Form 8-K

8-K — AMERICAN TOWER CORP /MA/

Accession: 0001053507-26-000094

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001053507

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — amt-20260428.htm (Primary)

EX-99.1 (pressreleaseq12026.htm)

GRAPHIC (atclogoa47.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: amt-20260428.htm · Sequence: 1

amt-20260428

AMERICAN TOWER CORP /MA/0001053507false00010535072026-04-282026-04-280001053507us-gaap:CommonStockMemberexch:XNYS2026-04-282026-04-280001053507amt:A1950SeniorNotesDue2026Memberexch:XNYS2026-04-282026-04-280001053507amt:A0450SeniorNotesDue2027Memberexch:XNYS2026-04-282026-04-280001053507amt:A0400SeniorNotesDue2027Memberexch:XNYS2026-04-282026-04-280001053507amt:A4125SeniorNotesDue2027Memberexch:XNYS2026-04-282026-04-280001053507amt:A0500SeniorNotesDue2028Memberexch:XNYS2026-04-282026-04-280001053507amt:A0875SeniorNotesDue2029Memberexch:XNYS2026-04-282026-04-280001053507amt:A0950SeniorNotesDue2030Memberexch:XNYS2026-04-282026-04-280001053507amt:A3.900SeniorNotesDue2030Memberexch:XNYS2026-04-282026-04-280001053507amt:A4625SeniorNotesDue2031Memberexch:XNYS2026-04-282026-04-280001053507amt:A1.000SeniorNotesDue2032Memberexch:XNYS2026-04-282026-04-280001053507amt:A3.625SeniorNotesDue2032Memberexch:XNYS2026-04-282026-04-280001053507amt:A1250SeniorNotesDue2033Memberexch:XNYS2026-04-282026-04-280001053507amt:A4.100SeniorNotesDue2034Memberexch:XNYS2026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): April 28, 2026

AMERICAN TOWER CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

001-14195

65-0723837

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

222 Berkeley Street

Boston, Massachusetts 02116

(Address of Principal Executive Offices) (Zip Code)

(617) 375-7500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value AMT New York Stock Exchange

1.950% Senior Notes due 2026 AMT 26B New York Stock Exchange

0.450% Senior Notes due 2027 AMT 27C New York Stock Exchange

0.400% Senior Notes due 2027 AMT 27D New York Stock Exchange

4.125% Senior Notes due 2027 AMT 27F New York Stock Exchange

0.500% Senior Notes due 2028 AMT 28A New York Stock Exchange

0.875% Senior Notes due 2029 AMT 29B New York Stock Exchange

0.950% Senior Notes due 2030 AMT 30C New York Stock Exchange

3.900% Senior Notes due 2030 AMT 30D New York Stock Exchange

4.625% Senior Notes due 2031 AMT 31B New York Stock Exchange

1.000% Senior Notes due 2032 AMT 32 New York Stock Exchange

3.625% Senior Notes due 2032 AMT 32B New York Stock Exchange

1.250% Senior Notes due 2033 AMT 33 New York Stock Exchange

4.100% Senior Notes due 2034 AMT 34A New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2026, American Tower Corporation (the “Company”) issued a press release (the “Press Release”) announcing financial results for the quarter ended March 31, 2026. A copy of the Press Release is furnished herewith as Exhibit 99.1.

Exhibit 99.1 is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such exhibit be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1

Press Release, dated April 28, 2026 (Furnished herewith).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERICAN TOWER CORPORATION

(Registrant)

Date: April 28, 2026 By: /s/ Rodney M. Smith

Rodney M. Smith

Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: pressreleaseq12026.htm · Sequence: 2

Document

Exhibit 99.1

Contact: Spencer Kurn

Senior Vice President, Investor Relations

Telephone: (617) 375-7517

AMERICAN TOWER CORPORATION REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS

CONSOLIDATED HIGHLIGHTS

First Quarter 2026

● Total revenue increased 6.8% to $2,738 million

● Total property revenue increased 7.3% to $2,670 million

●

Net income increased 76.2% to $879 million(1)(2)

● Adjusted EBITDA increased 5.2% to $1,835 million

●

Net income attributable to AMT common stockholders increased 75.9% to $860 million(1)(2)

● AFFO attributable to AMT common stockholders increased 2.6% to $1,324 million

Boston, Massachusetts – April 28, 2026: American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended March 31, 2026.

Steve Vondran, American Tower’s Chief Executive Officer, stated, “We had an excellent start to 2026. The structural growth drivers of our business continue to strengthen, with rising mobile data consumption, accelerating cloud adoption and the rapid expansion of AI-driven workloads all pointing toward sustained investment in high-quality digital infrastructure.

I believe American Tower is now operating from its strongest strategic position in more than a decade, reflecting the actions we've taken to strengthen our balance sheet, reduce risk and enhance the quality and predictability of our earnings. With a best-in-class portfolio of towers and interconnection-rich data centers, we are well positioned to drive durable growth, expand margins and deliver attractive long-term value for our shareholders.”

CONSOLIDATED OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended March 31, 2026 (all comparative information is presented against the quarter ended March 31, 2025).

($ in millions, except per share amounts.) Q1 2026 Growth Rate

Total revenue $ 2,738 6.8 %

Total property revenue $ 2,670 7.3 %

Total Tenant Billings Growth $ 44 2.3 %

Organic Tenant Billings Growth $ 32 1.7 %

Property Gross Margin $ 2,005 6.2 %

Property Gross Margin % 75.1 %

Net income(1)(2)

$ 879 76.2 %

Net income attributable to AMT common stockholders(1)(2)

$ 860 75.9 %

Net income attributable to AMT common stockholders per diluted share(1)(2)

$ 1.84 76.9 %

Adjusted EBITDA $ 1,835 5.2 %

Adjusted EBITDA Margin % 67.0 %

Nareit Funds From Operations (FFO) attributable to AMT common stockholders(1)

$ 1,279 56.7 %

AFFO attributable to AMT common stockholders $ 1,324 2.6 %

AFFO attributable to AMT common stockholders per Share $ 2.84 3.3 %

Cash provided by operating activities $ 1,401 8.2 %

Less: total cash capital expenditures(3)

$ 460 35.3 %

Free Cash Flow $ 941 (1.5) %

_______________

(1)Q1 2026 growth rates impacted by foreign currency gains of approximately $68.1 million in the current period as compared to foreign currency losses of $(345.7) million in the prior-year period.

