American Tower Corporation (AMT)

Business

American Tower is a real estate investment trust that owns, operates and develops multitenant communications real estate and earns its revenue mainly by leasing space on that real estate. Its main business is renting space on towers and other communications sites to wireless carriers, broadcasters, wireless data providers, government agencies and other tenants. It also leases space in a portfolio of interconnected U.S. data centers to enterprises, network operators and cloud providers. The company calls these two businesses together its property operations, and they produced 97% of total revenue in 2025. The other 3% came from a U.S. services business (site application, zoning and permitting, structural and mount analyses, and construction management), which mostly supports adding new tenants and equipment to its own sites.

At December 31, 2025 the portfolio held 149,686 communications sites: 42,224 in U.S. & Canada, 27,857 in Africa & APAC, 32,524 in Europe and 47,081 in Latin America. It also included urban telecom assets in Argentina, Brazil, Colombia and Spain, property interests in Canada and the U.S., and 30 operating data centers in eleven U.S. markets. At September 30, 2026 the data center portfolio was still 30 facilities in 11 markets, with about 3.9 million net rentable square feet, up from about 3.7 million at year-end.

The company reports six segments:

• U.S. & Canada property: all U.S. and Canadian assets other than data centers. AT&T, T-Mobile and Verizon together supplied 85% of segment revenue in 2025.
• Africa & APAC property: Airtel and MTN supplied 81% of segment revenue. The Philippines and Bangladesh operations were sold in June 2026, which leaves the segment's towers in seven African countries.
• Europe property: France, Germany and Spain. Telefónica supplied 70% of segment revenue.
• Latin America property: Brazil, Mexico, Chile, Colombia, Peru, Paraguay, Costa Rica and Argentina. América Móvil, AT&T, Telefónica and TIM together supplied 71% of segment revenue.
• Data Centers: the U.S. CoreSite platform acquired in late 2021. It produced 10% of total 2025 revenue.
• Services: 3% of 2025 revenue.

The model depends on long contracts. Carrier leases usually run five to ten years at first, with multiple renewals. U.S. leases escalate at a fixed rate averaging about 3% a year, and most international leases escalate with an inflation index. In many international markets, tenants also pay pass-through revenue that covers ground rent and power and fuel. At December 31, 2025 the company expected over $54 billion of non-cancellable tenant lease revenue in future periods. By September 30, 2026 that figure had fallen to nearly $49 billion. Adding a tenant to an existing tower costs little, so most of the extra revenue flows through to margin, and maintenance capital needs are low. Churn was about 2% of tenant billings in 2025.

Four customers each supplied at least 10% of total 2025 revenue: T-Mobile (18%), AT&T (17%), Verizon Wireless (14%) and Telefónica (10%).

Ownership is shared in two large businesses. American Tower holds 52% of ATC Europe; La Caisse holds 30% and Allianz 18%. ATC Europe in turn owns 87% of the German business and 83% of the Spanish business, with PGGM holding the rest. In the U.S. data center business, Stonepeak's mandatorily convertible preferred equity converted into common equity one-for-one on August 8, 2026. American Tower now holds about 64% of the common equity and Stonepeak about 36% (10-Q, accession 0001053507-26-000157).

The company has been a REIT since January 1, 2012. It must distribute at least 90% of its REIT taxable income, but its international operations and taxable REIT subsidiaries remain taxable. Its capital allocation goal is to grow AFFO per share and return on invested capital over time. Capital increasingly goes to developed markets (U.S. & Canada, Europe and data centers), while it exits markets that fall short of its return targets. Recent exits are Mexico fiber and Poland (2023); Australia, India and New Zealand (2024); South Africa fiber (2025); the Philippines and Bangladesh (June 2026); and Canada, which is pending (see Subsequent events).

