Crown Castle Inc 8-K, filed Oct 21, 2026
Crown Castle Inc. (CCI)
8-K
2026-10-21
For: 2026-10-21
View Original
Added on
October 22, 2026
About this 8-K
Crown Castle Inc filed this 8-K on October 21, 2026.
Crown Castle Inc. reported third-quarter 2026 net income of $283 million and AFFO of $530 million, up 8%, while raising its full year 2026 guide for Adjusted EBITDA by $25 million and AFFO by $5 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713 ) 570-3000
| (Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 21, 2026, Crown Castle Inc. ("Company") issued a press release disclosing its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
ITEM 7.01 — REGULATION FD DISCLOSURE
The press release referenced in Item 2.02 above refers to certain supplemental information that was posted as a supplemental information package on the Company's website on October 21, 2026. The supplemental information package is furnished herewith as Exhibit 99.2.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Index
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
The information in Items 2.02 and 7.01 of this Form 8-K and Exhibits 99.1 and 99.2 attached hereto are furnished as part of this Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CROWN CASTLE INC. | ||||||||||||||
| By: | /s/ Edward B. Adams, Jr. | |||||||||||||
| Name: | Edward B. Adams, Jr. | |||||||||||||
| Title: | Executive Vice President and General Counsel | |||||||||||||
Date: October 21, 2026
Exhibit 99.1
 | NEWS RELEASE October 21, 2026 | |||||||
Contacts: Sunit Patel, CFO | |||||
| Hamilton West, VP Corp Finance & Treasurer | |||||
| FOR IMMEDIATE RELEASE | Crown Castle Inc. | ||||
713-570-3050 | |||||
CROWN CASTLE REPORTS THIRD QUARTER 2026 RESULTS AND UPDATES OUTLOOK FOR FULL YEAR 2026
October 21, 2026 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the third quarter ended September 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) | $3,875 | $4,049 | (4)% | $3,855 | $20 | ||||||||||||||||||||||||||||||
| Net income (loss) | $895 | $444 | 102% | $870 | $25 | ||||||||||||||||||||||||||||||
| Net income (loss) per share—diluted | $2.08 | $1.01 | 106% | $2.02 | $0.06 | ||||||||||||||||||||||||||||||
Adjusted EBITDA(c)(d) | $2,715 | $2,863 | (5)% | $2,690 | $25 | ||||||||||||||||||||||||||||||
AFFO(c)(d) | $1,980 | $1,904 | 4% | $1,975 | $5 | ||||||||||||||||||||||||||||||
AFFO per share(c)(d) | $4.60 | $4.36 | 6% | $4.59 | $0.01 | ||||||||||||||||||||||||||||||
(a)Reflects midpoint of full year 2026 Outlook as issued on October 21, 2026.
(b)Reflects midpoint of previous full year 2026 Outlook as issued on July 22, 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.
"In the third quarter, we improved margins and strengthened our customer relationships including the completion of an agreement with a key customer," said Chris Hillabrant, Crown Castle’s President and Chief Executive Officer. "As we look ahead, we remain focused on becoming a best-in-class U.S. tower operator by driving additional operating efficiencies, modernizing our systems, and increasing our land ownership under our towers. We believe our pure-play U.S. tower strategy, disciplined capital allocation framework, and investment-grade balance sheet position us 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) | Q3 2026 | Q3 2025 | Change | % Change | ||||||||||||||||||||||||||||||||||
Site rental revenues(a) | $966 | $1,012 | $(46) | (5)% | ||||||||||||||||||||||||||||||||||
| Net income (loss) | $283 | $323 | $(40) | (12)% | ||||||||||||||||||||||||||||||||||
| Net income (loss) per share—diluted | $0.67 | $0.74 | $(0.07) | (9)% | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA(a)(b) | $673 | $718 | $(45) | (6)% | ||||||||||||||||||||||||||||||||||
AFFO(a)(b) | $530 | $490 | $40 | 8% | ||||||||||||||||||||||||||||||||||
AFFO per share(a)(b) | $1.24 | $1.12 | $0.12 | 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 third quarter 2026 was $35 million, or 3.5% organic growth, excluding an unfavorable $61 million and $5 million impact from DISH Terminations and Sprint Cancellations, respectively. Organic growth increases to 3.8% if DISH revenues are excluded from prior year site rental billings, which compares to 4.1% in the third quarter 2025 on a comparable basis. Site rental revenues were negatively impacted by a $3 million decrease in amortization of prepaid rent and a $14 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $46 million, or 4.5%, from third quarter 2025 to third quarter 2026. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of DISH and the Sprint Cancellations, and the respective percentage of prior period site rental billings, excluding prior year site rental billings to DISH.
($ in millions; totals may not sum due to rounding) | Current Full Year 2026 Outlook Midpoint(a) | Q3 2026 | Q3 2025(c) | |||||||||||||||||||||||||||||||||||
Core leasing activity(b) | $65 | 1.8% | $16 | 1.8% | $20 | 2.1% | ||||||||||||||||||||||||||||||||
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) | $— | —% | $— | 0.0% | $2 | 0.2% | ||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b) | $135 | 3.6% | $35 | 3.8% | $39 | 4.1% | ||||||||||||||||||||||||||||||||
(a)As issued on October 21, 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 third quarter 2026 was $283 million compared to $323 million for the third quarter 2025.
•Adjusted EBITDA. Third quarter 2026 Adjusted EBITDA was $673 million compared to $718 million for the third quarter 2025. The decrease in the quarter was primarily a result of the lower contribution from site rental revenues discussed above and lower services contribution, partially offset by lower selling, general and administrative expenses.
The pathway to possible.
CrownCastle.com
| News Release continued: | Page 3 | |||||||
•AFFO and AFFO per share. Third quarter 2026 AFFO was $530 million, or $1.24 per share, representing increases of 8% and 11%, respectively, from third quarter 2025. The increase in the quarter was primarily a result of decreases in interest expense and outstanding common stock resulting from the use of proceeds from the sale of our Fiber and Small Cell businesses partially offset by the changes in revenue discussed above.
•Capital expenditures. Capital expenditures during the third quarter were $66 million, composed of $58 million of discretionary capital expenditures and $8 million of sustaining capital expenditures. The $66 million of capital expenditures increased 57% compared to $42 million of capital expenditures from continuing operations during third quarter 2025, primarily driven by a $24 million increase in land capital expenditures.
•Common stock dividend. During the quarter, Crown Castle paid common stock dividends of approximately $452 million in the aggregate, or $1.0625 per common share, unchanged on a per share basis compared to the same period a year ago.
"We are increasing our full year 2026 guide for Adjusted EBITDA by $25 million and AFFO by $5 million to reflect higher ground lease buyout activity, additional operational efficiencies, and the impact of a customer agreement," said Sunit Patel, Crown Castle’s Chief Financial Officer. "In the quarter we acquired an outstanding residual economic interest on a subset of our tower sites and extended the term of a significant customer on those sites. We ended the third quarter with a strong balance sheet, including 97% fixed rate debt, a weighted average debt maturity of approximately 7 years, and approximately $3.9 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 updates from the previous Outlook issued on July 22, 2026:
•We expect to finish the year towards the bottom end of the $60 million to $70 million full year 2026 Outlook range for core leasing activity.
•A $20 million increase to site rental revenues from higher straight-lined revenues related to contractual term extensions.
•A $5 million decrease in site rental cost of operations from higher ground lease buyout activity and additional operational efficiencies.
•A $40 million increase in discretionary capital expenditures from higher ground lease buyout activity.
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 | $— | ||||||||||||||||
| Amortization of prepaid rent | 65 | to | 95 | — | ||||||||||||||||
| Straight-lined revenues | (55) | to | (25) | 20 | ||||||||||||||||
Other revenues | 15 | to | 15 | — | ||||||||||||||||
| Site rental revenues | 3,853 | to | 3,898 | 20 | ||||||||||||||||
Site rental costs of operations(d) | 963 | to | 1,008 | (5) | ||||||||||||||||
| Services and other gross margin | 70 | to | 100 | — | ||||||||||||||||
Net income (loss)(e) | 755 | to | 1,035 | 25 | ||||||||||||||||
Net income (loss) per share—diluted(e) | 1.76 | to | 2.41 | 0.06 | ||||||||||||||||
Adjusted EBITDA(c) | 2,690 | to | 2,740 | 25 | ||||||||||||||||
| Depreciation, amortization and accretion | 627 | to | 722 | — | ||||||||||||||||
Interest expense and amortization of deferred financing costs, net(f) | 787 | to | 832 | — | ||||||||||||||||
Income (loss) from discontinued operations, net of tax(g) | (360) | to | (80) | — | ||||||||||||||||
FFO(c) | 1,755 | to | 1,785 | 25 | ||||||||||||||||
AFFO(c) | 1,955 | to | 2,005 | 5 | ||||||||||||||||
AFFO per share(c) | 4.54 | to | 4.66 | 0.01 | ||||||||||||||||
Discretionary capital expenditures(c) | 190 | to | 290 | 40 | ||||||||||||||||
(a)As issued on October 21, 2026.
(b)As issued on July 22, 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 our definitions 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.
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 remain unchanged at approximately $135 million, or 3.4%, at the midpoint, or 3.6% if DISH revenues are excluded from prior year site rental billings.
•Straight-lined revenues are expected to be $20 million higher due to contractual term extensions, resulting in a $20 million increase in full year growth in 2026 site rental revenues at the midpoint.
•The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $75 million at the midpoint.
•Expenses impacting AFFO are expected to decrease approximately $5 million from the previous full year 2026 Outlook due to higher ground lease buyout activity and additional operational efficiencies, resulting in a $5 million increase to full year 2026 Outlook for AFFO growth at the midpoint.
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, October 21, 2026, at 4:45 p.m. Eastern time to discuss its third 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, October 21, 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.
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| 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, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (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, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Other Definitions
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
The pathway to possible.
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| News Release continued: | Page 9 | |||||||
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction"). The Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
The pathway to possible.
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| News Release continued: | Page 10 | |||||||
Reconciliation of Historical Adjusted EBITDA:
For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | December 31, 2025 | ||||||||||||||||||||||||
Net income (loss)(a) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | $ | 444 | |||||||||||||||||||
| Adjustments to increase (decrease) net income (loss): | |||||||||||||||||||||||||||||
| Asset write-down charges | 1 | 3 | 6 | 7 | 11 | ||||||||||||||||||||||||
| Depreciation, amortization and accretion | 180 | 167 | 523 | 520 | 690 | ||||||||||||||||||||||||
Restructuring charges(b) | 6 | — | 20 | — | — | ||||||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 3 | 4 | 10 | 11 | 15 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(c) | 177 | 247 | 627 | 726 | 972 | ||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | (24) | — | — | ||||||||||||||||||||||||
| Interest income | (3) | (3) | (25) | (10) | (13) | ||||||||||||||||||||||||
| Other (income) expense | 3 | — | 5 | (3) | (3) | ||||||||||||||||||||||||
| (Benefit) provision for income taxes | 5 | 4 | 14 | 13 | 16 | ||||||||||||||||||||||||
| Stock-based compensation expense, net | 18 | 19 | 65 | 55 | 73 | ||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(d) | — | (46) | 275 | 676 | 659 | ||||||||||||||||||||||||
Adjusted EBITDA(e)(f) | $ | 673 | $ | 718 | $ | 2,024 | $ | 2,145 | $ | 2,863 | |||||||||||||||||||
Reconciliation of Current Outlook for Adjusted EBITDA:
| Full Year 2026 | |||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | Outlook(g) | ||||||||||||||||||||||
Net income (loss)(a) | $755 | to | $1,035 | ||||||||||||||||||||
| Adjustments to increase (decrease) net income (loss): | |||||||||||||||||||||||
Asset write-down charges | 10 | to | 20 | ||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | ||||||||||||||||||||
| Depreciation, amortization and accretion | 627 | to | 722 | ||||||||||||||||||||
Restructuring charges(h) | 25 | to | 35 | ||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 14 | to | 16 | ||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(i) | 787 | to | 832 | ||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | ||||||||||||||||||||
| Interest income | (25) | to | (25) | ||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | ||||||||||||||||||||
| (Benefit) provision for income taxes | 11 | to | 19 | ||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | ||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(j) | 80 | to | 360 | ||||||||||||||||||||
Adjusted EBITDA(e)(f) | $2,690 | to | $2,740 | ||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(e)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)As issued on October 21, 2026.
(h)Represents expected restructuring charges related to the 2026 Restructuring Plan.
