Crown Castle (CCI) Q4 2025 earnings summary

Executive summary

• Full year 2025 results exceeded guidance midpoints for all key metrics, with site rental revenues at $4,049 million, adjusted EBITDA at $2,863 million, and AFFO at $1,904 million, driven by strong operational execution and organic growth of 4.9% excluding Sprint churn.

• Initiated major business transformation, including the sale of small cell and fiber businesses, transitioning to a U.S.-only tower company, with the Fiber Business sale expected to close in the first half of 2026.

• Terminated DISH contract due to payment default, seeking to recover over $3.5 billion in owed payments.

• Announced a restructuring plan, reducing workforce by 20% and targeting $65 million in annualized operating cost savings.

Financial highlights

• 2025 site rental revenues were $4,049 million, adjusted EBITDA was $2,863 million, and AFFO was $1,904 million, all exceeding outlooks.

• 2026 outlook projects site rental revenues of $3,850 million (midpoint), adjusted EBITDA of $2,690 million, and AFFO of $1,920 million, with declines in revenues and EBITDA but a slight AFFO increase.

• AFFO guidance for 12 months post-Fiber Business sale is $2,100 million (midpoint), reflecting cost savings and debt repayment.

• Net income for 2025 was $444 million, rebounding from a $3.9 billion loss in 2024; 2026 net income is expected at $780 million.

Outlook and guidance

• 2026 organic growth expected at 3.3% ($130 million), or 3.5% excluding DISH, with $220 million DISH churn and $20 million Sprint cancellations impacting revenues.

• Cost reductions and lower interest expense are expected to offset revenue declines, resulting in a $15 million AFFO increase in 2026 vs. 2025.

• Dividend to be maintained at $4.25/share until payout ratio target is met, then grown in line with AFFO.

• $1 billion in share repurchases and $7 billion in debt repayment are planned post-Fiber Business sale.