• In February 2026, American Tower Corporation reported past fourth-quarter and full-year 2025 results showing higher revenue year over year but lower quarterly earnings per share, while also issuing 2026 guidance that includes expected total property revenue of US$10.44 billion to US$10.59 billion and net income of about US$2.95 billion to US$3.03 billion.
• The company also completed a US$365 million share repurchase in late 2025 and removed all DISH Network-related revenue from its 2026 outlook, underlining a focus on earnings quality, capital discipline, and a cleaner customer mix across its global tower and CoreSite data center portfolio.
• With American Tower pairing strong recent leasing and data center trends with cautious 2026 guidance excluding DISH revenue, we’ll examine how this reshapes its investment narrative.

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What Is American Tower's Investment Narrative?

To own American Tower here, you have to believe its mix of global towers and CoreSite data centers can keep turning strong tenant demand into steady cash flows, even as customer and funding risks evolve. The latest quarter largely supports that view: revenue and attributable AFFO per share grew, leasing and data center trends stayed firm, and management used excess cash to retire US$365 million of stock. At the same time, the new 2026 guidance is intentionally cautious, with total property revenue and net income framed around the full removal of DISH-related revenue, which crystallizes one of the key risks: tenant concentration and credit quality. That reset likely explains the muted share price reaction and slightly softer near term catalysts, with the story now hinging more on execution, cost control, and capital discipline than on headline growth.

However, one customer issue in particular could matter more than the recent guidance suggests for investors. American Tower's shares have been on the rise but are still potentially undervalued by 26%. Find out what it's worth.

Exploring Other Perspectives

Four Simply Wall St Community fair value estimates for American Tower span about US$217 to US$251 per share, underscoring how differently retail investors view the same numbers. Set against cautious 2026 guidance that strips out DISH revenue, those diverging opinions highlight how much weight you put on tenant risk and the resilience of tower and data center demand.

Explore 4 other fair value estimates on American Tower - why the stock might be worth as much as 36% more than the current price!

Decide For Yourself

Disagree with this assessment? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your American Tower research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free American Tower research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate American Tower's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.