Risk factors

The 10-K groups its risks under business strategy, financial and economic conditions, laws and regulations, and operations. The ones that matter most for the investment case:

• Concentrated, credit-sensitive customer base. A few carriers supply most revenue, so one tenant's distress, consolidation or exit shows up directly in churn. The 10-K's main example is DISH: EchoStar sold large spectrum holdings in the second half of 2025 and began decommissioning parts of DISH's 5G network. DISH was about 2% of total 2025 property revenue and 4% of U.S. & Canada property revenue.
• Live disputes with two customers. AT&T Mexico (about $300 million of 2025 tenant revenue) is challenging the lease calculation under its master lease agreement in arbitration and wants rent abated both backward and forward. Under a September 2025 agreement, most withheld rent was paid and the disputed balance goes into escrow. The company booked about $30 million of reserves in 2025 and expects more until the arbitration ends. DISH claims to be excused from its 2021 Strategic Collocation Agreement and has been in default since January 2026. The 10-K warns that adverse rulings in either case could be material.
• Customer consolidation and network sharing. Mergers, RAN sharing, roaming and resale deals let carriers retire overlapping equipment and slow new leasing.
• Competition and technology change. Competing tower owners can push down lease rates. More spectrally efficient equipment, small cells and satellite services could reduce demand for tower space. In data centers, larger rivals with cheaper power and better-known brands compete for customers, and a large share of data center leases expires every year. Power-hungry AI workloads could leave facilities that were not designed for that density behind.
• Leverage and access to capital. The company carries a large amount of debt. Its credit facilities include a total leverage covenant (total debt to Adjusted EBITDA of no more than 6.00x), and the securitized tower assets are subject to cash-trap and amortization tests. A rating downgrade below investment grade would make debt more expensive and harder to get. Share buybacks compete with growth spending and debt repayment for the same cash.
• Inflation and interest rates. Inflation above fixed escalators reduces returns. Higher rates raise borrowing costs and could reduce asset values enough to trigger impairments.
• Foreign-market and currency exposure. International revenue is earned in local currencies and is largely unhedged, so a weaker currency reduces reported results. The company also faces expropriation, restrictions on foreign ownership, retroactive changes in regulations and fees, limits on repatriating cash, and political instability in markets including Africa and Latin America.
• REIT and tax rules. Losing REIT status would mean corporate tax plus four years of disqualification. Limits on TRS assets and income restrict flexibility, and repatriating cash from abroad can trigger foreign taxes. The company believes it is excluded from the OECD Pillar 2 minimum tax as a real estate investment vehicle. The 10-K warned that from 2026 the U.S. income of non-excluded entities could incur material top-up tax unless the OECD's proposed side-by-side safe harbor is enacted. By Q3 2026 the 10-Q described U.S. top-up tax as immaterial.
• Data center execution. Data centers make up a less mature segment. It needs capital 12 to 18 months before contracts are signed, depends on utilities for scarce power, faces permitting and community resistance, and carries service-level commitments to almost all customers.
• Land rights, divestitures and joint ventures. Most towers stand on leased land, and ground-lease aggregators compete for it. Exits from markets carry separation, impairment and loss risk. Joint-venture partners in Europe, data centers and Africa may have different goals, and the company may have to buy out their interests.
• Operational hazards. Cyber incidents (including AI-enabled attacks), severe weather linked to climate change, theft, vandalism and fiber cuts, and liability for tower collapse may not be fully insured.

The Q3 2026 10-Q reports no material changes to these risk factors.

Management's discussion: fiscal 2025

Revenue. Total revenue rose 5% to $10,644.6 million, and property revenue rose 4% to $10,305.0 million. By segment:

• U.S. & Canada was flat at $5,248.7 million. Tenant billings grew $210.0 million, but a $209.1 million decrease in other revenue, including a $175.8 million decline in non-cash straight-line revenue, offset almost all of that.
• Africa & APAC rose 18% to $1,422.9 million on tenant billings growth, lower revenue reserves in Burkina Faso and Kenya, and favorable currency moves.
• Europe rose 12% to $937.7 million.
• Latin America fell 4% to $1,642.6 million. Revenue reserves for customers in Brazil and Mexico rose, settlements in Brazil fell, and currency cost $56.2 million.
• Data Centers rose 14% to $1,053.1 million on new leases, power and interconnection.
• Services rose 75% to $339.6 million on higher construction management, permitting and structural analysis work.

The company acquired or built about 2,230 sites during the year, mostly in Africa & APAC (1,265) and Europe (745).

