Results
7Total revenue increased 4.7% to $2,749 million
Total property revenue increased 6.3% to $2,688 million
6Net income increased 133.2% to $888 million (1)
8Adjusted EBITDA increased 3.2% to $1,808 million
Net income attributable to AMT common stockholders increased 136.5% to $868 million (1)
AFFO attributable to AMT common stockholders increased 3.8% to $1,264 million
Management commentary
Steve Vondran, American Tower’s Chief Executive Officer, stated, “We delivered another strong quarter, driven by robust leasing demand across our global tower portfolio, record leasing activity at CoreSite, and continued operational excellence.
1This momentum translated into mid-single-digit AFFO per share growth, normalized for one-time DISH churn, and enabled us to raise our full-year outlook for the second time this year.Guidance raised
The outlook for digital infrastructure remains exceptionally compelling.
Mobile data consumption continues to grow at an extraordinary pace, cloud adoption remains strong, AI-driven applications are rapidly scaling, and network architectures are evolving to support a more connected and data-intensive world.
We believe these powerful secular trends are creating a multi-year demand cycle for the digital infrastructure that underpins the global economy.
With our unmatched portfolio of communications towers and highly interconnected data centers, American Tower is uniquely positioned at the intersection of wireless, cloud, and AI.
As our customers invest to expand capacity, increase network density, and accelerate digital transformation, we believe we are well positioned to capture that growth, strengthen our market leadership, and deliver sustainable long-term value for our shareholders.”
Results
CONSOLIDATED OPERATING RESULTS OVERVIEW
American Tower generated the following operating results for the quarter ended June 30, 2026 (all comparative information is presented against the quarter ended June 30, 2025).
(1) Q2 2026 growth rates impacted by foreign currency gains of approximately $42.1 million in the current period as compared to foreign currency losses of $(484.0) million in the prior-year period.
Capital return
CAPITAL ALLOCATION OVERVIEW
Distributions – During the quarter ended June 30, 2026, the Company declared the following regular cash distributions to its common stockholders:
Common Stock DistributionsQ2 2026 (1)
Distributions per share$1.79
Aggregate amount (in millions)$834.1
Results
Year-over-year per share growth5.3%
Capital return
(1) The distribution declared on May 21, 2026 was paid on July 13, 2026 to stockholders of record as of the close of business on June 12, 2026.
Stock Repurchase Program – During the second quarter of 2026, the Company repurchased a total of approximately 0.1 million shares of its common stock for an aggregate of approximately $19 million, including commissions and fees.
Corporate events
Divestitures – On June 15, 2026, the Company completed the sale of its subsidiary in the Philippines (“ATC Philippines”) for a total consideration of $75.6 million at the date of closing.
On June 29, 2026, the Company completed the sale of its controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for total consideration of $6.9 million at the date of closing.
Results
Capital Expenditures – During the second quarter of 2026, total capital expenditures were approximately $329 million, of which $47 million was for non-discretionary capital improvements and corporate capital expenditures.
For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website.
Corporate events
LEVERAGE AND FINANCING OVERVIEW
Results
Total debt$37,190
Less: Cash and cash equivalents1,763
Net Debt$35,427
Divided By: Second quarter annualized Adjusted EBITDA (1)7,233
Net Leverage Ratio4.9x
Corporate events
Liquidity and Financing Activities – As of June 30, 2026, the Company had approximately $9.9 billion of total liquidity, consisting of approximately $1.8 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.2 billion under its revolving credit facilities, net of any outstanding letters of credit.
On April 14, 2026, the Company repaid $700.0 million aggregate principal amount of its 1.600% senior unsecured notes due April 15, 2026 upon their maturity.
On May 7, 2026, the Company amended its $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021, as further amended (the “2021 Multicurrency Credit Facility”), its $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021, as further amended, and its $1.0 billion term loan, as amended and restated in December 2021, as further amended (collectively, the “Loans”), to, among other things, extend the maturity dates under the Loans, and to include limited conditionality provisions in the 2021 Multicurrency Credit Facility, permitting the Company to borrow up to $5.0 billion in connection with certain acquisitions subject to such limited conditionality provisions.
On May 21, 2026, the Company repaid €500.0 million aggregate principal amount of its 1.950% senior unsecured notes due May 22, 2026 upon their maturity.
