American Tower Corporation (NYSE:AMT) shares declined 1.47% in pre-market trading Tuesday after the communications infrastructure provider issued 2026 revenue guidance that came in below Wall Street expectations, despite reporting stronger-than-expected fourth-quarter results.
The company posted adjusted earnings per share of $1.75 for the quarter, comfortably ahead of the $1.47 consensus estimate. Revenue totaled $2.74 billion, exceeding analyst forecasts of $2.68 billion and rising 7.5% year over year. Total property revenue increased 7.6% annually to $2.67 billion.
Investor sentiment, however, was weighed down by the company’s forward outlook. American Tower projected full-year 2026 property revenue of $10.44 billion to $10.59 billion, with the midpoint of $10.515 billion falling notably short of the $10.959 billion analyst consensus.
The guidance implies growth of roughly 2% at the midpoint compared with 2025 results.
“We delivered another strong year, achieving high-single-digit growth in AFFO per Share, as adjusted, while continuing to execute our strategy,” said CEO Steven Vondran. “Leasing demand across our global tower portfolio and data center business remains robust, underpinned by sustained growth in mobile data consumption, continued 5G deployment, and increasing hybrid-cloud and AI-related workloads.”
For full-year 2025, American Tower reported revenue of $10.65 billion, up 5.1% year over year, while adjusted EBITDA rose 4.7% to $7.13 billion. Adjusted funds from operations (AFFO) attributable to common shareholders increased 2.2% to $5.04 billion, or $10.76 per share.
Looking ahead, the company expects 2026 adjusted EBITDA to range between $7.09 billion and $7.16 billion, with AFFO per share projected at $10.78 to $10.95. American Tower also plans capital expenditures of $1.8 billion to $1.9 billion, including the construction of approximately 1,700 to 2,300 communications sites worldwide.