NYSE: AMT
AMERICAN TOWER CORP /MA/CIK 0001053507 · SIC 6798 · Real Estate Investment Trusts
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American Tower reports 4.7% revenue growth, raises full-year outlook on FX tailwinds
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AMT: revenue $2.75B, net income $887.5M. AMT exits APAC, faces AT&T Mexico arbitration and DISH bankruptcy hit
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American Tower terminates DISH Wireless tower agreement, pursues litigation
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American Tower to redeem €250M of senior notes early, paying make-whole premium
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American Tower raises $867M in euro-denominated debt at 4% to refinance 2026 notes
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American Tower declares $1.79 quarterly dividend, approves 12M-share equity plan
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American Tower prices €750M senior notes due 2033 at 4.000% interest rate
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American Tower amends $11B credit facilities, adds up to $5B acquisition financing capacity
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American Tower reports Q1 2026 earnings results
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AMT: revenue $2.74B, net income $878.5M. AMT faces AT&T Mexico arbitration and DISH default; churn triples to 76.2%
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American Tower director Robert Hormats to step down at 2026 annual meeting
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American Tower declares $1.79 quarterly dividend, payable April 28
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Latest financial statements
From 10-Q filed Jul 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in millions, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES: | ||||
| Property | 2,687.8 | 2,527.4 | 5,357.7 | 5,015.6 |
| Services | 61.3 | 99.5 | 128.9 | 174.1 |
| Total operating revenues | 2,749.1 | 2,626.9 | 5,486.6 | 5,189.7 |
| OPERATING EXPENSES: | ||||
| Costs of operations (exclusive of items shown separately below): | ||||
| Property | 707.9 | 640.6 | 1,372.7 | 1,240.2 |
| Services | 33.4 | 48.1 | 71.9 | 83.0 |
| Depreciation, amortization and accretion | 514.4 | 510.3 | 1,032.6 | 1,002.8 |
| Selling, general, administrative and development expense | 233.8 | 233.7 | 491.2 | 471.2 |
| Other operating (income) expense | (9.2) | (3.5) | 10.2 | (59.3) |
| Total operating expenses | 1,480.3 | 1,429.2 | 2,978.6 | 2,737.9 |
| OPERATING INCOME | 1,268.8 | 1,197.7 | 2,508.0 | 2,451.8 |
| OTHER INCOME (EXPENSE): | ||||
| Interest income | 44.4 | 30.6 | 80.4 | 57.5 |
| Interest expense | (354.5) | (342.6) | (701.8) | (667.9) |
| Loss on retirement of long-term obligations | (3.2) | — | (3.2) | — |
| Other income (expense) (including foreign currency gains (losses) of $42.1, $(484.0), $110.2 and $(829.7), respectively) | 53.8 | (373.9) | 144.0 | (712.1) |
| Total other expense | (259.5) | (685.9) | (480.6) | (1,322.5) |
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,009.3 | 511.8 | 2,027.4 | 1,129.3 |
| Income tax provision | (121.8) | (131.3) | (261.4) | (250.2) |
| NET INCOME | 887.5 | 380.5 | 1,766.0 | 879.1 |
| Net income attributable to noncontrolling interests | (20.0) | (13.7) | (39.0) | (23.6) |
| NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | 867.5 | 366.8 | 1,727.0 | 855.5 |
| NET INCOME PER COMMON SHARE AMOUNTS: | ||||
| Basic net income attributable to American Tower Corporation common stockholders | 1.86 | 0.78 | 3.71 | 1.83 |
| Diluted net income attributable to American Tower Corporation common stockholders | 1.86 | 0.78 | 3.70 | 1.83 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands): | ||||
| BASIC | 465,938 | 468,178 | 466,068 | 467,909 |
| DILUTED | 466,265 | 468,791 | 466,578 | 468,717 |
Consolidated Balance Sheets
(in millions, except share count and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 1,762.5 | 1,474.8 |
| Restricted cash | 130.1 | 130.4 |
| Accounts receivable, net | 650.9 | 650.3 |
| Prepaid and other current assets | 578.9 | 486.3 |
| Total current assets | 3,122.4 | 2,741.8 |
| PROPERTY AND EQUIPMENT, net | 20,573.0 | 20,356.3 |
| GOODWILL | 12,181.5 | 12,255.5 |
| OTHER INTANGIBLE ASSETS, net | 13,980.6 | 14,530.7 |
| DEFERRED TAX ASSET | 175.1 | 151.4 |
| DEFERRED RENT ASSET | 3,772.9 | 3,851.3 |
