American Tower Sees 2026 Growth Trough Before 5G, AI and 6G Catalysts Lift Demand

American Tower Corporation anticipates a growth trough in organic tenant billings during 2026, with the outlook improving in 2027 as carrier network investments rise and customer churn eases. The company's focus includes safeguarding the value of its tower contracts, managing operating expenses, and positioning assets in the U.S., Europe, and emerging markets to benefit from future network upgrades.

U.S. carriers have completed their initial 5G coverage, but demand for higher-band spectrum and eventual 6G deployment could fuel future growth. AI-driven uplink traffic and the expansion of 5G capacity may also contribute to increased demand. CoreSite's data-center business is projected to grow due to rising bandwidth and cloud-interconnection needs.

The company targets a 200-300 basis point margin expansion in its tower business and mid- to upper-mid-single-digit long-term AFFO-per-share growth. Dish Network litigation and a Mexico arbitration could present additional upside if resolved favorably.