Profit. Adjusted EBITDA rose 5% to $7,130.0 million. Net income rose 15% to $2,628.5 million, but only because 2024 included a $978.3 million loss from discontinued operations tied to the sale of the India business (ATC TIPL). Income from continuing operations fell. Foreign currency moved from a $308.3 million gain in 2024 to an $809.4 million loss, and the tax provision rose to $415.7 million (13.7% effective rate). Lower interest expense, reflecting lower average debt, partly offset these. Nareit FFO attributable to common stockholders fell 20% to $4,160.9 million. AFFO attributable to common stockholders rose 2% to $5,041.6 million; on a continuing-operations basis it rose 10%. The fourth-quarter release (accession 0001053507-26-000032) reported AFFO per share of $10.76. That was up 2.1% as reported and 8.0% on the company's as-adjusted basis, which uses continuing operations and credits a full year of interest savings from the India sale proceeds.

Cash and balance sheet. Operating cash flow was $5,464.0 million and total capital expenditures were $1,720.7 million. Capex included $608.9 million on data centers and the construction of 1,918 sites. The company spent $454.2 million on acquisitions and received $137.7 million from the South Africa fiber sale. In 2025 it issued $3.0 billion of senior notes, repaid $525.0 million of securitized debt, redeemed five series of 2025 notes, and extended its bank facilities. At year-end, total outstanding indebtedness was $37.4 billion (current portion $3.4 billion), and liquidity was $11.1 billion: $9.6 billion of revolver capacity plus $1.5 billion of cash. Net leverage was 4.9x annualized fourth-quarter Adjusted EBITDA. Distributions declared for 2025 were $6.80 per share, up 4.9%.

Current quarter: Q3 2026

What changed. The quarter was shaped by three things: the loss of DISH, the end of straight-line revenue gains in the U.S., and continued strength in data centers. Since January 1, 2026, all DISH revenue has been counted as churn, which lifted nine-month churn to about 5% of tenant billings, against about 2% for full-year 2025. The company terminated the DISH agreement effective June 2, 2026 (8-K, accession 0001053507-26-000127). It then amended its Colorado complaint to seek damages and to name EchoStar for tortious interference. DISH filed for chapter 11 on June 30, 2026, and the company recorded $17.5 million of DISH-related impairments in the nine months. In Mexico, the AT&T arbitration hearing began in August 2026 and a final ruling is expected in 2027. A further $30 million of reserves was booked in the nine months.

Revenue. Total revenue rose 3% to $2,785.4 million, and property revenue rose 4% to $2,734.0 million. Organic tenant billings grew 1.1%, according to the earnings release. By segment:

• U.S. & Canada: down 3% to $1,275.2 million. Straight-line revenue fell $47.1 million, and churn above contractual escalations, mainly DISH, cost $24.8 million. Colocations and amendments added $25.4 million.
• Africa & APAC: up 15% to $427.9 million, helped by $36.9 million of higher fuel pass-through and $11.7 million of favorable currency, mostly from the Nigerian naira.
• Europe: up 6% to $257.9 million.
• Latin America: up 10% to $460.0 million, but $32.8 million of that came from currency. Tenant billings fell $6.4 million, driven by customer cancellations in Brazil.
• Data Centers: up 17% to $313.0 million on new leases, expansions, renewal pricing and power.
• Services: down 49% to $51.4 million as permitting, structural analysis and construction management work fell.

Profit. Adjusted EBITDA rose 1% to $1,831.8 million. Net income fell 14% to $780.8 million, and net income attributable to common stockholders was $765.8 million, or $1.64 per diluted share against $1.82. Two things drove the decline. First, the company recorded $71.5 million of unrealized losses on U.S. equity securities, against a $10.9 million gain a year earlier. Second, the tax provision rose to $117.6 million from $37.4 million (effective rate 13.1% against 3.9%), on higher foreign earnings and because a German tax-law benefit in the prior-year quarter did not recur. Higher segment operating profit partly offset both. Nareit FFO attributable to common stockholders fell 8% to $1,164.7 million. AFFO attributable to common stockholders rose 2% to $1,335.0 million, and the earnings release put AFFO per share at $2.87, up 3.2%.

