American Tower opened 2026 with higher revenue, stronger cash generation, and a sharp jump in net income.
For the quarter ended March 31, 2026, total revenue rose 6.8% from a year earlier to $2.738 billion, while total property revenue increased 7.3% to $2.670 billion. Property gross margin climbed 6.2% to $2.005 billion, and the margin held at 75.1%.
Net income surged 76.2% to $879 million. Net income attributable to common stockholders increased 75.9% to $860 million, and diluted earnings per share rose 76.9% to $1.84.
Adjusted EBITDA advanced 5.2% to $1.835 billion, with adjusted EBITDA margin at 67.0%. AFFO attributable to common stockholders increased 2.6% to $1.324 billion, or $2.84 per share, up 3.3%.
Operating cash flow rose 8.2% to $1.401 billion. Capital expenditures increased 35.3% to $460 million, leaving free cash flow down 1.5% to $941 million.
Tenant billings also moved higher. Total tenant billings growth was $44 million, up 2.3%, while organic tenant billings growth was $32 million, up 1.7%.
On the capital return side, the quarterly common stock distribution was $1.79 per share, up 5.3% year over year, for a total payout of $833.9 million. The company repurchased about 1.1 million shares during the quarter for roughly $184 million, and bought back another 0.1 million shares for about $19 million through April 21.
Balance sheet leverage was 4.9x net debt to annualized adjusted EBITDA. Total debt stood at $37.322 billion, cash and cash equivalents at $1.609 billion, and net debt at $35.713 billion. Total liquidity was about $10.4 billion, including $8.8 billion of borrowing capacity under revolving credit facilities.
The company also repaid $500 million of 4.400% senior notes in February and $700 million of 1.600% senior notes in April. The market has reacted to these announcements by moving the company's shares -0.45% to a price of $178.21. For the full picture, make sure to review AMERICAN TOWER CORP /MA/'s 8-K report.
