AMTAmerican Tower Corporation
Industry Tower REIT Price 23 Oct 2026
If management hits its targets, one share in 12 months
$189 → $199
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2024 AFFO/share ~$9.95 | Q3 '24 | $9.96 | Held |
| 2024 EBITDA ~$6,810M | Q3 '24 | $6,812M | Held |
| Dividend growth back in 2025 | Q3 '24 | +~5% | Held |
| 2025 AFFO/share $10.40, >4% | Q4 '24 | $10.76, +8.0% | Held |
| 2025 EBITDA $6,890M | Q4 '24 | $7,130M | Held |
| 2025 property revenue $9,995M | Q4 '24 | $10,305M | Held |
| Data centers +12% in 2025 | Q4 '24 | ~14% | Held |
| Room for buybacks | Q4 '24 | $365M in Q4 '25 | Held |
| Sprint churn ends in 2025 | Q4 '24 | it did; DISH churn replaced it | Late |
| 2026 AFFO/share $10.87, +1% | Q4 '25 | raised to $11.08 | Open |
| Data centers +13% in 2026 | Q4 '25 | raised to ~15% | Open |
| 2026 organic growth ~1% | Q4 '25 | 1.7% in H1 | Open |
| Tower cash margin +200-300bp by 2030 | Q4 '25 | open; flat in 2026 | Open |
| Net leverage at or below 5x | Q4 '25 | 4.9x since Sep '25 | Open |
| 2025 U.S. organic growth 4.3%+ | Q4 '24 | 4.2%, cut in July | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
RaisesFirst seen Q3 '24
AFFO tableOff page one Q4 '25
Data centersPage one since Q2 '26
MarginsPage one since Q4 '25
Developed marketsNew Q4 '24 · Page one since Q4 '25
Balance sheetPage one since Q4 '25
ChurnFirst seen Q3 '24
Demand, AIPage one since Q4 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Full-year outlook raised
“› Raising guidance across key financial metrics”
Deck Third Quarter 2024 Earnings Conference Call · p. 13 ·
Full-year outlook raised
“Raising 2025 Outlook(1)”
Deck First Quarter 2025 Earnings Conference Call · p. 8 ·
Full-year outlook raised
“Raising 2025 Attributable AFFO Outlook(1)”
Deck Second Quarter 2025 Earnings Conference Call · p. 11 ·
Full-year outlook raised
“› Raising Attributable AFFO Outlook midpoint by $50 million vs. prior Outlook primarily due to FX tailwinds, conversion of topline growth and net interest benefits”
Deck Third Quarter 2025 Earnings Conference Call · p. 9 ·
Full-year outlook raised
“Raising 2026 Attributable AFFO per Share Outlook”
Deck First Quarter 2026 Earnings Conference Call · p. 11 ·
Full-year outlook raised
“› Outlook now excludes a ($0.01) headwind related to the Philippines and Bangladesh divestitures”
Deck Second Quarter 2026 Earnings Conference Call · p. 11 ·
AFFO per share, as adjusted, on the results table
“Per diluted share attributable to AMT, as adjusted(7) $2.52 $2.45 2.9% 6.1%”
Deck Third Quarter 2024 Earnings Conference Call · p. 4 ·
AFFO per share, as adjusted, on the results table
“Per diluted share attributable to AMT, as adjusted(7) $2.32 $2.10 10.5% 14.3% $9.96 $9.41 5.8% 8.4%”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 4 ·
AFFO per share, as adjusted, on the results table
“Per diluted share attributable to AMT, as adjusted(5) $2.75 $2.58 6.6% 10.5%”
Deck First Quarter 2025 Earnings Conference Call · p. 4 ·
AFFO per share, as adjusted, on the results table
“Per diluted share attributable to AMT, as adjusted(7) $2.60 $2.54 2.4% 3.9%”
Deck Second Quarter 2025 Earnings Conference Call · p. 4 ·
AFFO per share, as adjusted, on the results table
“Per diluted share attributable to AMT, as adjusted(8) $2.78 $2.52 10.3% 8.7%”
Deck Third Quarter 2025 Earnings Conference Call · p. 4 ·
Data centers (CoreSite)
“› On track for another record year of sales at CoreSite”
Deck Third Quarter 2024 Earnings Conference Call · p. 13 ·
Data centers (CoreSite)
“› Global carriers continue to rapidly deploy spectrum assets and densify networks to address growing mobile data demand › CoreSite performance continues to exceed initial underwriting; record leasing volumes provide attractive growth runway”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 13 ·
Data centers (CoreSite)
“› Resilient domestic and international carrier network investments continue to meet growing mobile data demand › CoreSite posting another strong quarter of new leasing and high-single-digit revenue growth”
Deck First Quarter 2025 Earnings Conference Call · p. 10 ·
Data centers (CoreSite)
“› CoreSite delivering another exceptional quarter of new leasing and double-digit revenue growth”
Deck Second Quarter 2025 Earnings Conference Call · p. 13 ·
Data centers (CoreSite)
“› Data Center revenue growth of over 14% y/y driven by strong demand and consistent price increases”
Deck Third Quarter 2025 Earnings Conference Call · p. 5 ·
