AMT FY2026 Q1 상향

American Tower Corporation (REIT) 실적 발표

Apr 28, 2026 · 08:30 ET Rod SmithSpencer KernSteve Vondran earningscall_biz

Buzzberg 분석

CoreSite interconnection activity inflected upward this quarter

American Tower reported a strong start to 2026, leading to raised full-year guidance driven by favorable FX and straight-line dynamics. Management emphasized secular tailwinds from mobile data growth, AI, and 6G, positioning the company for sustained long-term growth. They also highlighted accelerating momentum at CoreSite, including an inflection in interconnection activity. Raised full-year 2026 revenue and AFFO per share guidance by ~$145M and $0.12, respectively, primarily due to FX tailwinds.

Buzzberg 분석 CoreSite interconnection activity inflected upward this quarter American Tower reported a strong start to 2026, leading to raised full-year guidance driven by favorable FX and straight-line dynamics. Management emphasized secular tailwinds from mobile data growth, AI, and 6G, positioning the company for sustained long-term growth. They also highlighted accelerating momentum at CoreSite, including an inflection in interconnection activity. Raised full-year 2026 revenue and AFFO per share guidance by ~$145M and $0.12, respectively, primarily due to FX tailwinds. 전체 분석 보기분석 접기

Organic tenant billings growth was ~4% (excluding DISH churn) and data center revenue grew ~17% in Q1.
Management highlighted a 'clear inflection in interconnection activity' at CoreSite, signaling durable long-term growth.
Management remains disciplined on capital allocation, with a focus on developed markets and opportunistic share repurchases (over $565M since Q4).

매출$2.7375B-0% 전분기 대비

주당순이익(EPS)$1.75-5% 전분기 대비

매출총이익률73.91%보고값

영업이익률42.4%보고값

근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

Demand

CoreSite interconnection activity inflected upward this quarter

AI-driven workloads accelerating demand for interconnected data centers

Demand

U.S. mobile data traffic projected to double in five years

핵심 내용 3개 더 보기

Guidance

Latin America expected to return to growth in 2027

Capex

Data center development pipeline increased by 200 megawatts

Risk

DISH churn fully de-risked from guidance

보고 기간

보고 실적

지표	보고값	변화
매출	$2.7375B	-0% 전분기 대비
주당순이익(EPS)	$1.75	-5% 전분기 대비
매출총이익률	73.91%	보고값
영업이익률	42.4%	보고값
잉여현금흐름	$0.9511B	+12% 전분기 대비
자본지출	$0.4495B	보고값

향후 전망

향후 가이던스

지표	기간	범위	중간값	상태
주당순이익(EPS)	FY2026	$10.87–$11.11	$10.99	상향
매출	FY2026	$11.345B–$11.545B	$11.445B	상향

AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management expressed strong conviction in strategic positioning, highlighted raised guidance, and emphasized long-term tailwinds from data growth and AI, while downplaying risks like satellite disruption and DISH litigation.

경영진의 AI 분석

Management highlighted that AI-driven workloads, including inferencing, are accelerating demand at CoreSite, and they expect AI to place greater demands on wireless networks, supporting tower growth. They also see AI as an opportunity to drive operational efficiency gains across the organization, representing meaningful upside in future years.

자본지출

투자 및 생산능력

The company is ramping up growth capital in developed markets, including over $700 million in success-based investments in data centers to replenish capacity, purchases of land beneath towers, and continued acceleration in European new builds with over 700 new sites planned. They are also securing additional power and land to expand data center capacity.

아래에 언급된 기업 3개 모두 표시

기업발표 이후 수익률

공급망

EQIX -2.3%

공급망

CoreSite is seeing an 'inflection in interconnection activity', which management believes marks the beginning of a durable trend that compounds its competitive moat and captures a high-margin revenue stream. — This signals potential for CoreSite to gain share in the interconnection market, possibly at the expense of peers like Equinix, as demand for AI-driven workloads accelerates.

근거

“Importantly, this quarter marked a clear inflection in interconnection activity, enhancing both the profitability of the platform and the long-term durability of customer relationships.”

Steve Vondran

SBAC -14.1% CCI -7.6%

공급망

The US tower market is seeing a 'disconnect' between private and public market valuations, with private players valuing towers higher, which may reflect a long-term view of secular growth drivers like 6G and AI. — This suggests that private market participants see sustained, multi-year growth in tower demand, which could indicate that public market valuations for tower REITs like SBA and Crown Castle are undervalued.

근거

“I think what it does reflect is that there's a disconnect, and there has been for years, in the multiples that private players will value towers out versus the public markets. And we really think the reason that They value them in a higher”

Steve Vondran

외부 신호

공급망 알파 · 3발표 이후 수익률

CoreSite is seeing an 'inflection in interconnection activity', which management believes marks the beginning of a durable trend that compounds its competitive moat and captures a high-margin revenue stream.

Steve Vondran

EQIX-2.3%

Management has increased its data center development-held-for-development capacity by 200 megawatts, indicating aggressive expansion in land and power acquisition amidst tight supply chains.

Rod Smith

근거

“Last year, we had about 287, 280 megawatts of development held for development, and we've increased that by 200 megawatts. So that's where we're negotiating with power companies, securing that power in certain places...”

The US tower market is seeing a 'disconnect' between private and public market valuations, with private players valuing towers higher, which may reflect a long-term view of secular growth drivers like 6G and AI.

Steve Vondran

SBAC-14.1%CCI-7.6%

근거

“I think what it does reflect is that there's a disconnect, and there has been for years, in the multiples that private players will value towers out versus the public markets. And we really think the reason that They value them in a higher…”

방법론 및 범위

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