(2)Q1 2026 growth rates impacted by an increase in other operating expenses, primarily due to the gain on the sale of our fiber assets in South Africa (“South Africa Fiber”) of $53.6 million in the prior-year period.

(3)Q1 2026 cash capital expenditures include $10.4 million of finance lease and perpetual land easement payments reported in cash flows from financing activities in the condensed consolidated statements of cash flows.

Please refer to “Non-GAAP and Defined Financial Measures” below for definitions and other information regarding the Company’s use of non-GAAP measures. For financial information and reconciliations to GAAP measures, please refer to the “Unaudited Selected Consolidated Financial Information” below.

CAPITAL ALLOCATION OVERVIEW

Distributions – During the quarter ended March 31, 2026, the Company declared the following regular cash distributions to its common stockholders:

Common Stock Distributions

Q1 2026(1)

Distributions per share $ 1.79

Aggregate amount (in millions) $ 833.9

Year-over-year per share growth 5.3 %

_______________

(1) The distribution declared on March 5, 2026 will be paid on April 28, 2026 to stockholders of record as of the close of business on April 14, 2026.

Stock Repurchase Program – During the first quarter of 2026, the Company repurchased a total of approximately 1.1 million shares of its common stock for an aggregate of approximately $184 million, including commissions and fees. Subsequent to the end of the first quarter, through April 21, 2026, the Company repurchased approximately 0.1 million shares of its common stock for an aggregate of approximately $19 million, including commissions and fees.

Capital Expenditures – During the first quarter of 2026, total capital expenditures were approximately $460 million, of which $48 million was for non-discretionary capital improvements and corporate capital expenditures. For additional capital expenditure details, please refer to the supplemental disclosure package available on the Company’s website.

LEVERAGE AND FINANCING OVERVIEW

Leverage – For the quarter ended March 31, 2026, the Company’s Net Leverage Ratio was 4.9x net debt (total debt less cash and cash equivalents) to first quarter 2026 annualized Adjusted EBITDA.

Calculation of Net Leverage Ratio ($ in millions, totals may not add due to rounding.)

As of March 31, 2026

Total debt $ 37,322

Less: Cash and cash equivalents 1,609

Net Debt $ 35,713

Divided By: First quarter annualized Adjusted EBITDA(1)

7,341

Net Leverage Ratio 4.9x

_______________

(1)Q1 2026 Adjusted EBITDA multiplied by four.

Liquidity and Financing Activities – As of March 31, 2026, the Company had approximately $10.4 billion of total liquidity, consisting of approximately $1.6 billion in cash and cash equivalents plus the ability to borrow an aggregate of approximately $8.8 billion under its revolving credit facilities, net of any outstanding letters of credit.

On February 13, 2026, the Company repaid $500.0 million aggregate principal amount of its 4.400% senior unsecured notes due February 15, 2026 upon their maturity.

On April 14, 2026, the Company repaid $700.0 million aggregate principal amount of its 1.600% senior unsecured notes due April 15, 2026 upon their maturity.

FULL YEAR 2026 OUTLOOK

The following full year 2026 estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of April 28, 2026. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding “forward-looking statements” included in this press release when considering this information.

The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 28, 2026 through December 31, 2026: (a) 1,623 Argentinean Pesos; (b) 123.30 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.37 Canadian Dollars; (e) 880 Chilean Pesos; (f) 3,800 Colombian Pesos; (g) 0.85 Euros; (h) 11.00 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 17.90 Mexican Pesos; (k) 1,430 Nigerian Naira; (l) 6,700 Paraguayan Guarani; (m) 3.40 Peruvian Soles; (n) 58.20 Philippine Pesos; (o) 16.90 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs.

The Company’s outlook reflects estimated positive impacts of foreign currency exchange rate fluctuations to total property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share of approximately $107 million, $67 million, $55 million and $0.12 per Share, respectively, relative to the Company’s prior 2026 outlook. The impact of foreign currency exchange rate fluctuations on net income metrics is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort.

As a result of the estimated positive foreign currency exchange rate fluctuations described above and accelerating straight-line revenue in Latin America, the Company is raising the midpoints of its full year 2026 outlook for property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share by $145 million, $105 million, $55 million and $0.12, respectively. The Company is increasing the midpoint for net income and net income attributable to AMT common stockholders by $70 million and $85 million, respectively, primarily due to unrealized foreign currency gains.

Additional information pertaining to the impact of foreign currency and Secured Overnight Financing Rate fluctuations on the Company’s outlook has been provided in the supplemental disclosure package available on the Company’s website.

2026 Outlook: ($ in millions, except per share amounts.)

Full Year 2026 Midpoint Growth Rates vs. Prior Year

Total property revenue(1)(2)

$ 10,585 to $ 10,735 3.4 %

Net income 3,015 to 3,095 16.2 %

Net income attributable to AMT common stockholders 2,965 to 3,045 18.8 %

Adjusted EBITDA(3)

7,195 to 7,265 1.4 %

AFFO attributable to AMT common stockholders 5,090 to 5,170 1.8 %

AFFO attributable to AMT common stockholders per Share $ 10.90 to $ 11.07 2.1 %

______________

(1)Includes U.S. & Canada segment property revenue of $5,060 million to $5,120 million, Latin America property revenue of $1,730 million to $1,750 million, Africa & APAC property revenue of $1,595 million to $1,615 million, Europe property revenue of $1,025 million to $1,055 million and Data Centers segment property revenue of $1,175 million to $1,195 million, reflecting midpoint growth rates of (3.0)%, 5.9%, 12.8%, 10.9% and 12.5%, respectively. The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition. Data Centers segment property revenue reflects revenue from the Company’s data center facilities and related assets.

(2)Property revenue growth rate includes an estimated negative impact of approximately 1% associated with a decrease in straight-line revenue recognition.

