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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ric Prentiss | Raymond James | 16 (0%) |
| Nick Del Deo | MoffettNathanson | 15 (0%) |
| Mike Rollins | Citigroup | 14 (0%) |
| Jim Schneider | Goldman Sachs | 11 (18%) |
| Eric Luebchow | Wells Fargo | 9 (22%) |
| Ben Swinburne | Morgan Stanley | 6 (0%) |
| Dave Barden | New Street Research | 6 (50%) |
| Richard Choe | JPMorgan | 5 (0%) |
| Batya Levi | UBS | 5 (0%) |
| Mike Funk | Bank of America | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Raymond James | 1 | 16 (0%) |
| MoffettNathanson | 1 | 15 (0%) |
| Citigroup | 1 | 14 (0%) |
| Goldman Sachs | 2 |
| 13 (15%) |
| Morgan Stanley | 3 | 11 (9%) |
| Wells Fargo | 1 | 9 (22%) |
| New Street Research | 1 | 6 (50%) |
| UBS | 1 | 5 (0%) |
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.
Demand | Competitive Dynamics | Revenue Growth | Cloud & AI | Capital Allocation | Geographic Expansion | Margin | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 4 | 3 | 2 | 3 | 1 | 1 |
| 2025Q1 | 9 | 6 | 6 | 2 | 2 | 2 | 3 | 2 |
| 2025Q2 | 6 | 4 | 4 | 4 | 3 | 2 | 1 | |
| 2025Q3 | 4 | 5 | 5 | 3 | 4 | 2 | 1 | |
| 2025Q4 | 4 | 2 | 4 | 3 | 2 | 4 | 3 | 1 |
| 2026Q1 | 2 | 5 | 1 | 3 | 2 | 3 | 5 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 9 | 6 | 4 | 4 | 2 |
| Competitive Dynamics | 2 | 6 | 4 | 5 | 2 | 5 |
| Revenue Growth | 4 | 6 | 4 | 5 | 4 | 1 |
| Cloud & AI | 3 | 2 | 4 | 3 | 3 | 3 |
| Capital Allocation | 2 | 2 | 3 | 4 | 2 | 2 |
| Geographic Expansion | 3 | 2 | 2 | 4 | 3 | |
| Margin | 1 | 3 | 1 | 2 | 3 | |
| M&A | 1 | 2 | 1 | 1 | 5 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.55B | -8.6% | $2.62 | +1355.6% | 42.4% | 48.3% | $756M |
| FY2025 Q1 | $2.56B | -9.6% | $1.04 | -46.9% | 48.9% | 19.1% | $964M |
| FY2025 Q2 | $2.63B | -9.4% | $0.78 | -59.4% | 45.6% | 14.0% | $977M |
| FY2025 Q3 | $2.72B | +7.7% | $1.82 | +207.7% | 46.7% | 31.4% | $995M |
| FY2025 Q4 | $2.74B | +7.5% | $1.75 | -33.2% | 42.4% | 30.0% | $848M |
| FY2026 Q1 | $2.74B | +6.8% | $1.84 | +76.9% | 42.4% | 30.6% | $951M |
| FY2026 Q2 | $2.75B | +4.7% | $1.86 | +138.5% | 46.2% | 31.6% | $0 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What AMT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“last week, SpaceX had a 3-day kind of diligence meeting, I guess the buy-side guys, sell-side guys are there.”
An analyst raises SpaceX's investor diligence roadshow and the thesis that satellite could disrupt terrestrial wireless; AMT frames satellites as complementary rather than a threat.
“What does it mean if SBA gets taken private?”
An analyst probes the industry implications of rumored take-private interest in competitor SBA Communications and what valuation multiple it might command.
“the European market is outperforming the original business case that we underwrote the Telefonica deal with.”
AMT's European towers, anchored by carrier customer Telefonica (including a 3,000-site build-to-suit contract), are exceeding the deal's original underwriting.
“the Spectrum deal between EchoStar DISH and AT&T seems to be going very slowly.”
An analyst notes the EchoStar/DISH-to-AT&T spectrum transaction is progressing slowly amid Washington scrutiny, a read-through on AT&T's spectrum acquisition timing.
“we've completely derisked our earnings and our guidance by taking DISH out of our numbers.”
American Tower has removed all DISH (EchoStar) revenue from its guidance as it defends the contract in litigation, signaling continued churn risk on the EchoStar/DISH relationship.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMT American Tower | 6 | +6.8% | |
| CCI Crown Castle | 3 | -4.8% | |
| EQIX Equinix | 8 | +9.8% | |
| IRM Iron Mountain | 9 | +21.6% | |
| SBAC SBA Communications | 7 | +5.9% | |
| WY Weyerhaeuser | 5 | -2.0% |