(i)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(j)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
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| News Release continued: | Page 11 | |||||||
Reconciliation of Historical FFO and AFFO:
For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | December 31, 2025 | ||||||||||||||||||||||||
Net income (loss)(a) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | $ | 444 | |||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 157 | 163 | 480 | 489 | 650 | ||||||||||||||||||||||||
| Asset write-down charges | 1 | 3 | 6 | 7 | 11 | ||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(b) | — | (46) | 275 | 676 | 659 | ||||||||||||||||||||||||
FFO(c)(d) | $ | 442 | $ | 443 | $ | 1,289 | $ | 1,322 | $ | 1,764 | |||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 426 | 437 | 433 | 436 | 437 | ||||||||||||||||||||||||
| FFO (from above) | $ | 442 | $ | 443 | $ | 1,289 | $ | 1,322 | $ | 1,764 | |||||||||||||||||||
| Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||
| Straight-lined revenues | 25 | 11 | 31 | (27) | (12) | ||||||||||||||||||||||||
| Straight-lined expenses | 13 | 15 | 40 | 44 | 58 | ||||||||||||||||||||||||
| Stock-based compensation expense, net | 18 | 19 | 65 | 55 | 73 | ||||||||||||||||||||||||
| Non-cash portion of tax provision | 2 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 23 | 4 | 43 | 31 | 40 | ||||||||||||||||||||||||
| Amortization of non-cash interest expense | 6 | 3 | 15 | 11 | 16 | ||||||||||||||||||||||||
| Other (income) expense | 3 | — | 5 | (3) | (3) | ||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | (24) | — | — | ||||||||||||||||||||||||
Restructuring charges(e) | 6 | — | 20 | — | — | ||||||||||||||||||||||||
| Sustaining capital expenditures | (8) | (6) | (22) | (19) | (33) | ||||||||||||||||||||||||
AFFO(c)(d) | $ | 530 | $ | 490 | $ | 1,465 | $ | 1,414 | $ | 1,904 | |||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 426 | 437 | 433 | 436 | 437 | ||||||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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| News Release continued: | Page 12 | |||||||
Reconciliation of Historical FFO and AFFO per share:
For the Three Months Ended | For the Nine Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||||
(in millions, except per share amounts; totals may not sum due to rounding) | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | December 31, 2025 | ||||||||||||||||||||||||
Net income (loss)(a) | $ | 0.67 | $ | 0.74 | $ | 1.22 | $ | 0.34 | $ | 1.02 | |||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 0.37 | 0.37 | 1.11 | 1.12 | 1.49 | ||||||||||||||||||||||||
| Asset write-down charges | — | 0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(b) | — | (0.11) | 0.63 | 1.55 | 1.51 | ||||||||||||||||||||||||
FFO(c)(d) | $ | 1.04 | $ | 1.01 | $ | 2.98 | $ | 3.03 | $ | 4.04 | |||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 426 | 437 | 433 | 436 | 437 | ||||||||||||||||||||||||
| FFO (from above) | $ | 1.04 | $ | 1.01 | $ | 2.98 | $ | 3.03 | $ | 4.04 | |||||||||||||||||||
| Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||
| Straight-lined revenues | 0.06 | 0.03 | 0.07 | (0.06) | (0.03) | ||||||||||||||||||||||||
| Straight-lined expenses | 0.03 | 0.03 | 0.09 | 0.10 | 0.13 | ||||||||||||||||||||||||
| Stock-based compensation expense, net | 0.04 | 0.04 | 0.15 | 0.13 | 0.17 | ||||||||||||||||||||||||
| Non-cash portion of tax provision | — | — | — | — | — | ||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 0.05 | 0.01 | 0.10 | 0.07 | 0.09 | ||||||||||||||||||||||||
| Amortization of non-cash interest expense | 0.01 | 0.01 | 0.04 | 0.02 | 0.04 | ||||||||||||||||||||||||
| Other (income) expense | 0.01 | — | 0.01 | (0.01) | (0.01) | ||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | (0.05) | — | — | ||||||||||||||||||||||||
Restructuring charges(e) | 0.01 | — | 0.05 | — | — | ||||||||||||||||||||||||
| Sustaining capital expenditures | (0.02) | (0.01) | (0.05) | (0.04) | (0.08) | ||||||||||||||||||||||||
AFFO(c)(d) | $ | 1.24 | $ | 1.12 | $ | 3.39 | $ | 3.24 | $ | 4.36 | |||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 426 | 437 | 433 | 436 | 437 | ||||||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
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| News Release continued: | Page 13 | |||||||
Reconciliation of Current Outlook for FFO and AFFO:
| Full Year 2026 | Full Year 2026 | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts; totals may not sum due to rounding) | Outlook(a) | Outlook per Share(a) | |||||||||||||||||||||||||||||||||
Net income (loss)(b) | $755 | to | $1,035 | $1.76 | to | $2.41 | |||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 600 | to | 680 | 1.40 | to | 1.58 | |||||||||||||||||||||||||||||
Asset write-down charges | 10 | to | 20 | 0.02 | to | 0.05 | |||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(c) | 80 | to | 360 | 0.19 | to | 0.84 | |||||||||||||||||||||||||||||
FFO(d)(e) | $1,755 | to | $1,785 | $4.08 | to | $4.15 | |||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | |||||||||||||||||||||||||||||||||
| FFO (from above) | $1,755 | to | $1,785 | $4.08 | to | $4.15 | |||||||||||||||||||||||||||||
| Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||||||||
| Straight-lined revenues | 25 | to | 55 | 0.06 | to | 0.13 | |||||||||||||||||||||||||||||
| Straight-lined expenses | 45 | to | 65 | 0.10 | to | 0.15 | |||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | 0.18 | to | 0.19 | |||||||||||||||||||||||||||||
| Non-cash portion of tax provision | (8) | to | 8 | (0.02) | to | 0.02 | |||||||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 27 | to | 42 | 0.06 | to | 0.10 | |||||||||||||||||||||||||||||
| Amortization of non-cash interest expense | 15 | to | 25 | 0.03 | to | 0.06 | |||||||||||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | 0.00 | to | 0.02 | |||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | (0.06) | to | (0.06) | |||||||||||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | (0.01) | to | 0.01 | |||||||||||||||||||||||||||||
Restructuring charges(f) | 25 | to | 35 | 0.06 | to | 0.08 | |||||||||||||||||||||||||||||
| Sustaining capital expenditures | (45) | to | (25) | (0.10) | to | (0.06) | |||||||||||||||||||||||||||||
AFFO(d)(e) | $1,955 | to | $2,005 | $4.54 | to | $4.66 | |||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | |||||||||||||||||||||||||||||||||
(a)As issued on October 21, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
(f)Represents expected restructuring charges related to the 2026 Restructuring Plan.
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| News Release continued: | Page 14 | |||||||
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
| Previously Issued | |||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | Full Year 2026 Outlook(a) | ||||||||||||||||||||||
Net income (loss)(b) | $730 | to | $1,010 | ||||||||||||||||||||
Adjustments to increase (decrease) net income (loss): | |||||||||||||||||||||||
| Asset write-down charges | 10 | to | 20 | ||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | ||||||||||||||||||||
| Depreciation, amortization and accretion | 627 | to | 722 | ||||||||||||||||||||
Restructuring charges(c) | 25 | to | 35 | ||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 14 | to | 16 | ||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(d) | 787 | to | 832 | ||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | ||||||||||||||||||||
| Interest income | (25) | to | (25) | ||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | ||||||||||||||||||||
| (Benefit) provision for income taxes | 11 | to | 19 | ||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | ||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(e) | 80 | to | 360 | ||||||||||||||||||||
Adjusted EBITDA(f)(g) | $2,665 | to | $2,715 | ||||||||||||||||||||
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
| Previously Issued | Previously Issued | ||||||||||||||||||||||||||||||||||
(in millions, except per share amounts; totals may not sum due to rounding) | Full Year 2026 Outlook(a) | Full Year 2026 Outlook per share(a) | |||||||||||||||||||||||||||||||||
Net income (loss)(b) | $730 | to | $1,010 | $1.70 | to | $2.35 | |||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 600 | to | 680 | 1.40 | to | 1.58 | |||||||||||||||||||||||||||||
| Asset write-down charges | 10 | to | 20 | 0.02 | to | 0.05 | |||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(e) | 80 | to | 360 | 0.19 | to | 0.84 | |||||||||||||||||||||||||||||
FFO(f)(g) | $1,730 | to | $1,760 | $4.02 | to | $4.09 | |||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | |||||||||||||||||||||||||||||||||
| FFO (from above) | $1,730 | to | $1,760 | $4.02 | to | $4.09 | |||||||||||||||||||||||||||||
| Adjustments to increase (decrease) FFO: | |||||||||||||||||||||||||||||||||||
| Straight-lined revenues | 45 | to | 75 | 0.10 | to | 0.17 | |||||||||||||||||||||||||||||
| Straight-lined expenses | 45 | to | 65 | 0.10 | to | 0.15 | |||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | 0.18 | to | 0.19 | |||||||||||||||||||||||||||||
| Non-cash portion of tax provision | (8) | to | 8 | (0.02) | to | 0.02 | |||||||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 27 | to | 42 | 0.06 | to | 0.10 | |||||||||||||||||||||||||||||
| Amortization of non-cash interest expense | 15 | to | 25 | 0.03 | to | 0.06 | |||||||||||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | 0.00 | to | 0.02 | |||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | (0.06) | to | (0.06) | |||||||||||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | (0.01) | to | 0.01 | |||||||||||||||||||||||||||||
Restructuring charges(c) | 25 | to | 35 | 0.06 | to | 0.08 | |||||||||||||||||||||||||||||
| Sustaining capital expenditures | (45) | to | (25) | (0.10) | to | (0.06) | |||||||||||||||||||||||||||||
AFFO(f)(g) | $1,950 | to | $2,000 | $4.53 | to | $4.65 | |||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | |||||||||||||||||||||||||||||||||
(a)As issued on July 22, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected restructuring charges related to the 2026 Restructuring Plan.
(d)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(e)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(f)See discussion of and our definitions of Adjusted EBITDA, FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(g)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
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| News Release continued: | Page 15 | |||||||
Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2026 and 2025(a):
| Three Months Ended September 30, | |||||||||||||||||||||||||||||
(dollars in millions; totals may not sum due to rounding) | 2026 | 2025 | |||||||||||||||||||||||||||
| Components of changes in site rental revenues: | |||||||||||||||||||||||||||||
Prior year site rental billings excluding site rental billings to DISH(b) | $ | 935 | $ | 947 | |||||||||||||||||||||||||
Prior year site rental billings to DISH(b) | 61 | 48 | |||||||||||||||||||||||||||
Prior year site rental billings(b) | $ | 996 | $ | 995 | |||||||||||||||||||||||||
Core leasing activity(b) | 16 | 20 | |||||||||||||||||||||||||||
| Escalators | 25 | 24 | |||||||||||||||||||||||||||
Non-renewals(b) | (7) | (7) | |||||||||||||||||||||||||||
Other billings(b) | — | 2 | |||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b) | 35 | 39 | |||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings associated with DISH(b) | (61) | 13 | |||||||||||||||||||||||||||
Non-renewals associated with Sprint Cancellations(b) | (5) | (51) | |||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings(b) | (31) | 1 | |||||||||||||||||||||||||||
| Straight-lined revenues | (25) | (11) | |||||||||||||||||||||||||||
| Amortization of prepaid rent | 20 | 23 | |||||||||||||||||||||||||||
Other revenues | 5 | 4 | |||||||||||||||||||||||||||
| Total site rental revenues | $ | 966 | $ | 1,012 | |||||||||||||||||||||||||
| Year-over-year changes in revenues: | |||||||||||||||||||||||||||||
| Site rental revenues as a percentage of prior year site rental revenues | (4.5) | % | (5.1) | % | |||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b) | 3.8 | % | 4.1 | % | |||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b) | 3.5 | % | 3.9 | % | |||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b) | (3.1) | % | 0.1 | % | |||||||||||||||||||||||||
(a)The financial impact of the Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "Non-GAAP Measures and Other Information."
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| News Release continued: | Page 16 | |||||||
Components of Changes in Site Rental Revenues for Current and Previous Outlook for Full Year 2026:
(dollars in millions; totals may not sum due to rounding) | Full Year 2026 Outlook(a)(c) | Previously Issued Full Year 2026 Outlook(b)(c) | |||||||||||||||||||||
| Components of changes in site rental revenues: | |||||||||||||||||||||||
Prior year site rental billings excluding site rental billings to DISH(d) | $3,701 | $3,701 | |||||||||||||||||||||
Prior year site rental billings to DISH(d) | 222 | 222 | |||||||||||||||||||||
Prior year site rental billings(d) | $3,923 | $3,923 | |||||||||||||||||||||
Core leasing activity(d) | 60 | to | 70 | 60 | to | 70 | |||||||||||||||||
| Escalators | 95 | to | 105 | 95 | to | 105 | |||||||||||||||||
Non-renewals(d) | (35) | to | (25) | (35) | to | (25) | |||||||||||||||||
Other billings(d) | — | — | |||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(d) | 120 | to | 150 | 120 | to | 150 | |||||||||||||||||
Non-renewals associated with Sprint Cancellations(d) | (20) | to | (20) | (20) | to | (20) | |||||||||||||||||
Non-renewals associated with DISH Terminations(d) | (220) | to | (220) | (220) | to | (220) | |||||||||||||||||
Organic Contribution to Site Rental Billings(d) | (120) | to | (90) | (120) | to | (90) | |||||||||||||||||
| Straight-lined revenues | (55) | to | (25) | (75) | to | (45) | |||||||||||||||||
| Amortization of prepaid rent | 65 | to | 95 | 65 | to | 95 | |||||||||||||||||
Other revenues | 15 | to | 15 | 15 | to | 15 | |||||||||||||||||
Acquisitions(e) | — | — | |||||||||||||||||||||
| Total site rental revenues | $3,853 | to | $3,898 | $3,833 | to | $3,878 | |||||||||||||||||
Year-over-year changes in revenues:(f) | |||||||||||||||||||||||
Site rental revenues as a percentage of prior year site rental revenues | (4.3)% | (4.8)% | |||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(d) | 3.6% | 3.6% | |||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(d) | 3.4% | 3.4% | |||||||||||||||||||||
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(d) | (2.7)% | (2.7)% | |||||||||||||||||||||
(a)As issued on October 21, 2026.
