Jun 2026 (Q2 FY26) — Jul 22, 2026
Crown Castle Q2 FY26 — Increased AFFO Guidance and U.S. Tower Strategy Execution
Read the full callCrown Castle (CCI) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Crown Castle earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,008 | −4.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 46.6 | −1.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 94.0 | −67.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Debt repayment from sale proceeds | approximately $7 billion | Dec 2025 | Since last quarter, we repaid approximately $7.2 billion in debt, including approximately $5 billion of floating-rate debt across our commercial paper program revolving credit facility and term loan, $500 million in open market debt repurchases, $750 million in unsecured notes maturing on June 15 and $1 billion of unsecured notes maturing on July 15. | Achieved |
| AFFO | $1.9 billion | Dec 2025 | resulting in a $5 million increase to our full year 2026 outlook for AFFO. | Revised Up |
| Adjusted EBITDA | $2.7 billion | Dec 2025 | maintaining our adjusted EBITDA outlook | On Track |
5 of CROWN CASTLE INC.'s 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Increased full year 2026 AFFO outlook by $5 million, driven by lower interest expense.
- Successfully closed the sale of small cell and fiber businesses on May 1, becoming a pure-play U.S. tower operator.
- Completed $1 billion in share repurchases in Q2 at an average price of $88.66, retiring over 11 million shares and lowering annual dividend obligation by $47 million.
- Organic growth (ex-Sprint/DISH) increased to 3.9% or $38 million in Q2, with 90% of full-year growth contracted.
- FCC approved EchoStar spectrum sale transaction to AT&T and SpaceX, contingent on a $2.4 billion escrow for vendors, providing a source of funding for DISH claims.
Qualified
- DISH Wireless filed for bankruptcy, leading Crown Castle to pursue a $3.5 billion contractual claim in bankruptcy court.
- Full year 2026 adjusted EBITDA outlook maintained despite revenue increase and cost reduction, offset by a $20 million decrease in services contribution due to lower activity.
- Combined DISH and Sprint headwind for full year 2026 is $240 million.
- Lower services activity expected in Q3, attributed to leadership and strategy changes at MNOs and slower decision-making.
- DISH is asserting an 85% haircut on lease payments in bankruptcy, which Crown Castle is contesting.
Price
$81.06 −1.46% · −$1.2
Performance −16.8% 1Y
1Y: $97.48 on 17 Oct 2025 → $81.06. High $98.87 (20 Oct 2025), low $66.12 (1 Oct 2026).
- Previous close
- $82.26
- 52-week range
- $66.12 – $98.87
- One year
- −18.01%
Overview
- Symbol
- CCI
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 18 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Debt repayment from sale proceeds | approximately $7 billion | Dec 2025 | Since last quarter, we repaid approximately $7.2 billion in debt, including approximately $5 billion of floating-rate debt across our commercial paper program revolving credit facility and term loan, $500 million in open market debt repurchases, $750 million in unsecured notes maturing on June 15 and $1 billion of unsecured notes maturing on July 15. | Achieved |
| AFFO | $1.9 billion | Dec 2025 | resulting in a $5 million increase to our full year 2026 outlook for AFFO. | Revised Up |
| Adjusted EBITDA | $2.7 billion | Dec 2025 | maintaining our adjusted EBITDA outlook | On Track |
Claimed
- Increased full year 2026 AFFO outlook by $5 million, driven by lower interest expense.
- Successfully closed the sale of small cell and fiber businesses on May 1, becoming a pure-play U.S. tower operator.
- Completed $1 billion in share repurchases in Q2 at an average price of $88.66, retiring over 11 million shares and lowering annual dividend obligation by $47 million.
- Organic growth (ex-Sprint/DISH) increased to 3.9% or $38 million in Q2, with 90% of full-year growth contracted.
- FCC approved EchoStar spectrum sale transaction to AT&T and SpaceX, contingent on a $2.4 billion escrow for vendors, providing a source of funding for DISH claims.
Qualified
- DISH Wireless filed for bankruptcy, leading Crown Castle to pursue a $3.5 billion contractual claim in bankruptcy court.
- Full year 2026 adjusted EBITDA outlook maintained despite revenue increase and cost reduction, offset by a $20 million decrease in services contribution due to lower activity.
- Combined DISH and Sprint headwind for full year 2026 is $240 million.
- Lower services activity expected in Q3, attributed to leadership and strategy changes at MNOs and slower decision-making.
- DISH is asserting an 85% haircut on lease payments in bankruptcy, which Crown Castle is contesting.
