Crown Castle (CCI) Q3 2026 Earnings
Includes $6 million in restructuring charges related to the 2026 Restructuring Plan in Q3 2026. Q3 2025 AFFO included contributions from the since-divested Fiber Business through discontinued operations.
How Did CCI Stock React to Q3 2026 Earnings?
Did CCI Beat Earnings? Q3 2026 Results
Yes. Crown Castle reported Q3 2026 earnings of $1.24 a share on Oct 21, 2026, beating the $0.68 consensus estimate by 82.5%. Revenue was $995.0M against a $1.0B estimate.
Crown Castle delivered a striking earnings beat in Q3 2026, with adjusted AFFO per share of $1.24 clearing the $0.68 consensus estimate by 82.46%, extending the company's streak of beating consensus EPS estimates to five consecutive quarters. The pure-play tower story drove the outperformance: following the May 2026 sale of its Fiber Business for $8.40 billion in net proceeds, Crown Castle benefited from meaningfully lower interest expense of $177.00 million versus $247.00 million a year ago, which powered AFFO higher to $530.00 million from $490.00 million. Revenue, however, came in at $995.00 million, a 1.69% miss against the $1.01 billion consensus and a 7.2% year-over-year decline, with DISH terminations alone weighing $61.00 million on site rental billings. Analysts had flagged the revenue pressure ahead of the print, noting that carrier exits and the fiber divestiture would cloud top-line comparisons. Management raised its full-year Adjusted EBITDA midpoint to $2.71 billion and AFFO midpoint to $1.98 billion, or $4.60 per share, signaling confidence in the restructured tower-focused business.
- AFFO per share increased 11% YoY to $1.24, driven by lower interest expense ($177M vs $247M) and reduced outstanding common stock (426M vs 437M diluted shares)
- Organic Contribution to Site Rental Billings of $35 million or 3.5% growth (3.8% excluding DISH from prior year base)
- Lower selling, general and administrative expenses ($82M vs $97M) partially offset revenue declines
- Escalators contributed $25 million to organic growth in Q3 2026
- Core leasing activity contributed $16 million in Q3 2026
- Interest expense on debt obligations decreased to $171M from $244M YoY due to debt reduction from Fiber sale proceeds
- Consolidated Return on Invested Capital of 9.9% (Q3 2026 LQA) vs 10.7% (Q3 2025 LQA)
- Cash Yield on Invested Capital of 12.3% vs 13.0% YoY
- FFO per share increased to $1.04 from $1.01 YoY despite lower absolute FFO ($442M vs $443M)
- Adjusted Site Rental Gross Margin of $721M in Q3 2026 vs $767M in Q3 2025
“In the third quarter, we improved margins and strengthened our customer relationships including the completion of an agreement with a key customer. As we look ahead, we remain focused on becoming a best-in-class U.S. tower operator by driving additional operating efficiencies, modernizing our systems, and increasing our land ownership under our towers. We believe our pure-play U.S. tower strategy, disciplined capital allocation framework, and investment-grade balance sheet position us to deliver attractive long-term shareholder returns.”
Crown Castle CEO, on the earnings call
What Is Crown Castle's Outlook?
Crown Castle updated its full year 2026 Outlook with key increases: Adjusted EBITDA midpoint raised by $25 million to $2,715 million ($2,690–$2,740 million); AFFO midpoint raised by $5 million to $1,980 million ($1,955–$2,005 million, or $4.54–$4.66 per share, midpoint $4.60). FFO outlook of $1,755–$1,785 million ($4.08–$4.15 per share). Site rental revenues outlook of $3,853–$3,898 million (midpoint $3,875 million), reflecting a $20 million increase from higher straight-lined revenues related to contractual term extensions. Site rental cost of operations decreased $5 million from higher ground lease buyout activity and operational efficiencies. Discretionary capital expenditures increased by $40 million to $190–$290 million range from higher ground lease buyout activity. Core leasing activity expected to finish towards the bottom of the $60–$70 million full year range. Full year net income (loss) expected at $755–$1,035 million ($1.76–$2.41 per diluted share). Organic Contribution to Site Rental Billings (excluding DISH and Sprint impacts) expected at approximately $135 million, or 3.4% (3.6% excluding DISH from prior year base). Interest expense outlook unchanged at $787–$832 million. DISH Terminations expected to reduce site rental billings by $220 million and Sprint Cancellations by $20 million for the full year. Site rental billings outlook of $3,805–$3,835 million. Restructuring charges expected at $25–$35 million for the full year.
CCI YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $995.0M | $1.1B | −7.2% |
| Gross Profit | $734.0M | $792.0M | −7.3% |
| Operating Income | $465.0M | $525.0M | −11.4% |
| Net Income | $283.0M | $323.0M | −12.4% |
CCI Revenue by Segment
CCI Revenue by Geography
When Does Crown Castle Report Next?
Figures from SEC filings and company reports. Not investment advice.