Crown Castle Q3财报：AFFO每股1.24美元超预期但营收9.95亿不及预期，全年指引微幅上修，盘后续跌约1.6%

Crown Castle ( CCI ) stock was trading lower despite third-quarter earnings exceeding consensus and full-year guidance was boosted as site rental revenue was negatively impacted by a decrease in amortization of prepaid rent and straight-lined revenue. Shares were 1.53% lower at $77.45 during post-market trading on Wednesday. Q3 AFFO per share increased 11% from the third quarter of 2025 to $1.24, above the Visible Alpha consensus of $1.21. The increase was primarily a result of decreases in interest expense and outstanding common stock resulting from the use of proceeds from the sale of Fiber and Small Cell businesses, partially offset by the changes in revenue. Net revenue fell to $995M from $1.07B in the same period a year ago, below the average analyst estimate of $1.01B. Site rental revenue decreased to $966M from $1.01B, vs. the $968.41M consensus. Site rental revenue was negatively impacted by a $3M decrease in amortization of prepaid rent and a $14M decrease in straight-lined revenue. Adjusted EBITDA fell 6% year-over-year to $673M, against the $672.20M consensus. The decrease was primarily a result of the lower contribution from site rental revenue, partially offset by lower selling, general, and administrative expenses. Total operating expenses fell $530M from $547M. "We are increasing our full year 2026 guide for adjusted EBITDA by $25M and AFFO by $5M to reflect higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement," said CFO Sunit Patel. Full-year 2026 AFFO per share guidance was increased to $4.60 from $4.59, above the Visible Alpha consensus of $4.56. Adjusted EBITDA guidance was boosted to $2.71B from $2.69B, vs. the $2.69B consensus. Earnings call is scheduled for 4:45 PM ET.