Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
U.S. towers earn far more per site
U.S. & Canada matches Africa & APAC on towers but earns 3.9x the profit: rent per site, not fleet size, drives earnings.
For investorsWhat has to go right for U.S. towers to grow again
For foundersWhat a smaller business can take from renting shared infrastructure
Operating income rose 2.9% while net income fell 14.4%, so the decline came from items below the operating line, not the towers.
Free cash flow matched last year as capital spending fell; non-cash charges and currency swings make net income the noisier gauge.
Long non-cancellable leases with built-in escalators make most revenue known in advance and lift prices automatically.
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Business Lens describes American Tower from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
