Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Consolidated property revenue growth (ex-noncash/FX) | 5% | Year-over-year |
| Data center property revenue growth | 16% | Year-over-year |
| Attributable AFFO per share growth (normalized) | 6% | FX-neutral |
| Cash adjusted EBITDA margin growth (ex-DISH) | 10 basis points | Year-over-year |
Guidance and outlook
- Raising full-year property revenue outlook by $55 million at the midpoint.
- Raising data center revenue growth outlook to approximately 16%.
- Raising attributable AFFO outlook by $0.02 per share.
- Expect 2026 to represent a trough year for U.S. and Canada organic growth.
How management sounded
Positive (+6 on our -10 to +10 scale). Management raised the full-year outlook for the third time and highlighted strong momentum in data centers and tower leasing. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
U.S. Leasing and DISH
Asked: Analysts asked about the step down in new leasing and the status of DISH equipment.
Answer: Management noted new business is consistent with expectations, DISH churn is a headwind, and they own the abandoned DISH equipment.
Satellite and Starlink
Asked: Analysts asked about engagement with Starlink and other satellite providers.
Answer: Management stated they are talking to all parties with wireless ambitions and view satellite as complementary to terrestrial infrastructure.
Data Center Returns
Asked: Analysts asked about returns on the $700 million capital investment in data centers.
Answer: Management expects mid-teens stabilized yields on incremental capital.
Services Business
Asked: Analysts asked about the $15 million EBITDA headwind in services.
Answer: Management attributed this to timing shifts in customer projects and noted the services business remains strong.
What to watch before the next call
- The outcome of the arbitration hearing regarding AT&T Mexico, expected in early 2027.
- The closure of the Canada business sale, expected in the fourth quarter.
- The potential for increased carrier activity and network densification in 2027.
