CROWN CASTLE INC. Earnings Summary — Q3 FY2026

• Completed the sale of Fiber and Small Cell businesses on May 1, 2026, generating $8.4 billion in net proceeds.
• Significantly de-leveraged the balance sheet by repaying $7 billion of debt and executed $1 billion in share repurchases.
• AFFO per share increased 11% YoY to $1.13, driven by lower interest expense and higher interest income from sale proceeds.
• Organic growth in site rental billings stood at 3.9%, or 4.2% when excluding the impact of DISH revenues.
• Strategy has shifted to becoming a 'best-in-class' pure-play US tower operator with a focus on operating efficiencies.
• GAAP Net Income and Site Rental Revenue were negatively impacted by Sprint cancellations and DISH network terminations.
• Management raised the full-year 2026 AFFO guidance by $5 million due to higher organic contributions and operational cost savings.

Management increased the full-year 2026 AFFO outlook to a range of $1,950M to $2,000M. The update reflects a $5M increase in site rental revenues and a combined $25M reduction in site rental costs and SG&A expenses, partially offset by lower services gross margin.

Improving

The transition from a capital-intensive fiber model to a de-leveraged, pure-play tower strategy has improved the financial profile despite GAAP revenue declines.

The company is focused on its newly simplified US tower strategy, aiming for long-term shareholder returns through increased land ownership under towers and modernized systems following the divestiture of non-core segments.