Crown Castle Inc.: Mixed — EPS $1.24, Revenue $995M
Mixed ResultQ3 2026 · After-market
@trystockwhiz
Did Crown Castle Inc. (CCI) beat earnings today?
It was a mixed report for Q3 2026 — Crown Castle Inc. (CCI) beat on EPS but missed on revenue.
Earnings Per Share+16.98% surprise
$1.24Actual
Expected: $1.06
vs. year ago +10.7%
Total Revenue-1.49% surprise
$995MActual
Expected: $1.01B
vs. year ago -7.2%
Released Oct 21 · 4:15 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Site rental revenues | $966.00M | $1.01B | -5.0 |
| Net income (loss) | $283.00M | $323.00M | -12.0 |
| Net income (loss) per share—diluted | $0.67 | $0.74 | -9.0 |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Site rental billings | — | $3,805M-$3,835M |
| Amortization of prepaid rent | — | $65M-$95M |
| Straight-lined revenues | — | $(55)M-$(25)M (prev. $(75)M-$(45)M) |
| Other revenues | — | $15M-$15M |
| Site rental revenues | — | $3,853M-$3,898M (prev. $3,833M-$3,878M) |
| Site rental costs of operations | — | $963M-$1,008M |
| Services and other gross margin | — | $70M-$100M |
| Net income (loss) | — | $755M-$1,035M (prev. $730M-$1,010M) |
| Net income (loss) per share—diluted | — | $1.76-$2.41 (prev. $1.70-$2.35) |
| Adjusted EBITDA | — | $2,690M-$2,740M (prev. $2,665M-$2,715M) |
| Depreciation, amortization and accretion | — | $627M-$722M |
| Interest expense and amortization | — | $787M-$832M |
| Income (loss) from discontinued operations | — | $(360)M-$(80)M |
| FFO | — | $1,755M-$1,785M (prev. $1,730M-$1,760M) |
| AFFO | — | $1,955M-$2,005M (prev. $1,950M-$2,000M) |
| AFFO per share | — | $4.54-$4.66 (prev. $4.53-$4.65) |
| Discretionary capital expenditures | — | $190M-$290M (prev. $150M-$250M) |
| Weighted-average common shares | — | 430M |
| Interest expense on debt obligations | — | $770M-$810M |
| Amortization of deferred financing costs | — | $25M-$35M |
| Capitalized interest | — | $(15)M-$(5)M |
| Asset write-down charges | — | $10M-$20M |
| Acquisition and integration costs | — | $(3)M-$3M |
| Restructuring charges | — | $25M-$35M |
| Amortization of prepaid lease purchase price adjustments | — | $14M-$16M |
| Gains/losses on retirement | — | $(25)M-$(25)M |
| Interest income | — | $(25)M-$(25)M |
| Other (income) expense | — | $0M-$9M |
| Stock-based compensation expense | — | $78M-$82M |
| Real estate depreciation, amortization and accretion | — | $600M-$680M |
| Straight-lined expenses | — | $45M-$65M |
| Non-cash tax provision | — | $(8)M-$8M |
| Non-real estate depreciation | — | $27M-$42M |
| Amortization of non-cash interest | — | $15M-$25M |
| Sustaining capital expenditures | — | $(45)M-$(25)M |
| Discretionary capex less prepaid rent | — | $150M-$250M (prev. $110M-$210M) |
Business Highlights
- ➤Completed an agreement with a key customer.
- ➤Acquired an outstanding residual economic interest in a subset of tower sites.
- ➤Extended the term of a significant customer on those tower sites.
- ➤Completed the sale of the Fiber Business on May 1, 2026.
- ➤Received aggregate net cash proceeds of $8.4 billion from the Fiber Business transaction.
- ➤Paid approximately $452 million in common stock dividends during the quarter.
- ➤Owns, operates and leases approximately 40,000 cell towers across the U.S.
- ➤Advanced a pure-play U.S. tower strategy through system modernization and land ownership.
Management Commentary
Chris Hillabrant, President and Chief Executive Officer
“In the third quarter, we improved margins and strengthened our customer relationships including the completion of an agreement with a key customer. As we look ahead, we remain focused on becoming a best-in-class U.S. tower operator by driving additional operating efficiencies, modernizing our systems, and increasing our land ownership under our towers. We believe our pure-play U.S. tower strategy, disciplined capital allocation framework, and investment-grade balance sheet position us to deliver attractive long-term shareholder returns.”
Sunit Patel, Chief Financial Officer
“We are increasing our full year 2026 guide for Adjusted EBITDA by $25 million and AFFO by $5 million to reflect higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement. In the quarter we acquired an outstanding residual economic interest on a subset of our tower sites and extended the term of a significant customer on those sites. We ended the third quarter with a strong balance sheet, including 97% fixed rate debt, a weighted average debt maturity of approximately 7 years, and approximately $3.9 billion of availability under our revolving credit facility.”