(3)Adjusted EBITDA growth rate includes an estimated negative impact of approximately 2% associated with a decrease in net straight-line revenue recognition.

2026 Outlook for Total Property revenue, at the midpoint, includes the following components(1): ($ in millions, totals may not add due to rounding.)

U.S. & Canada Property(2)

Latin America Property Africa & APAC Property Europe Property

Data Centers Property(3)

Total Property

International pass-through revenue N/A $ 497 $ 403 $ 212 N/A $ 1,112

Straight-line revenue (124) 6 70 3 18 (27)

_______________

(1)For additional discussion regarding these components, please refer to “Revenue Components” below.

(2)U.S. & Canada property revenue includes revenue from all assets in the United States and Canada, other than data center facilities and related assets.

(3)Data Centers property revenue reflects revenue from the Company’s data center facilities and related assets.

2026 Outlook for Total Tenant Billings Growth, at the midpoint, includes the following components(1): (Totals may not add due to rounding.)

U.S. & Canada Property Latin America Property Africa & APAC Property Europe Property Total Property

Organic Tenant Billings ~0.5% (~3%) ~8.5% ~4% ~1%

New Site Tenant Billings ~0% ~0% ~3.5% ~9% ~1%

Total Tenant Billings Growth ~0.5% (~3%) ~12% ~13% ~2%

_______________

(1)For additional discussion regarding the component growth rates, please refer to “Revenue Components” below. Tenant Billings Growth is not applicable to the Data Centers segment. For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website.

Outlook for Capital Expenditures: ($ in millions, totals may not add due to rounding.)

Full Year 2026

Discretionary capital projects(1)

$ 1,050 to $ 1,080

Ground lease purchases 200 to 220

Start-up capital projects 35 to 55

Redevelopment 335 to 365

Capital improvement 165 to 175

Corporate 15 – 15

Total $ 1,800 to $ 1,910

_______________

(1)Includes the construction of 1,700 to 2,300 communications sites globally and $695 million of development spend in the Company’s Data Centers segment.

Reconciliation of Outlook for Adjusted EBITDA to Net income: ($ in millions, totals may not add due to rounding.)

Full Year 2026

Net income $ 3,015 to $ 3,095

Interest expense 1,430 to 1,410

Depreciation, amortization and accretion 2,135 to 2,145

Income tax provision 470 – 470

Stock-based compensation expense 145 – 145

Other, including other operating expenses, interest income, (gain) loss on retirement of long-term obligations and other (income) expense — – —

Adjusted EBITDA $ 7,195 to $ 7,265

Reconciliation of Outlook for AFFO attributable to AMT common stockholders to Net income: ($ in millions, except share and per share data, totals may not add due to rounding.)

Full Year 2026

Net income $ 3,015 to $ 3,095

Straight-line revenue 27 – 27

Straight-line expense 36 – 36

Depreciation, amortization and accretion 2,135 to 2,145

Stock-based compensation expense 145 – 145

Deferred portion of income tax and other income tax adjustments

152 – 152

Other, including other operating expense, amortization of deferred financing costs, debt discounts and premiums, (gain) loss on retirement of long-term obligations, other (income) expense and long-term deferred interest charges 197 – 197

Capital improvement capital expenditures (165) to (175)

Corporate capital expenditures (15) – (15)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests (437) – (437)

AFFO attributable to AMT common stockholders $ 5,090 to $ 5,170

Divided by weighted average diluted shares outstanding (in thousands) 467,000 – 467,000

AFFO attributable to AMT common stockholders per Share $ 10.90 to $ 11.07

Reconciliation of Outlook for EBITDA to AFFO attributable to AMT common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share: ($ in millions, except share and per share data, totals may not add due to rounding.)

Full Year 2026

Adjusted EBITDA $ 7,195 to $ 7,265

Straight-line revenue 27 – 27

Straight-line expense 36 – 36

Cash interest expense (1,362) to (1,342)

Interest income 129 – 129

Cash paid for income taxes (318) – (318)

Capital improvement capital expenditures (165) to (175)

Corporate capital expenditures (15) – (15)

Adjustments and dividends from non-controlling interest (437) – (437)

AFFO Attributable to Common Stockholders $ 5,090 to $ 5,170

Divided by weighted average shares outstanding 467,000 – 467,000

AFFO attributable to AMT common stockholders per Share $ 10.90 to $ 11.07

Conference Call Information

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the quarter ended March 31, 2026 and its updated outlook for 2026. Supplemental materials for the call will be available on the Company’s website, www.americantower.com.

Pre-Registration Link for Dial-in Access

Participants can pre-register for the conference call here to receive dial-in information and a personalized PIN.

Access via Webcast

The earnings call will be broadcast live (listen only) and can be replayed shortly after the conclusion of the call via the Investor Relations webcast at https://www.americantower.com/investor-relations/webcasts.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of nearly 150,000 communications sites and a highly interconnected footprint of U.S. data center facilities. For more information about American Tower, please visit the “Earnings Materials” and “Investor Presentations” sections of our investor relations hub at www.americantower.com.

Non-GAAP and Defined Financial Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following Non-GAAP and Defined Financial Measures: Segment Gross Margin, Segment Operating Profit, Segment Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Nareit Funds From Operations (FFO) attributable to American Tower Corporation common stockholders, Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders, AFFO attributable to American Tower Corporation common stockholders per Share, Free Cash Flow, Net Debt and Net Leverage Ratio. In addition, the Company presents: Tenant Billings, Tenant Billings Growth, Organic Tenant Billings Growth and New Site Tenant Billings Growth.

These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company's core businesses and are commonly used across its industry peer group. As outlined in detail below, the Company believes that these measures can assist in comparing company performance on a consistent basis irrespective of depreciation and amortization or capital structure, while also providing valuable incremental insight into the underlying operating trends of its business.

Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost basis, are involved. The Company's Non-GAAP and Defined Financial Measures may not be comparable to similarly titled measures used by other companies.

