Contacts: Sunit Patel, CFO
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.
(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."
(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.
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.
(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) for the third quarter 2026 was $283 million compared to $323 million for the third quarter 2025.
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.
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 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.
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."
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.
The following table sets forth Crown Castle's current full year 2026 Outlook, which includes the following key updates from the previous Outlook issued on July 22, 2026:
• We expect to finish the year towards the bottom end of the $60 million to $70 million full year 2026 Outlook range for core leasing activity.
• A $20 million increase to site rental revenues from higher straight-lined revenues related to contractual term extensions.
• A $5 million decrease in site rental cost of operations from higher ground lease buyout activity and additional operational efficiencies.
• A $40 million increase in discretionary capital expenditures from higher ground lease buyout activity.
(in millions, Changes to except per Full Year 2026 Midpoint from share amounts) Outlook(a) Previous Outlook(b) Site rental $3,805 to $3,835 $— billings(c) Amortization of prepaid 65 to 95 — rent Straight-lined -55 to -25 20 revenues Other revenues 15 to 15 — Site rental 3,853 to 3,898 20 revenues Site rental costs of 963 to 1,008 -5 operations(d) Services and other gross 70 to 100 — margin Net income 755 to 1,035 25 (loss)(e) Net income (loss) per 1.76 to 2.41 0.06 share—diluted… Adjusted 2,690 to 2,740 25 EBITDA(c) Depreciation, amortization 627 to 722 — and accretion Interest expense and amortization of 787 to 832 — deferred financing costs, net(f) Income (loss) from discontinued -360 to -80 — operations, net of tax(g) FFO(c) 1,755 to 1,785 25 AFFO(c) 1,955 to 2,005 5 AFFO per 4.54 to 4.66 0.01 share(c) Discretionary capital 190 to 290 40 expenditures(…
(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.
(g) Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
• The following chart reconciles the components contributing to the expected 2026 decrease in site rental revenues.
• Full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, is expected to remain unchanged at approximately $135 million, or 3.4%, at the midpoint, or 3.6% if DISH revenues are excluded from prior year site rental billings.
• Straight-lined revenues are expected to be $20 million higher due to contractual term extensions, resulting in a $20 million increase in full year growth in 2026 site rental revenues at the midpoint.
• The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $75 million at the midpoint.
• Expenses impacting AFFO are expected to decrease approximately $5 million from the previous full year 2026 Outlook due to higher ground lease buyout activity and additional operational efficiencies, resulting in a $5 million increase to full year 2026 Outlook for AFFO growth at the midpoint.
Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.
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.
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 .
This press release includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), and Net Debt, which are non-GAAP financial measures. These non- GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other real estate investment trusts ("REITs").
In addition to the non-GAAP financial measures used herein, we also provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
Our non-GAAP financial measures are presented as additional information because management believes these measures are useful indicators of the financial performance of our business. Among other things, management believes that:
• Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is a financial measure frequently used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by removing the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of the towers sector and other REITs to measure financial performance without regard to items such as depreciation, amortization and accretion, which can vary depending upon accounting methods and the book value of assets. Adjusted EBITDA should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance.
• AFFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that AFFO helps investors or other interested parties meaningfully evaluate our financial performance as it includes (1) the impact of our capital structure (primarily interest expense on our outstanding debt and dividends on our preferred stock (in periods where applicable)) and (2) sustaining capital expenditures, and excludes the impact of our (1) asset base (primarily depreciation, amortization and accretion) and (2) certain non-cash items, including straight-lined revenues and expenses related to fixed escalations and rent free periods. GAAP requires rental revenues and expenses related to leases that contain specified rental increases over the life of the lease to be recognized evenly over the life of the lease. In accordance with GAAP, if payment terms call for fixed escalations or rent free periods, the (1) revenues are recognized on a straight-lined basis over the fixed, non-cancelable term of the tenant contract, and (2) expenses are recognized on a straight-lined basis over the estimated lease term including renewal options that are reasonably certain to be exercised. Management notes that Crown Castle uses AFFO only as a performance measure. AFFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations or as residual cash flow available for discretionary investment.
• FFO, including per share amounts, is useful to investors or other interested parties in evaluating our financial performance. Management believes that FFO may be used by investors or other interested parties as a basis to compare our financial performance with that of other REITs. FFO helps investors or other interested parties meaningfully evaluate financial performance by excluding the impact of our asset base (primarily real estate depreciation, amortization and accretion). FFO is not a key performance indicator used by Crown Castle. FFO should be considered only as a supplement to net income (loss) computed in accordance with GAAP as a measure of our performance and should not be considered as an alternative to cash flow from operations.
• Organic Contribution to Site Rental Billings (also referred to as organic growth) is useful to investors or other interested parties in understanding the components of the year-over-year changes in our site rental revenues computed in accordance with GAAP. Management uses Organic Contribution to Site Rental Billings to assess year-over-year growth rates for our rental activities, to evaluate current performance, to capture trends in rental rates, core leasing activities and tenant non-renewals in our core business, as well as to forecast future results. Separately, we are also disclosing Organic Contribution to Site Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations, which is outside of ordinary course, to provide further insight into our results of operations and underlying trends. Management believes that identifying the impact of Sprint Cancellations and DISH Terminations provides increased transparency and comparability across periods. Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) is not meant as an alternative measure of revenue and should be considered only as a supplement in understanding and assessing the performance of our site rental revenues computed in accordance with GAAP.
• Net Debt is useful to investors or other interested parties in evaluating our overall debt position and future debt capacity. Management uses Net Debt in assessing our leverage. Net Debt is not meant as an alternative measure of debt and should be considered only as a supplement in understanding and assessing our leverage.
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.
Site rental billings. We define site rental billings as site rental revenues exclusive of the impacts from (1) straight-lined revenues, (2) amortization of prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions until the one-year anniversary of such acquisitions, (4) other revenues, such as tenant cancellation fees, finance charges and other items and (5) amounts related to DISH Terminations, where applicable.
Core leasing activity . We define core leasing activity as site rental revenues growth from tenant additions and renewals or extensions of tenant contracts, exclusive of (1) the impacts from both straight-lined revenues and amortization of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts related to DISH Terminations, where applicable.
Other billings . We define other billings as the growth or reduction in site rental revenues as a result of non-recurring contractual billings and adjustments, expense recoveries, sales credits and other amounts not captured in core leasing activity, exclusive of amounts related to DISH Terminations, where applicable.
Non-renewals . We define non-renewals of tenant contracts as the reduction in site rental revenues as a result of tenant churn, terminations and, in limited circumstances, reductions of existing lease rates, exclusive of non-renewals associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures relating to continuing operations as those made with respect to activities which we believe exhibit sufficient potential to enhance long-term stockholder value. Discretionary capital expenditures, including with respect to discontinued operations, primarily consist of expansion or development of our communications infrastructure (including capital expenditures related to (1) enhancing communications infrastructure in order to add new tenants for the first time or support subsequent tenant equipment augmentations or (2) modifying the structure of a communications infrastructure asset to accommodate additional tenants) and construction of new communications infrastructure. Discretionary capital expenditures also include purchases of land interests (which primarily relates to land assets under towers as we seek to manage our interests in the land beneath our towers), certain technology-related investments necessary to support and scale future customer demand for our communications infrastructure, and other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as those capital expenditures (including with respect to discontinued operations) not otherwise categorized as discretionary capital expenditures, such as (1) maintenance capital expenditures on our communications infrastructure assets that enable our tenants' ongoing quiet enjoyment of the communications infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations related to the previously disclosed T-Mobile US, Inc. and Sprint network consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease terminations related to the previously disclosed notice of default and termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master Lease Agreement and related agreements as described in our press release dated January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber segment, prior to its reclassification to discontinued operations, together with certain supporting assets and personnel. Management signed a definitive agreement ("Agreement") to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction"). The Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
Full Year 2026 (in millions; totals may not sum due to Outlook(g) rounding) 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 -3 to 3 costs Depreciation, amortization and 627 to 722 accretion Restructuring charges(h) 25 to 35 Amortization of prepaid lease purchase 14 to 16 price adjustments Interest expense and amortization of 787 to 832 deferred financing costs, net(i) (Gains) losses on retirement of -25 to -25 long-term obligations Interest income -25 to -25 Other (income) expense 0 to 9 (Benefit) provision for income 11 to 19 taxes Stock-based compensation 78 to 82 expense, net (Income) loss from discontinued 80 to 360 operations, net of tax(j) Adjusted EBITDA(e)(f) $2,690 to $2,740
(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.
