Crown Castle Reports Third Quarter 2026 Results and Updates Outlook for Full Year 2026

The higher outlook still implies lower annual site rental revenues and adjusted EBITDA than in 2025.

Rhea-AI Summary

Crown Castle (CCI) reported third-quarter 2026 net income of $283 million and raised its full-year outlook for several financial measures. Net income fell 12% from a year earlier, while diluted earnings per share declined to $0.67 from $0.74. Site rental revenues fell 5% to $966 million, and adjusted EBITDA, a non-GAAP earnings measure, declined 6% to $673 million. Adjusted funds from operations (AFFO) rose 8% to $530 million, or $1.24 per share.

The updated 2026 midpoints include $3.875 billion in site rental revenues, $895 million in net income and $2.715 billion in adjusted EBITDA. The AFFO midpoint increased to $1.980 billion. Crown Castle expects core leasing activity near the bottom of its $60 million–$70 million range and increased planned discretionary capital spending by $40 million. During the quarter, it acquired a residual economic interest in certain tower sites and extended a customer's term on those sites.

11 points · 0 major

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter AFFO rose 8% to $530 million; AFFO per share increased 11% to $1.24 year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year net income midpoint increased $25 million to $895 million, up 102% from 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year diluted EPS midpoint increased $0.06 to $2.08, up 106% from 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year AFFO midpoint increased $5 million to $1.980 billion, up 4% from 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year AFFO per-share midpoint increased $0.01 to $4.60, up 6% from 2025.

6 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year site rental operating cost outlook decreased $5 million through ground lease buyouts and operating efficiencies.
• Minor pointTower-site transaction acquired an outstanding residual economic interest and extended a customer's term on those sites.
• Minor pointDebt profile included 97% fixed-rate debt and approximately seven years of weighted average maturity.
• Minor pointRevolving credit facility had approximately $3.9 billion available at quarter-end.
• Minor pointThird-quarter interest expense decreased following use of proceeds from the Fiber and Small Cell business sales.
• Minor pointThird-quarter selling, general and administrative expenses decreased, partially offsetting lower revenue and services contribution.

Negative

• Moderate pointThird-quarter site rental revenues fell 5% to $966 million from $1.012 billion a year earlier.
• Moderate pointThird-quarter net income fell 12% to $283 million; diluted EPS fell 9% to $0.67 year over year.
• Moderate pointThird-quarter adjusted EBITDA fell 6% to $673 million from $718 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year site rental revenue midpoint rose $20 million to $3.875 billion, but remains 4% below 2025.
• Moderate pointThird-quarter DISH Terminations and Sprint Cancellations reduced site rental billings by $61 million and $5 million, respectively.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year core leasing activity is expected near the bottom of the $60 million–$70 million outlook range.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year discretionary capital expenditure outlook increased $40 million to $190 million–$290 million for higher ground lease buyouts.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year discontinued-operations loss is expected at $80 million–$360 million, including the estimated Fiber Business disposal loss.

6 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA midpoint rose $25 million to $2.715 billion, but remains 5% below 2025.
• Minor pointThird-quarter prepaid-rent amortization and straight-lined revenues decreased $3 million and $14 million, respectively.
• Minor pointThird-quarter core leasing activity fell to $16 million from $20 million a year earlier, excluding DISH contributions.
• Minor pointThird-quarter non-renewals reduced billings by $7 million, unchanged from a year earlier, excluding DISH contributions.
• Minor pointAdjusted organic billings growth was 3.8% versus 4.1% a year earlier, excluding DISH and Sprint cancellation impacts.
• Minor pointThird-quarter capital expenditures increased 57% to $66 million, primarily driven by $24 million more land spending.

News Explained

Crown Castle reported third-quarter results and raised its 2026 site-rental-revenue outlook midpoint by $20 million; the site-rental-billings outlook midpoint is unchanged. The company attributes the revenue increase to straight-lined amounts tied to contractual term extensions.

Key Figures

Q3 site rental revenues: $966 million; down 5% year over year Q3 net income: $283 million; down 12% year over year Q3 Adjusted EBITDA: $673 million; down 6% year over year +5 more

Q3 site rental revenues

$966 million; down 5% year over year

Q3 2026

Q3 net income

$283 million; down 12% year over year

Q3 2026

Q3 Adjusted EBITDA

$673 million; down 6% year over year

Q3 2026

Q3 AFFO

$530 million; up 8% year over year

Q3 2026

Q3 AFFO per share

$1.24; up 11% year over year

Q3 2026

2026 site rental revenue outlook midpoint

$3,875 million; $20 million above the previous midpoint

Full year 2026

2026 Adjusted EBITDA outlook midpoint

$2,715 million; $25 million above the previous midpoint

Full year 2026

2026 AFFO outlook midpoint

$1,980 million; $5 million above the previous midpoint

Full year 2026

Previous Earnings Reports

1 past event · Latest: Jul 22

Same Type 1 event

1. Jul 22

   Quarterly earnings

   24h Move

   -3.8%

   Q2 reported lower site rental revenue and net income; its July outlook midpoint is the comparison baseline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, gaap, ffo, reit

4 terms

adjusted ebitda financial

"Adjusted EBITDA, Adjusted Funds from Operations ("AFFO")"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap financial

"Generally Accepted Accounting Principles ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

ffo financial

"Funds from Operations ("FFO")"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

reit financial

"real estate investment trusts ("REITs")"

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, Oct. 21, 2026 (GLOBE NEWSWIRE) -- 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."

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.
• 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.

(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.
  
  
• 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.

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.

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.
• 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.

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.

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.

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.

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.

Reconciliation of Current 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(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.

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:

(in millions, except per share amounts; totals may not sum due to rounding)	Previously Issued Full Year 2026 Outlook(a)					Previously Issued 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.

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."

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.

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.

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."

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."

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

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.

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.

Contacts:	Sunit Patel, CFO
	Hamilton West, VP Corp Finance & Treasurer
	Crown Castle Inc.
	713-570-3050

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/91c0b311-3181-40ee-a625-90cc7360b5a4

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a87d1f4-7555-4b22-ab28-d86d85ed8668

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Crown Castle's third-quarter 2026 earnings?

Crown Castle reported $283 million in net income and $0.67 in diluted earnings per share for the third quarter of 2026. Those figures compare with $323 million and $0.74, respectively, a year earlier. Site rental revenues were $966 million, down 5% year over year.

What is Crown Castle's updated full-year 2026 outlook?

Crown Castle's updated 2026 outlook includes net income of $755 million–$1.035 billion and diluted earnings per share of $1.76–$2.41. It expects adjusted EBITDA of $2.690 billion–$2.740 billion and AFFO per share of $4.54–$4.66.

Why did Crown Castle's AFFO increase in the third quarter of 2026?

Crown Castle attributed the AFFO increase primarily to lower interest expense and fewer outstanding common shares following use of proceeds from the Fiber and Small Cell business sales. Revenue changes partially offset those benefits.

How much dividend did Crown Castle pay in the third quarter of 2026?

Crown Castle paid $1.0625 per common share in the third quarter of 2026, unchanged from the same period a year earlier. Aggregate common stock dividends were approximately $452 million.