Revenue Components

In addition to reporting total revenue, the Company believes that providing transparency around the components of its revenue provides investors with insight into the indicators of the underlying demand for, and operating performance of, its real estate portfolio. Accordingly, the Company has provided disclosure of the following revenue components: (i) Tenant Billings; (ii) New Site Tenant Billings; (iii) Organic Tenant Billings; (iv) International pass-through revenue; (v) Straight-line revenue; (vi) Pre-paid amortization revenue; (vii) Foreign currency exchange impact; and (viii) Other revenue.

Tenant Billings: The majority of the Company’s revenue is generated from non-cancellable, long-term tenant leases. Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing sites and amendments to existing leases to add additional tenant equipment; (ii) “escalations” reflects contractual increases in billing rates, which are typically tied to fixed percentages or a variable percentage based on a consumer price index; (iii) “cancellations” reflects the impact of tenant lease terminations or non-renewals or, in limited circumstances, when the lease rates on existing leases are reduced; and (iv) “new sites” reflects the impact of new property construction and acquisitions.

New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior-year period. Incremental colocations/amendments, escalations or cancellations that occur on these sites after the date of their addition to our portfolio are not included in New Site Tenant Billings. In certain cases, this could also include the net impact of certain divestitures. The Company believes providing New Site Tenant Billings enhances an investor’s ability to analyze the Company’s existing real estate portfolio growth as well as its development program growth, as the Company’s construction and acquisition activities can drive variability in growth rates from period to period.

Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period, as well as Tenant Billings activity on new sites that occurred after the date of their addition to the Company’s portfolio.

International pass-through revenue: A portion of the Company’s pass-through revenue is based on power and fuel expense reimbursements and therefore subject to fluctuations in fuel prices. As a result, revenue growth rates may fluctuate depending on the market price for fuel in any given period, which is not representative of the Company’s real estate business and its economic exposure to power and fuel costs. Furthermore, this expense reimbursement mitigates the economic impact associated with fluctuations in operating expenses, such as power and fuel costs and land rents in certain of the Company’s markets. As a result, the Company believes that it is appropriate to provide insight into the impact of pass-through revenue on certain revenue growth rates.

Straight-line revenue: Under GAAP, the Company recognizes revenue on a straight-line basis over the term of the contract for certain of its tenant leases. Due to the Company’s significant base of non-cancellable, long-term tenant leases, this can result in significant fluctuations in growth rates upon tenant lease signings and renewals (typically increases), when amounts billed or received upfront upon

these events are initially deferred. These signings and renewals are only a portion of the Company’s underlying business growth and can distort the underlying performance of our Tenant Billings Growth. As a result, the Company believes that it is appropriate to provide insight into the impact of straight-line revenue on certain growth rates in revenue and select other measures.

Pre-paid amortization revenue: The Company recovers a portion of the costs it incurs for the redevelopment and development of its properties from its tenants. These upfront payments are then amortized over the initial term of the corresponding tenant lease. Given this amortization is not necessarily directly representative of underlying leasing activity on its real estate portfolio (i.e., does not have a renewal option or escalation as our tenant leases do), the Company believes that it is appropriate to provide insight into the impact of pre-paid amortization revenue on certain revenue growth rates to provide transparency into the underlying performance of our real estate business.

Foreign currency exchange impact: The majority of the Company’s Latin America, Africa & APAC and Europe revenue and operating expenses are denominated in each country’s local currency. As a result, foreign currency fluctuations may distort the underlying performance of our real estate business from period to period, depending on the movement of foreign currency exchange rates versus the U.S. Dollar. The Company believes it is appropriate to quantify the impact of foreign currency exchange rate fluctuations on its reported growth to provide transparency into the underlying performance of its real estate business.

Other revenue: Other revenue represents revenue not captured by the above listed items and can include items such as customer settlements, fiber solutions revenue and data centers revenue.

Non-GAAP and Defined Financial Measure Definitions

Adjusted EBITDA: Net income before Income (loss) from equity method investments; Income (loss) from discontinued operations, net of taxes; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense), including Goodwill impairment; Depreciation, amortization and accretion; and Stock-based compensation expense. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. In addition, it is a widely used performance measure across the telecommunications real estate sector.

Adjusted EBITDA Margin: The percentage that results from dividing Adjusted EBITDA by total revenue.

Adjusted Funds From Operations (AFFO) attributable to American Tower Corporation common stockholders: Nareit FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the deferred portion of income tax and other income tax adjustments, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, and (viii) other operating income (expense), less cash payments related to capital improvements and cash payments related to corporate capital expenditures and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations, which includes the impact of noncontrolling interests and discontinued operations on both Nareit FFO and the corresponding adjustments included in AFFO. The Company believes this measure provides valuable insight into the operating performance of its assets by further adjusting the Nareit AFFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above, which if unadjusted, may otherwise cause material fluctuations in Nareit FFO attributable to American Tower Corporation common stockholders growth from period to period that would not be representative of the underlying performance of the Company’s property assets in those periods. In addition, it is a widely used performance measure across the telecommunications real estate sector. The Company believes providing this metric, excluding the impacts of noncontrolling interests, enhances transparency, given the minority interests in its Europe business and its U.S. data center business.

AFFO attributable to American Tower Corporation common stockholders per Share: AFFO attributable to American Tower Corporation common stockholders divided by the diluted weighted average common shares outstanding.

Free Cash Flow: Cash provided by operating activities less total cash capital expenditures, including the impacts associated with discontinued operations and payments on finance leases and perpetual land easements. The Company believes that Free Cash Flow is useful to investors as the basis for comparing our performance and coverage ratios with other companies in its industry, although this measure of Free Cash Flow may not be directly comparable to similar measures used by other companies.

Nareit Funds From Operations (FFO), as defined by the National Association of Real Estate Investment Trusts (Nareit), attributable to American Tower Corporation common stockholders: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion, and including adjustments and distributions for unconsolidated affiliates and noncontrolling interests and adjustments for discontinued operations. The Company believes this measure provides valuable insight into the operating performance of its property assets by excluding the charges described above, particularly depreciation expenses, given the high initial, up-front capital intensity of the Company’s operating model. In addition, it is a widely used performance measure across the telecommunications real estate sector.

Net Debt: Total long-term debt, including current portion and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents.

