Crown Castle 公布 2026 年 Q3 业绩：收入/EBITDA 同比下滑、仅小幅上调全年指引，盘后股价续跌约 4%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 21, 2026
Crown Castle Inc
.
(Exact name of registrant as specified in its charter)
Delaware
001-16441
76-0470458
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
8020 Katy Freeway
,
Houston
,
Texas
77024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(
713
)
570-3000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
CCI
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 21, 2026, Crown Castle Inc. ("Company") issued a press release disclosing its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
ITEM 7.01 — REGULATION FD DISCLOSURE
The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on October 21, 2026. The supplemental information package is furnished herewith as Exhibit 99.2.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Index
Exhibit No.
Description
99.1
Press Release dated
October 21
, 2026
99.2
Supplemental Information Package for period ended
September
30, 2026
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
The information in Items 2.02 and 7.01 of this Form 8-K and Exhibits 99.1 and 99.2 attached hereto are furnished as part of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CROWN CASTLE INC.
By:
/s/ Edward B. Adams, Jr.
Name:
Edward B. Adams, Jr.
Title:
Executive Vice President
and General Counsel
Date: October 21, 2026

----- q32026earningsrelease.htm -----
EX-99.1
2
q32026earningsrelease.htm
EX-99.1
Document
Exhibit 99.1
NEWS RELEASE
October 21, 2026
Contacts: Sunit Patel, CFO
Hamilton West, VP Corp Finance & Treasurer
FOR IMMEDIATE RELEASE
Crown Castle Inc.
713-570-3050
CROWN CASTLE REPORTS THIRD QUARTER 2026 RESULTS AND UPDATES OUTLOOK FOR FULL YEAR 2026
October 21, 2026 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the third quarter ended September 30, 2026, and updated its full year 2026 Outlook, as reflected in the table below.
(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)
$3,875
$4,049
(4)%
$3,855
$20
Net income (loss)
$895
$444
102%
$870
$25
Net income (loss) per share—diluted
$2.08
$1.01
106%
$2.02
$0.06
Adjusted EBITDA
(c)(d)
$2,715
$2,863
(5)%
$2,690
$25
AFFO
(c)(d)
$1,980
$1,904
4%
$1,975
$5
AFFO per share
(c)(d)
$4.60
$4.36
6%
$4.59
$0.01
(a)
Reflects midpoint of full year 2026 Outlook as issued on October 21, 2026.
(b)
Reflects midpoint of previous full year 2026 Outlook as issued on July 22, 2026.
(c)
Excludes amounts related to the Fiber Business (as defined in "
Non-GAAP Measures and Other Information
"), which are presented in discontinued operations through April 30, 2026.
(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.
"In the third quarter, we improved margins and strengthened our customer relationships including the completion of an agreement with a key customer," said Chris Hillabrant, Crown Castle’s President and Chief Executive Officer. "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."
The pathway to possible.
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News Release continued:
Page 2
RESULTS FROM THE QUARTER
(dollars in millions, except per share amounts)
Q3 2026
Q3 2025
Change
% Change
Site rental revenues
(a)
$966
$1,012
$(46)
(5)%
Net income (loss)
$283
$323
$(40)
(12)%
Net income (loss) per share—diluted
$0.67
$0.74
$(0.07)
(9)%
Adjusted EBITDA
(a)(b)
$673
$718
$(45)
(6)%
AFFO
(a)(b)
$530
$490
$40
8%
AFFO per share
(a)(b)
$1.24
$1.12
$0.12
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 April 30, 2026.
(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 third quarter 2026 was $35 million, or 3.5% organic growth, excluding an unfavorable $61 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 3.8% if DISH revenues are excluded from prior year site rental billings, which compares to 4.1% in the third quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a $3 million decrease in amortization of prepaid rent and a $14 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $46 million, or 4.5%, from third quarter 2025 to third quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH.
($ in millions; totals may not sum due to rounding)
Current Full Year 2026 Outlook Midpoint
(a)
Q3 2026
Q3 2025
(c)
Core leasing activity
(b)
$65
1.8%
$16
1.8%
$20
2.1%
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)
$—
—%
$—
0.0%
$2
0.2%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations
(b)
$135
3.6%
$35
3.8%
$39
4.1%
(a)
As issued on October 21, 2026.
(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 third quarter 2026 was $283 million compared to $323 million for the third quarter 2025.
•
Adjusted EBITDA.
Third quarter 2026 Adjusted EBITDA was $673 million compared to $718 million for the third quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues discussed above and lower services contribution, partially offset by lower selling, general and administrative expenses.
The pathway to possible.
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News Release continued:
Page 3
•
AFFO and AFFO per share.
Third quarter 2026 AFFO was $530 million, or $1.24 per share, representing increases of 8% and 11%, respectively, from third quarter 2025. The increase in the quarter was primarily a result of decreases in interest expense and outstanding common stock resulting from the use of proceeds from the sale of our Fiber and Small Cell businesses partially offset by the changes in revenue discussed above.
•
Capital expenditures.
Capital expenditures during the third quarter were $66 million, composed of $58 million of discretionary capital expenditures and $8 million of sustaining capital expenditures. The $66 million of capital expenditures increased 57% compared to $42 million of capital expenditures from continuing operations during third quarter 2025, primarily driven by a $24 million increase in land capital expenditures.
•
Common stock dividend.
During the quarter, Crown Castle paid common stock dividends of approximately $452 million in the aggregate, or $1.0625 per common share, unchanged on a per share basis compared to the same period a year ago.
"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," said Sunit Patel, Crown Castle’s Chief Financial Officer. "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."
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 Crown Castle's filings with the SEC.
The following table sets forth Crown Castle's current full year 2026 Outlook, which includes the following key updates from the previous Outlook issued on July 22, 2026:
•
We expect to finish the year towards the bottom end of the $60 million to $70 million full year 2026 Outlook range for core leasing activity.
•
A $20 million increase to site rental revenues from higher straight-lined revenues related to contractual term extensions.
•
A $5 million decrease in site rental cost of operations from higher ground lease buyout activity and additional operational efficiencies.
•
A $40 million increase in discretionary capital expenditures from higher ground lease buyout activity.
The pathway to possible.
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News Release continued:
Page 4
(in millions, except per share amounts)
Full Year 2026 Outlook
(a)
Changes to Midpoint from Previous Outlook
(b)
Site rental billings
(c)
$3,805
to
$3,835
$—
Amortization of prepaid rent
65
to
95
—
Straight-lined revenues
(55)
to
(25)
20
Other revenues
15
to
15
—
Site rental revenues
3,853
to
3,898
20
Site rental costs of operations
(d)
963
to
1,008
(5)
Services and other gross margin
70
to
100
—
Net income (loss)
(e)
755
to
1,035
25
Net income (loss) per share—diluted
(e)
1.76
to
2.41
0.06
Adjusted EBITDA
(c)
2,690
to
2,740
25
Depreciation, amortization and accretion
627
to
722
—
Interest expense and amortization of deferred financing costs, net
(f)
787
to
832
—
Income (loss) from discontinued operations, net of tax
(g)
(360)
to
(80)
—
FFO
(c)
1,755
to
1,785
25
AFFO
(c)
1,955
to
2,005
5
AFFO per share
(c)
4.54
to
4.66
0.01
Discretionary capital expenditures
(c)
190
to
290
40
(a)
As issued on October 21, 2026.
(b)
As issued on July 22, 2026.
(c)
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, and for our definitions of site rental billings and discretionary capital expenditures.
(d)
Exclusive of depreciation, amortization and accretion.
(e)
Includes contribution from discontinued operations through April 30, 2026.
(f)
See "
Non-GAAP Measures and Other Information
" for the reconciliation of "
Outlook for Components of Interest Expense."
(g)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
•
The following chart reconciles the components contributing to the expected 2026 decrease in site rental revenues.
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News Release continued:
Page 5
•
Full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, is expected to remain unchanged at approximately $135 million, or 3.4%, at the midpoint, or 3.6% if DISH revenues are excluded from prior year site rental billings.
•
Straight-lined revenues are expected to be $20 million higher due to contractual term extensions, resulting in a $20 million increase in full year growth in 2026 site rental revenues at the midpoint.
•
The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $75 million at the midpoint.
•
Expenses impacting AFFO are expected to decrease approximately $5 million from the previous full year 2026 Outlook due to higher ground lease buyout activity and additional operational efficiencies, resulting in a $5 million increase to full year 2026 Outlook for AFFO growth at the midpoint.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
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News Release continued:
Page 6
CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Wednesday, October 21, 2026, at 4:45 p.m. Eastern time to discuss its third quarter 2026 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.
A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, October 21, 2027.
ABOUT CROWN CASTLE
Crown Castle owns, operates and leases approximately 40,000 cell towers across the U.S. This nationwide portfolio serves as the foundation of wireless connectivity that provides cities and communities access to essential data, technology and wireless service – bringing information, ideas, innovations and the connectivity of modern life to help people and businesses thrive. For more information on Crown Castle, please visit
www.crowncastle.com
.
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News Release continued:
Page 7
Non-GAAP Measures and Other Information
This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), and Net Debt, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
•
Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
•
AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
•
FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
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News Release continued:
Page 8
•
Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
•
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
Non-GAAP Financial Measures
Adjusted EBITDA.
We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO.
We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share.
We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO.
We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share.
We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings.
We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt.
We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Other Definitions
Site rental billings.
We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
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Core leasing activity
. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings
. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals
. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures.
We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures.
We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations.
We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations.
We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business.