For the nine months, revenue rose 5% to $8,272.0 million. Net income rose 42% to $2,546.8 million, mainly because of a $137.2 million currency gain against an $811.7 million loss a year earlier. AFFO attributable to common stockholders rose 3% to $3,923.2 million, and operating cash flow was $4,280.2 million against $4,036.5 million.

Financing in 2026 to date. In the first nine months the company repaid four 2026 maturities: $500.0 million of 4.400% notes in February, $700.0 million of 1.600% notes in April, €500.0 million of 1.950% notes in May, and $600.0 million of 1.450% notes in September. It also redeemed €250.0 million of its 4.125% 2027 notes in June. New issues were €750.0 million of 4.000% notes due 2033 in May, and on September 14 a $1.6 billion three-part U.S. dollar offering: $500.0 million of 5.300% notes due 2031, $500.0 million of 5.560% notes due 2033 and $600.0 million of 5.750% notes due 2036. Amendments in May extended the multicurrency revolver and the term loan to May 1, 2029 and the U.S. revolver to May 1, 2031. They also let the company borrow up to $5.0 billion for certain acquisitions under limited-conditionality terms.

At September 30, 2026, total outstanding indebtedness was $37.8 billion, with a current portion of $5.4 billion. Liquidity was $10.6 billion ($8.7 billion of revolver capacity and $1.9 billion of cash), and net leverage was 4.9x annualized Q3 Adjusted EBITDA. The company repurchased 2,969,052 shares for $518.0 million in the nine months, including 1,804,674 shares for $315.1 million in Q3. The quarterly dividend is $1.79 per share, up 5.3% year over year.

Capital spending. Nine-month total capital expenditures were $1,195.2 million. Discretionary projects accounted for $684.3 million of that, including about $458.6 million on data centers and the construction of 1,083 sites. Separately, the company spent $263.1 million on acquisitions. During the nine months it bought 238 towers that it had leased from AT&T for $204.0 million. Full-year 2026 capex guidance is now $1,765 million to $1,875 million, including about $695 million for data centers and 1,300 to 1,900 new sites. In February the range was $1,795 million to $1,905 million.

Guidance. On October 27, 2026 management raised its full-year outlook, which the CEO called the third raise of the year (accession 0001053507-26-000154). The new 2026 ranges:

• Property revenue: $10,785 million to $10,865 million, 5.0% midpoint growth. The midpoint is up $55 million on data center outperformance.
• Adjusted EBITDA: $7,248 million to $7,303 million, 2.0% midpoint growth. The midpoint is unchanged.
• Net income: $3,253 million to $3,308 million. The midpoint is down $30 million, mainly because of unrealized equity losses.
• AFFO attributable to common stockholders: $5,148 million to $5,203 million. The midpoint is unchanged.
• AFFO per share: $11.04 to $11.16, 3.2% midpoint growth. The midpoint is up $0.02, which the company attributes to capital allocation.

By segment, the outlook implies midpoint property revenue growth of (3.0)% for U.S. & Canada, 11.0% for Latin America, 16.2% for Africa & APAC, 10.4% for Europe and 16.1% for Data Centers. Organic tenant billings growth is expected to be about 1% for the whole property business: about 0.5% in U.S. & Canada, about (3)% in Latin America, about 8.5% in Africa & APAC and about 4% in Europe. Lower straight-line revenue reduces property revenue growth by about 2 percentage points and U.S. & Canada growth by more than 3 points. The February outlook (accession 0001053507-26-000032) had property revenue at $10,440 million to $10,590 million, Adjusted EBITDA at $7,090 million to $7,160 million, and AFFO per share at $10.78 to $10.95.

Subsequent events

The 10-Q's subsequent-events note and its MD&A report the following developments after September 30, 2026:

