Crown Castle Q3 site rental revenue falls 4.5%

The revised 2026 midpoint outlook adds $25 million to Adjusted EBITDA and $5 million to AFFO versus the previous outlook.

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Form Type

8-K

Rhea-AI Filing Summary

Crown Castle Inc. (CCI) reported third-quarter 2026 site rental revenue of $966 million, down 4.5% from $1.012 billion a year earlier; net income was $283 million, down 12%, and Adjusted EBITDA was $673 million, down 6%. AFFO increased 8% to $530 million, or $1.24 per share, up 11%.

For full-year 2026, the midpoint outlook is $2.715 billion for Adjusted EBITDA and $1.980 billion for AFFO, increases of $25 million and $5 million, respectively, from the previous outlook. Crown Castle cited higher ground lease buyout activity, additional operational efficiencies and the impact of a customer agreement. It expects core leasing activity toward the bottom end of its $60 million to $70 million range.

Crown Castle paid approximately $452 million in common dividends during the quarter, or $1.0625 per share, unchanged per share from a year earlier. It completed the Fiber Business sale on May 1, 2026, receiving $8.4 billion in aggregate net cash proceeds.

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Positive

None.

Negative

Moderate pointNet income fell 12% year over year to $283 million in Q3 2026.
Moderate pointAdjusted EBITDA fell 6% year over year to $673 million in Q3 2026.

Insights

Analyzing...

Filing Explained

At September 30, 2026, Crown Castle reported shares outstanding and nine-month common-stock purchases; 2026 capital-spending guidance rose $40 million.

Crown Castle reports completed third-quarter results and updates its 2026 outlook; the full-year discretionary-capital-expenditure outlook rises by $40 million.

For the first nine months of 2026, the company reports common-stock purchases and reports shares outstanding at September 30, 2026 and December 31, 2025.

During the quarter, the company acquired an outstanding residual economic interest in a subset of its tower sites and extended a customer's term on those sites.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Site rental revenue: $966 million Net income: $283 million Adjusted EBITDA: $673 million +4 more

7 metrics

Site rental revenue $966 million Q3 2026; down 4.5% from Q3 2025

Net income $283 million Q3 2026; down 12% from Q3 2025

Adjusted EBITDA $673 million Q3 2026; down 6% from Q3 2025

AFFO $530 million Q3 2026; up 8% from Q3 2025

AFFO per share $1.24 per share Q3 2026; up 11% from Q3 2025

Adjusted EBITDA outlook midpoint $2.715 billion Full-year 2026; $25 million above previous outlook midpoint

AFFO outlook midpoint $1.980 billion Full-year 2026; $5 million above previous outlook midpoint

Key Terms

Adjusted EBITDA, AFFO, Organic Contribution to Site Rental Billings, Straight-lined revenues, +1 more

5 terms

Adjusted EBITDA financial

"Third quarter 2026 Adjusted EBITDA was $673 million"

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.

AFFO financial

"Third quarter 2026 AFFO was $530 million"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

Organic Contribution to Site Rental Billings financial

"Organic Contribution to Site Rental Billings as Adjusted"

The organic contribution to site rental billings is the portion of rental revenue growth that comes from a company’s existing leased locations rather than from new site acquisitions, currency moves, or one-time adjustments. For investors it shows how well the current portfolio is performing on its own—like measuring how much more a storefront chain makes because regular stores sell more or raise rents, rather than because the chain opened new shops—so it helps separate core operating strength from growth by expansion.

Straight-lined revenues financial

"A $20 million increase to site rental revenues from higher straight-lined revenues"

An accounting method that spreads income from a multi-period contract evenly across the contract’s life, so each reporting period shows the same amount rather than reflecting when cash is actually received or services are delivered. Investors care because straight-lining smooths reported revenue and can make results look more stable than cash flows or underlying activity, so it affects how you judge a company’s growth, seasonality and earnings quality.

ground lease buyout activity financial

"higher ground lease buyout activity"

Earnings Snapshot

Site rental revenue: $966 million · Guidance included

Third quarter ended September 30, 2026

Site rental revenue $966 million Down 4.5% year over year

Net income $283 million Down 12% year over year

Adjusted EBITDA $673 million Down 6% year over year

AFFO $530 million Up 8% year over year

AFFO per share $1.24 per share Up 11% year over year

Guidance

Full-year 2026 midpoint outlook increased by $25 million for Adjusted EBITDA and $5 million for AFFO versus the previous outlook.

FAQ

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

How did Crown Castle (CCI) perform in Q3 2026?

Crown Castle reported $966 million in site rental revenue, $283 million in net income and $673 million in Adjusted EBITDA. AFFO was $530 million, or $1.24 per share; compared with Q3 2025, AFFO increased 8% and AFFO per share increased 11%.

How much organic site rental growth did Crown Castle (CCI) report in Q3 2026?