(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.
(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.
(b) Represents results from the Fiber Business, including no loss on disposal in the three months ended September 30, 2026, compared to $231 million recorded in the three months ended September 30, 2025, and $625 million and $1,313 million recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c) See discussion and our definitions of FFO and AFFO, including per share amounts, in this " Non-GAAP Measures and Other Information ."
(d) The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(e) Represents restructuring charges recorded related to the 2026 Restructuring Plan.
(c) Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d) See discussion and our definitions of FFO and AFFO, including per share amounts, in this " Non-GAAP Measures and Other Information ."
(e) The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
(f) Represents expected restructuring charges related to the 2026 Restructuring Plan.
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted EBITDA:
Previously Issued (in millions; totals Full Year 2026 may not sum due to Outlook(a) rounding) Net income (loss)(b) $730 to $1,010 Adjustments to increase (decrease) net income (loss): Asset write-down 10 to 20 charges Acquisition and -3 to 3 integration costs Depreciation, amortization and 627 to 722 accretion Restructuring 25 to 35 charges(c) Amortization of prepaid lease purchase 14 to 16 price adjustments Interest expense and amortization of 787 to 832 deferred financing costs, net(d) (Gains) losses on retirement of -25 to -25 long-term obligations Interest income -25 to -25 Other (income) expense 0 to 9 (Benefit) provision 11 to 19 for income taxes Stock-based compensation expense, 78 to 82 net (Income) loss from discontinued 80 to 360 operations, net of tax(e) Adjusted EBITDA(f)(g) $2,665 to $2,715
(c) Represents expected restructuring charges related to the 2026 Restructuring Plan.
(d) See the reconciliation of " Outlook for Components of Interest Expense " for a discussion of non-cash interest expense.
(e) Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(f) See discussion of and our definitions of Adjusted EBITDA, FFO and AFFO, including per share amounts, in this " Non-GAAP Measures and Other Information. "
(g) The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
Components of Changes in Site Rental Revenues for the Quarters Ended September 30, 2026 and 2025 (
(dollars in millions; totals may not sum due to rounding) Components of changes in site Three Months rental Ended revenues: September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Prior year site rental billings excluding site $ 935 $ 947 rental billings to DISH(b) Prior year site rental billings 61 48 to DISH(b) Prior year site rental $ 996 $ 995 billings(b) Core leasing 16 20 activity(b) Escalators 25 24 Non-renewals(b) -7 -7 Other — 2 billings(b) Organic Contribution to Site Rental Billings asAdjusted for 35 39 Impact of Sprint Cancellations and DISH Terminations(b) Organic Contribution to Site Rental -61 13 Billings associated with DISH(b) Non-renewals associated with -5 -51 Sprint Cancellations(… Organic Contribution to -31 1 Site Rental Billings(b) Straight-lined -25 -11 revenues Amortization of 20 23 prepaid rent Other revenues 5 4 Total site $ 966 $ 1,012 rental revenues Year-over-year changes in revenues: Site rental revenues as a percentage of -4.5 % -5.1 % prior year site rental revenues Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as 3.8 % 4.1 % a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b) Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations 3.5 % 3.9 % and DISH Terminations as a percentage of prior year site rental billings(b) Organic Contribution to Site Rental Billings as a -3.1 % 0.1 % percentage of prior year site rental billings(b)
(a) The financial impact of the Fiber Business revenues is excluded, as these amounts are presented within discontinued operations through April 30, 2026.
(b) See our definitions of site rental billings, core leasing activity, non- renewals, other billings, Sprint Cancellations, DISH Terminations, Organic Contribution to Site Rental Billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in this " Non-GAAP Measures and Other Information. "
Components of Changes in Site Rental Revenues for Current and Previous Outlook for Full Year 2026:
(doll… in Previo… milli… Full Issued totals Year Full may 2026 Year not Outloo… 2026 sum Outloo… due to round… Compo… of chang… in site rental reven… Prior year site rental billi… exclu… $3,701 $3,701 site rental billi… to DISH(… Prior year site rental 222 222 billi… to DISH(… Prior year site $3,923 $3,923 rental billi… Core leasi… 60 to 70 60 to 70 activ… Escal… 95 to 105 95 to 105 Non-r… -35 to -25 -35 to -25 Other — — billi… Organ… Contr… to Site Rental Billi… asAdj… for 120 to 150 120 to 150 Impact of Sprint Cance… and DISH Termi… Non-r… assoc… with -20 to -20 -20 to -20 Sprint Cance… Non-r… assoc… with -220 to -220 -220 to -220 DISH Termi… Organ… Contr… to -120 to -90 -120 to -90 Site Rental Billi… Strai… -55 to -25 -75 to -45 reven… Amort… of 65 to 95 65 to 95 prepa… rent Other 15 to 15 15 to 15 reven… Acqui… — — Total site $3,853 to $3,898 $3,833 to $3,878 rental reven… Year-… chang… in reven… Site rental reven… as a perce… of (4.3)% (4.8)% prior year site rental reven… Organ… Contr… to Site Rental Billi… as Adjus… for Impact of Sprint Cance… and DISH 3.6% 3.6% Termi… as a perce… of prior year site rental billi… exclu… site rental billi… to DISH(… Organ… Contr… to Site Rental Billi… as Adjus… for Impact of Sprint 3.4% 3.4% Cance… and DISH Termi… as a perce… of prior year site rental billi… Organ… Contr… to Site Rental Billi… as a (2.7)% (2.7)% perce… of prior year site rental billi…
(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.
Previously (in Full Year Issued millions) 2026 Full Year Outlook(… 2026 Outlook(e) Discreti… capital $190 to $290 $150 to $250 expendit… Less: Prepaid -30 to -50 -30 to -50 rent addition… Discreti… capital expendit… less $150 to $250 $110 to $210 prepaid rent additions
For the Three September 30, September (in millions) Months Ended 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── Interest expense on $ 171 $ 244 debt obligations Amortization of deferred financing costs 6 8 and adjustments on long-term debt Capitalized — -5 interest Interest expense and amortization of $ 177 $ 247 deferred financing costs, net
(in millions) Full Year 2026 Outlook(g) Interest expense on debt $770 to $810 obligations Amortization of deferred financing costs 25 to 35 and adjustments on long-term debt Capitalized interest -15 to -5 Interest expense and amortization of $787 to $832 deferred financing costs, net
(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.
(b) The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(c) If the $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(d) As of September 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(e) As of September 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(f) As of September 30, 2026, the Company had $1.9 billion available for issuance under its $2.0 billion unsecured commercial paper program. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue.
(g) See further information on, and our definition and discussion of, Net Debt in this " Non-GAAP Measures and Other Information. "
Cautionary Language Regarding Forward-Looking Statements This news release contains forward-looking statements and information that are based on our management's current expectations as of the date of this news release. Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "focus," and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include our full year 2026 Outlook and plans, projections, expectations and estimates regarding (1) the value of our business model and strategy, (2) creation and maximization of shareholder value and returns, (3) operating as a standalone U.S. tower business and the potential benefits therefrom, (4) benefits stemming from our capital allocation framework, (5) net income (loss) (including on a per share basis), (6) AFFO (including on a per share basis) and its components and growth, (7) Adjusted EBITDA and its components and growth, (8) Organic Contribution to Site Rental Billings (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations) and its components and growth, (9) site rental revenues and its components and growth, (10) the impact of Sprint Cancellations, (11) our balance sheet, liquidity, leverage and credit ratings, (12) capital expenditures, including discretionary capital expenditures, (13) the impact of DISH Terminations, (14) operating efficiencies and the potential benefits therefrom, (15) potential land acquisitions under our towers, including activity levels with respect to ground lease buyouts, (16) modernizing our systems and processes, (17) acquisition of an outstanding residual economic interest and the potential impact thereof, (18) entry into new customer agreements and recent contractual term extensions, and the potential impacts thereof on our financial results, and (19) dividends, including dividend levels, rates and amounts. Any dividends remain subject to the approval of our Board of Directors which has the discretion to determine whether to declare dividends and the amounts and timing of the dividends. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
• a slowdown in demand for our towers and a reduction in the amount or change in the mix of network investment by 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;
• 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;
• 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;
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."