The full ledger
Open CROWN CASTLE INC.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Crown Castle Q1 FY26 — Solid start as it pivots to a stand-alone US tower operator
Read the full callDec 2025 (Q4 FY25) — Feb 4, 2026
Crown Castle Q4 FY25 — DISH Contract Termination and Strategic Realignment
Read the full callEvery analysed call
Crown Castle earnings calls (CCI)
Financials
What the filings say
Net profit, year on year: −68% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,120 | 1,649 | 1,061 | 1,060 | 1,072 | 1,071 | 1,010 | 1,008 |
| Expenses | 588 | 6,154 | 540 | 554 | 547 | 548 | 545 | 538 |
| Operating profit | 532 | -4,505 | 521 | 506 | 525 | 523 | 465 | 470 |
| Operating margin | 47.5% | −273.2% | 49.1% | 47.7% | 49.0% | 48.8% | 46.0% | 46.6% |
| Profit before tax | 297 | -4,763 | 289 | 269 | 281 | 280 | 225 | 303 |
| Tax rate | 1.0% | −0.1% | 1.7% | 1.5% | 1.4% | 1.1% | 2.2% | 1.3% |
| Net profit | 303 | -4,768 | -464 | 291 | 323 | 294 | 151 | 94 |
| EPS ($ per share) | 0.70 | — | -1.07 | 0.67 | 0.74 | — | 0.34 | 0.22 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | -6,195 | -7,365 | -8,472 | -9,753 | -10,666 | -11,889 | -18,525 | -20,161 |
| Total liabilities | 21,191 | 27,968 | 29,307 | 30,782 | 31,472 | 32,146 | 32,869 | 33,153 |
| Fixed assets | 13,653 | 14,666 | 15,162 | 15,269 | 15,407 | 15,666 | 6,577 | 6,273 |
| Total assets | 32,762 | 38,457 | 38,768 | 39,040 | 38,921 | 38,527 | 32,736 | 31,518 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,500 | 2,698 | 3,055 | 2,789 | 2,878 | 3,126 | 2,943 | 3,057 |
| Cash from investing | -1,793 | -2,081 | -1,741 | -1,332 | -1,352 | -1,519 | -1,220 | -1,158 |
| Cash from financing | -733 | -692 | -1,271 | -1,310 | -1,665 | -1,654 | -1,708 | -1,886 |
| Net cash flow | — | — | 0 | 0 | 0 | 1 | -1 | 0 |
| Capital expenditure | -1,739 | -2,057 | -1,624 | -1,229 | -1,310 | -243 | -176 | -182 |
| Free cash flow | 761 | 641 | 1,431 | 1,560 | 1,568 | 2,883 | 2,767 | 2,875 |
CCI revenue by segment
Fiber shrank from 13% to 6% of revenue over the last year.
| Segment | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | YoY growth latest quarter |
|---|---|---|---|---|---|
| Towers | 87% | 93% | 92% | 94% | — |
| Fiber | 13% | 7% | 8% | 6% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
48 filings between Oct 24, 2025 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
$74.0K
1 purchase by 1 insider
Sales
$3.97M
6 sales by 4 insiders
Compensation
not trading decisions- 12
- Award — granted as compensation
- 16
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SCHLANGER DANIEL K | — | $2.94M | Oct 24, 2025 |
| Adams Edward B JR | — | $401.5K | Feb 25, 2026 |
| Collins Robert Sean | — | $376.3K | Aug 7, 2026 |
| Levendos Christopher | — | $250.2K | Feb 6, 2026 |
| Stephens Kevin A | $74.0K | — | May 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | Hillabrant Christian H President and CEO | Option exercise | 24,466 | $0 |
| Sep 15, 2026 | Hillabrant Christian H President and CEO | Tax withheld | 12,160 | $901.9K |
| Sep 15, 2026 | Hillabrant Christian H President and CEO | Option exercise | 7,340 | $0 |
| Aug 7, 2026 | Collins Robert Sean Vice President and Controller | Sale | 1,500 | $113.8K |
| May 5, 2026 | Stephens Kevin A Director | Purchase | 820 | $74.0K |
| May 1, 2026 | Adams Edward B JR EVP and General Counsel | Award | 14,490 | $0 |
| May 1, 2026 | Collins Robert Sean Vice President and Controller | Tax withheld | 325 | $28.9K |
| May 1, 2026 | Collins Robert Sean Vice President and Controller | Award | 1,138 | $0 |
