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of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release ...

We believe American Tower (AMT) remains in a substantially better position than Crown Castle (CCI) as the tower industry faces a final speed bump before renewed stability. Towers are facing an interesting conundrum in which the extreme stability of their internal business model has been repeatedly rocked by structural changes in the industry vertical. At this point, the impacts of T-Mobile’s (TMUS) acquisition of Sprint are mostly known, but similar disruptions remain ongoing from Dish’s sale to EchoStar (S ...

Performance in 2025 was driven by robust leasing demand in towers and data centers, with a strategic shift toward developed markets to improve earnings durability. The U.S. market is transitioning from initial 5G coverage overlays to capacity-oriented densification, which management expects will support durable mid-single-digit organic growth. Management has removed all DISH-related revenue from the 2026 outlook following a payment default, choosing to treat any future collections as incremental upsid ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One): ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the fiscal year ended December 31, 2025 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from to Commission File Number: 001-14195 American Tower Corporation Table of Contents (Exact name of registrant as specified in its charter) Delaware 65-0723837 (State ...

On towers, management cited ongoing growth in mobile data consumption, 5G adoption, and Fixed Wireless Access (FWA). Vondran said secular demand is expected to require a “doubling in wireless network capacity between now and 2030,” and he added that AI investment could further increase bandwidth needs, lower latency requirements, and uplink capacity demand. In the U.S., he described carriers as moving from coverage-oriented 5G activity toward capacity-oriented work, with densification expected as networks p ...

Core Viewpoint - American Tower Corporation reported strong fourth-quarter results, exceeding analyst expectations, but shares declined due to weaker-than-expected revenue guidance for 2026 [1] Financial Performance - The company posted adjusted earnings per share of $1.75, surpassing the consensus estimate of $1.47 by $0.28 [2] - Revenue for the quarter totaled $2.74 billion, exceeding analyst projections of $2.68 billion, representing a 7.5% increase year-over-year [2] - Total property revenue rose 7.6% year-over-year to $2.67 billion [2] 2026 Outlook - American Tower forecasted full-year property revenue for 2026 between $10.44 billion and $10.59 billion, with a midpoint of $10.515 billion, which is below the consensus estimate of $10.959 billion [3] - The midpoint revenue forecast implies approximately 2% growth compared to 2025 [3] Previous Year Performance - For the full year 2025, the company generated revenue of $10.65 billion, reflecting a 5.1% year-over-year increase [4] - Adjusted EBITDA for 2025 climbed 4.7% to $7.13 billion [4] - Adjusted funds from operations (AFFO) attributable to common stockholders rose 2.2% to $5.04 billion, or $10.76 per share [4] Future Projections - For 2026, American Tower projected adjusted EBITDA between $7.09 billion and $7.16 billion [5] - AFFO per share is expected to be in the range of $10.78 to $10.95 [5] - Capital expenditures are anticipated to total between $1.8 billion and $1.9 billion, including the development of approximately 1,700 to 2,300 communications sites globally [5]

Core Insights - American Tower Corporation (AMT) is a leading global provider of wireless communications infrastructure, operating a vast portfolio of communication sites essential for telecom carriers and data services [1] - The company reported earnings per share (EPS) of $1.75, which was below the estimated $2.54, while revenue of approximately $2.74 billion exceeded the forecasted $2.69 billion, driven by strong leasing activity and increased demand for data centers [2] - Adjusted Funds From Operations (AFFO) per share showed high-single-digit growth, reflecting robust financial health, with analysts anticipating AFFO of $2.47 per share, up from $2.32 in the previous year [3] Financial Metrics - AMT's price-to-earnings (P/E) ratio is 35.13, indicating investor confidence in its earnings potential, while the price-to-sales ratio is 8.36 and the enterprise value to sales ratio is 12.44 [4] - The company has a high debt-to-equity ratio of 12.31, suggesting significant reliance on debt financing [4] - AMT's current ratio of 0.40 indicates potential challenges in meeting short-term liabilities with short-term assets, but its earnings yield of 2.85% showcases its ability to generate returns for investors [5]

Key Takeaways AMT posted Q4 AFFO of $2.63 per share, beating estimates and rising from $2.32 a year ago.American Tower's revenues rose 7.5%, with property revenues up 7.6% year over year.AMT expects 2026 AFFO per share of $10.78-$10.95 and property revenues up 2% at midpoint.American Tower Corporation (AMT) reported its fourth-quarter 2025 adjusted funds from operations (AFFO), attributable to AMT common stockholders, per share of $2.63, beating the Zacks Consensus Estimate of $2.54. This compared favorably ...