The AFFO beat and guidance raise are positive, but the U.S. Canada revenue decline and weak organic billings growth (1.7%) are headwinds. Watch for commentary on the call regarding domestic leasing trends and the sustainability of FX-driven guidance increases. The stock may trade mixed as the beat is offset by structural concerns in the core market.
Price Chart
Executive Summary
American Tower reported Q1 2026 AFFO per share of $2.84, beating the $2.65 consensus by 7.2%, on total revenue of $2.738B (6.8% YoY growth, above $2.65B consensus). The company raised its full-year 2026 guidance midpoints for property revenue, Adjusted EBITDA, and AFFO per share by $145M, $105M, and $0.12 respectively, primarily due to favorable FX and accelerating straight-line revenue in Latin America. However, U.S. Canada property revenue declined 2.8% YoY and organic tenant billings growth was a tepid 1.7%, signaling soft domestic leasing demand.
Key Financial Metrics
Key Facts
- Q1 2026 AFFO per share of $2.84 vs consensus $2.65 (7.2% beat)
- Total revenue $2.738B, up 6.8% YoY, above $2.65B consensus
- Total property revenue $2.670B, up 7.3% YoY
- U.S. Canada property revenue declined 2.8% YoY to $1.262B
- Organic tenant billings growth was only 1.7% overall (0.6% U.S. Canada)
- FY 2026 guidance raised: property revenue midpoint to $10.66B (from $10.515B), AFFO per share to $10.985 (from $10.865)
- Net leverage ratio unchanged at 4.9x
- Distributions per share increased 5.3% YoY to $1.79
- Repurchased ~1.1M shares for $184M in Q1
Financial Impact
AFFO per share beat consensus by $0.19 (7.2%), guidance raised by $0.12 per share at the midpoint
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001053507-26-000094 |
| Document: amt-20260428.htm | 0001053507-26-000094 |
| Document: 0001053507-26-000094-index-headers.html | 0001053507-26-000094 |
| Document: 0001053507-26-000094-index.html | 0001053507-26-000094 |
| Document: 0001053507-26-000094.txt | 0001053507-26-000094 |
| 8-K Data (Synthetic) | 0001053507-26-000094 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 17d ago | 8-K | $177.71 $175.25 | ▼ −1.38% | ▼ −3.51% | $162.01 (−8.84%) |
Sep 9, 2026 23d ago | 424B5 | $175.43 $176.39 | ▲ +0.55% | ▲ +1.20% | $162.01 (−7.65%) |
Aug 25, 2026 5w ago | Insider Buy | $178.57 $176.02 | ▼ −1.43% | ▼ −0.89% | $162.01 (−9.28%) |
Aug 1, 2026 8w ago | Institutional Cluster | $173.00 $169.11 | ▲ +2.25% | ▲ +4.28% | $162.01 (+6.36%) |
Jul 31, 2026 9w ago | Insider Cluster | $173.36 $172.54 | ▼ −0.47% | ▼ −3.98% | $162.01 (−6.55%) |
Jul 28, 2026 9w ago | 8-K | $171.50 $173.00 | ▲ +0.87% | ▼ −1.39% | $162.01 (−5.54%) |
Jun 4, 2026 17w ago | 8-K | $194.12 $187.18 | ▼ −3.58% | ▼ −4.14% | $162.01 (−16.54%) |
May 27, 2026 18w ago | 8-K | $184.86 $182.05 | ▼ −1.52% | ▼ −1.99% | $162.01 (−12.36%) |
May 21, 2026 19w ago | 8-K | $183.73 $186.93 | ▲ +1.74% | ▲ +0.08% | $162.01 (−11.82%) |
May 19, 2026 19w ago | 424B5 | $182.23 $184.86 | ▲ +1.44% | ▼ −0.85% | $162.01 (−11.10%) |
US Market Status
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