American Tower Corporation 8-K

Summary

Q3 2026 results with updated FY2026 guidance. American Tower raised its full-year property revenue outlook, citing Data Centers outperformance alongside consistent leasing demand across its global tower portfolio. The company reported higher revenue and AFFO per share, while net income declined; it attributed the latter partly to unrealized losses on equity investments.

Key Figures

• Property revenue rose 4.5%, supported by 1.1% organic tenant billings growth and 16.3% cash revenue growth in Data Centers. Data Centers property revenue was $313M, up 17.4%; tenant billings growth was strongest in Africa & APAC (11.6%) and Europe (6.0%), while Latin America declined 2.1%.
• Net income growth comparisons were affected by unrealized equity investment losses of $71.5M in Q3 2026 vs gains of $10.9M a year earlier. The company reported $37.6B of debt, $1.87B of cash and a 4.9x net leverage ratio at quarter-end.
• Q3 share repurchases totaled $315M for approximately 1.8M shares; through 10/20/2026, another $68M was used to repurchase approximately 0.4M shares. The board authorized an additional $2.0B for repurchases, on top of approximately $1.1B remaining under the program as of 10/20/2026. The company declared a $1.79/share distribution, up 5.3% Y/Y.
• American Tower agreed to sell its Canadian subsidiaries for approximately C$288M (≈$202M), with closing expected in Q4 2026 subject to customary conditions. It also issued $1.6B in principal amount of senior unsecured notes due in 2031, 2033 and 2036, using proceeds in part to repay maturing notes and revolving-credit-facility borrowings.

Guidance

FY2026 outlook as of 10/27/2026:

The capital expenditure outlook includes $695M of Data Centers development spending and construction of 1,300-1,900 communications sites globally.

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Total property revenue	FY2026	$10.695B-$10.845B; 4.5% growth	$10.785B-$10.865B; 5.0% Y/Y growth	raised
Net income	FY2026	$3.27B-$3.35B; 25.9% growth	$3.253B-$3.308B; 24.8% Y/Y growth	lowered
Net income attributable to AMT common stockholders	FY2026	$3.20B-$3.28B; 28.1% growth	$3.183B-$3.238B; 26.9% Y/Y growth	lowered
Adjusted EBITDA, non-GAAP	FY2026	$7.24B-$7.31B; 2.0% growth	$7.248B-$7.303B; 2.0% Y/Y growth	narrowed (raised low end, lowered high end)
AFFO attributable to AMT common stockholders	FY2026	$5.135B-$5.215B; 2.7% growth	$5.148B-$5.203B; 2.6% Y/Y growth	narrowed (raised low end, lowered high end)
AFFO attributable to AMT common stockholders per share	FY2026	$11.00-$11.17; 3.0% growth	$11.04-$11.16; 3.2% Y/Y growth	narrowed (raised low end, lowered high end)
U.S. & Canada property revenue	FY2026	$5.06B-$5.12B; (3.0)% midpoint growth	$5.085B-$5.095B; (3.0)% midpoint growth	narrowed (raised low end, lowered high end)
Latin America property revenue	FY2026	$1.79B-$1.81B; 9.6% midpoint growth	$1.813B-$1.833B; 11.0% midpoint growth	raised
Africa & APAC property revenue	FY2026	$1.62B-$1.64B; 14.6% midpoint growth	$1.644B-$1.664B; 16.2% midpoint growth	raised
Europe property revenue	FY2026	$1.025B-$1.055B; 10.9% midpoint growth	$1.025B-$1.045B; 10.4% midpoint growth	narrowed (lowered high end)
Data Centers property revenue	FY2026	$1.2B-$1.22B; 14.9% midpoint growth	$1.218B-$1.228B; 16.1% midpoint growth	raised
Capital expenditures	FY2026	$1.805B-$1.915B	$1.765B-$1.875B	lowered

Investor Takeaways

• Watch Data Centers property revenue against the FY2026 outlook of $1.218B-$1.228B, and organic tenant billings against the company’s reported 1.1% Q3 growth, to assess whether the cited portfolio momentum continues.
• FY2026 results against the updated property revenue and AFFO/share ranges will show whether Data Centers outperformance and capital allocation sustain the raised outlook.
• The expected Q4 2026 closing of the Canadian subsidiary sale is the next milestone for the announced divestiture.