American Tower Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 2.5% year-over-year to $2,785 million.
• Total property revenue increased 4.5% year-over-year to $2,734 million.
• Net income decreased 14.4% year-over-year to $781 million.
• Net income attributable to AMT common stockholders decreased 10.3% year-over-year to $766 million.
• Adjusted EBITDA increased 0.9% year-over-year to $1,832 million, with an Adjusted EBITDA margin of 65.8%.
• AFFO attributable to AMT common stockholders increased 2.4% year-over-year to $1,335 million.
• Cash provided by operating activities decreased 4.6% year-over-year to $1,393 million.
• Free cash flow increased 0.2% year-over-year to $986 million.
• Net debt was $35,707 million as of September 30, 2026, resulting in a Net Leverage Ratio of 4.9x.
• Unrealized losses on equity investments of approximately $71.5 million impacted Q3 2026 net income growth rates compared to unrealized gains of $10.9 million in the prior-year period.

Guidance and Future Outlook:

• The Company raised the midpoint of its full-year 2026 property revenue outlook by $55 million to a range of $10,785 million to $10,865 million, reflecting Data Centers segment outperformance.
• The midpoint of full-year 2026 Adjusted EBITDA remains unchanged at $7,248 million to $7,303 million.
• The Company lowered the midpoints for full-year 2026 net income and net income attributable to AMT common stockholders by $30 million each, primarily due to unrealized losses on equity securities.
• The midpoint of full-year 2026 AFFO attributable to AMT common stockholders remains unchanged at $5,148 million to $5,203 million.
• The midpoint of full-year 2026 AFFO attributable to AMT common stockholders per share was raised by $0.02 to a range of $11.04 to $11.16.
• Full-year 2026 capital expenditures are projected to be between $1,765 million and $1,875 million.

Business Segments and Product Lines:

• Data Centers segment revenue grew 17.4% year-over-year, contributing to 16.3% cash revenue growth in the segment.
• U.S. & Canada property revenue decreased 3.3% year-over-year, impacted by an estimated negative impact of over 3% from a decrease in non-cash straight-line revenue.
• Latin America property revenue grew 10.4% year-over-year.
• Africa & APAC property revenue grew 15.4% year-over-year.
• Europe property revenue grew 5.9% year-over-year.
• Organic Tenant Billings Growth was 1.1% for the quarter.
• Total Tenant Billings Growth was 1.7% for the quarter.
• The Company expects to sell 100% of its ownership interests in its Canadian subsidiaries for approximately $202 million, with closing expected in Q4 2026.

Market and Competitive Landscape:

• Management cited consistent leasing demand across the global tower portfolio and continued outperformance from CoreSite.
• Demand for digital infrastructure continues to expand driven by wireless connectivity, cloud adoption, and AI applications.
• The Company's portfolio includes over 147,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

Risks and Challenges:

• Financial results were impacted by a decrease in non-cash straight-line revenue, which represented approximately $(24.0) million in the current period versus $27.7 million in the prior-year period.
• Unrealized losses on equity investments significantly impacted net income growth rates.
• Foreign currency exchange rate fluctuations and interest rate changes are factors that may materially affect results.
• Risks include potential decreases in leasing demand, customer creditworthiness issues, and increased competition.

Management Commentary and Tone:

• CEO Steve Vondran described the quarter as "solid," noting momentum from consistent leasing demand and disciplined capital allocation.
• Management stated that actions to simplify the portfolio and enhance financial flexibility are creating a stronger foundation for durable, long-term growth.
• The Company raised its full-year outlook for the third time in 2026.

Other Key Points:

• The Company declared a regular cash distribution of $1.79 per share, an aggregate of $831.0 million, representing a 5.3% year-over-year per share growth.
• During the quarter, the Company repurchased approximately 1.8 million shares for an aggregate of $315 million.
• Subsequent to the quarter end, the Board authorized an additional $2.0 billion for share repurchases.
• As of October 20, 2026, approximately $1.1 billion remained available under the stock repurchase program.
• The Company repaid $600.0 million of 1.450% senior unsecured notes and $1.0 billion of 3.375% senior unsecured notes upon maturity in September and October 2026, respectively.
• The Company issued $1.6 billion in senior unsecured notes due 2031, 2033, and 2036 to repay maturing notes and for general corporate purposes.
• Total liquidity as of September 30, 2026, was approximately $10.6 billion, consisting of $1.9 billion in cash and cash equivalents plus $8.7 billion available under revolving credit facilities.