We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction"). The Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
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Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended
For the Nine Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
December 31, 2025
Net income (loss)
(a)
$
283
$
323
$
528
$
150
$
444
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
1
3
6
7
11
Depreciation, amortization and accretion
180
167
523
520
690
Restructuring charges
(b)
6
—
20
—
—
Amortization of prepaid lease purchase price adjustments
3
4
10
11
15
Interest expense and amortization of deferred financing costs, net
(c)
177
247
627
726
972
(Gains) losses on retirement of long-term obligations
—
—
(24)
—
—
Interest income
(3)
(3)
(25)
(10)
(13)
Other (income) expense
3
—
5
(3)
(3)
(Benefit) provision for income taxes
5
4
14
13
16
Stock-based compensation expense, net
18
19
65
55
73
(Income) loss from discontinued operations, net of tax
(d)
—
(46)
275
676
659
Adjusted EBITDA
(e)(f)
$
673
$
718
$
2,024
$
2,145
$
2,863
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2026
(in millions; totals may not sum due to rounding)
Outlook
(g)
Net income (loss)
(a)
$755
to
$1,035
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
10
to
20
Acquisition and integration costs
(3)
to
3
Depreciation, amortization and accretion
627
to
722
Restructuring charges
(h)
25
to
35
Amortization of prepaid lease purchase price adjustments
14
to
16
Interest expense and amortization of deferred financing costs, net
(i)
787
to
832
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
Interest income
(25)
to
(25)
Other (income) expense
0
to
9
(Benefit) provision for income taxes
11
to
19
Stock-based compensation expense, net
78
to
82
(Income) loss from discontinued operations, net of tax
(j)
80
to
360
Adjusted EBITDA
(e)(f)
$2,690
to
$2,740
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(c)
See the reconciliation of "
Components of Interest Expense
"
for a discussion of non-cash interest expense.
(d)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(e)
See discussion and our definition of Adjusted EBITDA in this "
Non-GAAP Measures and Other Information
."
(f)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)
As issued on October 21, 2026.
(h)
Represents expected restructuring charges related to the 2026 Restructuring Plan.
(i)
See the reconciliation of "
Outlook for Components of Interest Expense
" for a discussion of non-cash interest expense.
(j)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
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News Release continued:
Page 11
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended
For the Nine Months Ended
For the Twelve Months Ended
(in millions; totals may not sum due to rounding)
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
December 31, 2025
Net income (loss)
(a)
$
283
$
323
$
528
$
150
$
444
Real estate related depreciation, amortization and accretion
157
163
480
489
650
Asset write-down charges
1
3
6
7
11
(Income) loss from discontinued operations, net of tax
(b)
—
(46)
275
676
659
FFO
(c)(d)
$
442
$
443
$
1,289
$
1,322
$
1,764
Weighted-average common shares outstanding—diluted
426
437
433
436
437
FFO (from above)
$
442
$
443
$
1,289
$
1,322
$
1,764
Adjustments to increase (decrease) FFO:
Straight-lined revenues
25
11
31
(27)
(12)
Straight-lined expenses
13
15
40
44
58
Stock-based compensation expense, net
18
19
65
55
73
Non-cash portion of tax provision
2
2
2
2
1
Non-real estate related depreciation, amortization and accretion
23
4
43
31
40
Amortization of non-cash interest expense
6
3
15
11
16
Other (income) expense
3
—
5
(3)
(3)
(Gains) losses on retirement of long-term obligations
—
—
(24)
—
—
Restructuring charges
(e)
6
—
20
—
—
Sustaining capital expenditures
(8)
(6)
(22)
(19)
(33)
AFFO
(c)(d)
$
530
$
490
$
1,465
$
1,414
$
1,904
Weighted-average common shares outstanding—diluted
426
437
433
436
437
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)
See discussion and our definitions of FFO and AFFO in this "
Non-GAAP Measures and Other Information
."
(d)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)
Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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Page 12
Reconciliation of Historical FFO and AFFO per share:
For the Three Months Ended
For the Nine Months Ended
For the Twelve Months Ended
(in millions, except per share amounts; totals may not sum due to rounding)
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
December 31, 2025
Net income (loss)
(a)
$
0.67
$
0.74
$
1.22
$
0.34
$
1.02
Real estate related depreciation, amortization and accretion
0.37
0.37
1.11
1.12
1.49
Asset write-down charges
—
0.01
0.01
0.02
0.03
(Income) loss from discontinued operations, net of tax
(b)
—
(0.11)
0.63
1.55
1.51
FFO
(c)(d)
$
1.04
$
1.01
$
2.98
$
3.03
$
4.04
Weighted-average common shares outstanding—diluted
426
437
433
436
437
FFO (from above)
$
1.04
$
1.01
$
2.98
$
3.03
$
4.04
Adjustments to increase (decrease) FFO:
Straight-lined revenues
0.06
0.03
0.07
(0.06)
(0.03)
Straight-lined expenses
0.03
0.03
0.09
0.10
0.13
Stock-based compensation expense, net
0.04
0.04
0.15
0.13
0.17
Non-cash portion of tax provision
—
—
—
—
—
Non-real estate related depreciation, amortization and accretion
0.05
0.01
0.10
0.07
0.09
Amortization of non-cash interest expense
0.01
0.01
0.04
0.02
0.04
Other (income) expense
0.01
—
0.01
(0.01)
(0.01)
(Gains) losses on retirement of long-term obligations
—
—
(0.05)
—
—
Restructuring charges
(e)
0.01
—
0.05
—
—
Sustaining capital expenditures
(0.02)
(0.01)
(0.05)
(0.04)
(0.08)
AFFO
(c)(d)
$
1.24
$
1.12
$
3.39
$
3.24
$
4.36
Weighted-average common shares outstanding—diluted
426
437
433
436
437
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)
See discussion and our definitions of FFO and AFFO, including per share amounts, in this "
Non-GAAP Measures and Other Information
."
(d)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)
Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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News Release continued:
Page 13
Reconciliation of Current Outlook for FFO and AFFO:
Full Year 2026
Full Year 2026
(in millions, except per share amounts; totals may not sum due to rounding)
Outlook
(a)
Outlook per Share
(a)
Net income (loss)
(b)
$755
to
$1,035
$1.76
to
$2.41
Real estate related depreciation, amortization and accretion
600
to
680
1.40
to
1.58
Asset write-down charges
10
to
20
0.02
to
0.05
(Income) loss from discontinued operations, net of tax
(c)
80
to
360
0.19
to
0.84
FFO
(d)(e)
$1,755
to
$1,785
$4.08
to
$4.15
Weighted-average common shares outstanding—diluted
430
430
FFO (from above)
$1,755
to
$1,785
$4.08
to
$4.15
Adjustments to increase (decrease) FFO:
Straight-lined revenues
25
to
55
0.06
to
0.13
Straight-lined expenses
45
to
65
0.10
to
0.15
Stock-based compensation expense, net
78
to
82
0.18
to
0.19
Non-cash portion of tax provision
(8)
to
8
(0.02)
to
0.02
Non-real estate related depreciation, amortization and accretion
27
to
42
0.06
to
0.10
Amortization of non-cash interest expense
15
to
25
0.03
to
0.06
Other (income) expense
0
to
9
0.00
to
0.02
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
(0.06)
to
(0.06)
Acquisition and integration costs
(3)
to
3
(0.01)
to
0.01
Restructuring charges
(f)
25
to
35
0.06
to
0.08
Sustaining capital expenditures
(45)
to
(25)
(0.10)
to
(0.06)
AFFO
(d)(e)
$1,955
to
$2,005
$4.54
to
$4.66
Weighted-average common shares outstanding—diluted
430
430
(a)
As issued on October 21, 2026.
(b)
Includes contribution from discontinued operations through April 30, 2026.
(c)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)
See discussion and our definitions of FFO and AFFO, including per share amounts, in this "
Non-GAAP Measures and Other Information
."
(e)
The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
(f)
Represents expected restructuring charges related to the 2026 Restructuring Plan.
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News Release continued:
Page 14
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued
(in millions; totals may not sum due to rounding)
Full Year 2026 Outlook
(a)
Net income (loss)
(b)
$730
to
$1,010
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
10
to
20
Acquisition and integration costs
(3)
to
3
Depreciation, amortization and accretion
627
to
722
Restructuring charges
(c)
25
to
35
Amortization of prepaid lease purchase price adjustments
14
to
16
Interest expense and amortization of deferred financing costs, net
(d)
787
to
832
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
Interest income
(25)
to
(25)
Other (income) expense
0
to
9
(Benefit) provision for income taxes
11
to
19
Stock-based compensation expense, net
78
to
82
(Income) loss from discontinued operations, net of tax
(e)
80
to
360
Adjusted EBITDA
(f)(g)
$2,665
to
$2,715
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
Previously Issued
Previously Issued
(in millions, except per share amounts; totals may not sum due to rounding)
Full Year 2026
Outlook
(a)
Full Year 2026 Outlook
per share
(a)
Net income (loss)
(b)
$730
to
$1,010
$1.70
to
$2.35
Real estate related depreciation, amortization and accretion
600
to
680
1.40
to
1.58
Asset write-down charges
10
to
20
0.02
to
0.05
(Income) loss from discontinued operations, net of tax
(e)
80
to
360
0.19
to
0.84
FFO
(f)(g)
$1,730
to
$1,760
$4.02
to
$4.09
Weighted-average common shares outstanding—diluted
430
430
FFO (from above)
$1,730
to
$1,760
$4.02
to
$4.09
Adjustments to increase (decrease) FFO:
Straight-lined revenues
45
to
75
0.10
to
0.17
Straight-lined expenses
45
to
65
0.10
to
0.15
Stock-based compensation expense, net
78
to
82
0.18
to
0.19
Non-cash portion of tax provision
(8)
to
8
(0.02)
to
0.02
Non-real estate related depreciation, amortization and accretion
27
to
42
0.06
to
0.10
Amortization of non-cash interest expense
15
to
25
0.03
to
0.06
Other (income) expense
0
to
9
0.00
to
0.02
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
(0.06)
to
(0.06)
Acquisition and integration costs
(3)
to
3
(0.01)
to
0.01
Restructuring charges
(c)
25
to
35
0.06
to
0.08
Sustaining capital expenditures
(45)
to
(25)
(0.10)
to
(0.06)
AFFO
(f)(g)
$1,950
to
$2,000
$4.53
to
$4.65
Weighted-average common shares outstanding—diluted
430
430
(a)
As issued on July 22, 2026.
(b)
Includes contribution from discontinued operations through April 30, 2026.
(c)
Represents expected restructuring charges related to the 2026 Restructuring Plan.
(d)
See the reconciliation of "
Outlook for Components of Interest Expense
" for a discussion of non-cash interest expense.
(e)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(f)
See discussion of and our definitions of Adjusted EBITDA, FFO and AFFO, including per share amounts, in this "
Non-GAAP Measures and Other Information.
