Jun 2026 (Q2 FY26) — Jul 28, 2026
American Tower Q2 FY26 — Strong Leasing Demand and Raised Full-Year Outlook
Read the full callAmerican Tower (AMT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
American Tower earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,749 | +4.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 46.1 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
7 of 23 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Africa and APAC organic tenant billings growth | approximately 10% | Mar 2026 | in Africa and APAC and Organic growth was nearly 11%. As a reminder, churn is expected to be back half weighted, resulting in approximately 10% organic growth in the first half of the year | Achieved |
| Adjusted EBITDA growth (cash, FX-neutral) | approximately 2% | Dec 2025 | Our revised outlook now implies over 2% growth year-over-year, excluding noncash net straight line and FX impacts. | Revised Up |
| Africa and APAC organic tenant billings growth | approximately 7% | Mar 2026 | and approximately 7% expected in the second half of the year. | On Track |
16 of AMERICAN TOWER CORP /MA/'s 47 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 44 more targets are in the full ledger.
Claimed
- Consolidated property revenue grew over 5% year-over-year (excluding noncash straight-line revenue and FX impacts), and over 7% on a cash FX-neutral basis normalized for DISH churn.
- Data center revenue growth was approximately 12% (excluding noncash straight-line revenue), marking the fifth consecutive quarter of double-digit growth.
- CoreSite achieved another record leasing performance, adding more new business in Q2 FY26 than in the entire year of 2021.
- Full-year outlook raised for the second time this year across all key consolidated financial metrics, including a 1% increase to property revenue outlook and 1% increase to adjusted EBITDA outlook.
- Leverage ended the quarter at 4.9x, within the target range of 3x to 5x, maintaining a strong credit profile.
Qualified
- Cash adjusted EBITDA margins declined approximately 40 basis points year-over-year, primarily due to DISH-related churn and SG&A timing.
- Attributable FFO per share growth was approximately 1% (excluding FX impacts), with refinancing costs representing an approximately 150 basis point headwind for the full year.
- Latin America organic growth declined over 2%, primarily driven by elevated churn in Brazil.
Price
$183.03 −1.21% · −$2.24
Performance −4.3% 1Y
1Y: $191.29 on 17 Oct 2025 → $183.03. High $194.12 (5 Jun 2026), low $161.06 (1 Oct 2026).
- Previous close
- $185.27
- 52-week range
- $161.06 – $194.12
- One year
- −5.21%
Overview
- Symbol
- AMT
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 23 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Africa and APAC organic tenant billings growth | approximately 10% | Mar 2026 | in Africa and APAC and Organic growth was nearly 11%. As a reminder, churn is expected to be back half weighted, resulting in approximately 10% organic growth in the first half of the year | Achieved |
| Adjusted EBITDA growth (cash, FX-neutral) | approximately 2% | Dec 2025 | Our revised outlook now implies over 2% growth year-over-year, excluding noncash net straight line and FX impacts. | Revised Up |
| Africa and APAC organic tenant billings growth | approximately 7% | Mar 2026 | and approximately 7% expected in the second half of the year. | On Track |
Claimed
- Consolidated property revenue grew over 5% year-over-year (excluding noncash straight-line revenue and FX impacts), and over 7% on a cash FX-neutral basis normalized for DISH churn.
- Data center revenue growth was approximately 12% (excluding noncash straight-line revenue), marking the fifth consecutive quarter of double-digit growth.
- CoreSite achieved another record leasing performance, adding more new business in Q2 FY26 than in the entire year of 2021.
- Full-year outlook raised for the second time this year across all key consolidated financial metrics, including a 1% increase to property revenue outlook and 1% increase to adjusted EBITDA outlook.
- Leverage ended the quarter at 4.9x, within the target range of 3x to 5x, maintaining a strong credit profile.
Qualified
- Cash adjusted EBITDA margins declined approximately 40 basis points year-over-year, primarily due to DISH-related churn and SG&A timing.
- Attributable FFO per share growth was approximately 1% (excluding FX impacts), with refinancing costs representing an approximately 150 basis point headwind for the full year.
- Latin America organic growth declined over 2%, primarily driven by elevated churn in Brazil.