• Pending sale of ATC Canada. A subsidiary, American Towers LLC, has agreed to sell 100% of the company's Canadian operations to DIF Infra 8 Canada Holdco 1 ULC, doing business as Aurora Towers, for about CAD 288 million (about $202 million). The earnings release says the agreement was signed during the third quarter. ATC Canada (226 owned towers at September 30, 2026) is reported in the U.S. & Canada segment. Closing is expected in the fourth quarter of 2026, subject to customary conditions.
• Notes repaid. On October 14, 2026 the company repaid at maturity $1.0 billion of its 3.375% senior notes due 2026, using borrowings under the 2021 Credit Facility and cash on hand.
• Revolver borrowings. After quarter-end the company drew a net $675.0 million under the 2021 Multicurrency Credit Facility and $965.0 million under the 2021 Credit Facility.
• Larger buyback. On October 23, 2026 the Board added $2.0 billion to the repurchase program. With the roughly $1.1 billion left at October 20, about $3.1 billion is now available. From October 1 through October 20 the company bought back 416,186 shares for about $67.8 million.
• Dividend paid. The $1.79 per-share distribution declared September 17 ($831.0 million in total) was paid on October 20, 2026 to holders of record on September 30.

Filings that contain financial statements

Each earnings release below is furnished as Exhibit 99.1 to a Form 8-K under Item 2.02 and carries unaudited consolidated statements of operations, balance sheets and cash flow statements, plus segment results and non-GAAP reconciliations.

• Form 8-K filed October 27, 2026, accession 0001053507-26-000154: third quarter 2026 (quarter ended September 30, 2026).
• Form 8-K filed July 28, 2026, accession 0001053507-26-000131: second quarter 2026 (quarter ended June 30, 2026).
• Form 8-K filed April 28, 2026, accession 0001053507-26-000094: first quarter 2026 (quarter ended March 31, 2026).
• Form 8-K filed February 24, 2026, accession 0001053507-26-000032: fourth quarter and full year 2025 (year ended December 31, 2025).

Earnings and guidance

The 2026 outlook was raised at each of the three quarterly reports after the initial February outlook. Midpoints are for full-year 2026 property revenue and AFFO attributable to common stockholders per share.

• October 27, 2026 (0001053507-26-000154), Q3 2026. Total revenue rose 2.5% to $2,785 million; net income fell 14.4% to $781 million; Adjusted EBITDA rose 0.9% to $1,832 million; AFFO attributable to common stockholders rose 2.4% to $1,335 million ($2.87 per share, up 3.2%). Net income was reduced by unrealized losses on equity investments of about $71.5 million. Net leverage was 4.9x. The company raised its outlook for the third time in the year: property revenue midpoint up $55 million (range $10,785 million to $10,865 million), Adjusted EBITDA midpoint unchanged (range $7,248 million to $7,303 million), AFFO per share midpoint up $0.02 (range $11.04 to $11.16), and net income midpoint lowered by $30 million on unrealized losses on equity securities.
• July 28, 2026 (0001053507-26-000131), Q2 2026. Total revenue rose 4.7% to $2,749 million; net income rose 133.2% to $888 million; Adjusted EBITDA rose 3.2% to $1,808 million; AFFO attributable to common stockholders rose 3.8% to $1,264 million. Outlook midpoints raised: property revenue by $110 million, Adjusted EBITDA by $45 million, AFFO by $45 million and AFFO per share by $0.09 (to $11.00 to $11.17). Cited drivers were foreign exchange, Data Centers outperformance and one-time expense benefits.
• April 28, 2026 (0001053507-26-000094), Q1 2026. Total revenue rose 6.8% to $2,738 million; Adjusted EBITDA rose 5.2% to $1,835 million; AFFO attributable to common stockholders rose 2.6% to $1,324 million. Outlook midpoints raised: property revenue by $145 million, Adjusted EBITDA by $105 million, AFFO by $55 million and AFFO per share by $0.12 (to $10.90 to $11.07).
• February 24, 2026 (0001053507-26-000032), Q4 and full year 2025. Full-year 2025 total revenue rose 5.1% to $10,645 million, Adjusted EBITDA rose 4.7% to $7,130 million and AFFO attributable to common stockholders rose 2.2% to $5,042 million. Initial 2026 outlook: property revenue $10,440 million to $10,590 million, Adjusted EBITDA $7,090 million to $7,160 million, AFFO per share $10.78 to $10.95.

