Companies /Real Estate

Crown Castle Inc

NYSE: CCI Reit - Specialty
$75.82
▼ $1.44 (−1.86%) today
Markets closed · 6:15pm ET

Q1 2025 Earnings

Reported Apr 30, 2025, 4:17pm ET · SEC source
$-1.07
Miss −9,204.35%
EPS · est. $-0.01
$1.1B
Beat +1.97%
Revenue · est. $1.0B
−12.8%
Trailing market
CCI vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−0.9%0+0.9%+1.8%Apr 30May 1report 4:17pm ETearnings+0.7%+0.6%
−0.9%0+0.9%+1.8%Apr 30May 1earnings+0.7%+0.6%
CCI +0.6%S&P 500 +0.7%
0+2%Apr 30May 1report 4:17pm ETearnings+1.2%+0.6%
0+2%Apr 30May 1earnings+1.2%+0.6%
CCI +0.6%NASDAQ +1.2%
−2%0+2%Apr 29May 8report 4:17pm ETearnings+1.9%−2.3%
−2%0+2%Apr 29May 8earnings+1.9%−2.3%
CCI −2.3%S&P 500 +1.9%
−2%0+2%+4%Apr 29May 8report 4:17pm ETearnings+2.7%−2.3%
−2%0+2%+4%Apr 29May 8earnings+2.7%−2.3%
CCI −2.3%NASDAQ +2.7%
+0.51%
Day of report
+0.54%
Next session
−2.84%
One week
−6.06%
30 days

S&P 500 over the same 30 days: +6.74%.

Did CCI Beat Earnings? Q1 2025 Results

Crown Castle posted a steep headline loss in the first quarter of 2025, reporting earnings per share of -$1.07 and revenue of $1.06 billion, as the tower company absorbed an $830 million loss on disposal tied to its landmark agreement to sell its small cells and fiber solutions businesses to EQT and Zayo for $8.50 billion in aggregate. That transaction drove a net loss of $464 million for the quarter, swinging sharply from net income of $311 million a year earlier, and left Crown Castle reclassified as a pure-play U.S. tower operator with the Fiber Business now in discontinued operations. Beneath the headline noise, the underlying tower franchise held relatively steady; organic contribution to site rental billings grew 5.1% excluding Sprint cancellations, though $51 million in Sprint cancellations produced a 5.3% year-over-year decline in site rental revenues. Adjusted EBITDA fell 4% to $722 million, while AFFO came in at $1.10 per share. Management maintained its full-year 2025 outlook unchanged, targeting AFFO of $4.06 to $4.17 per share, with the fiber sale expected to close in the first half of 2026.

Key Takeaways
  • 5.1% organic growth in tower business excluding Sprint Cancellations, driven by strong U.S. activity levels
  • Core leasing activity of $28M consistent with prior quarters
  • Escalators contributed $24M in Q1 2025
  • $21M decrease in SG&A costs from staffing reductions and office closures announced June 2024
  • $6M increase in services contribution

“We delivered solid operational and financial results in the first quarter, as a continuation of strong activity levels in the U.S. drove 5% organic growth in our tower business excluding the impact of Sprint Cancellations, positioning us well to meet our full year 2025 Outlook.”

Crown Castle CEO, on the earnings call

Forward Guidance & Outlook

Crown Castle maintained its full year 2025 Outlook unchanged from the prior issuance on March 13, 2025. Key guidance: Site rental revenues of $3,987M to $4,032M; Adjusted EBITDA of $2,755M to $2,805M; AFFO of $1,770M to $1,820M ($4.06 to $4.17 per share); Net income (loss) of $65M to $345M (including discontinued operations); Discretionary capital expenditures of $185M; Full year site rental billings growth excluding Sprint Cancellations expected at 4.5%; Sprint Cancellations of approximately $205M expected for the full year. The company anticipates an annualized dividend per share reduction to $4.25 in Q2, targeting a 75-80% AFFO payout ratio excluding amortization of prepaid rent. The Fiber Business sale to EQT and Zayo for $8.5 billion is expected to close in H1 2026.

CCI YoY Financials

Revenue$1.1B
Operating Income$521.0M
Net Income$-464,000,000

CCI Revenue by Segment

Site Rental$1.1B
Services and Other

CCI Revenue by Geography

United States

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