American Tower Q3 Revenue Rises 2.5%; AFFO Per Share Grows 3.2%

What happened

American Tower reported third-quarter 2026 revenue of $2.79 billion, up 2.5% from a year earlier. Net income fell 14.4% to $781 million, while AFFO per share, a cash-profit measure, rose 3.2% to $2.87. The company raised its full-year property revenue outlook.

Confirmed

Global impact / market context

Revenue grew while net income fell, so the profit decline likely reflects higher costs or other charges rather than weaker demand. The raised outlook signals management expects continued leasing and data center growth, which supports future cash flow for dividends and capital spending.

Analyst inference

Organic tenant billings growth of 1.1% was uneven: Africa, APAC and Europe grew, while Latin America and U.S. and Canada were flat or lower. That mix, plus CoreSite data center outperformance, suggests investors are weighing slower core tower growth against newer business strength.

Analyst inference

What to watch

1. The company agreed to sell its Canadian subsidiaries for about C$288 million, with closing expected later. Watch whether the sale completes and how proceeds are used, such as reducing borrowed money or funding capital spending. Confirmed
2. Watch organic tenant billings growth, which measures rent growth from existing sites. At 1.1% overall, a further slowdown in Latin America or U.S. and Canada could offset strength in Africa, APAC and Europe. Analyst inference
3. Watch whether data center outperformance from CoreSite continues and whether the raised property revenue outlook is met, since that outlook underpins expected cash available for dividends and debt payments. Analyst inference

Evidence

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