American Tower Corporation (AMT) SEC Filings & Earnings Calls
EquiReason read 28 American Tower Corporation SEC filings in the last 12 months. Latest: 8-K on 2026-09-18 — Board declared a cash distribution of $1.79 per share, payable Oct 20, 2026 to holders of record Sep 30, 2026. Routine quarterly dividend declaration..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 88.1B
- P/E TTM
- 26.0
- Dividend yield
- 3.7%
- 52-week
- —
- Next earnings
- 27 Oct, in 3 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
18 Sep 20268-K · 5.02, 8.01Board declared a cash distribution of $1.79 per share, payable Oct 20, 2026 to holders of record Sep 30, 2026. Routine quarterly dividend declaration.open
Figures in the filing · each found in the filing text
| dividend per share · Q3-2026 | $1.79 |
14 Sep 20268-K · 1.01, 2.03American Tower Corporation entered into Supplemental Indenture No. 3 for notes issuance, creating a direct financial obligation. No material terms disclosed beyond the indenture.open
Risks flagged
Increased debt obligation, but no material adverse impact indicated.
“Creation of a direct financial obligation under the indenture.”
9 Sep 20268-K · 8.01American Tower priced $1.6B registered public offering of senior unsecured notes across three tranches (2031, 2033, 2036) at rates 5.300%-5.750%.open
Risks flagged
Increased debt load; interest expense will rise.
“$1.6B new senior notes at rates 5.300%-5.750%.”
28 Jul 202610-QAMT reported Q2 2026 results with net income of $887.5M, up 133% YoY, driven by strong data center and international growth.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $2.75B | +5% y/y |
| Net Income · Q2-2026 | $888M | +133% y/y |
| Adjusted EBITDA · Q2-2026 | $1.81B | +3% y/y |
| AFFO attributable to American Tower Corporation common stockholders · Q2-2026 | $1.26B | +4% y/y |
| U.S. & Canada Property Revenue · U.S. & Canada · Q2-2026 | $1.27B | -3% y/y |
| Data Centers Revenue · Data Centers · Q2-2026 | $297M | +13% y/y |
| U.S. & Canada Property Gross Margin · U.S. & Canada · Q2-2026 | $1.05B | -3% y/y |
| Data Centers Gross Margin · Data Centers · Q2-2026 | $183M | +15% y/y |
| Total Capital Expenditures · H1-2026 | $789M | |
| Dividend Per Share · Q2-2026 | $1.79 |
Guidance
2026 total capital expenditures guided to $1,805M - $1,915M
AMT reaffirmed its 2026 capex guidance of $1.8B-$1.9B, with strong data center demand and international growth.
Risks flagged
Customer Concentration Risk
“DISH represented approximately 2% and 4% of our total annual property revenue and total annual U.S. & Canada property revenue, respectively, for 2025.” · word for word
Legal Dispute Risk
“AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount established under our Master Lease Agreement with AT&T Mexico” · word for word
Foreign Exchange Risk
“Total other expense during the three months ended June 30, 2026 was primarily due to foreign currency gains of $42.1 million in the current period, as compared to foreign currency losses of $484.0 million in the prior-year period.” · word for word
Churn Risk
“During the six months ended June 30, 2026, churn was approximately 5% of our tenant billings, primarily driven by churn due to one of our U.S. customers, DISH Wireless L.L.C.” · word for word
28 Jul 20268-K · 2.02American Tower raised full-year 2026 outlook for property revenue, Adjusted EBITDA, AFFO, and AFFO per share, citing robust leasing demand, record CoreSite leasing, and strong operational execution. Guidance raise is the second time this yeopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $2.75B | +5% y/y |
| Total property revenue · Q2-2026 | $2.69B | +6% y/y |
| Net income · Q2-2026 | $888M | +133% y/y |
| Adjusted EBITDA · Q2-2026 | $1.81B | +3% y/y |
| AFFO attributable to AMT common stockholders · Q2-2026 | $1.26B | +4% y/y |
| AFFO attributable to AMT common stockholders per Share · Q2-2026 | $2.71 | +4% y/y |
| Free Cash Flow · Q2-2026 | $1.16B | +20% y/y |
| Cash provided by operating activities · Q2-2026 | $1.49B | +16% y/y |
| Total cash capital expenditures · Q2-2026 | $329M | +5% y/y |
| Property Gross Margin % · Q2-2026 | 73.7% |
Guidance
FY2026 total property revenue raised to $10,695-10,845M from prior midpoint; Adjusted EBITDA raised to $7,240-7,310M; AFFO attributable to AMT common stockholders raised to $5,135-5,215M; AFFO per share raised to $11.00-11.17; Net income raised to $3,270-3,350M; Net income attributable to AMT common stockholders raised to $3,200-3,280M. Midpoint increases: property revenue +$110M, Adjusted EBITDA
Company raised full-year 2026 guidance for the second time this year, driven by strong leasing demand, record data center leasing, and operational excellence. Guidance raise reflects confidence in secular tailwinds from mobile data growth, cloud adoption, and AI.
