Crown Castle发布2026年二季度业绩并小幅上调全年AFFO总额展望

Crown Castle Reports Second Quarter 2026 Results and Updates Outlook for Full Year 2026
| (dollars in millions, except per share amounts) | Current Full Year 2026 Outlook Midpoint(a) | Full Year 2025 Actual | % Change | Previous Full Year 2026 Outlook(b) | Current Compared to Previous Outlook | |||||
| Site rental revenues(c) | $ | 3,855 | $ | 4,049 | (5 | )% | $ | 3,850 | $ | 5 |
| Net income (loss) | $ | 870 | $ | 444 | 96 | % | $ | 830 | $ | 40 |
| Net income (loss) per share—diluted | $ | 2.02 | $ | 1.01 | 100 | % | $ | 1.94 | $ | 0.08 |
| Adjusted EBITDA(c)(d) | $ | 2,690 | $ | 2,863 | (6 | )% | $ | 2,690 | $ | — |
| AFFO(c)(d) | $ | 1,975 | $ | 1,904 | 4 | % | $ | 1,970 | $ | 5 |
| AFFO per share(c)(d) | $ | 4.59 | $ | 4.36 | 5 | % | $ | 4.59 | $ | — |
| (a) | Reflects midpoint of full year 2026 Outlook as issued on |
| (b) | Reflects midpoint of previous full year 2026 Outlook as issued on |
| (c) | Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations through |
| (d) | See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis. |
"We delivered a solid second quarter, positioning us to increase our full year 2026 guide for AFFO," said
RESULTS FROM THE QUARTER
| (dollars in millions, except per share amounts) | Q2 2026 | Q2 2025 | Change | % Change | |||||
| Site rental revenues(a) | $ | 967 | $ | 1,008 | $ | (41 | ) | (4 | )% |
| Net income (loss) | $ | 94 | $ | 291 | $ | (197 | ) | (68 | )% |
| Net income (loss) per share—diluted | $ | 0.22 | $ | 0.67 | $ | (0.45 | ) | (67 | )% |
| Adjusted EBITDA(a)(b) | $ | 675 | $ | 705 | $ | (30 | ) | (4 | )% |
| AFFO(a)(b) | $ | 488 | $ | 444 | $ | 44 | 10 | % | |
| AFFO per share(a)(b) | $ | 1.13 | $ | 1.02 | $ | 0.11 | 11 | % |
| (a) | Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information"), which are presented in discontinued operations through |
| (b) | See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis. |
HIGHLIGHTS FROM THE QUARTER
- Site rental revenues. Organic Contribution to Site Rental Billings in the second quarter 2026 was
$38 million , or 3.9% organic growth, excluding an unfavorable$49 million and$5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 4.2% if DISH revenues are excluded from prior year site rental billings, which compares to 3.7% in the second quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a$3 million decrease in amortization of prepaid rent and a$23 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of$41 million , or 4.1% from second quarter 2025 to second quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH.
| ($ in millions; totals may not sum due to rounding) | Current Full Year 2026 Outlook Midpoint(a) | Q2 2026 | Q2 2025(c) | |||||||||||||||
| Core leasing activity(b) | $ | 65 | 1.8 | % | $ | 15 | 1.7 | % | $ | 16 | 1.7 | % | ||||||
| Escalators | $ | 100 | 2.7 | % | $ | 25 | 2.7 | % | $ | 24 | 2.6 | % | ||||||
| Non-renewals(b) | $ | (30 | ) | (0.8 | )% | $ | (7 | ) | (0.7 | )% | $ | (7 | ) | (0.7 | )% | |||
| Change in other billings(b) | $ | — | — | % | $ | 5 | 0.5 | % | $ | 2 | 0.2 | % | ||||||
| Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b) | $ | 135 | 3.6 | % | $ | 38 | 4.2 | % | $ | 34 | 3.7 | % |
| (a) | As issued on |
| (b) | See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations. |
| (c) | Amounts have been recast to exclude DISH contributions to the components of Organic Contribution to Site Rental Billings. |
- Net income (loss). Net income (loss) for the second quarter 2026 was
$94 million compared to$291 million for the second quarter 2025. - Adjusted EBITDA. Second quarter 2026 Adjusted EBITDA was
$675 million compared to$705 million for the second quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues discussed above, partially offset by a decrease in selling, general and administrative expenses, excluding the impact of stock-based compensation expense. - AFFO and AFFO per share. Second quarter 2026 AFFO was
$488 million , or$1.13 per share, representing a 10% increase from second quarter 2025. The increase in the quarter was primarily a result of a decrease in interest expense and an increase in interest income resulting from the use of proceeds from the sale of our Fiber and Small Cell businesses. - Capital expenditures. Capital expenditures from continuing operations during the second quarter were
$59 million , composed of $52 million of discretionary capital expenditures and$7 million of sustaining capital expenditures. The$59 million of capital expenditures increased 48% compared to$40 million of capital expenditures during second quarter 2025, primarily driven by a$20 million increase in land capital expenditures. - Common stock dividend. During the quarter,
Crown Castle paid common stock dividends of approximately$460 million in the aggregate, or$1.0625 per common share, unchanged on a per share basis compared to the same period a year ago.
"In the second quarter we delivered solid results and closed the sale of our Fiber and Small Cell businesses for
OUTLOOK
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in
The following table sets forth
- A
$5 million increase to site rental revenues from higher Organic Contributions to Site Rental Billings. - A
$10 million decrease in site rental cost of operations and a$15 million decrease in selling, general and administrative expenses, including a$10 million decrease to stock based compensation expense. - A
$20 million decrease in services and other gross margin. - A
$5 million decrease in interest expense.
| (in millions, except per share amounts) | Full Year 2026 Outlook(a) | Changes to Midpoint from Previous Outlook(b) | |||
| Site rental billings(c) | to | ||||
| Amortization of prepaid rent | 65 | to | 95 | — | |
| Straight-lined revenues | (75) | to | (45) | — | |
| Other revenues | 15 | to | 15 | — | |
| Site rental revenues | 3,833 | to | 3,878 | 5 | |
| Site rental costs of operations(d) | 968 | to | 1,013 | 10 | |
| Services and other gross margin | 70 | to | 100 | (20) | |
| Net income (loss)(e) | 730 | to | 1,010 | 40 | |
| Net income (loss) per share—diluted(e) | 1.70 | to | 2.35 | 0.08 | |
| Adjusted EBITDA(c) | 2,665 | to | 2,715 | — | |
| Depreciation, amortization and accretion | 627 | to | 722 | — | |
| Interest expense and amortization of deferred financing costs, net(f) | 787 | to | 832 | (5) | |
| Income (loss) from discontinued operations, net of tax(g) | (360) | to | (80) | — | |
| FFO(c) | 1,730 | to | 1,760 | 40 | |
| AFFO(c) | 1,950 | to | 2,000 | 5 | |
| AFFO per share(c) | 4.53 | to | 4.65 | — | |
| Discretionary capital expenditures(c) | 150 | to | 250 | — |
| (a) | As issued on |
| (b) | As issued on |
| (c) | See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net