Cautionary Language Regarding Forward-Looking Statements
This supplemental information package ("Supplement") contains forward-looking statements and information that are based on our management's current expectations as of the date of this Supplement. Statements that are not historical facts are hereby identified as forward-looking statements. Words such as "Outlook," "guide," "forecast," "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," and any variations of these words and similar expressions are intended to identify such forward looking statements. Such statements include plans, projections and estimates regarding (1) demand for data and our towers, (2) cash flow growth, (3) our Outlook for full year 2026, (4) our business model, strategy and strategic position, and the value thereof, (5) revenues from tenant contracts, (6) expenses from existing ground leases, (7) growth of the U.S. market for towers ownership, (8) the impact of Sprint Cancellations and DISH Terminations to our operating and financial results and (9) proceeds from the sale of the Company's Fiber Business (as defined below).
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing market conditions. Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Crown Castle assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission ("SEC"). Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
This Supplement contains certain figures, projections and calculations based in part on management's underlying assumptions. Management believes these assumptions are reasonable; however, other reasonable assumptions could provide differing outputs.
The components of forward looking financial information presented herein may not sum due to rounding. In addition, the sum of quarterly historical information presented herein may not agree to year to date historical information provided herein due to rounding. Throughout this document, percentage calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values.
Definitions and reconciliations of non-GAAP financial measures, information regarding segment measures and other information are provided in the Appendix to this Supplement.
As used herein, the term "including" and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive.
2
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
COMPANY PROFILE
Crown Castle Inc. (to which the terms "Crown Castle," "CCI," "we," "our," "the Company" or "us" as used herein refer) owns, operates and leases approximately 40,000 towers and other structures, such as rooftops (collectively, "towers") that are geographically dispersed throughout the U.S. We refer to our customers on our towers as "tenants." We provide access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
Our towers have a significant presence in each of the top 100 basic trading areas, including most U.S. markets. We seek to increase our site rental revenues by adding more tenants to our existing towers, which we expect to result in significant incremental cash flows due to our low incremental operating costs.
On May 1, 2026, the Company completed the sale of its small cells and fiber solutions businesses, together with certain supporting assets and personnel ("Fiber Business"). We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
The results and net assets of the Fiber Business are presented within the financial statements as discontinued operations through April 30, 2026. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment that constitutes consolidated results consisting of its towers operations. Unless otherwise noted and other than net income (loss) and net income (loss) per share, all activities and amounts reported below relate to the continuing operations of the Company and exclude activities and amounts related to discontinued operations.
We operate as a Real Estate Investment Trust ("REIT") for U.S. federal income tax purposes.
STRATEGY
As a leading provider of towers in the U.S., our strategy is to create long-term stockholder value via a combination of (1) growing cash flows generated from our existing portfolio of towers, (2) returning a meaningful portion of our cash generated by operating activities to our common stockholders in the form of dividends and share repurchases and (3) investing capital efficiently to grow cash flows. Our strategy is based, in part, on our belief that the U.S. is the most attractive market in the world for towers. We measure our efforts to create "long-term stockholder value" by the combined payments of dividends to stockholders and growth in our per-share results. The key elements of our strategy are to:
•Grow cash flows from our existing towers. We are focused on maximizing the recurring site rental cash flows generated from providing our tenants with long-term access to our towers, which we believe is the core driver of value for our stockholders. Tenant additions or modifications of existing tenant equipment (collectively, "tenant additions") enable our tenants to expand coverage and capacity in order to meet increasing demand for data while generating high incremental returns for our business. We believe our towers provide an efficient and cost-effective solution for our wireless tenants' growing networks that provides an opportunity to generate cash flows and increase stockholder return.
•Return cash generated by operating activities to stockholders in the form of dividends and share repurchases. We believe that distributing a meaningful portion of our cash generated by operating activities appropriately provides stockholders with increased certainty for a portion of expected long-term stockholder value while still allowing us to retain sufficient flexibility to invest in our business and deliver growth. We believe this decision reflects the translation of the high-quality, long-term contractual cash flows of our business into stable capital returns to stockholders.
•Invest capital efficiently to grow cash flows. In addition to adding tenants to our existing towers, we seek to invest our available capital, including the net cash generated by our operating activities and external financing sources, in a manner that will increase long-term stockholder value. These investments include acquisition of land interests, making improvements and structural enhancements to our existing towers, and constructing and acquiring new towers that we expect will generate future cash flow growth and attractive long-term returns by adding tenants to those assets over time.
Our strategy to create long-term stockholder value is based on our belief that there will be considerable future demand for our towers based on the location of our assets and the rapid and continuing growth in the demand for data. We believe that such demand for our towers will continue, will result in growth of our cash flows due to tenant additions on our existing towers, and will create other growth opportunities for us, such as demand for newly constructed or acquired towers, as described above. Further, we seek to augment the long-term value creation associated with growing our recurring site rental cash flows by offering certain ancillary site development services.
3
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
GENERAL COMPANY INFORMATION
Principal executive offices
8020 Katy Freeway, Houston, TX 77024
Common shares trading symbol
CCI
Stock exchange listing
New York Stock Exchange
Fiscal year ending date
December 31
Fitch - Long-term Issuer Default Rating
BBB
Moody’s - Long-term Corporate Family Rating
Baa3
Standard & Poor’s - Long-term Local Issuer Credit Rating
BBB
Note: These credit ratings may not reflect the potential risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in the ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significances of the ratings can be obtained from each of the ratings agencies.
TOWER ASSET PORTFOLIO FOOTPRINT
HISTORICAL COMMON STOCK DATA
Three Months Ended
(in millions, except per share amounts)
6/30/25
9/30/25
12/31/25
3/31/26
6/30/26
High price(a)
$
103.34
$
110.53
$
97.05
$
89.79
$
93.98
Low price(a)
$
85.83
$
86.99
$
82.16
$
75.07
$
75.39
Period end closing price(b)
$
98.02
$
93.10
$
86.76
$
80.37
$
75.73
Dividends paid per common share
$
1.06
$
1.06
$
1.06
$
1.06
$
1.06
Volume weighted average price for the period(a)
$
95.58
$
96.47
$
88.84
$
83.89
$
86.69
Common shares outstanding, at period end
435
435
435
436
426
Market value of outstanding common shares, at period end(c)
$
42,685
$
40,543
$
37,783
$
35,072
$
32,244
(a)Based on the sales price, adjusted for common stock dividends, as reported by Bloomberg.
(b)Based on the period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
(c)Calculated as the product of (1) common shares outstanding, at period end and (2) period end closing price, adjusted for common stock dividends, as reported by Bloomberg.
4
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
EXECUTIVE MANAGEMENT TEAM
Name
Position
Age
Years with Company
Christian H. Hillabrant
President and Chief Executive Officer
60
<1
Sunit Patel
Executive Vice President and Chief Financial Officer
64
1
Catherine Piche
Executive Vice President and Chief Operating Officer
55
14(a)
Edward B. Adams, Jr.
