American Tower Corporation (AMT) Earnings Call Transcripts

American Tower Corporation's Latest Earnings Call - September 10, 2026

In the Q3 2026 earnings call, American Tower Corporation (AMT:US) reported a revenue of $2.1 billion, which was in line with expectations, and an adjusted EBITDA of $1.5 billion, reflecting a 5% year-over-year increase. Management indicated that 2026 would be a trough year for organic tenant billings growth, primarily due to the absence of DISH churn, with expectations for recovery in subsequent years. They maintained their outlook for AFFO per share growth in the mid- to high single digits, despite headwinds from foreign exchange and interest rates.

Reported metrics

Guidance from management

Management maintained their outlook for AFFO per share growth in the mid- to high single digits, despite potential headwinds from foreign exchange and interest rates. They expect organic tenant billings growth to improve following 2026.

What management said

We're reserving about $8 million a quarter, $40 million this year, $30 million last year. So we've got $70 million already reserved -- to the extent that, that reserve is needed post arbitration, that will be a benefit to us. And then we'll see where the arbitration comes out, if there are any changes to the way you calculate rent increases through the through the contracts. So we feel good about it. We don't think w...

Yes, I think so. until this resolution. We'll give guidance for '27 out in February. By then, we hope to know and build everything into guidance. Outside of us providing guidance, outside of completion and resolution of the arbitration. I think what we're doing today is what we would expect to continue to do. And if there's any change in that, we would update people and you would all know what we're thinking.

What analysts pressed on

Analysts expressed concerns regarding the ongoing arbitration with AT&T Mexico and its potential financial implications. There were also questions about the impact of future carrier consolidations and how that might affect leasing activity.

Main topics on the call

• 2026 as a Trough Year — Management highlighted that 2026 is expected to be a trough year for organic tenant billings growth, stating, "we see that inflecting up in future years." This is attributed to the absence of DISH churn and overall impro...
• 5G Network Densification — Management noted that U.S. carriers have achieved 90-95% coverage with 5G networks, leading to expected amendment cycles as carriers densify their networks. "They will be adding capacity to their existing cell sites... w...
• CoreSite Business Growth — The CoreSite data center business is projected to grow at double-digit rates, with management emphasizing, "we are investing more capital into it." This growth is expected to contribute significantly to AFFO per share.
• Churn Reduction — Management expressed optimism regarding churn reduction, particularly in the U.S. and Latin America, stating, "the absence of the DISH churn... means organic tenant billings growth is going up." This is seen as a critica...

Read the full American Tower Corporation transcript (September 10, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 114 American Tower Corporation earnings call transcripts on record, spanning January 7, 2020 to September 10, 2026. Based on this history, American Tower Corporation reports quarterly. The most recent call on file is dated September 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

AMT

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

114

First call

January 7, 2020

Most recent

September 10, 2026

Reporting cadence

quarterly