American Tower’s second-quarter 2026 results showed revenue, cash flow, and earnings all moving higher from a year earlier, with the company also lifting shareholder returns and reshaping its debt profile.
Total revenue rose 4.7% to $2.749 billion, while total property revenue climbed 6.3% to $2.688 billion. Property gross margin increased 4.9% to $1.980 billion, and the property gross margin rate was 73.7%.
Operating cash generation was stronger as well. Cash provided by operating activities increased 16.0% to $1.487 billion, and free cash flow rose 19.6% to $1.158 billion after capital expenditures of $329 million, up 5.1% from a year ago.
Adjusted EBITDA increased 3.2% to $1.808 billion, with the adjusted EBITDA margin at 65.8%. AFFO attributable to common stockholders increased 3.8% to $1.264 billion, and AFFO per share rose 4.2% to $2.71.
Earnings advanced sharply. Net income increased 133.2% to $888 million, while net income attributable to common stockholders rose 136.5% to $868 million. Diluted earnings per share attributable to common stockholders jumped 138.5% to $1.86. The company said those growth rates were affected by foreign-currency gains of about $42.1 million in the quarter versus foreign-currency losses of $484.0 million a year earlier.
Tenant billings also moved higher, with total tenant billings growth of $46 million, up 2.4%, and organic tenant billings growth of $34 million, up 1.7%.
On capital returns, American Tower declared a quarterly common stock distribution of $1.79 per share, up 5.3% year over year, for a total payout of $834.1 million. The company also repurchased about 0.1 million shares for roughly $19 million during the quarter.
The balance sheet saw significant activity. Net debt stood at $35.427 billion at June 30, 2026, against total debt of $37.190 billion and cash and cash equivalents of $1.763 billion, producing a net leverage ratio of 4.9x. Total liquidity was about $9.9 billion, including $1.8 billion of cash and $8.2 billion of borrowing capacity under revolving credit facilities.
During the quarter, the company repaid $700 million of senior unsecured notes due in April, repaid €500 million of notes due in May, issued €750 million of 4.000% notes due 2033, and redeemed €250 million of 4.125% notes due 2027, leaving €350 million outstanding.
American Tower also completed two divestitures in the quarter: the sale of its Philippines subsidiary for $75.6 million and the sale of its controlling interest in Kirtonkhola Tower Bangladesh Limited for $6.9 million. As a result of these announcements, the company's shares have moved 5.87% on the market, and are now trading at a price of $176.535. For the full picture, make sure to review AMERICAN TOWER CORP /MA/'s 8-K report.
