Fiscal year ends DecLast earnings: Apr 28, 2026Est. next earnings: Jul 28, 2026
Latest Score
6.0/ 10
-2.0vs prior
4-Period Change
±0.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
9%
All quarters
6.0out of 10Mixed
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base6Base 6GAAP revenue YoY +6.82% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for REITs — real rental/lease income, no structural distortion.+EPS-1EPS -1REIT sector rule: using AFFO per share YoY instead of GAAP EPS (76.92% includes economically meaningless depreciation). Rod Smith stated AFFO per share declined approximately 1% excluding FX impacts; with ~200bps FX tailwind, reported AFFO per share growth approximately +1%. Spread: +1% - 6.82% = -5.82 percentage points, beyond -5 percentage points threshold. DISH churn (400bps headwind) is real lost AFFO, not a GAAP distortion — not backed out. EPS adjustment = -1.+Guidance+1Guidance +1Full-year AFFO per share outlook raised from ~$10.87 to $10.99 midpoint, a $0.12 or 1.10% increase. This is a revision of existing 2026 guidance (not new introduction), raise <3% -> +1. Raise primarily FX-driven ($110M FX tailwind, $35M straight-line acceleration); organic growth assumptions reiterated across all regions.=Final6
How this score was built
Base6Base 6GAAP revenue YoY +6.82% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for REITs — real rental/lease income, no structural distortion.+
Macro Signals
↑AI & Tech→CAPEX↑FX
American Tower delivered Q1 with property revenue growing approximately 3% (excluding straight-line and FX) as CoreSite data center revenue surged on AI and interconnection demand. DISH churn created a 400 basis point AFFO per share headwind that largely offset the underlying growth. European tower expansion accelerated with 700 new builds in the quarter, and management raised the AFFO outlook by $0.12 per share representing a 1% increase to the prior guidance.
Key Themes7
positive📊 company
CoreSite Data Center Revenue Surges On AI And Interconnection
Data center property revenue grew approximately 17% excluding noncash straight-line revenue, driven by hybrid and multi-cloud deployments, accelerating AI workloads, and an inflection in interconnection activity.
Cloud & AIRevenue Growth
negative📊 company
DISH Churn Creates 400bps AFFO Per Share Headwind
One-time DISH-related churn contributed approximately 400 basis points of headwind to attributable AFFO per share growth. Company has de-risked guidance by removing DISH from numbers, treating any recovery as upside.
Demand
positive📊 company
European Tower Expansion Accelerates With 700 New Builds
EPS -1REIT sector rule: using AFFO per share YoY instead of GAAP EPS (76.92% includes economically meaningless depreciation). Rod Smith stated AFFO per share declined approximately 1% excluding FX impacts; with ~200bps FX tailwind, reported AFFO per share growth approximately +1%. Spread: +1% - 6.82% = -5.82 percentage points, beyond -5 percentage points threshold. DISH churn (400bps headwind) is real lost AFFO, not a GAAP distortion — not backed out. EPS adjustment = -1.
+
Guidance+1Guidance +1Full-year AFFO per share outlook raised from ~$10.87 to $10.99 midpoint, a $0.12 or 1.10% increase. This is a revision of existing 2026 guidance (not new introduction), raise <3% -> +1. Raise primarily FX-driven ($110M FX tailwind, $35M straight-line acceleration); organic growth assumptions reiterated across all regions.
=
Final6
Over 700 new tower sites planned in Europe with organic growth of approximately 4%. Market outperforming original Telefonica deal business case, with returns expected above weighted average cost of capital.
Geographic ExpansionCapex Investment
negative📊 company
Latin America Churn Elevated As Brazil Market Repair Peaks
Latin America organic growth declined approximately 2% driven by elevated churn in Brazil combining delayed 2025 churn and accelerated 2027 churn into 2026. Management expects return to positive growth in 2027.
DemandGeographic Expansion
positive🏢 sector
AI And 6G Tailwinds Strengthen Long-Term Tower Demand
Mobile data traffic projected to double over next 5 years in the U.S. AI applications expected to place meaningfully greater demands on wireless networks. 6G frequencies in 6 to 7 gigahertz range imply denser networks.
Cloud & AIInnovation & R&D
positive📊 company
Active Share Buyback Program Reaches Over $565 Million
Repurchased approximately $184 million of stock in Q1 plus $19 million through April 21, bringing total buybacks since Q4 to over $565 million. Lowest leverage and highest credit rating across peer group.
Capital Allocation
mixed📊 company
Cash EBITDA Margins Decline On Churn And Cost Timing
Cash adjusted EBITDA margins declined approximately 110 basis points year-over-year due to DISH churn, SG&A timing, and higher fuel prices in Africa. Company targets 200 to 300 basis points of tower EBITDA margin expansion by 2030.
MarginCost Pressure
I'm curious how you're thinking about expanding capacity at CoreSite versus reinvesting in retrofitting some of the current sites
some people are walking away from that meeting and the road show that's beginning, and thinking that one of the growth vectors to support a multitrillion dollar valuation is disrupting the terrestr...
do you think longer term, CoreSite makes sense within the American Tower family? Or could there be something strategic that you would do with it to potentially maximize value
I'm curious if you could describe how you're looking at those opportunities today, whether that's similarly or differently than the way you may have looked at this in the past
Can you talk about any steps you might be taking to proactively land neo cloud on-ramps or other deployments like that, that may be magnetic for AI workloads
it appears there is this comment that the carriers might be more interested in working with our large public tower company partners to undertake more new construction opportunities
you mentioned 700 new builds in Europe, 85% of your CAPEX has been developed areas. What's -- because obviously, 9%, I think, inorganic growth in Europe
Weyerhaeuser's Q1 2026 marked a sharp sequential rebound with adjusted EBITDA surging 120% to $308 million, driven by lumber's return to profitability ($84 million swing to $27 million EBITDA) as prior industry curtailments and lean inventories lifted Southern Yellow Pine pricing 13%