What move does the options market price into American Tower's report?

Implied ±12.8%, either direction · provisional.

How often does American Tower move more than the options market prices?

1 of the last 8 reports moved at least as far as the implied move.

AMTNYSEReal Estate Investment Trusts

American Tower Corp (AMT) earnings date, market-implied expected move, and options open interest by expiry

186.64

Closed19:51 ET

Open188.25Volume3.1MMkt cap$87.1BP/E26.25EPS7.11Div yield3.77%

Day186.64 – 189.730%52-wk158.35 – 202.5064%

AMT

American Tower Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±12.8%implied · straddle

163.77211.79

spot 187.78exp Mar 19ATM strike 190ATM straddle 28.25IV 31%

Oct 30 closeprovisional

Expected move

Inputs

Next report

Feb 23

before open · in 114 days

est.Q4 FY26

Calendar

Next report

Last report

−2.36%

vs ±6.2% implied · ×0.38

shaded = implied · ▲▼ = realized

Oct 27 '26 · confirmed

Implied vs realized

Largest filed tie

17.00%

of AMT revenue · AT&T

customerAMT 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

+1.59%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

1,755 managers

Top fund weight

5.23%

AMT weight · XLRE

N-PORTJun 30 '26

12 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

American Tower (AMT) is expected to report on Feb 23 before open (estimated date).

Implied vs realized

8 reports

1 of 8≥ implied

avg implied: ±5.3%
avg realized: ±3.2%

Feb 25 '25Feb 25 '25confirmed±5.0%▲+6.12%×1.22

Apr 29 '25Apr 29 '25confirmed±4.8%▲+4.75%×1.00

Jul 29 '25Jul 29 '25confirmed±4.9%▼−4.24%×0.87

Q3 FY25Oct 28 '25confirmed±5.2%▼−3.69%×0.71

Feb 24 '26Feb 24 '26confirmed±5.2%▲+0.07%×0.01

Q1 FY26Apr 28 '26confirmed±5.6%▲+1.77%×0.31

Q2 FY26Jul 28 '26confirmed±5.9%▲+2.85%×0.48

Q3 FY26Oct 27 '26confirmed±6.2%▼−2.36%×0.38

quarterimplied−10%0+10%realized×

Q3 FY26±6.2%▼−2.36%×0.38

Q2 FY26±5.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 5 expiries · Oct 30 close

0.79OI · 5 expiries · Oct 30 closeP/C open interest · Mar 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

5,114+5%Nov 2019d0.539,653+2%0.53

3,075+5%Dec 1847d0.555,636+21%0.55

5,001−35%Jan 1575d0.4112,072+5%0.41

report · Feb 23 · before open · est.

1,874+1%Mar 19138d2,369+1%

213+7%Apr 16166d0.31677+4%0.31

ExpiryPutsCallsP/C

Nov 2019d5,114+5%9,653+2%0.53

Dec 1847d3,075+5%5,636+21%0.55

Jan 1575d5,001−35%12,072+5%0.41

report · Feb 23 · before open · est.

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±12.8%

Funds 4

XLRE±0.7%

VNQ±0.5%

REVS±0.0%

VTV±0.0%

Customers 3

T±4.0%×0.31

VZ±3.9%×0.31

TMUS±3.9%×0.31

Dashed = straddle · × = co-movement · max 501dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

28.03%as filednet margin · revenue +1.32% QoQ · +2.50% YoY

Revenue

$2.8B+1.32% QoQ

Gross profit

$2.0B+1.03% QoQ

72.83% margin

Operating income

$1.3B+0.02% QoQ

45.56% margin

Pre-tax income

$898M−10.99% QoQ

Net income

$781M−12.02% QoQ

28.03% margin

Cost of revenue

$757M+2.10% QoQ

Operating expenses

$760M+2.77% QoQ

Depreciation $519M

SG&A $228M

Other operating $12M

Other expense

$371M

Tax

$118M−3.45% QoQ

Revenue$2.8B+1.32%

Gross profit

$2.0B+1.03%

72.83% margin

Operating income

$1.3B+0.02%

45.56% margin

Pre-tax income

$898M−10.99%

Net income

$781M−12.02%

28.03% margin

Cost of revenue

$757M+2.10%

Operating expenses

$760M+2.77%

Depreciation $519M

SG&A $228M

Other operating $12M

Other expense

$371M

Tax$118M−3.45%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 19:45 ET

Intraday

Event sensitivity

PPI ×1.58· ±1.9% vs ±1.2% · 10 releases

eventrelease day|move|up · n×base

PPIproducer prices±1.9%3 of 10×1.58

GDPgross domestic product±1.6%11 of 19×1.31

FOMCrate decision±1.5%10 of 24×1.27

CPIconsumer prices±1.3%6 of 10×1.11

CPROFcorporate profits±1.3%6 of 12×1.07

PCEpersonal income & outlays±1.2%12 of 19×0.98

NFPjobs report±0.8%5 of 10×0.65

Bar = avg |move| to ±2% · tick = ±1.2% avg day · ×base = |move| ÷ ±1.2% · min 6 releases

Earnings history

EPS 1.64 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 27 '26 · confirmed	1.64	—
Q2 FY26	Jul 28 '26 · confirmed	1.86	—
Q1 FY26	Apr 28 '26 · confirmed	1.84	—
Q3 FY25	Oct 28 '25 · confirmed	1.82	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod