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Call sheet · Q2'26

American Tower (AMT)

Q2'26 earnings call · held July 28, 2026 · compared with the Q1'26 call · management-credibility review
5/12
Disclosure score
2 high, 5 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that CoreSite has become the actual growth engine while tower investors wait for 2027 catalysts that may not materialize as advertised. Management raised data center growth to 15% and claims record leasing, yet the overall company still struggles to exceed 4% organic growth ex-DISH. The binding constraint isn't demand but carrier CapEx deployment timing, and those four catalysts won't converge until 2027 at earliest. Most revealing quote: 'Nine of the top 10 AI companies' at CoreSite shows where the real value creation is happening. My view changes if carriers actually commit specific 2027 CapEx for spectrum deployment or if CoreSite growth decelerates below 10%.

The 30-second version

  • CoreSite is becoming the crown jewel while everyone obsesses over towers
  • The 'four catalysts' narrative sounds great but 2027 is when the music actually starts
  • They just dumped APAC for 'neutral' AFFO impact, which is code for 'we got a bad price'

What changed this quarter

MetricQ1'26Q2'26Change
Property Revenue Growth (ex-FX/SLR)5% YoY7% YoY+200 bps acceleration
Organic Tenant Billings Growth (ex-DISH)4%4%Flat sequential
CoreSite Revenue Growth17% YoY12% YoY500 bps deceleration
CoreSite Full Year Guide13% growth15% growth+200 bps raise
Adjusted EBITDA Growth (ex-FX)4% YoY6% YoY+200 bps acceleration
Cash EBITDA Margins-110 bps YoY-40 bps YoY70 bps improvement
AFFO/Share Growth (ex-FX)4% YoY5% YoY+100 bps acceleration
Net LeverageBelow 5x target4.9x10 bps improvement
US Tower Organic Growth5% ex-DISH5% ex-DISHStable
Africa Organic Growth11%11%Maintained double-digit

Accountability tracked

7 new promises made5 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 Q2'26 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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