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 133 $ 99 Restricted cash and cash 167 170 equivalents Receivables, net 110 172 Prepaid expenses 90 79 Deferred site rental 172 167 receivables Other current assets 23 23 Current assets of discontinued — 434 operations Total current assets 695 1,144 Deferred site rental 2,253 2,288 receivables Property and equipment, net 6,104 6,273 Operating lease 5,370 5,473 right-of-use assets Goodwill 5,127 5,127 Site rental contracts and tenant 704 834 relationships Other intangible assets, 184 27 net Other assets, net 173 61 Non-current assets of discontinued — 10,291 operations 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 2,238 2,783 obligations Current portion of operating lease 258 268 liabilities Current liabilities of discontinued — 762 operations Total current liabilities 3,004 4,479 Debt and other long-term 15,558 21,554 obligations Operating lease liabilities 4,868 4,961 Other long-term liabilities 604 607 Non-current liabilities of discontinued — 1,552 operations 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 4 4 426 outstanding, and December 31, 2025—435 shares issued and outstanding Additional paid-in capital 18,586 18,527 Treasury stock, at cost; September 30, 2026—11 shares, and -1,000 — December 31, 2025—0 shares Accumulated other comprehensive income -5 -5 (loss) Dividends/distributions in excess of -21,009 -20,161 earnings Total equity (deficit) -3,424 -1,635 Total liabilities and $ 20,610 $ 31,518 equity (deficit)
Nine Months Ended Cash flows from September 30, operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss) $ 528 $ 150 (Income) loss from discontinued operations before (gain) -350 -637 loss from disposal, net of tax (Gain) loss from disposal of 625 1,313 discontinued operations Income (loss) from 803 826 continuing operations Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities: Depreciation, amortization and 523 520 accretion (Gains) losses on retirement of -24 — long-term obligations Amortization of deferred financing costs 20 24 and other non-cash interest Stock-based compensation 65 55 expense, net Asset write-down charges 6 7 Deferred income tax 5 1 (benefit) provision Other non-cash — -4 adjustments, net Net cash provided by (used for) operating activities 108 897 from discontinued operations Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in -97 -84 accrued interest Increase (decrease) in — 15 accounts payable Increase (decrease) in -83 -42 other liabilities Decrease (increase) in 16 5 receivables Decrease (increase) in -89 -33 other assets Net cash provided by (used for) 1,253 2,187 operating activities Cash flows from investing activities: Capital expenditures -182 -123 Acquisition of -157 — intangible assets Other investing — 5 activities, net Net cash provided by (used for) investing activities 8,089 -687 from discontinued operations(a) Net cash provided by (used for) 7,750 -805 investing activities Cash flows from financing activities: Principal payments on debt and other -56 -89 long-term obligations Purchases and redemptions of long-term -4,191 -1,200 debt Borrowings under revolving credit 1,800 900 facility Payments under revolving -2,295 — credit facility Net issuances (repayments) under -1,831 605 commercial paper program Payments for financing -6 — costs Purchases of common -1,043 -23 stock Dividends/distributions paid on common -1,384 -1,615 stock Net cash provided by (used for) -9,006 -1,422 financing activities Net increase (decrease) in cash and cash equivalents and -3 -40 restricted cash and cash equivalents Effect of exchange rate — — changes on cash Cash and cash equivalents and restricted 308 295 cash and cash equivalents at beginning of period(b) Cash and cash equivalents and restricted $ 305 $ 255 cash and cash equivalents at end of period(c) Supplemental disclosure of cash flow information: Interest paid $ 708 $ 799 Income taxes paid $ 12 $ 12 (refunded)
(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.
Full text with the tables
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 Current Current
in Full Year Full Year Previous Compared
millions, 2026 2025 % Change Full Year to
except Outlook Actual 2026 Previous
per share Midpoint(… Outlook(… Outlook
amounts)
Site
rental $3,875 $4,049 (4)% $3,855 $20
revenues…
Net
income $895 $444 102% $870 $25
(loss)
Net
income
(loss) $2.08 $1.01 106% $2.02 $0.06
per
share—di…
Adjusted $2,715 $2,863 (5)% $2,690 $25
EBITDA(c…
AFFO(c)(… $1,980 $1,904 4% $1,975 $5
AFFO per $4.60 $4.36 6% $4.59 $0.01
share(c)…
(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."
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News Release continued: Page 2
RESULTS FROM THE QUARTER
(dollars in millions, except
per share Q3 2026 Q3 2025 Change % Change
amounts)
Site rental revenues(a) $966 $1,012 $(46) (5)%
Net income (loss) $283 $323 $(40) (12)%
Net income (loss) per $0.67 $0.74 $(0.07) (9)%
share—diluted
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
million… Current
totals Full Year Q3
may not 2026 Q3 2026 2025(c)
sum due Outlook
to Midpoint(…
roundin…
Core
leasing $65 1.8% $16 1.8% $20 2.1%
activit…
Escalat… $100 2.7% $25 2.7% $24 2.6%
Non-ren… $(30) (0.8)% $(7) (0.7)% $(7) (0.7)%
Change
in other $— —% $— 0.0% $2 0.2%
billing…
Organic
Contrib…
to Site
Rental
Billings
as
Adjusted $135 3.6% $35 3.8% $39 4.1%
for
Impact
of
Sprint
Cancell…
and DISH
Termina…
(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.
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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.
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News Release continued: Page 4
(in millions, Changes to
except per Full Year 2026 Midpoint from
share amounts) Outlook(a) Previous
Outlook(b)
Site rental $3,805 to $3,835 $—
billings(c)
Amortization
of prepaid 65 to 95 —
rent
Straight-lined -55 to -25 20
revenues
Other revenues 15 to 15 —
Site rental 3,853 to 3,898 20
revenues
Site rental
costs of 963 to 1,008 -5
operations(d)
Services and
other gross 70 to 100 —
margin
Net income 755 to 1,035 25
(loss)(e)
Net income
(loss) per 1.76 to 2.41 0.06
share—diluted…
Adjusted 2,690 to 2,740 25
EBITDA(c)
Depreciation,
amortization 627 to 722 —
and accretion
Interest
expense and
amortization
of 787 to 832 —
deferred
financing
costs, net(f)
Income (loss)
from
discontinued -360 to -80 —
operations,
net of tax(g)
FFO(c) 1,755 to 1,785 25
AFFO(c) 1,955 to 2,005 5
AFFO per 4.54 to 4.66 0.01
share(c)
Discretionary
capital 190 to 290 40
expenditures(…
(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.
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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.
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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 .
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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.
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News Release continued: Page 8
• Organic Contribution to Site Rental Billings (also referred to as organic
growth) is useful to investors or other interested parties in understanding the
components of the year-over-year changes in our site rental revenues computed in
accordance with GAAP. Management uses Organic Contribution to Site Rental
Billings to assess year-over-year growth rates for our rental activities, to
evaluate current performance, to capture trends in rental rates, core leasing
activities and tenant non-renewals in our core business, as well as to forecast
future results. Separately, we are also disclosing Organic Contribution to Site
Rental Billings as Adjusted for Sprint Cancellations and DISH Terminations,
which is outside of ordinary course, to provide further insight into our results
of operations and underlying trends. Management believes that identifying the
impact of Sprint Cancellations and DISH Terminations provides increased
transparency and comparability across periods. Organic Contribution to Site
Rental Billings (including as Adjusted for Impact of Sprint Cancellations and
DISH Terminations) is not meant as an alternative measure of revenue and should
be considered only as a supplement in understanding and assessing the
performance of our site rental revenues computed in accordance with GAAP.
• Net Debt is useful to investors or other interested parties in evaluating our
overall debt position and future debt capacity. Management uses Net Debt in
assessing our leverage. Net Debt is not meant as an alternative measure of debt
and should be considered only as a supplement in understanding and assessing our
leverage.
