American Tower (NYSE: AMT) Raises 2026 Guidance Again After Q2 Revenue Rises 4.7% to $2.75B

Q2 2026 Results

American Tower Corporation (NYSE: AMT) reported second-quarter 2026 revenue of $2,749 million, up 4.7% year over year, while Adjusted Funds From Operations (AFFO) per share came in at $2.71, up 4.2% from $2.60 in the prior-year period and well above the $1.58 consensus estimate. The company also raised its full-year 2026 outlook for the second time this year. Shares traded at $177.14 on Tuesday, July 28, a gain of 6.24%, while the S&P 500 declined 0.33%.

Key Metrics

• Total revenue: $2,749 million, up 4.7% year over year; total property revenue rose 6.3% to $2,688 million
• AFFO attributable to AMT common stockholders: $1,264 million, up 3.8% year over year; $2.71 per share, up 4.2%
• Adjusted EBITDA: $1,808 million, up 3.2%, with an Adjusted EBITDA margin of 65.8%
• GAAP net income: $888 million, up 133.2% year over year; GAAP diluted EPS of $1.86, up 138.5% from $0.78
• Free cash flow: $1,158 million, up 19.6%; capital expenditures of $329 million, up 5.1% from $313 million in the prior-year period
• Dividend: $1.79 per share declared in Q2 2026, up 5.3% year over year; aggregate distribution of $834.1 million

What Drove the Results

AFFO per share of $2.71 exceeded the $1.58 consensus estimate by 71.9%, representing a substantial beat on the metric most closely followed by REIT investors. Total property revenue growth of 6.3% reflected what the company described as robust leasing demand across its global tower portfolio and record leasing activity at CoreSite, its data center subsidiary.

The 133.2% surge in GAAP net income requires context: the press release notes that Q2 2026 included approximately $42.1 million in foreign currency gains, compared to approximately $484.0 million in foreign currency losses in the prior-year period. That swing of roughly $526 million in FX items accounts for the bulk of the GAAP improvement and does not reflect a comparable change in underlying operating performance. Adjusted EBITDA growth of 3.2% provides a cleaner read on operational trends.

CEO Steve Vondran cited mid-single-digit AFFO per share growth normalized for one-time DISH churn, and attributed the raised outlook to mobile data consumption growth, cloud adoption, and AI-driven application scaling. The company completed the sale of its Philippines subsidiary for $75.6 million and its controlling interest in Kirtonkhola Tower Bangladesh Limited for $6.9 million during the quarter, reflecting continued portfolio rationalization.

On the balance sheet, the net leverage ratio stood at 4.9x as of June 30, 2026, with total liquidity of approximately $9.9 billion. During the quarter, American Tower repaid $700 million in senior notes at maturity, redeemed €250 million of its 4.125% notes, and issued €750 million of new 4.000% notes due 2033.

Wall Street View

Wall Street consensus heading into the print leaned constructively toward the stock, with the most recent recommendation survey showing 16 Buy ratings and 7 Strong Buy ratings against 6 Hold ratings and no Sell or Strong Sell recommendations. The raised guidance and AFFO beat give analysts additional support for positive positioning, though specific post-earnings target revisions were not available at publication.

Investor Takeaway

The second consecutive guidance increase in 2026 indicates that management has sufficient visibility into leasing demand to revise estimates upward, a meaningful signal for a capital-intensive REIT carrying a net leverage ratio of 4.9x. Investors focused on dividend sustainability will note that free cash flow of $1,158 million in a single quarter meaningfully covers the $834.1 million distributed to common stockholders in Q2. The key forward question is whether AFFO per share growth can accelerate beyond the current mid-single-digit pace as DISH-related churn normalizes and CoreSite leasing momentum continues.