$AMT · AMERICAN TOWER CORP /MA/
American Tower reported Q3 2026 results with total revenue of $2,785M (+2.5% YoY) and net income of $781M (-14.4% YoY), the latter pressured by $71.5M in unrealized equity losses. AFFO per share rose 3.2% to $2.87. The company raised its full-year 2026 property revenue midpoint by $55M and AFFO per share midpoint by $0.02, while the Board authorized an additional $2.0B for share repurchases. AMT also announced the pending sale of its Canada subsidiary for ~C$288M.
- Total revenue rose 2.5% to $2,785M; property revenue up 4.5% to $2,734M driven by 16.3% Data Centers cash revenue growth.
- Net income fell 14.4% to $781M, hit by $71.5M unrealized equity losses vs. $10.9M gains in prior-year period.
- AFFO per share grew 3.2% to $2.87; full-year AFFO per share midpoint raised by $0.02 to $11.04–$11.16.
- Board authorized an additional $2.0B for share repurchases; $315M bought back in Q3.
- Company agreed to sell its Canada subsidiary for ~C$288M (~$202M), expected to close in Q4 2026.
Extended-hours last trade at $187.12, down 0.62% vs regular close of $188.28. The modest after-hours decline suggests the net income drop and FFO decline offset the raised outlook and buyback news.
Third outlook raise this year plus a $2B buyback expansion signal management confidence, but the 14.4% net income drop and 7.7% FFO decline expose earnings quality concerns beneath the AFFO growth narrative.
Data Centers segment cash revenue grew 16.3%, outperforming the tower portfolio's 1.1% organic tenant billings growth — reinforcing the thesis that interconnection/colocation is the growth engine for tower REITs amid AI and cloud demand.
Unrealized losses on equity investments swung by ~$82M YoY, dragging net income down 14.4%. Foreign currency exposure across 15 currencies remains a material variable in the full-year outlook.