American Tower Corporation (AMT)

American Tower reported third-quarter 2026 revenue of $2,785 million on 27 October, up 2.5 percent 1. Net income fell 14.4 percent to $781 million, while AFFO attributable to common stockholders, the company's own cash earnings measure, rose 2.4 percent to $1,335 million 1.

Data centers lifted the outlook: the company said cash revenue in Data Centers grew 16.3 percent, and it raised the midpoint of its full-year property revenue outlook by $55 million 1. Chief executive Steve Vondran said this was the third raise of the year 1.

Net income was hit by unrealized losses on equity investments of about $71.5 million, against gains of about $10.9 million a year earlier 1. In the United States and Canada, property revenue fell 3 percent, with churn mostly from DISH and a drop in straight-line accounting revenue 2.

DISH, once about 2 percent of property revenue, filed for chapter 11 on 30 June 2026 2. Reuters reported on 22 October that SpaceX is in talks for access to at least 80,000 US sites, naming Crown Castle as one party 5.

American Tower earns its living by leasing space on towers and other sites to phone companies and others 3. Its tenant leases with wireless carriers generally run five to ten years at the start, with renewals, so revenue moves slowly 3.

In March 2015 it signed a management agreement with Verizon Communications and some of its subsidiaries 3. In January 2021 it signed agreements with Telxius Telecom for the sale and purchase of towers in Europe and in Latin America 3.

In March 2021 it entered a Strategic Collocation Agreement with DISH, a contract that later became a dispute 3. In late 2021 it acquired CoreSite Realty Corporation, which the company believes can add strong, recurring growth and value through edge computing 3.

In 2022 investment vehicles of Stonepeak Partners bought a minority interest in the U.S. data center business, through common equity and convertible preferred equity 2.

Over three years it sold businesses outside its main line: Mexico fiber and Poland in 2023, Australia, India and New Zealand in 2024, and South Africa fiber in 2025 3. The company says it can put proceeds toward other priorities, including investments in developed markets 3.

Revenue was $10,012.2 million in 2023, $10,127.2 million in 2024 and $10,644.6 million in 2025, a rise of 5 percent in the last year 3.

In 2025 the U.S. and Canada segment was flat at $5,248.7 million 3. Tenant billings grew $210.0 million, but other revenue fell $209.1 million, including a $175.8 million decrease due to straight-line accounting 3.

Africa and APAC grew 18 percent to $1,422.9 million 3. Latin America fell 4 percent to $1,642.6 million, mainly on higher revenue reserves for customers in Brazil and Mexico and a smaller tenant settlement in Brazil 3.

Data Centers revenue rose 14 percent to $1,053.1 million on new leases, customer expansions and rent increases on renewals 3. Services revenue rose 75 percent to $339.6 million on more construction management and permitting work 3.

AT&T Mexico, about $300 million of tenant revenue in 2025, had withheld rents since the start of 2025, and on 23 September 2025 the sides agreed it would pay most of them 3.

DISH told the company on 24 September 2025 that it was excused from its contract, and the company sued on 20 October 2025 3.

In 2026 DISH fell into default in January, the company ended the contract effective 2 June, and DISH filed for chapter 11 on 30 June 2. On 15 June it sold its Philippines subsidiary for $75.6 million, and on 29 June its Bangladesh stake for $6.9 million 2.

Towers in the United States and Canada

This is the biggest segment, at 49 percent of 2025 revenue 3. It owned 27,165 towers in the United States and Canada on 30 September 2026, and operated another 14,602 2.

Segment revenue was $1,275.2 million in the third quarter, down 3 percent 2. AT&T, T-Mobile and Verizon together made up 85 percent of its 2025 revenue 3.

Reuters put American Tower at about 42,000 US sites, against about 40,000 for Crown Castle and about 18,000 for privately held Vertical Bridge 5.

Towers in Latin America, Europe, Africa and Asia-Pacific

On 30 September 2026 the company owned 44,354 towers in Latin America, 32,675 in Europe and 26,593 in Africa and Asia-Pacific 2. Third-quarter revenue was $460.0 million in Latin America, up 10 percent, $427.9 million in Africa and APAC, up 15 percent, and $257.9 million in Europe, up 6 percent 2.

In 2025 Airtel and MTN made up 81 percent of Africa and APAC revenue, and Telefónica 70 percent of Europe's 3. In Latin America, América Móvil, AT&T, Telefónica and TIM together made up 71 percent 3.

