American Tower Q3: Net Income Falls 14% to $780.8M as Buyback Grows to $3.1B

summarizeSummary

American Tower's Q3 revenue and AFFO grew modestly, but net income fell 14% on an unrealized equity loss and a higher tax rate. The board added $2.0B to the buyback, bringing total authorization to about $3.1B.

check_boxKey Events · Earnings and Guidance · AMT

• Q3 Revenue and AFFO Edge Higher

  Revenue rose 2.5% to $2,785.4M and AFFO attributable to common stockholders grew 2.4% to $1,335.0M, with Adjusted EBITDA up 1% to $1,831.8M.

• Net Income Falls 14% on Equity Loss and Tax

  Net income dropped to $780.8M from $912.6M, driven by a $71.5M unrealized loss on U.S. equity securities and an effective tax rate of 13.1% versus 3.9% a year earlier.

• Buyback Authorization Raised by $2.0B

  The board approved an additional $2.0B on October 23, 2026, on top of $1.1B remaining as of October 20, for roughly $3.1B total capacity.

• Q3 Buybacks Total $315.1M

  The company repurchased 1,804,674 shares in Q3 at an average $174.53 per share, and 2,969,052 shares for $518.0M in the first nine months.

auto_awesomeAnalysis · AMT · Real Estate & Construction

The headline for holders is capital return: the board added $2.0B to the buyback on October 23, taking total authorization to roughly $3.1B, and the company is already buying — 1,804,674 shares for $315.1M in Q3 at an average $174.53. Revenue rose 2.5% to $2,785.4M and AFFO grew 2.4% to $1,335.0M, but net income dropped 14% to $780.8M because of a $71.5M unrealized loss on equity securities and a tax rate that jumped to 13.1% from 3.9%. Offsetting the buyback news, the Canada tower portfolio is being sold for about $202M and closes in Q4, while the DISH bankruptcy and AT&T Mexico arbitration keep pressure on U.S. and Mexico revenue.