American Tower tops second-quarter estimates, raises annual outlook
AMT•Business and customer base
American Tower owns, operates and develops wireless and broadcast communications infrastructure, leasing tower space to mobile network operators as well as radio and television broadcasters.
The major customers of American Tower include telecom giants AT&T, Verizon and T-Mobile, which together have contributed a significant portion to its property segment in the past.
Second-quarter results beat estimates
American Tower raised its 2026 outlook on Tuesday after beating analysts' estimates for second-quarter revenue and profit, driven by robust demand for its communications towers and record leasing activity at its CoreSite data center business.
The company's total revenue rose 4.7% to $2.75 billion in the quarter ended June 30, topping analysts' estimate of $2.70 billion, according to LSEG data.
Property revenue, the company's biggest business segment, increased 6.3% to $2.69 billion, above expectations of $2.52 billion.
CoreSite leasing activity drives higher outlook
The company said it delivered record leasing activity at its CoreSite data center business and raised its full-year 2026 outlook for the second time this year.
CEO Steve Vondran said robust leasing demand across the company's global tower portfolio and record leasing activity at its CoreSite data center business helped drive results and supported a second increase to its full-year outlook this year.
The company expects AFFO (adjusted funds from operations) attributable to common stockholders of $5.14 billion to $5.22 billion, or $11.00 to $11.17 per share, for 2026.
