection in interconnection activity" this quarter, and pulled edge synergy with the tower platform forward in the narrative. Specific signed-but-not-commenced backlog disclosure remains thin.

Continue monitoring

DISH collections — Management reiterated that DISH has been fully removed from guidance and any recovery would be incremental.

Continue monitoring

Brazil churn cadence — LATAM property revenue grew 20.3% YoY reported (FX- and straight-line-aided); organic tenant billings declined ~2% on elevated Brazil churn per Rod. Management described Brazil as in observable "market repair" with the inflection pulled forward toward 2027. The front-loaded churn appears to be giving way to acceleration on the new-business side faster than expected. Status: Resolved positively on direction

Tower cash EBITDA margin progression — Q1 FY2026 adjusted EBITDA margin was 67.0%; cash-adjusted EBITDA margins declined ~110bps YoY on DISH churn, SG&A timing, and higher Africa fuel prices. Management reaffirmed confidence in the 200–300bps five-year tower cash EBITDA margin expansion target.

Continue monitoring

Capital allocation posture — Net leverage held flat at 4.9x. The company repurchased ~$184M in Q1 plus $19M through April 21, bringing cumulative buyback to over $565M since restarting in Q4. Capital allocation messaging emphasized continued international/data center reinvestment alongside opportunistic buybacks. Status: Active but measured

What to watch into next quarter

LATAM organic ex-FX trajectory toward the 2027 inflection commitment — organic LatAm tenant billings declined ~2% in Q1 on elevated Brazil churn. Watch whether sequential improvement materializes in H2 as the new-business application acceleration translates into commenced revenue, and whether the curve credibly points toward the 2027 inflection.

CoreSite pre-leasing and capacity conversion — management called out an "inflection in interconnection activity" this quarter. The test through FY2026 is whether signed-but-not-commenced backlog grows alongside the 18%+ revenue growth, and whether interconnection revenue mix continues to compound.

U.S. & Canada YoY trajectory ex-DISH — Q1 FY2026's -2.8% is the trough. Watch whether segment revenue inflects toward flat by Q3/Q4 as DISH lapses, and whether application-to-commencement conversion finally translates to billings.

DISH litigation or recovery disclosure — DISH is fully removed from guidance and any partial collection, settlement, or adverse ruling would be incremental; the litigation docket is public.

U.S. new-build re-engagement — Steve described AMT as "excited about the prospect of building more sites everywhere in our developed markets." Watch for any signed BTS announcement.

Buyback pace — $184M repurchased in Q1 plus $19M in April; cumulative >$565M since Q4 restart. Watch whether Q2/Q3 disclosures show acceleration or holding at this measured pace.

Sources

AMT Q1 FY2026 press release: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000094/pressreleaseq12026.htm
AMT Q1 FY2026 earnings call prepared remarks
AMT Q4 FY2025 press release (prior FY2026 guidance baseline)

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