DISH Network dispute

• January 28, 2026 (0001053507-26-000026). The company reported that DISH Wireless had failed to meet its payment obligations and was in default under the March 2021 Strategic Collocation Agreement, and said it did not expect an effect on 2025 financial results. It had already filed a complaint seeking a declaratory judgment that DISH remains bound by the agreement.
• June 4, 2026 (0001053507-26-000127). The company delivered a notice terminating the agreement and related agreements, effective June 2, 2026. It stated that 100% of DISH revenue has been reflected in churn since January 1, 2026, so the termination is not expected to affect 2026 financial results. Litigation against DISH continues.
• June 15 and June 30, 2026 (0001053507-26-000157, MD&A). On June 15, 2026 the company amended its Colorado complaint to seek damages for DISH's breaches and to add EchoStar Corporation as a party for tortious interference. On June 30, 2026 DISH filed petitions for relief under chapter 11. The company recorded $17.5 million of DISH-related impairment charges in the nine months ended September 30, 2026.

Capital allocation

• Share repurchases. The company repurchased about $184 million of stock in Q1, $19 million in Q2 and $315 million (about 1.8 million shares) in Q3 2026. On October 23, 2026 the Board authorized up to an additional $2.0 billion of repurchases; about $1.1 billion remained under the existing program as of October 20, 2026 (0001053507-26-000154).
• Distributions. Quarterly distribution of $1.79 per share declared March 5, 2026 (payable April 28; 0001053507-26-000041), an equal $1.79 announced May 21, 2026 (payable July 13 to holders of record June 12; 0001053507-26-000116, Exhibit 99.1), and another declared September 17, 2026 and announced September 18 (payable October 20 to holders of record September 30; 0001053507-26-000145 and the Q3 release, 0001053507-26-000154). The Q3 release states year-over-year per-share growth of 5.3%.

Debt financing

• May 7, 2026 (0001053507-26-000108). Amendments to the $6.0 billion multicurrency revolving credit facility, the $4.0 billion revolving credit facility and the $1.0 billion term loan extended maturities to May 1, 2029, May 1, 2031 and May 1, 2029 respectively, added limited-conditionality borrowing of up to $5.0 billion for certain acquisitions under the multicurrency facility, and amended the lien and indebtedness covenants.
• May 19 and May 27, 2026 (0001053507-26-000111; 0001193125-26-240535). Priced and then completed (closed May 27) a 750.0 million euro offering of 4.000% senior notes due September 1, 2033, at 99.663% of face value; net proceeds were about 742.7 million euros (about $866.7 million), intended to repay indebtedness drawn under the multicurrency revolving credit facility.
• June 2, 2026 (0001053507-26-000123). Notice of partial redemption of 250 million euros of the 600 million euro 4.125% senior notes due 2027, at par plus a make-whole premium, with a redemption date of June 18, 2026; 350 million euros was to remain outstanding. The Q3 2026 Form 10-Q (0001053507-26-000157, Liquidity and Capital Resources) reports the redemption was completed on June 18, 2026: 250.0 million euros redeemed at 100.969%, an aggregate redemption price of about 253.3 million euros (about $290.2 million) including 0.9 million euros of accrued interest, funded with the 4.000% note proceeds, leaving 350.0 million euros outstanding.
• September 9 and 14, 2026 (0001053507-26-000141; 0001193125-26-390605). Priced and then completed (closed September 14) $1.6 billion of senior notes: $500.0 million of 5.300% notes due 2031, $500.0 million of 5.560% notes due 2033 and $600.0 million of 5.750% notes due 2036, with net proceeds of about $1,579.9 million. The Q3 release states the proceeds were used to repay the $600.0 million 1.450% notes that matured September 15, 2026 (repaid September 14), to repay borrowings under the multicurrency revolving credit facility and for general corporate purposes. The company also repaid $1.0 billion of 3.375% notes at maturity on October 14, 2026 (0001053507-26-000154).
• After September 30, 2026 (0001053507-26-000157). The 10-Q reports net borrowings of $675.0 million under the 2021 Multicurrency Credit Facility and borrowings of $965.0 million under the 2021 Credit Facility.
• Liquidity and leverage at September 30, 2026 (0001053507-26-000154). Total debt $37,579 million, cash $1,872 million, net leverage 4.9x, and total liquidity of about $10.6 billion.