Net Leverage Ratio: Net debt (total long-term debt, including current portion, and for periods beginning in the first quarter of 2019, finance lease liabilities, less cash and cash equivalents) divided by the quarter’s annualized Adjusted EBITDA (the quarter’s Adjusted EBITDA multiplied by four). The Company believes that including this calculation is important for investors and analysts given it is a critical component underlying its credit agency ratings.

New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties.

Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period, which

enables investors and analysts to gain additional insight into the relative attractiveness, and therefore the value, of the Company’s property assets.

Segment Gross Margin: Revenues less operating expenses, excluding depreciation, amortization and accretion, selling, general, administrative and development expense and other operating expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets.

Segment Operating Profit: Segment Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. The Company believes this measure provides valuable insight into the site-level profitability of its assets while also taking into account the overhead expenses required to manage each of its operating segments.

Segment Operating Profit and Segment Gross Margin are before interest income, interest expense, gain (loss) on retirement of long-term obligations, other income (expense), net income (loss) attributable to noncontrolling interest and income tax benefit (provision).

Segment Operating Profit Margin: The percentage that results from dividing Segment Operating Profit by revenue.

Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billings for a current period with Tenant Billings for the corresponding prior-year period, in each case adjusted for foreign currency exchange rate fluctuations. The Company believes this measure provides valuable insight into the growth in recurring Tenant Billings and underlying demand for its real estate portfolio.

Cautionary Language Regarding Forward-Looking Statements

This press release contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to, statements regarding our full year 2026 outlook and other targets, foreign currency exchange rates, our expectations regarding our stock repurchase program, the creditworthiness and financial strength of our customers, the expected impacts of strategic partnerships on our business, our expectations for the closing of signed agreements and the expected impacts of such agreements on our business and our expectations regarding the leasing demand for communications real estate. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) a significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand; (2) our business, results of operations and financial condition could be negatively impacted by disputes with our customers; (3) a substantial portion of our current and projected future revenue is derived from a small number of customers, and we are sensitive to adverse changes in the creditworthiness and financial strength of our customers; (4) increasing competition within our industries may materially and adversely affect our revenue; (5) if our customers consolidate their operations, exit their businesses or share site infrastructure to a significant degree, our growth and revenue could be materially and adversely affected; (6) competition to build or purchase assets could adversely affect our ability to achieve our return on investment criteria; (7) new technologies or changes, or lack thereof, in our or a customer’s business model could make our communications infrastructure leasing business less desirable and result in decreasing revenues and operating results; (8) divestitures may materially and adversely affect our financial condition, results of operations or cash flows; (9) our use of joint ventures and strategic partnerships may expose us to risks associated with jointly owned investments; (10) our leverage, debt service obligations and repurchase activity may materially and adversely affect our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and may reduce funds available to satisfy our distribution requirements; (11) increased inflation and interest rates may adversely affect us by increasing costs beyond what we can recover through price increases; (12) restrictive covenants in the agreements related to our securitization transaction, our credit facilities and our debt securities could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (13) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (14) our business, and that of our customers, is subject to laws, regulations and administrative and judicial decisions, and changes thereto, that could restrict our ability to operate our business as we currently do or impact our competitive landscape; (15) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (16) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (17) we could have liability under environmental and occupational safety and health laws; (18) we may be adversely affected by regulations related to climate change; (19) if we, or third parties on which we rely, experience technology failures, including cybersecurity incidents or the loss of personally identifiable information, we may incur substantial costs and suffer other negative consequences, which may include reputational damage; (20) our data center segment contains certain operational differences from our tower leasing operations, resulting in different operational risks. If we do not successfully operate our data center segment or identify or manage the related operational risks, such operations may produce results that are lower than anticipated; (21) if we are unable to protect our rights to the land under our towers and buildings in which our data centers are located, it could adversely affect our business and operating results; (22) our business depends on effective data governance, and failures in our data governance frameworks could adversely affect our operations; (23) the transformation initiatives we undertake may not deliver the results we expect; (24) our expansion initiatives involve a number of risks and uncertainties that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (25) our towers, data centers, other telecommunications assets or computer systems may be affected by natural disasters (including as a result of climate change), public perception of health risks and other unforeseen events for which our insurance may not provide adequate coverage or result in increased insurance premiums; and (26) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from those towers will be eliminated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information that is provided in the section entitled “Risk Factors” in our most recent annual report on Form 10-K, and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In millions)

March 31, 2026 December 31, 2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $ 1,608.8 $ 1,474.8

Restricted cash 129.1 130.4

Accounts receivable, net 718.9 650.3

Prepaid and other current assets 499.6 486.3

Total current assets 2,956.4 2,741.8

PROPERTY AND EQUIPMENT, net 20,441.0 20,356.3

GOODWILL 12,192.7 12,255.5

OTHER INTANGIBLE ASSETS, net 14,225.1 14,530.7

DEFERRED TAX ASSET 153.6 151.4

DEFERRED RENT ASSET 3,864.4 3,851.3

RIGHT-OF-USE ASSET 8,492.3 8,426.5

NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS 909.1 876.9

TOTAL $ 63,234.6 $ 63,190.4

LIABILITIES

CURRENT LIABILITIES:

Accounts payable $ 220.8 $ 259.8

Accrued expenses 1,092.2 1,112.5

Distributions payable 851.9 818.6

Accrued interest 333.7 425.2

Current portion of operating lease liability 641.9 584.9

Current portion of long-term obligations 6,119.0 3,387.8

Unearned revenue 459.9 325.0

Total current liabilities 9,719.4 6,913.8

LONG-TERM OBLIGATIONS 31,202.5 33,832.5

OPERATING LEASE LIABILITY 7,167.8 7,158.7

ASSET RETIREMENT OBLIGATIONS 2,516.4 2,512.9

DEFERRED TAX LIABILITY 1,497.4 1,440.3

OTHER NON-CURRENT LIABILITIES 979.0 976.9

Total liabilities 53,082.5 52,835.1

COMMITMENTS AND CONTINGENCIES

EQUITY:

Common stock 4.8 4.8

Additional paid-in capital 15,236.0 15,215.3

Distributions in excess of earnings (5,063.4) (5,086.0)

Accumulated other comprehensive loss (4,805.3) (4,815.8)

