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Call sheet · Q1'26

American Tower (AMT)

Q1'26 earnings call · held April 28, 2026 · compared with the Q4'25 call · management-credibility review
10/12
Disclosure score
1 medium, 5 low flags
Financial quality
Bottom line
The sleeper story is CoreSite's interconnection inflection - Steve's strongest language yet about their competitive moat strengthening while everyone fixates on tower churn. The DISH derisk is complete and clean, but the real value driver is this interconnection ecosystem that compounds their stickiness and pricing power. The binding constraint right now is CoreSite capacity - they have more AI and interconnection demand than space, forcing them to curate customers rather than maximize occupancy. Most revealing quote: 'This quarter marked a clear inflection in interconnection activity' - that's revenue quality improving in real time. My view changes if European new build returns prove disappointing or if CoreSite interconnection revenue mix doesn't accelerate meaningfully in Q2.

The 30-second version

  • CoreSite interconnection inflection is the real story here
  • DISH churn fully baked but they're still fighting for $2B+ recovery
  • Europe new builds hitting record levels but returns need scrutiny

What changed this quarter

MetricQ4'25Q1'26Change
Consolidated Property Revenue Growth (Cash FX-Neutral)~5% in Q4 2025~3% in Q1 2026 (~5% ex-DISH)200 bps deceleration, fully DISH impact
Organic Tenant Billings Growth~5% in 2025~2% in Q1 2026 (~4% ex-DISH)300 bps deceleration but clean ex-DISH
U.S./Canada Organic GrowthGuided ~0.5% for 2026~1% in Q1 2026 (~5% ex-DISH)Beat low guidance, strong ex-DISH
Africa/APAC Organic GrowthGuided ~8.5% for 2026~11% in Q1 2026250 bps acceleration
CoreSite Revenue Growth~14% in 2025~17% in Q1 2026300 bps acceleration with interconnection inflection
Adjusted EBITDA Growth (Cash FX-Neutral)~7% in 2025~1% in Q1 2026 (~4% ex-DISH)600 bps deceleration but DISH-driven
Cash EBITDA MarginsExpanded 20 bps in 2025Declined 110 bps in Q1130 bps deterioration from DISH churn
AFFO Per Share Growth~8% in 2025Declined ~1% in Q1 (~4% ex-DISH)900 bps deceleration but temporary
Share Repurchases$365M in Q4 2025$184M in Q1 + $19M through AprilContinued aggressive pace, $565M+ total
European New Build SitesOver 700 planned for 2026Over 700 sites plannedMaintained record build pace

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full AMT Q1'26 report Subscribe
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This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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