American Tower Corporation 8-K
PositiveEarningsGuidance raised
Record Data Centers leasing supports growth; FX, Data Centers outperformance and one-time expense benefits lift the FY2026 outlook.
Filed 2026-07-28 07:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 outlook. Revenue and AFFO grew, supported by leasing demand and record leasing activity at Data Centers; net income growth was amplified by the swing in unrealized foreign currency results. AMT raised the midpoint of its full-year outlook for six metrics, citing foreign currency, Data Center outperformance and one-time expense benefits.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Total revenue | $2.75B | $2.63B | 4.7% |
| Operating income | $1.27B | $1.20B | 5.9% |
| Net income | $888M | $381M | 133.2% |
| Adjusted EBITDA (non-GAAP) | $1.81B | $1.75B | 3.2% |
| Net income attributable to AMT common stockholders | $868M | $367M | 136.5% |
| AFFO attributable to AMT common stockholders (non-GAAP) | $1.26B | $1.22B | 3.8% |
| Diluted EPS | $1.86 | $0.78 | 138.5% |
| AFFO per share (non-GAAP) | $2.71 | $2.60 | 4.2% |
| Cash provided by operating activities | $1.49B | — | 16.0% |
| Free cash flow | $1.16B | — | 19.6% |
- Property revenue grew 6.3%; total tenant billings grew 2.4% and organic tenant billings 1.7%. Data Centers revenue grew 13.4%; U.S. & Canada revenue declined 2.5%.
- Net income growth included $42.1M of unrealized foreign currency gains vs $(484M) of losses a year earlier.
- Cash was $1.76B, total debt $37.19B and net debt $35.43B; net leverage was 4.9x. AMT repurchased ≈0.1M shares for $19M and declared a $1.79 per-share distribution, up 5.3% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total property revenue (GAAP) | FY2026 | $10.695B-$10.845B; 4.5% growth | Midpoint $10.66B | Raised |
| Net income (GAAP) | FY2026 | $3.27B-$3.35B; 25.9% growth | Midpoint $3.055B | Raised |
| Net income attributable to AMT common stockholders (GAAP) | FY2026 | $3.20B-$3.28B; 28.1% growth | Midpoint $3.005B | Raised |
| Adjusted EBITDA (non-GAAP) | FY2026 | $7.24B-$7.31B; 2.0% growth | Midpoint $7.23B | Raised |
| AFFO attributable to AMT common stockholders (non-GAAP) | FY2026 | $5.135B-$5.215B; 2.7% growth | Midpoint $5.13B | Raised |
| AFFO per share (non-GAAP) | FY2026 | $11.00-$11.17; 3.0% growth | Midpoint $11.00 | Raised |
| U.S. & Canada property revenue | FY2026 | $5.06B-$5.12B; (3.0)% midpoint growth | — | — |
| Latin America property revenue | FY2026 | $1.79B-$1.81B; 9.6% midpoint growth | — | — |
| Africa & APAC property revenue | FY2026 | $1.62B-$1.64B; 14.6% midpoint growth | — | — |
| Europe property revenue | FY2026 | $1.025B-$1.055B; 10.9% midpoint growth | — | — |
| Data Centers property revenue | FY2026 | $1.2B-$1.22B; 14.9% midpoint growth | — | — |
| Total capital expenditures | FY2026 | $1.805B-$1.915B | — | — |
| Discretionary capital projects | FY2026 | $1.05B-$1.08B | — | — |
| Ground lease purchases | FY2026 | $200M-$220M | — | — |
| Start-up capital projects | FY2026 | $35M-$55M | — | — |
| Redevelopment | FY2026 | $335M-$365M | — | — |
| Capital improvement | FY2026 | $170M-$180M | — | — |
| Corporate capital expenditures | FY2026 | $15M | — | — |
The raised outlook includes plans for 1,700-2,300 communications sites and $695M of Data Centers development spend within discretionary capital projects.
Investor Takeaways
- Watch whether Data Centers and international growth sustain the raised FY2026 outlook amid softness in U.S. & Canada property revenue.
- Track AFFO per share against the FY2026 range of $11.00-$11.17.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3