The earnings call reflects a generally positive outlook, with significant growth in the CoreSite data center business and a strong performance of the U.S. services business. The company raised its financial outlook for 2025, supported by increased application volumes and FX tailwinds. However, challenges remain in Latin America with muted growth and increased bad debt, and there are timing issues with U.S. leasing commencements.

Company Guidance -

Q3 2025

During American Tower's second quarter 2025 earnings call, the company provided revised guidance, highlighting several key metrics. The guidance included an increase in expectations for property revenue, adjusted EBITDA, and attributable AFFO, raising them by approximately $165 million, $120 million, and $55 million, respectively. The company also anticipated a $0.12 increase in attributable AFFO per share, projecting it to reach $10.56, marking a 6% year-over-year growth. Organic tenant billings growth was expected to be around 5%, with the U.S. and Canada segment revised to approximately 4.3% due to slight timing delays from one customer. The international segment was expected to drive 6.5% growth. Additionally, the data center business, CoreSite, posted over 13% growth in property revenue. American Tower also noted FX tailwinds contributing $130 million to property revenue, $80 million to adjusted EBITDA, and $55 million to AFFO. The company's capital allocation strategy involved $1.7 billion in capital expenditures and maintaining a strong balance sheet, with leverage targeted to be around 5x by the second half of the year.

Strong Performance in CoreSite Data Center Business

CoreSite posted double-digit revenue growth and gross margin expansion, fueled by hybrid cloud demand and AI-related use cases. The acquisition of the DE1 data center asset in Denver contributed approximately $10 million in property revenue for 2025.

Increased Application Volumes and Leasing Momentum

Total application volumes increased more than 50% year-over-year, driven by amendment upgrades and a 200% year-over-year increase in co-locations.

Raised Financial Outlook for 2025

American Tower raised expectations for property revenue by $165 million, adjusted EBITDA by $120 million, and attributable AFFO by $55 million compared to prior outlook, supported by FX tailwinds and strong core performance.

Strong U.S. Services Business Performance

The U.S. services business posted a near-record quarter, primarily driven by outsized construction services and increased customer recognition of quality and efficiency.

American Tower (AMT) Earnings, Revenues Date & History

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AMT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	1.66 / -	-1.69	―	―	―
Jun 30, 2025	2025 (Q2)	1.67 / 0.78	1.92	-59.38% (-1.14)	―	―
Apr 29, 2025	2025 (Q1)	1.60 / 1.04	1.96	-46.94% (-0.92)
Feb 25, 2025	2024 (Q4)	1.74 / 2.62	0.18	1355.56% (+2.44)
Oct 29, 2024	2024 (Q3)	1.57 / -1.69	1.26	-234.13% (-2.95)
Jul 30, 2024	2024 (Q2)	1.58 / 1.92	1.02	88.24% (+0.90)
Apr 30, 2024	2024 (Q1)	1.76 / 1.96	0.72	172.22% (+1.24)
Feb 27, 2024	2023 (Q4)	0.94 / 0.18	-1.47	112.24% (+1.65)
Oct 26, 2023	2023 (Q3)	1.13 / 1.26	1.8	-30.00% (-0.54)
Jul 27, 2023	2023 (Q2)	1.10 / 1.02	1.95	-47.69% (-0.93)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AMT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 30, 2025	$217.78	$221.02	+1.49%
Apr 29, 2025	$209.65	$219.60	+4.75%
Feb 25, 2025	$188.95	$200.51	+6.12%
Oct 29, 2024	$216.76	$207.68	-4.19%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.