Executive Vice President and General Counsel
57
9
Timothy Grace
Executive Vice President and Chief Human Resources Officer
62
<1
Kristoffer L. Hinson
Executive Vice President and Chief Commercial Officer
43
3
Mark Lennon
Senior Vice President and Chief Information Officer
54
<1
BOARD OF DIRECTORS
Name
Position
Committees
Age
Years as Director
P. Robert Bartolo
Chair
Nominating and Governance, Finance
54
12
Andrea J. Goldsmith
Director
Compensation and Human Capital
62
8
Christian H. Hillabrant
Director
60
<1
Tammy K. Jones
Director
Audit, Nominating and Governance, Finance
60
5
Kevin T. Kabat
Director
Compensation and Human Capital, Nominating and Governance
69
2
Anthony J. Melone
Director
Audit, Nominating and Governance
66
11
Katherine Motlagh
Director
Audit, Compensation and Human Capital, Finance
52
1
Kevin A. Stephens
Director
Audit, Compensation and Human Capital
64
5
Matthew Thornton III
Director
Audit, Compensation and Human Capital, Nominating and Governance
67
5
RESEARCH COVERAGE
Equity Research
Bank of America
Michael Funk
(646) 855-5664
Barclays Brendan Lynch (212) 526-9428
Bernstein
Madison Rezaei
(917) 344-8622
BMO Capital Markets Ari Klein (212) 885-4103
Citigroup Michael Rollins (212) 816-1116
Goldman Sachs
Jim Schneider
(212) 357-2929
Green Street David Guarino (949) 640-8780
HSBC
Luigi Minerva
(207) 991-6928
Jefferies Jonathan Petersen (212) 284-1705
JMP Securities
Greg Miller
(212) 699-2917
JPMorgan
Richard Choe
(212) 622-6708
KeyBanc Brandon Nispel (503) 821-3871
MoffettNathanson Nick Del Deo (212) 519-0025
Morgan Stanley
Benjamin Swinburne
(212) 761-7527
New Street Research Jonathan Chaplin (212) 921-9876
Raymond James Ric Prentiss (727) 567-2567
RBC Capital Markets Jonathan Atkin (415) 633-8589
Scotiabank
Maher Yaghi
(437) 995-5548
TD Cowen
Michael Elias
(646) 562-1358
Truist Securities
Matthew Niknam
(212) 326-6151
UBS Batya Levi (212) 713-8824
Wells Fargo Eric Luebchow (312) 630-2386
Wolfe Research Andrew Rosivach (646) 582-9350
Rating Agencies
Fitch
Salonie Sehgal
(312) 368-3137
Moody’s
Ranjini Venkatesan
(212) 553-3828
Standard & Poor’s
Allyn Arden
(212) 438-7832
(a)Includes credit for prior service with the Company prior to Ms. Piche's reappointment as Executive Vice President and Chief Operating Officer - Towers of the Company effective October 28, 2024.
5
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
OUTLOOK
(in millions, except per share amounts)
Full Year 2026 Outlook(a)
Site rental billings(b)
$3,805
to
$3,835
Amortization of prepaid rent
65
to
95
Straight-lined revenues
(75)
to
(45)
Other revenues
15
to
15
Site rental revenues
3,833
to
3,878
Site rental costs of operations(c)
968
to
1,013
Services and other gross margin
70
to
100
Net income (loss)(d)
730
to
1,010
Net income (loss) per share—diluted(d)
1.70
to
2.35
Adjusted EBITDA(b)
2,665
to
2,715
Depreciation, amortization and accretion
627
to
722
Interest expense and amortization of deferred financing costs, net(e)
787
to
832
Income (loss) from discontinued operations, net of tax(f)
(360)
to
(80)
FFO(b)
1,730
to
1,760
AFFO(b)
1,950
to
2,000
AFFO per share(b)
4.53
to
4.65
Discretionary capital expenditures(b)
150
to
250
(a)As issued on July 22, 2026.
(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.
(c)Exclusive of depreciation, amortization and accretion.
(d)Includes contribution from discontinued operations through April 30, 2026.
(e)See our reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(f)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
6
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
OUTLOOK FOR COMPONENTS OF CHANGES IN SITE RENTAL REVENUES
(dollars in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(a)
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)
$3,701
Prior year site rental billings to DISH(b)
222
Prior year site rental billings(b)
$3,923
Core leasing activity(b)
60
to
70
Escalators
95
to
105
Non-renewals(b)
(35)
to
(25)
Other billings(b)
—
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
120
to
150
Non-renewals associated with Sprint Cancellations(b)
(20)
to
(20)
Non-renewals associated with DISH Terminations(b)
(220)
to
(220)
Organic Contribution to Site Rental Billings(b)
(120)
to
(90)
Straight-lined revenues
(75)
to
(45)
Amortization of prepaid rent
65
to
95
Other revenues
15
to
15
Acquisitions(c)
—
Total site rental revenues
$3,833
to
$3,878
Year-over-year changes in revenues:(d)
Site rental revenues as a percentage of prior year site rental revenues
(4.8)%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding site rental billings to DISH(b)
3.6%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)
3.4%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
(2.7)%
OUTLOOK FOR COMPONENTS OF INTEREST EXPENSE
(in millions)
Full Year 2026 Outlook(a)
Interest expense on debt obligations
$770
to
$810
Amortization of deferred financing costs and adjustments on long-term debt
25
to
35
Capitalized interest
(15)
to
(5)
Interest expense and amortization of deferred financing costs, net
$787
to
$832
(a)As issued on July 22, 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 "Non-GAAP Measures and Other Information."
(c)Represents the contribution from recent acquisitions. The financial impact of recent acquisitions is excluded from Organic Contribution to Site Rental Billings, including as Adjusted for Impact of Sprint Cancellations and DISH Terminations, until the one-year anniversary of such acquisitions.
(d)Calculated based on midpoint of full year 2026 Outlook, where applicable.
7
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
SUMMARY FINANCIAL HIGHLIGHTS(a)
2025
2026
(in millions, except per share amounts; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Net revenues:
Site rental
Site rental billings(b)
$
964
$
961
$
996
$
1,002
$
940
$
945
Amortization of prepaid rent
25
23
23
28
21
21
Straight-lined revenues
19
20
(11)
(15)
(3)
(3)
Other revenues
4
4
4
4
4
4
Total site rental
1,011
1,008
1,012
1,019
961
967
Services and other
50
52
60
53
49
41
Net revenues
$
1,061
$
1,060
$
1,072
$
1,072
$
1,010
$
1,008
Select operating expenses:
Costs of operations(c)
Site rental exclusive of straight-lined expenses
$
225
$
236
$
235
$
238
$
226
$
236
Straight-lined expenses
15
15
15
14
14
13
Total site rental
240
251
250
252
240
249
Services and other
28
27
30
29
26
19
Total costs of operations
268
278
280
281
266
268
Selling, general and administrative
$
93
$
99
$
97
$
94
$
90
$
97
Net income (loss)
$
(464)
$
291
$
323
$
294
$
151
$
94
Adjusted EBITDA(b)
722
705
718
718
675
675
Depreciation, amortization and accretion
177
175
167
170
172
171
Interest expense and amortization of deferred financing costs, net
236
243
247
246
242
208
FFO(b)
451
429
443
442
383
464
AFFO(b)
$
479
$
444
$
490
$
489
$
446
$
488
Weighted-average common shares outstanding— diluted
436
437
437
437
437
434
Net income (loss) per share—diluted
$
(1.07)
$
0.67
$
0.74
$
0.67
$
0.34
$
0.22
AFFO per share(b)
$
1.10
$
1.02
$
1.12
$
1.12
$
1.02
$
1.13
(a)With the exception of net income (loss) and net income (loss) per share-diluted, amounts are exclusive of the Fiber Business, which is presented in discontinued operations through April 30, 2026.
