Crown Castle (CCI) Q3 2026 earnings summary

Executive summary

• Strategic reset centers on a pure-play U.S. tower business, lower costs, operational simplification and stronger customer relationships; the Fiber Business sale closed May 1, 2026, for $8.4B in net cash proceeds.

• Q3 site rental revenue and Adjusted EBITDA declined YoY, while AFFO increased; FY 2026 guidance midpoints rose across key measures.

Financial highlights

• Site rental revenue was $966M, down $46M, or 5%, from Q3 2025; net income was $283M vs. $323M and diluted EPS was $0.67 vs. $0.74.

• Adjusted EBITDA was $673M, down $45M, or 6%, YoY; lower site rental revenue and services contribution were partly offset by lower SG&A.

• AFFO was $530M, up $40M, or 8%, and AFFO/share was $1.24, up 11%; lower interest expense and diluted shares partly offset revenue changes.

• Q3 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, vs. 4.1% comparable growth in Q3 2025.

• Site rental revenue growth was offset by $5M of Sprint cancellations, $61M of DISH terminations and a $17M decrease in non-cash straight-line revenue and prepaid rent amortization.

Outlook and guidance

• FY 2026 midpoint guidance: site rental revenue $3,875M, net income $895M, diluted EPS $2.08, Adjusted EBITDA $2,715M, AFFO $1,980M and AFFO/share $4.60.

• Versus prior midpoints, guidance increased $20M for site rental revenue, $25M for Adjusted EBITDA, $5M for AFFO, $25M for net income, $0.06 for EPS and $0.01 for AFFO/share.

• FY 2026 organic billings contribution remains $135M, or 3.4%; core leasing activity is expected toward the low end of the $60M–$70M range, and 2026 is expected to be the organic growth low point.

• Discretionary CapEx guidance increased $40M to $190M–$290M, primarily for ground lease buyouts; midpoint is $240M, or $200M net of anticipated $40M prepaid rent additions.

• AFFO of $2.1B at midpoint is expected across H2 2026 and H1 2027; margin expansion of more than 200 bps by 2030 versus 2026 remains the target.