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American Tower (AMT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · American Tower (AMT) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $2.8B · 27¢ of every $1 of revenue kept as net profit · operating margin 45.6%

American Tower made $2.8B in Q3 2026 (+2% Y/Y): U.S. & Canada $1.3B, Latin America $460M, Africa & APAC $428M. Operating margin 45.6%, net earnings $766M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$2.8B
Year over year+2%
Operating margin45.6%
Net earnings$766M
Operating cash flow$1.4B

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American Tower Q3 2026 revenue breakdown: Sankey diagram of revenue (U.S. & Canada, Latin America, Africa & APAC, Data Centers), costs, profit and cash flow
American Tower Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.8B in Q3 2026, up 3% year over year and up 1% from the previous quarter. U.S. & Canada was the largest line at 48% of revenue. Africa & APAC added $0.06B year over year (up 15%), 84% of the total change. U.S. & Canada declined 7%.

Operating profit was $1.3B, a 45.6% margin (up 0.2 points year over year). Of the extra revenue versus Q3 2025, 52% reached operating profit, above the 45% margin then. Total costs grew 2% against revenue growth of 3%. Net earnings were $0.77B, down 10% year over year. The effective tax rate was 13.1%.

Operating cash flow was $1.4B (down 5% year over year), 178% of net earnings. Non-cash charges added back $0.52B of depreciation and amortization and $0.03B of share-based compensation. After total cash capital expenditures ($0.41B), free cash flow as the company reports it was $1.0B.

Quarterly history

American Tower revenue by quarterAmerican Tower revenue by quarter$2.6BQ1 2025$2.6BQ2 2025$2.7BQ3 2025$2.7BQ4 2025$2.7BQ1 2026$2.7BQ2 2026$2.8BQ3 2026
American Tower net earnings by quarterAmerican Tower net earnings by quarter$489MQ1 2025$367MQ2 2025$853MQ3 2025$821MQ4 2025$860MQ1 2026$868MQ2 2026$766MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$2.8B+2%45.6%$766M$1.4B
Q2 202610-QJul 28, 2026$2.7B+5%46.2%$868M$1.5B
Q1 202610-QApr 28, 2026$2.7B+7%45.3%$860M$1.4B
Q4 202510-KFeb 24, 2026$2.7B+8%42.4%$821M$1.4B
Q3 202510-QOct 28, 2025$2.7B+8%45.4%$853M$1.5B
Q2 202510-QJul 29, 2025$2.6B+3%45.6%$367M$1.3B
Q1 202510-QApr 29, 2025$2.6B+2%48.9%$489M$1.3B

Charts

American Tower: revenue growth, year over year and quarter over quarterAmerican Tower: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q1 2025+3%+3%Q2 2025+8%+3%Q3 2025+8%+1%Q4 2025+7%+0%Q1 2026+5%+0%Q2 2026+2%+1%Q3 2026
Latest (Q3 2026): Y/Y +2%, Q/Q +1%.
American Tower: where the cash came from (+) and went (−), TTM to Q3 2026American Tower: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$5.7BOther financing−$3.5BCapital spending−$1.7BBuybacks−$868MNet borrowing (+) / repaid (−)$625MAcquisitions−$297MPartners−$254MOther investing$209MCash drawn (+) / kept (−)$93.5MShares issued$28.1MExchange rates$11.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
American Tower: profit against cash, quarter by quarterAmerican Tower: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$1.2BQ4 2024$499M$1.3BQ1 2025$380M$1.3BQ2 2025$913M$1.5BQ3 2025$837M$1.4BQ4 2025$878M$1.4BQ1 2026$888M$1.5BQ2 2026$781M$1.4BQ3 2026
Latest (Q3 2026): Net income $781M, Operating cash flow $1.4B.
American Tower: diluted shares by fiscal yearAmerican Tower: diluted shares by fiscal year446MFY2020453MFY2021463MFY2022467MFY2023468MFY2024469MFY2025
+5.1% since FY2020: more shares outstanding (issuance, stock pay).
American Tower in its industry: growth against margin (213 companies, SIC 6798)American Tower in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWAMT (+2%, 46%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

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 over 148,000 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 .

In its own words, from its 8-K, filed Jul 28, 2026.

American Tower against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +13%. Operating margin: 45.6% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
AMT American TowerQ3 2026$2.8B+2%45.6%
WELL WelltowerQ3 2026$3.7B+38%9.1%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%
SPG Simon Property GroupQ3 2026$1.8B+13%44.3%

Source: American Tower 10-Q on SEC EDGAR · CIK 1053507 · Real Estate Investment Trusts

13F: who owns AMT and who is buying

Largest holders of AMT (13F)Largest holders of AMT (13F)Vanguard Group$11.2BBlackRock$7.5BVanguard Capital Management LLC$5.0BVanguard Portfolio Management LLC$4.6BState Street$3.6BGeode Capital Management, LLC$2.3BCohen & Steers$2.3BFMR LLC$1.9BMorgan Stanley$1.6BLazard Asset Management LLC$1.4B
Funds' net buying of AMT by quarter (13F)Funds' net buying of AMT by quarter (13F)−$325M2024-09−$11.9M2024-12−$181M2025-03−$408M2025-06−$1.1B2025-09$7.2B2025-12−$6.7B2026-03$1.3B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AMT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：American Tower（AMT）财报

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