American Tower Corporation · AMT · FY2026 Q3 · Calendar Q4 2026

AMT Raises Outlook as CoreSite Growth Offsets Tower-Sector Headwinds

AMT’s earnings update supports a constructive operating thesis: resilient tower cash flow and accelerating CoreSite demand underpin a higher full-year outlook. The thesis remains dependent on execution in data-center expansion and capital recycling while the company manages DISH churn, softer leasing volume and higher-rate pressures.

Reported Before market openNYSEReal Estate $87.73B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.64
EPS surprise — Reported versus consensus
Reported revenue — Consensus $2.76B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.4% Event window
SPY move +0.6% Same window
Abnormal move -2.9% Stock minus SPY
Volume 1.0× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AMTSPY benchmark

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What drove AMT's -2.4% move after FY2026 Q3 earnings?What changed in AMT's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AMT after FY2026 Q3 earnings.

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Transcript intelligence

What changed

The current analysis adds a third full-year outlook increase, approximately 16% data-center growth, a planned $2 billion Canada tower-portfolio sale, and $315 million of Q3 share repurchases with a $3.1 billion repurchase authorization. Management also highlighted accelerating CoreSite interconnection demand and potential satellite-infrastructure opportunities.

Guidance delta

Management raised its full-year property-revenue and AFFO-per-share outlook for the third time; data-center growth is now assumed at approximately 16%.

Key takeaways

  • CoreSite data-center revenue grew 16% year over year, with interconnection demand accelerating across cloud, network, enterprise and AI workloads.
  • Management cited 5G capacity upgrades, spectrum auctions, AI-driven traffic and satellite infrastructure as longer-term demand drivers.
  • The planned $2 billion Canada tower-portfolio sale is intended to support debt reduction, share repurchases and higher-growth investments.
  • DISH churn remains a material near-term headwind, while new leasing activity and services revenue require monitoring.

Management priorities

  • Expand CoreSite capacity and improve mark-to-market yields.
  • Accelerate tower-capacity additions and evaluate edge data-center deployments at tower sites.
  • Recycle Canada-sale proceeds across debt reduction, share repurchases and higher-return projects.
  • Maintain disciplined capital allocation and selective M&A.

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Earnings History

Estimate Beat Miss Match
AMT EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q4 '23 estimate $2.18 Q4 '23 actual $2.29, beat Q1 '24 estimate $1.78 Q1 '24 actual $1.96, beat Q2 '24 estimate $2.53 Q2 '24 actual $2.79, beat Q3 '24 estimate $2.54 Q3 '24 actual $2.64, beat Q2 '25 estimate $2.60 Q2 '25 actual $2.60, match Q3 '25 estimate $2.62 Q3 '25 actual $2.78, beat Q4 '25 estimate $1.48 Q4 '25 actual $1.75, beat Q1 '26 estimate $1.60 Q1 '26 actual $1.84, beat Q2 '26 estimate $1.57 Q2 '26 actual $1.86, beat Q3 '26 estimate $1.64 Q3 '26 actual $1.64, match Q4 '26 estimate $1.60 Q1 '27 estimate $1.66
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Analyst Consensus ?

ConsensusBuy47 ratings
Bullish4085.1%
Neutral714.9%
Bearish00.0%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$183.83Current
$185Low
$237.67Average
$332High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bernstein Outperform OutperformMaintainOct 20, 2026
Barclays Overweight OverweightMaintainSep 30, 2026
Truist Securities Buy BuyMaintainAug 12, 2026
TD Cowen Buy BuyMaintainJul 29, 2026
BMO Capital Market Perform Market PerformMaintainJul 29, 2026
Show 43 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $183.83. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BernsteinAnalyst unavailable$212$183.03 +15.3%Oct 20, 2026
BarclaysBrendan Lynch$199$167.35 +8.3%Sep 30, 2026
Mizuho SecuritiesAnalyst unavailable$208$174.49 +13.1%Aug 20, 2026
BarclaysTim Long$198$174.49 +7.7%Aug 20, 2026
BernsteinMadison Rezaei$214$173.31 +16.4%Jul 29, 2026
See 65 more

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Company context

Snapshot as of publication

American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations.…

Historical context

All AMT earnings
+2.9%FY2026 Q2 · Calendar Q3 2026+1.8%FY2026 Q1 · Calendar Q2 2026-3.7%FY2025 Q3 · Calendar Q4 2025

Real Estate peers this season

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PSA-PK Public Storage FY2026 Q3 · Calendar Q4 2026 -32.1% — Public Storage raises guidance as digital platform and acquisitions support growth
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PSA Public Storage FY2026 Q3 · Calendar Q4 2026 -32.1% +1.8% Public Storage raises guidance as pricing and acquisitions strengthen Q3

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-10-27T16:07:05.889939+00:00
  2. FN2 earnings calendar · 2026-10-27T01:23:15.065758+00:00
  3. Polygon adjusted daily market bars · 2026-10-28T00:10:42.901541+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T00:10:42.898842+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-28. For educational purposes only; not investment advice.