"
(g)
The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
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Page 15
Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2026 and 2025
(
a)
:
Three Months Ended September 30,
(dollars in millions; totals may not sum due to rounding)
2026
2025
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH
(b)
$
935
$
947
Prior year site rental billings to DISH
(b)
61
48
Prior year site rental billings
(b)
$
996
$
995
Core leasing activity
(b)
16
20
Escalators
25
24
Non-renewals
(b)
(7)
(7)
Other billings
(b)
—
2
Organic Contribution to Site Rental Billings as
Adjusted for Impact of Sprint Cancellations and DISH Terminations
(b)
35
39
Organic Contribution to Site Rental Billings associated with DISH
(b)
(61)
13
Non-renewals associated with Sprint Cancellations
(b)
(5)
(51)
Organic Contribution to Site Rental Billings
(b)
(31)
1
Straight-lined revenues
(25)
(11)
Amortization of prepaid rent
20
23
Other revenues
5
4
Total site rental revenues
$
966
$
1,012
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(4.5)
%
(5.1)
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH
(b)
3.8
%
4.1
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings
(b)
3.5
%
3.9
%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings
(b)
(3.1)
%
0.1
%
(a)
The financial impact of the Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(b)
See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "
Non-GAAP Measures and Other Information.
"
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Page 16
Components of Changes in Site Rental Revenues for Current and Previous Outlook for Full Year 2026:
(dollars in millions; totals may not sum due to rounding)
Full Year 2026 Outlook
(a)(c)
Previously Issued Full Year 2026 Outlook
(b)(c)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH
(d)
$3,701
$3,701
Prior year site rental billings to DISH
(d)
222
222
Prior year site rental billings
(d)
$3,923
$3,923
Core leasing activity
(d)
60
to
70
60
to
70
Escalators
95
to
105
95
to
105
Non-renewals
(d)
(35)
to
(25)
(35)
to
(25)
Other billings
(d)
—
—
Organic Contribution to Site Rental Billings as
Adjusted for Impact of Sprint Cancellations and DISH Terminations
(d)
120
to
150
120
to
150
Non-renewals associated with Sprint Cancellations
(d)
(20)
to
(20)
(20)
to
(20)
Non-renewals associated with DISH Terminations
(d)
(220)
to
(220)
(220)
to
(220)
Organic Contribution to Site Rental Billings
(d)
(120)
to
(90)
(120)
to
(90)
Straight-lined revenues
(55)
to
(25)
(75)
to
(45)
Amortization of prepaid rent
65
to
95
65
to
95
Other revenues
15
to
15
15
to
15
Acquisitions
(e)
—
—
Total site rental revenues
$3,853
to
$3,898
$3,833
to
$3,878
Year-over-year changes in revenues:
(f)
Site rental revenues as a percentage of prior year site rental revenues
(4.3)%
(4.8)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH
(d)
3.6%
3.6%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings
(d)
3.4%
3.4%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings
(d)
(2.7)%
(2.7)%
(a)
As issued on October 21, 2026.
(b)
As issued on July 22, 2026.
(c)
Represents full year 2026 Outlook for continuing operations only.
(d)
See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings, and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "
Non-GAAP Measures and Other Information.
"
(e)
Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(f)
Calculated based on midpoint of full year 2026 Outlook, where applicable.
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Page 17
Components of Capital Expenditures:
(a)(b)
For the Three Months Ended
For the Nine Months Ended
(in millions)
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Discretionary capital expenditures:
Tower improvements and other capital projects
$
18
$
20
$
52
$
54
Purchases of land interests
40
16
108
50
Sustaining capital expenditures
8
6
22
19
Total capital expenditures
$
66
$
42
$
182
$
123
Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:
(b)(c)
(in millions)
Full Year 2026 Outlook
(d)
Previously Issued Full Year 2026 Outlook
(e)
Discretionary capital expenditures
$190
to
$290
$150
to
$250
Less: Prepaid rent additions
(f)
(30)
to
(50)
(30)
to
(50)
Discretionary capital expenditures less prepaid rent additions
$150
to
$250
$110
to
$210
Components of Interest Expense:
For the Three Months Ended
(in millions)
September 30, 2026
September 30, 2025
Interest expense on debt obligations
$
171
$
244
Amortization of deferred financing costs and adjustments on long-term debt
6
8
Capitalized interest
—
(5)
Interest expense and amortization of deferred financing costs, net
$
177
$
247
Outlook for Components of Interest Expense:
(in millions)
Full Year 2026 Outlook
(g)
Interest expense on debt obligations
$770
to
$810
Amortization of deferred financing costs and adjustments on long-term debt
25
to
35
Capitalized interest
(15)
to
(5)
Interest expense and amortization of deferred financing costs, net
$787
to
$832
(a)
See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "
Non-GAAP Measures and Other Information.
"
(b)
The financial impact of the Fiber Business is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(c)
Excludes sustaining capital expenditures. See "
Non-GAAP Measures and Other Information
" for our definitions of discretionary capital expenditures and sustaining capital expenditures.
(d)
As issued on October 21, 2026.
(e)
As issued on July 22, 2026.
(f)
Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(g)
As issued on October 21, 2026 and unchanged from previous full year 2026 Outlook issued on July 22, 2026.
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Page 18
Debt Balances and Maturity Dates as of September 30, 2026
:
(in millions)
Face Value
(a)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents
$
305
Senior Secured Notes, Series 2009-1, Class A-2
(b)
20
Aug. 2029
Senior Secured Tower Revenue Notes, Series 2018-2
(c)
750
July 2048
Installment purchase liabilities and finance leases
(d)
264
Various
Total secured debt
$
1,034
2026 Revolver
(e)
450
May 2031
Commercial Paper Notes
(f)
100
Various
2.900% Senior Notes
718
Mar. 2027
4.000% Senior Notes
500
Mar. 2027
3.650% Senior Notes
979
Sept. 2027
5.000% Senior Notes
977
Jan. 2028
3.800% Senior Notes
978
Feb. 2028
4.800% Senior Notes
597
Sept. 2028
4.300% Senior Notes
557
Feb. 2029
5.600% Senior Notes
696
June 2029
4.900% Senior Notes
546
Sept. 2029
3.100% Senior Notes
532
Nov. 2029
3.300% Senior Notes
709
July 2030
2.250% Senior Notes
1,044
Jan. 2031
2.100% Senior Notes
981
Apr. 2031
2.500% Senior Notes
726
July 2031
5.100% Senior Notes
739
May 2033
5.800% Senior Notes
705
Mar. 2034
5.200% Senior Notes
650
Sept. 2034
2.900% Senior Notes
1,219
Apr. 2041
4.750% Senior Notes
350
May 2047
5.200% Senior Notes
396
Feb. 2049
4.000% Senior Notes
341
Nov. 2049
4.150% Senior Notes
493
July 2050
3.250% Senior Notes
887
Jan. 2051
Total unsecured debt
$
16,870
Net Debt
(g)
$
17,599
(a)
Net of required principal amortizations and repurchases.
(b)
The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(c)
If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(d)
As of September 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(e)
As of September 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(f)
As of September 30, 2026, the Company had $1.9 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(g)
See further information on, and our definition and discussion of, Net Debt in this "
Non-GAAP Measures and Other Information.
"
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News Release continued:
Page 19
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2026 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, (2) creation and maximization of shareholder value and returns, (3) operating as a standalone U.S. tower business and the potential benefits therefrom, (4) benefits stemming from our capital allocation framework, (5) net income (loss) (including on a per share basis), (6) AFFO (including on a per share basis) and its components and growth, (7) Adjusted EBITDA and its components and growth, (8) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) and its components and growth, (9) site rental revenues and its components and growth, (10) the impact of Sprint Cancellations, (11) our balance sheet, liquidity, leverage and credit ratings, (12) capital expenditures, including discretionary capital expenditures, (13) the impact of DISH Terminations, (14) operating efficiencies and the potential benefits therefrom, (15) potential land acquisitions under our towers, including activity levels with respect to ground lease buyouts, (16) modernizing our systems and processes, (17) acquisition of an outstanding residual economic interest and the potential impact thereof, (18) entry into new customer agreements and recent contractual term extensions, and the potential impacts thereof on our financial results, and (19) dividends, including dividend levels, rates and amounts. Any dividends remain subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions and should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
•
prevailing market conditions;
•
a slowdown in demand for our towers and a reduction in the amount or change in the mix of network investment by our tenants;
•
the loss, consolidation or financial instability of any of our tenants;
•
expansion or development of our business and the potential disruptions in our business caused thereby;
•
failure to timely, efficiently and safely execute on our construction projects;
•
reduction in demand for our towers as a result of new technologies;
•
failure to retain rights to our towers;
•
volatility in demand in our services business, which may reduce the predictability of our results;
•
inability to negotiate favorable rates on our new or renewing tenant contracts as a result of competition in our industry;
•
delayed timing or lack of deployment or adoption by tenants of new wireless technologies;
•
the impact of cybersecurity breaches or other information technology disruptions;
•
the impact of climate-related events, natural disasters, including wildfires, and other unforeseen events on our business;
•
failure to attract, recruit and retain qualified and experienced employees;
•
changes to management, including turnover of our top executives;
•
actions and plans related to restructuring our business;
•
availability of financing and capital, the levels of debt that we maintain, the terms of our debt instruments, compliance with debt covenants and our credit ratings;
•
the impact on the market price of our common stock as a result of sales or issuances of a substantial number of shares of our common stock;
•
the introduction of new laws or regulations or failure to comply with laws or regulations which regulate our business;
•
funding of future dividend payments to our stockholders; and
•
failure to maintain our REIT status for U.S. federal income tax purposes.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
As used in this release, the term "including," and any variation thereof, means "including without limitation."
