American Tower Raises FY26 Revenue Guidance After $2.74B Q1 Beat
American Tower posted Q1 revenue of $2.74 billion, beating forecasts, and EPS of $1.84 surpassed estimates. It raised its FY26 property revenue outlook to $10.59–$10.74 billion and AFFO per share to $10.90–$11.07 based on strong leasing demand, cloud adoption, and rising mobile data use.
1. Q1 Financial Results
American Tower reported first-quarter revenue of $2.74 billion, up 6.8% year over year, driven by its core site-leasing business. Net income attributable to common stockholders reached $859.5 million, or $1.84 per share, while adjusted funds from operations (AFFO) totaled $2.84 per share. Property segment revenue rose 7.3% to $2.67 billion.
2. Updated Full-Year Guidance
The company increased its full-year total property revenue forecast to a range of $10.59 billion–$10.74 billion from the prior $10.44 billion–$10.59 billion. Adjusted FFO per share guidance was lifted to $10.90–$11.07, up from $10.78–$10.95 previously.
3. Growth Drivers
Leasing demand is being fueled by telecom firms expanding network capacity to handle accelerating mobile data consumption and AI-driven workloads. Rapid adoption of cloud services is also prompting sustained investment in high-quality digital infrastructure globally.
4. Customer Base & Outlook
Major customers including AT&T, Verizon and T-Mobile accounted for a significant portion of site leasing volume in the quarter. The company expects continued demand as wireless operators invest in high-speed internet services and next-generation network buildouts.