Treasury stock (1,849.5) (1,665.8)

Total American Tower Corporation equity 3,522.6 3,652.5

Noncontrolling interests 6,629.5 6,702.8

Total equity 10,152.1 10,355.3

TOTAL $ 63,234.6 $ 63,190.4

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data)

Three Months Ended March 31,

2026 2025

REVENUES:

Property $ 2,669.9 $ 2,488.2

Services 67.6 74.6

Total operating revenues 2,737.5 2,562.8

OPERATING EXPENSES:

Costs of operations (exclusive of items shown separately below):

Property 664.8 599.6

Services 38.5 34.9

Depreciation, amortization and accretion 518.2 492.5

Selling, general, administrative and development expense(1)

257.4 237.5

Other operating expense (income) 19.4 (55.8)

Total operating expenses 1,498.3 1,308.7

OPERATING INCOME 1,239.2 1,254.1

OTHER INCOME (EXPENSE):

Interest income 36.0 26.9

Interest expense (347.3) (325.3)

Other income (expense) (including unrealized foreign currency gains (losses) of $68.1 and $(345.7) respectively) 90.2 (338.2)

Total other expense (221.1) (636.6)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 1,018.1 617.5

Income tax provision (139.6) (118.9)

NET INCOME 878.5 498.6

Net income attributable to noncontrolling interests (19.0) (9.9)

NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS $ 859.5 $ 488.7

NET INCOME PER COMMON SHARE AMOUNTS:

Basic net income attributable to American Tower Corporation common stockholders $ 1.84 $ 1.05

Diluted net income attributable to American Tower Corporation common stockholders $ 1.84 $ 1.04

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands):

BASIC 466,202 467,640

DILUTED 466,833 468,519

_______________

(1)Selling, general, administrative and development expense includes stock-based compensation expense in aggregate amounts of $58.4 million and $53.4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended March 31,

2026 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 878.5 $ 498.6

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation, amortization and accretion 518.2 492.5

Stock-based compensation expense 58.4 53.4

Other non-cash items reflected in statements of operations 35.3 351.3

Increase in net deferred rent balances (18.9) (17.1)

Right-of-use asset and Operating lease liability, net 24.2 15.6

Changes in unearned revenue 136.3 109.8

Increase in assets (109.2) (155.8)

Increase in liabilities (122.2) (53.3)

Cash provided by operating activities 1,400.6 1,295.0

CASH FLOWS FROM INVESTING ACTIVITIES:

Payments for purchase of property and equipment and construction activities (449.5) (331.1)

Payments for acquisitions, net of cash acquired (19.2) (147.6)

Proceeds from sales of short-term investments and other non-current assets — 137.7

Deposits and other (5.0) (9.1)

Cash used for investing activities (473.7) (350.1)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings under credit facilities 1,460.0 850.0

Proceeds from issuance of senior notes, net — 998.0

Proceeds from other borrowings — 1.2

Repayments of notes payable, credit facilities, senior notes, secured debt and finance leases(1)

(1,226.1) (1,840.7)

Distributions to noncontrolling interest holders (29.9) (29.0)

Contributions from noncontrolling interest holders 0.8 0.8

Purchases of common stock (176.2) —

Proceeds from stock options 12.5 19.2

Distributions paid on common stock (806.6) (768.5)

Deferred financing costs and other financing activities(2)

(65.5) (74.8)

Cash used for financing activities (831.0) (843.8)

Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash 36.8 29.9

NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH 132.7 131.0

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD 1,605.2 2,108.2

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD $ 1,737.9 $ 2,239.2

CASH PAID FOR INCOME TAXES, NET $ 44.3 $ 32.9

CASH PAID FOR INTEREST $ 434.8 $ 370.1

_____________

(1)Three months ended March 31, 2026 and March 31, 2025 include $0.8 million and $0.7 million of finance lease payments, respectively.

(2)Three months ended March 31, 2026 and March 31, 2025 include $9.6 million and $8.2 million of perpetual land easement payments, respectively.

UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY SEGMENT

($ in millions, totals may not add due to rounding.)

Three Months Ended March 31, 2026

Property Services Total

U.S. & Canada Latin America Africa & APAC Europe

Data Centers(1)

Total Property

Segment revenues $ 1,262 $ 480 $ 379 $ 261 $ 289 $ 2,670 $ 68 $ 2,738

Segment operating expenses 206 134 120 93 112 665 39 703

Segment Gross Margin $ 1,055 $ 346 $ 259 $ 168 $ 177 $ 2,005 $ 29 $ 2,034

Segment SG&A(2)

38 30 19 17 25 129 5 134

Segment Operating Profit $ 1,017 $ 316 $ 240 $ 151 $ 152 $ 1,876 $ 24 $ 1,900

Segment Operating Profit Margin 81 % 66 % 63 % 58 % 53 % 70 % 35 % 69 %

Growth Metrics

Revenue Growth

(2.8) % 20.3 % 13.5 % 22.4 % 18.4 % 7.3 % (9.4) % 6.8 %

Total Tenant Billings Growth

0.7 % (2.1) % 13.9 % 6.0 % N/A 2.3 %

Organic Tenant Billings Growth

0.6 % (2.0) % 10.5 % 3.9 % N/A 1.7 %

Revenue Components(3)

Prior-Year Tenant Billings $ 1,256 $ 280 $ 228 $ 144 $ — $ 1,908

Colocations/Amendments 34 6 16 4 — 60

Escalations 38 10 10 4 — 63

Cancellations (63) (21) (4) (1) — (89)

Other (1) (1) 1 (1) — (2)

Organic Tenant Billings $ 1,264 $ 274 $ 252 $ 150 $ — $ 1,941

New Site Tenant Billings 1 (0) 8 3 — 12

Total Tenant Billings $ 1,265 $ 274 $ 260 $ 153 $ — $ 1,952

Foreign Currency Exchange Impact(4)

0 35 21 18 — 74

Total Tenant Billings (Current Period) $ 1,265 $ 309 $ 281 $ 171 $ — $ 2,026

Straight-Line Revenue (25) 22 10 1 5 13

Pre-paid Amortization Revenue 18 1 0 8 — 27

Other Revenue 3 20 (13) 16 284 311

International Pass-Through Revenue — 112 89 56 — 257

Foreign Currency Exchange Impact(5)

(0) 16 11 9 — 36

Total Property Revenue (Current Period) $ 1,262 $ 480 $ 379 $ 261 $ 289 $ 2,670

_______________

(1)For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website.