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News Release continued:
Page 20
CROWN CASTLE INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in millions, except par values)
September 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
133
$
99
Restricted cash and cash equivalents
167
170
Receivables, net
110
172
Prepaid expenses
90
79
Deferred site rental receivables
172
167
Other current assets
23
23
Current assets of discontinued operations
—
434
Total current assets
695
1,144
Deferred site rental receivables
2,253
2,288
Property and equipment, net
6,104
6,273
Operating lease right-of-use assets
5,370
5,473
Goodwill
5,127
5,127
Site rental contracts and tenant relationships
704
834
Other intangible assets, net
184
27
Other assets, net
173
61
Non-current assets of discontinued operations
—
10,291
Total assets
$
20,610
$
31,518
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
63
$
71
Accrued interest
138
235
Deferred revenues
137
192
Other accrued liabilities
170
168
Current maturities of debt and other obligations
2,238
2,783
Current portion of operating lease liabilities
258
268
Current liabilities of discontinued operations
—
762
Total current liabilities
3,004
4,479
Debt and other long-term obligations
15,558
21,554
Operating lease liabilities
4,868
4,961
Other long-term liabilities
604
607
Non-current liabilities of discontinued operations
—
1,552
Total liabilities
24,034
33,153
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; September 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding
4
4
Additional paid-in capital
18,586
18,527
Treasury stock, at cost; September 30, 2026—11 shares, and December 31, 2025—0 shares
(1,000)
—
Accumulated other comprehensive income (loss)
(5)
(5)
Dividends/distributions in excess of earnings
(21,009)
(20,161)
Total equity (deficit)
(3,424)
(1,635)
Total liabilities and equity (deficit)
$
20,610
$
31,518
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News Release continued:
Page 21
CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net revenues:
Site rental
$
966
$
1,012
$
2,894
$
3,031
Services and other
29
60
119
162
Net revenues
995
1,072
3,013
3,193
Operating expenses:
Costs of operations:
(a)
Site rental
248
250
737
741
Services and other
13
30
58
84
Selling, general and administrative
82
97
269
289
Asset write-down charges
1
3
6
7
Depreciation, amortization and accretion
180
167
523
520
Restructuring charges
6
—
20
—
Total operating expenses
530
547
1,613
1,641
Operating income (loss)
465
525
1,400
1,552
Interest expense and amortization of deferred financing costs, net
(177)
(247)
(627)
(726)
Gains (losses) on retirement of long-term obligations
—
—
24
—
Interest income
3
3
25
10
Other income (expense)
(3)
—
(5)
3
Income (loss) from continuing operations before income taxes
288
281
817
839
Benefit (provision) for income taxes
(5)
(4)
(14)
(13)
Income (loss) from continuing operations
$
283
$
277
$
803
$
826
Discontinued operations:
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
—
277
350
637
Gain (loss) from disposal of discontinued operations
—
(231)
(625)
(1,313)
Income (loss) from discontinued operations, net of tax
—
46
(275)
(676)
Net income (loss)
$
283
$
323
$
528
$
150
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$
0.67
$
0.64
$
1.86
$
1.89
Income (loss) from discontinued operations, basic
—
0.10
(0.64)
(1.55)
Net income (loss)—basic
$
0.67
$
0.74
$
1.22
$
0.34
Income (loss) from continuing operations, diluted
$
0.67
$
0.64
$
1.86
$
1.89
Income (loss) from discontinued operations, diluted
—
0.10
(0.64)
(1.55)
Net income (loss)—diluted
$
0.67
$
0.74
$
1.22
$
0.34
Weighted-average common shares outstanding:
Basic
426
435
432
435
Diluted
426
437
433
436
(a)
Exclusive of depreciation, amortization and accretion shown separately.
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Page 22
CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In millions of dollars)
Nine Months Ended September 30,
2026
2025
Cash flows from operating activities:
Net income (loss)
$
528
$
150
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
(350)
(637)
(Gain) loss from disposal of discontinued operations
625
1,313
Income (loss) from continuing operations
803
826
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion
523
520
(Gains) losses on retirement of long-term obligations
(24)
—
Amortization of deferred financing costs and other non-cash interest
20
24
Stock-based compensation expense, net
65
55
Asset write-down charges
6
7
Deferred income tax (benefit) provision
5
1
Other non-cash adjustments, net
—
(4)
Net cash provided by (used for) operating activities from discontinued operations
108
897
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest
(97)
(84)
Increase (decrease) in accounts payable
—
15
Increase (decrease) in other liabilities
(83)
(42)
Decrease (increase) in receivables
16
5
Decrease (increase) in other assets
(89)
(33)
Net cash provided by (used for) operating activities
1,253
2,187
Cash flows from investing activities:
Capital expenditures
(182)
(123)
Acquisition of intangible assets
(157)
—
Other investing activities, net
—
5
Net cash provided by (used for) investing activities from discontinued operations
(a)
8,089
(687)
Net cash provided by (used for) investing activities
7,750
(805)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations
(56)
(89)
Purchases and redemptions of long-term debt
(4,191)
(1,200)
Borrowings under revolving credit facility
1,800
900
Payments under revolving credit facility
(2,295)
—
Net issuances (repayments) under commercial paper program
(1,831)
605
Payments for financing costs
(6)
—
Purchases of common stock
(1,043)
(23)
Dividends/distributions paid on common stock
(1,384)
(1,615)
Net cash provided by (used for) financing activities
(9,006)
(1,422)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
(3)
(40)
Effect of exchange rate changes on cash
—
—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period
(b)
308
295
Cash and cash equivalents and restricted cash and cash equivalents at end of period
(c)
$
305
$
255
Supplemental disclosure of cash flow information:
Interest paid
$
708
$
799
Income taxes paid (refunded)
$
12
$
12
(a)
Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)
Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)
Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending September 30, 2025.
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----- q32026supplement.htm -----
EX-99.2
3
q32026supplement.htm
EX-99.2
Document
Exhibit 99.2
Supplemental Information Package
and Non-GAAP Reconciliations
Third Quarter • September 30, 2026
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Crown Castle Inc.
Third Quarter 2026
TABLE OF CONTENTS
Page
Company Overview
Company Profile
3
Strategy
3
General Company Information
4
Tower Asset Portfolio Footprint
4
Historical Common Stock Data
4
Executive Management Team
5
Board of Directors
5
Research Coverage
5
Outlook
Outlook
6
Outlook for Components of Changes in Site Rental Revenues
7
Outlook for Components of Interest Expense
7
Financial Highlights
Summary Financial Highlights
8
Components of Changes in Site Rental Revenues
9
Summary of Capital Expenditures
10
Portfolio Highlights
10
Consolidated Return on Invested Capital
11
Cash Yield on Invested Capital
11
Tenant Overview
12
Annualized Rental Cash Payments at Time of Renewal
12
Projected Revenues from Tenant Contracts Associated with Active Licenses
12
Projected Expenses from Existing Ground Leases
13
Summary of Tower Portfolio by Vintage
13
Ground Interest Overview
13
Capitalization Overview
Capitalization Overview
14
Debt Maturity Overview
15
Liquidity Overview
16
Summary of Maintenance and Financial Covenants
16
Interest Rate Exposure
17
Components of Interest Expense
17
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations
18
1
Crown Castle Inc.
Third Quarter 2026
Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth, (3) our Outlook for full year 2026, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) growth of the U.S. market for towers ownership, (8) the impact of Sprint Cancellations and DISH Terminations to our operating and financial results and (9) proceeds from the sale of the Company's Fiber Business (as defined below).
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
COMPANY PROFILE
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases approximately 40,000 towers and other structures, such as rooftops (collectively, "towers") that are geographically dispersed throughout the U.S. We refer to our customers on our towers as "tenants." We provide access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas, including most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
On May 1, 2026, the Company completed the sale of its small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"). We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations through April 30, 2026. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY
As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•
Grow cash flows from our existing towers.
We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
•
Return cash generated by operating activities to stockholders in the form of dividends and share repurchases
. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•
Invest capital efficiently to grow cash flows.
In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
3
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices
8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol
CCI
Stock exchange listing
New York Stock Exchange
Fiscal year ending date
December 31
Fitch - Long-term Issuer Default Rating
BBB
Moody’s - Long-term Corporate Family Rating
Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating
BBB
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
TOWER ASSET PORTFOLIO FOOTPRINT
HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts)
9/30/25
12/31/25
3/31/26
6/30/26
9/30/26
High price
(a)
$
108.97
$
95.69
$
88.56
$
92.64
$
79.68
Low price
(a)
$
85.71
$
80.95
$
73.96
$
74.30
$
66.13
Period end closing price
(b)
$
91.76
$
85.52
$
79.22
$
74.64
$
66.65
Dividends paid per common share
$
1.06
$
1.06
$
1.06
$
1.06
$
1.06
Volume weighted average price for the period
(a)
$
95.09
$
87.57
$
82.69
$
85.45
$
74.17
Common shares outstanding, at period end
435
435
436
426
426
Market value of outstanding common shares, at period end
(c)
$
39,960
$
37,243
$
34,569
$
31,780
$
28,358
(a)
Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)
Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)
Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
EXECUTIVE MANAGEMENT TEAM
Name
Position
Age
Years with Company
Christian H. Hillabrant
President and Chief Executive Officer
61
1
Sunit Patel
Executive Vice President and Chief Financial Officer
64
1
Edward B. Adams, Jr.