Non-GAAP Financial Measures
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) plus
restructuring charges (credits), asset write-down charges, goodwill impairment
charges, acquisition and integration costs, depreciation, amortization and
accretion, amortization of prepaid lease purchase price adjustments, interest
expense and amortization of deferred financing costs, net, (gains) losses on
retirement of long-term obligations, net (gain) loss on interest rate swaps,
(gains) losses on foreign currency swaps, impairment of available-for-sale
securities, interest income, other (income) expense, (benefit) provision for
income taxes, (income) loss from discontinued operations, net of tax, cumulative
effect of a change in accounting principle and stock-based compensation expense,
net.
AFFO. We define AFFO as FFO before straight-lined revenues, straight-lined
expenses, stock-based compensation expense, net, non-cash portion of tax
provision, non-real estate related depreciation, amortization and accretion,
amortization of non-cash interest expense, other (income) expense, (gains)
losses on retirement of long-term obligations, net (gain) loss on interest rate
swaps, (gains) losses on foreign currency swaps, impairment of available-for-
sale securities, acquisition and integration costs, restructuring charges
(credits), cumulative effect of a change in accounting principle and adjustments
for noncontrolling interests, less sustaining capital expenditures.
AFFO per share. We define AFFO per share as AFFO divided by diluted weighted-
average common shares outstanding.
FFO. We define FFO as net income (loss) plus real estate related depreciation,
amortization and accretion, asset write-down charges, goodwill impairment
charges, and (income) loss from discontinued operations, net of tax, less
noncontrolling interest and cash paid for preferred stock dividends (in periods
where applicable), and is a measure of funds from operations attributable to
common stockholders.
FFO per share. We define FFO per share as FFO divided by diluted weighted-
average common shares outstanding.
Organic Contribution to Site Rental Billings. We define Organic Contribution to
Site Rental Billings (also referred to as organic growth) as the sum of the
change in site rental revenues related to core leasing activity, escalators and
other billings, including those associated with DISH Terminations, less non-
renewals of tenant contracts, including those associated with Sprint
Cancellations, and DISH Terminations. Additionally, Organic Contribution to Site
Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH
Terminations reflects Organic Contribution to Site Rental Billings plus non-
renewals associated with Sprint Cancellations, less Organic Contribution to Site
Rental Billings associated with DISH Terminations.
Net Debt. We define Net Debt as (1) debt and other long-term obligations and (2)
current maturities of debt and other obligations, excluding unamortized
adjustments, net, less cash and cash equivalents and restricted cash and cash
equivalents.
Other Definitions
Site rental billings. We define site rental billings as site rental revenues
exclusive of the impacts from (1) straight-lined revenues, (2) amortization of
prepaid rent in accordance with GAAP, (3) contribution from recent acquisitions
until the one-year anniversary of such acquisitions, (4) other revenues, such as
tenant cancellation fees, finance charges and other items and (5) amounts
related to DISH Terminations, where applicable.
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News Release continued: Page 9
Core leasing activity . We define core leasing activity as site rental revenues
growth from tenant additions and renewals or extensions of tenant contracts,
exclusive of (1) the impacts from both straight-lined revenues and amortization
of prepaid rent in accordance with GAAP, (2) other revenues and (3) amounts
related to DISH Terminations, where applicable.
Other billings . We define other billings as the growth or reduction in site
rental revenues as a result of non-recurring contractual billings and
adjustments, expense recoveries, sales credits and other amounts not captured in
core leasing activity, exclusive of amounts related to DISH Terminations, where
applicable.
Non-renewals . We define non-renewals of tenant contracts as the reduction in
site rental revenues as a result of tenant churn, terminations and, in limited
circumstances, reductions of existing lease rates, exclusive of non-renewals
associated with Sprint Cancellations and DISH Terminations, where applicable.
Discretionary capital expenditures. We define discretionary capital expenditures
relating to continuing operations as those made with respect to activities which
we believe exhibit sufficient potential to enhance long-term stockholder value.
Discretionary capital expenditures, including with respect to discontinued
operations, primarily consist of expansion or development of our communications
infrastructure (including capital expenditures related to (1) enhancing
communications infrastructure in order to add new tenants for the first time or
support subsequent tenant equipment augmentations or (2) modifying the structure
of a communications infrastructure asset to accommodate additional tenants) and
construction of new communications infrastructure. Discretionary capital
expenditures also include purchases of land interests (which primarily relates
to land assets under towers as we seek to manage our interests in the land
beneath our towers), certain technology-related investments necessary to support
and scale future customer demand for our communications infrastructure, and
other capital projects.
Sustaining capital expenditures. We define sustaining capital expenditures as
those capital expenditures (including with respect to discontinued operations)
not otherwise categorized as discretionary capital expenditures, such as (1)
maintenance capital expenditures on our communications infrastructure assets
that enable our tenants' ongoing quiet enjoyment of the communications
infrastructure and (2) ordinary corporate capital expenditures.
Sprint Cancellations. We define Sprint Cancellations as lease cancellations
related to the previously disclosed T-Mobile US, Inc. and Sprint network
consolidation as described in our press release dated April 19, 2023.
DISH Terminations. We define DISH Terminations as the impact of lease
terminations related to the previously disclosed notice of default and
termination that was sent to DISH Wireless L.L.C. ("DISH") regarding our Master
Lease Agreement and related agreements as described in our press release dated
January 12, 2026.
Fiber Business. We define Fiber Business as the historically reported Fiber
segment, prior to its reclassification to discontinued operations, together with
certain supporting assets and personnel. Management signed a definitive
agreement ("Agreement") to sell the Fiber Business with EQT Active Core
Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group
Holdings Inc. ("Zayo") acquiring the fiber solutions business ("Transaction").
The Transaction was completed on May 1, 2026. We received aggregate net cash
proceeds of $8.4 billion, representing the gross contractual purchase price of
$8.5 billion less the net impact of preliminary purchase price adjustments of
$124 million, which are subject to a post-closing settlement process.
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News Release continued: Page 10
Reconciliation of Historical Adjusted EBITDA:
(in
mil… For For For
tot… the the the
may Three Nine Twel…
not Mont… Mont… Mont…
sum Ended Ended Ended
due Sept… Sep… Sept… Sept… Dece…
to 30, 30, 30, 30, 31,
rou… 2026 2025 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc… $ 283 $ 323 $ 528 $ 150 $ 444
(lo…
Adj…
to
inc…
(de…
net
inc…
(lo…
Ass…
wri… 1 3 6 7 11
cha…
Dep…
amo… 180 167 523 520 690
and
acc…
Res… 6 — 20 — —
cha…
Amo…
of
pre…
lea… 3 4 10 11 15
pur…
pri…
adj…
Int…
exp…
and
amo…
of 177 247 627 726 972
def…
fin…
cos…
net…
(Ga…
los…
on
ret… — — -24 — —
of
lon…
obl…
Int… -3 -3 -25 -10 -13
inc…
Oth…
(in… 3 — 5 -3 -3
exp…
(Be…
pro…
for 5 4 14 13 16
inc…
tax…
Sto…
com… 18 19 65 55 73
exp…
net
(In…
loss
from
dis… — -46 275 676 659
ope…
net
of
tax…
Adj… $ 673 $ 718 $ 2,0… $ 2,1… $ 2,8…
EBI…
Reconciliation of Current Outlook for Adjusted EBITDA:
Full Year 2026
(in millions; totals may not
sum due to Outlook(g)
rounding)
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 -3 to 3
costs
Depreciation, amortization and 627 to 722
accretion
Restructuring charges(h) 25 to 35
Amortization of prepaid lease
purchase 14 to 16
price adjustments
Interest expense and
amortization of 787 to 832
deferred financing costs,
net(i)
(Gains) losses on retirement
of -25 to -25
long-term obligations
Interest income -25 to -25
Other (income) expense 0 to 9
(Benefit) provision for income 11 to 19
taxes
Stock-based compensation 78 to 82
expense, net
(Income) loss from
discontinued 80 to 360
operations, net of tax(j)
Adjusted EBITDA(e)(f) $2,690 to $2,740
(a) Includes contribution from discontinued operations through April 30, 2026.
(b) Represents restructuring charges recorded related to the Company's
restructuring plan announced in February 2026, as further discussed in the
Annual Report on Form 10-K for the year ended December 31, 2025 ("2026
Restructuring Plan").
(c) See the reconciliation of " Components of Interest Expense " for a
discussion of non-cash interest expense.