(2)Excludes stock-based compensation expense.

(3)All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.

(4)Reflects foreign currency exchange impact on all components of Total Tenant Billings.

(5)Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.

UNAUDITED CONSOLIDATED RESULTS FROM OPERATIONS, BY SEGMENT (CONTINUED)

($ in millions, totals may not add due to rounding.)

Three Months Ended March 31, 2025

Property Services Total

U.S. & Canada Latin America Africa & APAC Europe

Data Centers(1)

Total Property

Segment revenues $ 1,298 $ 399 $ 334 $ 213 $ 244 $ 2,488 $ 75 $ 2,563

Segment operating expenses 202 123 99 76 99 600 35 635

Segment Gross Margin $ 1,096 $ 277 $ 234 $ 137 $ 145 $ 1,889 $ 40 $ 1,928

Segment SG&A(2)

39 21 20 16 23 119 6 126

Segment Operating Profit $ 1,057 $ 256 $ 214 $ 121 $ 122 $ 1,770 $ 33 $ 1,803

Segment Operating Profit Margin

81 % 64 % 64 % 57 % 50 % 71 % 45 % 70 %

Growth Metrics

Revenue Growth (0.9) % (10.4) % 12.3 % 4.2 % 8.7 % 0.2 % 147.0 % 2.0 %

Total Tenant Billings Growth

3.7 % 3.1 % 16.6 % 7.1 % N/A 5.2 %

Organic Tenant Billings Growth

3.6 % 3.0 % 13.2 % 5.4 % N/A 4.7 %

Revenue Components(3)

Prior-Year Tenant Billings $ 1,212 $ 312 $ 201 $ 139 $ — $ 1,864

Colocations/Amendments 38 7 12 5 — 62

Escalations 37 16 15 4 — 72

Cancellations (29) (13) (3) (1) — (45)

Other (3) (1) 3 (0) — (1)

Organic Tenant Billings $ 1,255 $ 322 $ 227 $ 147 $ — $ 1,951

New Site Tenant Billings 1 0 7 2 — 10

Total Tenant Billings $ 1,256 $ 322 $ 234 $ 149 $ — $ 1,961

Foreign Currency Exchange Impact(4)

(0) (42) (6) (5) — (53)

Total Tenant Billings (Current Period) $ 1,256 $ 280 $ 228 $ 144 $ — $ 1,908

Straight-Line Revenue 10 (7) 13 1 0 17

Pre-paid Amortization Revenue 19 1 1 9 — 29

Other Revenue 13 18 3 5 244 283

International Pass-Through Revenue — 124 92 56 — 272

Foreign Currency Exchange Impact(5)

0 (17) (2) (2) — (21)

Total Property Revenue (Current Period) $ 1,298 $ 399 $ 334 $ 213 $ 244 $ 2,488

_______________

(1)For additional details related to the Data Centers segment, please refer to the supplemental disclosure package available on the Company’s website.

(2)Excludes stock-based compensation expense.

(3)All components of revenue, except those labeled current period, have been translated at prior-period foreign currency exchange rates.

(4)Reflects foreign currency exchange impact on all components of Total Tenant Billings.

(5)Reflects foreign currency exchange impact on components of revenue, other than Total Tenant Billings.

UNAUDITED SELECTED CONSOLIDATED FINANCIAL INFORMATION

($ in millions, except share and per share data, totals may not add due to rounding.)

The reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA Margin are as follows:

Three Months Ended March 31,

2026 2025

Net income $ 878.5 $ 498.6

Income tax provision 139.6 118.9

Other expense (90.2) 338.2

Interest expense 347.3 325.3

Interest income (36.0) (26.9)

Other operating expense (income) 19.4 (55.8)

Depreciation, amortization and accretion 518.2 492.5

Stock-based compensation expense 58.4 53.4

Adjusted EBITDA $ 1,835.2 $ 1,744.2

Total revenue $ 2,737.5 $ 2,562.8

Adjusted EBITDA Margin 67 % 68 %

The reconciliation of Nareit FFO attributable to American Tower Corporation common stockholders to net income and the calculation of AFFO attributable to American Tower Corporation common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share are as follows:

Three Months Ended March 31,

2026 2025

Net income $ 878.5 $ 498.6

Real estate related depreciation, amortization and accretion 483.6 457.3

Losses (gains) from sale or disposal of real estate and real estate related impairment charges(1)

24.2 (49.1)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(2)

(107.4) (90.8)

Nareit FFO attributable to AMT common stockholders $ 1,278.9 $ 816.0

Straight-line revenue (18.9) (17.1)

Straight-line expense 8.5 9.1

Stock-based compensation expense 58.4 53.4

Deferred portion of income tax and other income tax adjustments(3)

94.8 86.0

Non-real estate related depreciation, amortization and accretion

34.6 35.2

Amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges 13.0 13.8

Other (income) expense(4)

(90.2) 338.2

Other operating income(5)

(4.8) (6.7)

Capital improvement capital expenditures (43.1) (36.3)

Corporate capital expenditures (5.2) (1.4)

Adjustments and distributions for unconsolidated affiliates and noncontrolling interests(6)

(1.9) (0.0)

AFFO attributable to AMT common stockholders $ 1,324.1 $ 1,290.2

Divided by weighted average diluted shares outstanding (in thousands) 466,833 468,519

AFFO attributable to AMT common stockholders per Share $ 2.84 $ 2.75

_______________

(1)For the three months ended March 31, 2025, includes a gain on the sale of South Africa Fiber of $53.6 million.

(2)Includes distributions to noncontrolling interest holders, distributions related to the outstanding mandatorily convertible preferred equity in connection with the Company’s agreements with certain investment vehicles affiliated with Stonepeak Partners LP and adjustments for the impact of noncontrolling interests on Nareit FFO attributable to American Tower Corporation common stockholders.

