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…
Earnings analysis · 10-Q
AMT earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.86
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.