(d) Represents results from the Fiber Business, including no loss on disposal in
the three months ended September 30, 2026, compared to $231 million recorded in
the three months ended September 30, 2025, and $625 million and $1,313 million
recorded in the nine months ended September 30, 2026 and 2025, respectively.
(e) See discussion and our definition of Adjusted EBITDA in this " Non-GAAP
Measures and Other Information ."
(f) The above reconciliation excludes line items included in our definition
which are not applicable for the periods shown.
(g) As issued on October 21, 2026.
(h) Represents expected restructuring charges related to the 2026 Restructuring
Plan.
(i) See the reconciliation of " Outlook for Components of Interest Expense " for
a discussion of non-cash interest expense.
(j) Represents expected results from the Fiber Business, including the estimated
loss on disposal, through April 30, 2026.
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News Release continued: Page 11
Reconciliation of Historical FFO and AFFO:
(in
mil… For For For
tot… the the the
may Three Nine Twel…
not Mont… Mont… Mont…
sum Ended Ended Ended
due Sept… Sep… Sept… Sept… Dece…
to 30, 30, 30, 30, 31,
rou… 2026 2025 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc… $ 283 $ 323 $ 528 $ 150 $ 444
(lo…
Real
est…
rel…
dep… 157 163 480 489 650
amo…
and
acc…
Ass…
wri… 1 3 6 7 11
cha…
(In…
loss
from
dis… — -46 275 676 659
ope…
net
of
tax…
FFO… $ 442 $ 443 $ 1,2… $ 1,3… $ 1,7…
Wei…
com… 426 437 433 436 437
sha…
out…
FFO
(fr… $ 442 $ 443 $ 1,2… $ 1,3… $ 1,7…
abo…
Adj…
to
inc…
(de…
FFO:
Str… 25 11 31 -27 -12
rev…
Str… 13 15 40 44 58
exp…
Sto…
com… 18 19 65 55 73
exp…
net
Non…
por…
of 2 2 2 2 1
tax
pro…
Non…
est…
rel…
dep… 23 4 43 31 40
amo…
and
acc…
Amo…
of
non… 6 3 15 11 16
int…
exp…
Oth…
(in… 3 — 5 -3 -3
exp…
(Ga…
los…
on
ret… — — -24 — —
of
lon…
obl…
Res… 6 — 20 — —
cha…
Sus…
cap… -8 -6 -22 -19 -33
exp…
AFF… $ 530 $ 490 $ 1,4… $ 1,4… $ 1,9…
Wei…
com… 426 437 433 436 437
sha…
out…
(a) Includes contribution from discontinued operations through April 30, 2026.
(b) Represents results from the Fiber Business, including no loss on disposal in
the three months ended September 30, 2026, compared to $231 million recorded in
the three months ended September 30, 2025, and $625 million and $1,313 million
recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c) See discussion and our definitions of FFO and AFFO in this " Non-GAAP
Measures and Other Information ."
(d) The above reconciliation excludes line items included in our definition
which are not applicable for the periods shown.
(e) Represents restructuring charges recorded related to the 2026 Restructuring
Plan.
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News Release continued: Page 12
Reconciliation of Historical FFO and AFFO per share:
(in
mi…
ex…
per
sh…
am… For For For
to… the the the
may Thr… Nine Twel…
not Mon… Mont… Mont…
sum End… Ended Ended
due Sep… Sep… Sept… Sept… Dece…
to 30, 30, 30, 30, 31,
ro… 2026 2025 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
Net
in… $ 0.67 $ 0.74 $ 1.22 $ 0.34 $ 1.02
(l…
Re…
es…
re…
de… 0.37 0.37 1.11 1.12 1.49
am…
and
ac…
As…
wr… — 0.01 0.01 0.02 0.03
ch…
(I…
lo…
fr…
di… — -0.… 0.63 1.55 1.51
op…
net
of
ta…
FF… $ 1.04 $ 1.01 $ 2.98 $ 3.03 $ 4.04
We…
co… 426 437 433 436 437
sh…
ou…
FFO
(f… $ 1.04 $ 1.01 $ 2.98 $ 3.03 $ 4.04
ab…
Ad…
to
in…
(d…
FF…
St… 0.06 0.03 0.07 -0.… -0.…
re…
St… 0.03 0.03 0.09 0.10 0.13
ex…
St…
co… 0.04 0.04 0.15 0.13 0.17
ex…
net
No…
po…
of — — — — —
tax
pr…
No…
es…
re…
de… 0.05 0.01 0.10 0.07 0.09
am…
and
ac…
Am…
of
no… 0.01 0.01 0.04 0.02 0.04
in…
ex…
Ot…
(i… 0.01 — 0.01 -0.… -0.…
ex…
(G…
lo…
on
re… — — -0.… — —
of
lo…
ob…
Re… 0.01 — 0.05 — —
ch…
Su…
ca… -0.… -0.… -0.… -0.… -0.…
ex…
AF… $ 1.24 $ 1.12 $ 3.39 $ 3.24 $ 4.36
We…
co… 426 437 433 436 437
sh…
ou…
(a) Includes contribution from discontinued operations through April 30, 2026.
(b) Represents results from the Fiber Business, including no loss on disposal in
the three months ended September 30, 2026, compared to $231 million recorded in
the three months ended September 30, 2025, and $625 million and $1,313 million
recorded in the nine months ended September 30, 2026 and 2025, respectively.
(c) See discussion and our definitions of FFO and AFFO, including per share
amounts, in this " Non-GAAP Measures and Other Information ."
(d) The above reconciliation excludes line items included in our definition
which are not applicable for the periods shown.
(e) Represents restructuring charges recorded related to the 2026 Restructuring
Plan.
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News Release continued: Page 13
Reconciliation of Current Outlook for FFO and AFFO:
Full Full
Year Year
2026 2026
(in
milli…
except
per
share Outlook
amoun… Outlook… per
totals Share(…
may
not
sum
due to
round…
Net
income $755 to $1,035 $1.76 to $2.41
(loss…
Real
estate
relat…
depre… 600 to 680 1.40 to 1.58
amort…
and
accre…
Asset
write… 10 to 20 0.02 to 0.05
charg…
(Inco…
loss
from
disco… 80 to 360 0.19 to 0.84
opera…
net of
tax(c)
FFO(d… $1,755 to $1,785 $4.08 to $4.15
Weigh…
common 430 430
shares
outst…
FFO
(from $1,755 to $1,785 $4.08 to $4.15
above)
Adjus…
to
incre…
(decr…
FFO:
Strai… 25 to 55 0.06 to 0.13
reven…
Strai… 45 to 65 0.10 to 0.15
expen…
Stock…
compe… 78 to 82 0.18 to 0.19
expen…
net
Non-c…
porti… -8 to 8 -0.02 to 0.02
of tax
provi…
Non-r…
estate
relat…
depre… 27 to 42 0.06 to 0.10
amort…
and
accre…
Amort…
of
non-c… 15 to 25 0.03 to 0.06
inter…
expen…
Other
(inco… 0 to 9 0.00 to 0.02
expen…
(Gain…
losses
on
retir… -25 to -25 -0.06 to -0.06
of
long-…
oblig…
Acqui…
and -3 to 3 -0.01 to 0.01
integ…
costs
Restr… 25 to 35 0.06 to 0.08
charg…
Susta…
capit… -45 to -25 -0.10 to -0.06
expen…
AFFO(… $1,955 to $2,005 $4.54 to $4.66
Weigh…
common 430 430
shares
outst…
(a) As issued on October 21, 2026.
(b) Includes contribution from discontinued operations through April 30, 2026.
(c) Represents expected results from the Fiber Business, including the estimated
loss on disposal, through April 30, 2026.
(d) See discussion and our definitions of FFO and AFFO, including per share
amounts, in this " Non-GAAP Measures and Other Information ."
(e) The above reconciliation excludes line items included in our definition
which are not applicable for the period shown.
(f) Represents expected restructuring charges related to the 2026 Restructuring
Plan.