The full ledger
Open AMERICAN TOWER CORP /MA/’s full ledger
A free account opens 5 company ledgers a month. All 47 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
American Tower Q1 FY26 — Raised full-year outlook on FX/straight-line tailwinds; CoreSite data centers inflect on AI and interconnection
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
American Tower Q4 FY25 — Strong AFFO Growth Despite DISH Churn, Focus on Developed Markets & Efficiency
Read the full callEvery analysed call
American Tower earnings calls (AMT)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,522 | 2,548 | 2,563 | 2,627 | 2,717 | 2,738 | 2,738 | 2,749 |
| Expenses | 1,383 | 1,468 | 1,309 | 1,429 | 1,484 | 1,577 | 1,498 | 1,480 |
| Operating profit | 1,139 | 1,080 | 1,254 | 1,198 | 1,233 | 1,161 | 1,239 | 1,269 |
| Operating margin | 45.2% | 42.4% | 48.9% | 45.6% | 45.4% | 42.4% | 45.3% | 46.1% |
| Other income | -589 | 226 | -637 | -686 | -283 | -196 | -221 | -259 |
| Interest | 357 | 321 | 325 | 343 | 347 | 344 | 347 | 355 |
| Profit before tax | 551 | 1,306 | 618 | 512 | 950 | 965 | 1,018 | 1,009 |
| Tax rate | 22.2% | 5.8% | 19.3% | 25.6% | 3.9% | 13.3% | 13.7% | 12.1% |
| EPS ($ per share) | -1.70 | 2.63 | 1.05 | 0.78 | 1.82 | — | 1.84 | 1.86 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | -1,199 | -1,017 | -1,343 | -1,142 | -2,102 | -3,639 | -4,424 | -5,086 |
| Total liabilities | 26,106 | 36,215 | 42,453 | 60,818 | 54,786 | 55,162 | 51,429 | 52,835 |
| Fixed assets | 11,247 | 12,084 | 12,809 | 19,784 | 19,998 | 18,863 | 19,057 | 20,356 |
| Investments | 0 | — | — | — | — | — | — | — |
| Total assets | 33,010 | 42,802 | 47,234 | 69,888 | 67,195 | 66,028 | 61,077 | 63,190 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,748 | 3,753 | 3,881 | 4,820 | 3,696 | 4,722 | 5,291 | 5,464 |
| Cash from investing | -2,749 | -3,987 | -4,785 | -20,692 | -2,355 | -1,695 | 411 | -1,860 |
| Cash from financing | -608 | 522 | 1,215 | 16,425 | -1,423 | -3,097 | -5,452 | -4,208 |
| Net cash flow | 350 | 273 | 283 | 482 | -203 | -47 | 15 | -503 |
| Capital expenditure | -913 | -991 | -1,032 | -1,377 | -1,874 | -1,798 | -1,590 | -1,680 |
| Free cash flow | 2,835 | 2,761 | 2,850 | 3,443 | 1,823 | 2,924 | 3,701 | 3,784 |
AMT revenue by segment
Property Data Centers grew from 18% to 20% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Property US and Canada | 63% | 68% | 66% | 71% | 71% | 62% | 63% | 65% | -20.6% |
| Property Data Centers | 18% | 16% | 16% | 15% | 16% | — | 19% | 20% | +14.7% |
| Property Latin America | 13% | 13% | 12% | 12% | 12% | 16% | 14% | 13% | -4.6% |
| Property Europe | 2% | 0% | 1% | 1% | <1% | 2% | 2% | 2% | 0.0% |
| Property Africa APAC | — | — | 5% | 1% | 2% | 2% | 2% | 1% | -35.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
64 filings between Oct 31, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$1.99M
3 purchases by 2 insiders
Sales
$23.24M
19 sales by 5 insiders
89% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Noel Eugene M | — | $7.87M | Mar 2, 2026 |
| Smith Rodney M | — | $6.60M | Feb 17, 2026 |
| Vondran Steven O | — | $6.31M | Mar 4, 2026 |
| Meyer Robert Joseph JR | — | $1.73M | Jul 29, 2026 |
| Kalathur Rajesh | $995.7K | — | Aug 21, 2026 |
| REILLY EUGENE F | $994.1K | — | Oct 31, 2025 |
| Dowling Ruth T | — | $733.4K | Jul 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Blanchett Paul SVP & Chief Accounting Officer | Award | 16,299 | $0 |
| Aug 21, 2026 | Kalathur Rajesh Director | Purchase | 2,829 | $500.7K |
| Jul 29, 2026 | Meyer Robert Joseph JR SVP & Advisor to the CFO | Sale | 5,000 | $894.4K |
| Jul 29, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sale 10b5-1 plan | 1,106 | $193.5K |
| Jul 28, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sale 10b5-1 plan | 685 | $116.1K |
