American Tower Corp.
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+ FollowMarket Cap$87.44B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Raised 2026 outlook again (3rd time); confident in AFFO growth inflection after a “trough”
- CEO said the quarter reinforces the durability of American Tower’s tower + CoreSite data center model and the company’s confidence supports raising full-year guidance for the 3rd time in 2026.
- Management frames 2026 as a trough year for US organic growth and (normalized) AFFO per share, with an expected meaningful inflection in 2027 back toward mid-to-high single-digit AFFO/share growth (long-term target).
Core performance: Towers resilient; Data centers (CoreSite) strongly outpacing; key forecast upgrades
- Tower business: Expected ~4% organic tenant billings growth (excluding 1-time DISH churn/disrelated impacts).
- Data centers (CoreSite): Outlook for data center revenue growth raised to ~16% (from 15% last quarter and 13% at start of year).
- Financial impact in revised outlook: Property revenue raised by $55M at the midpoint (~+1%), implying >4% YoY growth excluding straight-line and FX; ~7% cash FX-neutral growth when normalized for DISH churn.
- Adjusted EBITDA outlook held flat (timing offsets): data center outperformance partially offset by ~$15M lower network services contribution due to customer project timing shifts.
US leasing: new business contribution remains healthy but is front-loaded; step-down in Q3 is expected
- Q3 showed a step-down in new leasing, and management attributed it to seasonality/front-loading and carrier activity not being uniform (not “all carriers active” simultaneously).
- Still expects new business to contribute ~250 bps toward US organic tenant billings growth for the full year (consistent with 2025 ex-DISH).
- US full-year organic tenant billings growth outlook: guided to about ~50 bps (and includes ~400 bps headwind from DISH churn).
- Company expects organic tenant billings growth in the US to improve after 2026 as DISH churn nonrecurs and carrier activity broadens.
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Share Statistics
| Market cap | $87.44 Billion |
|---|---|
| Enterprise Value | $131.15 Billion |
| Annual dividend | $7.07 |
| Dividend yield | 3.77% |
| Earnings per Share | $5.4 |
| Beta | 0.89 |
| Outstanding Shares | 465,323,000 |
Return
| Return on Equity | 88.48% |
|---|---|
| Return on Assets | 5.20% |
| Return on Invested Capital | 9.38% |
Valuation & Multiples
| P/E Ratio | 26.41 |
|---|---|
| PEG | -257.56 |
| Price to Sales | 11.46 |
| Price to Book Ratio | 8.86 |
| Enterprise Value to Revenue | 15.85 |
| Enterprise Value to EBIT | 25.7 |
| Enterprise Value to Net Income | 39 |
| Total Debt to Enterprise | 0.35 |
| Debt to Equity | 12.23 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$1.64
Consensus analyst estimateRevenue Estimate
$2.76 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 23, 2027
EPS Estimate
$1.62
Consensus analyst estimateRevenue Estimate
$2.78 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 97.00% |
|---|---|
| Total Calls | 708▼ 99.95% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.10%▼ 91.50% |
|---|---|
| Total Invested | $3.12B▼ 95.73% |
| Investors Holding | 654▼ 1164.00% |
About American Tower Corp.
5,454 employees
CEO: Thomas Bartlett
American Tower Corporation is an American real estate investment trust and an owner and operator of wireless and broadcast communications infrastructure in several countries worldwide and is headquartered in Boston, Massachusetts. As of...