Executive Summary

Revenue rose 3.2% year over year to $2.63B, with property revenue up 1.2% to $2.53B; Adjusted EBITDA grew 1.8% to $1.75B, while AFFO fell 6.7% to $1.22B due to prior-year nonrecurring benefits and FX headwinds .
EPS of $0.78 was a significant miss vs. consensus $1.66*, while revenue modestly beat consensus $2.592B*; services revenue nearly doubled year over year to $100M, reflecting near-record U.S. services activity .
AMT raised full-year 2025 guidance for property revenue, Adjusted EBITDA, and AFFO (midpoints +$165M, +$120M, +$55M, respectively) but reduced net income midpoints (-$400M NI, -$475M NICS), citing unrealized FX losses .
CoreSite sustained double-digit revenue growth driven by demand for AI-ready interconnection; management flagged a healthy densification pipeline and >50% YoY increase in application volume, but noted slower commencements at one U.S. customer .

What Went Well and What Went Wrong

What Went Well

U.S. services delivered a near-record quarter; management highlighted broad-based midband upgrades and accelerating densification as key drivers .
CoreSite posted double-digit revenue growth and margin expansion on AI-related workloads; the DE1 Denver acquisition added capacity and ~$10M in 2025 property revenue in outlook .
Organic Tenant Billings Growth was 4.7%, and total tenant billings growth was 5.2%, supported by colocations/amendments and escalations across regions .

What Went Wrong

Unrealized FX losses of ~$484M reduced net income 58% YoY and drove the EPS miss vs. consensus .
Latin America remained challenged: property revenue declined 13.2% YoY; management cited increased bad debt and collection issues, elevated churn post-consolidation .
Timing slippage on U.S. commencements for one customer modestly lowered new business OTBG and U.S. OTBG to ~4.3% (from ≥4.3% in prior guide) .

Financial Results

Quarterly financials (oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Total Revenue ($USD Millions)	$2,547.6	$2,562.8	$2,626.9
Property Revenue ($USD Millions)	$2,483.9	$2,488.2	$2,527.4
Services Revenue ($USD Millions)	$63.7	$74.6	$99.5
Diluted EPS ($)	$2.62	$1.04	$0.78
Adjusted EBITDA ($USD Millions)	$1,692.0	$1,744.2	$1,751.8
Adjusted EBITDA Margin (%)	66%	68%	67%
AFFO ($USD Millions)	$1,087.8	$1,290.2	$1,218.3
AFFO per Share ($)	$2.32	$2.75	$2.60

Segment revenue breakdown (Q2 2024 vs Q2 2025)

Segment	Q2 2024 ($USD Millions)	Q2 2025 ($USD Millions)
U.S. & Canada Property	$1,315	$1,307
Latin America Property	$449	$389
Africa & APAC Property	$299	$336
Europe Property	$203	$233
Total International Property	$951	$958
Data Centers Property	$231	$262
Total Property Revenue	$2,497	$2,527
Services	$47	$100
Total Revenue	$2,545	$2,627

KPIs and operating metrics

KPI	Q2 2025
Total Tenant Billings Growth ($, %)	$97; 5.2%
Organic Tenant Billings Growth ($, %)	$87; 4.7%
Property Gross Margin ($USD Millions)	$1,887
Property Gross Margin (%)	74.7%
Adjusted EBITDA Margin (%)	66.7%
Free Cash Flow ($USD Millions)	$969
Capital Expenditures ($USD Millions)	$313
Net Leverage Ratio (x)	5.1x
Common distribution per share ($)	$1.70

Q2 2025 results vs. Wall Street consensus

Metric	Consensus	Actual	Beat/Miss
Revenue ($USD Millions)	$2,591.8*	$2,626.9	Beat
Primary EPS ($)	$1.66*	$0.78	Miss

