American Tower reported third-quarter results on Tuesday that exceeded Wall Street estimates for earnings and revenue. American Tower increased the midpoints of its 2026 property revenue and adjusted funds from operations (AFFO) per-share forecasts. CEO Steve Vondran said American Tower has increased its full-year outlook three times in 2026.
American Tower narrowed its full-year AFFO guidance to $11.04 to $11.16 per share from $11 to $11.17. Analysts had forecast $10.85 per share. American Tower attributed the 2-cent midpoint increase mainly to capital allocation decisions. American Tower increased its property revenue forecast midpoint by $55 million because of performance in the data centers segment. American Tower kept its adjusted EBITDA forecast midpoint unchanged. American Tower reduced its net income forecast midpoint by $30 million, mainly because of unrealized equity securities losses.
American Tower reported third-quarter AFFO of $2.87 per share, exceeding the $2.68 analyst consensus and rising from $2.78 a year earlier. GAAP diluted earnings per share declined to $1.64 from $1.82 a year earlier. Benzinga Pro reported revenue growth of 2.5% to $2,785 million from $2,717 million a year earlier. Benzinga Pro put the revenue consensus estimate at $2,761 million.
Total property revenue increased 4.5% to $2,734 million, supported by organic tenant billings growth of 1.1%. A 16.3% increase in data centers cash revenue also contributed to property revenue growth. Adjusted EBITDA, which excludes certain expenses, increased 0.9% to $1,832 million. Net income declined 14.4% to $781 million. Net income attributable to common stockholders decreased 10.3% to $766 million. American Tower said approximately $71.5 million in unrealized equity investment losses, versus about $10.9 million in gains a year earlier, weakened the net income comparison.
AFFO attributable to common stockholders, a measure of cash-based earnings, increased 2.4% to $1,335 million. American Tower reported cash and cash equivalents of $1,872 million. American Tower's net leverage ratio, defined as net debt divided by annualized adjusted EBITDA, was 4.9 times.
American Tower repurchased approximately $315 million in shares during the quarter. American Tower bought back another $68 million in shares through October 20. American Tower's board approved up to $2 billion in additional share repurchases on October 23, supplementing approximately $1.1 billion remaining under the existing program. American Tower declared a quarterly distribution of $1.79 per share, a 5.3% increase from a year earlier. American Tower expects to finish selling its Canadian subsidiaries for approximately $202 million in the fourth quarter.
Vondran said consistent leasing demand across American Tower's global tower portfolio and continued outperformance by CoreSite supported the quarter's results. Benzinga Pro data showed American Tower shares falling 1.69% to $185.10 during premarket trading on Tuesday.
American Tower Raises 2026 Outlook for Third Time
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Summary
American Tower raised its 2026 outlook for the third time, citing strong performance amid stable inflation data. The company reported Q3 results above estimates, with AFFO of $2.87 per share and revenue of $2.785 billion, up 2.5%. CEO Steve Vondran credited data centers and smart capital allocation for the improved forecast. The move reflects ongoing ecosystem growth and confidence in long-term returns.
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