Divestitures

• Completed. The Q2 release reports the company completed the sale of its Philippines subsidiary (ATC Philippines) on June 15, 2026 for $75.6 million, and completed the sale of its controlling interest in Kirtonkhola Tower Bangladesh Limited on June 29, 2026 for $6.9 million, for a combined net gain of $20.4 million (0001053507-26-000131).
• Signed, not closed. The Q3 release states that during the quarter the company, through American Towers LLC, entered into an agreement to sell 100% of its Canadian subsidiaries for about 288 million Canadian dollars (about $202 million). Closing is expected in the fourth quarter of 2026, subject to customary closing conditions (0001053507-26-000154). The 10-Q (0001053507-26-000157) also describes it as pending, with completion expected in the fourth quarter of 2026.

Other events disclosed in the Q3 2026 Form 10-Q (0001053507-26-000157)

• August 8, 2026. Stonepeak's mandatorily convertible preferred equity in the U.S. data center business converted one for one into common equity. The company then held about 64% of the common equity and Stonepeak about 36%; the conversion reallocated $244.9 million of noncontrolling interest.
• Nine months ended September 30, 2026. The company purchased 238 towers subleased from AT&T for $204.0 million.

Management and governance

• January 26, 2026 (appointment date; 8-K 0001053507-26-000028 filed January 29). Paul Blanchett was appointed Senior Vice President and Chief Accounting Officer effective April 27, 2026; Robert J. Meyer remains in the role until then and will retire before the end of 2026.
• February 27, 2026 (0001053507-26-000038). 2026 executive compensation targets set, including a base salary of $1,000,000 for the CEO, Steven O. Vondran.
• March 10, 2026 (0001053507-26-000048). Director Robert D. Hormats announced he would not stand for re-election at the 2026 Annual Meeting, with no disagreements with the company.
• May 21, 2026 (0001053507-26-000116). At the May 20, 2026 Annual Meeting, stockholders elected eleven directors and approved the 2026 Equity Incentive Plan.
• September 18, 2026 (0001053507-26-000145). Kristen M. Ludgate elected a director and member of the Compensation and Human Capital Committee, effective September 17, 2026.

About this file

AMT annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Earnings release measures: note, FY2025. AFFO attributable to common stockholders per share for FY2025 as printed in the Q4 and full-year 2025 earnings release furnished on Form 8-K.

AMT quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Cash flow derivation. Derived, not printed: the 10-Q (accession 0001053507-26-000157) prints cash flows for nine months only, so the three-month figures are the nine-month column less the six-month column printed in the Q2 2026 earnings release (Form 8-K, accession 0001053507-26-000131). Free cash flow is operating cash flow less payments for purchase of property and equipment and construction activities.
• Balance sheet note, Q3 FY2026. Balance sheet as of September 30, 2026. Total debt is the current portion of long-term obligations plus long-term obligations, as printed on the balance sheet.

AMT year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Distributions note, Nine months ended September 30, 2026. Sum of the three distributions declared in the period (March 5, May 21 and September 17, 2026, at $1.79 per share each), as listed in the 10-Q's distributions note.
• Distributions note, Nine months ended September 30, 2025. Sum of the three distributions declared in the period (March 6, May 15 and September 18, 2025, at $1.70 per share each), as listed in the 10-Q's distributions note.

AMT trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K, accession 0001053507-26-000035) plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025 (both from the Q3 2026 10-Q, accession 0001053507-26-000157).

