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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Crown Castle
Crown Castle (CCI) investor relations material
Crown Castle Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
Q3 site rental revenue fell 5% YoY and Adjusted EBITDA fell 6%, while AFFO rose 8%; FY 2026 guidance midpoints increased across key measures.
Strategic reset centers on a pure-play U.S. tower business, lower costs, operational simplification, systems modernization, increased tower land ownership and stronger customer relationships.
Fiber Business sale closed May 1 for $8.4B net proceeds; proceeds supported debt reduction and a $1.0B share repurchase.
Financial highlights
Q3 site rental revenue was $966M, down $46M YoY; Adjusted EBITDA was $673M, down $45M, and operating income was $465M versus $525M.
Continuing-operations income rose 2% to $283M; net income was $283M versus $323M and diluted EPS was $0.67 versus $0.74, reflecting lower discontinued-operations contribution after the Fiber sale.
AFFO was $530M, up $40M or 8% YoY; AFFO per share was $1.24, up 11%, supported by lower interest expense and diluted shares.
Organic contribution to site rental billings was $35M, or 3.5%, excluding Sprint cancellations and DISH terminations; growth was 3.8% excluding prior-year DISH billings, versus 4.1% comparable growth in Q3 2025.
Q3 site rental revenue and Adjusted Site Rental Gross Margin each fell $46M YoY to $966M and $721M, mainly from DISH and Sprint non-renewals, partly offset by leasing and escalators.
Outlook and guidance
FY 2026 site rental revenue outlook is $3,853M–$3,898M, midpoint $3,875M, up $20M; Adjusted EBITDA is $2,690M–$2,740M, midpoint $2,715M, up $25M.
FY 2026 AFFO outlook is $1,955M–$2,005M, midpoint $1,980M, up $5M; net income midpoint is $895M and diluted EPS midpoint is $2.08, up $25M and $0.06, respectively.
FY 2026 organic billings contribution remains $135M, or 3.4%; core leasing activity is expected toward the bottom of the $60M–$70M range, with 2026 expected to be the low point for organic growth.
Discretionary CapEx guidance rose $40M to $190M–$290M, midpoint $240M, primarily for ground lease buyouts; net of anticipated prepaid rent additions, midpoint net discretionary CapEx is $200M.
Annualized run-rate operating cost savings reached $65M; the restructuring plan anticipates ~$55M in 2026 and ~$10M in 2027, with ~$25M of 2026 charges.
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Latest events from Crown Castle
- 2023 growth was modest as 2024 guidance held amid a strategic Fiber review.CCI
Q4 2023 - AI and spectrum trends drive tower demand, with margin expansion targeted through 2030.CCIRBC Capital Markets 2026 Global Communications and Infrastructure Conference
- Growth expected to rebound post-2026, with focus on core towers, efficiency, and new tech opportunities.CCIBank of America 2026 Media,Communications & Entertainment Conference
- Pure-play tower strategy, spectrum-driven growth, and AI-led efficiency define the outlook.CCIGoldman Sachs Communacopia + Technology Conference 2026
- Focused on U.S. tower growth, efficiency, and innovation, with improving outlook post-2026.CCICiti’s 2026 Global TMT Conference
- AFFO rose 10% in Q2 2026 after asset sales, debt repayment, and a leaner tower-focused strategy.CCIQ2 2026
- Raised 2025 outlook after strong Q2 growth, cost cuts, and progress on Fiber Business sale.CCIQ2 2025
- Q2 2024 net income fell 45% as site rental revenues declined, but guidance remains steady.CCIQ2 2024
- $8.5B Fiber sale enables pure-play tower focus, $3B buyback, and new dividend policy.CCIQ4 2024
Next Crown Castle earnings date
Morgan Stanley European Technology, Media and Telecom Conference18 Nov, 2026
Crown Castle
Next Crown Castle earnings date
Morgan Stanley European Technology, Media and Telecom Conference18 Nov, 2026
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Frequently asked questions
Crown Castle's Journey in Telecom Infrastructure
Crown Castle International Corp is a real estate investment trust (REIT) that operates in the telecommunications infrastructure industry. The company primarily focuses on the ownership, operation, and leasing of wireless communication towers, small cells, and fiber optic cables. Crown Castle provides essential infrastructure that enables wireless communication networks for mobile network operators and other wireless service providers.
Crown Castle's business model revolves around leasing its infrastructure assets to wireless carriers on long-term contracts. The company generates revenue through three main segments: towers, small cells, and fiber. The towers segment involves leasing space on its wireless communication towers to multiple tenants. The small cells segment includes the installation of small wireless communication devices on structures like utility poles and buildings. The fiber segment consists of leasing and operating fiber optic cables that provide high-speed connectivity for wireless networks.
Competitive strengths
Crown Castle possesses several competitive advantages. Firstly, it benefits from a large portfolio of tower, small cell, and fiber assets, which gives it a strong market position and attracts wireless carriers looking to lease infrastructure. The company's extensive network coverage arguably also provides a competitive edge since it is hard and expensive to replicate.
Structural tailwinds
In recent years, Crown Castle has experienced steady financial growth. The company's revenue has shown consistent increases during the last decade, driven by higher demand for wireless infrastructure and data connectivity. Additionally, Crown Castle has benefited from the increasing data consumption and the deployment of new technologies like 5G. The company has also focused on disciplined capital allocation and expanding its infrastructure footprint, which has contributed to its financial success.
A capital intensive business
One of the challenges faced by Crown Castle is the high capital expenditures required to build and maintain its infrastructure assets. The company needs to continuously invest in expanding and upgrading its network to meet the increasing demands of wireless carriers. Moreover, regulatory and zoning challenges can slow down infrastructure deployment and impact the company's ability to expand in certain regions.
Three listed peers to Crown Castle International are: American Tower, SBA Communications, and Equinix.