(b)As issued on July 22, 2026.
(c)Represents full year 2026 Outlook for continuing operations only.
(d)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings, and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this "Non-GAAP Measures and Other Information."
(e)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(f)Calculated based on midpoint of full year 2026 Outlook, where applicable.
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| News Release continued: | Page 17 | |||||||
Components of Capital Expenditures:(a)(b)
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
| (in millions) | September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| Discretionary capital expenditures: | |||||||||||||||||||||||
Tower improvements and other capital projects | $ | 18 | $ | 20 | $ | 52 | $ | 54 | |||||||||||||||
| Purchases of land interests | 40 | 16 | 108 | 50 | |||||||||||||||||||
| Sustaining capital expenditures | 8 | 6 | 22 | 19 | |||||||||||||||||||
| Total capital expenditures | $ | 66 | $ | 42 | $ | 182 | $ | 123 | |||||||||||||||
Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:(b)(c)
| (in millions) | Full Year 2026 Outlook(d) | Previously Issued Full Year 2026 Outlook(e) | |||||||||||||||||||||
Discretionary capital expenditures | $190 | to | $290 | $150 | to | $250 | |||||||||||||||||
Less: Prepaid rent additions(f) | (30) | to | (50) | (30) | to | (50) | |||||||||||||||||
Discretionary capital expenditures less prepaid rent additions | $150 | to | $250 | $110 | to | $210 | |||||||||||||||||
Components of Interest Expense:
| For the Three Months Ended | |||||||||||
| (in millions) | September 30, 2026 | September 30, 2025 | |||||||||
| Interest expense on debt obligations | $ | 171 | $ | 244 | |||||||
| Amortization of deferred financing costs and adjustments on long-term debt | 6 | 8 | |||||||||
| Capitalized interest | — | (5) | |||||||||
| Interest expense and amortization of deferred financing costs, net | $ | 177 | $ | 247 | |||||||
Outlook for Components of Interest Expense:
| (in millions) | Full Year 2026 Outlook(g) | ||||||||||||||||||||||||||||||||||
| Interest expense on debt obligations | $770 | to | $810 | ||||||||||||||||||||||||||||||||
| Amortization of deferred financing costs and adjustments on long-term debt | 25 | to | 35 | ||||||||||||||||||||||||||||||||
| Capitalized interest | (15) | to | (5) | ||||||||||||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | $787 | to | $832 | ||||||||||||||||||||||||||||||||
(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in this "Non-GAAP Measures and Other Information."
(b)The financial impact of the Fiber Business is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(c)Excludes sustaining capital expenditures. See "Non-GAAP Measures and Other Information" for our definitions of discretionary capital expenditures and sustaining capital expenditures.
(d)As issued on October 21, 2026.
(e)As issued on July 22, 2026.
(f)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(g)As issued on October 21, 2026 and unchanged from previous full year 2026 Outlook issued on July 22, 2026.
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| News Release continued: | Page 18 | |||||||
Debt Balances and Maturity Dates as of September 30, 2026:
| (in millions) | Face Value(a) | Maturity | |||||||||
| Cash and cash equivalents and restricted cash and cash equivalents | $ | 305 | |||||||||
Senior Secured Notes, Series 2009-1, Class A-2(b) | 20 | Aug. 2029 | |||||||||
Senior Secured Tower Revenue Notes, Series 2018-2(c) | 750 | July 2048 | |||||||||
Installment purchase liabilities and finance leases(d) | 264 | Various | |||||||||
| Total secured debt | $ | 1,034 | |||||||||
2026 Revolver(e) | 450 | May 2031 | |||||||||
Commercial Paper Notes(f) | 100 | Various | |||||||||
| 2.900% Senior Notes | 718 | Mar. 2027 | |||||||||
4.000% Senior Notes | 500 | Mar. 2027 | |||||||||
3.650% Senior Notes | 979 | Sept. 2027 | |||||||||
| 5.000% Senior Notes | 977 | Jan. 2028 | |||||||||
3.800% Senior Notes | 978 | Feb. 2028 | |||||||||
| 4.800% Senior Notes | 597 | Sept. 2028 | |||||||||
4.300% Senior Notes | 557 | Feb. 2029 | |||||||||
5.600% Senior Notes | 696 | June 2029 | |||||||||
4.900% Senior Notes | 546 | Sept. 2029 | |||||||||
| 3.100% Senior Notes | 532 | Nov. 2029 | |||||||||
3.300% Senior Notes | 709 | July 2030 | |||||||||
2.250% Senior Notes | 1,044 | Jan. 2031 | |||||||||
| 2.100% Senior Notes | 981 | Apr. 2031 | |||||||||
| 2.500% Senior Notes | 726 | July 2031 | |||||||||
| 5.100% Senior Notes | 739 | May 2033 | |||||||||
5.800% Senior Notes | 705 | Mar. 2034 | |||||||||
5.200% Senior Notes | 650 | Sept. 2034 | |||||||||
| 2.900% Senior Notes | 1,219 | Apr. 2041 | |||||||||
4.750% Senior Notes | 350 | May 2047 | |||||||||
5.200% Senior Notes | 396 | Feb. 2049 | |||||||||
| 4.000% Senior Notes | 341 | Nov. 2049 | |||||||||
| 4.150% Senior Notes | 493 | July 2050 | |||||||||
| 3.250% Senior Notes | 887 | Jan. 2051 | |||||||||
| Total unsecured debt | $ | 16,870 | |||||||||
Net Debt(g) | $ | 17,599 | |||||||||
(a)Net of required principal amortizations and repurchases.
(b)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(c)If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(d)As of September 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(e)As of September 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(f)As of September 30, 2026, the Company had $1.9 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(g)See further information on, and our definition and discussion of, Net Debt in this "Non-GAAP Measures and Other Information."
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| News Release continued: | Page 19 | |||||||
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2026 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, (2) creation and maximization of shareholder value and returns, (3) operating as a standalone U.S. tower business and the potential benefits therefrom, (4) benefits stemming from our capital allocation framework, (5) net income (loss) (including on a per share basis), (6) AFFO (including on a per share basis) and its components and growth, (7) Adjusted EBITDA and its components and growth, (8) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) and its components and growth, (9) site rental revenues and its components and growth, (10) the impact of Sprint Cancellations, (11) our balance sheet, liquidity, leverage and credit ratings, (12) capital expenditures, including discretionary capital expenditures, (13) the impact of DISH Terminations, (14) operating efficiencies and the potential benefits therefrom, (15) potential land acquisitions under our towers, including activity levels with respect to ground lease buyouts, (16) modernizing our systems and processes, (17) acquisition of an outstanding residual economic interest and the potential impact thereof, (18) entry into new customer agreements and recent contractual term extensions, and the potential impacts thereof on our financial results, and (19) dividends, including dividend levels, rates and amounts. Any dividends remain subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends.
Such forward-looking statements are subject to certain risks, uncertainties and assumptions and should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
•prevailing market conditions;
•a slowdown in demand for our towers and a reduction in the amount or change in the mix of network investment by our tenants;
•the loss, consolidation or financial instability of any of our tenants;
•expansion or development of our business and the potential disruptions in our business caused thereby;
•failure to timely, efficiently and safely execute on our construction projects;
•reduction in demand for our towers as a result of new technologies;
•failure to retain rights to our towers;
•volatility in demand in our services business, which may reduce the predictability of our results;
•inability to negotiate favorable rates on our new or renewing tenant contracts as a result of competition in our industry;
•delayed timing or lack of deployment or adoption by tenants of new wireless technologies;
•the impact of cybersecurity breaches or other information technology disruptions;
•the impact of climate-related events, natural disasters, including wildfires, and other unforeseen events on our business;
•failure to attract, recruit and retain qualified and experienced employees;
•changes to management, including turnover of our top executives;
•actions and plans related to restructuring our business;
•availability of financing and capital, the levels of debt that we maintain, the terms of our debt instruments, compliance with debt covenants and our credit ratings;
•the impact on the market price of our common stock as a result of sales or issuances of a substantial number of shares of our common stock;
•the introduction of new laws or regulations or failure to comply with laws or regulations which regulate our business;
•funding of future dividend payments to our stockholders; and
•failure to maintain our REIT status for U.S. federal income tax purposes.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
As used in this release, the term "including," and any variation thereof, means "including without limitation."
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| News Release continued: | Page 20 | |||||||
| CROWN CASTLE INC. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (Amounts in millions, except par values) | ||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 133 | $ | 99 | |||||||
Restricted cash and cash equivalents | 167 | 170 | |||||||||
| Receivables, net | 110 | 172 | |||||||||
| Prepaid expenses | 90 | 79 | |||||||||
| Deferred site rental receivables | 172 | 167 | |||||||||
| Other current assets | 23 | 23 | |||||||||
Current assets of discontinued operations | — | 434 | |||||||||
| Total current assets | 695 | 1,144 | |||||||||
| Deferred site rental receivables | 2,253 | 2,288 | |||||||||
| Property and equipment, net | 6,104 | 6,273 | |||||||||
| Operating lease right-of-use assets | 5,370 | 5,473 | |||||||||
| Goodwill | 5,127 | 5,127 | |||||||||
| Site rental contracts and tenant relationships | 704 | 834 | |||||||||
| Other intangible assets, net | 184 | 27 | |||||||||
| Other assets, net | 173 | 61 | |||||||||
Non-current assets of discontinued operations | — | 10,291 | |||||||||
| Total assets | $ | 20,610 | $ | 31,518 | |||||||
LIABILITIES AND EQUITY (DEFICIT) | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 63 | $ | 71 | |||||||
| Accrued interest | 138 | 235 | |||||||||
| Deferred revenues | 137 | 192 | |||||||||
| Other accrued liabilities | 170 | 168 | |||||||||
| Current maturities of debt and other obligations | 2,238 | 2,783 | |||||||||
| Current portion of operating lease liabilities | 258 | 268 | |||||||||
| Current liabilities of discontinued operations | — | 762 | |||||||||
| Total current liabilities | 3,004 | 4,479 | |||||||||
| Debt and other long-term obligations | 15,558 | 21,554 | |||||||||
| Operating lease liabilities | 4,868 | 4,961 | |||||||||
| Other long-term liabilities | 604 | 607 | |||||||||
Non-current liabilities of discontinued operations | — | 1,552 | |||||||||
| Total liabilities | 24,034 | 33,153 | |||||||||
| Commitments and contingencies | |||||||||||
Stockholders' equity (deficit): | |||||||||||
Common stock, 0.01 par value; 1,200 shares authorized; September 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding | 4 | 4 | |||||||||
| Additional paid-in capital | 18,586 | 18,527 | |||||||||
Treasury stock, at cost; September 30, 2026—11 shares, and December 31, 2025—0 shares | (1,000) | — | |||||||||
| Accumulated other comprehensive income (loss) | (5) | (5) | |||||||||
| Dividends/distributions in excess of earnings | (21,009) | (20,161) | |||||||||
Total equity (deficit) | (3,424) | (1,635) | |||||||||
Total liabilities and equity (deficit) | $ | 20,610 | $ | 31,518 | |||||||
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| News Release continued: | Page 21 | |||||||
| CROWN CASTLE INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (Amounts in millions, except per share amounts) | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Site rental | $ | 966 | $ | 1,012 | $ | 2,894 | $ | 3,031 | |||||||||||||||
| Services and other | 29 | 60 | 119 | 162 | |||||||||||||||||||
| Net revenues | 995 | 1,072 | 3,013 | 3,193 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Costs of operations:(a) | |||||||||||||||||||||||
| Site rental | 248 | 250 | 737 | 741 | |||||||||||||||||||
| Services and other | 13 | 30 | 58 | 84 | |||||||||||||||||||
| Selling, general and administrative | 82 | 97 | 269 | 289 | |||||||||||||||||||
| Asset write-down charges | 1 | 3 | 6 | 7 | |||||||||||||||||||
| Depreciation, amortization and accretion | 180 | 167 | 523 | 520 | |||||||||||||||||||
Restructuring charges | 6 | — | 20 | — | |||||||||||||||||||
| Total operating expenses | 530 | 547 | 1,613 | 1,641 | |||||||||||||||||||
| Operating income (loss) | 465 | 525 | 1,400 | 1,552 | |||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | (177) | (247) | (627) | (726) | |||||||||||||||||||
| Gains (losses) on retirement of long-term obligations | — | — | 24 | — | |||||||||||||||||||
| Interest income | 3 | 3 | 25 | 10 | |||||||||||||||||||
| Other income (expense) | (3) | — | (5) | 3 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 288 | 281 | 817 | 839 | |||||||||||||||||||
| Benefit (provision) for income taxes | (5) | (4) | (14) | (13) | |||||||||||||||||||
Income (loss) from continuing operations | $ | 283 | $ | 277 | $ | 803 | $ | 826 | |||||||||||||||
| Discontinued operations: | |||||||||||||||||||||||
| Income (loss) from discontinued operations before gain (loss) from disposal, net of tax | — | 277 | 350 | 637 | |||||||||||||||||||
Gain (loss) from disposal of discontinued operations | — | (231) | (625) | (1,313) | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 46 | (275) | (676) | |||||||||||||||||||
Net income (loss) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | |||||||||||||||
| Net income (loss), per common share: | |||||||||||||||||||||||
Income (loss) from continuing operations, basic | $ | 0.67 | $ | 0.64 | $ | 1.86 | $ | 1.89 | |||||||||||||||
Income (loss) from discontinued operations, basic | — | 0.10 | (0.64) | (1.55) | |||||||||||||||||||
| Net income (loss)—basic | $ | 0.67 | $ | 0.74 | $ | 1.22 | $ | 0.34 | |||||||||||||||
Income (loss) from continuing operations, diluted | $ | 0.67 | $ | 0.64 | $ | 1.86 | $ | 1.89 | |||||||||||||||
Income (loss) from discontinued operations, diluted | — | 0.10 | (0.64) | (1.55) | |||||||||||||||||||
| Net income (loss)—diluted | $ | 0.67 | $ | 0.74 | $ | 1.22 | $ | 0.34 | |||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||
| Basic | 426 | 435 | 432 | 435 | |||||||||||||||||||
| Diluted | 426 | 437 | 433 | 436 | |||||||||||||||||||
(a)Exclusive of depreciation, amortization and accretion shown separately.
