American Tower (AMT) Q3 2026 Earnings
GAAP diluted EPS includes unrealized losses on equity investments of approximately $(71.5) million (vs. unrealized gains of approximately $10.9 million in the prior-year period). It also reflects a decrease in non-cash straight-line revenue, net of straight-line expense, of approximately $(31.7) million (vs. $18.3 million a year earlier). Other (expense) income includes unrealized foreign currency gains of $27.0 million. AFFO per share was $2.87.
How Did AMT Stock React to Q3 2026 Earnings?
Did AMT Beat Earnings? Q3 2026 Results
Yes. American Tower reported Q3 2026 earnings of $1.64 a share on Oct 27, 2026, beating the $1.63 consensus estimate by 0.5%. Revenue was $2.8B against a $2.8B estimate.
American Tower posted a solid third quarter, with GAAP diluted EPS of $1.64 beating the $1.63 consensus by 0.47%, extending the company's streak of beating EPS estimates to four consecutive quarters, even as non-cash charges clouded the headline figure. Revenue of $2.79 billion rose 2.5% year over year and cleared the $2.76 billion consensus by 0.96%, driven by a 17.4% surge in Data Centers revenue to $313.00 million as the CoreSite platform continued to outperform. GAAP EPS absorbed roughly $71.50 million in unrealized losses on equity investments, compared with gains of about $10.90 million a year earlier, and a swing to negative straight-line revenue of approximately $24.00 million from a positive $27.70 million prior year; AFFO per share, which strips away these non-cash distortions, rose 3.2% to $2.87. Management raised its full-year 2026 outlook for the third time, lifting total property revenue guidance midpoint by $55.00 million on Data Centers strength, while boosting AFFO per share guidance midpoint by $0.02, with executives describing 2026 as a trough year and pointing to a significant growth inflection expected in 2027.
- Organic Tenant Billings Growth of 1.1% and Total Tenant Billings Growth of 1.7%
- Data Centers revenue growth of 17.4%, with cash revenue growth of 16.3%
- Africa & APAC organic tenant billings growth of 8.2% and revenue growth of 15.4%
- Straight-line revenue of about $(24.0)M vs. about $27.7M in the prior-year period, weighing on reported growth
- Unrealized losses on equity investments of about $(71.5)M, reducing net income
- U.S. & Canada cancellations of $63M, offsetting colocations/amendments and escalations
- Services revenue down 49.2% to $51.4M
- Fewer diluted shares outstanding supported 3.2% AFFO per share growth
“We delivered another solid quarter, supported by consistent leasing demand across our global tower portfolio and continued outperformance from CoreSite. This momentum, combined with disciplined capital allocation, enabled us to raise our full-year outlook for the third time this year.”
American Tower CEO, on the earnings call
What Is American Tower's Outlook?
American Tower raised its full-year 2026 outlook, its third increase this year, as of October 27, 2026. Guidance ranges: - **Total property revenue:** $10,785 million to $10,865 million, a 5.0% midpoint growth rate. The midpoint was raised by $55 million on Data Centers outperformance. - **Net income:** $3,253 million to $3,308 million. - **Net income attributable to AMT common stockholders:** $3,183 million to $3,238 million. Both net income midpoints were lowered by $30 million, primarily due to unrealized losses on equity securities. - **Adjusted EBITDA:** $7,248 million to $7,303 million; midpoint unchanged, 2.0% midpoint growth. - **AFFO attributable to common stockholders:** $5,148 million to $5,203 million; midpoint maintained. - **AFFO per share:** $11.04 to $11.16. The midpoint was raised by $0.02 on capital allocation decisions. Segment property revenue outlook (midpoint growth in parentheses): - **U.S. & Canada:** $5,085–5,095 million (-3.0%), including an estimated negative impact of over 3% from lower straight-line revenue. - **Latin America:** $1,813–1,833 million (11.0%). - **Africa & APAC:** $1,644–1,664 million (16.2%). - **Europe:** $1,025–1,045 million (10.4%). - **Data Centers:** $1,218–1,228 million (16.1%). Total Tenant Billings Growth is expected at about 2%, including about 1% organic. Total capital expenditures are expected at $1,765 million to $1,875 million. This includes construction of 1,300 to 1,900 communications sites and $695 million of Data Centers development spend.
AMT YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.8B | $2.7B | +2.5% |
| Operating Income | $1.3B | $1.3B | +0.1% |
| Net Income | $765.8M | $853.3M | −10.3% |
AMT Revenue by Segment
AMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.