Crown Castle (CCI) Q4 2025 Earnings
Reported Feb 4, 2026 at 4:17 PM ET · SEC Source
Q4 25 EPS
$0.67
BEAT +15.74%
Est. $0.58
Q4 25 Revenue
$1.07B
BEAT +1.02%
Est. $1.06B
vs S&P Since Q4 25
-11.5%
TRAILING MARKET
CCI -2.2% vs S&P +9.4%
Full Year 2025 Results
FY 25 EPS
$1.01
MISS 58.76%
Est. $2.45
FY 25 Revenue
$4.26B
BEAT +0.22%
Est. $4.25B
Market Reaction
Did CCI Beat Earnings? Q4 2025 Results
Crown Castle delivered a stronger-than-expected fourth quarter to close out 2025, posting earnings per share of $0.67 against a consensus estimate of $0.54, a beat of 23.09%, while revenue of $1.07 billion edged past the $1.06 billion estimate by 0.9… Read more Crown Castle delivered a stronger-than-expected fourth quarter to close out 2025, posting earnings per share of $0.67 against a consensus estimate of $0.54, a beat of 23.09%, while revenue of $1.07 billion edged past the $1.06 billion estimate by 0.98%, even as the top line fell 35.0% year-over-year amid the ongoing wind-down of Sprint cancellations and the reclassification of its Fiber Business as discontinued operations. The pending $8.50 billion sale of that fiber and small cell segment to EQT and Zayo is the central strategic pivot here, repositioning Crown Castle as a pure-play tower company while enabling roughly $7.00 billion in debt repayment and approximately $1.00 billion in share buybacks post-close. The transition is not without friction; the January 2026 termination of the DISH Wireless contract introduces roughly $240.00 million in combined headwinds next year, prompting a roughly 20% workforce reduction expected to generate $65.00 million in annualized savings. Management guided 2026 site rental revenues of $3.83 billion to $3.87 billion, with AFFO of $4.38 to $4.49 per share, framing next year as a trough before organic growth, projected near 3.5% excluding DISH and Sprint impacts, reasserts itself.
Key Takeaways
- • Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations of $193M or 4.9% growth in FY2025
- • Core leasing activity of $118M in FY2025, up from $110M in FY2024
- • Escalators contributed $96M in FY2025, up from $92M in FY2024
- • SG&A costs decreased $52M year-over-year driven by absence of advisory fees and workforce reductions
- • Services contribution increased $18M year-over-year
CCI Forward Guidance & Outlook
For full year 2026, Crown Castle guided site rental revenues of $3,828M-$3,873M, Adjusted EBITDA of $2,665M-$2,715M, AFFO of $1,895M-$1,945M ($4.38-$4.49 per share), and net income of $640M-$920M ($1.48-$2.12 per diluted share). The outlook excludes DISH Wireless contributions following contract termination in January 2026, with DISH Terminations and Sprint Cancellations expected to total $240M. Excluding DISH and Sprint impacts, organic growth is expected to be approximately 3.5%. The company expects $55M of operating cost savings in 2026 from workforce reductions and other initiatives. Interest expense is expected to decrease approximately $120M from repayment of ~$7B of debt following the Fiber Business sale, assumed to close June 30, 2026. Crown Castle expects to repurchase approximately $1B of shares post-sale. Discretionary capex is guided at $150M-$250M. The annualized dividend is expected to be maintained at $4.25 per share.
CCI YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CCI Revenue by Segment
With YoY comparisons, source: SEC Filings
CCI Revenue by Geography
Regional revenue distribution
“Our full year 2025 results exceeded the midpoint of our guide across all key metrics. When excluding DISH revenues and the impact of Sprint Cancellations, our full year 2026 Outlook includes organic growth of 3.5%, which compares to 3.8% in full year 2025 on a comparable basis. As we work to close our Fiber Business sale in the first half of 2026, we are reducing our tower and corporate workforce by approximately 20%, which together with other cost reductions, will result in approximately $65 million in annualized operating cost savings. We are investing in our systems, streamlining our processes to enhance operational flexibility, and continuing to drive productivity and efficiency across the business. We are also reaffirming our capital allocation framework and remain committed to our dividend, which we expect to maintain at $4.25 per share on an annualized basis.”
— Chris Hillabrant, Q4 2025 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |