American Tower Reports Q3 2026 Results, Raises Full-Year Outlook & Adds $2.0B Buyback

Executive Summary

On October 27, 2026, American Tower Corporation filed a Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing financial results for the third quarter ended September 30, 2026. The company reported modest top-line growth, resilient AFFO expansion, a guidance increase, and a new $2.0 billion share repurchase authorization.

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Key Financial Metrics

• Total Revenue: $2,785 million, up 2.5% year-over-year.
• Total Property Revenue: $2,734 million, an increase of 4.5% year-over-year, supported by 1.1% Organic Tenant Billings Growth and 16.3% cash revenue growth in Data Centers (CoreSite).
• Property Gross Margin: $2,009 million (73.5% margin), up 2.5% year-over-year.
• Net Income Attributable to AMT Common Stockholders: $766 million ($1.64 per diluted share), down 10.3% year-over-year, largely impacted by unrealized losses on equity investments of $(71.5) million compared to unrealized gains of $10.9 million in the prior-year period.
• Adjusted EBITDA: $1,832 million (65.8% margin), up 0.9% year-over-year.
• AFFO Attributable to AMT Common Stockholders: $1,335 million ($2.87 per share), increasing 2.4% and 3.2% year-over-year, respectively.
• Free Cash Flow: $986 million, up 0.2% year-over-year, with cash capex dropping 14.6% to $407 million.

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Capital Allocation & Outlook

• Share Repurchases: AMT deployed $315 million into share repurchases during Q3 2026. Subsequent to quarter-end, the Board of Directors authorized an additional $2.0 billion for future repurchases.
• Guidance Update: Management raised full-year 2026 guidance for the third time this year, citing durable leasing demand across global tower assets and ongoing outperformance in the data center division.