The beat and guidance raise are modest and driven by FX and one-time benefits rather than core operational strength. With U.S. Canada revenue declining and organic growth low, the stock may lack a strong catalyst. Monitor the earnings call for details on Data Center leasing momentum and any update on the DISH churn normalization timeline.
Price Chart
Executive Summary
American Tower (AMT) reported Q2 2026 AFFO per share of $2.71, beating the $2.65 consensus by 2.3%, on total revenue of $2.749B (vs $2.70B consensus). The company raised its full-year 2026 AFFO per share guidance midpoint by $0.09 to $11.00-$11.17, citing Data Center outperformance, one-time expense benefits, and favorable FX. However, total revenue growth decelerated to 4.7% YoY, U.S. Canada property revenue declined 2.5%, and organic tenant billings growth remained tepid at 1.7%, suggesting the beat is largely FX and non-core items rather than underlying operational acceleration.
Key Financial Metrics
Key Facts
- Q2 2026 AFFO per share of $2.71 vs consensus of $2.65 (beat by 2.3%)
- Total revenue of $2.749B (+4.7% YoY) vs consensus of $2.70B
- Full-year 2026 AFFO per share guidance raised to $11.00-$11.17 (midpoint +$0.09 vs prior outlook)
- U.S. Canada property revenue declined 2.5% YoY; organic tenant billings growth was 1.7%
- Net leverage ratio remained at 4.9x; total liquidity of $9.9B
- Completed divestitures of Philippines and Bangladesh subsidiaries for combined ~$82.5M
Financial Impact
AFFO per share beat by $0.06 (2.3%) vs consensus; full-year guidance raised by $0.09 at midpoint
Risk Factors
- U.S. Canada property revenue declining 2.5% YoY signals structural headwinds in the core market
- Organic tenant billings growth of 1.7% remains low, indicating limited pricing power or volume growth
- Guidance raise partially driven by FX tailwinds that could reverse
- Net leverage at 4.9x leaves limited balance sheet flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001053507-26-000131 |
| Document: amt-20260728.htm | 0001053507-26-000131 |
| Document: 0001053507-26-000131-index-headers.html | 0001053507-26-000131 |
| Document: 0001053507-26-000131-index.html | 0001053507-26-000131 |
| Document: 0001053507-26-000131.txt | 0001053507-26-000131 |
| 8-K Data (Synthetic) | 0001053507-26-000131 |
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% | $162.24 (−8.70%) |
Sep 9, 2026 23d ago | 424B5 | $175.43 $176.39 | ▲ +0.55% | ▲ +1.20% | $162.24 (−7.52%) |
Aug 25, 2026 5w ago | Insider Buy | $178.57 $176.02 | ▼ −1.43% | ▼ −0.89% | $162.24 (−9.14%) |
Aug 1, 2026 8w ago | Institutional Cluster | $173.00 $169.11 | ▲ +2.25% | ▲ +4.28% | $162.24 (+6.22%) |
Jul 31, 2026 9w ago | Insider Cluster | $173.36 $172.54 | ▼ −0.47% | ▼ −3.98% | $162.24 (−6.41%) |
Jul 28, 2026 9w ago | 8-K | $171.50 $173.00 | ▲ +0.87% | ▼ −1.39% | $162.24 (−5.40%) |
Jun 4, 2026 17w ago | 8-K | $194.12 $187.18 | ▼ −3.58% | ▼ −4.14% | $162.24 (−16.42%) |
May 27, 2026 18w ago | 8-K | $184.86 $182.05 | ▼ −1.52% | ▼ −1.99% | $162.24 (−12.23%) |
May 21, 2026 19w ago | 8-K | $183.73 $186.93 | ▲ +1.74% | ▲ +0.08% | $162.24 (−11.69%) |
May 19, 2026 19w ago | 424B5 | $182.23 $184.86 | ▲ +1.44% | ▼ −0.85% | $162.24 (−10.96%) |
US Market Status
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