SerpApi.Org
Crown Castle (CCI) posted Q2 earnings that exceeded the average analyst estimate on Wednesday as the company completed the divestment of its fiber and small cell business.
The telecom infrastructure REIT maintained its outlook for 2026 AFFO per share of $4.53-$4.65 vs. the Visible Alpha consensus of $4.53. It also held its adjusted EBITDA guidance at $2.665B-$2.715B vs. the S&P CapIQ consensus of $2.70B.
Q2 AFFO per share of $1.13, topping the average analyst estimate of $0.95, rose from $1.02 in Q1 2025 and $1.02 in last year’s Q2.
Q2 site rental revenue of $967M vs. the Visible Alpha estimate of $942M, increased from $961M in the previous quarter and decreased from $1.01B in the year-ago period. Organic contribution to site rental billings was $38M, or 3.9% organic growth, excluding an unfavorable $49M and $5M impact from DISH terminations and Spring cancellations, respectively. If Dish revenue was excluded from the previous year, site rental organic growth would be 4.2%.
Site rental revenue was negatively affected by a $3M decrease in amortization of prepaid rent from a year ago and a $23M decrease in straight-lined revenues, the company said.
"We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience," President and CEO Chris Hillabrant said.
Adjusted EBITDA of $675M, beating the $659M S&P CapIQ consensus, was flat with Q1 and declined from $705M in Q2 2025. The Y/Y decrease was primarily a result of the lower contribution from site rental revenues, partially offset by a decrease in selling, general, and administrative expenses, excluding the impact of stock-based compensation expense.
Crown Castle (CCI) stock gained 1.2% in after-hours trading.