(b)See "Non-GAAP Measures and Other Information" for our definition of site rental billings and for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.
(c)Exclusive of depreciation, amortization and accretion, which are shown separately.
8
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
COMPONENTS OF CHANGES IN SITE RENTAL REVENUES(a)
2025
2026
(dollars in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Components of changes in site rental revenues:
Prior year site rental billings excluding site rental billings to DISH(b)
$
930
$
928
$
947
$
957
$
915
$
912
Prior year site rental billings to DISH(b)
36
38
48
49
49
49
Prior year site rental billings(b)
$
966
$
966
$
995
$
1,006
$
964
$
961
Core leasing activity(b)
16
16
20
16
15
15
Escalators
24
24
24
24
25
25
Non-renewals(b)
(7)
(7)
(7)
(7)
(6)
(7)
Other billings(b)
3
2
2
—
(3)
5
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations(b)
36
34
39
34
30
38
Organic Contribution to Site Rental Billings associated with DISH Terminations(b)
13
11
13
13
(49)
(49)
Non-renewals associated with Sprint Cancellations(b)
(51)
(51)
(51)
(51)
(5)
(5)
Organic Contribution to Site Rental Billings(b)
(2)
(6)
1
(4)
(24)
(16)
Straight-lined revenues
19
20
(11)
(15)
(3)
(3)
Amortization of prepaid rent
25
23
23
28
21
21
Other revenues
4
4
4
4
4
4
Total site rental revenues
$
1,011
$
1,008
$
1,012
$
1,019
$
961
$
967
Year-over-year changes in revenues:
Site rental revenues as a percentage of prior year site rental revenues
(5.3)
%
(5.3)
%
(5.1)
%
(4.8)
%
(4.9)
%
(4.1)
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings excluding the prior year site rental billings to DISH(b)
3.9
%
3.7
%
4.1
%
3.6
%
3.3
%
4.2
%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations and DISH Terminations as a percentage of prior year site rental billings(b)
3.7
%
3.5
%
3.9
%
3.4
%
3.1
%
3.9
%
Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings(b)
(0.2)
%
(0.6)
%
0.1
%
(0.4)
%
(2.5)
%
(1.8)
%
(a)The financial impact of 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 "Non-GAAP Measures and Other Information."
9
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
SUMMARY OF CAPITAL EXPENDITURES(a)
2025
2026
(dollars in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Discretionary capital expenditures:
Tower improvements and other capital projects
$
15
$
17
$
20
$
18
$
18
$
16
Purchases of land interests
18
16
16
27
32
36
Total discretionary capital expenditures
33
33
36
45
50
52
Sustaining capital expenditures
7
7
6
14
7
7
Total capital expenditures
40
40
42
59
57
59
Less: Prepaid rent additions(b)
10
11
11
11
14
9
Capital expenditures less prepaid rent additions
$
30
$
29
$
31
$
48
$
43
$
50
PORTFOLIO HIGHLIGHTS
(as of June 30, 2026)
Number of towers (in thousands)(c)
40
Average number of tenants per tower
2.0
Remaining contracted tenant receivables (in billions)(d)(e)
$
26
Weighted average remaining tenant contract term (years)(d)(f)
5
Percent of towers in the Top 50 / 100 Basic Trading Areas
56% / 71%
Percent of ground leased / owned(g)
57% / 43%
Weighted average maturity of ground leases (years)(g)(h)
36
(a)See our definitions of discretionary capital expenditures and sustaining capital expenditures in "Non-GAAP Measures and Other Information." Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Reflects up-front consideration from long-term tenant contracts (commonly referred to as prepaid rent) that are amortized and recognized as revenue over the associated estimated lease term in accordance with GAAP.
(c)Excludes third-party land interests.
(d)Excludes renewal terms at tenants' option.
(e)Includes contracted receivables related to DISH. See the Company's Form 8-K filed January 12, 2026, for additional information
(f)Weighted by site rental revenues.
(g)Weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(h)Includes all renewal terms at the Company's option.
10
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONSOLIDATED RETURN ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)
Q2 2026 LQA
Q2 2025 LQA
Adjusted EBITDA(c)
$
2,700
$
2,820
Cash taxes (paid) refunded
(37)
(38)
Adjusted EBITDA less cash taxes paid
$
2,663
$
2,782
Historical gross investment in property and equipment(d)
$
17,117
$
16,907
Historical gross investment in site rental contracts and tenant relationships
4,590
4,590
Historical gross investment in goodwill
5,127
5,127
Consolidated Invested Capital(a)
$
26,834
$
26,624
Consolidated Return on Invested Capital(a)
9.9
%
10.4
%
CASH YIELD ON INVESTED CAPITAL(a)(b)
(as of June 30, 2026; dollars in millions)
Q2 2026 LQA
Q2 2025 LQA
Adjusted Site Rental Gross Margin(c)
$
2,892
$
3,048
Less: Amortization of prepaid rent
(83)
(92)
Add (less): Straight-lined revenues
13
(80)
Add: Straight-lined expenses
40
44
Numerator
$
2,862
$
2,920
Net investment in property and equipment(e)
$
13,739
$
13,590
Investment in site rental contracts and tenant relationships
4,590
4,590
Investment in goodwill(f)
5,351
5,351
Net Invested Capital(a)
$
23,680
$
23,531
Cash Yield on Invested Capital(a)
12.1
%
12.4
%
(a)See "Non-GAAP Measures and Other Information" for further information on, and our definitions of, Consolidated Return on Invested Capital, Consolidated Invested Capital, Cash Yield on Invested Capital, and Net Invested Capital.
(b)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss).
(d)Historical gross investment in property and equipment excludes the impact of construction in process.
(e)Net investment in property and equipment excludes the impact of construction in process and non-productive assets (such as information technology assets and buildings) and is reduced by the amount of prepaid rent received from tenants.
(f)Investment in goodwill excludes the impact of certain assets and liabilities recorded in connection with acquisitions.
11
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
TENANT OVERVIEW(a)
(as of June 30, 2026)
Percentage of Q2 2026 LQA Site Rental Revenues
Weighted Average Current Term Remaining(c)
T-Mobile
42%
6
AT&T
28%
3
Verizon
23%
5
All Others Combined
7%
4
Total / Weighted Average
100%
5
ANNUALIZED RENTAL CASH PAYMENTS AT TIME OF RENEWAL(b)(d)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
2026
2027
2028
2029
2030
T-Mobile
$
9
$
30
$
27
$
41
$
28
AT&T
2
13
774
239
107
Verizon
1
7
32
49
71
All Others Combined
10
39
33
31
57
Total
$
22
$
89
$
866
$
360
$
263
PROJECTED REVENUES FROM TENANT CONTRACTS ASSOCIATED WITH ACTIVE LICENSES(b)(e)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
2026
2027
2028
2029
2030
Components of site rental revenues:
Site rental billings(f)
$
1,928
$
3,913
$
4,029
$
4,145
$
4,270
Amortization of prepaid rent
39
68
47
29
19
Straight-lined revenues
(51)
(170)
(236)
(206)
(282)
Other revenues
10
20
21
22
23
Site rental revenues
$
1,926
$
3,831
$
3,861
$
3,990
$
4,030
(a)Excludes amounts related to the Fiber Business, which are presented in discontinued operations through April 30, 2026.
