American Tower : Quarterly Reconciliations (effac7)

Published: 2026-04-28 15:58:10 ET AMT

Published on 04/28/2026 at 03:58 pm EDT

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME(1)

2016 2017

2018(2)

2019

2020

2021

2022

2023

2024

2025

1Q25

1Q26

Net income

$970 $1,225

$1,265

$1,917

$1,692

$2,568

$1,697

$1,367

$2,280

$2,629

$499

$879

(Income) loss from discontinued operations, net of taxes

n/a n/a

n/a

(171)

277

978

Income tax provision (benefit)

156 31

(110)

(0)

130

214

113

366

416

119

140

Other expense (income)

48 (31)

(24)

(18)

241

(565)

(435)

326

(378)

576

338

(90)

(Gain) loss on retirement of long-term obligations

(1) 70

Interest expense

717 750

826

814

794

871

1,136

1,388

1,405

1,359

325

347

Interest income

(26) (35)

(55)

(47)

(40)

(20)

(49)

(119)

(135)

(134)

(27)

(36)

Other operating expenses (income)

73 256

513

166

266

399

271

371

(56)

Goodwill impairment(3)

- -

Depreciation, amortization and accretion

1,526 1,716

2,111

1,778

1,882

2,134

3,165

2,929

2,029

2,042

493

518

Stock-based compensation expense

90 109

138

111

121

112

162

183

193

174

ADJUSTED EBITDA

$3,553 $4,090

$4,667

$4,745

$5,156

$5,578

$6,336

$6,688

$6,812

$7,130

$1,744

$1,835

Divided by total revenue

$5,786 $6,664

$7,440

$7,580

$8,042

$8,160

$9,645

$10,012

$10,127

$10,645

$2,563

$2,738

ADJUSTED EBITDA MARGIN

61% 61%

63%

64%

68%

66%

67%

68%

67%

AFFO RECONCILIATION(1)

2016 2017

2018(2)

2019

2020

2021

2022

2023

2024

2025

1Q25

1Q26

Adjusted EBITDA

$3,553 $4,090

$4,667

$4,745

$5,156

$5,578

$6,336

$6,688

$6,812

$7,130

$1,744

$1,835

Straight-line revenue

(132) (194)

(88)

(184)

(322)

(460)

(509)

(465)

(278)

(101)

(17)

(19)

Straight-line expense

68 62

Cash interest(4)

(694) (723)

(807)

(800)

(824)

(831)

(1,089)

(1,338)

(1,350)

(1,305)

(312)

(334)

Interest Income

26 35

119

135

134

Cash paid for income taxes(5)(6)

(96) (137)

(164)

(147)

(146)

(227)

(260)

(253)

(278)

(266)

(33)

(45)

Dividends on preferred stock

(107) (87)

(9)

Capital improvement Capex

(110) (114)

(150)

(160)

(150)

(165)

(187)

(157)

(185)

(36)

(43)

Corporate Capex

(16) (17)

(9)

(11)

(9)

(8)

(9)

(16)

(14)

(10)

(1)

(5)

Adjustments and dividends for noncontrolling interests

(90) (160)

(363)

(92)

(33)

(74)

(190)

(305)

(348)

(391)

(91)

(109)

Adjustments for discontinued operations

n/a n/a

n/a

380

318

345

365

AFFO Attributable to Common Stockholders

$2,400 $2,755

$3,191

$3,442

$3,764

$4,277

$4,517

$4,612

$4,934

$5,042

$1,290

$1,324

Divided by weighted average diluted shares outstanding

429.3 431.7

443.0

445.5

446.1

453.3

462.8

467.2

468.1

468.8

468.5

466.8

AFFO Attributable to Common Stockholders per Share

$ 5.59 $ 6.38

$ 7.20

$ 7.73

$ 8.44

$ 9.43

$ 9.76

$ 9.87

$ 10.54

$ 10.76

$ 2.75

$ 2.84

AFFO attributable to AMT common stockholders from discontinued operations

n/a n/a

n/a

($380)

($319)

($345)

($365)

AFFO attributable to AMT common stockholders from continuing operations

n/a n/a

n/a

3,897

4,197

4,266

4,569

5,042

1,290

1,324

Adjustment for full period interest expense savings associated with the use of ATC TIPL Transaction proceeds

n/a n/a

n/a

$28

$79

$131

$92

AFFO Attributable to Common Stockholders, as adjusted(7)

n/a n/a

n/a

$3,924

$4,277

$4,398

$4,661

$5,042

$1,290

$1,324

AFFO Attributable to Common Stockholders per Share, as adjusted(7)

n/a n/a

n/a

$ 8.66

$ 9.25

$ 9.41

$ 9.96

$ 10.76

$ 2.75

$ 2.84

2021, 2022, 2023, and 2024 are presented to include the reclassification of ATC TIPL as discontinued operations. All other prior periods shown have not been changed.

Includes one-time net positive impacts to 2018 Adjusted EBITDA and AFFO attributable to common stockholders related to the Company's settlement with Tata in Q4 2018.

Full year 2023 includes impairment charges of $80 million for the Spain reporting unit.

In Q2 2019, the Company made a capitalized interest payment of approximately $14 million associated with the purchase of the shareholder loan previously held by its joint venture partner in Ghana. In Q1 2020, the Company made a capitalized interest payment of approximately $63 million associated with the acquisition of MTN's redeemable noncontrolling interests in each of its joint ventures in Ghana and Uganda. In each case, the deferred interest was previously expensed but excluded from AFFO Attributable to Common Stockholders.

2015 and 2022 exclude one-time GTP cash tax charge.

