AMT · Q2 2026 Earnings

Bullish

American Tower

Reported July 28, 2026

30-second summary

Q2 revenue grew 4.7% YoY to $2.75B (beating consensus of $2.70B by 1.8%) and GAAP EPS of $1.86 beat the $1.55 estimate by 20%, prompting management to raise the FY2026 property revenue midpoint by another $110M to $10.77B — the second consecutive quarterly raise on a guide that was set at $10.44–10.59B just two quarters ago. The composition confirms the Q1 thesis: U.S. & Canada declined 2.5% YoY as DISH churn continued absorbing, while Latin America (+13.4%), Africa & APAC (+23.5%), Europe (+11.5%), and CoreSite (+13.4%) all delivered double-digit growth. Total net income guidance was raised $255M at the midpoint ($235M for net income attributable to AMT common) — dwarfing the $45M Adjusted EBITDA raise and signaling that below-the-line items (primarily unrealized FX gains, per the press release) are contributing meaningfully alongside operating outperformance.

Headline numbers

EPS

Q2 FY2026

$1.86

+20.0% vs est.

Revenue

Q2 FY2026

$2.75B

+4.7% YoY

+1.8% vs est.

Gross margin

Q2 FY2026

73.7%

Free cash flow

Q2 FY2026

$1.16B

Operating margin

Q2 FY2026

46.1%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$2.75B	$2.63B	+4.6%	$2.74B	+0.4%
EPS	$1.86	$0.78	+138.5%	$1.84	+1.1%
Gross margin	73.7%	71.9%	+180bps	75.1%	-140bps
Operating margin	46.1%	45.6%	+50bps	69.0%	-2290bps
Free cash flow	$1.16B	$0.97B	+19.5%	$0.94B	+23.1%

Guidance

American Tower raised full-year FY2026 guidance across all metrics for the second time this year, reflecting strong operational execution and improved digital infrastructure demand.

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

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Total property revenue	FY2026	$10,585 to $10,735 million	$10,695 to $10,845 million	+$110 million at midpoint	Raised
Adjusted EBITDA	FY2026	$7,195 to $7,265 million	$7,240 to $7,310 million	+$75 million at midpoint	Raised
Net income attributable to AMT common stockholders	FY2026	$2,965 to $3,045 million	$3,200 to $3,280 million	+$235 million at midpoint	Raised
AFFO attributable to AMT common stockholders	FY2026	$5,090 to $5,170 million	$5,135 to $5,215 million	+$72.5 million at midpoint	Raised
AFFO attributable to AMT common stockholders per Share	FY2026	$10.90 to $11.07	$11.00 to $11.17	+$0.095 at midpoint	Raised
Net income	FY2026	$3,015 to $3,095 million	$3,270 to $3,350 million	+$255 million at midpoint	Raised

Segment KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
U.S. & Canada Property	$1.274B	$1.307B	-2.5%
Latin America Property	$0.442B	$0.389B	+13.6%
Africa & APAC Property	$0.415B	$0.336B	+23.5%
Europe Property	$0.259B	$0.233B	+11.2%
Data Centers Property	$0.297B	—	+13.4%

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted EBITDA	$1,808.2 million	$1,752 million	—
Adjusted EBITDA Margin	65.8%	66.7%	—
AFFO attributable to AMT common stockholders	$1,264 million	—	—
AFFO per Share	$2.71	$2.60	—
Total Tenant Billings Growth	2.4%	5.2%	—
Organic Tenant Billings Growth	1.7%	4.7%	—
Net Leverage Ratio	4.9x	5.1x	—
Property Gross Margin	$1,980 million (73.7%)	74.7%	—

Management tone

Transcript not available this quarter; tone analysis deferred. The press release qualitative statements — "raise our full-year outlook for the second time this year," "outlook for digital infrastructure remains exceptionally compelling," "well positioned to capture that growth, strengthen our market leadership" — extend the Q1 posture of maximum confidence rather than introducing a new tonal shift. The narrative arc through Q2 remains: Q3 "AI/hybrid-cloud, defer to February" → Q4 "DISH absorbed, algorithm reset, harvest mode" → Q1 "Strongest strategic footing in a decade" → Q2 "Second raise, exceptionally compelling."