Risks flagged
Foreign currency fluctuations can significantly impact reported net income and growth rates.
“Q2 2026 growth rates impacted by foreign currency gains of approximately $42.1 million in the current period as compared to foreign currency losses of $(484.0) million in the prior-year period.” · word for word
DISH churn is a one-time headwind to AFFO per share growth.
“normalized for one-time DISH churn” · word for word
High leverage (Net Leverage Ratio 4.9x) could constrain financial flexibility.
“Net Leverage Ratio was 4.9x net debt to annualized Adjusted EBITDA.”
4 Jun 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Litigation with DISH over SCA obligations; potential for legal costs or settlement.
“The Company continues to pursue litigation against DISH with respect to its obligations under the SCA.” · word for word
2 Jun 20268-K · 8.01Principal amount of 4.125% notes redeemed $250Mopen
Figures in the filing · each found in the filing text
| Principal amount of 4.125% notes redeemed · 2026-06-02 | $250M |
27 May 20268-K · 1.01, 2.03American Tower issued EUR 750M 4.000% senior notes due 2033, net proceeds ~EUR 742.7M (~$866.7M), to repay existing debt and for general corporate purposes.open
Risks flagged
Increased debt with 4.000% coupon; leverage may increase if not used to repay existing debt.
“Company intends to use the net proceeds to repay existing indebtedness drawn under its $6.0 billion senior unsecured multicurrency revolving credit facility” · word for word
21 May 20268-K · 5.02, 5.07, 8.01Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
Potential dilution from 12M new shares authorized under equity plan.
“2026 Equity Plan authorizes the issuance of (i) 12,000,000 new shares of the Company’s common stock” · word for word
19 May 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
New debt with 4.000% coupon increases interest expense.
“The 2033 notes will have an interest rate of 4.000% per annum” · word for word
7 May 20268-K · 1.01, 2.03American Tower amended three credit facilities: extended maturities to 2029/2031, increased swingline sublimits, added limited conditionality for acquisitions, and modified lien and indebtedness covenants.open
Risks flagged
Covenant amendment allows liens up to 3.5x Senior Secured Debt to Adjusted EBITDA, potentially increasing secured debt.
“amend the covenant governing the incurrence of liens under each of the Loans to permit the incurrence of liens securing indebtedness in an aggregate amount not to exceed the 3.5x ratio of Senior Secured Debt to Adjusted EBITDA” · word for word
28 Apr 20268-K · 2.02Total revenue $2.74B (+7% y/y); Total property revenue $2.67B (+7% y/y); Net income $879M (+76% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $2.74B | +7% y/y |
| Total property revenue · Q1-2026 | $2.67B | +7% y/y |
| Net income · Q1-2026 | $879M | +76% y/y |
| Adjusted EBITDA · Q1-2026 | $1.83B | +5% y/y |
| AFFO attributable to AMT common stockholders · Q1-2026 | $1.32B | +3% y/y |
| Cash provided by operating activities · Q1-2026 | $1.40B | +8% y/y |
| Free Cash Flow · Q1-2026 | $941M | -2% y/y |
| Total cash capital expenditures · Q1-2026 | $460M | +35% y/y |
| Net Leverage Ratio · Q1-2026 | $4.90 | |
| Total liquidity · Q1-2026 | $10.40B |
Risks flagged
High capex growth may pressure free cash flow if revenue growth slows
“Capex +35.3% YoY, FCF -1.5% YoY”
Foreign currency gains boosted net income; prior year had large losses, creating a favorable comp
“Q1 2026 growth rates impacted by foreign currency gains of ~$68.1M vs losses of $(345.7)M in prior year” · word for word
28 Apr 202610-QTotal Revenue $2.74B (+7% y/y); Total Property Revenue $2.67B (+7% y/y); Adjusted EBITDA $1.84B (+5% y/y); Guidance: FY2026 capex guided $1.8B-$1.91Bopen
Figures in the filing · each found in the filing text
| Total Revenue · Q1-2026 | $2.74B | +7% y/y |
| Total Property Revenue · Property · Q1-2026 | $2.67B | +7% y/y |
| Adjusted EBITDA · Q1-2026 | $1.84B | +5% y/y |
| AFFO attributable to AMT common stockholders · Q1-2026 | $1.32B | +3% y/y |
| Net Income · Q1-2026 | $879M | +76% y/y |
| Capital Expenditures · Q1-2026 | $460M | |
| U.S. & Canada Property Revenue · U.S. & Canada · Q1-2026 | $1.26B | -3% y/y |
| Data Centers Revenue · Data Centers · Q1-2026 | $289M | +18% y/y |
| Churn Rate · Property · Q1-2026 | 5.0% | |
| Total Liquidity · 2026-03-31 | $10.45B |
Guidance
FY2026 capex guided $1.8B-$1.91B
Management reaffirmed outlook with capex guidance of $1.8B-$1.91B for FY2026, including ~$695M for data center assets.