2026 includes adjustments of $0.5 million for a tax refund in Germany. 2025 includes adjustments for (i) $0.3 million of taxes paid in Singapore related to the ATC TIPL Transaction, (ii) $25.8 million of taxes paid in South Africa, which were incurred as a result of the sale of South Africa Fiber, (iii) $30.4 million of taxes paid related to the sale of equity securities in the U.S. and (iv) $6.5 million of other tax adjustments. 2024 includes adjustments for withholding taxes paid in Singapore of $36.4 million, which were incurred as a result of the ATC TIPL Transaction.

Represents AFFO attributable to AMT common stockholders from continuing operations adjusted for a full period of interest expense savings associated with the use of approximately $2.0 billion of proceeds from the ATC TIPL Transaction to pay down existing indebtedness under the 2021 Multicurrency Credit Facility, at the applicable historical borrowing cost for the respective period. No additional adjustments are required related to the repayment of approximately $120 million under the India Term Loan, as the historical interest expense associated with the India Term Loan is already considered as part of AFFO attributable to AMT common stockholders from discontinued operations when deriving AFFO attributable to AMT common stockholders from continued operations.

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($ in millions. Totals may not add due to rounding.)

RETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION (1)(2)

2015(3)

2016(4)

2017(5)

2018(5)

2019(5)

2020(5)

2021(5)

2022(5)

2023

2024

2025

Adjusted EBITDA

$3,206

$3,743

$4,149

$4,398

$4,917

$5,280

$6,477

$6,647

$7,087

$6,812

$7,130

Cash Taxes

(107)

(98)

(137)

(141)

(168)

(146)

(225)

(274)

(307)

(278)

(266)

Capital Improvement Capex

(124)

(159)

(115)

(150)

(160)

(150)

(191)

(176)

(201)

(157)

(185)

Corporate Capex

(26)

(27)

(17)

(9)

(11)

(9)

(8)

(9)

(16)

(14)

(10)

Numerator

$2,948

$3,459

$3,880

$4,098

$4,579

$4,974

$6,053

$6,187

$6,563

$6,364

$6,669

Gross PPE

$14,397

$15,652

$16,950

$17,717

$19,326

$20,672

$28,404

$29,877

$30,908

$30,063

$32,461

Gross Intangibles

12,671

14,795

16,183

16,323

18,474

20,734

28,654

27,870

27,529

25,647

27,126

Gross Goodwill(6)

4,240

4,510

4,879

4,797

5,492

6,600

12,690

12,372

12,458

11,863

12,344

Denominator

$31,308

$34,957

$38,012

$38,837

$43,292

$48,006

$69,747

$70,119

$70,895

$67,572

$71,931

ROIC

9.4%

9.9%

10.2%

10.6%

10.4%

8.7%

8.8%

9.3%

9.4%

9.3%

ROIC calculations for all prior periods presented, except for 2024, have not been restated for the ATC TIPL Transaction.

Historical denominator balances reflect purchase accounting adjustments.

Represents Q4 2015 annualized numbers to account for full year impact of Verizon Transaction.

Represents Q4 2016 annualized numbers to account for full year impact of acquisitions.

Adjusted to annualize impacts of acquisitions closed throughout the year.

Excludes the impact of deferred tax adjustments related to valuation.

($ in millions. Totals may not add due to rounding.)

Reconciliations of Outlook for Adjusted EBITDA to Net Income:

Full Year 2026

Net income $3,015 to $3,095

Interest expense 1,430 to 1,410

Depreciation, amortization and accretion 2,135 to 2,145

Income tax provision 470 - 470

Stock-based compensation expense 145 - 145

Other, including other operating expenses, interest income, (gain) loss on retirement of long-term

obligations and other (income) expense - - -

Adjusted EBITDA $ 7,195 to $ 7,265

Reconciliations of Outlook for Consolidated Adjusted Funds From Operations to Net Income:

Full Year 2026

Net income $3,015 to $3,095

Straight-line revenue 27 - 27

Straight-line expense 36 - 36

Depreciation, amortization and accretion 2,135 to 2,145

Stock-based compensation expense 145 - 145

Deferred portion of income tax and other income tax adjustments 152 - 152

Amortization of deferred financing costs, and debt discounts and premiums and long-term

deferred interest charges 68 - 68

Other, including other operating expense, (gain) loss on retirement of long-term obligations and

other (income) expense 129 to 129

Capital improvement capital expenditures (165) to (175)

Corporate capital expenditures (15) - (15)

Adjustments and Distributions for unconsolidated affiliates and noncontrolling interests (437) - (437) AFFO attributable to AMT common stockholders $ 5,090 to $ 5,170

Divided by weighted average diluted shares outstanding (in thousands) 467,000 - 467,000 AFFO attributable to AMT common stockholders per Share $ 10.90 to $ 11.07

As reported in the Company's Form 8-K dated April 28, 2026.

The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for April 28, 2026 through December 31, 2026: (a) 1,623 Argentinean Pesos; (b) 123.30 Bangladeshi Taka; (c) 5.50 Brazilian Reais; (d) 1.37 Canadian Dollars; (e) 880 Chilean Pesos; (f) 3,800 Colombian Pesos; (g) 0.85 Euros; (h) 11.00 Ghanaian Cedis; (i) 132 Kenyan Shillings; (j) 17.90 Mexican Pesos; (k) 1,430 Nigerian Naira; (l) 6,700 Paraguayan Guarani; (m) 3.40 Peruvian Soles; (n) 58.20 Philippine Pesos; (o) 16.90 South African Rand; (p) 3,580 Ugandan Shillings; and (q) 560 West African CFA Francs.

Disclaimer

American Tower Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 19:57 UTC.