American Tower Corporation (REIT): Beat — EPS $1.64, Revenue $2.79B
Earnings BeatQ3 2026 · Pre-market
Did American Tower Corporation (REIT) (AMT) beat earnings today?
Yes, American Tower Corporation (REIT) (AMT) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+0.61% surprise
$1.64Actual
Expected: $1.63
vs. year ago -9.9%
Total Revenue+0.92% surprise
$2.79BActual
Expected: $2.76B
vs. year ago +2.5%
Released Oct 27 · 7:00 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $2.79B | $2.72B | +2.5% |
| Revenue detail — reported lines | |||
| └─Property | $2.73B | $2.62B | +4.5% |
| Consolidated revenue by source | |||
| └─Services | $51.40M | $101.10M | -49.2% |
| Net Income | $780.80M | $912.60M | -14.4% |
| GAAP Basic EPS | $1.65 | $1.82 | -9.3% |
| GAAP Diluted EPS | $1.64 | $1.82 | -9.9% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Total property revenue | — | $10,785M-$10,865M (+5.0% YoY) |
| U.S. & Canada Property | — | $5,085M-$5,095M (-3.0% YoY) |
| Latin America Property | — | $1,813M-$1,833M (+11.0% YoY) |
| Africa & APAC Property | — | $1,644M-$1,664M (+16.2% YoY) |
| Europe Property | — | $1,025M-$1,045M (+10.4% YoY) |
| Data Centers Property | — | $1,218M-$1,228M (+16.1% YoY) |
| Net income | — | $3,253M-$3,308M (+24.8% YoY) |
| Net income attributable | — | $3,183M-$3,238M (+26.9% YoY) |
| Adjusted EBITDA | — | $7,248M-$7,303M (+2.0% YoY) |
| AFFO attributable | — | $5,148M-$5,203M (+2.6% YoY) |
| AFFO per Share | — | $11.04-$11.16 (+3.2% YoY) |
| International pass-through revenue | — | $1,259M |
| Straight-line revenue | — | ($62M) |
| Organic Tenant Billings | — | U.S. & Canada ~0.5%; Latin America (~3%); Africa & APAC ~8.5%; Europe ~4%; Total ~1% |
| New Site Tenant Billings | — | U.S. & Canada ~0%; Latin America ~0%; Africa & APAC ~3.5%; Europe ~4%; Total ~1% |
| Total Tenant Billings Growth | — | U.S. & Canada ~0.5%; Latin America (~3%); Africa & APAC ~12%; Europe ~8%; Total ~2% |
| Discretionary capital projects | — | $1,035M-$1,065M |
| Ground lease purchases | — | $190M-$210M |
| Start-up capital projects | — | $40M-$60M |
| Redevelopment | — | $315M-$345M |
| Capital improvement | — | $170M-$180M |
| Corporate | — | $15M-$15M |
| Total capital expenditures | — | $1,765M-$1,875M |
| Communications sites | — | 1,300-1,900 |
| Data Centers development spend | — | $695M |
| Interest expense | — | $1,446M-$1,436M |
| Depreciation, amortization and accretion | — | $2,065M-$2,075M |
| Stock-based compensation expense | — | $149M-$149M |
| Other | — | ($155M)-($155M) |
| Capital improvement capital expenditures | — | ($170M)-($180M) |
| Corporate capital expenditures | — | ($15M)-($15M) |
| Adjustments and distributions | — | ($435M)-($435M) |
| Diluted shares outstanding | — | 466,200K-466,200K |
| Cash interest expense | — | ($1,395M)-($1,385M) |
| Interest income | — | $162M-$162M |
| Cash paid for income taxes | — | ($341M)-($341M) |
Business Highlights
- ➤Allocated $315M to repurchase approximately 1.8M shares during the quarter.
- ➤Repurchased approximately 0.4M shares for approximately $68M through October 20.
- ➤Board authorized an additional $2.0B for future share repurchases.
- ➤Declared a regular common-stock distribution of $1.79 per share.
- ➤Agreed to sell Canadian subsidiaries for approximately C$288M.
- ➤Expects to complete the Canadian business sale in Q4 2026.
- ➤Issued $1.6B of senior unsecured notes due 2031, 2033 and 2036.
- ➤Repaid $600.0M of senior unsecured notes at maturity.
- ➤Portfolio includes over 147,000 communications sites and interconnected U.S. data centers.
Management Commentary
Steve Vondran, Chief Executive Officer
“We delivered another solid quarter, supported by consistent leasing demand across our global tower portfolio and continued outperformance from CoreSite. This momentum, combined with disciplined capital allocation, enabled us to raise our full-year outlook for the third time this year. Our results reflect the strength of our business and a portfolio that has become increasingly focused on high-quality assets and attractive growth opportunities. The actions we have taken to simplify the portfolio and enhance financial flexibility are creating a stronger foundation for durable, long-term growth. At the same time, demand for digital infrastructure continues to expand as wireless connectivity, cloud adoption, and AI applications become increasingly critical to the global economy. With our premier global tower portfolio and differentiated interconnection-focused data center platform, we believe American Tower is uniquely positioned to capitalize on these trends and deliver sustainable long-term value for our shareholders.”