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AMT · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid quarter operationally—segment revenue up 5% led by Africa & APAC, Latin America and Data Centers—but the headline net income jump is driven largely by a swing from a $484M FX loss to a $42M FX gain, not underlying business strength, while U.S. & Canada property revenue slipped on DISH-related churn.
Net Income (AMT common)
$868M
up 136% y/y
Total Revenue
$2,749M
up 5% y/y
Operating Income
$1,269M
up 6% y/y
Gross Margin
$2,008M
All figures in $M.
| Line item | Amount and change |
|---|---|
| U.S. & Canada | $1,274 · −3% |
| Africa & APAC | $415 · +23% |
| Europe | $259 · +11% |
| Latin America | $442 · +13% |
| Data Centers | $297 · +13% |
| Services | $61 · −38% |
| Total Revenue | $2,749 · +5% |
| Costs of Operations | $741 · property + services direct costs |
| Gross Margin | $2,008 |
| D&A & Accretion | $514 · +1% |
| SG&A | $234 · +0% |
| Other Op. (Income) | −$9 ·gain* · incl. $20.4M net gain on APAC sales |
| Operating Income | $1,269 · +6% |
| Interest Income | $44 · +45% |
| Interest Expense | $355 · +3% |
| Loss on Debt Retirement | $3 |
| Other Income* | $54 · incl. FX gain $42.1M*, equity gains $12M* |
| Pre-Tax Income | $1,009 · +97% |
| Income Tax | $122 · −7% |
| Noncontrolling Interests | $20 · +46% |
| Net Income (AMT common) | $868 · +136% · EPS diluted $1.86 vs $0.78 |
Verdict: a solid quarter operationally—segment revenue up 5% led by Africa & APAC, Latin America and Data Centers—but the headline net income jump is driven largely by a swing from a $484M FX loss to a $42M FX gain, not underlying business strength, while U.S. & Canada property revenue slipped on DISH-related churn.
OCF $2,887M (6mo) · buyback $19.2M in Q2 (1,164,378 sh YTD for $202.9M) · dividend $1.79/share declared · FY2026 capex guide $1,805-1,915M.
Source and notation
* marks non-cash / ≈ estimated. Source: American Tower Corporation press release / 10-Q (SEC EDGAR).
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Chart: “AMT Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/amt/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/amt/q2-2026"><img src="https://whoreportstoday.com/t/amt/q2-2026/sankey.png" alt="AMT Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/amt/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/amt/q2-2026">AMT Q2 2026 earnings chart (Who Reports Today)</a>
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- Net income swing is mostly FX: total other expense fell sharply as FX losses of $484M (Q2'25) turned into $42M FX gains (Q2'26), not an operating improvement.
- U.S. & Canada property revenue declined 3% y/y on DISH churn (DISH filed Chapter 11 on June 30, 2026) and negative straight-line revenue accounting.
- Other operating income includes a $20.4M net gain on the sales of ATC Philippines and the Bangladesh (KTBL) interest, both APAC divestitures completed in June 2026.
- Africa & APAC, Europe, Latin America and Data Centers segments all grew double-digit revenue, partly aided by FX tailwinds (BRL, MXN, NGN, GHS) and colocation/amendment activity.
- Services segment revenue fell 38% y/y on lower site application/zoning/construction management activity, dragging total non-property revenue lower.
- AT&T Mexico arbitration dispute added ~$20M of reserves in H1 2026; DISH-related impairment charges of $17.5M also recorded in H1 2026.
What distorts the picture in this report and what to watch beyond the headlines.
AMT — American Tower owns and operates wireless and broadcast communication infrastructure, including radio towers and transmission sites.
The company is headquartered in Boston, Massachusetts.
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