AMT earnings analysis
What we found in AMT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
American Tower posted Q2 revenue of $2.7491B, up 5% year over year and slightly above Q1, with international property and data-center growth offsetting U.S. & Canada and Services declines. GAAP diluted EPS was $1.86, up from $0.78 in Q2 2025, while net income benefited substantially from the swing to $42.1M of foreign-exchange gains. Cash generation and $9.9431B liquidity support investment and distributions, but DISH-related churn, the AT&T Mexico arbitration, and $37.4B of debt remain material offsets.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth remained property-led
- Q2 revenue was $2.7491B, up 5% from $2.6269B a year earlier and modestly above Q1 2026 revenue of $2.74B. Property revenue increased 6% to $2.6878B, offsetting a 38% decline in Services revenue to $61.3M.
- Data center growth accelerated
- Data Centers revenue rose 13% year over year to $297.1M, while segment gross margin increased 15% to $183.3M, driven by new lease commencements, customer expansions, renewal rent increases and higher power/interconnection revenue.
- International portfolio offset U.S. pressure
- International segments delivered broad growth: Africa & APAC revenue rose 23% to $415.3M, Europe rose 11% to $259.4M, and Latin America rose 13% to $441.6M. Their segment operating profits increased 16%, 12% and 21%, respectively.
- Earnings and EBITDA increased
- GAAP net income more than doubled to $887.5M from $380.5M, and Adjusted EBITDA rose 3% to $1.8082B. The net-income increase was materially aided by $42.1M of foreign-currency gains versus $484.0M of losses in the prior-year quarter.
- Operating cash generation strengthened
- Six-month operating cash flow increased 12% to $2.8874B from $2.5765B. Capital expenditures were $788.7M, or 27% of operating cash flow, leaving approximately $2.099B of pre-financing free cash flow for the six-month period.
- Large liquidity cushion and extended maturities
- Liquidity totaled $9.9431B at June 30, comprising $1.7625B cash and $8.1806B of net credit-facility availability. Management extended major bank-facility maturities to May 2029 or May 2031.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- DISH default weighs on U.S. growth
- U.S. & Canada property revenue fell 3% year over year to $1.2744B; churn in excess of escalators reduced tenant billings by $24.6M, primarily related to DISH. DISH represented approximately 2% of 2025 total annual property revenue and filed Chapter 11 on June 30, 2026.
- AT&T Mexico arbitration remains unresolved
- AT&T Mexico represented approximately $300M of 2025 tenant revenue, has challenged lease-payment calculations and withheld rents since early 2025. AMT recorded about $20M of additional reserves in the first half of 2026 and expects future reserves until the August 2026 arbitration is settled.
- High debt load and interest-rate sensitivity
- Total debt outstanding was $37.4B, including $5.2B current, while Q2 interest expense increased 3% to $354.5M. A 10% increase in current rates would add $6.2M of six-month interest expense on variable-rate debt.
- Latin American growth depends heavily on FX
- Latin America reported revenue growth of $52.2M, but $44.0M came from favorable FX; underlying tenant billings declined $7.0M, including $13.5M of churn in excess of escalators, primarily Brazilian customer cancellations.
- Services activity contracted sharply
- Services revenue declined 38% to $61.3M and Services operating profit fell 51% to $22.2M, reflecting lower permitting, structural-analysis and construction-management activity.
- No formal risk-factor update; FX exposure persists
- The filing reports no material changes to the 2025 Form 10-K risk factors. Nonetheless, 33% of revenue and 42% of operating expenses were foreign-currency denominated; a 10% adverse move in unhedged EUR debt exchange rates would create about $0.4B of foreign-currency losses.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.86
- Gross margin
- 73.7%
- Operating margin
- 28.7%
- Segment
- U.S. & Canada property: $1.2744B (-3% YoY)
- Segment
- Africa & APAC property: $415.3M (+23% YoY)
- Segment
- Europe property: $259.4M (+11% YoY)
- Segment
- Latin America property: $441.6M (+13% YoY)
- Segment
- Data Centers: $297.1M (+13% YoY)
- Segment
- Services: $61.3M (-38% YoY)
What they said about what is next.
Management raised full-year 2026 outlook in its earnings materials; the 10-Q itself does not provide a numeric revenue or GAAP EPS guidance range. The filing expects 2026 capital expenditures of $1.805B-$1.915B, including approximately $695M for data-center assets.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 28, 2026
- American Tower reported Q1 2026 revenue of $2,737.5 million, up $174.7 million or 7% year-over-year, and EPS of $2.84 (actual vs consensus $2.65). Revenue growth was driven by international property segments and Data…
- 10-K · February 24, 2026
- American Tower emphasizes increasing occupancy of its existing portfolio, selective platform expansion (including data centers), operational efficiency and balance sheet strength. As of December 31, 2025 it reports a…
- 10-Q · July 29, 2025
- American Tower reported Q2 2025 revenue of $2,626.9M (+~2.6% vs Q1 2025 and +$82.2M vs Q2 2024), with operating income of $1,197.7M. EPS from continuing operations was $0.78, pressured by large foreign-currency and…
- 10-Q · April 29, 2025
- American Tower reported Q1 2025 revenue of $2,562.8 million, up $50.2 million versus Q1 2024, with operating income improving to $1,254.1 million (48.9% operating margin). Operating cash flow was strong at $1,295.0…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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