Crown Castle reported $35 million of adjusted Organic Contribution to Site Rental Billings, equal to 3.5% of prior-year billings, excluding unfavorable impacts of $61 million from DISH Terminations and $5 million from Sprint Cancellations. Excluding prior-year DISH billings from the comparison, the rate was 3.8%, versus 4.1% in Q3 2025.

What is Crown Castle's (CCI) 2026 core leasing outlook?

Crown Castle expects to finish 2026 toward the bottom end of its $60 million to $70 million full-year outlook range for core leasing activity.

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

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Available on EDGAR 10/21/2026 - 04:21 PM EDT Accepted by SEC EDGAR 10/21/2026 - 04:17 PM EDT

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

Crown Castle Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-16441

76-0470458

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

8020 Katy Freeway, Houston, Texas 77024

(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
Common Stock, $0.01 par value	CCI	New York Stock Exchange

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						Press Release dated October 21, 2026
99.2						Supplemental Information Package for period ended September 30, 2026
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.

CrownCastle.com


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.

CrownCastle.com


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.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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.

(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.

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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."

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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."

The pathway to possible.

CrownCastle.com


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."

The pathway to possible.

CrownCastle.com


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

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com


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.

The pathway to possible.

CrownCastle.com

Exhibit 99.2

Supplemental Information Package

and Non-GAAP Reconciliations

Third Quarter • September 30, 2026

The pathway to possible.

CrownCastle.com

Crown Castle Inc.

Third Quarter 2026


TABLE OF CONTENTS
			Page
Company Overview
Company Profile			3
Strategy			3
General Company Information			4
Tower Asset Portfolio Footprint			4
Historical Common Stock Data			4

Executive Management Team			5
Board of Directors			5
Research Coverage			5
Outlook
Outlook			6
Outlook for Components of Changes in Site Rental Revenues			7


Outlook for Components of Interest Expense			7
Financial Highlights
Summary Financial Highlights			8
Components of Changes in Site Rental Revenues			9
Summary of Capital Expenditures			10
Portfolio Highlights			10
Consolidated Return on Invested Capital			11
Cash Yield on Invested Capital			11
Tenant Overview			12
Annualized Rental Cash Payments at Time of Renewal			12
Projected Revenues from Tenant Contracts Associated with Active Licenses			12
Projected Expenses from Existing Ground Leases			13
Summary of Tower Portfolio by Vintage			13
Ground Interest Overview			13
Capitalization Overview
Capitalization Overview			14
Debt Maturity Overview			15
Liquidity Overview			16
Summary of Maintenance and Financial Covenants			16
Interest Rate Exposure			17
Components of Interest Expense			17
Appendix of Condensed Consolidated Financial Statements and Non-GAAP Reconciliations			18

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.

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.

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.

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

Sunit Patel

Executive Vice President and Chief Financial Officer

Edward B. Adams, Jr.

Executive Vice President and General Counsel

Timothy Grace

Executive Vice President and Chief Human Resources Officer

Kristoffer L. Hinson

Executive Vice President and Chief Commercial Officer

Mark Lennon

Senior Vice President and Chief Information Officer

BOARD OF DIRECTORS

Name

Position

Committees

Age

Years as Director

P. Robert Bartolo

Chair

Nominating and Governance, Finance

Andrea J. Goldsmith

Director

Compensation and Human Capital

Christian H. Hillabrant

Director

Tammy K. Jones

Director

Audit, Nominating and Governance, Finance

Kevin T. Kabat

Director

Compensation and Human Capital, Nominating and Governance

Anthony J. Melone

Director

Audit, Nominating and Governance

Katherine Motlagh

Director

Audit, Compensation and Human Capital, Finance

Kevin A. Stephens

Director

Audit, Compensation and Human Capital

Matthew Thornton III

Director

Audit, Compensation and Human Capital, Nominating and Governance


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

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.

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.

(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.

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.

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.

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.

Crown Castle Inc.

Third Quarter 2026

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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.

Crown Castle Inc.

Third Quarter 2026

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OVERVIEW

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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.

Crown Castle Inc.

Third Quarter 2026

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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.

Crown Castle Inc.

Third Quarter 2026

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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.

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.

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.

Crown Castle Inc.

First Quarter 2025

COMPANY
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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.

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

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.

Crown Castle Inc.

Third Quarter 2026

COMPANY
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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.

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.

•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.

Crown Castle Inc.

Third Quarter 2026

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OUTLOOK

FINANCIAL

HIGHLIGHTS

CAPITALIZATION OVERVIEW

APPENDIX

•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

AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-average common shares outstanding.

FFO per share. We define FFO per share as FFO divided by diluted weighted-average common shares outstanding.

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.

Crown Castle Inc.

Third Quarter 2026

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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

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.

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.

(c)See the reconciliation of "Components of Interest Expense" for a discussion of non-cash interest expense.

(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.

Crown Castle Inc.

Third Quarter 2026

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FINANCIAL

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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.

(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.

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.

(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.

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.

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.

Source: View Original Filing on SEC EDGAR

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