Global Tower Demand Drives Growth: American Tower Raises Outlook (AMT Q1 2026 Earnings Call)

By Dr. Graph | Updated on May 26, 2026 | earnings

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American Tower Corporation delivered a strong start to the year by leveraging rising global wireless data consumption and robust interconnection demand to raise its full-year consolidated outlook.

Strong Global Data Demand Drives Q1 Consolidated Revenue Growth

American Tower Corporation started the year with solid performance across its global digital infrastructure portfolio. Consolidated property revenue grew approximately 3% year-over-year when excluding noncash straight-line revenue and foreign exchange impacts. In parallel, adjusted EBITDA grew 1% when excluding net straight-line and currency fluctuations because of disciplined operational execution. However, cash adjusted EBITDA margins declined approximately 110 basis points year-over-year, primarily due to DISH-related churn, SG&A timing, and higher fuel prices in Africa.

Raised Full Year Financial Outlook Reflected Favorable Currency Tailwinds

Favorable currency and straight-line tailwinds prompted management to raise the full-year property revenue outlook midpoint by approximately $145 million. The company also raised its full-year adjusted EBITDA outlook midpoint by approximately $105 million. Executive Vice President Rodney Smith announced these revisions raised the full-year attributable AFFO per share outlook to approximately $10.99. Rodney Smith stated, "We continue to believe that we are well positioned to deliver our goal of industry-leading attributable AFFO per share growth and compelling total shareholder returns over the long term."

Interconnection Demand Accelerates CoreSite Performance and European Expansion

CoreSite data center property cash revenue grew approximately 17% year-over-year when excluding noncash straight-line revenue, driven by robust hybrid cloud installations. The Africa and APAC tower segment posted organic tenant billings growth of approximately 11% year-over-year due to solid demand across regional portfolios. To meet expanding network capacity requirements, American Tower is accelerating European new builds with over 700 new sites planned this year.

Capital Discipline and Carrier Churn Mitigation Frame Long Term Expectations

During the Q&A session, President Steve Vondran discussed M&A, noting that the United States remains the flagship market where the company seeks to add scale under disciplined economic criteria. Responding to analyst questions about headwinds, Executive Vice President Rodney Smith explained that the customer churn from DISH represents an approximately 400 basis point headwind to attributable AFFO per share growth this year.

Frequently Asked Questions

Why did organic tenant billings growth in Latin America decline?

Organic tenant billings growth in Latin America declined by approximately 2% year-over-year. Rodney Smith explained that this contraction was primarily driven by elevated customer churn in Brazil.

What is the full-year growth expectation for the data center segment?

Management reiterated its outlook for data center property revenue growth of approximately 13% year-over-year. This guidance is supported by robust demand for hybrid and multi-cloud installations alongside accelerating AI workloads.

How much discretionary capital is allocated to developed market platforms?

American Tower plans to spend approximately 85% of its discretionary capital within developed market platforms this year. This capital will fund success-based data center investments and new site builds in developed Europe.

What was the financial impact of the Oi settlement in Latin America?

The Oi restructuring resulted in approximately $35 million of accelerated noncash straight-line revenue in Latin America. Rodney Smith noted that this acceleration contributed directly to the raised consolidated property revenue outlook.