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News Release continued: Page 14
For Comparative Purposes - Reconciliation of Previous Outlook for Adjusted
EBITDA:
Previously Issued
(in millions; totals Full Year 2026
may not sum due to Outlook(a)
rounding)
Net income (loss)(b) $730 to $1,010
Adjustments to
increase (decrease)
net
income (loss):
Asset write-down 10 to 20
charges
Acquisition and -3 to 3
integration costs
Depreciation,
amortization and 627 to 722
accretion
Restructuring 25 to 35
charges(c)
Amortization of
prepaid lease purchase 14 to 16
price adjustments
Interest expense and
amortization of 787 to 832
deferred financing
costs, net(d)
(Gains) losses on
retirement of -25 to -25
long-term obligations
Interest income -25 to -25
Other (income) expense 0 to 9
(Benefit) provision 11 to 19
for income taxes
Stock-based
compensation expense, 78 to 82
net
(Income) loss from
discontinued 80 to 360
operations, net of
tax(e)
Adjusted EBITDA(f)(g) $2,665 to $2,715
For Comparative Purposes - Reconciliation of Previous Outlook for FFO and AFFO:
Previ… Prev…
Issued Issu…
(in
mill…
exce…
per Full
share Full Year
amou… Year 2026
tota… 2026 Outl…
may Outlo… per
not shar…
sum
due
to
roun…
Net
inco… $730 to $1,010 $1.70 to $2.35
(los…
Real
esta…
rela…
depr… 600 to 680 1.40 to 1.58
amor…
and
accr…
Asset
writ… 10 to 20 0.02 to 0.05
char…
(Inc…
loss
from
disc… 80 to 360 0.19 to 0.84
oper…
net
of
tax(…
FFO(… $1,7… to $1,760 $4.02 to $4.09
Weig…
comm… 430 430
shar…
outs…
FFO
(from $1,7… to $1,760 $4.02 to $4.09
abov…
Adju…
to
incr…
(dec…
FFO:
Stra… 45 to 75 0.10 to 0.17
reve…
Stra… 45 to 65 0.10 to 0.15
expe…
Stoc…
comp… 78 to 82 0.18 to 0.19
expe…
net
Non-…
port…
of -8 to 8 -0.02 to 0.02
tax
prov…
Non-…
esta…
rela…
depr… 27 to 42 0.06 to 0.10
amor…
and
accr…
Amor…
of
non-… 15 to 25 0.03 to 0.06
inte…
expe…
Other
(inc… 0 to 9 0.00 to 0.02
expe…
(Gai…
loss…
on
reti… -25 to -25 -0.06 to -0.06
of
long…
obli…
Acqu…
and -3 to 3 -0.01 to 0.01
inte…
costs
Rest… 25 to 35 0.06 to 0.08
char…
Sust…
capi… -45 to -25 -0.10 to -0.06
expe…
AFFO… $1,9… to $2,000 $4.53 to $4.65
Weig…
comm… 430 430
shar…
outs…
(a) As issued on July 22, 2026.
(b) Includes contribution from discontinued operations through April 30, 2026.
(c) Represents expected restructuring charges related to the 2026 Restructuring
Plan.
(d) See the reconciliation of " Outlook for Components of Interest Expense " for
a discussion of non-cash interest expense.
(e) Represents expected results from the Fiber Business, including the estimated
loss on disposal, through April 30, 2026.
(f) See discussion of and our definitions of Adjusted EBITDA, FFO and AFFO,
including per share amounts, in this " Non-GAAP Measures and Other Information.
"
(g) The above reconciliation excludes line items included in our definition
which are not applicable for the period shown.
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News Release continued: Page 15
Components of Changes in Site Rental Revenues for the Quarters Ended September
30, 2026 and 2025 (
a)
:
(dollars in
millions;
totals may not
sum due to
rounding)
Components of
changes in site Three Months
rental Ended
revenues: September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Prior year site
rental billings
excluding site $ 935 $ 947
rental billings
to
DISH(b)
Prior year site
rental billings 61 48
to
DISH(b)
Prior year site
rental $ 996 $ 995
billings(b)
Core leasing 16 20
activity(b)
Escalators 25 24
Non-renewals(b) -7 -7
Other — 2
billings(b)
Organic
Contribution to
Site Rental
Billings
asAdjusted for 35 39
Impact of
Sprint
Cancellations
and DISH
Terminations(b)
Organic
Contribution to
Site Rental -61 13
Billings
associated with
DISH(b)
Non-renewals
associated with -5 -51
Sprint
Cancellations(…
Organic
Contribution to -31 1
Site Rental
Billings(b)
Straight-lined -25 -11
revenues
Amortization of 20 23
prepaid rent
Other revenues 5 4
Total site $ 966 $ 1,012
rental revenues
Year-over-year
changes in
revenues:
Site rental
revenues as a
percentage of -4.5 % -5.1 %
prior year site
rental revenues
Organic
Contribution to
Site Rental
Billings as
Adjusted for
Impact of
Sprint
Cancellations
and DISH
Terminations as 3.8 % 4.1 %
a percentage of
prior
year site
rental billings
excluding the
prior year site
rental billings
to
DISH(b)
Organic
Contribution to
Site Rental
Billings as
Adjusted for
Impact of
Sprint
Cancellations 3.5 % 3.9 %
and DISH
Terminations as
a percentage of
prior
year site
rental
billings(b)
Organic
Contribution to
Site Rental
Billings as a -3.1 % 0.1 %
percentage of
prior year
site rental
billings(b)
(a) The financial impact of the Fiber Business revenues is excluded, as these
amounts are presented within discontinued operations through April 30, 2026.
(b) See our definitions of site rental billings, core leasing activity, non-
renewals, other billings, Sprint Cancellations, DISH Terminations, Organic
Contribution to Site Rental Billings and Organic Contribution to Site Rental
Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in
this " Non-GAAP Measures and Other Information. "
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News Release continued: Page 16
Components of Changes in Site Rental Revenues for Current and Previous Outlook
for Full Year 2026:
(doll…
in Previo…
milli… Full Issued
totals Year Full
may 2026 Year
not Outloo… 2026
sum Outloo…
due to
round…
Compo…
of
chang…
in
site
rental
reven…
Prior
year
site
rental
billi…
exclu… $3,701 $3,701
site
rental
billi…
to
DISH(…
Prior
year
site
rental 222 222
billi…
to
DISH(…
Prior
year
site $3,923 $3,923
rental
billi…
Core
leasi… 60 to 70 60 to 70
activ…
Escal… 95 to 105 95 to 105
Non-r… -35 to -25 -35 to -25
Other — —
billi…
Organ…
Contr…
to
Site
Rental
Billi…
asAdj…
for 120 to 150 120 to 150
Impact
of
Sprint
Cance…
and
DISH
Termi…
Non-r…
assoc…
with -20 to -20 -20 to -20
Sprint
Cance…
Non-r…
assoc…
with -220 to -220 -220 to -220
DISH
Termi…
Organ…
Contr…
to -120 to -90 -120 to -90
Site
Rental
Billi…
Strai… -55 to -25 -75 to -45
reven…
Amort…
of 65 to 95 65 to 95
prepa…
rent
Other 15 to 15 15 to 15
reven…
Acqui… — —
Total
site $3,853 to $3,898 $3,833 to $3,878
rental
reven…
Year-…
chang…
in
reven…
Site
rental
reven…
as a
perce…
of (4.3)% (4.8)%
prior
year
site
rental
reven…
Organ…
Contr…
to
Site
Rental
Billi…
as
Adjus…
for
Impact
of
Sprint
Cance…
and
DISH 3.6% 3.6%
Termi…
as a
perce…
of
prior
year
site
rental
billi…
exclu…
site
rental
billi…
to
DISH(…
Organ…
Contr…
to
Site
Rental
Billi…
as
Adjus…
for
Impact
of
Sprint 3.4% 3.4%
Cance…
and
DISH
Termi…
as a
perce…
of
prior
year
site
rental
billi…
Organ…
Contr…
to
Site
Rental
Billi…
as a (2.7)% (2.7)%
perce…
of
prior
year
site
rental
billi…
(a) As issued on October 21, 2026.
(b) As issued on July 22, 2026.
(c) Represents full year 2026 Outlook for continuing operations only.
(d) See our definitions of site rental billings, core leasing activity, non-
renewals, other billings, Sprint Cancellations, DISH Terminations, Organic
Contribution to Site Rental Billings, and Organic Contribution to Site Rental
Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations in
this " Non-GAAP Measures and Other Information. "
(e) Represents the contribution from recent acquisitions. The financial impact
of recent acquisitions is excluded from Organic Contribution to Site Rental
Billings, including as Adjusted for Impact of Sprint Cancellations and DISH
Terminations, until the one-year anniversary of such acquisitions.
