CCI · Crown Castle Inc.

Crown Castle's first quarter 2026 results reflect a period of strategic transition as the company progresses toward the divestiture of its Fiber Business. Site rental revenues declined 5% year-over-year to $961 million, primarily attributable to a $49 million unfavorable impact from DISH Terminations and $5 million from Sprint Cancellations. Excluding these impacts, organic contribution to site rental billings was 3.3%. The significant swing to Net Income of $151 million from a loss of $(464) million in the prior year quarter was largely driven by a reduction in the loss associated with the Fiber Business sale agreement, which decreased from an $830 million impact in Q1 2025 to $345 million in Q1 2026. Adjusted EBITDA fell 7% to $675 million, and AFFO per share decreased 7% to $1.02, reflecting the lower revenue contribution. Management affirmed the Full Year 2026 Outlook, projecting Site rental revenues between $3.83 billion and $3.87 billion and AFFO per share of $4.38 to $4.49. The outlook excludes contributions from DISH Wireless and incorporates anticipated cost savings of $55 million in 2026. The company remains focused on its transition to a pure-play tower model, with the $8.5 billion sale of the Fiber Business expected to close in the first half of 2026. Following the close, Crown Castle plans to repay approximately $7 billion of debt and repurchase $1 billion of shares, supported by an investment-grade balance sheet and significant liquidity.