American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

Core Viewpoint - American Tower reported fourth-quarter revenue exceeding Wall Street estimates, driven by strong leasing activity from telecom carriers and ongoing growth in data-center demand [1] Group 1: Financial Performance - The company posted revenue of $2.74 billion, surpassing analysts' estimates of $2.69 billion [1] - Revenue from the property segment, which includes the core site-leasing business, increased by 7.6% to $2.67 billion in the quarter [1] Group 2: Market Dynamics - U.S. wireless operators are expanding network capacity and coverage, supported by rising 5G rollouts and increasing AI-related workloads [1] - The demand for additional tower space and related infrastructure is underscored by robust data-center demand [1] Group 3: Company Insights - CEO Steven Vondran highlighted that leasing demand across the global tower portfolio and data center business remains strong, driven by sustained growth in mobile data consumption and continued 5G deployment [1] - Major customers include telecom giants such as AT&T, Verizon, and T-Mobile [1]

来源：新浪证券-红岸工作室 2月24日，联特科技涨5.78%，成交额16.47亿元，换手率12.35%，总市值253.75亿元。 异动分析 共封装光学(CPO)+芯片概念+5G+数据中心+人民币贬值受益 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（硅光）、TFLN（薄膜铌酸锂）调制技术的800G光模块，以及用 于下一代产品NPO（近封装光学）/CPO（共封装光学）所需的高速光连接技术、激光器技术和芯片级 光电混合封装技术等。 今日主力净流入8159.65万，占比0.05%，行业排名18/89，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入49.32亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入9077.95万1.04亿-1.02亿-4.39亿-3.02亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3.87亿，占总成交额的6.57%。 技术面：筹码平均交易成本 ...

玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过，新一轮涨价潮是在前期大幅上涨 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 大陆玻璃纤维布涨价潮概况 涨价节奏：自 2025 年 10 月以来已连续经历四轮涨价，源头信息加微WUXL7713涨价周期由季度缩短至月度。 主要涨价原因： ：AI 服务器 PCB 层数增加，单台电子布用量陡升，料供不应求。 ：低介电常数（low-Dk）、低热膨胀系数（low-CTE）电子布供不应求。 ：核心设备依赖进口、拉丝制程复杂、客户认证周期长（2-3 年）。 ：树脂、能源成本上升，叠加运输与环保合规 ...

大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意 大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过50%，新一轮涨价潮是在前期大幅上涨基础上的再次加码。 卓创资讯数据显示，2025 年 10 月、12 月及 2026 年 1 月、2 月，普通电子布已经经历四次涨价，涨价周期由季度 缩短至月度。 ...

Core Insights - Telephone and Data Systems, Inc. (TDS) reported strong fourth-quarter 2025 results, with both revenue and net income exceeding expectations, driven by growth in the Array segment and residential broadband connections [1][2][3] Financial Performance - TDS achieved a net income of $54.5 million or 32 cents per share from continuing operations, a significant increase from $18.3 million or 1 cent per share in the same quarter last year, surpassing the Zacks Consensus Estimate by 23 cents [2] - Total revenues reached $330.7 million, up from $295.4 million year-over-year, exceeding the Zacks Consensus Estimate by $11 million [3] - Array segment revenues increased to $60.3 million from $26.1 million, supported by strong tower rental revenues, resulting in an operating income of $8.6 million compared to a loss of $29.1 million in the prior year [4] Operational Highlights - TDS Telecom contributed $260.9 million to total revenues, slightly down from $264.3 million in the previous year, with total residential connections decreasing to 905,600 from 935,700 [5] - The company deployed 140,000 new marketable fiber addresses in 2025 and recorded 44,900 net broadband additions, with total broadband connections rising to 1,079,500 [6] Cost and Profitability - Total operating expenses were $313.9 million, up 13% from the prior year, while operating income remained relatively stable at $16.83 million [7] - Adjusted EBITDA for TDS Telecom was $85 million, an increase from $80 million, while Array Digital's adjusted EBITDA rose to $52.08 million from $24.5 million [7] Cash Flow and Liquidity - TDS generated $338.3 million in net cash from operating activities, an increase from $295.78 million in the previous year, with cash and cash equivalents totaling $765.9 million as of December 31, 2025 [8] Future Outlook - For 2026, TDS management anticipates total operating revenues for TDS Telecom to be between $1.015 billion and $1.055 billion, with adjusted EBITDA expected in the range of $310 million to $350 million [10] - Array is projected to have operating revenues between $200 billion and $215 billion, with adjusted EBITDA estimated at $200 million to $215 million [11]

