American Tower Sees Multiple Growth Catalysts Driving Business

American Tower has outlined a constructive outlook for growth at the Goldman Sachs Communacopia + Technology Conference, citing four major catalysts driving its business. The company's Chief Executive Steven Vondran said it sees long-term tailwinds in new wireless demand, spectrum additions, and data center growth.

These catalysts include 5G densification, which is already underway as carriers move from broad coverage builds to capacity expansion, as well as the future deployment of 6G, expected in 2030 or 2031. Spectrum availability is also expected to lift equipment demand, with 800 MHz mandated for auction by 2034 and 160 MHz of Upper C-band expected next year.

American Tower expects its normalized organic tenant billings growth to be about 4.5% in 2026, excluding Dish churn, with new leases and amendments contributing around 2.5%. The company is targeting an additional 200 to 300 basis points of margin expansion over several years, after achieving about 300 basis points of improvement in recent years.