Highlights

  • Crown Castle shares were trading at $85.97 on October 23, 2026, up 9.06%.
  • The company reported third quarter 2026 AFFO of $530 million, or $1.24 per share, up 11% from a year earlier.
  • Net income fell to $283 million, or $0.67 per diluted share, from $323 million a year earlier.
  • Crown Castle raised full-year 2026 Adjusted EBITDA guidance by $25 million and AFFO guidance by $5 million.

Crown Castle (NYSE: CCI) shares were trading at USD 85.97 on October 23, 2026, up 9.06%. The company reported third-quarter results on October 21 showing raised full-year guidance and a strengthened balance sheet following its exit from the fiber business earlier in the year.

Headquartered in Houston, Texas, and incorporated in Delaware, Crown Castle owns, operates and leases approximately 40,000 cell towers across the United States, forming infrastructure for the country’s wireless networks. Following the completion of its Fiber and Small Cell divestiture to Zayo Group Holdings and EQT on May 1, 2026, for $8.4 billion in net cash proceeds, the company now operates as a standalone, pure-play U.S. tower business. Its results for the period ended September 30, 2026 reflect that transition.

Revenue Eases as Portfolio Streamlines, Per-Share Cash Flow Climbs

Site rental revenues were $966 million, down 5% from $1,012 million a year earlier, reflecting a $61 million unfavorable impact from DISH Network terminations and a $5 million impact from Sprint cancellations, plus lower amortization of prepaid rent and reduced straight-lined revenues. Organic Contribution to Site Rental Billings, which excludes those items, was $35 million, or 3.5% growth, rising to 3.8% when DISH is excluded from the prior-year base, compared with 4.1% growth a year earlier on a comparable basis.

Net income was $283 million, or $0.67 per diluted share, down from $323 million, or $0.74 per share. Adjusted EBITDA declined 6% to $673 million from $718 million on the lower site rental and services contribution, partly offset by lower selling, general and administrative expenses. AFFO rose 8% to $530 million and 11% per share to $1.24, helped by lower interest expense and a reduced share count following the Fiber and Small Cell sale proceeds. Capital expenditures rose 57% to $66 million, including $58 million of discretionary spending, mainly on land purchases under existing towers, and $8 million of sustaining capital expenditures.

Balance Sheet Strength Supports Ground Lease Buyouts and Dividend

Crown Castle paid common stock dividends of approximately $452 million during the quarter, or $1.0625 per share, unchanged from a year earlier. Chief Financial Officer Sunit Patel said the company raised its Adjusted EBITDA and AFFO guidance to reflect higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement, noting that Crown Castle acquired an outstanding residual economic interest on a subset of its tower sites during the quarter and extended the term of a significant customer on those sites. Patel added that the company ended the quarter with 97% fixed-rate debt, a weighted average debt maturity of approximately seven years, and about $3.9 billion of revolver availability; total unsecured debt stood at $16.9 billion and Net Debt was $17.6 billion. President and Chief Executive Officer Chris Hillabrant said the company improved margins and strengthened customer relationships during the quarter, including an agreement with a key customer, and that Crown Castle remains focused on becoming a best-in-class U.S. tower operator through added operating efficiencies, modernized systems, and increased land ownership under its towers.

Outlook: Full-Year 2026 Guidance Raised

Crown Castle’s current full-year 2026 outlook midpoint calls for site rental revenues of $3,875 million, net income of $895 million, diluted earnings per share of $2.08, Adjusted EBITDA of $2,715 million, AFFO of $1,980 million, and AFFO per share of $4.60. Compared with the outlook issued on July 22, 2026, this reflects a $25 million increase to the Adjusted EBITDA midpoint, a $5 million increase to AFFO, and a $0.06 increase to diluted earnings per share. Management now expects to finish the year toward the bottom end of its $60 million to $70 million core leasing activity range, with a $20 million increase to site rental revenues from higher straight-lined revenues tied to contractual term extensions, a $5 million decrease in site rental costs from additional ground lease buyouts and operational efficiencies, and a $40 million increase in discretionary capital expenditures from that same buyout activity. The outlook is presented as management’s own estimate and remains subject to the risks disclosed in Crown Castle’s SEC filings.