AI Takeaway
AMT delivered 6.8% revenue growth to $2.74B in Q1 FY2026, but operating margin compressed 370 bps to 45.3% while EPS surged 75.2% to $1.84, likely aided by non-operating items, even as liquidity tightened with current liabilities spiking 53.7%.
Revenue
$2.74B
++6.82% YoY
EPS (Basic)
$1.84
++75.24% YoY
Operating Income
$1.24B
-1.19% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
AMT grew total revenue 6.8% year-over-year to $2.74B in Q1 FY2026 from $2.56B in the prior-year period, reflecting continued demand for tower and infrastructure assets across its portfolio.
Source: Source: 10-Q Income Statement, Financial Data
Operating income declined 1.2% to $1.24B despite higher revenues, causing operating margin to contract approximately 370 basis points to 45.3% from 48.9%, suggesting cost growth outpaced revenue gains. SG&A expenses rose 8.4% YoY to $257.4M, contributing to the margin pressure.
Source: Source: 10-Q Income Statement & Key Ratios, Financial Data
Basic EPS jumped 75.2% to $1.84 from $1.05, a gain far exceeding the modest operating income decline, suggesting significant non-operating income, asset sale gains, or reduced interest/tax expense contributed materially to net income in Q1 FY2026.
Source: Source: 10-Q Income Statement, Financial Data
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Upgrade to unlockAMT's current ratio stands at a critically low 0.30, with current liabilities of $9.72B vastly exceeding current assets of $2.96B. Cash and equivalents declined 23.5% YoY to $1.61B. This imbalance may signal significant debt maturities approaching within 12 months that could require refinancing in a potentially unfavorable rate environment.
Source: Source: 10-Q Balance Sheet, Financial Data
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Upgrade to unlockReported EPS of $1.84 versus the $1.62 analyst consensus — a +13.6% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.74B | $2.56B | +6.82% |
Operating Income | $1.24B | $1.25B | -1.19% |
EPS (Basic) | $1.84 | $1.05 | +75.24% |
EPS (Diluted) | $1.84 | $1.04 | +76.92% |
SG&A Expense | $257.4M | $237.5M | +8.38% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $63.23B | $62.06B | +1.90% |
Current Assets | $2.96B | $3.51B | -15.68% |
Total Liabilities | $53.08B | $52.12B | +1.85% |
Current Liabilities | $9.72B | $6.32B | +53.74% |
Stockholders' Equity | $3.52B | $3.53B | -0.35% |
Cash & Equivalents | $1.61B | $2.1B | -23.53% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.4B | $1.29B | +8.15% |
Investing Cash Flow | $-473.7M | $-350.1M | -35.30% |
Financing Cash Flow | $-831M | $-843.8M | +1.52% |
Share Buybacks | $176.2M | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 45.3% | 48.9% | -3.67% |
Current Ratio | $0.304 | — | — |
Debt to Equity | $15.069 | — | — |
Other companies in Telecom Tower REITs
AMT's revenue grew 6.8% year-over-year to $2.74B in Q1 FY2026, up from $2.56B in the prior-year period. This growth reflects continued demand for AMT's tower and communications infrastructure assets across its global portfolio.
AMT's basic EPS surged 75.2% to $1.84 in Q1 FY2026 from $1.05 in the prior year, a gain that dramatically outpaces the 1.2% decline in operating income. This suggests the EPS increase was driven by significant non-operating items such as asset sale gains, reduced interest expense, or favorable tax items rather than core operational improvement.
The most pressing risks include a critically low current ratio of 0.30, with current liabilities surging 53.7% to $9.72B against only $2.96B in current assets, suggesting potential near-term debt maturities. Additionally, AMT carries an extremely high debt-to-equity ratio of 15.07x, making it sensitive to interest rate changes, and operating margin compressed 370 basis points to 45.3% despite revenue growth.
AMT's operational cash generation remains solid, with operating cash flow growing 8.2% to $1.40B, but near-term liquidity is a concern given a current ratio of just 0.30 and cash declining 23.5% to $1.61B. The company's leverage at 15.07x debt-to-equity is very high, though this is characteristic of capital-intensive tower REITs that rely on long-term contracted revenues to service debt.
AMT's operating margin declined in Q1 FY2026, contracting approximately 370 basis points to 45.3% from 48.9% in the prior-year period. Operating income fell 1.2% to $1.24B despite a 6.8% revenue increase, as SG&A expenses rose 8.4% to $257.4M, indicating cost growth outpaced revenue expansion during the quarter.