# American Tower Corporation (AMT): Material Current Events, Fiscal 2026 (through October 27, 2026) ## 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.