Companies /Real Estate

Crown Castle Inc

NYSE: CCI Reit - Specialty
$75.82
▼ $1.44 (−1.86%) today
Markets closed · 4:21pm ET

Q2 2026 Earnings

Reported Jul 22, 2026, 4:17pm ET · SEC source
$1.13
Beat +122.09%
EPS · est. $0.51
$1.0B
Beat +1.21%
Revenue · est. $996.0M
−1.0%
Trailing market
CCI vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Jul 22Jul 23report 4:17pm ETearnings−1.3%−3.7%
−4%−2%0Jul 22Jul 23earnings−1.3%−3.7%
CCI −3.7%S&P 500 −1.3%
−4%−2%0Jul 22Jul 23report 4:17pm ETearnings−1.8%−3.7%
−4%−2%0Jul 22Jul 23earnings−1.8%−3.7%
CCI −3.7%NASDAQ −1.8%
−4%−2%0+2%Jul 21Jul 30report 4:17pm ETearnings−0.8%−1.3%
−4%−2%0+2%Jul 21Jul 30earnings−0.8%−1.3%
CCI −1.3%S&P 500 −0.8%
−6%−3%0Jul 21Jul 30report 4:17pm ETearnings−2.8%−1.3%
−6%−3%0Jul 21Jul 30earnings−2.8%−1.3%
CCI −1.3%NASDAQ −2.8%
−3.78%
Day of report
+0.44%
Next session
+2.60%
One week
+2.45%
30 days

S&P 500 over the same 30 days: +3.43%.

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 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

“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.”

Crown Castle CEO, on the earnings call

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.

CCI YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$900.0M$1.1B$1.0BRevenue$782.0M$740.0MGross Profit$506.0M$470.0MOperating Income$291.0M$94.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CCI Revenue by Segment

Site Rental$967.0M−4.1%
Services and Other$41.0M−21.2%

CCI Revenue by Geography

United States$1.0B

Figures from SEC filings and company reports. Not investment advice.