| RIGHT-OF-USE ASSET | 8,466.2 | 8,426.5 |
| NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 1,028.4 | 876.9 |
| TOTAL | 63,300.1 | 63,190.4 |
| LIABILITIES | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | 202.8 | 259.8 |
| Accrued expenses | 1,116.9 | 1,112.5 |
| Distributions payable | 852.7 | 818.6 |
| Accrued interest | 330.5 | 425.2 |
| Current portion of operating lease liability | 644.1 | 584.9 |
| Current portion of long-term obligations | 5,226.5 | 3,387.8 |
| Unearned revenue | 497.0 | 325.0 |
| Total current liabilities | 8,870.5 | 6,913.8 |
| LONG-TERM OBLIGATIONS | 31,963.1 | 33,832.5 |
| OPERATING LEASE LIABILITY | 7,146.2 | 7,158.7 |
| ASSET RETIREMENT OBLIGATIONS | 2,527.0 | 2,512.9 |
| DEFERRED TAX LIABILITY | 1,573.6 | 1,440.3 |
| OTHER NON-CURRENT LIABILITIES | 967.2 | 976.9 |
| Total liabilities | 53,047.6 | 52,835.1 |
| COMMITMENTS AND CONTINGENCIES | ||
| EQUITY (shares in thousands): | ||
| Common stock: $0.01 par value; 1,000,000 shares authorized; 480,163 and 479,358 shares issued; and 465,959 and 466,318 shares outstanding, respectively | 4.8 | 4.8 |
| Additional paid-in capital | 15,276.9 | 15,215.3 |
| Distributions in excess of earnings | (5,032.3) | (5,086.0) |
| Accumulated other comprehensive loss | (4,661.0) | (4,815.8) |
| Treasury stock (14,204 and 13,040 shares at cost, respectively) | (1,868.7) | (1,665.8) |
| Total American Tower Corporation equity | 3,719.7 | 3,652.5 |
| Noncontrolling interests | 6,532.8 | 6,702.8 |
| Total equity | 10,252.5 | 10,355.3 |
| TOTAL | 63,300.1 | 63,190.4 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 1,766.0 | 879.1 |
| Adjustments to reconcile net income to cash provided by operating activities | ||
| Depreciation, amortization and accretion | 1,032.6 | 1,002.8 |
| Stock-based compensation expense | 92.6 | 100.7 |
| Loss on early retirement of long-term obligations | 3.2 | — |
| Other non-cash items reflected in statements of operations | 50.0 | 826.6 |
| Increase in net deferred rent balances | 0.0 | (45.3) |
| Right-of-use asset and Operating lease liability, net | 35.9 | 29.3 |
| Changes in unearned revenue | 166.8 | 46.8 |
| Increase in assets | (160.4) | (219.8) |
| Decrease in liabilities | (99.3) | (43.7) |
| Cash provided by operating activities | 2,887.4 | 2,576.5 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Payments for purchase of property and equipment and construction activities | (770.4) | (635.7) |
| Payments for acquisitions, net of cash acquired | (133.2) | (332.3) |
| Proceeds from sale of short-term investments and other non-current assets | 76.5 | 137.7 |
| Deposits and other | (6.6) | (10.9) |
| Cash used for investing activities | (833.7) | (841.2) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Borrowings under credit facilities | 3,601.1 | 3,632.3 |
| Proceeds from issuance of senior notes, net | 872.2 | 1,560.0 |
| Proceeds from other borrowings | — | 1.2 |
| Repayments of notes payable, credit facilities, senior notes, secured debt and finance leases | (4,274.1) | (5,318.2) |
| Distributions to noncontrolling interest holders | (94.0) | (111.9) |
| Contributions from noncontrolling interest holders | 4.3 | 111.3 |
| Purchases of common stock | (202.9) | — |
| Proceeds from stock options and employee stock purchase plan | 21.0 | 30.1 |
| Distributions paid on common stock | (1,641.3) | (1,564.7) |
| Payment for early retirement of long-term obligations | (2.8) | — |
| Deferred financing costs and other financing activities | (86.2) | (90.6) |
| Cash used for financing activities | (1,802.7) | (1,750.5) |
| Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | 36.4 | 116.6 |
| NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | 287.4 | 101.4 |
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 1,605.2 | 2,108.2 |
| CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | 1,892.6 | 2,209.6 |
| CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $9.2 AND $6.6, RESPECTIVELY) | 163.2 | 131.4 |
| CASH PAID FOR INTEREST | 789.4 | 684.2 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Purchases of property and equipment under finance leases and perpetual easements | 12.4 | 6.7 |
| Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities | (0.2) | (11.4) |
| Seller financed acquisition | — | 5.0 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except share and per share data); (in millions, except share count and per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