American Tower beats Q3 estimates on data center strength, raises FY outlook

American Tower

27/10/2026 11:12

Overview
Communications real estate REIT's Q3 revenue rose 2.5% and beat analyst expectations
Adjusted EBITDA for Q3 rose 0.9% and was a slight beat versus consensus
Net income for Q3 fell 14.4% year-over-year, impacted by unrealized losses on equity investments

Outlook
American Tower raises full-year 2026 property revenue outlook midpoint by $55 mln
American Tower lowers full-year 2026 net income outlook midpoint by $30 mln
Company maintains full-year 2026 Adjusted EBITDA outlook midpoint

Result Drivers
DATA CENTERS OUTPERFORMANCE - Co said 16.3% cash revenue growth in Data Centers segment drove property revenue increase
LEASING DEMAND - Co cited consistent leasing demand and 1.1% Organic Tenant Billings Growth as supporting Q3 results
NON-CASH REVENUE IMPACT - Decrease in non-cash straight-line revenue negatively affected reported growth rates

Company press release: ID:nBw7qnjxpa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$2.79 bln
$2.76 bln (16 Analysts)
Q3 Net Income
 
$781 mln
 
Q3 Adjusted EBITDA
Slight Beat*
$1.83 bln
$1.82 bln (14 Analysts)
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for American Tower Corporation is $209.50, about 11.3% above its October 26 closing price of $188.28
The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 24 three months ago

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)