Executive Vice President and General Counsel
57
10
Timothy Grace
Executive Vice President and Chief Human Resources Officer
62
<1
Kristoffer L. Hinson
Executive Vice President and Chief Commercial Officer
43
3
Mark Lennon
Senior Vice President and Chief Information Officer
54
<1
BOARD OF DIRECTORS
Name
Position
Committees
Age
Years as Director
P. Robert Bartolo
Chair
Nominating and Governance, Finance
54
12
Andrea J. Goldsmith
Director
Compensation and Human Capital
62
8
Christian H. Hillabrant
Director
61
1
Tammy K. Jones
Director
Audit, Nominating and Governance, Finance
61
5
Kevin T. Kabat
Director
Compensation and Human Capital, Nominating and Governance
69
3
Anthony J. Melone
Director
Audit, Nominating and Governance
66
11
Katherine Motlagh
Director
Audit, Compensation and Human Capital, Finance
52
1
Kevin A. Stephens
Director
Audit, Compensation and Human Capital
65
5
Matthew Thornton III
Director
Audit, Compensation and Human Capital, Nominating and Governance
68
5
RESEARCH COVERAGE
Equity Research
Bank of America
Michael Funk
(646) 855-5664
Barclays
Brendan Lynch
(212) 526-9428
Bernstein
Madison Rezaei
(917) 344-8622
BMO Capital Markets
Ari Klein
(212) 885-4103
Citigroup
Michael Rollins
(212) 816-1116
Goldman Sachs
Michael Ng
(212) 902-8618
Green Street
David Guarino
(949) 640-8780
HSBC
Luigi Minerva
(207) 991-6928
Jefferies
Jonathan Petersen
(212) 284-1705
JMP Securities
Greg Miller
(212) 699-2917
JPMorgan
Richard Choe
(212) 622-6708
KeyBanc
Brandon Nispel
(503) 821-3871
MoffettNathanson
Nick Del Deo
(212) 519-0025
Morgan Stanley
Cameron McVeigh
(212) 761-4209
New Street Research
David Barden
(212) 921-9876
Raymond James
Ric Prentiss
(727) 567-2567
RBC Capital Markets
Jonathan Atkin
(415) 633-8589
Scotiabank
Maher Yaghi
(437) 995-5548
TD Cowen
Michael Elias
(646) 562-1358
Truist Securities
Matthew Niknam
(212) 326-6151
UBS
Batya Levi
(212) 713-8824
Wells Fargo
Eric Luebchow
(312) 630-2386
Wolfe Research
Andrew Rosivach
(646) 582-9350
Rating Agencies
Fitch
Jeff Danforth
(312) 368-5447
Moody’s
Dilara Sukhov
(212) 553-1438
Standard & Poor’s
Allyn Arden
(212) 438-7832
5
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
OUTLOOK
(in millions, except per share amounts)
Full Year 2026 Outlook
(a)
Site rental billings
(b)
$3,805
to
$3,835
Amortization of prepaid rent
65
to
95
Straight-lined revenues
(55)
to
(25)
Other revenues
15
to
15
Site rental revenues
3,853
to
3,898
Site rental costs of operations
(c)
963
to
1,008
Services and other gross margin
70
to
100
Net income (loss)
(d)
755
to
1,035
Net income (loss) per share—diluted
(d)
1.76
to
2.41
Adjusted EBITDA
(b)
2,690
to
2,740
Depreciation, amortization and accretion
627
to
722
Interest expense and amortization of deferred financing costs, net
(e)
787
to
832
Income (loss) from discontinued operations, net of tax
(f)
(360)
to
(80)
FFO
(b)
1,755
to
1,785
AFFO
(b)
1,955
to
2,005
AFFO per share
(b)
4.54
to
4.66
Discretionary capital expenditures
(b)
190
to
290
(a)
As issued on October 21, 2026.
(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, and for our definitions of site rental billings and discretionary capital expenditures.
(c)
Exclusive of depreciation, amortization and accretion.
(d)
Includes contribution from discontinued operations through April 30, 2026.
(e)
See our reconciliation of "
Outlook for Components of Interest Expense
" for a discussion of non-cash interest expense.
(f)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
6
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)
Full Year 2026 Outlook
(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH
(b)
$3,701
Prior year site rental billings to DISH
(b)
222
Prior year site rental billings
(b)
$3,923
Core leasing activity
(b)
60
to
70
Escalators
95
to
105
Non-renewals
(b)
(35)
to
(25)
Other billings
(b)
—
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations
(b)
120
to
150
Non-renewals associated with Sprint Cancellations
(b)
(20)
to
(20)
Non-renewals associated with DISH Terminations
(b)
(220)
to
(220)
Organic Contribution to Site Rental Billings
(b)
(120)
to
(90)
Straight-lined revenues
(55)
to
(25)
Amortization of prepaid rent
65
to
95
Other revenues
15
to
15
Acquisitions
(c)
—
Total site rental revenues
$3,853
to
$3,898
Year-over-year changes in revenues:
(d)
Site rental revenues as a percentage of prior year site rental revenues
(4.3)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH
(b)
3.6%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings
(b)
3.4%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings
(b)
(2.7)%
OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)
Full Year 2026 Outlook
(e)
Interest expense on debt obligations
$770
to
$810
Amortization of deferred financing costs and adjustments on long-term debt
25
to
35
Capitalized interest
(15)
to
(5)
Interest expense and amortization of deferred financing costs, net
$787
to
$832
(a)
As issued on October 21, 2026.
(b)
See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "
Non-GAAP Measures and Other Information.
"
(c)
Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(d)
Calculated based on midpoint of full year 2026 Outlook, where applicable.
(e)
As issued on October 21, 2026, and unchanged from previous full year 2026 Outlook issued on July 22, 2026.
7
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
SUMMARY FINANCIAL HIGHLIGHTS
(a)
2025
2026
(in millions, except per share amounts; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Net revenues:
Site rental
Site rental billings
(b)
$
964
$
961
$
996
$
1,002
$
940
$
945
$
965
Amortization of prepaid rent
25
23
23
28
21
21
20
Straight-lined revenues
19
20
(11)
(15)
(3)
(3)
(25)
Other revenues
4
4
4
4
4
4
5
Total site rental
1,011
1,008
1,012
1,019
961
967
966
Services and other
50
52
60
53
49
41
29
Net revenues
$
1,061
$
1,060
$
1,072
$
1,072
$
1,010
$
1,008
$
995
Select operating expenses:
Costs of operations
(c)
Site rental exclusive of straight-lined expenses
$
225
$
236
$
235
$
238
$
226
$
236
$
235
Straight-lined expenses
15
15
15
14
14
13
13
Total site rental
240
251
250
252
240
249
248
Services and other
28
27
30
29
26
19
13
Total costs of operations
268
278
280
281
266
268
261
Selling, general and administrative
93
99
97
94
90
97
82
Net income (loss)
$
(464)
$
291
$
323
$
294
$
151
$
94
$
283
Adjusted EBITDA
(b)
722
705
718
718
675
675
673
Depreciation, amortization and accretion
177
175
167
170
172
171
180
Interest expense and amortization of deferred financing costs, net
236
243
247
246
242
208
177
FFO
(b)
451
429
443
442
383
464
442
AFFO
(b)
479
444
490
489
446
488
530
Weighted-average common shares outstanding— diluted
436
437
437
437
437
434
426
Net income (loss) per share—diluted
$
(1.07)
$
0.67
$
0.74
$
0.67
$
0.34
$
0.22
$
0.67
AFFO per share
(b)
$
1.10
$
1.02
$
1.12
$
1.12
$
1.02
$
1.13
$
1.24
(a)
With the exception of net income (loss) and net income (loss) per share-diluted, dollar amounts are exclusive of the Fiber Business, which is presented in discontinued operations through April 30, 2026.
(b)
See "
Non-GAAP Measures and Other Information
" for our definition of site rental billings and for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(c)
Exclusive of depreciation, amortization and accretion, which are shown separately.
8
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(a)
2025
2026
(dollars in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH
(b)
$
930
$
928
$
947
$
957
$
915
$
912
$
935
Prior year site rental billings to DISH
(b)
36
38
48
49
49
49
61
Prior year site rental billings
(b)
$
966
$
966
$
995
$
1,006
$
964
$
961
$
996
Core leasing activity
(b)
16
16
20
16
15
15
16
Escalators
24
24
24
24
25
25
25
Non-renewals
(b)
(7)
(7)
(7)
(7)
(6)
(7)
(7)
Other billings
(b)
3
2
2
—
(3)
5
—
Organic Contribution to Site Rental Billings as
Adjusted for Impact of Sprint Cancellations and DISH Terminations
(b)
36
34
39
34
30
38
35
Organic Contribution to Site Rental Billings associated with DISH Terminations
(b)
13
11
13
13
(49)
(49)
(61)
Non-renewals associated with Sprint Cancellations
(b)
(51)
(51)
(51)
(51)
(5)
(5)
(5)
Organic Contribution to Site Rental Billings
(b)
(2)
(6)
1
(4)
(24)
(16)
(31)
Straight-lined revenues
19
20
(11)
(15)
(3)
(3)
(25)
Amortization of prepaid rent
25
23
23
28
21
21
20
Other revenues
4
4
4
4
4
4
5
Total site rental revenues
$
1,011
$
1,008
$
1,012
$
1,019
$
961
$
967
$
966
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(5.3)
%
(5.3)
%
(5.1)
%
(4.8)
%
(4.9)
%
(4.1)
%
(4.5)
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH
(b)
3.9
%
3.7
%
4.1
%
3.6
%
3.3
%
4.2
%
3.8
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings
(b)
3.7
%
3.5
%
3.9
%
3.4
%
3.1
%
3.9
%
3.5
%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings
(b)
(0.2)
%
(0.6)
%
0.1
%
(0.4)
%
(2.5)
%
(1.8)
%
(3.1)
%
(a)
The financial impact of Fiber Business revenues is excluded, as these amounts are presented in discontinued operations through April 30, 2026.
(b)
See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "
Non-GAAP Measures and Other Information.
"
9
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
SUMMARY OF CAPITAL EXPENDITURES
(a)
2025
2026
(dollars in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Discretionary capital expenditures:
Tower improvements and other capital projects
$
15
$
17
$
20
$
18
$
18
$
16
$
18
Purchases of land interests
18
16
16
27
32
36
40
Total discretionary capital expenditures
33
33
36
45
50
52
58
Sustaining capital expenditures
7
7
6
14
7
7
8
Total capital expenditures
40
40
42
59
57
59
66
Less: Prepaid rent additions
(b)
10
11
11
11
14
9
10
Capital expenditures less prepaid rent additions
$
30
$
29
$
31
$
48
$
43
$
50
$
56
PORTFOLIO HIGHLIGHTS
(as of September 30, 2026)
Number of towers (in thousands)
(c)
40
Average number of tenants per tower
2.0
Remaining contracted tenant receivables (in billions)
(d)(e)
$
28
Weighted average remaining tenant contract term (years)
(d)(f)
5
Percent of towers in the Top 50 / 100 Basic Trading Areas
56% / 71%
Percent of ground leased / owned
(g)
57% / 43%
Weighted average maturity of ground leases (years)
(g)(h)
35
(a)
See our definitions of discretionary capital expenditures and sustaining capital expenditures in
"Non-GAAP Measures and Other Information."
Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)
Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(c)
Excludes third-party land interests.
(d)
Excludes renewal terms at tenants' option.
(e)
Includes approximately $3.5 billion of contracted receivables related to DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(f)
Weighted by site rental revenues.
