A tenant representing roughly 2% of annual revenue — approximately $200 million — has defaulted on payments. Consensus estimates still project 6.5% AFFO per share growth.

American Tower Corporation (NYSE:AMT) is scheduled to report fourth-quarter 2025 results on Tuesday, February 24, before the market opens at 7:00 a.m. ET, followed by a conference call at 8:30 a.m. ET. On January 28, 2026, the company disclosed in a Form 8-K filing that DISH Wireless had defaulted under its 2021 Strategic Collocation Agreement. Consensus estimates project adjusted funds from operations of $2.47 per share, compared with $2.32 in the prior-year quarter. Analysts also expect quarterly revenue of approximately $2.69 billion and earnings per share of approximately $2.54, according to Barchart consensus data published January 20, 2026.

That $2.47 estimate follows a quarter in which American Tower reported continued operating expansion across both its tower and data center segments.

In the third quarter of 2025, attributable AFFO per share reached $2.78, representing approximately 10% year-over-year growth. Consolidated revenue increased approximately 8% year over year to $2.72 billion. Management raised full-year 2025 guidance across key metrics, projecting attributable AFFO per share growth of approximately 7% at the midpoint.

The CoreSite data center segment reported property revenue growth exceeding 14% year over year, supported by new leasing activity associated with cloud and AI-related demand. Consolidated organic tenant billings grew approximately 5% year over year. U.S. and Canada organic growth reached approximately 4%, or above 5% excluding Sprint-related churn. International organic growth approached 7%, with higher growth rates reported in Africa and Asia-Pacific markets.

The central question is whether those operating trends can continue alongside an unresolved contractual dispute.

American Tower disclosed that DISH Wireless had defaulted under its collocation agreement, which extends through 2036. DISH’s parent company, EchoStar Corporation, has undertaken transactions involving portions of its spectrum portfolio. DISH has asserted that these developments affect its tower lease obligations, while American Tower has stated in filings that it believes the agreement remains enforceable. The company initiated legal proceedings in October 2025 seeking declaratory judgment regarding its contractual rights.

DISH represents approximately 2% of American Tower’s global revenue. By comparison, the CoreSite data center segment generated organic growth during 2025 that partially offset tenant concentration changes across the broader portfolio.

Separately, American Tower disclosed a dispute involving AT&T Mexico related to tower lease rate calculations. The company has reserved approximately $30 million in annual revenue pending arbitration, with the hearing currently scheduled for August 2026.

The fourth-quarter report will also include American Tower’s initial outlook for fiscal year 2026.

Consensus estimates project AFFO per share of approximately $10.78 for 2026, compared with approximately $10.30 for 2025, implying growth of approximately 4.7%. Management has also previously identified operational efficiency initiatives under its current leadership structure. Since 2020, the company has expanded adjusted EBITDA margins by approximately 300 basis points, reflecting both operating leverage and portfolio optimization.

A tenant default has introduced contractual uncertainty. At the same time, consensus estimates continue to reflect projected per-share growth. The company’s guidance and commentary will help determine whether projected earnings expansion reflects underlying operating momentum across its global portfolio of approximately 149,000 communications sites.

Sources:

• American Tower Corporation Q3 2025 Earnings Release (October 28, 2025)
• American Tower Corporation Form 8-K (January 28, 2026)
• American Tower Corporation Investor Relations Materials
• Barchart Earnings Consensus Estimates (January 20, 2026)

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