EX-99.1 2 q22026earningsrelease.htm EX-99.1 Document Exhibit 99.1 NEWS RELEASE July 22, 2026 Contacts: Sunit Patel, CFO Hamilton West, VP Corp Finance & Treasurer FOR IMMEDIATE RELEASE Crown Castle Inc. 713-570-3050 CROWN CASTLE REPORTS SECOND QUARTER 2026 RESULTS AND UPDATES OUTLOOK FOR FULL YEAR 2026 July 22, 2026 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the second quarter ended June 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) $3,855 $4,049 (5)% $3,850 $5 Net income (loss) $870 $444 96% $830 $40 Net income (loss) per share—diluted $2.02 $1.01 100% $1.94 $0.08 Adjusted EBITDA (c)(d) $2,690 $2,863 (6)% $2,690 $— AFFO (c)(d) $1,975 $1,904 4% $1,970 $5 AFFO per share (c)(d) $4.59 $4.36 5% $4.59 $— (a) Reflects midpoint of full year 2026 Outlook as issued on July 22, 2026. (b) Reflects midpoint of previous full year 2026 Outlook as issued on May 1, 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. "We delivered a solid second quarter, positioning us to increase our full year 2026 guide for AFFO," said Chris Hillabrant, Crown Castle's President and Chief Executive Officer. "On May 1st, we successfully completed a significant milestone in the transformation of our business by concluding the sale of our Fiber and Small Cell businesses. We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience. With a clear pure-play US tower strategy, a disciplined capital allocation framework, and an investment-grade balance sheet, we believe we are well positioned to deliver attractive long-term shareholder returns."     The pathway to possible.      CrownCastle.com News Release continued: Page 2 RESULTS FROM THE QUARTER (dollars in millions, except per share amounts) Q2 2026 Q2 2025 Change % Change Site rental revenues (a) $967 $1,008 $(41) (4)% Net income (loss) $94 $291 $(197) (68)% Net income (loss) per share—diluted $0.22 $0.67 $(0.45) (67)% Adjusted EBITDA (a)(b) $675 $705 $(30) (4)% AFFO (a)(b) $488 $444 $44 10% AFFO per share (a)(b) $1.13 $1.02 $0.11 11% (a) Excludes amounts related to the Fiber Business (as defined in " Non-GAAP Measures and Other Information "), which are presented in discontinued operations through 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 second quarter 2026 was $38 million, or 3.9% organic growth, excluding an unfavorable $49 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 4.2% if DISH revenues are excluded from prior year site rental billings, which compares to 3.7% in the second quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a $3 million decrease in amortization of prepaid rent and a $23 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $41 million, or 4.1% from second quarter 2025 to second quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH. ($ in millions; totals may not sum due to rounding) Current Full Year 2026 Outlook Midpoint (a) Q2 2026 Q2 2025 (c) Core leasing activity (b) $65 1.8% $15 1.7% $16 1.7% Escalators $100 2.7% $25 2.7% $24 2.6% Non-renewals (b) $(30) (0.8)% $(7) (0.7)% $(7) (0.7)% Change in other billings (b) $— —% $5 0.5% $2 0.2% Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations (b) $135 3.6% $38 4.2% $34 3.7% (a) As issued on July 22, 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 second quarter 2026 was $94 million compared to $291 million for the second quarter 2025. • Adjusted EBITDA. Second quarter 2026 Adjusted EBITDA was $675 million compared to $705 million for the second quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental     The pathway to possible.      CrownCastle.com News Release continued: Page 3 revenues discussed above, partially offset by a decrease in selling, general and administrative expenses, excluding the impact of stock-based compensation expense. • AFFO and AFFO per share. Second quarter 2026 AFFO was $488 million, or $1.13 per share, representing a 10% increase from second quarter 2025. The increase in the quarter was primarily a result of a decrease in interest expense and an increase in interest income resulting from the use of proceeds from the sale of our Fiber and Small Cell businesses. • Capital expenditures. Capital expenditures from continuing operations during the second quarter were $59 million, composed of $52 million of discretionary capital expenditures and $7 million of sustaining capital expenditures. The $59 million of capital expenditures increased 48% compared to $40 million of capital expenditures during second quarter 2025, primarily driven by a $20 million increase in land capital expenditures. • Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $460 million in the aggregate, or $1.0625 per common share, unchanged on a per share basis compared to the same period a year ago. "In the second quarter we delivered solid results and closed the sale of our Fiber and Small Cell businesses for $8.4 billion of net proceeds," stated Sunit Patel, Crown Castle's Chief Financial Officer. "Consistent with our capital allocation framework and investment grade balance sheet, following the close of the sale transaction we completed $1 billion of share repurchases and repaid more than $7 billion of debt. We ended the second quarter with a strong balance sheet including 100% fixed rate debt, a weighted average debt maturity of approximately 7 years, and approximately $4.5 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 changes from the previous Outlook issued on May 1, 2026: • A $5 million increase to site rental revenues from higher Organic Contributions to Site Rental Billings. • A $10 million decrease in site rental cost of operations and a $15 million decrease in selling, general and administrative expenses, including a $10 million decrease to stock based compensation expense. • A $20 million decrease in services and other gross margin. • A $5 million decrease in interest expense.     The pathway to possible.      CrownCastle.com 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 $5 Amortization of prepaid rent 65 to 95 — Straight-lined revenues (75) to (45) — Other revenues 15 to 15 — Site rental revenues 3,833 to 3,878 5 Site rental costs of operations (d) 968 to 1,013 10 Services and other gross margin 70 to 100 (20) Net income (loss) (e) 730 to 1,010 40 Net income (loss) per share—diluted (e) 1.70 to 2.35 0.08 Adjusted EBITDA (c) 2,665 to 2,715 — Depreciation, amortization and accretion 627 to 722 — Interest expense and amortization of deferred financing costs, net (f) 787 to 832 (5) Income (loss) from discontinued operations, net of tax (g) (360) to (80) — FFO (c) 1,730 to 1,760 40 AFFO (c) 1,950 to 2,000 5 AFFO per share (c) 4.53 to 4.65 — Discretionary capital expenditures (c) 150 to 250 — (a) As issued on July 22, 2026. (b) As issued on May 1, 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 definition 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. • Change in other billings is expected to increase $5 million from the previous Outlook primarily from higher back-billings.     The pathway to possible.      CrownCastle.com 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 be approximately $135 million or 3.4% at the midpoint, or 3.6% if DISH revenues are excluded from prior year site rental billings. • The previous Outlook for full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, was approximately $130 million or 3.3% at the midpoint, or 3.5% if DISH revenues are excluded from prior year site rental billings. • The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $15 million at the midpoint. • Expenses impacting AFFO are expected to decrease approximately $15 million from the previous Outlook as we continue to drive operational efficiencies across the business. • Services contribution is expected to decrease by approximately $20 million from the previous Outlook, primarily driven by lower services activity levels. • Interest expense is expected to decrease by approximately $5 million from the previous Outlook. Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.     The pathway to possible.      CrownCastle.com News Release continued: Page 6 CONFERENCE CALL DETAILS Crown Castle has scheduled a conference call for Wednesday, July 22, 2026, at 5:00 p.m. Eastern time to discuss its second 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, July 22, 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 .     The pathway to possible.      CrownCastle.com 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.     The pathway to possible.      CrownCastle.com 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