(g)
Weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(h)
Includes all renewal terms at the Company's option.
10
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL
(a)(b)
(as of September 30, 2026; dollars in millions)
Q3 2026 LQA
Q3 2025 LQA
Adjusted EBITDA
(c)
$
2,692
$
2,872
Cash taxes (paid) refunded
(12)
(10)
Adjusted EBITDA less cash taxes paid
$
2,680
$
2,862
Historical gross investment in property and equipment
(d)
$
17,196
$
16,927
Historical gross investment in site rental revenue-related intangible assets
4,747
4,589
Historical gross investment in goodwill
5,127
5,127
Consolidated Invested Capital
(a)
$
27,070
$
26,643
Consolidated Return on Invested Capital
(a)
9.9
%
10.7
%
CASH YIELD ON INVESTED CAPITAL
(a)(b)
(as of September 30, 2026; dollars in millions)
Q3 2026 LQA
Q3 2025 LQA
Adjusted Site Rental Gross Margin
(c)
$
2,884
$
3,068
Less: Amortization of prepaid rent
(81)
(92)
Add (less): Straight-lined revenues
99
45
Add: Straight-lined expenses
40
44
Numerator
$
2,942
$
3,065
Net investment in property and equipment
(e)
$
13,784
$
13,611
Investment in site rental revenue-related intangible assets
4,747
4,589
Investment in goodwill
(f)
5,351
5,351
Net Invested Capital
(a)
$
23,882
$
23,551
Cash Yield on Invested Capital
(a)
12.3
%
13.0
%
(a)
See
"Non-GAAP Measures and Other Information"
for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.
(b)
Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(c)
See "
Non-GAAP Measures and Other Information
" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(d)
Historical gross investment in property and equipment excludes the impact of construction in process.
(e)
Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.
(f)
Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.
11
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
TENANT OVERVIEW
(a)
(as of September 30, 2026)
Percentage of Q3 2026 LQA
Site
Rental Revenues
Weighted Average Current
Term Remaining
(b)(c)
T-Mobile
42%
6
AT&T
28%
5
Verizon
23%
5
All Others Combined
7%
4
Total / Weighted Average
100%
5
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL
(c)(d)
Remaining Three Months
Years Ending December 31,
(as of September 30, 2026; in millions)
2026
2027
2028
2029
2030
T-Mobile
$
4
$
30
$
27
$
41
$
28
AT&T
—
13
643
188
91
Verizon
—
7
32
49
71
All Others Combined
1
41
33
32
58
Total
$
5
$
91
$
735
$
310
$
248
PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES
(c)(e)
Remaining Three Months
Years Ending December 31,
(as of September 30, 2026; in millions)
2026
2027
2028
2029
2030
Components of site rental revenues:
Site rental billings
(f)
$
972
$
3,937
$
4,050
$
4,165
$
4,289
Amortization of prepaid rent
17
59
38
21
10
Straight-lined revenues
(9)
(98)
(175)
(169)
(256)
Other revenues
5
20
21
22
23
Site rental revenues
$
985
$
3,918
$
3,934
$
4,039
$
4,066
(a)
Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)
Weighted by site rental revenues and excludes renewals at the tenants' option.
(c)
Excludes amounts associated with DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(d)
Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "
Projected Revenues from Tenant Contracts Associated with Active Licenses
" below.
(e)
Based on tenant licenses in place and active as of September 30, 2026. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(f)
See "
Non-GAAP Measures and Other Information
" for our definition of site rental billings.
12
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
PROJECTED EXPENSES FROM EXISTING GROUND LEASES
(a)
Remaining Three Months
Years Ending December 31,
(as of September 30, 2026; in millions)
2026
2027
2028
2029
2030
Components of ground lease expenses:
Ground lease expenses exclusive of straight-lined expenses
$
172
$
699
$
718
$
738
$
759
Straight-lined expenses
9
39
28
17
6
Ground lease expenses
$
181
$
738
$
746
$
755
$
765
SUMMARY OF TOWER PORTFOLIO BY VINTAGE
(b)
(as of September 30, 2026; dollars in thousands)
Acquired and Built 2006 and Prior
Acquired and Built 2007 to Present
Cash yield
(c)
19
%
10
%
Number of tenants per tower
(d)
2.5
1.9
Last quarter annualized average cash site rental revenue per tower
(e)
$
132
$
82
Last quarter annualized average site rental gross cash margin per tower
(f)
$
113
$
58
Net invested capital per tower
(g)
$
583
$
602
Number of towers
11,151
28,525
GROUND INTEREST OVERVIEW
(as of September 30, 2026; dollars in millions)
LQA Cash Site Rental Revenues
(e)
Percentage of LQA Cash Site Rental Revenues
(e)
LQA Site Rental Gross Cash Margin
(f)
Percentage of LQA Site Rental Gross Cash Margin
(f)
Number of Towers
(h)
Percentage of Towers
Weighted Average Term Remaining (by years)
(i)
Less than 10 years
$
429
11
%
$
233
8
%
5,389
14
%
10 to 20 years
$
561
15
%
$
351
12
%
6,108
15
%
Greater than 20 years
$
1,477
39
%
$
1,068
37
%
15,928
40
%
Total leased
$
2,467
65
%
$
1,652
57
%
27,425
69
%
35
Owned
$
1,345
35
%
$
1,265
43
%
12,251
31
%
Total / Average
$
3,812
100
%
$
2,917
100
%
39,676
100
%
(a)
Based on existing ground leases as of September 30, 2026. CPI-linked contracts are assumed to escalate at 3% per annum.
(b)
All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.
(c)
Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(d)
Excludes DISH.
(e)
Exclusive of straight-lined revenues and amortization of prepaid rent.
(f)
Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)
Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
(h)
Excludes third-party land interests.
(i)
Includes all renewal terms at the Company's option and weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
13
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CAPITALIZATION OVERVIEW
(as of September 30, 2026; dollars in millions)
Face Value
(a)
Fixed vs. Variable
Interest Rate
(b)
Debt to LQA Adjusted EBITDA
(c)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents
$
305
Senior Secured Notes, Series 2009-1, Class A-2
(d)
20
Fixed
9.0%
Aug. 2029
Senior Secured Tower Revenue Notes, Series 2018-2
(e)
750
Fixed
4.2%
July 2048
Installment purchase liabilities and finance leases
(f)
264
Fixed
Various
Various
Total secured debt
$
1,034
4.3%
0.4x
2026 Revolver
(g)
450
Variable
4.9%
May 2031
Commercial Paper Notes
(h)
100
Variable
4.4%
Various
2.900% Senior Notes
718
Fixed
2.9%
Mar. 2027
4.000% Senior Notes
500
Fixed
4.0%
Mar. 2027
3.650% Senior Notes
979
Fixed
3.7%
Sept. 2027
5.000% Senior Notes
977
Fixed
5.0%
Jan. 2028
3.800% Senior Notes
978
Fixed
3.8%
Feb. 2028
4.800% Senior Notes
597
Fixed
4.8%
Sept. 2028
4.300% Senior Notes
557
Fixed
4.3%
Feb. 2029
5.600% Senior Notes
696
Fixed
5.6%
June 2029
4.900% Senior Notes
546
Fixed
4.9%
Sept. 2029
3.100% Senior Notes
532
Fixed
3.1%
Nov. 2029
3.300% Senior Notes
709
Fixed
3.3%
July 2030
2.250% Senior Notes
1,044
Fixed
2.3%
Jan. 2031
2.100% Senior Notes
981
Fixed
2.1%
Apr. 2031
2.500% Senior Notes
726
Fixed
2.5%
July 2031
5.100% Senior Notes
739
Fixed
5.1%
May 2033
5.800% Senior Notes
705
Fixed
5.8%
Mar. 2034
5.200% Senior Notes
650
Fixed
5.2%
Sept. 2034
2.900% Senior Notes
1,219
Fixed
2.9%
Apr. 2041
4.750% Senior Notes
350
Fixed
4.8%
May 2047
5.200% Senior Notes
396
Fixed
5.2%
Feb. 2049
4.000% Senior Notes
341
Fixed
4.0%
Nov. 2049
4.150% Senior Notes
493
Fixed
4.2%
July 2050
3.250% Senior Notes
887
Fixed
3.3%
Jan. 2051
Total unsecured debt
$
16,870
3.9%
6.3x
Net Debt
(c)
$
17,599
3.9%
6.5x
Market Capitalization
(i)
28,358
Firm Value
(j)
$
45,957
(a)
Net of required principal amortizations and repurchases.
(b)
Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)
Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See
"Non-GAAP Measures and Other Information"
for further information on, and our definitions and calculations of, Net Debt and Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)
The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(e)
If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2, are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(f)
As of September 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(g)
As of September 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(h)
As of September 30, 2026, the Company had $1.9 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(i)
Market capitalization calculated based on $66.65 closing price and 426 million shares outstanding, in each case, as of September 30, 2026.
(j)
Represents the sum of Net Debt and market capitalization.
14
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
DEBT MATURITY OVERVIEW
(a)(b)
(as of September 30, 2026; in millions)
(a)
Where applicable, maturities reflect the anticipated repayment date of the Tower Revenue Notes, Series 2018-2; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)
The $100 million outstanding in CP Notes have been excluded from this overview. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
15
Crown Castle Inc.
First Quarter 2025
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
LIQUIDITY OVERVIEW
(a)
(in millions)
September 30, 2026
Cash and cash equivalents, and restricted cash and cash equivalents
(b)
$
305
Undrawn 2026 Revolver availability
(c)
4,018
Total debt and other obligations (current and non-current)
(d)
17,796
Total equity (deficit)
(3,424)
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt
Borrower / Issuer
Covenant
(e)
Covenant Level Requirement
As of September 30, 2026
Maintenance Financial Covenants
(f)
2026 Credit Facility
CCI
Total Net Leverage Ratio
≤ 7.00x
6.4x
2026 Credit Facility
CCI
Total Senior Secured Leverage Ratio
≤ 3.50x
0.3x
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
Tower Revenue Notes, Series 2018-2
Crown Castle Towers LLC and its Subsidiaries
Debt Service Coverage Ratio
> 1.75x
(g)
29.9x
2009 Securitized Notes
Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries
Debt Service Coverage Ratio
> 1.30x
(g)
59.1x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
Tower Revenue Notes, Series 2018-2
Crown Castle Towers LLC and its Subsidiaries
Debt Service Coverage Ratio
≥ 2.00x
(h)
29.9x
2009 Securitized Notes
Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries
Debt Service Coverage Ratio
≥ 2.34x
(h)
59.1x
(a)
In addition, we have the following sources of liquidity:
i.