(b)Excludes amounts associated with DISH. See the Company's Form 8-K filed January 12, 2026, for additional information.
(c)Weighted by site rental revenues and excludes renewals at the tenants' option.
(d)Reflects lease renewals by year by tenant; dollar amounts represent annualized cash site rental revenues from assumed renewals or extensions as reflected in "Projected Revenues from Tenant Contracts Associated with Active Licenses" below.
(e)Based on tenant licenses in place and active as of June 30, 2026. All tenant licenses are assumed to renew for a new term no later than the respective current term end date, and as such, projected revenues do not reflect the impact of estimated annual churn. CPI-linked tenant contracts are assumed to escalate at 3% per annum.
(f)See "Non-GAAP Measures and Other Information" for our definition of site rental billings.
12
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
PROJECTED EXPENSES FROM EXISTING GROUND LEASES(a)
Remaining Six Months
Years Ending December 31,
(as of June 30, 2026; in millions)
2026
2027
2028
2029
2030
Components of ground lease expenses:
Ground lease expenses exclusive of straight-lined expenses
$
343
$
700
$
719
$
738
$
759
Straight-lined expenses
27
37
26
15
4
Ground lease expenses
$
370
$
737
$
745
$
753
$
763
SUMMARY OF TOWER PORTFOLIO BY VINTAGE(b)
(as of June 30, 2026; dollars in thousands)
Acquired and Built 2006 and Prior
Acquired and Built 2007 to Present
Cash yield(c)
19
%
9
%
Number of tenants per tower(d)
2.5
1.9
Last quarter annualized average cash site rental revenue per tower(e)
$
130
$
80
Last quarter annualized average site rental gross cash margin per tower(f)
$
110
$
56
Net invested capital per tower(g)
$
567
$
600
Number of towers
11,153
28,588
GROUND INTEREST OVERVIEW
(as of June 30, 2026; dollars in millions)
LQA Cash Site Rental Revenues(e)
Percentage of LQA Cash Site Rental Revenues(e)
LQA Site Rental Gross Cash Margin(f)
Percentage of LQA Site Rental Gross Cash Margin(f)
Number of Towers(h)
Percentage of Towers
Weighted Average Term Remaining (by years)(i)
Less than 10 years
$
417
11
%
$
219
8
%
5,398
14
%
10 to 20 years
$
548
15
%
$
338
12
%
6,113
15
%
Greater than 20 years
$
1,463
39
%
$
1,044
37
%
16,055
40
%
Total leased
$
2,428
65
%
$
1,601
57
%
27,566
69
%
36
Owned
$
1,311
35
%
$
1,229
43
%
12,175
31
%
Total / Average
$
3,739
100
%
$
2,830
100
%
39,741
100
%
(a)Based on existing ground leases as of June 30, 2026. CPI-linked contracts are assumed to escalate at 3% per annum.
(b)All tower portfolio figures are calculated exclusively for the Company's towers and rooftops and do not give effect to other activities.
(c)Cash yield is calculated as last quarter annualized site rental gross margin, exclusive of straight-lined revenues, amortization of prepaid rent, and straight-lined expenses, divided by invested capital net of the amount of prepaid rent received from tenants.
(d)Excludes DISH.
(e)Exclusive of straight-lined revenues and amortization of prepaid rent.
(f)Exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
(g)Reflects gross total assets (including incremental capital invested by the Company since time of acquisition or construction completion), less any prepaid rent. Inclusive of invested capital related to land at the tower site.
(h)Excludes third-party land interests.
(i)Includes all renewal terms at the Company's option and weighted by site rental gross margin exclusive of straight-lined revenues, amortization of prepaid rent and straight-lined expenses.
13
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CAPITALIZATION OVERVIEW
(as of June 30, 2026; dollars in millions)
Face Value(a)
Fixed vs. Variable
Interest Rate(b)
Debt to LQA Adjusted EBITDA(c)
Maturity
Cash and cash equivalents and restricted cash and cash equivalents(d)
$
1,254
Senior Secured Notes, Series 2009-1, Class A-2(e)
22
Fixed
9.0%
Aug. 2029
Senior Secured Tower Revenue Notes, Series 2018-2(f)
750
Fixed
4.2%
July 2048
Installment purchase liabilities and finance leases(g)
261
Fixed
Various
Various
Total secured debt
$
1,033
4.3%
0.4x
2026 Revolver(h)
—
Variable
N/A
May 2031
Commercial Paper Notes(i)
—
Variable
N/A
N/A
1.050% Senior Notes(j)
1,000
Fixed
1.1%
July 2026
2.900% Senior Notes
718
Fixed
2.9%
Mar. 2027
4.000% Senior Notes
500
Fixed
4.0%
Mar. 2027
3.650% Senior Notes
979
Fixed
3.7%
Sept. 2027
5.000% Senior Notes
977
Fixed
5.0%
Jan. 2028
3.800% Senior Notes
978
Fixed
3.8%
Feb. 2028
4.800% Senior Notes
597
Fixed
4.8%
Sept. 2028
4.300% Senior Notes
557
Fixed
4.3%
Feb. 2029
5.600% Senior Notes
696
Fixed
5.6%
June 2029
4.900% Senior Notes
546
Fixed
4.9%
Sept. 2029
3.100% Senior Notes
532
Fixed
3.1%
Nov. 2029
3.300% Senior Notes
709
Fixed
3.3%
July 2030
2.250% Senior Notes
1,044
Fixed
2.3%
Jan. 2031
2.100% Senior Notes
981
Fixed
2.1%
Apr. 2031
2.500% Senior Notes
726
Fixed
2.5%
July 2031
5.100% Senior Notes
739
Fixed
5.1%
May 2033
5.800% Senior Notes
705
Fixed
5.8%
Mar. 2034
5.200% Senior Notes
650
Fixed
5.2%
Sept. 2034
2.900% Senior Notes
1,219
Fixed
2.9%
Apr. 2041
4.750% Senior Notes
350
Fixed
4.8%
May 2047
5.200% Senior Notes
396
Fixed
5.2%
Feb. 2049
4.000% Senior Notes
341
Fixed
4.0%
Nov. 2049
4.150% Senior Notes
493
Fixed
4.2%
July 2050
3.250% Senior Notes
887
Fixed
3.3%
Jan. 2051
Total unsecured debt
$
17,320
3.7%
6.4x
Net Debt(c)
$
17,099
3.7%
6.3x
Market Capitalization(k)
32,244
Firm Value(l)
$
49,343
(a)Net of required principal amortizations and repurchases.
(b)Represents the weighted-average stated interest rate, as applicable, exclusive of finance leases and other obligations.