| May 1, 2026 | Piche Catherine EVP & COO-Towers | Award | 5,031 | $0 |
| May 1, 2026 | Piche Catherine EVP & COO-Towers | Tax withheld | 2,186 | $194.1K |
| May 1, 2026 | Adams Edward B JR EVP and General Counsel | Tax withheld | 5,702 | $506.2K |
| Apr 10, 2026 | PATEL SUNIT S EVP & Chief Financial Officer | Option exercise | 9,649 | $0 |
| Apr 10, 2026 | PATEL SUNIT S EVP & Chief Financial Officer | Tax withheld | 3,797 | $328.7K |
| Feb 27, 2026 | Collins Robert Sean Vice President and Controller | Sale | 3,000 | $262.5K |
| Feb 25, 2026 | Thornton Matthew III Director | Award | 2,673 | $0 |
| Feb 25, 2026 | MOTLAGH KATHERINE Director | Award | 2,673 | $0 |
| Feb 25, 2026 | KABAT KEVIN T Director | Award | 2,673 | $0 |
| Feb 25, 2026 | Stephens Kevin A Director | Award | 2,673 | $0 |
| Feb 25, 2026 | Genrich Jason Director | Award | 1,025 | $0 |
| Feb 25, 2026 | Jones Tammy Director | Award | 2,673 | $0 |
| Feb 25, 2026 | Melone Anthony J. Director | Award | 2,673 | $0 |
| Feb 25, 2026 | Goldsmith Andrea Jo Director | Award | 2,673 | $0 |
| Feb 25, 2026 | Adams Edward B JR EVP and General Counsel | Sale | 4,650 | $401.5K |
| Feb 25, 2026 | Bartolo P Robert Director | Award | 4,590 | $0 |
| Feb 19, 2026 | Piche Catherine EVP & COO-Towers | Option exercise | 5,438 | $0 |
| Feb 19, 2026 | PATEL SUNIT S EVP & Chief Financial Officer | Option exercise | 5,726 | $0 |
| Feb 19, 2026 | PATEL SUNIT S EVP & Chief Financial Officer | Tax withheld | 1,447 | $126.5K |
| Feb 19, 2026 | Collins Robert Sean Vice President and Controller | Option exercise | 1,467 | $0 |
| Feb 19, 2026 | Collins Robert Sean Vice President and Controller | Option exercise | 796 | $0 |
| Feb 19, 2026 | Collins Robert Sean Vice President and Controller | Option exercise | 1,126 | $0 |
| Feb 19, 2026 | Collins Robert Sean Vice President and Controller | Tax withheld | 1,054 | $92.2K |
| Feb 19, 2026 | Levendos Christopher EVP & COO - Fiber | Option exercise | 3,912 | $0 |
| Feb 19, 2026 | Levendos Christopher EVP & COO - Fiber | Option exercise | 5,396 | $0 |
| Feb 19, 2026 | Levendos Christopher EVP & COO - Fiber | Option exercise | 6,394 | $0 |
| Feb 19, 2026 | Levendos Christopher EVP & COO - Fiber | Tax withheld | 4,520 | $395.2K |
| Feb 19, 2026 | Piche Catherine EVP & COO-Towers | Tax withheld | 1,607 | $140.5K |
| Feb 19, 2026 | Adams Edward B JR EVP and General Counsel | Option exercise | 2,434 | $0 |
| Feb 19, 2026 | Adams Edward B JR EVP and General Counsel | Option exercise | 3,598 | $0 |
| Feb 19, 2026 | Adams Edward B JR EVP and General Counsel | Option exercise | 4,262 | $0 |
| Feb 19, 2026 | Adams Edward B JR EVP and General Counsel | Tax withheld | 2,757 | $241.0K |
| Feb 17, 2026 | Melone Anthony J. Director | Gift | 3,375 | $0 |
| Feb 10, 2026 | Adams Edward B JR EVP and General Counsel | Tax withheld | 672 | $56.8K |
| Feb 10, 2026 | Adams Edward B JR EVP and General Counsel | Option exercise | 2,440 | $0 |
| Feb 6, 2026 | Levendos Christopher EVP & COO - Fiber | Sale | 1,883 | $150.1K |
| Nov 10, 2025 | Piche Catherine EVP & COO-Towers | Option exercise | 5,371 | $0 |
| Nov 10, 2025 | Piche Catherine EVP & COO-Towers | Tax withheld | 1,542 | $138.1K |
| Oct 28, 2025 | Levendos Christopher EVP & COO - Fiber | Sale | 1,065 | $100.1K |
| Oct 24, 2025 | SCHLANGER DANIEL K EVP and CTO | Sale | 30,000 | $2.94M |
| Aug 8, 2025 | SCHLANGER DANIEL K Interim President & CEO | Sale | 15,000 | $1.59M |
| Aug 6, 2025 | Levendos Christopher EVP & COO - Fiber | Sale | 1,417 | $150.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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