Crown Castle (CCI) Q2 2026 earnings summary

Executive summary

• Completed the sale of Fiber and Small Cell businesses on May 1, 2026, for $8.4 billion in net proceeds, transforming into a pure-play U.S. tower operator and focusing solely on tower operations.

• Initiated a restructuring plan in February 2026, reducing headcount by 20% and consolidating office space to enhance efficiency.

• Repurchased $1.0 billion of common stock and repaid $7.2 billion in debt using proceeds from the Fiber sale.

• Focused on operational efficiencies, increasing land ownership under towers, investing in automation, and improving customer experience.

• Pursuing a $3.5 billion contractual claim in DISH Wireless bankruptcy, with a $2.4 billion escrow account established for vendor claims.

Financial highlights

• Q2 2026 site rental revenues were $967–$1,008 million, down 4–5% year-over-year due to DISH terminations and Sprint cancellations.

• Adjusted EBITDA for Q2 2026 was $675–$705 million, a 4% decrease year-over-year.

• AFFO for Q2 2026 was $488 million, up $44 million or 10% year-over-year, with AFFO per share at $1.13, up 11%.

• Completed $1B in share repurchases at $88.66/share, retiring over 11M shares and reducing annual dividend obligation by $47M.

• Paid $460 million in dividends during Q2 2026; $932 million in the first half of 2026.

Outlook and guidance

• Raised full-year 2026 AFFO guidance midpoint to $1,975 million, up $5 million from previous outlook and 4% from 2025.

• Full-year 2026 site rental revenues expected at $3,833–$3,878 million, a 5% decrease from 2025 due to tenant churn.

• Adjusted EBITDA guidance for 2026 is $2,665–$2,715 million.

• Organic contribution to site rental billings for 2026 projected at $100–$135 million, or 3.4% growth, up from $65 million prior.

• Discretionary CapEx outlook unchanged at $150–$250 million.