(c)Represents the applicable amount of debt divided by Last Quarter Annualized Adjusted EBITDA. See "Non-GAAP Measures and Other Information" for further information on, and our definition and calculation of, Net Debt and Net Debt to Last Quarter Annualized Adjusted EBITDA.
(d)Cash on hand was used to repay the 1.050% Senior Notes on the contractual maturity date in July 2026.
(e)The Senior Secured Notes, 2009-1, Class A-2 principal amortizes over a period ending in August 2029.
(f)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.
(g)As of June 30, 2026, reflects $5 million in finance lease obligations (primarily related to vehicles).
(h)As of June 30, 2026, the undrawn availability under the $4.5 billion 2026 Revolver was $4.5 billion. The Company pays a commitment fee on the undrawn available amount, which as of June 30, 2026, ranged from 0.080% to 0.200%, based on the Company's senior unsecured debt rating, per annum.
(i)As of June 30, 2026, the Company had $2.0 billion available for issuance under the $2.0 billion unsecured commercial paper program ("CP Program"). The maturities of the Commercial Paper Notes ("CP Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue.
(j)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.
(k)Market capitalization calculated based on $75.73 closing price and 426 million shares outstanding as of June 30, 2026.
(l)Represents the sum of Net Debt and market capitalization.
14
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
DEBT MATURITY OVERVIEW(a)
(as of June 30, 2026; in millions)
(a)Where applicable, maturities reflect the anticipated repayment date of the Tower Revenue Notes, Series 2018-2; excludes finance leases and other obligations; amounts presented at face value, net of required principal amortizations and repurchases held at the Company.
(b)In July 2026, we repaid in full the 1.050% Senior Notes with a face value of $1.0 billion on the contractual maturity date.
15
Crown Castle Inc.
First Quarter 2025
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
LIQUIDITY OVERVIEW(a)
(in millions)
June 30, 2026
Cash and cash equivalents, and restricted cash and cash equivalents(b)
$
1,254
Undrawn 2026 Revolver availability(c)
4,461
Total debt and other obligations (current and non-current)(d)
18,239
Total equity (deficit)
(3,270)
SUMMARY OF MAINTENANCE AND FINANCIAL COVENANTS
Debt
Borrower / Issuer
Covenant(e)
Covenant Level Requirement
As of June 30, 2026
Maintenance Financial Covenants(f)
2026 Credit Facility
CCI
Total Net Leverage Ratio
≤ 7.00x
6.1x
2026 Credit Facility
CCI
Total Senior Secured Leverage Ratio
≤ 3.50x
0.3x
Financial covenants requiring excess cash flows to be deposited in a cash trap reserve account and not released
Tower Revenue Notes, Series 2018-2
Crown Castle Towers LLC and its Subsidiaries
Debt Service Coverage Ratio
> 1.75x
(g)
30.2x
2009 Securitized Notes
Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries
Debt Service Coverage Ratio
> 1.30x
(g)
53.9x
Financial covenants restricting ability of relevant issuer to issue additional notes under the applicable indenture
Tower Revenue Notes, Series 2018-2
Crown Castle Towers LLC and its Subsidiaries
Debt Service Coverage Ratio
≥ 2.00x
(h)
30.2x
2009 Securitized Notes
Pinnacle Towers Acquisition Holdings LLC and its Subsidiaries
Debt Service Coverage Ratio
≥ 2.34x
(h)
53.9x
(a)In addition, we have the following sources of liquidity:
i.In March 2024, we established an at-the-market stock offering program ("ATM Program") through which we may, from time to time, issue and sell shares of our common stock having an aggregate gross sales price of up to $750 million to or through sales agents. No shares of common stock have been sold under the ATM Program.
ii.In April 2019, we established a CP Program through which we may issue short term, unsecured CP Notes. Amounts available under the CP Program may be issued, repaid and re-issued from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not to exceed $2.0 billion. As of June 30, 2026, there were no CP Notes outstanding under our CP Program. We intend to maintain available commitments under our 2026 Revolver in an amount at least equal to the amount of CP Notes outstanding at any point in time.
(b)Inclusive of $5 million included within "Other assets, net" on our condensed consolidated balance sheet.
(c)Availability at any point in time is subject to reaffirmation of the representations and warranties in, and there being no default under, the credit agreement governing our 2026 Revolver.
(d)See "Non-GAAP Measures and Other Information" for further information on, and reconciliation to, Net Debt.
(e)As defined in the respective debt agreement. In the indentures for the Tower Revenue Notes, Series 2018-2 and the 2009 Securitized Notes, the defined term for Debt Service Coverage Ratio is "DSCR." Total Net Leverage Ratio, Total Senior Secured Leverage Ratio and all DSCR ratios are calculated using the trailing twelve months.
(f)Failure to comply with the financial maintenance covenants would, absent a waiver, result in an event of default under the credit agreement governing our 2026 Credit Facility.
(g)The Tower Revenue Notes, Series 2018-2 and 2009 Securitized Notes also include the potential for amortization events, which could result in applying current and future cash flow to the prepayment of debt with applicable prepayment consideration. An amortization event occurs when the Debt Service Coverage Ratio falls below 1.45x or 1.15x, in each case as described under the indentures for the Tower Revenue Notes, Series 2018-2 or 2009 Securitized Notes, respectively.
(h)Rating Agency Confirmation (as defined in the respective debt agreement) is required.
16
Crown Castle Inc.
First Quarter 2025
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
INTEREST RATE EXPOSURE(a)(b)
(as of June 30, 2026; dollars in millions)
Fixed Rate Debt
Face value of principal outstanding(c)
$18,092
% of total debt
100%
Weighted average interest rate
3.7%
Upcoming maturities:
2026(d)
2027
Face value of principal outstanding(c)
$1,000
$2,197
Weighted average interest rate
1.05%
3.48%
COMPONENTS OF INTEREST EXPENSE
2025
2026
(in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Interest expense on debt obligations
$
233
$
239
$
244
$
241
$
239
$
202
Amortization of deferred financing costs and adjustments on long-term debt
8
8
8
8
7
7
Capitalized interest
(5)
(4)
(5)
(3)
(4)
(1)
Interest expense and amortization of deferred financing costs, net
$
236
$
243
$
247
$
246
$
242
$
208
(a)Excludes installment purchase liabilities and finance leases; assumes no default.
(b)The Company had no floating-rate debt outstanding as of June 30, 2026.
(c)Net of required principal amortization and repurchases.
(d)In July 2026, we repaid in full the 1.050% Senior Notes on the contractual maturity date.