In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.
In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of September 30, 2026, there were $100 million CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)
Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)
Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2026 Revolver.
(d)
See
"Non-GAAP Measures and Other Information"
for further information on, and reconciliation to, Net Debt.
(e)
As defined in the respective debt agreement. In the indentures for the Tower Revenue Notes, Series 2018-2 and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(f)
Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2026 Credit Facility.
(g)
The Tower Revenue Notes, Series 2018-2 and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x or 1.15x, in each case as described under the indentures for the Tower Revenue Notes, Series 2018-2 or 2009 Securitized Notes, respectively.
(h)
Rating Agency Confirmation (as defined in the respective debt agreement) is required.
16
Crown Castle Inc.
First Quarter 2025
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
INTEREST RATE EXPOSURE
(a)
(as of September 30, 2026; dollars in millions)
Fixed Rate Debt
Floating Rate Debt
Face value of principal outstanding
(b)
$17,090
Face value of principal outstanding
(b)
$550
% of total debt
97%
% of total debt
3%
Weighted average interest rate
3.9%
Weighted average interest rate
4.8%
Upcoming maturities:
2026
2027
Interest rate sensitivity of 25 bps increase in interest rates:
Face value of principal outstanding
(b)
$—
$2,197
Full year effect
(c)
$1.4
Weighted average interest rate
—%
3.48%
COMPONENTS OF INTEREST EXPENSE
2025
2026
(in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Interest expense on debt obligations
$
233
$
239
$
244
$
241
$
239
$
202
$
171
Amortization of deferred financing costs and adjustments on long-term debt
8
8
8
8
7
7
6
Capitalized interest
(5)
(4)
(5)
(3)
(4)
(1)
—
Interest expense and amortization of deferred financing costs, net
$
236
$
243
$
247
$
246
$
242
$
208
$
177
(a)
Excludes installment purchase liabilities and finance leases; assumes no default.
(b)
Net of required principal amortization and repurchases.
(c)
Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of September 30, 2026; assumes no debt maturities.
17
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)
September 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
133
$
99
Restricted cash and cash equivalents
167
170
Receivables, net
110
172
Prepaid expenses
90
79
Deferred site rental receivables
172
167
Other current assets
23
23
Current assets of discontinued operations
—
434
Total current assets
695
1,144
Deferred site rental receivables
2,253
2,288
Property and equipment, net
6,104
6,273
Operating lease right-of-use assets
5,370
5,473
Goodwill
5,127
5,127
Site rental contracts and tenant relationships
704
834
Other intangible assets, net
184
27
Other assets, net
173
61
Non-current assets of discontinued operations
—
10,291
Total assets
$
20,610
$
31,518
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
63
$
71
Accrued interest
138
235
Deferred revenues
137
192
Other accrued liabilities
170
168
Current maturities of debt and other obligations
2,238
2,783
Current portion of operating lease liabilities
258
268
Current liabilities of discontinued operations
—
762
Total current liabilities
3,004
4,479
Debt and other long-term obligations
15,558
21,554
Operating lease liabilities
4,868
4,961
Other long-term liabilities
604
607
Non-current liabilities of discontinued operations
—
1,552
Total liabilities
24,034
33,153
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; September 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding
4
4
Additional paid-in capital
18,586
18,527
Treasury stock, at cost; September 30, 2026—11 shares, and December 31, 2025—0 shares
(1,000)
—
Accumulated other comprehensive income (loss)
(5)
(5)
Dividends/distributions in excess of earnings
(21,009)
(20,161)
Total equity (deficit)
(3,424)
(1,635)
Total liabilities and equity (deficit)
$
20,610
$
31,518
18
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share amounts)
2026
2025
2026
2025
Net revenues:
Site rental
$
966
$
1,012
$
2,894
$
3,031
Services and other
29
60
119
162
Net revenues
995
1,072
3,013
3,193
Operating expenses:
Costs of operations:
(a)
Site rental
248
250
737
741
Services and other
13
30
58
84
Selling, general and administrative
82
97
269
289
Asset write-down charges
1
3
6
7
Depreciation, amortization and accretion
180
167
523
520
Restructuring charges
6
—
20
—
Total operating expenses
530
547
1,613
1,641
Operating income (loss)
465
525
1,400
1,552
Interest expense and amortization of deferred financing costs, net
(177)
(247)
(627)
(726)
Gains (losses) on retirement of long-term obligations
—
—
24
—
Interest income
3
3
25
10
Other income (expense)
(3)
—
(5)
3
Income (loss) from continuing operations before income taxes
288
281
817
839
Benefit (provision) for income taxes
(5)
(4)
(14)
(13)
Income (loss) from continuing operations
$
283
$
277
$
803
$
826
Discontinued operations:
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
—
277
350
637
Gain (loss) from disposal of discontinued operations
—
(231)
(625)
(1,313)
Income (loss) from discontinued operations, net of tax
—
46
(275)
(676)
Net income (loss)
$
283
$
323
$
528
$
150
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$
0.67
$
0.64
$
1.86
$
1.89
Income (loss) from discontinued operations, basic
—
0.10
(0.64)
(1.55)
Net income (loss)—basic
$
0.67
$
0.74
$
1.22
$
0.34
Income (loss) from continuing operations, diluted
$
0.67
$
0.64
$
1.86
$
1.89
Income (loss) from discontinued operations, diluted
—
0.10
(0.64)
(1.55)
Net income (loss)—diluted
$
0.67
$
0.74
$
1.22
$
0.34
Weighted-average common shares outstanding:
Basic
426
435
432
435
Diluted
426
437
433
436
(a)
Exclusive of depreciation, amortization and accretion shown separately.
19
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(in millions)
2026
2025
Cash flows from operating activities:
Net income (loss)
$
528
$
150
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
(350)
(637)
(Gain) loss from disposal of discontinued operations
625
1,313
Income (loss) from continuing operations
803
826
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion
523
520
(Gains) losses on retirement of long-term obligations
(24)
—
Amortization of deferred financing costs and other non-cash interest
20
24
Stock-based compensation expense, net
65
55
Asset write-down charges
6
7
Deferred income tax (benefit) provision
5
1
Other non-cash adjustments, net
—
(4)
Net cash provided by (used for) operating activities from discontinued operations
108
897
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest
(97)
(84)
Increase (decrease) in accounts payable
—
15
Increase (decrease) in other liabilities
(83)
(42)
Decrease (increase) in receivables
16
5
Decrease (increase) in other assets
(89)
(33)
Net cash provided by (used for) operating activities
1,253
2,187
Cash flows from investing activities:
Capital expenditures
(182)
(123)
Acquisition of intangible assets
(157)
—
Other investing activities, net
—
5
Net cash provided by (used for) investing activities from discontinued operations
(a)
8,089
(687)
Net cash provided by (used for) investing activities
7,750
(805)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations
(56)
(89)
Purchases and redemptions of long-term debt
(4,191)
(1,200)
Borrowings under revolving credit facility
1,800
900
Payments under revolving credit facility
(2,295)
—
Net issuances (repayments) under commercial paper program
(1,831)
605
Payments for financing costs
(6)
—
Purchases of common stock
(1,043)
(23)
Dividends/distributions paid on common stock
(1,384)
(1,615)
Net cash provided by (used for) financing activities
(9,006)
(1,422)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
(3)
(40)
Effect of exchange rate changes on cash
—
—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period
(b)
308
295
Cash and cash equivalents and restricted cash and cash equivalents at end of period
(c)
$
305
$
255
Supplemental disclosure of cash flow information:
Interest paid
$
708
$
799
Income taxes paid (refunded)
$
12
$
12
(a)
Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)
Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)
Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending September 30, 2025.
20
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
NON-GAAP MEASURES AND OTHER INFORMATION
This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital, and Cash Yield on Invested Capital, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other REITs.
In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
•
Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
•
AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
•
FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
•
Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
•
Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
21
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
•
Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
•
Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.
•
Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
Non-GAAP Financial Measures
Adjusted EBITDA.
We define Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, goodwill impairment charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, interest income, other (income) expense, (benefit) provision for income taxes, (income) loss from discontinued operations, net of tax, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO.
We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (gains) losses on retirement of long-term obligations, net (gain) loss on interest rate swaps, (gains) losses on foreign currency swaps, impairment of available-for-sale securities, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share.
We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO.
We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share.
We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings.
We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt.
We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Net Debt to Last Quarter Annualized Adjusted EBITDA.
We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.
Consolidated Invested Capital.
We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and (3) goodwill (excluding impairment charges).
Consolidated Return on Invested Capital.
We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.
Net Invested Capital.
We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.
Cash Yield on Invested Capital.
We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.
22
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Adjusted Site Rental Gross Margin.
We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.
Adjusted Services and Other Gross Margin
. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.
Other Information
Site rental billings.
We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
Core leasing activity
. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings
. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals
. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures.
We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures.
We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations.
We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations.
We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business.