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| News Release continued: | Page 22 | |||||||
| CROWN CASTLE INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (In millions of dollars) | ||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 528 | $ | 150 | |||||||
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax | (350) | (637) | |||||||||
(Gain) loss from disposal of discontinued operations | 625 | 1,313 | |||||||||
Income (loss) from continuing operations | 803 | 826 | |||||||||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||||||||
| Depreciation, amortization and accretion | 523 | 520 | |||||||||
| (Gains) losses on retirement of long-term obligations | (24) | — | |||||||||
| Amortization of deferred financing costs and other non-cash interest | 20 | 24 | |||||||||
| Stock-based compensation expense, net | 65 | 55 | |||||||||
| Asset write-down charges | 6 | 7 | |||||||||
| Deferred income tax (benefit) provision | 5 | 1 | |||||||||
| Other non-cash adjustments, net | — | (4) | |||||||||
Net cash provided by (used for) operating activities from discontinued operations | 108 | 897 | |||||||||
| Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||
| Increase (decrease) in accrued interest | (97) | (84) | |||||||||
| Increase (decrease) in accounts payable | — | 15 | |||||||||
| Increase (decrease) in other liabilities | (83) | (42) | |||||||||
| Decrease (increase) in receivables | 16 | 5 | |||||||||
| Decrease (increase) in other assets | (89) | (33) | |||||||||
| Net cash provided by (used for) operating activities | 1,253 | 2,187 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (182) | (123) | |||||||||
| Acquisition of intangible assets | (157) | — | |||||||||
| Other investing activities, net | — | 5 | |||||||||
Net cash provided by (used for) investing activities from discontinued operations(a) | 8,089 | (687) | |||||||||
| Net cash provided by (used for) investing activities | 7,750 | (805) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Principal payments on debt and other long-term obligations | (56) | (89) | |||||||||
| Purchases and redemptions of long-term debt | (4,191) | (1,200) | |||||||||
| Borrowings under revolving credit facility | 1,800 | 900 | |||||||||
| Payments under revolving credit facility | (2,295) | — | |||||||||
Net issuances (repayments) under commercial paper program | (1,831) | 605 | |||||||||
| Payments for financing costs | (6) | — | |||||||||
| Purchases of common stock | (1,043) | (23) | |||||||||
| Dividends/distributions paid on common stock | (1,384) | (1,615) | |||||||||
| Net cash provided by (used for) financing activities | (9,006) | (1,422) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | (3) | (40) | |||||||||
| Effect of exchange rate changes on cash | — | — | |||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(b) | 308 | 295 | |||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of period(c) | $ | 305 | $ | 255 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest paid | $ | 708 | $ | 799 | |||||||
| Income taxes paid (refunded) | $ | 12 | $ | 12 | |||||||
(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending September 30, 2025.
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Exhibit 99.2
Supplemental Information Package
and Non-GAAP Reconciliations
Third Quarter • September 30, 2026
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Crown Castle Inc.
Third Quarter 2026
| TABLE OF CONTENTS | |||||
| Page | |||||
| Company Overview | |||||
| Company Profile | |||||
| Strategy | |||||
| General Company Information | |||||
Tower Asset Portfolio Footprint | |||||
| Historical Common Stock Data | |||||
| Executive Management Team | |||||
| Board of Directors | |||||
| Research Coverage | |||||
| Outlook | |||||
| Outlook | |||||
| Outlook for Components of Changes in Site Rental Revenues | |||||
| Outlook for Components of Interest Expense | |||||
Financial Highlights | |||||
Summary Financial Highlights | |||||
Components of Changes in Site Rental Revenues | |||||
Summary of Capital Expenditures | |||||
Portfolio Highlights | |||||
Consolidated Return on Invested Capital | |||||
Cash Yield on Invested Capital | 11 | ||||
Tenant Overview | |||||
Annualized Rental Cash Payments at Time of Renewal | |||||
Projected Revenues from Tenant Contracts Associated with Active Licenses | |||||
Projected Expenses from Existing Ground Leases | |||||
| Summary of Tower Portfolio by Vintage | |||||
| Ground Interest Overview | |||||
| Capitalization Overview | |||||
| Capitalization Overview | |||||
| Debt Maturity Overview | |||||
| Liquidity Overview | |||||
| Summary of Maintenance and Financial Covenants | |||||
| Interest Rate Exposure | |||||
| Components of Interest Expense | |||||
| Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations | |||||
1
Crown Castle Inc.
Third Quarter 2026
Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth, (3) our Outlook for full year 2026, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) growth of the U.S. market for towers ownership, (8) the impact of Sprint Cancellations and DISH Terminations to our operating and financial results and (9) proceeds from the sale of the Company's Fiber Business (as defined below).
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
COMPANY PROFILE | ||||||||||||||
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases approximately 40,000 towers and other structures, such as rooftops (collectively, "towers") that are geographically dispersed throughout the U.S. We refer to our customers on our towers as "tenants." We provide access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas, including most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
On May 1, 2026, the Company completed the sale of its small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"). We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations through April 30, 2026. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY | ||||||||||||||
As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•Invest capital efficiently to grow cash flows. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
3
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| GENERAL COMPANY INFORMATION | |||||
| Principal executive offices | 8020 Katy Freeway, Houston, TX 77024 | ||||
| Common shares trading symbol | CCI | ||||
| Stock exchange listing | New York Stock Exchange | ||||
| Fiscal year ending date | December 31 | ||||
| Fitch - Long-term Issuer Default Rating | BBB | ||||
| Moody’s - Long-term Corporate Family Rating | Baa3 | ||||
| Standard & Poor’s - Long-term Local Issuer Credit Rating | BBB | ||||
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
TOWER ASSET PORTFOLIO FOOTPRINT | ||
 | ||
| HISTORICAL COMMON STOCK DATA | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 9/30/25 | 12/31/25 | 3/31/26 | 6/30/26 | 9/30/26 | |||||||||||||||||||||||||||
High price(a) | $ | 108.97 | $ | 95.69 | $ | 88.56 | $ | 92.64 | $ | 79.68 | ||||||||||||||||||||||
Low price(a) | $ | 85.71 | $ | 80.95 | $ | 73.96 | $ | 74.30 | $ | 66.13 | ||||||||||||||||||||||
Period end closing price(b) | $ | 91.76 | $ | 85.52 | $ | 79.22 | $ | 74.64 | $ | 66.65 | ||||||||||||||||||||||
| Dividends paid per common share | $ | 1.06 | $ | 1.06 | $ | 1.06 | $ | 1.06 | $ | 1.06 | ||||||||||||||||||||||
Volume weighted average price for the period(a) | $ | 95.09 | $ | 87.57 | $ | 82.69 | $ | 85.45 | $ | 74.17 | ||||||||||||||||||||||
| Common shares outstanding, at period end | 435 | 435 | 436 | 426 | 426 | |||||||||||||||||||||||||||
Market value of outstanding common shares, at period end(c) | $ | 39,960 | $ | 37,243 | $ | 34,569 | $ | 31,780 | $ | 28,358 | ||||||||||||||||||||||
(a)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| EXECUTIVE MANAGEMENT TEAM | ||||||||||||||||||||
Name | Position | Age | Years with Company | |||||||||||||||||
Christian H. Hillabrant | President and Chief Executive Officer | 61 | 1 | |||||||||||||||||
Sunit Patel | Executive Vice President and Chief Financial Officer | 64 | 1 | |||||||||||||||||
| Edward B. Adams, Jr. | Executive Vice President and General Counsel | 57 | 10 | |||||||||||||||||
Timothy Grace | Executive Vice President and Chief Human Resources Officer | 62 | <1 | |||||||||||||||||
| Kristoffer L. Hinson | Executive Vice President and Chief Commercial Officer | 43 | 3 | |||||||||||||||||
| Mark Lennon | Senior Vice President and Chief Information Officer | 54 | <1 | |||||||||||||||||
| BOARD OF DIRECTORS | ||||||||||||||||||||||||||
| Name | Position | Committees | Age | Years as Director | ||||||||||||||||||||||
| P. Robert Bartolo | Chair | Nominating and Governance, Finance | 54 | 12 | ||||||||||||||||||||||
| Andrea J. Goldsmith | Director | Compensation and Human Capital | 62 | 8 | ||||||||||||||||||||||
Christian H. Hillabrant | Director | 61 | 1 | |||||||||||||||||||||||
| Tammy K. Jones | Director | Audit, Nominating and Governance, Finance | 61 | 5 | ||||||||||||||||||||||
| Kevin T. Kabat | Director | Compensation and Human Capital, Nominating and Governance | 69 | 3 | ||||||||||||||||||||||
| Anthony J. Melone | Director | Audit, Nominating and Governance | 66 | 11 | ||||||||||||||||||||||
Katherine Motlagh | Director | Audit, Compensation and Human Capital, Finance | 52 | 1 | ||||||||||||||||||||||
| Kevin A. Stephens | Director | Audit, Compensation and Human Capital | 65 | 5 | ||||||||||||||||||||||
| Matthew Thornton III | Director | Audit, Compensation and Human Capital, Nominating and Governance | 68 | 5 | ||||||||||||||||||||||
| RESEARCH COVERAGE | ||||||||
| Equity Research | ||||||||
Bank of America Michael Funk (646) 855-5664 | Barclays Brendan Lynch (212) 526-9428 | Bernstein Madison Rezaei (917) 344-8622 | ||||||
| BMO Capital Markets Ari Klein (212) 885-4103 | Citigroup Michael Rollins (212) 816-1116 | Goldman Sachs Michael Ng (212) 902-8618 | ||||||
| Green Street David Guarino (949) 640-8780 | HSBC Luigi Minerva (207) 991-6928 | Jefferies Jonathan Petersen (212) 284-1705 | ||||||
JMP Securities Greg Miller (212) 699-2917 | JPMorgan Richard Choe (212) 622-6708 | KeyBanc Brandon Nispel (503) 821-3871 | ||||||
| MoffettNathanson Nick Del Deo (212) 519-0025 | Morgan Stanley Cameron McVeigh (212) 761-4209 | New Street Research David Barden (212) 921-9876 | ||||||
| Raymond James Ric Prentiss (727) 567-2567 | RBC Capital Markets Jonathan Atkin (415) 633-8589 | Scotiabank Maher Yaghi (437) 995-5548 | ||||||
TD Cowen Michael Elias (646) 562-1358 | Truist Securities Matthew Niknam (212) 326-6151 | UBS Batya Levi (212) 713-8824 | ||||||
| Wells Fargo Eric Luebchow (312) 630-2386 | Wolfe Research Andrew Rosivach (646) 582-9350 | |||||||
| Rating Agencies | ||||||||
| Fitch Jeff Danforth (312) 368-5447 | Moody’s Dilara Sukhov (212) 553-1438 | Standard & Poor’s Allyn Arden (212) 438-7832 | ||||||
5
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| OUTLOOK | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | Full Year 2026 Outlook(a) | |||||||||||||||||||||||||||||||||||||||||||||||||
Site rental billings(b) | $3,805 | to | $3,835 | |||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of prepaid rent | 65 | to | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | (55) | to | (25) | |||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 15 | to | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
| Site rental revenues | 3,853 | to | 3,898 | |||||||||||||||||||||||||||||||||||||||||||||||
Site rental costs of operations(c) | 963 | to | 1,008 | |||||||||||||||||||||||||||||||||||||||||||||||
| Services and other gross margin | 70 | to | 100 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(d) | 755 | to | 1,035 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share—diluted(d) | 1.76 | to | 2.41 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | 2,690 | to | 2,740 | |||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 627 | to | 722 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(e) | 787 | to | 832 | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax(f) | (360) | to | (80) | |||||||||||||||||||||||||||||||||||||||||||||||
FFO(b) | 1,755 | to | 1,785 | |||||||||||||||||||||||||||||||||||||||||||||||
AFFO(b) | 1,955 | to | 2,005 | |||||||||||||||||||||||||||||||||||||||||||||||
AFFO per share(b) | 4.54 | to | 4.66 | |||||||||||||||||||||||||||||||||||||||||||||||
Discretionary capital expenditures(b) | 190 | to | 290 | |||||||||||||||||||||||||||||||||||||||||||||||
(a)As issued on October 21, 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, and for our definitions of site rental billings and discretionary capital expenditures.
