American Tower Corporation (NYSE: AMT) reported fourth-quarter results that exceeded analyst expectations, though shares slipped more than 1% in pre-market trading Tuesday after the company issued softer-than-expected 2026 revenue guidance.
The communications infrastructure provider posted adjusted earnings per share of $1.75, topping the consensus estimate of $1.47 by $0.28. Revenue totaled $2.74 billion, surpassing analyst projections of $2.68 billion and marking a 7.5% increase from the prior-year period. Total property revenue rose 7.6% year over year to $2.67 billion.
Despite the quarterly beat, the company’s 2026 outlook weighed on sentiment. American Tower forecast full-year property revenue between $10.44 billion and $10.59 billion, with the midpoint of $10.515 billion falling well below the $10.959 billion consensus estimate. The midpoint implies approximately 2% growth compared to 2025.
For full-year 2025, the company generated revenue of $10.65 billion, representing a 5.1% year-over-year increase. Adjusted EBITDA climbed 4.7% to $7.13 billion, while adjusted funds from operations (AFFO) attributable to common stockholders rose 2.2% to $5.04 billion, or $10.76 per share.
American Tower projected 2026 adjusted EBITDA between $7.09 billion and $7.16 billion and AFFO per share in a range of $10.78 to $10.95. Capital expenditures are expected to total $1.8 billion to $1.9 billion, including the development of approximately 1,700 to 2,300 communications sites globally.