Data centers (CoreSite)
“Double-digit revenue growth in data centers for the second consecutive year”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 5 ·
Data centers (CoreSite)
“› Complemented by ~17% Data Center cash revenue growth y/y”
Deck First Quarter 2026 Earnings Conference Call · p. 8 ·
Data centers (CoreSite)
“Mid-teens revenue growth in data centers driven by accelerating demand • Capture tailwinds from rapid growth in mobile data consumption, fixed wireless and AI use cases”
Deck Second Quarter 2026 Earnings Conference Call · p. 5 ·
Cost discipline and margin expansion
“› Executing cost management initiatives; SG&A ex. Bad Debt declining 2% Y/Y”
Deck Third Quarter 2024 Earnings Conference Call · p. 13 ·
Cost discipline and margin expansion
“› Focus on efficiency and recurring cost controls supporting outsized margin expansion”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 13 ·
Cost discipline and margin expansion
“Disciplined Cost Management Driving Incremental Margin Expansion 67.5% Cash Margin 68.2% Cash Margin $1,303 $1,290”
Deck First Quarter 2025 Earnings Conference Call · p. 7 ·
Cost discipline and margin expansion
“High Conversion of Topline Growth Through Ongoing Direct Costs Controls; Reported AFFO Growth”
Deck Second Quarter 2025 Earnings Conference Call · p. 7 ·
Cost discipline and margin expansion
“Strong Revenue Growth, Margin Expansion & Double-Digit Recurring Cash Flow Growth 66.6% Cash Margin 66.8% Cash Margin 10.3% Growth 8.7% FX Neutral Growth(3)”
Deck Third Quarter 2025 Earnings Conference Call · p. 6 ·
Cost discipline and margin expansion
“Deliver 200-300 basis points of tower Adjusted EBITDA cash margin expansion by 2030”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 5 ·
Cost discipline and margin expansion
“Deliver 200-300 basis points of tower Adjusted EBITDA cash margin expansion by 2030”
Deck First Quarter 2026 Earnings Conference Call · p. 5 ·
Cost discipline and margin expansion
“Deliver 200-300 basis points of tower Adjusted EBITDA cash margin expansion by 2030”
Deck Second Quarter 2026 Earnings Conference Call · p. 5 ·
Developed markets first for capital
“› Continue to prioritize developed market platforms for discretionary(3) capital deployments at accretive returns”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 12 ·
Developed markets first for capital
“› Deployed >75% of discretionary capital expenditures to developed market platforms in the quarter”
Deck First Quarter 2025 Earnings Conference Call · p. 10 ·
Developed markets first for capital
“› Deployed >75% of discretionary capital expenditures to developed market platforms in the quarter”
Deck Second Quarter 2025 Earnings Conference Call · p. 13 ·
Developed markets first for capital
“Prioritize developed markets to optimize asset portfolio and earnings quality”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 5 ·
Developed markets first for capital
“Prioritize developed markets to optimize asset portfolio and earnings quality”
Deck First Quarter 2026 Earnings Conference Call · p. 5 ·
Developed markets first for capital
“Prioritize developed markets to optimize asset portfolio and earnings quality”
Deck Second Quarter 2026 Earnings Conference Call · p. 5 ·
Balance sheet and investment grade rating
“› S&P credit rating upgrade to BBB; supported by balance sheet strength and enhanced earnings quality”
Deck Third Quarter 2024 Earnings Conference Call · p. 12 ·
Balance sheet and investment grade rating
“› Successful execution of balance sheet priorities; S&P credit rating upgrade to BBB from BBB-Strong Demand Trends, Coupled with Effective Execution of Strategic Priorities, Positions”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 13 ·
Balance sheet and investment grade rating
“› Successfully issued $1.0 billion in senior unsecured notes; in-line with net leverage target”
Deck First Quarter 2025 Earnings Conference Call · p. 10 ·
Balance sheet and investment grade rating
“› Successfully issued €500 million in senior unsecured notes”
Deck Second Quarter 2025 Earnings Conference Call · p. 13 ·
Balance sheet and investment grade rating
“› Disciplined capital allocation and investment grade balance sheet support growth opportunities with high returns”
Deck Third Quarter 2025 Earnings Conference Call · p. 11 ·
Balance sheet and investment grade rating
“Strong balance sheet and financial flexibility with net leverage at or below 5x”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 5 ·
