American Tower Corporation reported second-quarter 2026 total revenue of $2,749 million, a 4.7 percent increase year-over-year, driven by robust global tower leasing and record activity at CoreSite. The company raised its full-year financial outlook for the second time this year, reflecting strong mobile data demand and ongoing 5G network densification.
American Tower Corporation (NYSE: AMT) delivered a strong financial performance for the quarter ended June 30, 2026, prompting executives to upgrade full-year guidance for the second time this year. Total property revenue climbed 6.3 percent to $2,688 million, while net income surged 133.2 percent to $888 million, heavily influenced by foreign currency gains. Adjusted EBITDA reached $1,808 million, representing a 3.2 percent increase compared to the prior-year period. Net income attributable to AMT common stockholders increased 136.5 percent to $868 million.
Behind the headline figures, the quarter underscored how secular shifts in wireless traffic and cloud computing continue to power multitenant communications real estate. Demand remains high as mobile operators densify networks and enterprises scale cloud and AI applications.
CoreSite Data Centers and Global Leasing Fuel Expansion
Chief Executive Officer Steve Vondran highlighted robust leasing demand across the company’s global tower portfolio alongside record-setting activity within CoreSite, the company’s data center subsidiary.
“We delivered another strong quarter, driven by robust leasing demand across our global tower portfolio, record leasing activity at CoreSite, and continued operational excellence. This momentum translated into mid-single-digit AFFO per share growth, normalized for one-time DISH churn, and enabled us to raise our full-year outlook for the second time this year.”
Steve Vondran, Chief Executive Officer, American Tower
Regional contributions played a vital role in the quarter’s results. Europe outperformed underwriting assumptions for the Telefónica portfolio, with mid-single-digit growth expected.
Navigating DISH Churn and Latin American Headwinds
Despite the broader momentum, reported figures absorbed notable headwinds from carrier transitions. A one-time churn event from DISH created a drag on reported metrics. Executives emphasized that normalized growth remains on track once this lumpiness is excluded.
Capital allocation priorities remain focused on developed-market towers and data centers. According to discussions on the earnings call with executive leadership, including Rodney Smith (Executive VP, CFO & Treasurer) and Steven Vondran (President, CEO & Director), roughly 85 percent of internal capital expenditures are earmarked for developed markets. Framework priorities start with the dividend (around ~$3.3B, 5% growth), followed by internal CapEx ($1.9B), and then M&A or repurchases, keeping balance sheet strength and credit ratings key.
Capital Allocation and Shareholder Returns
This activity forms part of a broader $2B program, which leaves approximately $1.4B remaining.
Valuation and Guidance Adjustments
The upward revision in full-year guidance highlights management’s visibility into future cash flows despite macroeconomic noise and foreign exchange fluctuations.
The earnings call on July 28, 2026, was hosted by Spencer Kurn (Senior Vice President of Investor Relations), alongside participants such as Michael Ng (Goldman Sachs Group, Inc., Research Division), Michael Rollins (Citigroup Inc., Research Division), Nicholas Del Deo (MoffettNathanson LLC), Ric Prentiss (Raymond James & Associates, Inc., Research Division), Eric Luebchow (Wells Fargo Securities, LLC, Research Division), Cameron McVeigh (Morgan Stanley, Research Division), Batya Levi (UBS Investment Bank, Research Division), and Madison Rezaei (Bernstein Institutional Services LLC).
Worth a look