17
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(in millions, except par values)
June 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,042
$
99
Restricted cash and cash equivalents
207
170
Receivables, net
179
172
Prepaid expenses
78
79
Deferred site rental receivables
191
167
Other current assets
19
23
Current assets of discontinued operations
—
434
Total current assets
1,716
1,144
Deferred site rental receivables
2,258
2,288
Property and equipment, net
6,165
6,273
Operating lease right-of-use assets
5,410
5,473
Goodwill
5,127
5,127
Site rental contracts and tenant relationships
746
834
Other intangible assets, net
27
27
Other assets, net
63
61
Non-current assets of discontinued operations
—
10,291
Total assets
$
21,512
$
31,518
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
90
$
71
Accrued interest
210
235
Deferred revenues
259
192
Other accrued liabilities
213
168
Current maturities of debt and other obligations
2,260
2,783
Current portion of operating lease liabilities
258
268
Current liabilities of discontinued operations
—
762
Total current liabilities
3,290
4,479
Debt and other long-term obligations
15,979
21,554
Operating lease liabilities
4,907
4,961
Other long-term liabilities
606
607
Non-current liabilities of discontinued operations
—
1,552
Total liabilities
24,782
33,153
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 0.01 par value; 1,200 shares authorized; June 30, 2026—437 shares issued and 426 outstanding, and December 31, 2025—435 shares issued and outstanding
4
4
Additional paid-in capital
18,570
18,527
Treasury stock, at cost; June 30, 2026—11 shares, and December 31, 2025—0 shares
(1,000)
—
Accumulated other comprehensive income (loss)
(5)
(5)
Dividends/distributions in excess of earnings
(20,839)
(20,161)
Total equity (deficit)
(3,270)
(1,635)
Total liabilities and equity (deficit)
$
21,512
$
31,518
18
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
(in millions, except per share amounts)
2026
2025
2026
2025
Net revenues:
Site rental
$
967
$
1,008
$
1,928
$
2,019
Services and other
41
52
90
102
Net revenues
1,008
1,060
2,018
2,121
Operating expenses:
Costs of operations:(a)
Site rental
249
251
489
491
Services and other
19
27
45
55
Selling, general and administrative
97
99
187
192
Asset write-down charges
2
2
5
4
Depreciation, amortization and accretion
171
175
343
352
Restructuring charges
—
—
14
—
Total operating expenses
538
554
1,083
1,094
Operating income (loss)
470
506
935
1,027
Interest expense and amortization of deferred financing costs, net
(208)
(243)
(450)
(479)
Gains (losses) on retirement of long-term obligations
24
—
24
—
Interest income
18
4
22
7
Other income (expense)
(1)
2
(2)
3
Income (loss) from continuing operations before income taxes
303
269
529
558
Benefit (provision) for income taxes
(4)
(4)
(9)
(9)
Income (loss) from continuing operations
$
299
$
265
$
520
$
549
Discontinued operations:
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax
75
278
350
360
Gain (loss) from disposal of discontinued operations
(280)
(252)
(625)
(1,082)
Income (loss) from discontinued operations, net of tax
(205)
26
(275)
(722)
Net income (loss)
$
94
$
291
$
245
$
(173)
Net income (loss), per common share:
Income (loss) from continuing operations, basic
$
0.69
$
0.61
$
1.20
$
1.26
Income (loss) from discontinued operations, basic
(0.47)
0.06
$
(0.63)
$
(1.66)
Net income (loss)—basic
$
0.22
$
0.67
$
0.57
$
(0.40)
Income (loss) from continuing operations, diluted
$
0.69
$
0.61
$
1.19
$
1.26
Income (loss) from discontinued operations, diluted
(0.47)
0.06
$
(0.63)
$
(1.66)
Net income (loss)—diluted
$
0.22
$
0.67
$
0.56
$
(0.40)
Weighted-average common shares outstanding:
Basic
433
435
434
435
Diluted
434
437
436
436
(a)Exclusive of depreciation, amortization and accretion shown separately.
19
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
(in millions)
2026
2025
Cash flows from operating activities:
Net income (loss)
$
245
$
(173)
(Income) loss from discontinued operations before (gain) loss from disposal, net of tax
(350)
(360)
(Gain) loss from disposal of discontinued operations
625
1,082
Income (loss) from continuing operations
520
549
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion
343
352
(Gains) losses on retirement of long-term obligations
(24)
—
Amortization of deferred financing costs and other non-cash interest
14
16
Stock-based compensation expense, net
47
36
Asset write-down charges
5
4
Deferred income tax (benefit) provision
4
1
Other non-cash adjustments, net
1
(4)
Net cash provided by (used for) operating activities from discontinued operations
108
581
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest
(25)
(6)
Increase (decrease) in accounts payable
21
—
Increase (decrease) in other liabilities
19
(32)
Decrease (increase) in receivables
(4)
29
Decrease (increase) in other assets
11
(53)
Net cash provided by (used for) operating activities
1,040
1,473
Cash flows from investing activities:
Capital expenditures
(116)
(80)
Other investing activities, net
—
3
Net cash provided by (used for) investing activities from discontinued operations(a)
8,089
(446)
Net cash provided by (used for) investing activities
7,973
(523)
Cash flows from financing activities:
Principal payments on debt and other long-term obligations
(45)
(59)
Purchases and redemptions of long-term debt
(3,191)
(700)
Borrowings under revolving credit facility
1,350
400
Payments under revolving credit facility
(2,295)
—
Net issuances (repayments) under commercial paper program
(1,931)
564
Payments for financing costs
(6)
—
Purchases of common stock
(1,017)
(23)
Dividends/distributions paid on common stock
(932)
(1,153)
Net cash provided by (used for) financing activities
(8,067)
(971)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
946
(21)
Effect of exchange rate changes on cash
—
—
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(b)
308
295
Cash and cash equivalents and restricted cash and cash equivalents at end of period(c)
$
1,254
$
274
Supplemental disclosure of cash flow information:
Interest paid
$
466
$
478
Income taxes paid (refunded)
$
9
$
9
(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 June 30, 2025.
20
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
NON-GAAP MEASURES AND OTHER INFORMATION
This Supplement includes presentations of Adjusted EBITDA, Adjusted Funds from Operations ("AFFO"), including per share amounts, Funds from Operations ("FFO"), including per share amounts, Organic Contribution to Site Rental Billings, (including as Adjusted for Impact of Sprint Cancellations and DISH Terminations), Adjusted Site Rental Gross Margin, Adjusted Services and Other Gross Margin, Net Debt, Net Debt to Last Quarter Annualized Adjusted EBITDA, Consolidated Return on Invested Capital, and Cash Yield on Invested Capital, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).
Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies, including other companies in the towers sector or other REITs.
In addition, we provide the components of certain GAAP measures, such as site rental revenues and capital expenditures.
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.
•Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin are useful to investors or other interested parties in evaluating our financial performance. These measures are used by our management (1) to evaluate the economic productivity of our business, (2) to identify underlying business trends that are impacting our performance, and (3) for purposes of making decisions about allocating resources to, and assessing the performance of, our business. We also believe it helps investors and other interested parties meaningfully evaluate and compare the results of our operations from period to period.
21
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
•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.
•Net Debt to Last Quarter Annualized Adjusted EBITDA is useful to investors or other interested parties, specifically credit rating agencies, in analyzing our operating performance in the context of targeted financial leverage. Management uses Net Debt to Last Quarter Annualized Adjusted EBITDA in assessing our leverage. Net Debt to Last Quarter Annualized Adjusted EBITDA is not meant as an alternative to GAAP measures such as debt and net income (loss) computed in accordance with GAAP. Net Debt to Last Quarter Annualized Adjusted EBITDA should be considered only as a supplement in understanding and assessing our leverage.
