AMERICAN TOWER CORP /MA/ (AMT) Company Report

Strategic pillars for 2026 include maximizing organic growth, disciplined cost management, selective CapEx in developed markets, and maintaining an investment-grade balance sheet to drive industry-leading AFFO per share growth.
DISH litigation risk: DISH accounts for ~2% of global revenues (≈$200 million/year) with potential exposure net-present-valued at $1.5–2 billion; American Tower filed suit in late 2025 to enforce a 2021 MLA through 2036.
US tower market outlook: mobile data usage has grown ~35% annually, and carriers are shifting from 5G coverage builds into quality and capacity densification—supporting mid-single-digit organic growth and laying groundwork for 6G deployments.
Emerging-market trends: Latin America to see low growth in 2026–27 amid Brazilian churn and carrier bankruptcies, while Africa posts double-digit leasing growth offset by FX volatility; Mexico’s 5G investment remains on hold pending spectrum policy.
CoreSite momentum: robust interconnection demand and record megawatt developments underpin expectations for upper single-digit to double-digit growth and position the business for edge computing synergies.

Dec 9, 2025, 2:00 PM

Transcript

American Tower outlines 2026 strategic priorities at UBS conference

AMT

Legal Proceedings

Share Buyback

New Projects/Investments

Steve Vondran details four strategic pillars for 2026: maximize organic growth, disciplined cost management, focus discretionary CapEx on developed markets, and sustain an investment-grade balance sheet to drive industry-leading AFFO per share growth.
Ongoing litigation with DISH represents 2% of global revenues (~$200 million annually) and is valued at $1.5–$2 billion in present-value risk.
In the U.S., with initial 5G coverage largely complete, carriers are now prioritizing quality and capacity improvements—via site amendments and densification—supported by 35% annual mobile data growth over the past three years.
The company is reallocating discretionary CapEx toward the U.S., Europe and CoreSite (targeting high single- to double-digit growth), while dynamically comparing stock buybacks versus investment returns to optimize capital deployment.

Dec 9, 2025, 2:00 PM

Transcript

American Tower completes $850M senior notes offering

AMT

Debt Issuance

Completed a registered public offering of $850.0 million aggregate principal amount of 4.700% senior unsecured notes due 2032, resulting in net proceeds of approximately $839.5 million.
Intends to use the net proceeds to repay existing indebtedness under its $4.0 billion senior unsecured revolving credit facility.
Notes mature on December 15, 2032 and bear interest at 4.700% per annum, payable semi-annually on June 15 and December 15, beginning June 15, 2026.
Indenture covenants limit lien incurrences to an aggregate amount not exceeding 3.5× Adjusted EBITDA, include optional redemption with make-whole premiums, and require a 101% repurchase upon a Change of Control Triggering Event.

Dec 5, 2025, 9:19 PM

8-K

American Tower confirms $1.70 dividend and $840M senior notes offering

AMT

Debt Issuance

Dividends

Quarterly dividend of $1.70 per share, payable February 2, 2026, underscoring commitment to shareholder returns
Priced $839.5 million senior notes offering to fund growth amid market challenges
Strong profitability with operating margin of 46.41% and net margin of 28.11%
Significant leverage: debt-to-equity ratio of 11.39 and Z-Score of 1.18

Dec 5, 2025, 1:53 AM

Morningstar

American Tower reports Q3 2025 results and raises full‐year outlook

AMT

Earnings

Guidance Update

Dividends

American Tower posted Q3 2025 total property revenue of $2,616 M (up 5.9% Y/Y), total revenue of $2,717 M (+7.7% Y/Y), adjusted EBITDA of $1,816 M (+7.6% Y/Y) and AFFO per share, as adjusted, of $2.78 (+10.3% Y/Y).
Net income attributable to common stockholders was $853 M, or $1.82 per diluted share, reversing a $(792) M loss in Q3 2024.
Raised full‐year 2025 outlook: property revenue to $10,250 M (from $10,210 M), adjusted EBITDA to $7,085 M (from $7,040 M), and attributable AFFO to $5,000 M (from $4,950 M).
Maintained a strong balance sheet with 4.9x net leverage (LQA) and $10.7 B liquidity as of Sept 30, 2025; targeting ~$3.2 B in dividends for 2025.

