The earnings call revealed strong performance in leasing and data center segments, with CoreSite contributing significantly to growth. However, the company faces challenges with slower than expected commencements in the U.S. and muted growth in Latin America. Financial outlook has been improved with favorable FX conditions, but there are concerns about debt levels.

Company Guidance

In the American Tower Second Quarter 2025 Earnings Conference Call, the company provided an optimistic outlook for the fiscal year, highlighting several key metrics. The company expects continued growth in property revenue, adjusted EBITDA, and AFFO due to strong demand across its tower leasing, service group, and data center businesses. Specifically, they forecast consolidated organic tenant billings growth of approximately 5%, with U.S. and Canada expected to grow by 4.3% and international markets showing varied growth rates. CoreSite, their data center business, is projected to achieve double-digit revenue growth driven by AI-related demand. The company also anticipates significant application volumes, with total applications increasing over 50% year-over-year, fueled by amendment upgrades and a 200% year-over-year rise in co-locations. Additionally, FX tailwinds are expected to contribute $130 million to property revenue, $80 million to adjusted EBITDA, and $55 million to AFFO. The company maintains a strong balance sheet with a net leverage of 5.1x and plans to continue its disciplined capital allocation strategy, including $1.7 billion in capital expenditures and a $3.2 billion dividend distribution.

Strong Leasing Momentum

Consolidated organic tenant billings growth of 4.7% with U.S. services business having a near-record quarter and application volumes among the big 3 up over 50% year-over-year.

CoreSite Performance

CoreSite achieved double-digit revenue growth and gross margin expansion, fueled by hybrid cloud demand and AI-related use cases.

Data Center Acquisition and Growth

Acquisition of DE1 data center asset in Denver, contributing approximately $10 million in property revenue, and increased 2025 expectations due to elevated demand and pricing.

Improved Financial Outlook

Revised FX assumptions provide tailwinds, raising expectations for property revenue by $165 million, adjusted EBITDA by $120 million, and attributable AFFO per share by $0.12.

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.