American Tower (AMT) Earnings Date & Reports

Key Takeaways

• American Tower is scheduled to report third quarter 2026 results before the market opens on Tuesday, October 27, 2026.
• Consensus estimates point to AFFO (Adjusted Funds From Operations) of roughly $2.78 per share for the quarter, according to Earnings Whispers.
• Last quarter, the company posted AFFO of $2.71 per share and revenue of $2.75 billion, beating revenue estimates while matching AFFO expectations.
• Investors are watching CoreSite data center leasing, organic tenant billings growth, and the ongoing DISH churn headwind.
• Management has described 2026 as a likely trough year for AFFO per share growth, with improvement expected in 2027.

Earnings Context and Why It Matters

American Tower Corporation (NYSE: AMT) is one of the world's largest owners and operators of communications infrastructure, spanning more than 200,000 sites globally alongside its CoreSite data center platform. Its quarterly results serve as a key read on wireless carrier spending, international leasing activity, and digital infrastructure demand. The upcoming report matters because the company is navigating a delicate balance: robust data center growth and steady global tower leasing are being offset by DISH-related churn in the U.S. and rising refinancing costs. Having raised its full-year 2026 outlook twice already, management's third quarter commentary will signal whether those tailwinds remain intact heading into 2027.

Earnings Expectations

For the third quarter of 2026, consensus expectations call for AFFO per share near $2.78, according to Earnings Whispers, reflecting the metric Wall Street tracks most closely for American Tower. That would represent growth from the $2.71 per share the company delivered in the second quarter of 2026, when total revenue rose 4.7% year over year to $2.75 billion and property revenue climbed 6.3% to $2.69 billion.

Investors will focus on several operating metrics beyond the headline AFFO figure. Organic tenant billings growth — which came in near 2% globally in the second quarter, or roughly 4% excluding DISH churn — will be closely scrutinized, as will CoreSite's data center cash revenue, which grew about 12% last quarter amid record leasing activity. Management has guided to approximately 15% data center revenue growth and roughly 1% organic tenant billings growth for the full year, with about 4% growth excluding DISH churn. The company's updated full-year 2026 outlook calls for total property revenue of $10.695 billion to $10.845 billion and AFFO per share of $11.00 to $11.17.

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Market Reaction and Investor Sentiment

American Tower shares have historically responded to AFFO per share results and, more importantly, to management's guidance updates. The company's second quarter report was received favorably, with the stock trading modestly higher in pre-market activity after the company raised its full-year outlook for the second time in 2026, citing foreign exchange tailwinds and data center outperformance. Heading into the third quarter report, sentiment is generally constructive but tempered by known headwinds. DISH-related churn continues to weigh on U.S. organic tenant billings growth, and higher interest rates are expected to create a larger headwind to AFFO per share growth than previously anticipated. A key risk is any indication that data center leasing momentum or international demand is softening, which could overshadow otherwise in-line results.

Forward Outlook and Key Factors to Monitor

Looking beyond the third quarter print, investors should monitor several factors that will shape American Tower's trajectory into 2027.

First, watch the pace of DISH churn. Management has characterized 2026 as a trough year for AFFO per share growth, with the expectation that these pressures ease in 2027. Any update on the timing or magnitude of that churn will be central to the forward narrative.

Second, data center demand remains the company's brightest growth engine. CoreSite recorded more new leasing in the second quarter than it did in all of 2021, and investors will look for confirmation that this momentum — tied to artificial intelligence and cloud-driven capacity needs — is sustained.

Third, keep an eye on interest rates and refinancing activity. Higher borrowing costs are adding a meaningful headwind to AFFO per share growth, so commentary on the company's debt maturities and capital allocation will matter.

Finally, international organic tenant billings growth — particularly strength in Africa and APAC and stabilizing trends in Latin America — will help determine whether the company can deliver the mid-to-high single-digit growth management has signaled for 2027.

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