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Crown Castle
Crown Castle (CCI) investor relations material
Crown Castle Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Full year 2025 results exceeded guidance midpoints for all key metrics, including site rental revenues of $4,049 million, adjusted EBITDA of $2,863 million, and AFFO of $1,904 million, despite headwinds from Sprint cancellations and DISH terminations.
Major business transformation underway, including the sale of small cell and fiber businesses, to focus on a U.S.-only tower model, with proceeds used for $7 billion in debt repayment and $1 billion in share repurchases.
Workforce reduction of approximately 20% and cost-saving initiatives are targeting $65 million in annualized operating cost savings.
Terminated DISH contract due to payment default, seeking to recover over $3.5 billion in owed payments through litigation and regulatory channels.
Financial highlights
2025 site rental revenues were $4,049 million, adjusted EBITDA was $2,863 million, and AFFO was $1,904 million.
2026 guidance midpoints: site rental revenues $3,850 million, adjusted EBITDA $2,690 million, AFFO $1,920 million, all impacted by DISH churn and business divestitures.
2026 organic growth expected at 3.3% ($130 million), or 3.5% excluding DISH, marking a low point before anticipated improvement.
2026 AFFO expected to increase by $15 million over 2025, despite a $110 million decrease in site rental billings, due to cost reductions and lower interest expense.
Net income for 2026 is expected to be $780 million, up 76% from 2025.
Outlook and guidance
2026 outlook excludes DISH contributions, reflecting $220 million churn, and assumes small cell/fiber sale closes June 30, 2026.
AFFO guidance for 12 months post-sale revised to $2,100 million midpoint, up from $1,920 million for full year 2026, due to cost and interest savings.
2026 organic growth guide of 3.5% is expected to be the low point, with improvement anticipated in subsequent years.
Approximately 80% of 2026 organic growth is already contracted.
No contributions from DISH Wireless are included in 2026 due to contract termination.
How do cost savings impact 2026 AFFO growth?
How do offsets mitigate 2026 site rental headwinds?
What is the 2026 discretionary capex outlook?
DISH recovery timeline?
Why change fiber sale proceeds allocation?
Drivers of organic growth beyond 2026?
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Next Crown Castle earnings date
Q1 202629 Apr, 2026
Crown Castle
Next Crown Castle earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Crown Castle's Journey in Telecom Infrastructure
Crown Castle International Corp is a real estate investment trust (REIT) that operates in the telecommunications infrastructure industry. The company primarily focuses on the ownership, operation, and leasing of wireless communication towers, small cells, and fiber optic cables. Crown Castle provides essential infrastructure that enables wireless communication networks for mobile network operators and other wireless service providers.
Crown Castle's business model revolves around leasing its infrastructure assets to wireless carriers on long-term contracts. The company generates revenue through three main segments: towers, small cells, and fiber. The towers segment involves leasing space on its wireless communication towers to multiple tenants. The small cells segment includes the installation of small wireless communication devices on structures like utility poles and buildings. The fiber segment consists of leasing and operating fiber optic cables that provide high-speed connectivity for wireless networks.
Competitive strengths
Crown Castle possesses several competitive advantages. Firstly, it benefits from a large portfolio of tower, small cell, and fiber assets, which gives it a strong market position and attracts wireless carriers looking to lease infrastructure. The company's extensive network coverage arguably also provides a competitive edge since it is hard and expensive to replicate.
Structural tailwinds
In recent years, Crown Castle has experienced steady financial growth. The company's revenue has shown consistent increases during the last decade, driven by higher demand for wireless infrastructure and data connectivity. Additionally, Crown Castle has benefited from the increasing data consumption and the deployment of new technologies like 5G. The company has also focused on disciplined capital allocation and expanding its infrastructure footprint, which has contributed to its financial success.
A capital intensive business
One of the challenges faced by Crown Castle is the high capital expenditures required to build and maintain its infrastructure assets. The company needs to continuously invest in expanding and upgrading its network to meet the increasing demands of wireless carriers. Moreover, regulatory and zoning challenges can slow down infrastructure deployment and impact the company's ability to expand in certain regions.
Three listed peers to Crown Castle International are: American Tower, SBA Communications, and Equinix.
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