American Tower Raises 2026 Outlook: Why AMT Stock Is Moving Today

BOSTON, April 28, 2026, 11:01 EDT

• American Tower bumped up its 2026 forecast, following a first-quarter revenue and earnings performance that topped Wall Street’s expectations.
• Mobile data, cloud computing, and AI workloads are all still driving steady demand for towers and data-center space, prompting the move.
• That higher forecast? It’s also riding some foreign-exchange gains—a boost, sure, though not something management can lock in or steer with certainty.

American Tower bumped up its 2026 outlook Tuesday, following a better-than-expected first-quarter profit and revenue. Shares climbed in morning trade, with investors shrugging off a softer U.S. tower market.

The Boston-based communications infrastructure giant raised its full-year property revenue outlook to $10.59 billion–$10.74 billion, tightening and bumping up the range from the $10.44 billion–$10.59 billion cited earlier by Reuters. Adjusted funds from operations now come in stronger as well, at $10.90 to $11.07 per share.

It’s relevant now as wireless carriers keep pouring money into network upgrades, just as surging demand for cloud and AI services drives up data-center leasing. Positioned squarely between the two, American Tower leases space on telecom sites and also holds a U.S. data-center portfolio as part of its larger property mix.

For the quarter ended March 31, revenue climbed 6.8% to $2.74 billion, topping the $2.66 billion analysts had forecast, according to LSEG. Earnings per share came in at $1.84, handily above the $1.60 estimate, Reuters reported.

The company reported net income of $879 million, up 76.2% in its latest SEC filing. Adjusted EBITDA climbed 5.2% to $1.84 billion, with AFFO attributable to common shareholders ticking up 2.6% to $1.32 billion.

“Excellent start to 2026,” said Chief Executive Steve Vondran, who described the company’s current strategic position as its best in over ten years. He linked the quarter’s performance to factors like higher mobile data usage, more cloud adoption, and increased AI-driven workloads. SEC

American Tower lifted its property revenue outlook by roughly $107 million, citing gains from foreign-currency shifts. Adjusted EBITDA got a $67 million bump, and the AFFO forecast increased by 12 cents per share compared to the previous estimate. The company pointed to quicker straight-line revenue recognition in Latin America, a method that allocates specific lease income across the contract period.

Shares lately traded up 1.9% to $178.57. Crown Castle added roughly 2.1%, while SBA Communications picked up about 1.0%, market data showed.

The numbers carried a hint of restraint. American Tower’s upgraded guidance leans in part on currency holding steady through year-end. In the U.S. and Canada, property revenue is projected to fall 3% at the midpoint; tenant billings in those markets, just a 0.5% gain. Should carriers dial back on spending, or if currency swings unfavorably, that boost to the outlook may not stick.

The company is still carrying a hefty debt load—a reflection of the capital intensity typical for tower and data-center operators. According to its SEC filing, total debt sat at $37.32 billion as of the end of March, offset by $1.61 billion in cash and equivalents. Net leverage stood at 4.9 times annualized adjusted EBITDA.

American Tower reported close to 150,000 communications sites and described its U.S. data-center network as “highly interconnected.” The company bought back around 1.1 million shares for approximately $184 million in the first quarter, then picked up another 0.1 million shares for about $19 million as of April 21. Business Wire

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