Risks flagged
Customer Concentration Risk
“DISH represented approximately 2% of total annual property revenue and 4% of U.S. & Canada property revenue for 2025”
Legal Dispute Risk
“AT&T Mexico, which represented approximately $300 million of tenant revenue in 2025, is challenging the calculation of the monthly lease amount” · word for word
Foreign Exchange Risk
“Total other expense decrease was primarily due to foreign currency gains of $68.1 million in the current period, as compared to foreign currency losses of $345.7 million in the prior-year period”
8 Apr 2026DEF 14ANet Leverage Ratio 4.9; ROIC 9.3; Capital Expenditures $1.70Bopen
Figures in the filing · each found in the filing text
| Net Leverage Ratio · FY2025 | $4.90 | |
| ROIC · FY2025 | 9.3% | |
| Capital Expenditures · FY2025 | $1.70B | |
| Dividends Declared · FY2025 | $3.20B | |
| Share Repurchases · FY2025 | $350M |
Risks flagged
Customer concentration risk
“T-Mobile was one of the Company's top customers by total revenue in 2025” · word for word
Interest rate sensitivity
“floating rate debt exposure of approximately 4%” · word for word
International operations risk
“107,000+ sites (1) in international markets” · word for word
5 Mar 20268-K · 8.01Cash distribution per share $1.79open
Figures in the filing · each found in the filing text
| Cash distribution per share · Q1-2026 | $1.79 |
24 Feb 202610-KTotal communications sites 149,686; Non-cancellable future lease revenue $54.00B; Churn rate 2; Guidance: No explicit numerical guidance provided; qualitative positive outlookopen
Figures in the filing · each found in the filing text
| Total communications sites · FY2025 | 149,686 | |
| Non-cancellable future lease revenue · FY2025 | $54.00B | |
| Churn rate · FY2025 | 2.0% |
Guidance
No explicit numerical guidance provided; qualitative positive outlook
Management expresses positive outlook driven by mobile data growth, 5G densification, and AI data center demand. No specific numerical guidance provided in this annual filing.
Risks flagged
Customer concentration and dispute risk
“AT&T Inc.; T-Mobile US, Inc.; and Verizon Communications Inc. accounted for an aggregate of 85% of U.S. & Canada property segment revenue.”
Data center operational risk
“Our data center segment contains certain operational differences from our tower leasing operations resulting in different operational risks.” · word for word
Power constraint risk for data centers
“Difficulties in securing contracted energy or obtaining adequate capacity for future data center developments may adversely affect our operations.” · word for word
Tax risk from OECD Pillar 2
“Beginning in fiscal year 2026, the U.S. income of non-excluded entities may result in material Top-Up Taxes.” · word for word
24 Feb 20268-K · 2.02Total revenue $10.64B (+5% y/y); Total property revenue $10.30B (+4% y/y); Net income $2.63B (+15% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · FY2025 | $10.64B | +5% y/y |
| Total property revenue · FY2025 | $10.30B | +4% y/y |
| Net income · FY2025 | $2.63B | +15% y/y |
| Adjusted EBITDA · FY2025 | $7.13B | +5% y/y |
| AFFO attributable to AMT common stockholders · FY2025 | $5.04B | +2% y/y |
| Net income attributable to AMT common stockholders per diluted share · FY2025 | $5.40 | +12% y/y |
| Cash provided by operating activities · FY2025 | $5.46B | +3% y/y |
| Total cash capital expenditures · FY2025 | $1.72B | +7% y/y |
| Free Cash Flow · FY2025 | $3.74B | +2% y/y |
| AFFO attributable to AMT common stockholders per Share, as adjusted · FY2025 | $10.76 | +8% y/y |
Risks flagged
Q4 net income decreased 32.0% due to prior-year gains on asset sales and foreign currency losses.