(c)Exclusive of depreciation, amortization and accretion.
(d)Includes contribution from discontinued operations through April 30, 2026.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
6
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES | |||||||||||
(dollars in millions; totals may not sum due to rounding) | Full Year 2026 Outlook(a) | ||||||||||
| Components of changes in site rental revenues: | |||||||||||
Prior year site rental billings excluding site rental billings to DISH(b) | $3,701 | ||||||||||
Prior year site rental billings to DISH(b) | 222 | ||||||||||
Prior year site rental billings(b) | $3,923 | ||||||||||
Core leasing activity(b) | 60 | to | 70 | ||||||||
| Escalators | 95 | to | 105 | ||||||||
Non-renewals(b) | (35) | to | (25) | ||||||||
Other billings(b) | — | ||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b) | 120 | to | 150 | ||||||||
Non-renewals associated with Sprint Cancellations(b) | (20) | to | (20) | ||||||||
Non-renewals associated with DISH Terminations(b) | (220) | to | (220) | ||||||||
Organic Contribution to Site Rental Billings(b) | (120) | to | (90) | ||||||||
| Straight-lined revenues | (55) | to | (25) | ||||||||
| Amortization of prepaid rent | 65 | to | 95 | ||||||||
Other revenues | 15 | to | 15 | ||||||||
Acquisitions(c) | — | ||||||||||
| Total site rental revenues | $3,853 | to | $3,898 | ||||||||
Year-over-year changes in revenues:(d) | |||||||||||
Site rental revenues as a percentage of prior year site rental revenues | (4.3)% | ||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(b) | 3.6% | ||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b) | 3.4% | ||||||||||
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b) | (2.7)% | ||||||||||
| OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE | ||||||||||||||||||||||||||
| (in millions) | Full Year 2026 Outlook(e) | |||||||||||||||||||||||||
| Interest expense on debt obligations | $770 | to | $810 | |||||||||||||||||||||||
| Amortization of deferred financing costs and adjustments on long-term debt | 25 | to | 35 | |||||||||||||||||||||||
| Capitalized interest | (15) | to | (5) | |||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | $787 | to | $832 | |||||||||||||||||||||||
(a)As issued on October 21, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "Non-GAAP Measures and Other Information."
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(d)Calculated based on midpoint of full year 2026 Outlook, where applicable.
(e)As issued on October 21, 2026, and unchanged from previous full year 2026 Outlook issued on July 22, 2026.
7
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
SUMMARY FINANCIAL HIGHLIGHTS(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts; totals may not sum due to rounding) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Site rental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Site rental billings(b) | $ | 964 | $ | 961 | $ | 996 | $ | 1,002 | $ | 940 | $ | 945 | $ | 965 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of prepaid rent | 25 | 23 | 23 | 28 | 21 | 21 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | 19 | 20 | (11) | (15) | (3) | (3) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 4 | 4 | 4 | 4 | 4 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total site rental | 1,011 | 1,008 | 1,012 | 1,019 | 961 | 967 | 966 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Services and other | 50 | 52 | 60 | 53 | 49 | 41 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net revenues | $ | 1,061 | $ | 1,060 | $ | 1,072 | $ | 1,072 | $ | 1,010 | $ | 1,008 | $ | 995 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Select operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs of operations(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Site rental exclusive of straight-lined expenses | $ | 225 | $ | 236 | $ | 235 | $ | 238 | $ | 226 | $ | 236 | $ | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined expenses | 15 | 15 | 15 | 14 | 14 | 13 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total site rental | 240 | 251 | 250 | 252 | 240 | 249 | 248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Services and other | 28 | 27 | 30 | 29 | 26 | 19 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total costs of operations | 268 | 278 | 280 | 281 | 266 | 268 | 261 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 93 | 99 | 97 | 94 | 90 | 97 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (464) | $ | 291 | $ | 323 | $ | 294 | $ | 151 | $ | 94 | $ | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | 722 | 705 | 718 | 718 | 675 | 675 | 673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 177 | 175 | 167 | 170 | 172 | 171 | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | 236 | 243 | 247 | 246 | 242 | 208 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO(b) | 451 | 429 | 443 | 442 | 383 | 464 | 442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFFO(b) | 479 | 444 | 490 | 489 | 446 | 488 | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding— diluted | 436 | 437 | 437 | 437 | 437 | 434 | 426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share—diluted | $ | (1.07) | $ | 0.67 | $ | 0.74 | $ | 0.67 | $ | 0.34 | $ | 0.22 | $ | 0.67 | ||||||||||||||||||||||||||||||||||||||||||||||||
AFFO per share(b) | $ | 1.10 | $ | 1.02 | $ | 1.12 | $ | 1.12 | $ | 1.02 | $ | 1.13 | $ | 1.24 | ||||||||||||||||||||||||||||||||||||||||||||||||
(a)With the exception of net income (loss) and net income (loss) per share-diluted, dollar amounts are exclusive of the Fiber Business, which is presented in discontinued operations through April 30, 2026.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings and for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(c)Exclusive of depreciation, amortization and accretion, which are shown separately.
8
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions; totals may not sum due to rounding) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of changes in site rental revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior year site rental billings excluding site rental billings to DISH(b) | $ | 930 | $ | 928 | $ | 947 | $ | 957 | $ | 915 | $ | 912 | $ | 935 | |||||||||||||||||||||||||||||||||||||||||||||
Prior year site rental billings to DISH(b) | 36 | 38 | 48 | 49 | 49 | 49 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior year site rental billings(b) | $ | 966 | $ | 966 | $ | 995 | $ | 1,006 | $ | 964 | $ | 961 | $ | 996 | |||||||||||||||||||||||||||||||||||||||||||||
Core leasing activity(b) | 16 | 16 | 20 | 16 | 15 | 15 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Escalators | 24 | 24 | 24 | 24 | 25 | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-renewals(b) | (7) | (7) | (7) | (7) | (6) | (7) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other billings(b) | 3 | 2 | 2 | — | (3) | 5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b) | 36 | 34 | 39 | 34 | 30 | 38 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings associated with DISH Terminations(b) | 13 | 11 | 13 | 13 | (49) | (49) | (61) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-renewals associated with Sprint Cancellations(b) | (51) | (51) | (51) | (51) | (5) | (5) | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings(b) | (2) | (6) | 1 | (4) | (24) | (16) | (31) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | 19 | 20 | (11) | (15) | (3) | (3) | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of prepaid rent | 25 | 23 | 23 | 28 | 21 | 21 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 4 | 4 | 4 | 4 | 4 | 4 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total site rental revenues | $ | 1,011 | $ | 1,008 | $ | 1,012 | $ | 1,019 | $ | 961 | $ | 967 | $ | 966 | |||||||||||||||||||||||||||||||||||||||||||||
| Year-over-year changes in revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Site rental revenues as a percentage of prior year site rental revenues | (5.3) | % | (5.3) | % | (5.1) | % | (4.8) | % | (4.9) | % | (4.1) | % | (4.5) | % | |||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b) | 3.9 | % | 3.7 | % | 4.1 | % | 3.6 | % | 3.3 | % | 4.2 | % | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b) | 3.7 | % | 3.5 | % | 3.9 | % | 3.4 | % | 3.1 | % | 3.9 | % | 3.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b) | (0.2) | % | (0.6) | % | 0.1 | % | (0.4) | % | (2.5) | % | (1.8) | % | (3.1) | % | |||||||||||||||||||||||||||||||||||||||||||||
(a)The financial impact of Fiber Business revenues is excluded, as these amounts are presented in discontinued operations through April 30, 2026.
(b)See our definitions of site rental billings, core leasing activity, non-renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in "Non-GAAP Measures and Other Information."
9
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
SUMMARY OF CAPITAL EXPENDITURES(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions; totals may not sum due to rounding) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discretionary capital expenditures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tower improvements and other capital projects | $ | 15 | $ | 17 | $ | 20 | $ | 18 | $ | 18 | $ | 16 | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases of land interests | 18 | 16 | 16 | 27 | 32 | 36 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total discretionary capital expenditures | 33 | 33 | 36 | 45 | 50 | 52 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sustaining capital expenditures | 7 | 7 | 6 | 14 | 7 | 7 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total capital expenditures | 40 | 40 | 42 | 59 | 57 | 59 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Prepaid rent additions(b) | 10 | 11 | 11 | 11 | 14 | 9 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures less prepaid rent additions | $ | 30 | $ | 29 | $ | 31 | $ | 48 | $ | 43 | $ | 50 | $ | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||
PORTFOLIO HIGHLIGHTS | |||||
(as of September 30, 2026) | |||||
Number of towers (in thousands)(c) | 40 | ||||
| Average number of tenants per tower | 2.0 | ||||
Remaining contracted tenant receivables (in billions)(d)(e) | $ | 28 | |||
Weighted average remaining tenant contract term (years)(d)(f) | 5 | ||||
| Percent of towers in the Top 50 / 100 Basic Trading Areas | 56% / 71% | ||||
Percent of ground leased / owned(g) | 57% / 43% | ||||
Weighted average maturity of ground leases (years)(g)(h) | 35 | ||||
(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in "Non-GAAP Measures and Other Information." Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(c)Excludes third-party land interests.
(d)Excludes renewal terms at tenants' option.
(e)Includes approximately $3.5 billion of contracted receivables related to DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(f)Weighted by site rental revenues.
(g)Weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(h)Includes all renewal terms at the Company's option.
10
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)(b) | ||||||||||||||
(as of September 30, 2026; dollars in millions) | Q3 2026 LQA | Q3 2025 LQA | ||||||||||||
Adjusted EBITDA(c) | $ | 2,692 | $ | 2,872 | ||||||||||
| Cash taxes (paid) refunded | (12) | (10) | ||||||||||||
Adjusted EBITDA less cash taxes paid | $ | 2,680 | $ | 2,862 | ||||||||||
Historical gross investment in property and equipment(d) | $ | 17,196 | $ | 16,927 | ||||||||||
| Historical gross investment in site rental revenue-related intangible assets | 4,747 | 4,589 | ||||||||||||
Historical gross investment in goodwill | 5,127 | 5,127 | ||||||||||||
Consolidated Invested Capital(a) | $ | 27,070 | $ | 26,643 | ||||||||||
Consolidated Return on Invested Capital(a) | 9.9 | % | 10.7 | % | ||||||||||
CASH YIELD ON INVESTED CAPITAL(a)(b) | ||||||||||||||
(as of September 30, 2026; dollars in millions) | Q3 2026 LQA | Q3 2025 LQA | ||||||||||||
Adjusted Site Rental Gross Margin(c) | $ | 2,884 | $ | 3,068 | ||||||||||
| Less: Amortization of prepaid rent | (81) | (92) | ||||||||||||
Add (less): Straight-lined revenues | 99 | 45 | ||||||||||||
Add: Straight-lined expenses | 40 | 44 | ||||||||||||
Numerator | $ | 2,942 | $ | 3,065 | ||||||||||
Net investment in property and equipment(e) | $ | 13,784 | $ | 13,611 | ||||||||||
| Investment in site rental revenue-related intangible assets | 4,747 | 4,589 | ||||||||||||
Investment in goodwill(f) | 5,351 | 5,351 | ||||||||||||
Net Invested Capital(a) | $ | 23,882 | $ | 23,551 | ||||||||||
Cash Yield on Invested Capital(a) | 12.3 | % | 13.0 | % | ||||||||||
(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.
(b)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(d)Historical gross investment in property and equipment excludes the impact of construction in process.
(e)Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.
(f)Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.
