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
-7.6%
TRAILING MARKET
CCI -2.9% vs S&P +4.6%
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.
CCI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CCI Revenue by Segment
With YoY comparisons, source: SEC Filings
CCI Revenue by Geography
With YoY comparisons, source: SEC Filings
“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
CCI Earnings Trends
CCI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCI EPS Trend
Earnings per share: estimate vs actual
CCI Revenue Trend
Quarterly revenue: estimate vs actual
CCI Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.51 | $1.13 | +122.09% | $1.01B | +1.21% |
| Q1 26 BEAT | $0.47 | $1.02 | +116.61% | $1.01B | +1.53% |
| Q4 25 BEAT FY | $0.58 | $0.67 | +15.74% | $1.07B | +1.02% |
| FY Full Year | $2.45 | $1.01 | -58.76% | $4.26B | +0.22% |
| Q3 25 BEAT | $0.49 | $0.74 | +51.02% | $1.07B | +1.82% |
| Q2 25 BEAT | $0.52 | $0.67 | +28.97% | $1.06B | +2.17% |
| Q1 25 MISS | $-0.01 | $-1.07 | -9,204.35% | $1.06B | +1.97% |