(f) Calculated based on midpoint of full year 2026 Outlook, where applicable.
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News Release continued: Page 17
Components of Capital Expenditures: (a)(b)
For
For the the
Three Septe… Septem… Nine Septem… Septe…
(in Months 30, 30, Months 30, 30,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Disc…
capi…
expe…
Tower
impr…
and $ 18 $ 20 $ 52 $ 54
other
capi…
proj…
Purc…
of 40 16 108 50
land
inte…
Sust…
capi… 8 6 22 19
expe…
Total
capi… $ 66 $ 42 $ 182 $ 123
expe…
Outlook for Discretionary Capital Expenditures Less Prepaid Rent Additions:
(b)(c)
Previously
(in Full Year Issued
millions) 2026 Full Year
Outlook(… 2026
Outlook(e)
Discreti…
capital $190 to $290 $150 to $250
expendit…
Less:
Prepaid -30 to -50 -30 to -50
rent
addition…
Discreti…
capital
expendit…
less $150 to $250 $110 to $210
prepaid
rent
additions
Components of Interest Expense:
For the Three September 30, September
(in millions) Months Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Interest
expense on $ 171 $ 244
debt
obligations
Amortization
of deferred
financing
costs 6 8
and
adjustments
on long-term
debt
Capitalized — -5
interest
Interest
expense and
amortization
of $ 177 $ 247
deferred
financing
costs, net
Outlook for Components of Interest Expense:
(in millions) Full Year 2026 Outlook(g)
Interest expense on debt $770 to $810
obligations
Amortization of deferred
financing costs 25 to 35
and adjustments on
long-term debt
Capitalized interest -15 to -5
Interest expense and
amortization of $787 to $832
deferred financing costs,
net
(a) See our definitions of discretionary capital expenditures and sustaining
capital expenditures in this " Non-GAAP Measures and Other Information. "
(b) The financial impact of the Fiber Business is excluded, as these amounts are
presented within discontinued operations through April 30, 2026.
(c) Excludes sustaining capital expenditures. See " Non-GAAP Measures and Other
Information " for our definitions of discretionary capital expenditures and
sustaining capital expenditures.
(d) As issued on October 21, 2026.
(e) As issued on July 22, 2026.
(f) Reflects up-front consideration from long-term tenant contracts (commonly
referred to as prepaid rent) that are amortized and recognized as revenue over
the associated estimated lease term in accordance with GAAP.
(g) As issued on October 21, 2026 and unchanged from previous full year 2026
Outlook issued on July 22, 2026.
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News Release continued: Page 18
Debt Balances and Maturity Dates as of September 30, 2026 :
(in millions) Face Value(a) Maturity
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents and
restricted $ 305
cash and cash equivalents
Senior Secured Notes, Series 2009-1, 20 Aug. 2029
Class A-2(b)
Senior Secured Tower Revenue Notes, 750 July 2048
Series 2018-2(c)
Installment purchase liabilities and 264 Various
finance leases(d)
Total secured debt $ 1,034
2026 Revolver(e) 450 May 2031
Commercial Paper Notes(f) 100 Various
2.900% Senior Notes 718 Mar. 2027
4.000% Senior Notes 500 Mar. 2027
3.650% Senior Notes 979 Sept. 2027
5.000% Senior Notes 977 Jan. 2028
3.800% Senior Notes 978 Feb. 2028
4.800% Senior Notes 597 Sept. 2028
4.300% Senior Notes 557 Feb. 2029
5.600% Senior Notes 696 June 2029
4.900% Senior Notes 546 Sept. 2029
3.100% Senior Notes 532 Nov. 2029
3.300% Senior Notes 709 July 2030
2.250% Senior Notes 1,044 Jan. 2031
2.100% Senior Notes 981 Apr. 2031
2.500% Senior Notes 726 July 2031
5.100% Senior Notes 739 May 2033
5.800% Senior Notes 705 Mar. 2034
5.200% Senior Notes 650 Sept. 2034
2.900% Senior Notes 1,219 Apr. 2041
4.750% Senior Notes 350 May 2047
5.200% Senior Notes 396 Feb. 2049
4.000% Senior Notes 341 Nov. 2049
4.150% Senior Notes 493 July 2050
3.250% Senior Notes 887 Jan. 2051
Total unsecured debt $ 16,870
Net Debt(g) $ 17,599
(a) Net of required principal amortizations and repurchases.
(b) The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a
period ending in August 2029.
(c) If the $750 million aggregate principal amount of 4.241% senior secured
tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full
on or prior to July 2028, the anticipated repayment date, then the Excess Cash
Flow (as defined in the indenture) of the issuers of such notes will be used to
repay the principal, and additional interest (of approximately 5% per annum)
will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable
at par if voluntarily repaid within eighteen months of the anticipated repayment
date; earlier prepayment may require additional consideration.
(d) As of September 30, 2026, reflects $5 million in finance lease obligations
(primarily related to vehicles).
(e) As of September 30, 2026, the undrawn availability under the $4.5 billion
2026 Revolver was $4.0 billion. The Company pays a commitment fee on the undrawn
available amount, which as of September 30, 2026, ranged from 0.080% to 0.200%,
based on the Company's senior unsecured debt rating, per annum.
(f) As of September 30, 2026, the Company had $1.9 billion available for
issuance under its $2.0 billion unsecured commercial paper program. The
maturities of the Commercial Paper Notes, when outstanding, may vary but may not
exceed 397 days from the date of issue.
(g) See further information on, and our definition and discussion of, Net Debt
in this " Non-GAAP Measures and Other Information. "
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News Release continued: Page 19
Cautionary Language Regarding Forward-Looking Statements
This news release contains forward-looking statements and information that are
based on our management's current expectations as of the date of this news
release. Statements that are not historical facts are hereby identified as
forward-looking statements. In addition, words such as "estimate," "see,"
"anticipate," "project," "plan," "intend," "believe," "expect," "likely,"
"predicted," "positioned," "continue," "target," "focus," and any variations of
these words and similar expressions are intended to identify forward-looking
statements. Such statements include our full year 2026 Outlook and plans,
projections, expectations and estimates regarding (1) the value of our business
model and strategy, (2) creation and maximization of shareholder value and
returns, (3) operating as a standalone U.S. tower business and the potential
benefits therefrom, (4) benefits stemming from our capital allocation framework,
(5) net income (loss) (including on a per share basis), (6) AFFO (including on a
per share basis) and its components and growth, (7) Adjusted EBITDA and its
components and growth, (8) Organic Contribution to Site Rental Billings
(including as Adjusted for Impact of Sprint Cancellations and DISH Terminations)
and its components and growth, (9) site rental revenues and its components and
growth, (10) the impact of Sprint Cancellations, (11) our balance sheet,
liquidity, leverage and credit ratings, (12) capital expenditures, including
discretionary capital expenditures, (13) the impact of DISH Terminations, (14)
operating efficiencies and the potential benefits therefrom, (15) potential land
acquisitions under our towers, including activity levels with respect to ground
lease buyouts, (16) modernizing our systems and processes, (17) acquisition of
an outstanding residual economic interest and the potential impact thereof, (18)
entry into new customer agreements and recent contractual term extensions, and
the potential impacts thereof on our financial results, and (19) dividends,
including dividend levels, rates and amounts. Any dividends remain subject to
the approval of our Board of Directors which has the discretion to determine
whether to declare dividends and the amounts and timing of the dividends.