Oct 28, 2025, 12:30 PM

Presentation

American Tower reports Q3 2025 results

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% year-over-year, adjusted EBITDA rose nearly 8%, and attributable AFFO per share as adjusted increased approximately 10% in Q3 2025.
Consolidated organic tenant billings advanced 5%, while the data center segment property revenue climbed over 14%, driven by record retail leasing and pricing growth at CoreSite.
Raised full-year 2025 guidance across property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share, now targeting ~7% AFFO per share growth net of FX (or ~9% excluding FX and financing costs) at the midpoint.
Capital allocation plan includes a $3.2 billion common dividend, $1.7 billion in capital expenditures ($1.5 billion for ~2,150 new towers; $600 million for data centers), 4.9x net leverage, $10.7 billion liquidity, and $28 million in share repurchases year-to-date (with $2 billion remaining).
Legal developments cover a $30 million reserve for the AT&T Mexico revenue dispute (including $19 million through Q3; arbitration set for August 2026) and a lawsuit against Dish to enforce spectrum-related lease payments through 2036 (~2% of property revenue).

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results and raises full-year guidance

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% YoY, with adjusted EBITDA up ~8% and attributable AFFO per share as adjusted up ~10% in Q3 2025.
Consolidated property revenue rose ~6% (U.S. flat; International +12%; Data Center +14%), and organic tenant billings grew ~5%, driven by robust U.S. services and double-digit CoreSite growth.
Full-year guidance was raised: property revenue to ~3% growth (or ~5% ex straight-line & FX), organic billings ~5%, data center ~13%, adjusted EBITDA ~4% (or ~7% ex impacts), and AFFO per share ~7% (or ~9% ex FX & financing).
Capital plan: $3.2 billion dividend; $1.7 billion capex (≈2,150 new towers; $600 million in data centers); net leverage 4.9×; $10.7 billion liquidity; $28 million in share repurchases since quarter-end.

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results

AMT

Earnings

Guidance Update

Share Buyback

Total revenue grew nearly 8% year-over-year, adjusted EBITDA up nearly 8%, and attributable AFFO per share increased ~10% in Q3 2025.
Consolidated organic tenant billings grew 5%, with U.S. & Canada organic up 4% (over 5% ex-Sprint), international up 7%, and data center property revenue up 14%+.
Raised full-year 2025 outlook: property revenue, adjusted EBITDA, attributable AFFO, and AFFO per share guidance increased, underpinned by FX tailwinds, U.S. services, and net interest benefits.
Balance sheet remains strong with net leverage at 4.9x, $10.7 billion liquidity, and $28 million of share repurchases executed since quarter-end.

Oct 28, 2025, 12:30 PM

Transcript

American Tower reports Q3 2025 results

AMT

Earnings

Dividends

Total revenue of $2,717 M (+7.7%) and property revenue of $2,616 M (+5.9%) in Q3 2025.
Net income increased 216.9% to $913 M, with net income attributable to common stockholders of $853 M (EPS $1.82).
Adjusted EBITDA rose 7.6% to $1,816 M, and AFFO grew 5.3% to $1,303 M (AFFO per share $2.78).
Declared Q3 regular cash distribution of $1.70 per share (aggregate $796.1 M, +4.9% YoY).
Net leverage ratio of 4.9x and $10.7 B in total liquidity as of September 30, 2025.

Oct 28, 2025, 11:04 AM

8-K

American Tower reports Q3 2025 results

AMT

Earnings

Dividends

Total revenue was $2,717 million, up 7.7%, and adjusted EBITDA was $1,816 million, up 7.6% year-over-year.
Net income was $913 million (up 216.9%), with net income attributable to common stockholders of $853 million (up 207.7%).
AFFO attributable to common stockholders was $1,303 million (up 5.3%), or $2.78 per share, and as-adjusted AFFO grew 10.4% to $1,303 million.
The Company declared a $1.70 per share cash distribution (up 4.9%) and reported a net leverage ratio of 4.9x as of September 30, 2025.

Oct 28, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for AMERICAN TOWER CORP /MA/.

Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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AMERICAN TOWER CORP /MA/ (AMT)

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Q3 2025

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Steven O. Vondran

Bud Noel

Olivier Puech

Rich Rossi

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Gene Reilly

Grace D. Lieblein

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