Values marked with * were retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance (Q1 2025 PR)	Current Guidance (Q2 2025 PR)	Change
Total Property Revenue ($USD Millions)	FY 2025	$9,970–$10,120	$10,135–$10,285	Raised
Adjusted EBITDA ($USD Millions)	FY 2025	$6,885–$6,955	$7,005–$7,075	Raised
AFFO ($USD Millions)	FY 2025	$4,850–$4,940	$4,905–$4,995	Raised
AFFO per Share ($)	FY 2025	$10.35–$10.54	$10.46–$10.65	Raised
Net Income ($USD Millions)	FY 2025	$2,740–$2,840	$2,340–$2,440	Lowered
Net Income Attrib. to AMT ($USD Millions)	FY 2025	$2,775–$2,875	$2,300–$2,400	Lowered
Capital Expenditures ($USD Millions)	FY 2025	$1,635–$1,745	$1,615–$1,725	Lowered
Common Dividends (Aggregate $USD Billions)	FY 2025	N/A	~$3.2 (subject to Board approval)	New disclosure

Management attributes raises to FX tailwinds (+$130M property revenue, +$80M Adjusted EBITDA, +$55M AFFO) and core outperformance, while net income was reduced on unrealized FX losses .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2: Q4 2024; Q-1: Q1 2025)	Current Period (Q2 2025)	Trend
AI/technology initiatives (CoreSite)	Exceptional year of leasing; strong interconnection ecosystem	Double-digit revenue growth; margin expansion; DE1 acquisition; AI-related workloads (inferencing/ML, GPUs as a service)	Strengthening
Supply chain and tariffs	Not highlighted in PR	Proactive pre-buying; contractual tariff cost mitigation; potential acceleration challenges	Manageable constraints
Macro/FX	FY24 FX gains boosted results; FY25 guide includes FX drags	FX tailwinds raised FY25 property revenue/EBITDA/AFFO; large unrealized FX losses hit Q2 NI/EPS	Mixed: tailwinds to FY guide, headwinds to EPS
U.S. 5G rollout/densification	Midband deployments sustained; globalization efficiency	Broad-based midband upgrades; >50% YoY application volume; early densification, 200% colocation increase; one customer slower commencements	Positive demand; timing variability
Regional trends (LatAm)	Consolidation/churn; stabilization evolving	Property revenue -13.2% YoY; bad debt and elevated churn; low-single-digit growth expected through 2027	Challenged near-term
Regulatory/legal (Europe)	Segment steady; high-quality counterparties	EU 5G deployment to 2030; Germany spectrum extensions/coverage obligations supportive	Supportive
Churn trajectory (U.S.)	Sprint churn ongoing	Final Sprint churn year; churn expected ~1% of U.S. revenue in Q4 and beyond (ex-UScellular impacts)	Improving

Management Commentary

“Demand for our high-quality global portfolio of telecommunications sites continued into the second quarter… Growing demand for AI-ready interconnection solutions fueled double-digit growth at CoreSite… international activity remains steady, with a solid cash flow conversion enhanced through cost and capital discipline.” — CEO Steven Vondran .
“Leasing momentum remained strong… consolidated organic tenant billings growth of 4.7%… U.S. services business had a near-record quarter… CoreSite had an exceptional quarter with double-digit revenue growth and gross margin expansion… net leverage stood at 5.1 times.” — CFO Rod Smith .
On U.S. pipeline: “Total application volume increased more than 50% year over year… [but] a customer… is moving a little bit slower than we expected” on commencements — CEO Steven Vondran .

Q&A Highlights

U.S. leasing dynamics: Healthy pipeline and rising colocations; modest timing delays on commencements for one customer lowered U.S. OTBG to ~4.3% (from ≥4.3%), reducing new business by ~$5M in-year — management emphasized timing, not demand change .
Churn outlook: Final Sprint churn this year; churn expected to drop to ~1% of U.S. revenues in Q4 and remain low thereafter, excluding any UScellular impacts .
UScellular and DISH exposure: UScellular <0.5% of global property revenue (<1% U.S.); DISH ~2% global, ~4% U.S.; management optimistic on DISH developments .
CoreSite supply chain: Pre-buys and tariff cost mitigation clauses; demand remains robust though supply chain length can limit acceleration .
Capital allocation: Target leverage ≤5x; prioritize dividend growth broadly aligned with AFFO, internally generated capex ($1.7B FY25), and flexible debt reduction/M&A/buybacks .

Estimates Context

Q2 2025 EPS of $0.78 missed consensus $1.66* materially, driven by ~$484M unrealized FX losses; revenue of $2.627B beat consensus $2.592B* .
Consensus counts: 6 EPS estimates; 16 revenue estimates*; magnitude of FX-driven EPS volatility suggests models may need to incorporate updated FX assumptions before translating to net income .