Adjusted EPS was $1.64 against the analysts' average estimate of $1.63, so it beat that estimate by 0.5%. Revenue was $2.8 billion for Q3 2026, which rose 2.5% year on year.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 1.1% | 44.6% | 36.5% |
| FY25 Q1 | 1.7% | 45.5% | 37.1% |
| FY25 Q2 | 2.2% | 45.5% | 36.5% |
| FY25 Q3 | 4.2% | 45.6% | 35.3% |
| FY25 Q4 | 5.1% | 45.5% | 35.5% |
| FY26 Q1 | 6.3% | 44.7% | 34.9% |
| FY26 Q2 | 6.6% | 44.8% | 36.2% |
| FY26 Q3 | 5.3% | 44.8% | 36.0% |
How American Tower's quarter compared with the analysts' estimate
The company beat the analysts' average estimate in 4 of the last eight reported quarters.
Growth has slowed
Sales are growing faster than profit: each dollar of revenue is earning less. Revenue growth in 6 of the previous eight quarters was faster than this quarter's. Over the trailing twelve months, revenue grew 5.3%, a growth rate down 1.3 percentage points on the previous quarter's trailing figure, but the trailing operating margin was 44.8%, down 0.7 percentage points from a year earlier. Free cash flow over the trailing twelve months was $4.0 billion, up 7.3% on the year before. Free cash flow was 36.0% of revenue over the same period (the free-cash-flow margin).
The main points
Growth has slowed: revenue over twelve months rose 5.3%, 1.3 percentage points less than the rate a quarter earlier, leaving it higher than only 23% of the company's own past readings. The jump in profit did not come from the business: net income rose 12.8% against revenue growth of 5.3%, yet the operating margin narrowed 0.7 percentage points, so the gain came from items below operating profit, such as one-off, financing or tax items. Meanwhile, The value hinges on growth more than margins: in our model, growth 5 points lower would cut the value by 42.5%, against 3.7% for a free-cash-flow margin 1 point lower.
What American Tower now guides to
The company gave its full year 2026 guidance for U.S. & canada segment property revenue for U.S. & Canada of $5,085.0 million to $5,095.0 million, for latin america segment property revenue for Latin America of $1,813.0 million to $1,833.0 million, and for africa & APAC segment property revenue for Africa & APAC of $1,644.0 million to $1,664.0 million.
How the market took American Tower's results
The shares fell 2.4% in the session after the release, while the S&P 500 rose 0.9%. The typical results-day move for the stock, measured over previous reports, is 4.0%. The results release does not say why the shares moved.
The value hinges on growth more than margins
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 42.5%, and growth 5 percentage points higher would raise it by 55.6%. A discount rate 1 percentage point higher would lower the value by 24.9%.
What American Tower's next report has to show
The next filing will show whether the trends above continue, slow or reverse.