We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed the Strategic Fiber Agreement to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business for $8.5 billion in aggregate, subject to certain closing adjustments ("Strategic Fiber Transaction"). The Strategic Fiber Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
23
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical Adjusted EBITDA:
2025
2026
(in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Net income (loss)
(a)
$
(464)
$
291
$
323
$
294
$
151
$
94
$
283
Adjustments to increase (decrease) net income (loss)
Asset write-down charges
2
2
3
4
3
2
1
Depreciation, amortization and accretion
177
175
167
170
172
171
180
Restructuring charges
(b)
—
—
—
—
14
—
6
Amortization of prepaid lease purchase price adjustments
4
4
4
4
4
3
3
Interest expense and amortization of deferred financing costs, net
(c)
236
243
247
246
242
208
177
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(24)
—
Interest income
(3)
(4)
(3)
(3)
(3)
(18)
(3)
Other (income) expense
(1)
(2)
—
—
1
1
3
(Benefit) provision for income taxes
5
4
4
3
5
4
5
Stock-based compensation expense, net
18
18
19
17
18
28
18
(Income) loss from discontinued operations, net of tax
(d)
748
(26)
(46)
(17)
69
205
—
Adjusted EBITDA
(e)(f)
$
722
$
705
$
718
$
718
$
675
$
675
$
673
Reconciliation of Outlook for Adjusted EBITDA:
(in millions; totals may not sum due to rounding)
Full Year 2026 Outlook
(g)
Net income (loss)
(a)
$755
to
$1,035
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
10
to
20
Acquisition and integration costs
(3)
to
3
Depreciation, amortization and accretion
627
to
722
Restructuring charges
(h)
25
to
35
Amortization of prepaid lease purchase price adjustments
14
to
16
Interest expense and amortization of deferred financing costs, net
(i)
787
to
832
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
Interest income
(25)
to
(25)
Other (income) expense
0
to
9
(Benefit) provision for income taxes
11
to
19
Stock-based compensation expense, net
78
to
82
(Income) loss from discontinued operations, net of tax
(j)
80
to
360
Adjusted EBITDA
(e)(f)
$2,690
to
$2,740
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(c)
See the reconciliation of "
Components of Interest Expense
" for a discussion of non-cash interest expense.
(d)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(e)
See discussion and our definition of Adjusted EBITDA in this "
Non-GAAP Measures and Other Information
."
(f)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)
As issued on October 21, 2026.
(h)
Represents expected restructuring charges related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(i)
See the reconciliation of "
Outlook for Components of Interest Expense
" for a discussion of non-cash interest expense.
(j)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
24
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical FFO and AFFO:
(in millions; totals may not sum due to rounding)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Net income (loss)
(a)
$
(464)
$
291
$
323
$
294
$
151
$
94
$
283
Real estate related depreciation, amortization and accretion
164
162
163
161
161
162
157
Asset write-down charges
2
2
3
4
3
2
1
(Income) loss from discontinued operations, net of tax
(b)
748
(26)
(46)
(17)
69
205
—
FFO
(c)(d)
$
451
$
429
$
443
$
442
$
383
$
464
$
442
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
426
FFO (from above)
$
451
$
429
$
443
$
442
$
383
$
464
$
442
Adjustments to increase (decrease) FFO:
Straight-lined revenues
(19)
(20)
11
15
3
3
25
Straight-lined expenses
15
14
15
14
14
13
13
Stock-based compensation expense, net
18
18
19
17
18
28
18
Non-cash portion of tax provision
5
(5)
2
—
5
(5)
2
Non-real estate related depreciation, amortization and accretion
13
13
4
9
11
8
23
Amortization of non-cash interest expense
3
4
3
5
4
6
6
Other (income) expense
(1)
(2)
—
—
1
1
3
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(24)
—
Restructuring charges
(e)
—
—
—
—
14
—
6
Sustaining capital expenditures
(7)
(7)
(6)
(14)
(7)
(7)
(8)
AFFO
(c)(d)
$
479
$
444
$
490
$
489
$
446
$
488
$
530
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
426
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)
See discussion and our definitions of FFO and AFFO in this "
Non-GAAP Measures and Other Information
."
(d)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)
Represents restructuring charges recorded related to the 2026 Restructuring Plan.
25
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical FFO and AFFO per share:
(in millions, except per share amounts; totals may not sum due to rounding)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Net income (loss)
(a)
$
(1.06)
$
0.67
$
0.74
$
0.67
$
0.34
$
0.22
$
0.67
Real estate related depreciation, amortization and accretion
0.38
0.37
0.37
0.37
0.37
0.37
0.37
Asset write-down charges
—
—
0.01
0.01
0.01
0.01
—
(Income) loss from discontinued operations, net of tax
(b)
1.72
(0.06)
(0.11)
(0.04)
0.16
0.47
—
FFO
(c)(d)
$
1.03
$
0.98
$
1.01
$
1.01
$
0.88
$
1.07
$
1.04
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
426
FFO (from above)
$
1.03
$
0.98
$
1.01
$
1.01
$
0.88
$
1.07
$
1.04
Adjustments to increase (decrease) FFO:
Straight-lined revenues
(0.04)
(0.05)
0.03
0.03
0.01
0.01
0.06
Straight-lined expenses
0.03
0.03
0.03
0.03
0.03
0.03
0.03
Stock-based compensation expense, net
0.04
0.04
0.04
0.04
0.04
0.07
0.04
Non-cash portion of tax provision
0.01
(0.01)
—
—
0.01
(0.01)
—
Non-real estate related depreciation, amortization and accretion
0.03
0.03
0.01
0.02
0.03
0.02
0.05
Amortization of non-cash interest expense
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Other (income) expense
—
—
—
—
—
—
0.01
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(0.05)
—
Restructuring charges
(e)
—
—
—
—
0.03
—
0.01
Sustaining capital expenditures
(0.02)
(0.02)
(0.01)
(0.03)
(0.02)
(0.02)
(0.02)
AFFO
(c)(d)
$
1.10
$
1.02
$
1.12
$
1.12
$
1.02
$
1.13
$
1.24
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
426
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)
See discussion and our definitions of FFO and AFFO, including per share amounts, in this "
Non-GAAP Measures and Other Information
."
(d)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)
Represents restructuring charges recorded related to the 2026 Restructuring Plan.
26
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Outlook for FFO and AFFO:
(in millions, except per share amounts; totals may not sum due to rounding)
Full Year 2026 Outlook
(a)
Full Year 2026 Outlook Per Share
(a)
Net income (loss)
(b)
$755
to
$1,035
$1.76
to
$2.41
Real estate related depreciation, amortization and accretion
600
to
680
1.40
to
1.58
Asset write-down charges
10
to
20
0.02
to
0.05
(Income) loss from discontinued operations, net of tax
(c)
80
to
360
0.19
to
0.84
FFO
(d)(e)
$1,755
to
$1,785
$4.08
to
$4.15
Weighted-average common shares outstanding—diluted
430
430
FFO (from above)
$1,755
to
$1,785
$4.08
to
$4.15
Adjustments to increase (decrease) FFO:
Straight-lined revenues
25
to
55
0.06
to
0.13
Straight-lined expenses
45
to
65
0.10
to
0.15
Stock-based compensation expense, net
78
to
82
0.18
to
0.19
Non-cash portion of tax provision
(8)
to
8
(0.02)
to
0.02
Non-real estate related depreciation, amortization and accretion
27
to
42
0.06
to
0.10
Amortization of non-cash interest expense
15
to
25
0.03
to
0.06
Other (income) expense
0
to
9
0.00
to
0.02
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
(0.06)
to
(0.06)
Acquisition and integration costs
(3)
to
3
(0.01)
to
0.01
Restructuring charges
25
to
35
0.06
to
0.08
Sustaining capital expenditures
(45)
to
(25)
(0.10)
to
(0.06)
AFFO
(d)(e)
$1,955
to
$2,005
$4.54
to
$4.66
Weighted-average common shares outstanding—diluted
430
430
Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:
(as of September 30, 2026; dollars in millions)
September 30, 2026
Total debt and other obligations (current and non-current)
$
17,796
Unamortized adjustments, net
108
Total face value of debt
17,904
Less: Ending cash and cash equivalents and restricted cash and cash equivalents
305
Net Debt
(d)
$
17,599
Adjusted EBITDA for the three months ended September 30, 2026
(d)
$
673
Last quarter annualized Adjusted EBITDA
(d)
2,692
Net Debt to Last Quarter Annualized Adjusted EBITDA
(d)
6.5
x
(a)
As issued on October 21, 2026.
(b)
Includes contribution from discontinued operations through April 30, 2026.
(c)
Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)
See discussion and our definitions of FFO and AFFO, including per share amounts, Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Adjusted EBITDA in this "
Non-GAAP Measures and Other Information.
"
(e)
The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
27
Crown Castle Inc.
Third Quarter 2026
COMPANY
OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions of dollars; totals may not sum due to rounding)
2026
2025
2026
2025
Net income (loss)
(a)
$
283
$
323
$
528
$
150
Adjustments to increase (decrease) income (loss):
Services and other revenues
(29)
(60)
(119)
(162)
Services and other costs of operations
13
30
58
84
Selling, general and administrative expenses
82
97
269
289
Asset write-down charges
1
3
6
7
Depreciation, amortization and accretion
180
167
523
520
Restructuring charges
6
—
20
—
Amortization of prepaid lease purchase price adjustments
3
4
10
11
Interest expense and amortization of deferred financing costs, net
177
247
627
726
(Gain) loss on retirement of long-term obligations
—
—
(24)
—
Interest income
(3)
(3)
(25)
(10)
Other (income) expense
3
—
5
(3)
(Benefit) provision for income taxes
5
4
14
13
Stock-based compensation expense, net recorded in site rental costs of operations
1
1
3
3
(Income) loss from discontinued operations, net of tax
—
(46)
275
676
Adjusted Site Rental Gross Margin
(b)(c)
$
721
$
767
$
2,169
$
2,304
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions of dollars; totals may not sum due to rounding)
2026
2025
2026
2025
Net income (loss)
(a)
$
283
$
323
$
528
$
150
Adjustments to increase (decrease) net income (loss):
Site rental revenues
(966)
(1,012)
(2,894)
(3,031)
Site rental costs of operations
(d)
248
250
737
741
Selling, general and administrative expenses
82
97
269
289
Asset write-down charges
1
3
6
7
Depreciation, amortization and accretion
180
167
523
520
Restructuring charges
6
—
20
—
Interest expense and amortization of deferred financing costs, net
177
247
627
726
(Gain) loss on retirement of long-term obligations
—
—
(24)
—
Interest income
(3)
(3)
(25)
(10)
Other (income) expense
3
—
5
(3)
(Benefit) provision for income taxes
5
4
14
13
Stock-based compensation expense, net recorded in services and other costs of operations
1
1
3
4
(Income) loss from discontinued operations, net of tax
—
(46)
275
676
Adjusted Services and Other Gross Margin
(b)(c)
$
17
$
31
$
64
$
82
(a)
Includes contribution from discontinued operations through April 30, 2026.
(b)
See discussion and our definitions of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "
Non-GAAP Measures and Other Information
."
(c)
The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(d)
Exclusive of depreciation, amortization and accretion shown separately.
28