(3)For the three months ended March 31, 2026, includes adjustments for refunds in Germany of $0.5 million. We believe that these tax payments are nonrecurring, and do not believe these are an indication of our operating performance. Accordingly, we believe it is more meaningful to present AFFO attributable to American Tower Corporation common stockholders excluding these amounts.

(4)For the three months ended March 31, 2026 and 2025, includes (gains) losses on foreign currency exchange rate fluctuations of $(68.1) million and $345.7 million, respectively.

(5)Primarily includes acquisition-related costs, integration costs and disposition costs.

(6)Includes adjustments for the impact of noncontrolling interests on other line items, excluding those already adjusted for in Nareit FFO attributable to American Tower Corporation common stockholders.

The reconciliation of Adjusted EBITDA to AFFO attributable to American Tower Corporation common stockholders and AFFO attributable to American Tower Corporation common stockholders per Share are as follows:

Three Months Ended March 31,

2026 2025

Adjusted EBITDA $ 1,835.2 $ 1,744.2

Straight-line revenue (18.9) (17.1)

Straight-line expense 8.5 9.1

Cash interest expense (334.3) (311.5)

Interest income 36.0 26.9

Cash paid for income taxes (44.8) (32.9)

Capital improvement capital expenditures (43.1) (36.3)

Corporate capital expenditures (5.2) (1.4)

Adjustments and dividends for non-controlling interests (109.3) (90.8)

AFFO Attributable to Common Stockholders $ 1,324.1 $ 1,290.2

Divided by weighted average diluted shares outstanding 466.8 468.5

AFFO Attributable to Common Stockholders per Share $ 2.84 $ 2.75

The reconciliations of segment gross margins are as follows:

Three Months Ended March 31, 2026

Property Services Total

U.S. & Canada Latin America Africa & APAC Europe Data Centers Total Property

Gross Margin $ 908.0 $ 299.4 $ 200.3 $ 86.6 $ 27.2 $ 1,521.5 $ 29.1 $ 1,550.6

Real estate related depreciation, amortization and accretion 147.3 46.9 58.2 81.6 149.6 483.6 — 483.6

Segment Gross Margin $ 1,055.3 $ 346.3 $ 258.5 $ 168.2 $ 176.8 $ 2,005.1 $ 29.1 $ 2,034.2

Three Months Ended March 31, 2025

Property Services Total

U.S. & Canada Latin America Africa & APAC Europe Data Centers Total Property

Gross Margin $ 948.3 $ 229.7 $ 188.6 $ 67.0 $ (2.3) $ 1,431.3 $ 39.7 $ 1,471.0

Real estate related depreciation, amortization and accretion 147.7 46.8 45.7 70.0 147.1 457.3 — 457.3

Segment Gross Margin $ 1,096.0 $ 276.5 $ 234.3 $ 137.0 $ 144.8 $ 1,888.6 $ 39.7 $ 1,928.3

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v3.26.1

Cover Cover

Apr. 28, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 28, 2026

Entity Incorporation, State or Country Code

Entity File Number

001-14195

Entity Tax Identification Number

65-0723837

Entity Address, Address Line One

222 Berkeley Street

Entity Address, City or Town

Boston

Entity Address, State or Province

Entity Address, Postal Zip Code

02116

City Area Code

617

Local Phone Number

375-7500

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Registrant Name

AMERICAN TOWER CORP /MA/

Entity Central Index Key

0001053507

Amendment Flag

false

NEW YORK STOCK EXCHANGE, INC. | Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, $0.01 par value

Trading Symbol

AMT

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 1.950% Senior Notes due 2026

Entity Information [Line Items]

Title of 12(b) Security

1.950% Senior Notes due 2026

Trading Symbol

AMT 26B

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | Zero Point Four Five Zero Percent Senior Notes, Due 2027

Entity Information [Line Items]

Title of 12(b) Security

0.450% Senior Notes due 2027

Trading Symbol

AMT 27C

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | Zero Point Five Zero Percent Senior Notes Due 2028 [Member]

Entity Information [Line Items]

Title of 12(b) Security

0.500% Senior Notes due 2028

Trading Symbol

AMT 28A

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | One Point Zero Percent Senior Notes Due 2032

Entity Information [Line Items]

Title of 12(b) Security

1.000% Senior Notes due 2032

Trading Symbol

AMT 32

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | Zero Point Eight Seven Five Percent Senior Notes, Due

Entity Information [Line Items]

Title of 12(b) Security

0.875% Senior Notes due 2029

Trading Symbol

AMT 29B

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | One Point Two Five Zero Percent Senior Notes, Due 2033

Entity Information [Line Items]

Title of 12(b) Security

1.250% Senior Notes due 2033

Trading Symbol

AMT 33

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 0.400% Senior Notes Due 2027

Entity Information [Line Items]

Title of 12(b) Security

0.400% Senior Notes due 2027

Trading Symbol

AMT 27D

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 0.950% Senior Notes Due 2030

Entity Information [Line Items]

Title of 12(b) Security

0.950% Senior Notes due 2030

Trading Symbol

AMT 30C

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 4.125% Senior Notes due 2027

Entity Information [Line Items]

Title of 12(b) Security

4.125% Senior Notes due 2027

Trading Symbol

AMT 27F

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 4.625% Senior Notes Due 2031

Entity Information [Line Items]

Title of 12(b) Security

4.625% Senior Notes due 2031

Trading Symbol

AMT 31B

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 3.900% Senior Notes Due 2030

Entity Information [Line Items]

Title of 12(b) Security

3.900% Senior Notes due 2030

Trading Symbol

AMT 30D

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 4.100% Senior Notes due 2034

Entity Information [Line Items]

Title of 12(b) Security

4.100% Senior Notes due 2034

Trading Symbol

AMT 34A

Security Exchange Name

NYSE

NEW YORK STOCK EXCHANGE, INC. | 3.625% Senior Notes Due 2032

Entity Information [Line Items]

Title of 12(b) Security

3.625% Senior Notes due 2032

Trading Symbol

AMT 32B

Security Exchange Name

NYSE

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Area code of city

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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