| Jun 1, 2026 | Meyer Robert Joseph JR SVP & Advisor to the CFO | Tax withheld | 153 | $28.7K |
| May 28, 2026 | REEVE PAMELA D A Director | Gift | 810 | $0 |
| Apr 29, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sale 10b5-1 plan | 416 | $73.9K |
| Apr 28, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sale 10b5-1 plan | 556 | $99.2K |
| Mar 11, 2026 | Vondran Steven O President and CEO | Tax withheld | 2,158 | $394.6K |
| Mar 11, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Tax withheld | 863 | $157.8K |
| Mar 11, 2026 | Rossi Richard C EVP & President, U.S. Tower | Tax withheld | 684 | $125.1K |
| Mar 11, 2026 | Noel Eugene M EVP & Chief Operating Officer | Tax withheld | 719 | $131.5K |
| Mar 11, 2026 | Font Juan SVP, Pres. & CEO, CoreSite | Tax withheld | 928 | $169.7K |
| Mar 11, 2026 | Smith Rodney M EVP, CFO & Treasurer | Tax withheld | 1,295 | $236.8K |
| Mar 11, 2026 | Meyer Robert Joseph JR SVP & Chief Accounting Officer | Tax withheld | 684 | $125.1K |
| Mar 10, 2026 | Clarke Teresa Hillary Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Tax withheld | 6,629 | $1.23M |
| Mar 10, 2026 | REEVE PAMELA D A Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Award | 6,878 | $0 |
| Mar 10, 2026 | Noel Eugene M EVP & Chief Operating Officer | Award | 8,167 | $0 |
| Mar 10, 2026 | Ray Neville R Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Noel Eugene M EVP & Chief Operating Officer | Tax withheld | 2,498 | $464.9K |
| Mar 10, 2026 | REILLY EUGENE F Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Vondran Steven O President and CEO | Tax withheld | 15,269 | $2.84M |
| Mar 10, 2026 | Frank Kenneth R Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Tanner Bruce L Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Rossi Richard C EVP & President, U.S. Tower | Tax withheld | 1,544 | $287.4K |
| Mar 10, 2026 | Meyer Robert Joseph JR SVP & Chief Accounting Officer | Award | 4,030 | $0 |
| Mar 10, 2026 | Meyer Robert Joseph JR SVP & Chief Accounting Officer | Tax withheld | 1,368 | $254.6K |
| Mar 10, 2026 | Lieblein Grace Director | Award | 1,209 | $0 |
| Mar 10, 2026 | MACNAB CRAIG Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Font Juan SVP, Pres. & CEO, CoreSite | Tax withheld | 1,834 | $341.3K |
| Mar 10, 2026 | Font Juan SVP, Pres. & CEO, CoreSite | Award | 8,060 | $0 |
| Mar 10, 2026 | Kalathur Rajesh Director | Purchase | 2,671 | $494.9K |
| Mar 10, 2026 | Smith Rodney M EVP, CFO & Treasurer | Tax withheld | 12,433 | $2.31M |
| Mar 10, 2026 | Smith Rodney M EVP, CFO & Treasurer | Award | 10,531 | $0 |
| Mar 10, 2026 | Rossi Richard C EVP & President, U.S. Tower | Award | 6,448 | $0 |
| Mar 10, 2026 | Kalathur Rajesh Director | Award | 1,209 | $0 |
| Mar 10, 2026 | HORMATS ROBERT D Director | Award | 1,209 | $0 |
| Mar 10, 2026 | Vondran Steven O President and CEO | Award | 20,955 | $0 |
| Mar 10, 2026 | Chambliss Kelly C Director | Award | 1,209 | $0 |
| Mar 4, 2026 | Vondran Steven O President and CEO | Sale 10b5-1 plan | 1,773 | $336.6K |
| Mar 4, 2026 | Vondran Steven O President and CEO | Sale 10b5-1 plan | 16,625 | $3.14M |
| Mar 4, 2026 | Dowling Ruth T EVP, Chief Admin Ofr, GC & Sec | Sale 10b5-1 plan | 682 | $128.6K |
| Mar 4, 2026 | Vondran Steven O President and CEO | Sale 10b5-1 plan | 15,084 | $2.83M |
| Mar 4, 2026 | Vondran Steven O President and CEO | Option exercise 10b5-1 plan | 33,482 | $3.17M |
| Mar 2, 2026 | Noel Eugene M EVP & Chief Operating Officer | Sale 10b5-1 plan | 21,604 | $4.14M |
| Mar 2, 2026 | Noel Eugene M EVP & Chief Operating Officer | Sale 10b5-1 plan | 7,378 | $1.40M |
| Mar 2, 2026 | Noel Eugene M EVP & Chief Operating Officer | Sale 10b5-1 plan | 5,242 | $992.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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