11
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
TENANT OVERVIEW(a) | ||||||||||||||
(as of September 30, 2026) | Percentage of Q3 2026 LQA Site Rental Revenues | Weighted Average Current Term Remaining(b)(c) | ||||||||||||
| T-Mobile | 42% | 6 | ||||||||||||
| AT&T | 28% | 5 | ||||||||||||
| Verizon | 23% | 5 | ||||||||||||
| All Others Combined | 7% | 4 | ||||||||||||
| Total / Weighted Average | 100% | 5 | ||||||||||||
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(c)(d) | |||||||||||||||||||||||||||||||||||
| Remaining Three Months | Years Ending December 31, | ||||||||||||||||||||||||||||||||||
(as of September 30, 2026; in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | ||||||||||||||||||||||||||||||
| T-Mobile | $ | 4 | $ | 30 | $ | 27 | $ | 41 | $ | 28 | |||||||||||||||||||||||||
| AT&T | — | 13 | 643 | 188 | 91 | ||||||||||||||||||||||||||||||
| Verizon | — | 7 | 32 | 49 | 71 | ||||||||||||||||||||||||||||||
| All Others Combined | 1 | 41 | 33 | 32 | 58 | ||||||||||||||||||||||||||||||
| Total | $ | 5 | $ | 91 | $ | 735 | $ | 310 | $ | 248 | |||||||||||||||||||||||||
PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES(c)(e) | |||||||||||||||||||||||||||||||||||
| Remaining Three Months | Years Ending December 31, | ||||||||||||||||||||||||||||||||||
(as of September 30, 2026; in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | ||||||||||||||||||||||||||||||
| Components of site rental revenues: | |||||||||||||||||||||||||||||||||||
Site rental billings(f) | $ | 972 | $ | 3,937 | $ | 4,050 | $ | 4,165 | $ | 4,289 | |||||||||||||||||||||||||
| Amortization of prepaid rent | 17 | 59 | 38 | 21 | 10 | ||||||||||||||||||||||||||||||
| Straight-lined revenues | (9) | (98) | (175) | (169) | (256) | ||||||||||||||||||||||||||||||
| Other revenues | 5 | 20 | 21 | 22 | 23 | ||||||||||||||||||||||||||||||
| Site rental revenues | $ | 985 | $ | 3,918 | $ | 3,934 | $ | 4,039 | $ | 4,066 | |||||||||||||||||||||||||
(a)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Weighted by site rental revenues and excludes renewals at the tenants' option.
(c)Excludes amounts associated with DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(d)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts Associated with Active Licenses" below.
(e)Based on tenant licenses in place and active as of September 30, 2026. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(f)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
12
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
PROJECTED EXPENSES FROM EXISTING GROUND LEASES(a) | |||||||||||||||||||||||||||||||||||
| Remaining Three Months | Years Ending December 31, | ||||||||||||||||||||||||||||||||||
(as of September 30, 2026; in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | ||||||||||||||||||||||||||||||
Components of ground lease expenses: | |||||||||||||||||||||||||||||||||||
Ground lease expenses exclusive of straight-lined expenses | $ | 172 | $ | 699 | $ | 718 | $ | 738 | $ | 759 | |||||||||||||||||||||||||
| Straight-lined expenses | 9 | 39 | 28 | 17 | 6 | ||||||||||||||||||||||||||||||
Ground lease expenses | $ | 181 | $ | 738 | $ | 746 | $ | 755 | $ | 765 | |||||||||||||||||||||||||
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(b) | ||||||||||||||||||||
(as of September 30, 2026; dollars in thousands) | Acquired and Built 2006 and Prior | Acquired and Built 2007 to Present | ||||||||||||||||||
Cash yield(c) | 19 | % | 10 | % | ||||||||||||||||
Number of tenants per tower(d) | 2.5 | 1.9 | ||||||||||||||||||
Last quarter annualized average cash site rental revenue per tower(e) | $ | 132 | $ | 82 | ||||||||||||||||
Last quarter annualized average site rental gross cash margin per tower(f) | $ | 113 | $ | 58 | ||||||||||||||||
Net invested capital per tower(g) | $ | 583 | $ | 602 | ||||||||||||||||
| Number of towers | 11,151 | 28,525 | ||||||||||||||||||
| GROUND INTEREST OVERVIEW | ||||||||||||||||||||||||||||||||||||||||||||
(as of September 30, 2026; dollars in millions) | LQA Cash Site Rental Revenues(e) | Percentage of LQA Cash Site Rental Revenues(e) | LQA Site Rental Gross Cash Margin(f) | Percentage of LQA Site Rental Gross Cash Margin(f) | Number of Towers(h) | Percentage of Towers | Weighted Average Term Remaining (by years)(i) | |||||||||||||||||||||||||||||||||||||
| Less than 10 years | $ | 429 | 11 | % | $ | 233 | 8 | % | 5,389 | 14 | % | |||||||||||||||||||||||||||||||||
| 10 to 20 years | $ | 561 | 15 | % | $ | 351 | 12 | % | 6,108 | 15 | % | |||||||||||||||||||||||||||||||||
| Greater than 20 years | $ | 1,477 | 39 | % | $ | 1,068 | 37 | % | 15,928 | 40 | % | |||||||||||||||||||||||||||||||||
| Total leased | $ | 2,467 | 65 | % | $ | 1,652 | 57 | % | 27,425 | 69 | % | 35 | ||||||||||||||||||||||||||||||||
| Owned | $ | 1,345 | 35 | % | $ | 1,265 | 43 | % | 12,251 | 31 | % | |||||||||||||||||||||||||||||||||
| Total / Average | $ | 3,812 | 100 | % | $ | 2,917 | 100 | % | 39,676 | 100 | % | |||||||||||||||||||||||||||||||||
(a)Based on existing ground leases as of September 30, 2026. CPI-linked contracts are assumed to escalate at 3% per annum.
(b)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.
(c)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(d)Excludes DISH.
(e)Exclusive of straight-lined revenues and amortization of prepaid rent.
(f)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
(h)Excludes third-party land interests.
(i)Includes all renewal terms at the Company's option and weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
13
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
CAPITALIZATION OVERVIEW | |||||||||||||||||||||||||||||||||||
(as of September 30, 2026; dollars in millions) | Face Value(a) | Fixed vs. Variable | Interest Rate(b) | Debt to LQA Adjusted EBITDA(c) | Maturity | ||||||||||||||||||||||||||||||
| Cash and cash equivalents and restricted cash and cash equivalents | $ | 305 | |||||||||||||||||||||||||||||||||
Senior Secured Notes, Series 2009-1, Class A-2(d) | 20 | Fixed | 9.0% | Aug. 2029 | |||||||||||||||||||||||||||||||
Senior Secured Tower Revenue Notes, Series 2018-2(e) | 750 | Fixed | 4.2% | July 2048 | |||||||||||||||||||||||||||||||
Installment purchase liabilities and finance leases(f) | 264 | Fixed | Various | Various | |||||||||||||||||||||||||||||||
| Total secured debt | $ | 1,034 | 4.3% | 0.4x | |||||||||||||||||||||||||||||||
2026 Revolver(g) | 450 | Variable | 4.9% | May 2031 | |||||||||||||||||||||||||||||||
Commercial Paper Notes(h) | 100 | Variable | 4.4% | Various | |||||||||||||||||||||||||||||||
| 2.900% Senior Notes | 718 | Fixed | 2.9% | Mar. 2027 | |||||||||||||||||||||||||||||||
| 4.000% Senior Notes | 500 | Fixed | 4.0% | Mar. 2027 | |||||||||||||||||||||||||||||||
| 3.650% Senior Notes | 979 | Fixed | 3.7% | Sept. 2027 | |||||||||||||||||||||||||||||||
| 5.000% Senior Notes | 977 | Fixed | 5.0% | Jan. 2028 | |||||||||||||||||||||||||||||||
| 3.800% Senior Notes | 978 | Fixed | 3.8% | Feb. 2028 | |||||||||||||||||||||||||||||||
| 4.800% Senior Notes | 597 | Fixed | 4.8% | Sept. 2028 | |||||||||||||||||||||||||||||||
| 4.300% Senior Notes | 557 | Fixed | 4.3% | Feb. 2029 | |||||||||||||||||||||||||||||||
| 5.600% Senior Notes | 696 | Fixed | 5.6% | June 2029 | |||||||||||||||||||||||||||||||
| 4.900% Senior Notes | 546 | Fixed | 4.9% | Sept. 2029 | |||||||||||||||||||||||||||||||
| 3.100% Senior Notes | 532 | Fixed | 3.1% | Nov. 2029 | |||||||||||||||||||||||||||||||
| 3.300% Senior Notes | 709 | Fixed | 3.3% | July 2030 | |||||||||||||||||||||||||||||||
| 2.250% Senior Notes | 1,044 | Fixed | 2.3% | Jan. 2031 | |||||||||||||||||||||||||||||||
| 2.100% Senior Notes | 981 | Fixed | 2.1% | Apr. 2031 | |||||||||||||||||||||||||||||||
| 2.500% Senior Notes | 726 | Fixed | 2.5% | July 2031 | |||||||||||||||||||||||||||||||
| 5.100% Senior Notes | 739 | Fixed | 5.1% | May 2033 | |||||||||||||||||||||||||||||||
| 5.800% Senior Notes | 705 | Fixed | 5.8% | Mar. 2034 | |||||||||||||||||||||||||||||||
| 5.200% Senior Notes | 650 | Fixed | 5.2% | Sept. 2034 | |||||||||||||||||||||||||||||||
| 2.900% Senior Notes | 1,219 | Fixed | 2.9% | Apr. 2041 | |||||||||||||||||||||||||||||||
| 4.750% Senior Notes | 350 | Fixed | 4.8% | May 2047 | |||||||||||||||||||||||||||||||
| 5.200% Senior Notes | 396 | Fixed | 5.2% | Feb. 2049 | |||||||||||||||||||||||||||||||
| 4.000% Senior Notes | 341 | Fixed | 4.0% | Nov. 2049 | |||||||||||||||||||||||||||||||
| 4.150% Senior Notes | 493 | Fixed | 4.2% | July 2050 | |||||||||||||||||||||||||||||||
| 3.250% Senior Notes | 887 | Fixed | 3.3% | Jan. 2051 | |||||||||||||||||||||||||||||||
| Total unsecured debt | $ | 16,870 | 3.9% | 6.3x | |||||||||||||||||||||||||||||||
Net Debt(c) | $ | 17,599 | 3.9% | 6.5x | |||||||||||||||||||||||||||||||
Market Capitalization(i) | 28,358 | ||||||||||||||||||||||||||||||||||
Firm Value(j) | $ | 45,957 | |||||||||||||||||||||||||||||||||
(a)Net of required principal amortizations and repurchases.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definitions and calculations of, Net Debt and Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(e)If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2, are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(f)As of September 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(g)As of September 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(h)As of September 30, 2026, the Company had $1.9 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(i)Market capitalization calculated based on $66.65 closing price and 426 million shares outstanding, in each case, as of September 30, 2026.
(j)Represents the sum of Net Debt and market capitalization.
14
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
DEBT MATURITY OVERVIEW(a)(b) | ||
(as of September 30, 2026; in millions)
(a)Where applicable, maturities reflect the anticipated repayment date of the Tower Revenue Notes, Series 2018-2; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)The $100 million outstanding in CP Notes have been excluded from this overview. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
15
Crown Castle Inc.
First Quarter 2025
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
LIQUIDITY OVERVIEW(a) | ||||||||
| (in millions) | September 30, 2026 | |||||||
Cash and cash equivalents, and restricted cash and cash equivalents(b) | $ | 305 | ||||||
Undrawn 2026 Revolver availability(c) | 4,018 | |||||||
Total debt and other obligations (current and non-current)(d) | 17,796 | |||||||
Total equity (deficit) | (3,424) | |||||||
| SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS | ||||||||||||||||||||||||||
| Debt | Borrower / Issuer | Covenant(e) | Covenant Level Requirement | As of September 30, 2026 | ||||||||||||||||||||||
Maintenance Financial Covenants(f) | ||||||||||||||||||||||||||
| 2026 Credit Facility | CCI | Total Net Leverage Ratio | ≤ 7.00x | 6.4x | ||||||||||||||||||||||
| 2026 Credit Facility | CCI | Total Senior Secured Leverage Ratio | ≤ 3.50x | 0.3x | ||||||||||||||||||||||
| Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released | ||||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-2 | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.75x | (g) | 29.9x | |||||||||||||||||||||
| 2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | > 1.30x | (g) | 59.1x | |||||||||||||||||||||
| Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture | ||||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-2 | Crown Castle Towers LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.00x | (h) | 29.9x | |||||||||||||||||||||
| 2009 Securitized Notes | Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries | Debt Service Coverage Ratio | ≥ 2.34x | (h) | 59.1x | |||||||||||||||||||||
(a)In addition, we have the following sources of liquidity:
i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of September 30, 2026, there were $100 million CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2026 Revolver.
(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(e)As defined in the respective debt agreement. In the indentures for the Tower Revenue Notes, Series 2018-2 and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(f)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2026 Credit Facility.
