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Crown Castle

Crown Castle (CCI) Q2 2026 Earnings

Reported Jul 22, 2026 at 4:17 PM ET · SEC Source

Q2 26 EPS

$1.13

BEAT +122.09%

Est. $0.51

Q2 26 Revenue

$1.01B

BEAT +1.21%

Est. $996.0M

vs S&P Since Q2 26

-7.7%

TRAILING MARKET

CCI -3.0% vs S&P +4.7%

Market Reaction

Did CCI Beat Earnings? Q2 2026 Results

Crown Castle delivered a decisive earnings beat in Q2 2026, its first full quarter as a pure-play U.S. Tower operator, posting adjusted funds from operations of $1.13 per share against a consensus estimate of $0.51, a 122.09% positive surprise driven… Read more Crown Castle delivered a decisive earnings beat in Q2 2026, its first full quarter as a pure-play U.S. Tower operator, posting adjusted funds from operations of $1.13 per share against a consensus estimate of $0.51, a 122.09% positive surprise driven primarily by lower interest expense and higher interest income following the repayment of more than $7.00 billion in debt with proceeds from its $8.40 billion fiber and small cell sale to EQT and Zayo. Revenue of $1.01 billion edged past the $995.99 million consensus by 1.21%, though it declined 4.9% year-over-year as $49.00 million in DISH terminations weighed on site rental billings; excluding those headwinds, organic growth accelerated to 4.2%. The company's roughly 40,000-tower portfolio generated $675.00 million in adjusted EBITDA, while its balance sheet now carries 100% fixed-rate debt at a 3.7% weighted average rate. Analysts had broadly anticipated that U.S. Tower leasing would bottom in 2026, and management's raised full-year AFFO outlook of $4.59 per share, representing 4% growth, reinforces that view.

Key Takeaways

  • • Organic Contribution to Site Rental Billings of $38 million (4.2% growth excluding DISH/Sprint impacts) in Q2 2026
  • • AFFO increased 10% YoY to $488 million driven by lower interest expense and higher interest income from Fiber sale proceeds
  • • Operating efficiencies driving SG&A expense reductions
  • • Escalators contributed $25 million in Q2 2026, up from $24 million in Q2 2025
  • • Core leasing activity of $15 million in Q2 2026
  • • Interest expense declined to $208 million from $243 million YoY due to debt repayment
  • • Interest income rose to $18 million from $4 million YoY
  • • T-Mobile 42%, AT&T 28%, Verizon 23% of site rental revenues — high tenant concentration
  • • Adjusted Site Rental Gross Margin of $723 million in Q2 2026 vs $762 million in Q2 2025
  • • Net Debt to LQA Adjusted EBITDA of 6.3x with Net Debt of $17,099 million

CCI Forward Guidance & Outlook

Crown Castle raised its full year 2026 AFFO outlook midpoint to $1,975 million ($4.59 per share), up $5 million from the previous outlook, representing 4% growth over full year 2025 AFFO of $1,904 million. Full year 2026 site rental revenues are expected to be $3,833-$3,878 million (midpoint $3,855 million, up $5 million). Net income outlook raised to $730-$1,010 million (midpoint $870 million, up $40 million). Adjusted EBITDA outlook unchanged at $2,665-$2,715 million (midpoint $2,690 million). Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations expected at $120-$150 million or 3.4%-3.6% growth. Full year interest expense guided at $787-$832 million. Income (loss) from discontinued operations of ($360) to ($80) million. Discretionary capital expenditures of $150-$250 million. Site rental billings outlook of $3,805-$3,835 million. FFO outlook of $1,730-$1,760 million ($4.02-$4.09 per share). DISH Terminations expected at ($220) million and Sprint Cancellations at ($20) million for full year. Restructuring charges of $25-$35 million. Sustaining capital expenditures of ($45)-($25) million.

24/7 Wall St

CCI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CCI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

CCI Revenue by Geography

With YoY comparisons, source: SEC Filings

Q3 25 Q2 26

“We delivered a solid second quarter, positioning us to increase our full year 2026 guide for AFFO. On May 1st, we successfully completed a significant milestone in the transformation of our business by concluding the sale of our Fiber and Small Cell businesses. We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience. With a clear pure-play US tower strategy, a disciplined capital allocation framework, and an investment-grade balance sheet, we believe we are well positioned to deliver attractive long-term shareholder returns.”

— Chris Hillabrant, Q2 2026 Earnings Press Release

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