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Wireless carriers need places to install the equipment that serves their networks. American Tower provides space on towers and other communications sites, where tenants install and maintain their own equipment. Carriers generally sign long-term leases that cannot be cancelled during the initial term and include periodic rent increases. Site leasing supplies most of the company’s revenue; U.S. and Canadian property operations are its largest business, alongside operations in Latin America, Europe, Africa and Asia-Pacific.
A site can accommodate multiple tenants. Adding another tenant or more equipment usually raises operating costs only modestly, so much of the additional rent becomes operating profit. New leasing activity depends largely on carriers’ network investment. T-Mobile, AT&T, Verizon Wireless and Telefónica together supply a majority of total revenue, making their continued payments and leasing decisions especially important.
American Tower also operates U.S. data centers, a smaller business that charges customers for space, power and connections between networks. These facilities depend on adequate electricity supplies and reliable service.
The company operates as a real estate investment trust, or REIT. That tax status requires it to distribute most of its taxable income and limits investment in non-real-estate activities. Local zoning and permitting rules can also restrict where it builds or modifies infrastructure.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
American Tower also relies heavily on international carriers’ spending and ability to pay: Telefónica supplied 10% of total 2025 revenue, while Airtel and MTN together supplied 81% of Africa & APAC revenue.
Crown Castle competes with American Tower for wireless carriers renting tower space and for tower acquisitions. Watch rental growth from carriers adding equipment to existing towers—the same activity American Tower relies on to grow site revenue.
SBA Communications shares American Tower’s exposure to wireless carriers paying to place antennas on towers in the U.S. and international markets. Its domestic and international site-leasing results offer separate views of the carrier rental business that also drives American Tower.
T-Mobile US pays American Tower for tower space and supplied 18% of its consolidated operating revenue in 2025, making its network investment important to rental growth. Watch spending on coverage and capacity for its wireless and broadband customers, including 5G fixed wireless broadband.
AT&T, which sells wireless and broadband services, pays American Tower for tower space and supplied 17% of its consolidated operating revenue in 2025. Its Mexican wireless business’s rent dispute adds collection risk: watch payment recovery and arbitration, with American Tower expecting further reserves until the dispute is settled.
Verizon’s network expansion feeds demand for American Tower’s tower space; Verizon Wireless supplied 14% of American Tower’s consolidated operating revenue in 2025. Watch investment in wireless capacity, including the network used to sell fixed wireless broadband to consumers and businesses.
IHS Holding Limited competes with American Tower in Africa and Latin America, collecting rent from wireless carriers sharing its towers. Watch additions of tenants to existing towers: IHS says they increase revenue with only marginal extra costs, primarily power.
Digital Realty competes with American Tower’s data centers for enterprises and service providers paying for space, power and connections between networks. Watch its customer demand for those connections: American Tower’s interconnection revenue grew in 2025 mainly through net additions and set-up fees.
Array Digital Infrastructure, Inc. competes with American Tower for U.S. wireless carriers paying to install network equipment on towers. Watch new tenants and equipment additions at Array’s existing sites, where it says substantially all towers have room for more tenants.
EchoStar’s retreat from its wireless network threatens American Tower’s rent collection: its DISH subsidiary leased tower sites representing about 2% of American Tower’s total annual property revenue in 2025. Watch the lease-payment dispute—DISH was in default as of January 2026, while American Tower maintained that the agreement remained in force.
Crown Castle Inc. earningsCCI
Crown Castle's report will show whether wireless carriers adding equipment to existing towers are also supporting American Tower's rental growth.
Look at rental growth from Crown Castle's existing sites alongside changes tied to carriers adding equipment there. Strength in both suggests carriers are using towers more intensively, a supportive signal for added rent at American Tower's comparable sites; weakness points to less equipment demand and more pressure on tower-rental growth.
AT&T Inc. earningsT
AT&T provided 17% of American Tower's revenue in 2025, and its report offers a view of the wireless business behind those rents and any disclosed progress in the Mexico rent dispute.
Read AT&T's wireless-business results alongside any disclosures about the Mexico rent dispute and payments. A steady wireless business and disclosed continued payments would support the tenant's operating and payment capacity; weaker business or continuing payment problems would increase collection concerns for American Tower. AT&T's report cannot decide the arbitration or establish that American Tower has received disputed rent.
American Tower Corporation earningsThis company
This report will show whether rent growth from tenants adding equipment to American Tower's towers is outpacing rent lost when tenants leave.
Read organic growth in communications-site tenant billings alongside churn—the share of tenant billings lost when leases end or are not renewed—and allow for currency effects on reported regional revenue. Growing billings with contained churn mean rent from added equipment and tenants is outweighing departures; slowing billings or rising churn means the core leasing business is losing growth.
T-Mobile US, Inc. earningsTMUS
T-Mobile provided 18% of American Tower's revenue in 2025, and its report will show whether network investment is supporting demand for tower space from this major tenant.
Read T-Mobile's spending on wireless coverage and capacity alongside growth in its wireless and fixed-wireless broadband customers. Investment and customer growth together suggest network expansion has demand behind it and may bring more equipment leasing to American Tower; weaker investment or customer growth narrows the scope for added rent from this major tenant.
Fed Interest Rate Decision
The Fed’s decision on its benchmark interest rate affects what American Tower pays to borrow or refinance its $37.4 billion of debt, changing cash available for operations and distributions.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher borrowing costs would leave less cash for American Tower to maintain and expand its sites and data centers, or to fund distributions to stockholders.
If it comes in below expectations
Lower borrowing costs could leave American Tower more cash to maintain and expand its sites and data centers, or to fund distributions to stockholders.
Digital Realty Trust, Inc. earningsDLR
Digital Realty's report will show demand for data-center space and network connections from the enterprises and service providers that also use American Tower's data centers.
Look at Digital Realty's leasing demand and interconnection activity. Strength in both means enterprises and service providers are taking data-center space and connections, supporting demand in the market where American Tower's data-center business operates; weakness in both points to a softer market for that business.
EchoStar Corporation earningsECHO
DISH, an EchoStar subsidiary, represented about 2% of American Tower's property revenue in 2025, and EchoStar's report may provide clues about DISH's network retreat and lease obligations.
Watch EchoStar's disclosures about DISH network shutdowns, lease obligations, and the payment dispute. A continuing network and lease obligations, with payment progress, would support American Tower's collection of the related rent; further shutdowns or continuing nonpayment would raise collection risk. EchoStar's disclosures do not settle the arbitration or litigation.