Core Insights - Cogent Communications Holdings, Inc. (CCOI) reported mixed fourth-quarter 2025 results, with net income exceeding estimates while revenues fell short [1][9] Financial Performance - The company reported a net loss of $30.8 million or a loss of 64 cents per share, an improvement from a net loss of $43.3 million or a loss of 91 cents per share in the same quarter last year [2] - For the full year 2025, Cogent's net loss was $182.2 million or a loss of $3.80 per share, compared to a net loss of $204.1 million or a loss of $4.28 per share in 2024 [2] Revenue Breakdown - Service revenues decreased to $240.5 million from $252.3 million year-over-year, primarily due to a decline in Off-Net revenues, missing the Zacks consensus estimate of $243.01 million [3] - For 2025, total revenues fell to $975.8 million from $1.04 billion in 2024 [3] - On-Net revenues increased to $134.3 million from $128.8 million year-over-year, surpassing the estimate of $130.9 million, with customer connections rising to 87,944 from 87,500 [3] - Off-Net revenues were $92.9 million, down from $113.2 million in the previous year, with customer connections decreasing to 24,656 from 28,963 [4] - Wavelength revenues rose to $12.1 million from $7 million year-over-year, with customer connections increasing to 2,064 from 1,118 [4] - Non-core revenues decreased to $1.2 million from $3.4 million in the prior year, with customer connections dropping to 2,979 from 5,802 [5] Profitability Metrics - GAAP gross profit was $53.7 million, up from $29.8 million a year ago, with margins improving to 22.3% from 11.8% [6] - Non-GAAP gross profit increased to $112.5 million from $97.6 million year-over-year, with margins rising to 46.8% from 38.7% [6] - EBITDA for the quarter was $51.7 million compared to $41.9 million a year ago, with margins improving to 21.5% from 16.6% [7] - Adjusted EBITDA increased to $76.7 million from $66.9 million year-over-year, with margins rising to 31.9% from 26.5% [7] Cash Flow & Liquidity - In Q4 2025, the company utilized $6 million in cash for operations, compared to a cash generation of $14.5 million in the same quarter last year [10] - For the full year 2025, cash utilized for operating activities was $10.6 million, up from $8.6 million in 2024 [10] - As of December 31, 2025, Cogent had $205.1 million in cash and cash equivalents, down from $227.9 million a year ago, with finance lease obligations increasing to $597.2 million from $517.2 million [11]

Core Insights - Airgain, Inc. has secured a multiyear, multimillion-dollar embedded antenna design win for a next-generation 5G home connectivity platform [1] - The program involves Airgain's antenna systems for both a 5G fixed wireless access router and a companion in-home WiFi extender [1] - This partnership is with a major North American Mobile Network Operator, indicating significant industry collaboration [1] Company Summary - Airgain, Inc. is recognized as a leading provider of wireless connectivity solutions [1] - The company is expanding its product offerings in the 5G sector, which is crucial for future connectivity [1] Industry Summary - The announcement highlights the growing demand for 5G home connectivity solutions in the telecommunications industry [1] - The collaboration with a major North American MNO underscores the competitive landscape and the importance of innovative antenna technology in enhancing wireless services [1]