Data centers

In late 2021 the company acquired CoreSite, and its Data Centers segment has 30 operating facilities across 11 US markets with about 3.9 million net rentable square feet 32.

Segment revenue was $313.0 million in the third quarter, up 17 percent, from rent, power and interconnection revenue 2.

The company holds about 64 percent of the common equity in this business and Stonepeak about 36 percent 2. Stonepeak's preferred equity converted into common equity one for one on 8 August 2026 2.

Services

The Services segment sells tower-related work in the United States, such as site applications, zoning and permitting, structural analyses and construction management 2. Its third-quarter revenue was $51.4 million, down 49 percent 2.

People

Steve Vondran is chief executive 1. The company employed 4,866 full-time people at 31 December 2025, 2,388 of them in the United States 3.

In 2025 its top four customers by total revenue were T-Mobile at 18 percent, AT&T at 17 percent, Verizon at 14 percent and Telefónica at 10 percent 3.

Current problems

DISH Wireless stopped paying under its 2021 contract, and the company ended the contract effective 2 June 2026 2. DISH was about 2 percent of 2025 property revenue and 4 percent of U.S. and Canada property revenue 2.

Light Reading reported that executives put the yearly exposure to the default at about $200 million 7. Broadband Breakfast reported on 27 October that Vondran told analysts a bankruptcy court order in July left the company owning Dish's abandoned radio equipment 6.

AT&T Mexico is in an arbitration over its lease rate; the hearing began in August 2026 and the company expects a final ruling in 2027 2. The company booked about $30 million of reserves for this customer in the first nine months of 2026 2.

Net debt was 4.9 times annualized Adjusted EBITDA at 30 September 2026, on total debt of $37,579 million 1.

The umbrella, in words

The group has two main names: American Tower, which leases towers, and CoreSite, which runs its data centers 13.

Exhibit 21 to the annual report lists the subsidiaries 4. They include American Tower do Brasil in Brazil and American Tower España in Spain 4. A data center unit on the list is CoreSite One Wilshire 4.

Allianz and La Caisse hold the noncontrolling interests in the European operations in France, Germany and Spain 2. PGGM holds the rest of the German and Spanish subsidiaries, in which the European unit holds 87 percent and 83 percent 2.

The company agreed to sell its Canadian subsidiaries, and Institutional Real Estate reported that Aurora Towers, a portfolio company of CVC DIF, signed to buy 255 sites 8.

Of 148,824 towers at 31 December 2025, about 80 percent stood on leased land, and 5,023 US towers back a securitization loan 3.

Vanguard Capital Management reported owning 7.56 percent of the common stock on 31 March 2026, in a Schedule 13G 9.

For full-year 2026 the company expects total property revenue of $10,785 million to $10,865 million, Adjusted EBITDA of $7,248 million to $7,303 million and AFFO per share of $11.04 to $11.16 1.

It expects U.S. and Canada property revenue to fall at the midpoint by 3.0 percent and Data Centers revenue to grow 16.1 percent 1. The company expects total organic tenant billings growth of about 1 percent 1.

Planned capital spending is $1,765 million to $1,875 million, including the construction of 1,300 to 1,900 communications sites and $695 million of data center development 1.

The company expects to complete the sale of its Canadian subsidiaries in the fourth quarter of 2026 for about 288 million Canadian dollars, or about $202 million 1.

On 23 October 2026 the board authorized up to $2.0 billion more in share repurchases, on top of about $1.1 billion left as of 20 October 1.

It also expects net income of $3,253 million to $3,308 million, and it lowered the midpoint for net income by $30 million, mainly because of unrealized losses on equity securities 1.

By segment, the company expects property revenue of $5,085 million to $5,095 million in U.S. and Canada and $1,813 million to $1,833 million in Latin America 1.

It expects $1,644 million to $1,664 million in Africa and APAC, $1,025 million to $1,045 million in Europe and $1,218 million to $1,228 million in Data Centers 1.

Vondran said demand for digital infrastructure continues to expand as wireless connectivity, cloud adoption and AI applications become increasingly critical, and the company believes it is positioned to capitalize on these trends 1.

The AT&T Mexico arbitration is expected to produce a final ruling in 2027, and the company says it continues to seek relief from DISH 2.