American Tower raises full-year outlook as revenue growth slows
The wireless infrastructure provider increased its full-year property revenue projection by $110 million.
American Tower (AMT) reported second-quarter revenue of $2,749 million, marking a 4.7% increase from the prior year.
The results showed a deceleration in top-line momentum. Revenue growth slowed from the 6.8% year-over-year increase reported in the first quarter.
Total property revenue rose 6.3% to $2,688 million. This growth rate represented a decline from the 7.3% increase seen in the previous quarter. Adjusted EBITDA grew 3.2% to $1,808 million, a slower pace than the 5.2% growth recorded in the first quarter.
Profitability metrics compressed during the period. Adjusted EBITDA margin fell to 65.8% from 67.0% in the first quarter. Similarly, property gross margin declined to 73.7% from 75.1%.
AFFO attributable to common stockholders grew 3.8% to $1,264 million. This figure accelerated from the 2.6% growth reported in the first quarter.
The company raised its full-year 2026 outlook midpoints for the second time this year. American Tower increased its property revenue projection by $110 million, while raising midpoints for Adjusted EBITDA and AFFO attributable to common stockholders by $45 million each.
Full-year property revenue growth is projected at 4.5% at the midpoint. The Data Centers segment is expected to lead that growth at 14.9%, while property revenue in the U.S. and Canada is expected to decline 3.0%.
During the quarter, the company completed the sale of ATC Philippines for $75.6 million and a controlling interest in Kirtonkhola Tower Bangladesh Limited for $6.9 million. Cash capital expenditures fell to $329 million from $460 million in the first quarter. The net leverage ratio was 4.9x as of June 30, 2026.