CLAIM #6988 · American Tower Corp (AMT) · 2025Q2 earnings call · Jul 29, 2025

“We are still expecting churn to trend down, and that's not considering the U.S. Cellular transaction, which has now been approved.”

Steven Vondran · CEO

How to check this claim

Look at: Tenant/network churn rate as reported quarterly

It came true if: Reported churn rate trends lower than the prior comparable period (year-over-year decline)

Where: Company quarterly earnings release / 10-Q supplemental disclosures on churn

Knowable after: 2026-07-29

In context

“ications dry up. We're not seeing them cancel projects or anything like that. It's just a little bit slower cadence in terms of signing leases, getting them back and getting the equipments installed. So from our perspective, there's nothing on that, that indicates anything other than a robust leasing pipeline. We'll leave '26 guidance to '26. If you think about kind of the variables going into 2026. A good pipeline is important, and that's what we're seeing in the pipeline that's kind of supportive of our long-term guide that's there. We do have less contracted revenue going into the next couple of years than we had in the prior years. So we are more dependent on that activity-based revenue commencement. And so we are excited to see that pipeline continue to build. That's positive for us. We are still expecting churn to trend down, and that's not considering the U.S. Cellular transaction, which has now been approved. So we'll be launching at a variable looking into the next couple of years to see how that's going to affect it. But overall, I'd say the pipeline is healthy, and we'll wait to give guidance on '26 when we get there. As for your second question in terms of the extracting value, I've given Bud until close to the end of the year to give me guidance on that. But the efforts are progressing very well. And we've had some very good receptivity across the globe to our globalization efforts and the team is seeing opportunities there. And just to kind of set expectations in terms of what that's going to look like. We're looking at our total addressable spend, so that's including direct expenses, O&M, SG&A, growth CapEx, supply chain, all those different areas in it. And the overall goal that we've”

Verify independently

SEC filings for AMT ↗ · Quote is verbatim from the 2025Q2 earnings call.