AMT · American Tower Corporation

American Tower delivered a strong first quarter in 2026, with total revenue rising 6.8% to $2,738 million and property revenue up 7.3% to $2,670 million. Net income surged 76.2% to $879 million, significantly boosted by $68.1 million in foreign currency gains compared to a $345.7 million loss in the prior-year period. Adjusted EBITDA grew 5.2% to $1,835 million, while AFFO attributable to common stockholders increased 2.6% to $1,324 million, or $2.84 per share. The company's property gross margin remained healthy at 75.1%. Management highlighted strong structural tailwinds from rising mobile data consumption, cloud adoption, and AI-driven workloads. The company raised its full-year 2026 outlook, increasing the midpoint for property revenue by $145 million to $10,660 million, Adjusted EBITDA by $105 million to $7,230 million, and AFFO per share by $0.12 to $10.99, driven by favorable foreign exchange and accelerating straight-line revenue in Latin America. Capital allocation included $833.9 million in dividends ($1.79 per share) and $184 million in share repurchases during the quarter. The balance sheet remains solid with a net leverage ratio of 4.9x and $10.4 billion in total liquidity.