•Consolidated Return on Invested Capital and Cash Yield on Invested Capital are useful to investors or other interested parties in evaluating the financial performance of our assets. Management believes that these metrics are useful in assessing our efficiency at allocating capital to generate returns over time. Consolidated Return on Invested Capital and Cash Yield on Invested Capital are not meant as alternatives to GAAP measures such as revenues, operating income, and certain asset classes (such as property and equipment, site rental contracts and tenant relationships, and goodwill) computed in accordance with GAAP. Such non-GAAP metrics should be considered only as a supplement in understanding and assessing the performance of our assets.
Non-GAAP Financial Measures
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.
Net Debt to Last Quarter Annualized Adjusted EBITDA. We define Net Debt to Last Quarter Annualized Adjusted EBITDA as Net Debt divided by the most recent quarter's Adjusted EBITDA multiplied by four.
Consolidated Invested Capital. We define Consolidated Invested Capital as the historical gross investment in (1) property and equipment (excluding the impact of construction in process and write-offs), (2) site rental contracts and tenant relationships and (3) goodwill (excluding impairment charges).
Consolidated Return on Invested Capital. We define Consolidated Return on Invested Capital as Adjusted EBITDA less cash taxes paid divided by Consolidated Invested Capital.
Net Invested Capital. We define Net Invested Capital as the investment in (1) property and equipment, excluding the impact of construction in process and non-productive assets (such as information technology assets and buildings) and write-offs, reduced by the amount of prepaid rent received from tenants, (2) site rental contracts and tenant relationships, and (3) goodwill, excluding the impact of certain assets and liabilities recorded in connection with acquisitions and impairment charges.
Cash Yield on Invested Capital. We define Cash Yield on Invested Capital as Adjusted Site Rental Gross Margin adjusted for the impacts of (1) amortization of prepaid rent, (2) straight-lined revenues, and (3) straight-lined expenses divided by Net Invested Capital.
22
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Adjusted Site Rental Gross Margin. We define Adjusted Site Rental Gross Margin as site rental revenues less site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments. This measure is exclusive of depreciation, amortization and accretion, which are shown separately.
Adjusted Services and Other Gross Margin. We define Adjusted Services and Other Gross Margin as services and other revenues less services and other costs of operations, excluding stock-based compensation expense, net.
Other Information
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 the Strategic Fiber Agreement to sell the Fiber Business with EQT Active Core Infrastructure fund ("EQT") acquiring the small cells business and Zayo Group Holdings Inc. ("Zayo") acquiring the fiber solutions business for $8.5 billion in aggregate, subject to certain closing adjustments ("Strategic Fiber Transaction"). The Strategic Fiber Transaction was completed on May 1, 2026. We received aggregate net cash proceeds of $8.4 billion, representing the gross contractual purchase price of $8.5 billion less the net impact of preliminary purchase price adjustments of $124 million, which are subject to a post-closing settlement process.
23
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical Adjusted EBITDA:
2025
2026
(in millions; totals may not sum due to rounding)
Q1
Q2
Q3
Q4
Q1
Q2
Net income (loss)(a)
$
(464)
$
291
$
323
$
294
$
151
$
94
Adjustments to increase (decrease) net income (loss)
Asset write-down charges
2
2
3
4
3
2
Depreciation, amortization and accretion
177
175
167
170
172
171
Restructuring charges(b)
—
—
—
—
14
—
Amortization of prepaid lease purchase price adjustments
4
4
4
4
4
3
Interest expense and amortization of deferred financing costs, net(c)
236
243
247
246
242
208
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(24)
Interest income
(3)
(4)
(3)
(3)
(3)
(18)
Other (income) expense
(1)
(2)
—
—
1
1
(Benefit) provision for income taxes
5
4
4
3
5
4
Stock-based compensation expense, net
18
18
19
17
18
28
(Income) loss from discontinued operations, net of tax(d)
748
(26)
(46)
(17)
69
205
Adjusted EBITDA(e)(f)
$
722
$
705
$
718
$
718
$
675
$
675
Reconciliation of Outlook for Adjusted EBITDA:
(in millions; totals may not sum due to rounding)
Full Year 2026 Outlook(g)
Net income (loss)(a)
$730
to
$1,010
Adjustments to increase (decrease) net income (loss):
Asset write-down charges
10
to
20
Acquisition and integration costs
(3)
to
3
Depreciation, amortization and accretion
627
to
722
Restructuring charges
25
to
35
Amortization of prepaid lease purchase price adjustments
14
to
16
Interest expense and amortization of deferred financing costs, net(h)
787
to
832
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
Interest income
(25)
to
(25)
Other (income) expense
0
to
9
(Benefit) provision for income taxes
11
to
19
Stock-based compensation expense, net
78
to
82
(Income) loss from discontinued operations, net of tax(i)
80
to
360
Adjusted EBITDA(e)(f)
$2,665
to
$2,715
(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"). For the three and six months ended June 30, 2026, no charges and $14 million of charges were recorded related to the 2026 Restructuring Plan, respectively.
(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 a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 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 July 22, 2026.
(h)See the reconciliation of "Outlook for Components of Interest Expense" for a discussion of non-cash interest expense.
(i)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
24
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical FFO and AFFO:
(in millions; totals may not sum due to rounding)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Net income (loss)(a)
$
(464)
$
291
$
323
$
294
$
151
$
94
Real estate related depreciation, amortization and accretion
164
162
163
161
161
162
Asset write-down charges
2
2
3
4
3
2
(Income) loss from discontinued operations, net of tax(b)
748
(26)
(46)
(17)
69
205
FFO(c)(d)
$
451
$
429
$
443
$
442
$
383
$
464
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
FFO (from above)
$
451
$
429
$
443
$
442
$
383
$
464
Adjustments to increase (decrease) FFO:
Straight-lined revenues
(19)
(20)
11
15
3
3
Straight-lined expenses
15
14
15
14
14
13
Stock-based compensation expense, net
18
18
19
17
18
28
Non-cash portion of tax provision
5
(5)
2
—
5
(5)
Non-real estate related depreciation, amortization and accretion
13
13
4
9
11
8
Amortization of non-cash interest expense
3
4
3
5
4
6
Other (income) expense
(1)
(2)
—
—
1
1
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(24)
Restructuring charges(e)
—
—
—
—
14
—
Sustaining capital expenditures
(7)
(7)
(6)
(14)
(7)
(7)
AFFO(c)(d)
$
479
$
444
$
490
$
489
$
446
$
488
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 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.