Balance sheet and investment grade rating
“Strong balance sheet and financial flexibility with net leverage at or below 5x”
Deck First Quarter 2026 Earnings Conference Call · p. 5 ·
Balance sheet and investment grade rating
“Strong balance sheet and financial flexibility with net leverage at or below 5x”
Deck Second Quarter 2026 Earnings Conference Call · p. 5 ·
Carrier churn (Sprint, then DISH)
“Impact of Sprint Churn(4)”
Deck Third Quarter 2024 Earnings Conference Call · p. 6 ·
Carrier churn (Sprint, then DISH)
“› On-going 5G coverage and 4G densification supporting solid, consistent global new leasing demand › Final year of Sprint churn headwinds; multi-year carrier consolidation impacting Latin America growth”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 8 ·
Carrier churn (Sprint, then DISH)
“Impact of Sprint Churn(4) › Solid global demand driving mid-single-digit Tenant Billings Growth; high-single-digit CoreSite revenue growth year over year”
Deck First Quarter 2025 Earnings Conference Call · p. 6 ·
Carrier churn (Sprint, then DISH)
“› Raising International, Africa & APAC and LatAm Organic Tenant Billings Growth, while revising expectations in the U.S. due to slower than initially anticipated commencements related to one customer”
Deck Second Quarter 2025 Earnings Conference Call · p. 9 ·
Carrier churn (Sprint, then DISH)
“Impact of Sprint Churn(4) › Consolidated OTBG of 5% y/y driven by healthy carrier activity levels”
Deck Third Quarter 2025 Earnings Conference Call · p. 5 ·
Carrier churn (Sprint, then DISH)
“› Consolidated OTBG of ~4% y/y, excluding DISH churn, driven by robust leasing demand › 100% of DISH revenue reflected in U.S. & Canada churn expectations; multi-year carrier consolidation impacting LatAm”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 8 ·
Carrier churn (Sprint, then DISH)
“› Outlook includes (~4%) headwind from DISH-related churn, (~2%) headwind from cash taxes and net interest, and (~1%)”
Deck First Quarter 2026 Earnings Conference Call · p. 11 ·
Carrier churn (Sprint, then DISH)
“› Outlook includes (~4%) headwind from DISH-related churn, (~3%)”
Deck Second Quarter 2026 Earnings Conference Call · p. 11 ·
Mobile data demand, 5G and AI
“› Perspective on long-term 5G investment cycle reinforced through activity and constructive customer dialogue”
Deck Third Quarter 2024 Earnings Conference Call · p. 13 ·
Mobile data demand, 5G and AI
“› Global carriers continue to rapidly deploy spectrum assets and densify networks to address growing mobile data demand › CoreSite performance continues to exceed initial underwriting; record leasing volumes provide attractive growth runway”
Deck Fourth Quarter & Full Year 2024 Earnings Conference Call · p. 13 ·
Mobile data demand, 5G and AI
“› Resilient domestic and international carrier network investments continue to meet growing mobile data demand › CoreSite posting another strong quarter of new leasing and high-single-digit revenue growth”
Deck First Quarter 2025 Earnings Conference Call · p. 10 ·
Mobile data demand, 5G and AI
“› Hybrid cloud and AI-related demand tailwinds fueling strong activity for interconnection-rich data center assets”
Deck Third Quarter 2025 Earnings Conference Call · p. 11 ·
Mobile data demand, 5G and AI
“Capture tailwinds from rapid growth in mobile data consumption, fixed wireless and AI use cases”
Deck Fourth Quarter & Full Year 2025 Earnings Conference Call · p. 5 ·
Mobile data demand, 5G and AI
“Invest in AI to further accelerate margin upside”
Deck First Quarter 2026 Earnings Conference Call · p. 5 ·
Mobile data demand, 5G and AI
“Mid-teens revenue growth in data centers driven by accelerating demand • Capture tailwinds from rapid growth in mobile data consumption, fixed wireless and AI use cases”
Deck Second Quarter 2026 Earnings Conference Call · p. 5 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Raises
- Every in-year deck raised the outlook; from Q1 '25 FX tailwinds are named in each raise, and Q2 '26 adds higher interest costs against it.
- AFFO table
- The as-adjusted results table opened every deck to Q3 '25; from Q4 '25 three summary charts, and the India adjustment drops out in 2026.
- Data centers
- In all eight. CoreSite by name to Q2 '25, 'Data Centers' after; a dollar chart from Q1 '26 ($289M, then $297M a quarter) as the growth guide went 12% to 15%.
- Margins
- Cost control in every deck; from Q4 '25 a dated target, 200-300bp of tower cash margin by 2030, while 2026 holds margins flat.