Such forward-looking statements are subject to certain risks, uncertainties and
assumptions and should be considered in light of the risks referenced in the
"Risk Factors" section included in our most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q. Such factors include, but are not limited
to:
• prevailing market conditions;
• a slowdown in demand for our towers and a reduction in the amount or change in
the mix of network investment by our tenants;
• the loss, consolidation or financial instability of any of our tenants;
• expansion or development of our business and the potential disruptions in our
business caused thereby;
• failure to timely, efficiently and safely execute on our construction
projects;
• reduction in demand for our towers as a result of new technologies;
• failure to retain rights to our towers;
• volatility in demand in our services business, which may reduce the
predictability of our results;
• inability to negotiate favorable rates on our new or renewing tenant contracts
as a result of competition in our industry;
• delayed timing or lack of deployment or adoption by tenants of new wireless
technologies;
• the impact of cybersecurity breaches or other information technology
disruptions;
• the impact of climate-related events, natural disasters, including wildfires,
and other unforeseen events on our business;
• failure to attract, recruit and retain qualified and experienced employees;
• changes to management, including turnover of our top executives;
• actions and plans related to restructuring our business;
• availability of financing and capital, the levels of debt that we maintain,
the terms of our debt instruments, compliance with debt covenants and our credit
ratings;
• the impact on the market price of our common stock as a result of sales or
issuances of a substantial number of shares of our common stock;
• the introduction of new laws or regulations or failure to comply with laws or
regulations which regulate our business;
• funding of future dividend payments to our stockholders; and
• failure to maintain our REIT status for U.S. federal income tax purposes.
The Company discusses these and other risks and uncertainties under the heading
"Risk Factors" in its annual and quarterly periodic reports filed with the SEC.
The Company may update that discussion in subsequent other periodic reports, but
except as required by law, the Company undertakes no duty or obligation to
update or revise these forward-looking statements, whether as a result of new
information, future developments, or otherwise. Should one or more of these or
other risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected.
As used in this release, the term "including," and any variation thereof, means
"including without limitation."
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News Release continued: Page 20
CROWN CASTLE INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Amounts in millions, except par values)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 133 $ 99
Restricted cash and cash 167 170
equivalents
Receivables, net 110 172
Prepaid expenses 90 79
Deferred site rental 172 167
receivables
Other current assets 23 23
Current assets of
discontinued — 434
operations
Total current assets 695 1,144
Deferred site rental 2,253 2,288
receivables
Property and equipment, net 6,104 6,273
Operating lease 5,370 5,473
right-of-use assets
Goodwill 5,127 5,127
Site rental contracts and
tenant 704 834
relationships
Other intangible assets, 184 27
net
Other assets, net 173 61
Non-current assets of
discontinued — 10,291
operations
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 2,238 2,783
obligations
Current portion of
operating lease 258 268
liabilities
Current liabilities of
discontinued — 762
operations
Total current liabilities 3,004 4,479
Debt and other long-term 15,558 21,554
obligations
Operating lease liabilities 4,868 4,961
Other long-term liabilities 604 607
Non-current liabilities of
discontinued — 1,552
operations
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 4 4
426
outstanding, and December
31, 2025—435
shares issued and
outstanding
Additional paid-in capital 18,586 18,527
Treasury stock, at cost;
September 30,
2026—11 shares, and -1,000 —
December 31, 2025—0
shares
Accumulated other
comprehensive income -5 -5
(loss)
Dividends/distributions in
excess of -21,009 -20,161
earnings
Total equity (deficit) -3,424 -1,635
Total liabilities and $ 20,610 $ 31,518
equity (deficit)
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News Release continued: Page 21
CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Nine
Months Months
Ended Ended
September Septemb…
Net 30, 30,
revenu… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Site $ 966 $ 1,012 $ 2,894 $ 3,031
rental
Servic…
and 29 60 119 162
other
Net 995 1,072 3,013 3,193
revenu…
Operat…
expens…
Costs
of
operat…
Site 248 250 737 741
rental
Servic…
and 13 30 58 84
other
Sellin…
general 82 97 269 289
and
admini…
Asset
write-… 1 3 6 7
charges
Deprec…
amorti… 180 167 523 520
and
accret…
Restru… 6 — 20 —
charges
Total
operat… 530 547 1,613 1,641
expens…
Operat…
income 465 525 1,400 1,552
(loss)
Intere…
expense
and
amorti…
of -177 -247 -627 -726
deferr…
financ…
costs,
net
Gains
(losse…
on
retire… — — 24 —
of
long-t…
obliga…
Intere… 3 3 25 10
income
Other
income -3 — -5 3
(expen…
Income
(loss)
from
contin… 288 281 817 839
operat…
before
income
taxes
Benefit
(provi…
for -5 -4 -14 -13
income
taxes
Income
(loss)
from $ 283 $ 277 $ 803 $ 826
contin…
operat…
Discon…
operat…
Income
(loss)
from
discon…
operat…
before — 277 350 637
gain
(loss)
from
dispos…
net of
tax
Gain
(loss)
from
dispos… — -231 -625 -1,313
of
discon…
operat…
Income
(loss)
from
discon… — 46 -275 -676
operat…
net of
tax
Net
income $ 283 $ 323 $ 528 $ 150
(loss)
Net
income
(loss),
per
common
share:
Income
(loss)
from $ 0.67 $ 0.64 $ 1.86 $ 1.89
contin…
operat…
basic
Income
(loss)
from — 0.10 -0.64 -1.55
discon…
operat…
basic
Net
income $ 0.67 $ 0.74 $ 1.22 $ 0.34
(loss)…
Income
(loss)
from $ 0.67 $ 0.64 $ 1.86 $ 1.89
contin…
operat…
diluted
Income
(loss)
from — 0.10 -0.64 -1.55
discon…
operat…
diluted
Net
income $ 0.67 $ 0.74 $ 1.22 $ 0.34
(loss)…
Weight…
common
shares
outsta…
Basic 426 435 432 435
Diluted 426 437 433 436
(a) Exclusive of depreciation, amortization and accretion shown separately.
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News Release continued: Page 22
CROWN CASTLE INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In millions of dollars)
Nine Months Ended
Cash flows from September 30,
operating activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss) $ 528 $ 150
(Income) loss from
discontinued
operations before (gain) -350 -637
loss from
disposal, net of tax
(Gain) loss from
disposal of 625 1,313
discontinued operations
Income (loss) from 803 826
continuing operations
Adjustments to reconcile
income (loss)
from continuing
operations to net cash
provided by (used for)
operating
activities:
Depreciation,
amortization and 523 520
accretion
(Gains) losses on
retirement of -24 —
long-term obligations
Amortization of deferred
financing costs 20 24
and other non-cash
interest
Stock-based compensation 65 55
expense, net
Asset write-down charges 6 7
Deferred income tax 5 1
(benefit) provision
Other non-cash — -4
adjustments, net
Net cash provided by
(used for)
operating activities 108 897
from discontinued
operations
Changes in assets and
liabilities,
excluding the effects of
acquisitions:
Increase (decrease) in -97 -84
accrued interest
Increase (decrease) in — 15
accounts payable
Increase (decrease) in -83 -42
other liabilities
Decrease (increase) in 16 5
receivables
Decrease (increase) in -89 -33
other assets
Net cash provided by
(used for) 1,253 2,187
operating activities
Cash flows from
investing activities:
Capital expenditures -182 -123
Acquisition of -157 —
intangible assets
Other investing — 5
activities, net
Net cash provided by
(used for)
investing activities 8,089 -687
from discontinued
operations(a)
Net cash provided by
(used for) 7,750 -805
investing activities
Cash flows from
financing activities:
Principal payments on
debt and other -56 -89
long-term obligations
Purchases and
redemptions of long-term -4,191 -1,200
debt
Borrowings under
revolving credit 1,800 900
facility
Payments under revolving -2,295 —
credit facility
Net issuances
(repayments) under -1,831 605
commercial paper program
Payments for financing -6 —
costs
Purchases of common -1,043 -23
stock
Dividends/distributions
paid on common -1,384 -1,615
stock
Net cash provided by
(used for) -9,006 -1,422
financing activities
Net increase (decrease)
in cash and cash
equivalents and -3 -40
restricted cash and cash
equivalents
Effect of exchange rate — —
changes on cash
Cash and cash
equivalents and
restricted 308 295
cash and cash
equivalents at beginning
of period(b)
Cash and cash
equivalents and
restricted $ 305 $ 255
cash and cash
equivalents at end of
period(c)
Supplemental disclosure
of cash flow
information:
Interest paid $ 708 $ 799
Income taxes paid $ 12 $ 12
(refunded)
(a) Inclusive of $8.4 billion of net cash proceeds from the completed sale of
the Fiber Business in 2026.
(b) Inclusive of cash and cash equivalents and restricted cash and cash
equivalents included in discontinued operations.
(c) Inclusive of cash and cash equivalents and restricted cash and cash
equivalents included in discontinued operations for the period ending September
30, 2025.
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