25
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Historical FFO and AFFO per share:
(in millions, except per share amounts; totals may not sum due to rounding)
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Net income (loss)(a)
$
(1.06)
$
0.67
$
0.74
$
0.67
$
0.34
$
0.22
Real estate related depreciation, amortization and accretion
0.38
0.37
0.37
0.37
0.37
0.37
Asset write-down charges
—
—
0.01
0.01
0.01
0.01
(Income) loss from discontinued operations, net of tax(b)
1.72
(0.06)
(0.11)
(0.04)
0.16
0.47
FFO(c)(d)
$
1.03
$
0.98
$
1.01
$
1.01
$
0.88
$
1.07
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
FFO (from above)
$
1.03
$
0.98
$
1.01
$
1.01
$
0.88
$
1.07
Adjustments to increase (decrease) FFO:
Straight-lined revenues
(0.04)
(0.05)
0.03
0.03
0.01
0.01
Straight-lined expenses
0.03
0.03
0.03
0.03
0.03
0.03
Stock-based compensation expense, net
0.04
0.04
0.04
0.04
0.04
0.07
Non-cash portion of tax provision
0.01
(0.01)
—
—
0.01
(0.01)
Non-real estate related depreciation, amortization and accretion
0.03
0.03
0.01
0.02
0.03
0.02
Amortization of non-cash interest expense
0.01
0.01
0.01
0.01
0.01
0.01
Other (income) expense
—
—
—
—
—
—
(Gains) losses on retirement of long-term obligations
—
—
—
—
—
(0.05)
Restructuring charges(e)
—
—
—
—
0.03
—
Sustaining capital expenditures
(0.02)
(0.02)
(0.01)
(0.03)
(0.02)
(0.02)
AFFO(c)(d)
$
1.10
$
1.02
$
1.12
$
1.12
$
1.02
$
1.13
Weighted-average common shares outstanding—diluted
436
437
437
437
437
434
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)Represents results from the Fiber Business, including a loss on disposal of $280 million and $252 million recorded in the three months ended June 30, 2026 and 2025, respectively, and $625 million and $1,082 million recorded in the six months ended June 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.
26
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Outlook for FFO and AFFO:
(in millions, except per share amounts; totals may not sum due to rounding)
Full Year 2026 Outlook(a)
Full Year 2026 Outlook Per Share(a)
Net income (loss)(b)
$730
to
$1,010
$1.70
to
$2.35
Real estate related depreciation, amortization and accretion
600
to
680
1.40
to
1.58
Asset write-down charges
10
to
20
0.02
to
0.05
(Income) loss from discontinued operations, net of tax(c)
80
to
360
0.19
to
0.84
FFO(d)(e)
$1,730
to
$1,760
$4.02
to
$4.09
Weighted-average common shares outstanding—diluted
430
430
FFO (from above)
$1,730
to
$1,760
$4.02
to
$4.09
Adjustments to increase (decrease) FFO:
Straight-lined revenues
45
to
75
0.10
to
0.17
Straight-lined expenses
45
to
65
0.10
to
0.15
Stock-based compensation expense, net
78
to
82
0.18
to
0.19
Non-cash portion of tax provision
(8)
to
8
(0.02)
to
0.02
Non-real estate related depreciation, amortization and accretion
27
to
42
0.06
to
0.10
Amortization of non-cash interest expense
15
to
25
0.03
to
0.06
Other (income) expense
0
to
9
0.00
to
0.02
(Gains) losses on retirement of long-term obligations
(25)
to
(25)
(0.06)
to
(0.06)
Acquisition and integration costs
(3)
to
3
(0.01)
to
0.01
Restructuring charges
25
to
35
0.06
to
0.08
Sustaining capital expenditures
(45)
to
(25)
(0.10)
to
(0.06)
AFFO(d)(e)
$1,950
to
$2,000
$4.53
to
$4.65
Weighted-average common shares outstanding—diluted
430
430
Reconciliation of Net Debt and Calculation of Net Debt to Last Quarter Annualized Adjusted EBITDA:
(as of June 30, 2026; dollars in millions)
June 30, 2026
Total debt and other obligations (current and non-current)
$
18,239
Unamortized adjustments, net
114
Total face value of debt
18,353
Less: Ending cash and cash equivalents and restricted cash and cash equivalents
1,254
Net Debt(d)
$
17,099
Adjusted EBITDA for the three months ended June 30, 2026(d)
$
675
Last quarter annualized Adjusted EBITDA(d)
2,700
Net Debt to Last Quarter Annualized Adjusted EBITDA(d)
6.3
x
(a)As issued on July 22, 2026.
(b)Includes contribution from discontinued operations through April 30, 2026.
(c)Represents expected results from the Fiber Business, including the estimated loss on disposal, through April 30, 2026.
(d)See discussion and our definitions of FFO and AFFO, including per share amounts, Net Debt, Adjusted EBITDA, and Net Debt to Last Quarter Adjusted EBITDA in this "Non-GAAP Measures and Other Information."
(e)The above reconciliation excludes line items included in our definition which are not applicable for the period shown.
27
Crown Castle Inc.
Second Quarter 2026
COMPANY OVERVIEW
OUTLOOK
FINANCIAL
HIGHLIGHTS
CAPITALIZATION OVERVIEW
APPENDIX
Reconciliation of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin:
Three Months Ended June 30,
Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)
2026
2025
2026
2025
Net income (loss)(a)
$
94
$
291
$
245
$
(173)
Adjustments to increase (decrease) income (loss):
Services and other revenues
(41)
(52)
(90)
(102)
Services and other costs of operations
19
27
45
55
Selling, general and administrative expenses
97
99
187
192
Asset write-down charges
2
2
5
4
Depreciation, amortization and accretion
171
175
343
352
Restructuring charges
—
—
14
—
Amortization of prepaid lease purchase price adjustments
3
4
7
8
Interest expense and amortization of deferred financing costs, net
208
243
450
479
(Gain) loss on retirement of long-term obligations
(24)
—
(24)
—
Interest income
(18)
(4)
(22)
(7)
Other (income) expense
1
(2)
2
(3)
(Benefit) provision for income taxes
4
4
9
9
Stock-based compensation expense, net recorded in site rental costs of operations
1
1
2
2
(Income) loss from discontinued operations, net of tax
205
(26)
275
722
Adjusted Site Rental Gross Margin(b)(c)
$
723
$
762
$
1,448
$
1,538
Three Months Ended June 30,
Six Months Ended June 30,
(In millions of dollars; totals may not sum due to rounding)
2026
2025
2026
2025
Net income (loss)(a)
$
94
$
291
$
245
$
(173)
Adjustments to increase (decrease) net income (loss):
Site rental revenues
(967)
(1,008)
(1,928)
(2,019)
Site rental costs of operations(d)
249
251
489
491
Selling, general and administrative expenses
97
99
187
192
Asset write-down charges
2
2
5
4
Depreciation, amortization and accretion
171
175
343
352
Restructuring charges
—
—
14
—
Interest expense and amortization of deferred financing costs, net
208
243
450
479
(Gain) loss on retirement of long-term obligations
(24)
—
(24)
—
Interest income
(18)
(4)
(22)
(7)
Other (income) expense
1
(2)
2
(3)
(Benefit) provision for income taxes
4
4
9
9
Stock-based compensation expense, net recorded in services and other costs of operations
1
1
2
3
(Income) loss from discontinued operations, net of tax
205
(26)
275
722
Adjusted Services and Other Gross Margin(b)(c)
$
23
$
26
$
47
$
50
(a)Includes contribution from discontinued operations through April 30, 2026.
(b)See discussion and our definition of Adjusted Site Rental Gross Margin and Adjusted Services and Other Gross Margin in this "Non-GAAP Measures and Other Information."
(c)The above reconciliation excludes line items included in our definition which are not applicable for the periods shown.
(d)Exclusive of depreciation, amortization and accretion shown separately.