- Developed markets
- From Q4 '24, after the India sale: over 75% of discretionary capex in developed markets; Europe up to 25% of it in 2026; the Philippines and Bangladesh sold in Q2 '26.
- Balance sheet
- The BBB upgrade in Q3 '24 and Q4 '24, bond issues in 2025, then 'at or below 5x' from Q4 '25; leverage 4.9x since Sep '25.
- Churn
- Sprint churn broken out to Q3 '25 and called final in 2025; DISH churn replaces it from Q4 '25, about 4 points off 2026 AFFO per share growth.
- Demand, AI
- Mobile data and 5G densification throughout; AI enters in Q3 '25 as data-center demand and from Q1 '26 as a cost lever.
- New
- Q4 '25: the CEO's strategic-priorities slide, the tower-only cash margin (72.1% in 2025), a 2030 target and growth quoted 'ex DISH'.
- Quiet
- From Q4 '25: the consolidated results table and the AFFO dollar total on the bridge slide. From Q3 '25 growth is 'cash FX-neutral', which also strips straight-line revenue.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 28 Jul 2026
- Q1 2026 release · 8-K 28 Apr 2026
- Q4 2025 release · 8-K 24 Feb 2026
- Q3 2025 release · 8-K 28 Oct 2025
- Q2 2025 release · 8-K 29 Jul 2025
- Q1 2025 release · 8-K 29 Apr 2025
- Q4 2024 release · 8-K 25 Feb 2025
- Q3 2024 release · 8-K 29 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
7 calls · Q4 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|
| Demand & customers | 16% | 18% | 41% | 53% | 18% | 18% | 24% |
| Growth & sales | 16% | 29% | 12% | 42% | 35% | 24% | 24% |
| Pricing & margins | 11% | 14% | · | 16% | 24% | · | · |
| Guidance & outlook | 16% | 18% | 18% | 16% | 29% | 6% | 29% |
| Capacity & supply | 21% | 4% | 18% | 16% | 18% | 18% | 24% |
| Capital & financing | 16% | 7% | 18% | 21% | 24% | 18% | 18% |
| Competition | · | 4% | · | 5% | · | 18% | 6% |
| Products & technology | 5% | · | 6% | 26% | · | · | 6% |
| Macro & regulation | · | 7% | · | · | · | · | · |
| Other | 47% | 57% | 35% | 11% | 18% | 47% | 47% |
| Questions | 19 | 28 | 17 | 19 | 17 | 17 | 17 |
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · slowly worsening
A 29-year auditor that flags nothing, and a rising vote against it
Deloitte since 1997; clean opinions on the 2025 accounts and controls with no critical audit matter, in a year with contested DISH and AT&T Mexico receivables. Votes against 6.3% in 2025, 7.5% in 2026, the largest on either ballot. A new chief accounting officer from outside since Apr '26.
Tier 3 · slowly worsening
A 24-year chair, and more dissent against her and the nominating chair
Reeve on the board since 2002, chair since May '20, no term limits. Against her 3.8% to 5.1%; against Frank (nominating chair) 1.2% to 4.9%. A proxy supplement in Apr '26 corrected the attendance disclosure.
Tier 3 · improving
Long-term pay above target while shareholders lost money
The 2023 performance shares paid 157% on AFFO per share and ROIC, metrics the company sets; $100 in AMT at end-2020 was $90.61 at end-2025 against $126.71 for the proxy's peers. CEO pay $14.85M for 2025.
Tier 3 · stable
$23.2M of insider sales, mostly expiring options under plans
The COO, CFO and CEO exercised 2016 options at $94.71 and sold in Feb-Mar '26 under plans disclosed in advance; the retiring accounting chief sold $1.7M outside a plan. Two directors bought $2.0M; no director sold.
Accounting rule changes 3 in 6 quarters
- Q3 '24India (ATC TIPL) moved to discontinued operations; results and outlook shown ex India
- Q3 '25Growth quoted as 'cash FX-neutral', excluding straight-line revenue as well as FX
- Q4 '25Organic tenant billings growth shown excluding DISH churn, with DISH broken out
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Reeve (chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 15.2M | 20.5M | 5.1% |
| Frank (nominating chair)A board seat. | 4.7M | 19.8M | 4.9% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 22.2M | 24.2M | 6.0% |
| Ratify DeloitteThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 26.6M | 31.8M | 7.5% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Noel, COO | $7.9M | 41K shares on 2 Mar, under a plan |
| Smith, CFO | $6.6M | 34K shares on 17 Feb, under a plan |
| Vondran, CEO | $6.3M | 33K shares on 4 Mar, under a plan |
| Meyer, former chief accounting officer | $1.7M | two sales, no plan |
| Dowling, general counsel | $0.7M | six small lots, under a plan |