$AMT · AMERICAN TOWER CORP /MA/
American Tower filed its Q3 2026 10-Q, reporting total operating revenues of $2.785B (+2.5% YoY), GAAP diluted EPS of $1.64 (down from $1.82), and net income attributable to common stockholders of $765.8M. Property revenue grew 4.5% while services revenue declined sharply. The company deployed $503M in share repurchases year-to-date and converted CoreSite preferred equity.
- Q3 property revenue rose 4.5% YoY to $2.734B, while services revenue halved to $51.4M from $101.1M.
- GAAP diluted EPS of $1.64 vs $1.82 a year ago; net income attributable to AMT common fell to $765.8M from $853.3M.
- Income tax provision surged to $117.6M from $37.4M in Q3 2025, compressing net income.
- Company repurchased $503M of common stock in the first nine months of 2026 (2.97M shares), versus zero in the prior-year period.
- U.S. & Canada segment operating profit dipped to $1.01B from $1.06B, while Data Centers grew to $165.1M from $140.0M.
Stock is down 2.36% in the regular session at $183.83; extended-hours shows no additional move. The modest revenue growth and EPS decline versus prior year, combined with a sharply higher tax rate, likely weighed on sentiment despite the buyback activity.
The EPS decline despite revenue growth highlights margin pressure from rising interest costs and a normalized tax rate, while aggressive buybacks signal management confidence in intrinsic value.
AMT's Data Center segment operating profit grew 18% YoY to $165.1M, reflecting the ongoing tower-co convergence into edge and colocation assets. CoreSite preferred equity conversion during the quarter signals consolidation of that data center subsidiary.
Interest expense rose to $366.1M in Q3 from $347.1M a year ago, and total long-term obligations stand at $37.6B — rate sensitivity remains a key risk. Foreign currency volatility is material: the nine-month swing from an $811.7M loss in 2025 to a $137.2M gain in 2026 highlights FX exposure.