Answers to last quarter's watch list

U.S. & Canada Q2 cadence — Segment revenue printed -2.5% YoY versus Q1's -2.8%, a shallow sequential improvement but still negative. Not yet the trough call the Q1 brief was looking for; ex-DISH underlying likely accelerated modestly, but the segment print remains dragged by DISH absorption for at least another quarter. Status: Continue monitoring

LATAM organic vs. straight-line/FX disaggregation — LATAM print moderated to +13.4% YoY from Q1's +20.3%, consistent with the accelerated OI straight-line revenue being a one-quarter benefit. The press release doesn't disaggregate organic from straight-line/FX at the segment line, so the "Brazil market repair" thesis isn't directly testable — but the direction (moderation, not collapse) is consistent with the Q1 read that underlying is stabilizing. Status: Continue monitoring

CoreSite interconnection revenue disclosure — No incremental disclosure of interconnection revenue or yields in the Q2 press release. Data Centers segment reported at $297M (+13.4% YoY), consistent with double-digit organic post-DE1 lap, but the granular framework the Q1 brief hoped for has not materialized. Status: Not resolved

FY2026 raise sustainability — Emphatically resolved. Q2 delivered a second raise: property revenue +$110M, EBITDA +$45M, net income +$255M, AFFO/share +$0.09 at the midpoint. Cumulative FY2026 property revenue raise now sits at +$255M from the initial Q4 guide. The Q1 lift was not front-loaded. Status: Resolved positively

Buyback cadence and remaining authorization — Press release does not disclose Q2 buyback activity or authorization refresh. Cannot resolve on the print. Status: Continue monitoring

DISH litigation procedural milestones — No procedural update disclosed in the press release. Status: Continue monitoring

Domestic build-to-suit announcements — No U.S. BTS announcement in the press release. Status: Continue monitoring

What to watch into next quarter

Whether U.S. & Canada turns positive by Q3 or Q4 — the segment has now printed -2.8%, then -2.5%; DISH churn should be largely digested by Q3, and a Q3 or Q4 return to positive YoY is the key operational milestone. If the segment stays negative through Q4, the "~4.5% ex-DISH organic" narrative comes under pressure.

Third FY2026 raise or hold at Q3 — a third consecutive raise would be a genuinely unusual pattern for AMT and would force a full re-underwrite of the FY2027 setup. Watch specifically whether Adjusted EBITDA is raised again — the $45M Q2 raise trailed the $255M net income raise, confirming that the Q2 flow-through was largely below-the-line (unrealized FX gains).

CoreSite growth durability post-DE1 — Q2's +13.4% is the first clean stand-alone read. Watch whether Q3/Q4 hold double-digit or step down as the DE1 base fully anniversaries.

Adjusted EBITDA margin trajectory — Q2 margin of 65.8% is down 120bps QoQ from Q1's 67.0%; watch whether this is mix (Africa & APAC growth carries higher pass-through costs) or something more structural.

February 2027 multi-year refresh signals — with FY2026 tracking materially above the initial reset, management will face pressure to re-anchor the long-term US algorithm at Q4 or in early 2027. Any commentary on Q3 pre-signaling this is worth catching.

Net income raise decomposition — the +$235M AMT common net income raise dwarfs the $45M EBITDA raise; the press release attributes it primarily to unrealized FX gains. Watch the 10-Q for full detail on interest expense favorability vs. FX vs. tax vs. other non-operating items.

Sources

AMT Q2 2026 press release: https://www.sec.gov/Archives/edgar/data/1053507/000105350726000131/pressreleaseq22026.htm
AMT Q1 2026 Tapebrief (prior FY2026 guide baseline and watch list)
AMT Q4 2025 Tapebrief (initial FY2026 guide anchor and multi-quarter tone context)
AMT Q3 2025 Tapebrief (multi-quarter tone context)

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