(g)The Tower Revenue Notes, Series 2018-2 and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x or 1.15x, in each case as described under the indentures for the Tower Revenue Notes, Series 2018-2 or 2009 Securitized Notes, respectively.
(h)Rating Agency Confirmation (as defined in the respective debt agreement) is required.
16
Crown Castle Inc.
First Quarter 2025
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
INTEREST RATE EXPOSURE(a) | ||||||||||||||||||||||||||
(as of September 30, 2026; dollars in millions) | ||||||||||||||||||||||||||
| Fixed Rate Debt | Floating Rate Debt | |||||||||||||||||||||||||
Face value of principal outstanding(b) | $17,090 | Face value of principal outstanding(b) | $550 | |||||||||||||||||||||||
| % of total debt | 97% | % of total debt | 3% | |||||||||||||||||||||||
| Weighted average interest rate | 3.9% | Weighted average interest rate | 4.8% | |||||||||||||||||||||||
| Upcoming maturities: | 2026 | 2027 | Interest rate sensitivity of 25 bps increase in interest rates: | |||||||||||||||||||||||
Face value of principal outstanding(b) | $— | $2,197 | Full year effect(c) | $1.4 | ||||||||||||||||||||||
| Weighted average interest rate | —% | 3.48% | ||||||||||||||||||||||||
| COMPONENTS OF INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense on debt obligations | $ | 233 | $ | 239 | $ | 244 | $ | 241 | $ | 239 | $ | 202 | $ | 171 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of deferred financing costs and adjustments on long-term debt | 8 | 8 | 8 | 8 | 7 | 7 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capitalized interest | (5) | (4) | (5) | (3) | (4) | (1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | $ | 236 | $ | 243 | $ | 247 | $ | 246 | $ | 242 | $ | 208 | $ | 177 | ||||||||||||||||||||||||||||||||||||||||||||||||
(a)Excludes installment purchase liabilities and finance leases; assumes no default.
(b)Net of required principal amortization and repurchases.
(c)Represents incremental interest expense over a 12-month period based on a hypothetical interest rate increase of 25 bps on face value of variable indebtedness outstanding as of September 30, 2026; assumes no debt maturities.
17
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) | ||||||||||||||
| (in millions, except par values) | September 30, 2026 | December 31, 2025 | ||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 133 | $ | 99 | ||||||||||
Restricted cash and cash equivalents | 167 | 170 | ||||||||||||
| Receivables, net | 110 | 172 | ||||||||||||
| Prepaid expenses | 90 | 79 | ||||||||||||
Deferred site rental receivables | 172 | 167 | ||||||||||||
| Other current assets | 23 | 23 | ||||||||||||
Current assets of discontinued operations | — | 434 | ||||||||||||
| Total current assets | 695 | 1,144 | ||||||||||||
| Deferred site rental receivables | 2,253 | 2,288 | ||||||||||||
| Property and equipment, net | 6,104 | 6,273 | ||||||||||||
| Operating lease right-of-use assets | 5,370 | 5,473 | ||||||||||||
| Goodwill | 5,127 | 5,127 | ||||||||||||
| Site rental contracts and tenant relationships | 704 | 834 | ||||||||||||
| Other intangible assets, net | 184 | 27 | ||||||||||||
| Other assets, net | 173 | 61 | ||||||||||||
Non-current assets of discontinued operations | — | 10,291 | ||||||||||||
| Total assets | $ | 20,610 | $ | 31,518 | ||||||||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 63 | $ | 71 | ||||||||||
| Accrued interest | 138 | 235 | ||||||||||||
| Deferred revenues | 137 | 192 | ||||||||||||
| Other accrued liabilities | 170 | 168 | ||||||||||||
| Current maturities of debt and other obligations | 2,238 | 2,783 | ||||||||||||
| Current portion of operating lease liabilities | 258 | 268 | ||||||||||||
Current liabilities of discontinued operations | — | 762 | ||||||||||||
| Total current liabilities | 3,004 | 4,479 | ||||||||||||
| Debt and other long-term obligations | 15,558 | 21,554 | ||||||||||||
| Operating lease liabilities | 4,868 | 4,961 | ||||||||||||
| Other long-term liabilities | 604 | 607 | ||||||||||||
Non-current liabilities of discontinued operations | — | 1,552 | ||||||||||||
| Total liabilities | 24,034 | 33,153 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
Stockholders' equity (deficit): | ||||||||||||||
Common stock, 0.01 par value; 1,200 shares authorized; September 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding | 4 | 4 | ||||||||||||
| Additional paid-in capital | 18,586 | 18,527 | ||||||||||||
Treasury stock, at cost; September 30, 2026—11 shares, and December 31, 2025—0 shares | (1,000) | — | ||||||||||||
| Accumulated other comprehensive income (loss) | (5) | (5) | ||||||||||||
| Dividends/distributions in excess of earnings | (21,009) | (20,161) | ||||||||||||
Total equity (deficit) | (3,424) | (1,635) | ||||||||||||
Total liabilities and equity (deficit) | $ | 20,610 | $ | 31,518 | ||||||||||
18
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net revenues: | ||||||||||||||||||||||||||
| Site rental | $ | 966 | $ | 1,012 | $ | 2,894 | $ | 3,031 | ||||||||||||||||||
| Services and other | 29 | 60 | 119 | 162 | ||||||||||||||||||||||
| Net revenues | 995 | 1,072 | 3,013 | 3,193 | ||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||
| Site rental | 248 | 250 | 737 | 741 | ||||||||||||||||||||||
| Services and other | 13 | 30 | 58 | 84 | ||||||||||||||||||||||
| Selling, general and administrative | 82 | 97 | 269 | 289 | ||||||||||||||||||||||
| Asset write-down charges | 1 | 3 | 6 | 7 | ||||||||||||||||||||||
| Depreciation, amortization and accretion | 180 | 167 | 523 | 520 | ||||||||||||||||||||||
| Restructuring charges | 6 | — | 20 | — | ||||||||||||||||||||||
| Total operating expenses | 530 | 547 | 1,613 | 1,641 | ||||||||||||||||||||||
| Operating income (loss) | 465 | 525 | 1,400 | 1,552 | ||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | (177) | (247) | (627) | (726) | ||||||||||||||||||||||
| Gains (losses) on retirement of long-term obligations | — | — | 24 | — | ||||||||||||||||||||||
| Interest income | 3 | 3 | 25 | 10 | ||||||||||||||||||||||
| Other income (expense) | (3) | — | (5) | 3 | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 288 | 281 | 817 | 839 | ||||||||||||||||||||||
| Benefit (provision) for income taxes | (5) | (4) | (14) | (13) | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 283 | $ | 277 | $ | 803 | $ | 826 | ||||||||||||||||||
| Discontinued operations: | ||||||||||||||||||||||||||
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax | — | 277 | 350 | 637 | ||||||||||||||||||||||
Gain (loss) from disposal of discontinued operations | — | (231) | (625) | (1,313) | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 46 | (275) | (676) | ||||||||||||||||||||||
| Net income (loss) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | ||||||||||||||||||
| Net income (loss), per common share: | ||||||||||||||||||||||||||
| Income (loss) from continuing operations, basic | $ | 0.67 | $ | 0.64 | $ | 1.86 | $ | 1.89 | ||||||||||||||||||
| Income (loss) from discontinued operations, basic | — | 0.10 | (0.64) | (1.55) | ||||||||||||||||||||||
| Net income (loss)—basic | $ | 0.67 | $ | 0.74 | $ | 1.22 | $ | 0.34 | ||||||||||||||||||
Income (loss) from continuing operations, diluted | $ | 0.67 | $ | 0.64 | $ | 1.86 | $ | 1.89 | ||||||||||||||||||
Income (loss) from discontinued operations, diluted | — | 0.10 | (0.64) | (1.55) | ||||||||||||||||||||||
Net income (loss)—diluted | $ | 0.67 | $ | 0.74 | $ | 1.22 | $ | 0.34 | ||||||||||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 426 | 435 | 432 | 435 | ||||||||||||||||||||||
| Diluted | 426 | 437 | 433 | 436 | ||||||||||||||||||||||
(a)Exclusive of depreciation, amortization and accretion shown separately.
19
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) | ||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||
| (in millions) | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income (loss) | $ | 528 | $ | 150 | ||||||||||
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax | (350) | (637) | ||||||||||||
(Gain) loss from disposal of discontinued operations | 625 | 1,313 | ||||||||||||
Income (loss) from continuing operations | 803 | 826 | ||||||||||||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities: | ||||||||||||||
| Depreciation, amortization and accretion | 523 | 520 | ||||||||||||
| (Gains) losses on retirement of long-term obligations | (24) | — | ||||||||||||
| Amortization of deferred financing costs and other non-cash interest | 20 | 24 | ||||||||||||
| Stock-based compensation expense, net | 65 | 55 | ||||||||||||
| Asset write-down charges | 6 | 7 | ||||||||||||
| Deferred income tax (benefit) provision | 5 | 1 | ||||||||||||
| Other non-cash adjustments, net | — | (4) | ||||||||||||
| Net cash provided by (used for) operating activities from discontinued operations | 108 | 897 | ||||||||||||
| Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||
| Increase (decrease) in accrued interest | (97) | (84) | ||||||||||||
| Increase (decrease) in accounts payable | — | 15 | ||||||||||||
| Increase (decrease) in other liabilities | (83) | (42) | ||||||||||||
| Decrease (increase) in receivables | 16 | 5 | ||||||||||||
| Decrease (increase) in other assets | (89) | (33) | ||||||||||||
| Net cash provided by (used for) operating activities | 1,253 | 2,187 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Capital expenditures | (182) | (123) | ||||||||||||
| Acquisition of intangible assets | (157) | — | ||||||||||||
| Other investing activities, net | — | 5 | ||||||||||||
Net cash provided by (used for) investing activities from discontinued operations(a) | 8,089 | (687) | ||||||||||||
| Net cash provided by (used for) investing activities | 7,750 | (805) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Principal payments on debt and other long-term obligations | (56) | (89) | ||||||||||||
| Purchases and redemptions of long-term debt | (4,191) | (1,200) | ||||||||||||
| Borrowings under revolving credit facility | 1,800 | 900 | ||||||||||||
| Payments under revolving credit facility | (2,295) | — | ||||||||||||
Net issuances (repayments) under commercial paper program | (1,831) | 605 | ||||||||||||
| Payments for financing costs | (6) | — | ||||||||||||
| Purchases of common stock | (1,043) | (23) | ||||||||||||
| Dividends/distributions paid on common stock | (1,384) | (1,615) | ||||||||||||
| Net cash provided by (used for) financing activities | (9,006) | (1,422) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | (3) | (40) | ||||||||||||
| Effect of exchange rate changes on cash | — | — | ||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(b) | 308 | 295 | ||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of period(c) | $ | 305 | $ | 255 | ||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||
| Interest paid | $ | 708 | $ | 799 | ||||||||||
| Income taxes paid (refunded) | $ | 12 | $ | 12 | ||||||||||
(a)Inclusive of $8.4 billion of net cash proceeds from the completed sale of the Fiber Business in 2026.
(b)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations.
(c)Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ending September 30, 2025.
20
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
| NON-GAAP MEASURES AND OTHER INFORMATION | ||
This Supplement 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), Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital, and Cash Yield on Invested Capital, 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 REITs.
In addition, we 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.
•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.
•Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
21
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
•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.
•Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.
•Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
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, cumulative effect of a change in accounting principle and stock-based compensation expense, net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined expenses, stock-based compensation expense, net, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of non-cash interest expense, other (income) expense, (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, acquisition and integration costs, restructuring charges (credits), cumulative effect of a change in accounting principle and adjustments for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation, amortization and accretion, asset write-down charges, goodwill impairment charges, and (income) loss from discontinued operations, net of tax, less noncontrolling interest and cash paid for preferred stock dividends (in periods where applicable), and is a measure of funds from operations attributable to common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to Site Rental Billings (also referred to as organic growth) as the sum of the change in site rental revenues related to core leasing activity, escalators and other billings, including those associated with DISH Terminations, less non-renewals of tenant contracts, including those associated with Sprint Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations reflects Organic Contribution to Site Rental Billings plus non-renewals associated with Sprint Cancellations, less Organic Contribution to Site Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2) current maturities of debt and other obligations, excluding unamortized adjustments, net, less cash and cash equivalents and restricted cash and cash equivalents.
Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.
Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and (3) goodwill (excluding impairment charges).
Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.
Net Invested Capital. We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental revenue-related intangible assets, primarily site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.
Cash Yield on Invested Capital. We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.
22
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Adjusted Site Rental Gross Margin. We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.
Adjusted Services and Other Gross Margin. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.