Adjustments

Notes

• Template: REIT. American Tower is a real estate investment trust that leases space on communications towers and in data centers, so the record carries GAAP property and services revenue, operating income, net income and diluted EPS alongside the REIT operating measures the company reports: Adjusted EBITDA, Nareit FFO and AFFO attributable to common stockholders. Those three are non-GAAP measures defined by the company and taken from the MD&A reconciliation tables of the FY2025 10-K and the Q3 2026 10-Q.
• Periods: the FY2025 10-K (accession 0001053507-26-000035) prints fiscal years 2025, 2024 and 2023 on its statements of operations and cash flows and balance sheets at December 31, 2025 and 2024, so FY2023 carries no balance sheet. The Q3 2026 10-Q (accession 0001053507-26-000157) prints the three months ended September 30, 2026 and 2025, the nine months ended on those dates, and a balance sheet at September 30, 2026; the nine-month views are in year_to_date. Its December 31, 2025 balance-sheet column agrees with the 10-K line for line.
• Sign convention: each figure carries the sign the statement prints. Interest expense, income tax provision, losses and cash outflows (capital expenditures, acquisitions, distributions paid, share repurchases) are negative. Net income attributable to noncontrolling interests is stated as the noncontrolling holders' share of net income (positive when they shared in income, negative in 2023 when they shared in a loss).
• Discontinued operations: American Tower sold its India business (ATC TIPL) in 2024 and reports it as discontinued operations. Fiscal 2024 and 2023 net income include losses from discontinued operations of $978.3 million and $71.4 million; revenue, operating income and Adjusted EBITDA for those years exclude India. The cash flow statement, and FY2024 Nareit FFO and AFFO, include the discontinued operations (FY2024 AFFO of $4,934.1 million includes $365.2 million from discontinued operations; $4,568.9 million came from continuing operations).
• Diluted EPS is net income attributable to American Tower Corporation common stockholders divided by diluted weighted average shares, as printed. FY2024 diluted EPS from continuing operations was $6.91 against $4.82 in total, the difference being the India discontinued-operations loss.
• Total debt is the current portion of long-term obligations plus long-term obligations as printed on the balance sheet; the company's long-term obligations include finance lease obligations. At September 30, 2026 this is $37,578.7 million, which matches the $37,579 million total debt in the company's Q3 2026 earnings release leverage table.
• Free cash flow here is cash provided by operating activities less payments for purchase of property and equipment and construction activities. The company's own non-GAAP Free Cash Flow also deducts finance lease and perpetual land easement payments that it reports in financing activities, so it is somewhat lower (for Q3 2026 the earnings release reports $986 million against $995.4 million here).
• Quarterly cash flows: the 10-Q prints its cash flow statement for nine months only. The three-month operating cash flow, capital expenditures and free cash flow for Q3 2026 and Q3 2025 are derived by subtracting the six-month figures printed in the Q2 2026 earnings release (Form 8-K, accession 0001053507-26-000131) from the 10-Q's nine-month figures. The Q3 2026 result, $1,392.8 million of operating cash flow, is consistent with the $1,393 million the Q3 2026 earnings release (accession 0001053507-26-000154) reports for the quarter.
• AFFO per share is not printed in the 10-K or 10-Q. The quarterly values ($2.87 for Q3 2026, $2.78 for Q3 2025) come from the Q3 2026 earnings release (accession 0001053507-26-000154) and the FY2025 value ($10.76) from the Q4 and full-year 2025 earnings release (accession 0001053507-26-000032); they are recorded under earnings_release_measures with those accessions.
• Distributions declared per share are the regular common stock distributions declared in each period: $6.80 in 2025, $6.48 in 2024 and $6.45 in 2023 per the 10-K, and $1.79 (Q3 2026) against $1.70 (Q3 2025) per the 10-Q. The nine-month totals ($5.37 and $5.10) are sums of the three declarations in each period.
• Trailing twelve months to September 30, 2026 is derived as FY2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. No per-share figure is given for it, because the filings print no twelve-month share count for that period.
• Splits and ADR: no stock split affects these periods, and American Tower common stock trades directly on the NYSE (not as an ADR), so no per-share adjustment applies. All figures are in US dollars as reported.
• Q3 2026 net income attributable to common stockholders fell to $765.8 million from $853.3 million despite higher operating income ($1,269.0 million against $1,233.3 million). The 10-Q shows other expense of $52.2 million against other income of $27.7 million a year earlier and an income tax provision of $117.6 million against $37.4 million.

Uncertainties

• The three-month cash flow figures for Q3 2026 and Q3 2025 are derived by differencing, not printed in any filing. The six-month figures subtracted are those printed in the Q2 2026 earnings release; they agree with the six-month values in the SEC's XBRL company facts for the Q2 2026 10-Q (accession 0001053507-26-000133), but that 10-Q's statements were not among the filings read for this record.
• Adjusted EBITDA, Nareit FFO, AFFO and AFFO per share are company-defined non-GAAP measures and are not comparable across companies. The trailing-twelve-month values for them are derived by the same arithmetic as the GAAP figures, not reported by the company.

Company details

Fiscal period

Source filings