“Q4 net income decreased 32.0% to $837 million; impacted by foreign currency losses and gain on sale of South Africa fiber in prior year.”
29 Jan 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Transition risk during CAO succession, though planned and orderly
“Current CAO Robert Meyer will assist with transition until retirement”
28 Jan 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
DISH default could lead to reduced future revenue from the SCA; legal proceedings ongoing.
“DISH has failed to meet its payment obligations, and is in default under the Strategic Collocation Agreement” · word for word
5 Dec 20258-K · 1.01, 2.03Entered a material definitive agreement (acquisition, partnership, or major contract); took on a material direct financial obligation, increasing leverageopen
Risks flagged
Increased leverage from new debt issuance; no specific financial impact disclosed.
“Creation of a Direct Financial Obligation under Item 2.03.”
2 Dec 20258-K · 8.01Notes principal amount $850M; Interest rate 4.7; Issue price 99.69open
Figures in the filing · each found in the filing text
| Notes principal amount | $850M | |
| Interest rate | 4.7% | |
| Issue price | 99.7% |
Risks flagged
Debt issuance increases leverage but at favorable rate for investment-grade company.
“Senior unsecured notes due 2032 at 4.700% interest rate.”
28 Oct 20258-K · 2.02Total revenue $2.72B (+8% y/y); Net income $913M (+217% y/y); Adjusted EBITDA $1.82B (+8% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $2.72B | +8% y/y |
| Net income · Q3-2025 | $913M | +217% y/y |
| Adjusted EBITDA · Q3-2025 | $1.82B | +8% y/y |
| AFFO attributable to AMT common stockholders · Q3-2025 | $1.30B | +5% y/y |
| Cash provided by operating activities · Q3-2025 | $1.46B | -1% y/y |
| Free Cash Flow · Q3-2025 | $984M | -5% y/y |
Risks flagged
Foreign currency exposure, though gains in current quarter offset prior year losses.
“Foreign currency gains of approximately $18.0 million in the current period.” · word for word
28 Oct 202510-QAmerican Tower reported Q3 2025 results with total revenue +8% YoY, Adjusted EBITDA +8% YoY, and AFFO +5% YoY, driven by Data Centers and international segments, partially offset by FX headwinds and elevated churn.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $2.72B | +8% y/y |
| Adjusted EBITDA · Q3-2025 | $1.82B | +8% y/y |
| AFFO attributable to American Tower Corporation common stockholders · Q3-2025 | $1.30B | +5% y/y |
| Net income (loss) · Q3-2025 | $913M | +217% y/y |
| Total liquidity · 2025-09-30 | $10.65B | |
| Operating cash flow · 9M-2025 | $4.04B | -1% y/y |
| U.S. & Canada property segment revenue · U.S. & Canada · Q3-2025 | $1.32B | 0% y/y |
| Africa & Asia-Pacific property segment revenue · Africa & Asia-Pacific · Q3-2025 | $371M | +23% y/y |
| Europe property segment revenue · Europe · Q3-2025 | $244M | +14% y/y |
| Latin America property segment revenue · Latin America · Q3-2025 | $417M | +3% y/y |
Risks flagged
AT&T Mexico legal dispute
“AT&T Mexico, which represented approximately $300 million of tenant revenue in 2024, is challenging the calculation of the monthly lease amount established under our Master Lease Agreement with AT&T Mexico” · word for word
Elevated churn from T-Mobile lease cancellations
“We expect that our churn rate in our U.S. & Canada property segment will remain elevated through 2025 due to contractual lease cancellations and non-renewals by T-Mobile” · word for word
Foreign currency translation risk in Latin America
“A decrease of $88.4 million, attributable to the impact of foreign currency translation, which included, among others, negative impacts of $45.3 million related to fluctuations in BRL and $40.3 million related to fluctuations in MXN” · word for word
American Tower Corporation — questions
- What did American Tower Corporation file recently?
- 28 SEC filings in the last 12 months. Latest: 8-K on 2026-09-18 — Board declared a cash distribution of $1.79 per share, payable Oct 20, 2026 to holders of record Sep 30, 2026. Routine quarterly dividend declaration.
Every figure on this page comes from American Tower Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.