Other Information
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
Core leasing activity. We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings. We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals. We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed the Strategic Fiber Agreement to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business for $8.5 billion in aggregate, subject to certain closing adjustments ("Strategic Fiber Transaction"). The Strategic Fiber Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
23
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Reconciliation of Historical Adjusted EBITDA:
| 2025 | 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions; totals may not sum due to rounding) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(a) | $ | (464) | $ | 291 | $ | 323 | $ | 294 | $ | 151 | $ | 94 | $ | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments to increase (decrease) net income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset write-down charges | 2 | 2 | 3 | 4 | 3 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | 177 | 175 | 167 | 170 | 172 | 171 | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges(b) | — | — | — | — | 14 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 4 | 4 | 4 | 4 | 4 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(c) | 236 | 243 | 247 | 246 | 242 | 208 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | — | — | — | (24) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | (3) | (4) | (3) | (3) | (3) | (18) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense | (1) | (2) | — | — | 1 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Benefit) provision for income taxes | 5 | 4 | 4 | 3 | 5 | 4 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 18 | 18 | 19 | 17 | 18 | 28 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(d) | 748 | (26) | (46) | (17) | 69 | 205 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(e)(f) | $ | 722 | $ | 705 | $ | 718 | $ | 718 | $ | 675 | $ | 675 | $ | 673 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Outlook for Adjusted EBITDA:
(in millions; totals may not sum due to rounding) | Full Year 2026 Outlook(g) | |||||||||||||||||||||||||
Net income (loss)(a) | $755 | to | $1,035 | |||||||||||||||||||||||
| Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||
| Asset write-down charges | 10 | to | 20 | |||||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | |||||||||||||||||||||||
| Depreciation, amortization and accretion | 627 | to | 722 | |||||||||||||||||||||||
Restructuring charges(h) | 25 | to | 35 | |||||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 14 | to | 16 | |||||||||||||||||||||||
Interest expense and amortization of deferred financing costs, net(i) | 787 | to | 832 | |||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | |||||||||||||||||||||||
| Interest income | (25) | to | (25) | |||||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | |||||||||||||||||||||||
| (Benefit) provision for income taxes | 11 | to | 19 | |||||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | |||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(j) | 80 | to | 360 | |||||||||||||||||||||||
Adjusted EBITDA(e)(f) | $2,690 | to | $2,740 | |||||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents restructuring charges recorded related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.
(d)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(e)See discussion and our definition of Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(f)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(g)As issued on October 21, 2026.
(h)Represents expected restructuring charges related to the Company's restructuring plan announced in February 2026, as further discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 ("2026 Restructuring Plan").
(i)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(j)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
24
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Reconciliation of Historical FFO and AFFO:
(in millions; totals may not sum due to rounding) | 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(a) | $ | (464) | $ | 291 | $ | 323 | $ | 294 | $ | 151 | $ | 94 | $ | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 164 | 162 | 163 | 161 | 161 | 162 | 157 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset write-down charges | 2 | 2 | 3 | 4 | 3 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(b) | 748 | (26) | (46) | (17) | 69 | 205 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO(c)(d) | $ | 451 | $ | 429 | $ | 443 | $ | 442 | $ | 383 | $ | 464 | $ | 442 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 436 | 437 | 437 | 437 | 437 | 434 | 426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FFO (from above) | $ | 451 | $ | 429 | $ | 443 | $ | 442 | $ | 383 | $ | 464 | $ | 442 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments to increase (decrease) FFO: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | (19) | (20) | 11 | 15 | 3 | 3 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined expenses | 15 | 14 | 15 | 14 | 14 | 13 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 18 | 18 | 19 | 17 | 18 | 28 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash portion of tax provision | 5 | (5) | 2 | — | 5 | (5) | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 13 | 13 | 4 | 9 | 11 | 8 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of non-cash interest expense | 3 | 4 | 3 | 5 | 4 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense | (1) | (2) | — | — | 1 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | — | — | — | (24) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges(e) | — | — | — | — | 14 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sustaining capital expenditures | (7) | (7) | (6) | (14) | (7) | (7) | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFFO(c)(d) | $ | 479 | $ | 444 | $ | 490 | $ | 489 | $ | 446 | $ | 488 | $ | 530 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 436 | 437 | 437 | 437 | 437 | 434 | 426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
25
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Reconciliation of Historical FFO and AFFO per share:
(in millions, except per share amounts; totals may not sum due to rounding) | 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss)(a) | $ | (1.06) | $ | 0.67 | $ | 0.74 | $ | 0.67 | $ | 0.34 | $ | 0.22 | $ | 0.67 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset write-down charges | — | — | 0.01 | 0.01 | 0.01 | 0.01 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(b) | 1.72 | (0.06) | (0.11) | (0.04) | 0.16 | 0.47 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO(c)(d) | $ | 1.03 | $ | 0.98 | $ | 1.01 | $ | 1.01 | $ | 0.88 | $ | 1.07 | $ | 1.04 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 436 | 437 | 437 | 437 | 437 | 434 | 426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FFO (from above) | $ | 1.03 | $ | 0.98 | $ | 1.01 | $ | 1.01 | $ | 0.88 | $ | 1.07 | $ | 1.04 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments to increase (decrease) FFO: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | (0.04) | (0.05) | 0.03 | 0.03 | 0.01 | 0.01 | 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Straight-lined expenses | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.07 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash portion of tax provision | 0.01 | (0.01) | — | — | 0.01 | (0.01) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 0.03 | 0.03 | 0.01 | 0.02 | 0.03 | 0.02 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of non-cash interest expense | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (income) expense | — | — | — | — | — | — | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | — | — | — | — | — | (0.05) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges(e) | — | — | — | — | 0.03 | — | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sustaining capital expenditures | (0.02) | (0.02) | (0.01) | (0.03) | (0.02) | (0.02) | (0.02) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFFO(c)(d) | $ | 1.10 | $ | 1.02 | $ | 1.12 | $ | 1.12 | $ | 1.02 | $ | 1.13 | $ | 1.24 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 436 | 437 | 437 | 437 | 437 | 434 | 426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c)See discussion and our definitions of FFO and AFFO, including per share amounts, in this "Non-GAAP Measures and Other Information."
(d)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e)Represents restructuring charges recorded related to the 2026 Restructuring Plan.
26
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Reconciliation of Outlook for FFO and AFFO:
| (in millions, except per share amounts; totals may not sum due to rounding) | Full Year 2026 Outlook(a) | Full Year 2026 Outlook Per Share(a) | ||||||||||||||||||||||||||||||||||||
Net income (loss)(b) | $755 | to | $1,035 | $1.76 | to | $2.41 | ||||||||||||||||||||||||||||||||
| Real estate related depreciation, amortization and accretion | 600 | to | 680 | 1.40 | to | 1.58 | ||||||||||||||||||||||||||||||||
| Asset write-down charges | 10 | to | 20 | 0.02 | to | 0.05 | ||||||||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(c) | 80 | to | 360 | 0.19 | to | 0.84 | ||||||||||||||||||||||||||||||||
FFO(d)(e) | $1,755 | to | $1,785 | $4.08 | to | $4.15 | ||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | ||||||||||||||||||||||||||||||||||||
| FFO (from above) | $1,755 | to | $1,785 | $4.08 | to | $4.15 | ||||||||||||||||||||||||||||||||
| Adjustments to increase (decrease) FFO: | ||||||||||||||||||||||||||||||||||||||
| Straight-lined revenues | 25 | to | 55 | 0.06 | to | 0.13 | ||||||||||||||||||||||||||||||||
| Straight-lined expenses | 45 | to | 65 | 0.10 | to | 0.15 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense, net | 78 | to | 82 | 0.18 | to | 0.19 | ||||||||||||||||||||||||||||||||
| Non-cash portion of tax provision | (8) | to | 8 | (0.02) | to | 0.02 | ||||||||||||||||||||||||||||||||
| Non-real estate related depreciation, amortization and accretion | 27 | to | 42 | 0.06 | to | 0.10 | ||||||||||||||||||||||||||||||||
| Amortization of non-cash interest expense | 15 | to | 25 | 0.03 | to | 0.06 | ||||||||||||||||||||||||||||||||
| Other (income) expense | 0 | to | 9 | 0.00 | to | 0.02 | ||||||||||||||||||||||||||||||||
| (Gains) losses on retirement of long-term obligations | (25) | to | (25) | (0.06) | to | (0.06) | ||||||||||||||||||||||||||||||||
| Acquisition and integration costs | (3) | to | 3 | (0.01) | to | 0.01 | ||||||||||||||||||||||||||||||||
Restructuring charges | 25 | to | 35 | 0.06 | to | 0.08 | ||||||||||||||||||||||||||||||||
| Sustaining capital expenditures | (45) | to | (25) | (0.10) | to | (0.06) | ||||||||||||||||||||||||||||||||
AFFO(d)(e) | $1,955 | to | $2,005 | $4.54 | to | $4.66 | ||||||||||||||||||||||||||||||||
| Weighted-average common shares outstanding—diluted | 430 | 430 | ||||||||||||||||||||||||||||||||||||
Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:
(as of September 30, 2026; dollars in millions) | September 30, 2026 | |||||||
| Total debt and other obligations (current and non-current) | $ | 17,796 | ||||||
| Unamortized adjustments, net | 108 | |||||||
| Total face value of debt | 17,904 | |||||||
| Less: Ending cash and cash equivalents and restricted cash and cash equivalents | 305 | |||||||
Net Debt(d) | $ | 17,599 | ||||||
Adjusted EBITDA for the three months ended September 30, 2026(d) | $ | 673 | ||||||
Last quarter annualized Adjusted EBITDA(d) | 2,692 | |||||||
Net Debt to Last Quarter Annualized Adjusted EBITDA(d) | 6.5 | x | ||||||
(a)As issued on October 21, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)See discussion and our definitions of FFO and AFFO, including per share amounts, Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
27
Crown Castle Inc.
Third Quarter 2026
| COMPANY OVERVIEW | OUTLOOK | FINANCIAL HIGHLIGHTS | CAPITALIZATION OVERVIEW | APPENDIX | ||||||||||
Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions of dollars; totals may not sum due to rounding) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
Net income (loss)(a) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | ||||||||||||||||||
Adjustments to increase (decrease) income (loss): | ||||||||||||||||||||||||||
| Services and other revenues | (29) | (60) | (119) | (162) | ||||||||||||||||||||||
Services and other costs of operations | 13 | 30 | 58 | 84 | ||||||||||||||||||||||
Selling, general and administrative expenses | 82 | 97 | 269 | 289 | ||||||||||||||||||||||
Asset write-down charges | 1 | 3 | 6 | 7 | ||||||||||||||||||||||
| Depreciation, amortization and accretion | 180 | 167 | 523 | 520 | ||||||||||||||||||||||
| Restructuring charges | 6 | — | 20 | — | ||||||||||||||||||||||
| Amortization of prepaid lease purchase price adjustments | 3 | 4 | 10 | 11 | ||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | 177 | 247 | 627 | 726 | ||||||||||||||||||||||
| (Gain) loss on retirement of long-term obligations | — | — | (24) | — | ||||||||||||||||||||||
Interest income | (3) | (3) | (25) | (10) | ||||||||||||||||||||||
Other (income) expense | 3 | — | 5 | (3) | ||||||||||||||||||||||
(Benefit) provision for income taxes | 5 | 4 | 14 | 13 | ||||||||||||||||||||||
Stock-based compensation expense, net recorded in site rental costs of operations | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | (46) | 275 | 676 | ||||||||||||||||||||||
Adjusted Site Rental Gross Margin(b)(c) | $ | 721 | $ | 767 | $ | 2,169 | $ | 2,304 | ||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions of dollars; totals may not sum due to rounding) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
Net income (loss)(a) | $ | 283 | $ | 323 | $ | 528 | $ | 150 | ||||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||
| Site rental revenues | (966) | (1,012) | (2,894) | (3,031) | ||||||||||||||||||||||
Site rental costs of operations(d) | 248 | 250 | 737 | 741 | ||||||||||||||||||||||
Selling, general and administrative expenses | 82 | 97 | 269 | 289 | ||||||||||||||||||||||
| Asset write-down charges | 1 | 3 | 6 | 7 | ||||||||||||||||||||||
| Depreciation, amortization and accretion | 180 | 167 | 523 | 520 | ||||||||||||||||||||||
| Restructuring charges | 6 | — | 20 | — | ||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs, net | 177 | 247 | 627 | 726 | ||||||||||||||||||||||
(Gain) loss on retirement of long-term obligations | — | — | (24) | — | ||||||||||||||||||||||
| Interest income | (3) | (3) | (25) | (10) | ||||||||||||||||||||||
Other (income) expense | 3 | — | 5 | (3) | ||||||||||||||||||||||
(Benefit) provision for income taxes | 5 | 4 | 14 | 13 | ||||||||||||||||||||||
Stock-based compensation expense, net recorded in services and other costs of operations | 1 | 1 | 3 | 4 | ||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | (46) | 275 | 676 | ||||||||||||||||||||||
Adjusted Services and Other Gross Margin(b)(c) | $ | 17 | $ | 31 | $ | 64 | $ | 82 | ||||||||||||||||||
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)See discussion and our definitions of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "Non-GAAP Measures and Other Information."
(c)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(d)Exclusive of depreciation, amortization and accretion shown separately.
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