Companies /Real Estate

Crown Castle Inc

NYSE: CCI Reit - Specialty
$75.82
▼ $1.44 (−1.86%) today
Markets closed · 6:14pm ET

Q2 2025 Earnings

Reported Jul 23, 2025, 4:20pm ET · SEC source
$0.67
Beat +28.97%
EPS · est. $0.52
$1.1B
Beat +2.17%
Revenue · est. $1.0B
−10.9%
Trailing market
CCI vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%+6%Jul 23Jul 24report 4:20pm ETearnings+0.1%+4.3%
0+2%+4%+6%Jul 23Jul 24earnings+0.1%+4.3%
CCI +4.3%S&P 500 +0.1%
0+2%+4%+6%Jul 23Jul 24report 4:20pm ETearnings+0.1%+4.3%
0+2%+4%+6%Jul 23Jul 24earnings+0.1%+4.3%
CCI +4.3%NASDAQ +0.1%
−3%0+3%Jul 22Jul 31report 4:20pm ETearnings−0.5%−5.1%
−3%0+3%Jul 22Jul 31earnings−0.5%−5.1%
CCI −5.1%S&P 500 −0.5%
−3%0+3%Jul 22Jul 31report 4:20pm ETearnings−0.3%−5.1%
−3%0+3%Jul 22Jul 31earnings−0.3%−5.1%
CCI −5.1%NASDAQ −0.3%
+3.81%
Day of report
−2.13%
Next session
−7.74%
One week
−9.60%
30 days

S&P 500 over the same 30 days: +1.27%.

Did CCI Beat Earnings? Q2 2025 Results

Crown Castle posted a mixed but forward-leaning Q2 2025, with net income climbing 16% to $291 million, or $0.67 per diluted share, even as total revenues of $1.06 billion reflected the persistent drag from Sprint Cancellations. Site rental revenues from continuing operations fell 5.3% year-over-year to $1.01 billion, with $51 million in Sprint non-renewals serving as the single largest headwind, though the underlying tower business held its own as organic site rental billings growth, excluding those cancellations, came in at 4.7%. Adjusted EBITDA slipped 3% to $705 million, partially cushioned by $37 million in lower SG&A costs tied to prior restructuring actions. The company used the momentum to raise its full-year 2025 outlook, lifting AFFO guidance by $35 million to a $1.81 billion to $1.86 billion range and nudging organic growth expectations to 4.7%. Adding a strategic dimension to the print, Crown Castle simultaneously announced the appointment of former Vantage Towers chief Christian Hillabrant as its incoming CEO, effective September 15, as the company presses forward with its $8.50 billion Fiber Business sale to EQT and Zayo.

Key Takeaways
  • 4.7% organic growth in site rental billings excluding Sprint Cancellations
  • Core leasing activity of $28M driven by customer network capacity augmentation
  • $37M decrease in SG&A costs from staffing reductions and office closures announced in June 2024
  • Absence of $20M advisory fees incurred in Q2 2024
  • $6M increase in services contribution
  • Sprint Cancellations created $51M headwind in Q2 2025
  • $34M decrease in straight-lined revenues and $16M decrease in amortization of prepaid rent

“With strong operational performance and higher leasing activity from our customers as they continue to augment capacity in their networks, we delivered solid results in the second quarter and increased our full year 2025 Outlook.”

Crown Castle CEO, on the earnings call

Forward Guidance & Outlook

Crown Castle raised its full year 2025 outlook. Site rental revenues are now expected at $3,997M-$4,042M (midpoint $4,020M, up $10M). Adjusted EBITDA raised to $2,780M-$2,830M (up $25M at midpoint), driven by higher site rental revenues, $10M reduction in SG&A, and $5M increase in services gross margin. AFFO raised to $1,805M-$1,855M (up $35M), or $4.14-$4.25 per share, reflecting $25M Adjusted EBITDA increase plus $10M reduction in interest expense. Net income outlook raised to $100M-$380M ($0.23-$0.87 per diluted share, up $35M). Full year organic growth excluding Sprint Cancellations increased to 4.7% from 4.5% previously. Core leasing activity expected to increase $5M from prior outlook. The sale of the Fiber Business for $8.5 billion to EQT and Zayo continues to be expected to close in the first half of 2026.

CCI YoY Financials

Revenue$1.1B
Operating Income$506.0M
Net Income$291.0M

CCI Revenue by Segment

Site Rental$1.0B−5.3%
Services and Other$52.0M+20.9%

CCI Revenue by Geography

United States

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