On May 27, 2026, the Company issued €750.0 million (approximately $872.0 million at the date of issuance) aggregate principal amount of 4.000% senior unsecured notes due 2033.
The net proceeds from this offering were used to repay existing indebtedness under the 2021 Multicurrency Credit Facility and to partially redeem the 4.125% Notes.
On June 18, 2026, the Company redeemed €250.0 million of its 4.125% senior unsecured notes due May 16, 2027 (the “4.125% Notes”).
Upon completion of this partial redemption, €350.0 million aggregate principal amount of the 4.125% Notes remain outstanding.
Outlook
FULL YEAR 2026 OUTLOOK
The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for July 28, 2026 through December 31, 2026: (a) 1,527 Argentinean Pesos; (b) 5.15 Brazilian Reais; (c) 1.37 Canadian Dollars; (d) 895 Chilean Pesos; (e) 3,700 Colombian Pesos; (f) 0.86 Euros; (g) 11.80 Ghanaian Cedis; (h) 135 Kenyan Shillings; (i) 17.50 Mexican Pesos; (j) 1,380 Nigerian Naira; (k) 6,300 Paraguayan Guarani; (l) 3.45 Peruvian Soles; (m) 16.60 South African Rand; (n) 3,770 Ugandan Shillings; and (o) 560 West African CFA Francs.
4The Company’s outlook reflects estimated positive impacts of foreign currency exchange rate fluctuations to total property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share of approximately $35 million, $22 million, $29 million and $0.06 per Share, respectively, relative to the Company’s prior 2026 outlook.Guidance raised
The impact of foreign currency exchange rate fluctuations on net income metrics is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort.
2As a result of the estimated positive foreign currency exchange rate fluctuations described above, Data Center outperformance and one-time expense benefits, the Company is raising the midpoints of its full year 2026 outlook for property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share by $110 million, $45 million, $45 million and $0.09, respectively.Guidance raised
3The Company is increasing the midpoint for net income and net income attributable to AMT common stockholders by $255 million and $235 million, respectively, primarily due to unrealized foreign currency gains.Guidance raised
(1) Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,790 million to $1,810 million, Africa & APAC property revenue of $1,620 million to $1,640 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,200 million to $1,220 million, reflecting midpoint growth rates of (3.0)%, 9.6%, 14.6%, 10.9% and 14.9%, respectively.
5The U.S. & Canada growth rate includes an estimated negative impact o f over 3% associated w ith a decrease in non-cash straight-line revenue recognitio n.
Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets.
(2) Property revenue growth rate includes an estimated negative impact of approximately 2% associated with a decrease in straight-line revenue recognition.
(3) Adjusted EBITDA growth rate includes an estimated negative impact of approximately 2% associated with a decrease in net straight-line revenue recognition.
(1) Includes the construction of 1,700 to 2,300 communications sites globally and $695 million of development spend in the Company’s Data Centers segment.
Results
Tenant Billings: The majority of the Company’s revenue is generated from non-cancellable, long-term tenant leases.
Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) “escalations” reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) “cancellations” reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) “new sites” reflects the impact of new property construction and acquisitions.
Management commentary
International pass-through revenue: A portion of the Company’s pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices.
As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company’s real estate business and its economic exposure to power and fuel costs.
Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company’s markets.
As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates.
these events are initially deferred.
These signings and renewals are only a portion of the Company’s underlying business growth and can distort the underlying performance of our Tenant Billings Growth.
As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures.
Pre-paid amortization revenue: The Company recovers a portion of the costs it incurs for the redevelopment and development of its properties from its tenants.
These upfront payments are then amortized over the initial term of the corresponding tenant lease.
Given this amortization is not necessarily directly representative of underlying leasing activity on its real estate portfolio (i.e., does not have a renewal option or escalation as our tenant leases do), the Company believes that it is appropriate to provide insight into the impact of pre-paid amortization revenue on certain revenue growth rates to provide transparency into the underlying performance of our real estate business.
Foreign currency exchange impact: The majority of the Company’s Latin America, Africa & APAC and Europe revenue and operating expenses are denominated in each country’s local currency.
As a result, foreign currency fluctuations may distort the underlying performance of our real estate business from period to period, depending on the movement of foreign currency exchange rates versus the U.S. Dollar.
The Company believes it is appropriate to quantify the impact of foreign currency exchange rate fluctuations on its reported growth to provide transparency into the underlying performance of its real estate business.
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