American Tower filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $11.0 billion, a 5.3% increase on the year before. That growth rate was down 1.3 percentage points from the quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| 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% |
What stands out in the filings
Revenue grew 5.3%, but the operating margin fell 0.7 percentage points: sales are rising faster than profit.
Profit and margins
Sales are growing faster than profit, meaning each dollar of revenue is earning less. The trailing operating margin was 44.8%, down 0.7 percentage points from a year earlier. The trailing net margin was 30.1%. Net income over the twelve months was $3.3 billion, which rose 12.8% on the year before.
The cash picture
More cash came in than a year earlier. Operating cash flow over the twelve months was $5.7 billion, up 9.0% on the year before. Capital spending was $1.7 billion, or 15.9% of revenue. Free cash flow, operating cash flow less capital spending, was $4.0 billion, up 7.3% on the year before. The free-cash-flow margin was 36.0% of revenue, up 0.7 percentage points from a year earlier.
Share count
The average diluted share count fell 0.4% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 36.0% is higher than 81% of the company’s own past quarterly readings, which have ranged from 14.5% to 44.2%. Today’s operating margin of 44.8% is higher than 94% of past readings (25.6% to 45.6%). Today’s twelve-month revenue growth rate of 5.3% is higher than 23% of past readings (−12.0% to 25.3%).
Guidance
The company raised its full year 2026 guidance for total property revenue to a range of $10,785.0 million to $10,865.0 million. 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.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 42.5%, and 5 percentage points higher would raise it by 55.6%. A free-cash-flow margin 1 percentage point lower would lower it by 3.7%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
